Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 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 | ENDP | ||
Entity Registrant Name | Endo International plc | ||
Entity Central Index Key | 1,593,034 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Ordinary Shares Outstanding | 222,202,695 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 16,572,203,055 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 272,348 | $ 405,696 |
Restricted cash and cash equivalents | 585,379 | 530,930 |
Marketable securities | 34 | 815 |
Accounts receivable, net of allowance of $1,309 and $60 at December 31, 2015 and 2014, respectively | 995,077 | 1,118,720 |
Inventories, net | 744,665 | 414,995 |
Prepaid expenses and other current assets | 53,526 | 38,680 |
Income taxes receivable | 735,901 | 52,326 |
Deferred income taxes | 0 | 561,974 |
Assets held for sale (NOTE 3) | 88,222 | 1,987,918 |
Total current assets | 3,475,152 | 5,112,054 |
MARKETABLE SECURITIES | 3,855 | 1,506 |
PROPERTY, PLANT AND EQUIPMENT, NET | 670,574 | 387,052 |
GOODWILL | 7,299,354 | 2,897,775 |
OTHER INTANGIBLES, NET | 7,812,655 | 2,332,250 |
DEFERRED INCOME TAXES | 9,145 | 4,933 |
OTHER ASSETS | 79,601 | 88,599 |
TOTAL ASSETS | 19,350,336 | 10,824,169 |
CURRENT LIABILITIES: | ||
Accounts payable | 344,267 | 294,001 |
Accrued expenses | 1,151,172 | 1,144,325 |
Current portion of legal settlement accrual | 1,606,726 | 1,443,114 |
Current portion of long-term debt | 328,705 | 155,937 |
Income taxes payable | 8,551 | 0 |
Deferred income taxes | 0 | 22 |
Liabilities held for sale (NOTE 3) | 34,891 | 128,577 |
Total current liabilities | 3,474,312 | 3,165,976 |
DEFERRED INCOME TAXES | 871,040 | 677,486 |
LONG-TERM DEBT, LESS CURRENT PORTION, NET | 8,251,657 | 4,100,627 |
LONG-TERM LEGAL SETTLEMENT ACCRUAL, LESS CURRENT PORTION, NET | 549,098 | 262,781 |
OTHER LIABILITIES | $ 236,253 | $ 209,086 |
COMMITMENTS AND CONTINGENCIES (NOTE 14) | ||
SHAREHOLDERS’ EQUITY: | ||
Euro deferred shares, $0.01 par value; 4,000,000 shares authorized; 4,000,000 issued | $ 43 | $ 48 |
Ordinary shares, $0.0001 and $0.0001 par value; 1,000,000,000 and 1,000,000,000 shares authorized; 222,124,282 and 153,912,985 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | 22 | 15 |
Additional paid-in capital | 8,693,385 | 3,093,867 |
Accumulated deficit | (2,341,215) | (595,085) |
Accumulated other comprehensive loss | (384,205) | (124,088) |
Total Endo International plc shareholders’ equity | 5,968,030 | 2,374,757 |
Noncontrolling interests | (54) | 33,456 |
Total shareholders’ equity | 5,967,976 | 2,408,213 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 19,350,336 | $ 10,824,169 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 1,309 | $ 60 |
Euro deferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Euro deferred shares, shares authorized | 4,000,000 | 4,000,000 |
Euro deferred shares, shares issued | 4,000,000 | 4,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 222,124,282 | 153,912,985 |
Common stock, shares outstanding | 222,124,282 | 153,912,985 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
TOTAL REVENUES | $ 3,268,718 | $ 2,380,683 | $ 2,124,681 |
COSTS AND EXPENSES: | |||
Cost of revenues | 2,075,651 | 1,231,497 | 886,603 |
Selling, general and administrative | 741,304 | 567,986 | 574,313 |
Research and development | 102,197 | 112,708 | 97,465 |
Litigation-related and other contingencies, net | 37,082 | 42,084 | 9,450 |
Asset impairment charges | 1,140,709 | 22,542 | 32,011 |
Acquisition-related and integration items | 105,250 | 77,384 | 7,614 |
OPERATING (LOSS) INCOME FROM CONTINUING OPERATIONS | (933,475) | 326,482 | 517,225 |
INTEREST EXPENSE, NET | 373,214 | 227,114 | 173,606 |
LOSS ON EXTINGUISHMENT OF DEBT | 67,484 | 31,817 | 11,312 |
OTHER EXPENSE (INCOME), NET | 63,691 | (32,324) | (53,059) |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX | (1,437,864) | 99,875 | 385,366 |
INCOME TAX (BENEFIT) EXPENSE | (1,137,465) | 38,267 | 143,742 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | (300,399) | 61,608 | 241,624 |
DISCONTINUED OPERATIONS, NET OF TAX (NOTE 3) | (1,194,926) | (779,792) | (874,038) |
CONSOLIDATED NET LOSS | (1,495,325) | (718,184) | (632,414) |
Less: Net (loss) income attributable to noncontrolling interests | (283) | 3,135 | 52,925 |
NET LOSS ATTRIBUTABLE TO ENDO INTERNATIONAL PLC | $ (1,495,042) | $ (721,319) | $ (685,339) |
NET LOSS PER SHARE ATTRIBUTABLE TO ENDO INTERNATIONAL PLC ORDINARY SHAREHOLDERS'—BASIC: | |||
Continuing operations, basic (usd per share) | $ (1.52) | $ 0.42 | $ 2.13 |
Discontinued operations, basic (usd per share) | (6.07) | (5.33) | (8.18) |
Basic (usd per share) | (7.59) | (4.91) | (6.05) |
NET LOSS PER SHARE ATTRIBUTABLE TO ENDO INTERNATIONAL PLC ORDINARY SHAREHOLDERS'—DILUTED: | |||
Continuing operations, diluted (usd per share) | (1.52) | 0.40 | 2.02 |
Discontinued operations, diluted (usd per share) | (6.07) | (5) | (7.74) |
Diluted (usd per share) | $ (7.59) | $ (4.60) | $ (5.72) |
WEIGHTED AVERAGE SHARES: | |||
Basic (shares) | 197,100 | 146,896 | 113,295 |
Diluted (shares) | 197,100 | 156,730 | 119,829 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
CONSOLIDATED NET LOSS | $ (1,495,325) | $ (718,184) | $ (632,414) |
Net unrealized gain (loss) on securities: | |||
Unrealized gain (loss) arising during the period | 2,299 | (1,099) | 775 |
Less: reclassification adjustments for loss realized in net loss | 0 | 17 | 0 |
Net unrealized gain (loss) on securities: | 2,299 | (1,082) | 775 |
Foreign currency translation (loss) gain: | |||
Foreign currency (loss) gain during period | (284,722) | (121,389) | 714 |
Less: reclassification adjustments for loss realized in net loss | 25,715 | 0 | 0 |
Foreign currency translation (loss) gain: | (259,007) | (121,389) | 714 |
Fair value adjustment on derivatives designated as cash flow hedges: | |||
Fair value adjustment on derivatives designated as cash flow hedges arising during the period | 0 | 0 | 546 |
Less: reclassification adjustments for cash flow hedges settled and included in net loss | 0 | 0 | (148) |
Fair value adjustment on derivatives designated as cash flow hedges: | 0 | 0 | 398 |
OTHER COMPREHENSIVE (LOSS) INCOME | (256,708) | (122,471) | 1,887 |
CONSOLIDATED COMPREHENSIVE LOSS | (1,752,033) | (840,655) | (630,527) |
Less: Net (loss) income attributable to noncontrolling interests | (283) | 3,135 | 52,925 |
Less: Other comprehensive loss attributable to noncontrolling interests | (495) | (3,298) | 0 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENDO INTERNATIONAL PLC | $ (1,751,255) | $ (840,492) | $ (683,452) |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Auxilium Pharmaceuticals, Inc. | Par Pharmaceutical Holdings, Inc. | Ordinary Shares | Ordinary SharesAuxilium Pharmaceuticals, Inc. | Ordinary SharesPar Pharmaceutical Holdings, Inc. | Euro Deferred Shares | Additional Paid-in Capital | Additional Paid-in CapitalAuxilium Pharmaceuticals, Inc. | Additional Paid-in CapitalPar Pharmaceutical Holdings, Inc. | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total Endo International plc Shareholders’ Equity | Total Endo International plc Shareholders’ EquityAuxilium Pharmaceuticals, Inc. | Total Endo International plc Shareholders’ EquityPar Pharmaceutical Holdings, Inc. | Noncontrolling Interests |
Shares, beginning balance at Dec. 31, 2012 | 140,040,882 | (29,247,027) | |||||||||||||||
Shareholders' equity, beginning balance at Dec. 31, 2012 | $ 1,133,206 | $ 1,400 | $ 1,035,115 | $ 811,573 | $ (6,802) | $ (768,430) | $ 1,072,856 | $ 60,350 | |||||||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||||||||||||
Net (loss) income | (632,414) | (685,339) | (685,339) | 52,925 | |||||||||||||
Other comprehensive income (loss) | 1,887 | 1,887 | 1,887 | ||||||||||||||
Compensation related to stock-based awards | $ 38,998 | 38,998 | 38,998 | ||||||||||||||
Forfeiture of restricted stock awards, shares | (12,191) | ||||||||||||||||
Exercise of options, shares | 3,836,560 | 3,836,560 | |||||||||||||||
Exercise of options | $ 97,129 | $ 39 | 97,090 | 97,129 | |||||||||||||
Tax benefits of stock awards | 4,265 | 4,265 | 4,265 | ||||||||||||||
Ordinary shares issued, shares | 547,823 | ||||||||||||||||
Ordinary shares issued | 268 | $ 5 | 263 | 268 | |||||||||||||
Tax withholding for restricted shares | (9,781) | (9,781) | (9,781) | ||||||||||||||
Issuance of ordinary shares from treasury, shares | 188,346 | ||||||||||||||||
Issuance of ordinary shares from treasury | 5,310 | $ 5,310 | 5,310 | ||||||||||||||
Distributions to noncontrolling interests | (52,711) | (52,711) | |||||||||||||||
Buy-out of noncontrolling interests, net | (1,366) | (1,366) | |||||||||||||||
Other | 425 | 425 | 425 | ||||||||||||||
Shares, ending balance at Dec. 31, 2013 | 144,413,074 | (29,058,681) | |||||||||||||||
Shareholders' equity, ending balance at Dec. 31, 2013 | 585,216 | $ 1,444 | 1,166,375 | 126,234 | (4,915) | $ (763,120) | 526,018 | 59,198 | |||||||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||||||||||||
Net (loss) income | (718,184) | (721,319) | (721,319) | 3,135 | |||||||||||||
Other comprehensive income (loss) | (122,471) | (119,173) | (119,173) | (3,298) | |||||||||||||
Compensation related to stock-based awards | $ 32,671 | 32,671 | 32,671 | ||||||||||||||
Forfeiture of restricted stock awards, shares | (3,298) | ||||||||||||||||
Exercise of options, shares | 1,528,295 | 1,528,295 | |||||||||||||||
Exercise of options | $ 41,392 | $ 4 | 41,388 | 41,392 | |||||||||||||
Tax benefits of stock awards | 33,531 | 33,531 | 33,531 | ||||||||||||||
Ordinary shares issued, shares | 36,235,228 | ||||||||||||||||
Ordinary shares issued | 2,844,366 | $ 17 | 2,844,349 | 2,844,366 | |||||||||||||
Euro deferred shares issued, shares | 4,000,000 | ||||||||||||||||
Euro deferred shares issued | 55 | $ 55 | 55 | ||||||||||||||
Tax withholding for restricted shares | $ (25,081) | (25,081) | (25,081) | ||||||||||||||
Issuance of ordinary shares from treasury, shares | 75,450 | ||||||||||||||||
Distributions to noncontrolling interests | $ (5,291) | (5,291) | |||||||||||||||
Buy-out of noncontrolling interests, net | (1,729) | (1,729) | |||||||||||||||
Conversion of convertible debt, shares | 798,367 | ||||||||||||||||
Settlement of common stock warrants | (284,454) | (284,454) | (284,454) | ||||||||||||||
Addition of Paladin noncontrolling interests due to acquisition | 38,800 | 38,800 | |||||||||||||||
Removal of HealthTronics, Inc. noncontrolling interests due to disposition | (57,359) | (57,359) | |||||||||||||||
Result of contribution of Endo Health Solutions Inc. to Endo International plc, shares | (29,058,681) | 29,058,681 | |||||||||||||||
Result of contribution of Endo Health Solutions Inc. to Endo International plc | 0 | $ (1,450) | (761,670) | $ 763,120 | |||||||||||||
Repurchase of convertible senior subordinated notes due 2015 | (309,829) | (309,829) | (309,829) | ||||||||||||||
Settlement of the hedge on convertible senior subordinated notes due 2015 | 356,265 | 356,265 | 356,265 | ||||||||||||||
Other | 315 | $ (7) | 322 | 315 | |||||||||||||
Shares, ending balance at Dec. 31, 2014 | 153,912,985 | 4,000,000 | 0 | ||||||||||||||
Shareholders' equity, ending balance at Dec. 31, 2014 | 2,408,213 | $ 15 | $ 48 | 3,093,867 | (595,085) | (124,088) | $ 0 | 2,374,757 | 33,456 | ||||||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||||||||||||
Net (loss) income | (1,495,325) | (1,495,042) | (1,495,042) | (283) | |||||||||||||
Other comprehensive income (loss) | (256,708) | (256,213) | (256,213) | (495) | |||||||||||||
Compensation related to stock-based awards | $ 61,185 | 61,185 | 61,185 | ||||||||||||||
Exercise of options, shares | 880,885 | 880,885 | |||||||||||||||
Exercise of options | $ 27,217 | $ 0 | 27,217 | 27,217 | |||||||||||||
Tax benefits of stock awards | 20,051 | 20,051 | 20,051 | ||||||||||||||
Issuance of ordinary shares related to the employee stock purchase plan, shares | 67,867 | ||||||||||||||||
Issuance of ordinary shares related to the employee stock purchase plan | 4,299 | 4,299 | 4,299 | ||||||||||||||
Ordinary shares issued, shares | 27,982,302 | ||||||||||||||||
Ordinary shares issued | 2,300,000 | $ 3 | 2,299,997 | 2,300,000 | |||||||||||||
Equity issuance fees | (66,956) | (66,956) | (66,956) | ||||||||||||||
Ordinary shares issued, shares | 18,609,835 | 18,069,899 | |||||||||||||||
Ordinary shares issued in connection with acquisition | $ 1,519,320 | $ 1,325,248 | $ 2 | $ 2 | $ 1,519,318 | $ 1,325,246 | $ 1,519,320 | $ 1,325,248 | |||||||||
Tax withholding for restricted shares | (15,398) | (15,398) | (15,398) | ||||||||||||||
Treasury stock acquired, shares | (4,361,957) | ||||||||||||||||
Treasury stock acquired | $ (251,088) | (251,088) | (251,088) | ||||||||||||||
Issuance of ordinary shares from treasury, shares | 67,867 | ||||||||||||||||
Buy-out of noncontrolling interests, net | $ (39,608) | (2,972) | (3,904) | (6,876) | (32,732) | ||||||||||||
Fair value of equity component of acquired Auxilium Notes | 266,649 | 266,649 | 266,649 | ||||||||||||||
Conversion of Auxilium Notes | 160,892 | 160,892 | 160,892 | ||||||||||||||
Conversion of convertible debt, shares | 5,170,239 | ||||||||||||||||
Settlement of common stock warrants, shares | 1,792,379 | ||||||||||||||||
Other, shares | (152) | ||||||||||||||||
Other | (15) | $ (5) | (10) | (15) | |||||||||||||
Shares, ending balance at Dec. 31, 2015 | 222,124,282 | 4,000,000 | 0 | ||||||||||||||
Shareholders' equity, ending balance at Dec. 31, 2015 | $ 5,967,976 | $ 22 | $ 43 | $ 8,693,385 | $ (2,341,215) | $ (384,205) | $ 0 | $ 5,968,030 | $ (54) |
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: | |||
Consolidated net loss | $ (1,495,325) | $ (718,184) | $ (632,414) |
Adjustments to reconcile consolidated net loss to Net cash provided by operating activities: | |||
Depreciation and amortization | 632,756 | 331,651 | 255,663 |
Inventory step-up | 232,461 | 65,582 | 0 |
Share-based compensation | 61,185 | 32,671 | 38,998 |
Amortization of debt issuance costs and discount | 23,604 | 29,086 | 36,264 |
Provision for bad debts | 5,073 | 165 | 3,495 |
Deferred income taxes | (447,168) | (275,123) | (155,727) |
Net loss on disposal of property, plant and equipment | 3,256 | 2,626 | 2,571 |
Change in fair value of contingent consideration | (65,640) | 0 | 0 |
Loss on extinguishment of debt | 67,484 | 31,817 | 11,312 |
Prepayment penalty on long-term debt | (31,496) | 0 | 0 |
Asset impairment charges | 1,390,281 | 22,542 | 680,198 |
Gain on sale of business and other assets | (13,550) | (8,780) | (2,665) |
Changes in assets and liabilities which (used) provided cash: | |||
Accounts receivable | (274,994) | (341,404) | (80,195) |
Inventories | 29,130 | 42,346 | (29,286) |
Prepaid and other assets | 18,283 | 51,895 | (22,509) |
Accounts payable | 630 | (96,361) | (159,532) |
Accrued expenses | 442,768 | 1,549,749 | (167,107) |
Other liabilities | 69,926 | (302,251) | 487,625 |
Income taxes payable/receivable | (586,638) | (80,251) | 31,826 |
Net cash provided by operating activities | 62,026 | 337,776 | 298,517 |
INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (81,774) | (80,425) | (96,483) |
Proceeds from sale of property, plant and equipment | 0 | 174 | 1,857 |
Acquisitions, net of cash acquired | (7,650,404) | (1,086,510) | (3,645) |
Proceeds from sale of marketable securities and investments | 1,230 | 87,233 | 0 |
Proceeds from notes receivable | 17 | 32,659 | 0 |
Increase in notes receivable | 0 | (35,400) | 0 |
Patent acquisition costs and license fees | (43,968) | (5,000) | (12,000) |
Proceeds from sale of business, net | 1,588,779 | 54,521 | 8,150 |
Proceeds from settlement escrow | 0 | 11,518 | (11,518) |
Increase in restricted cash and cash equivalents | (747,649) | (633,173) | (770,000) |
Decrease in restricted cash and cash equivalents | 688,999 | 869,936 | 0 |
Other investing activities | 0 | 12,614 | 0 |
Net cash used in investing activities | (6,244,770) | (771,853) | (883,639) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of notes | 2,835,000 | 750,000 | 700,000 |
Proceeds from issuance of term loans | 2,800,000 | 1,525,000 | 0 |
Principal payments on notes | (899,875) | 0 | 0 |
Principal payments on term loans | (473,376) | (1,430,144) | (152,032) |
Proceeds from draw of revolving debt | 525,000 | 0 | 0 |
Repayments of revolving debt | (300,000) | 0 | 0 |
Principal payments on other indebtedness, net | (10,070) | (7,588) | (3,447) |
Repurchase of convertible senior subordinated notes | (247,760) | (587,803) | 0 |
Sale of AMS mandatorily redeemable preferred shares | 60,000 | 0 | 0 |
Redemption of AMS mandatorily redeemable preferred shares | (60,000) | 0 | 0 |
Payments to settle ordinary share warrants | 0 | (284,454) | 0 |
Proceeds from the settlement of the hedge on convertible senior subordinated notes due 2015 | 0 | 356,265 | 0 |
Deferred financing fees | (125,111) | (62,715) | (10,475) |
Payment for contingent consideration | (29,786) | 0 | (5,000) |
Tax benefits of share awards | 21,979 | 35,188 | 12,017 |
Payments of tax withholding for restricted shares | (15,398) | (25,081) | (9,781) |
Exercise of options | 27,217 | 41,392 | 97,129 |
Repurchase of ordinary shares | (250,088) | 0 | 0 |
Issuance of ordinary shares related to the employee stock purchase plan | 4,299 | 4,617 | 5,310 |
Issuance of ordinary shares | 2,300,000 | 0 | 0 |
Payments related to the issuance of ordinary shares | (66,956) | (4,800) | 0 |
Cash distributions to noncontrolling interests | 0 | (5,291) | (52,711) |
Cash buy-out of noncontrolling interests | (39,608) | (1,729) | (1,485) |
Net cash provided by financing activities | 6,055,467 | 302,857 | 579,525 |
Effect of foreign exchange rate | (7,068) | (4,037) | 1,692 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (134,345) | (135,257) | (3,905) |
LESS: NET DECREASE IN CASH AND CASH EQUIVALENTS OF DISCONTINUED OPERATIONS | (997) | (14,356) | (813) |
NET DECREASE IN CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS | (133,348) | (120,901) | (3,092) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 405,696 | 526,597 | 529,689 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 272,348 | 405,696 | 526,597 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest | 284,985 | 159,492 | 128,452 |
Cash paid for income taxes | 42,700 | 36,356 | 70,160 |
Cash paid into Qualified Settlement Funds for mesh legal settlements | 743,132 | 585,165 | 54,500 |
Cash paid out of Qualified Settlement Funds for mesh legal settlements | 649,391 | 111,454 | 42,982 |
Other cash distributions for mesh legal settlements | 27,380 | 26,709 | 0 |
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Purchases of property, plant and equipment financed by capital leases | 4,234 | 4,784 | 497 |
Accrual for purchases of property, plant and equipment | 4,476 | 11,397 | 8,351 |
Acquisition financed by ordinary shares | 2,844,568 | 2,844,279 | 0 |
Repurchase of convertible senior subordinated notes financed by ordinary shares | $ 625,483 | $ 55,229 | $ 0 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | NOTE 1. DESCRIPTION OF BUSINESS The accompanying Consolidated Financial Statements of Endo International plc have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP). In periods prior to February 28, 2014, our Consolidated Financial Statements presented the accounts of Endo Health Solutions Inc., which was incorporated under the laws of the State of Delaware on November 18, 1997, and all of its subsidiaries (EHSI). Endo International plc was incorporated in Ireland on October 31, 2013 as a private limited company and re-registered effective February 18, 2014 as a public limited company. Endo International plc was established for the purpose of facilitating the business combination between EHSI and Paladin Labs Inc. (Paladin). On February 28, 2014, we became the successor registrant of EHSI and Paladin in connection with the consummation of certain transactions further described elsewhere in our Consolidated Financial Statements . In addition, on February 28, 2014, the shares of Endo International plc began trading on the NASDAQ under the symbol “ENDP,” the same symbol under which EHSI’s shares previously traded, and on the Toronto Stock Exchange under the symbol “ENL”. References throughout to “ordinary shares” refer to EHSI’s common shares, 350,000,000 authorized, par value $0.01 per share, prior to the consummation of the transactions and to Endo International plc’s ordinary shares, 1,000,000,000 authorized, par value $ 0.0001 per share, subsequent to the consummation of the transactions. In addition, on February 11, 2014 the Company issued 4,000,000 euro deferred shares of $0.01 each at par. Unless otherwise indicated or required by the context, references throughout to “Endo”, the “Company”, “we”, “our” or “us” refer to financial information and transactions of EHSI and its consolidated subsidiaries prior to February 28, 2014 and Endo International plc and its consolidated subsidiaries thereafter. Endo International plc is an Ireland-domiciled, global specialty pharmaceutical company focused on branded and generic pharmaceuticals. Our goal is to be the premier partner to healthcare professionals and payment providers, delivering an innovative suite of branded and generic drugs to meet patients’ needs. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation and Basis of Presentation— The Consolidated Financial Statements include the accounts of wholly owned subsidiaries, after elimination of intercompany accounts and transactions. The Company owns majority controlling interests in certain entities. Additionally, prior to the sale of our HealthTronics business in February 2014, HealthTronics, Inc. owned interests in various partnerships and limited liability corporations where HealthTronics, Inc., as the general partner or managing member, exercised effective control. In accordance with the accounting consolidation principles, we consolidate various entities which neither we nor our subsidiaries own 100%. For additional information relating to the sale of HealthTronics, see Note 3. Divestitures . Reclassifications— Certain prior period amounts have been reclassified to conform to the current period presentation. Prior to December 31, 2015, the Company had classified product sales reserves for chargebacks, rebates, sales incentives and allowances, certain royalties, distribution service fees, returns and allowances as well as fees for services (collectively, revenue reserves) as accrued expenses on its consolidated balance sheet. This classification was based on the Company’s historical practices, at times, to settle these reserves in cash. In conjunction with our acquisition of Par in September 2015, we re-evaluated our planned settlement practice and determined that we will offset certain customer receivables with amounts due to the customers. As a result, we have classified $898.8 million of revenue reserves as reductions from accounts receivable on our consolidated balance sheet as of December 31, 2015. We have treated this change on a prospective basis and will not adjust any amounts previously reported in our consolidated financial statements. Amounts related to similar reserves classified as accrued expenses on our consolidated balance sheet as of December 31, 2014 totaled $441.5 million . In April 2015, the FASB issued ASU No. 2015-03, “ Simplifying the Presentation of Debt Issuance Costs ” (ASU 2015-03). ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. The Company adopted ASU 2015-03 on December 31, 2015. As of December 31, 2015 and 2014, the Company had $138.4 million and $85.4 million of net deferred financing costs that were reclassified from Other assets to a reduction in the carrying amount of Long-term debt, less current portion, net in the Consolidated Balance Sheets . In November 2015, the FASB issued ASU No. 2015-17, “ Balance Sheet Classification of Deferred Taxes ” (ASU 2015-17). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that all deferred income tax assets and liabilities be classified as non-current in the consolidated balance sheet. The Company adopted ASU 2015-17 on December 31, 2015 on a prospective basis. As of December 31, 2015, the Company had $329.7 million and $81.8 million of Deferred income tax assets and Deferred income tax liabilities, respectively, that were reclassified from current to non-current in the Consolidated Balance Sheets . Prior periods were not retrospectively adjusted. Amounts that would have been reclassified from current to non-current on our Consolidated Balance Sheets as of December 31, 2014 if the change was applied retrospectively totaled $562.0 million Deferred income tax assets and $22.0 thousand Deferred income tax liabilities, respectively. Use of Estimates— The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition and sales deductions for estimated chargebacks, rebates, sales incentives and allowances, certain royalties, distribution service fees, returns and allowances. Significant estimates and assumptions are also required when determining the fair value of certain financial instruments, the valuation of long-lived and indefinite-lived assets, income taxes, contingencies and share-based compensation. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Our estimates often are based on complex judgments, probabilities and assumptions that we believe to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by us, there may also be other estimates or assumptions that are reasonable. We regularly evaluate our estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, our estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, dramatic fluctuations in foreign currency rates and economic downturn, can increase the uncertainty already inherent in our estimates and assumptions. We adjust our estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our Consolidated Financial Statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. We also are subject to other risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in the healthcare environment, competition, litigation, legislation and regulations. Customer, Product and Supplier Concentration— We primarily sell our products directly to a limited number of large pharmacy chains and through a limited number of wholesale drug distributors who, in turn, supply products to pharmacies, hospitals, governmental agencies and physicians. Total revenues from customers who accounted for 10% or more of our total consolidated revenues during the years ended December 31 are as follows: 2015 2014 2013 Cardinal Health, Inc. 21 % 21 % 26 % McKesson Corporation 31 % 31 % 32 % AmerisourceBergen Corporation 23 % 16 % 19 % Revenues from these customers are included within our U.S. Branded Pharmaceuticals , U.S. Generic Pharmaceuticals and International Pharmaceuticals segments. Products that accounted for 10% or more of our total revenues during the years ended December 31 were as follows: 2015 2014 2013 Lidoderm ® 4 % 7 % 28 % OPANA ® ER 5 % 8 % 11 % We have agreements with Novartis Consumer Health, Inc., Novartis AG, Sandoz, Inc., Teikoku Seiyaku Co., Ltd., Noramco, Inc., Grünenthal GmbH, Sharp Corporation and Jubilant HollisterStier Laboratories LLC for the manufacture and supply of a substantial portion of our existing pharmaceutical products. Additionally, we utilize UPS Supply Chain Solutions, Inc. for certain customer service support, warehouse and distribution services. See Note 14. Commitments and Contingencies for further information. Revenue Recognition— Pharmaceutical Products Our net pharmaceutical product sales consist of revenues from sales of our pharmaceutical products, less estimates for chargebacks, rebates, sales incentives and allowances, certain royalties, distribution service fees, returns and allowances as well as fees for services. We recognize revenue for product sales when title and risk of loss has passed to the customer, which is typically upon delivery to the customer, when estimated provisions for revenue reserves are reasonably determinable, and when collectability is reasonably confirmed. Revenue from the launch of a new or significantly unique product, for which we are unable to develop the requisite historical data on which to base estimates of returns and allowances due to the uniqueness of the therapeutic area or delivery technology as compared to other products in our portfolio and in the industry, may be deferred until such time that an estimate can be determined, all of the conditions above are met and when the product has achieved market acceptance, which is typically based on dispensed prescription data and other information obtained prior to and during the period following launch. Other Product royalties received from third party collaboration partners and licensees of our products and patents are recorded as part of Total revenues. Royalties are recognized as earned in accordance with the contract terms when royalties from third parties can be reasonably estimated and collectability is reasonably confirmed. If royalties cannot be reasonably estimated or collectability of a royalty amount is not reasonably confirmed, royalties are recognized as revenue when the cash is received. Milestone payments earned by the Company under out-license agreements are recorded in Total revenues. Revenue from these milestone payments is recognized as revenue ratably from the point in which the milestone is achieved over the remaining performance period. See Note 11. License and Collaboration Agreements for specific agreement details. Sales Deductions— When we recognize net sales from the sale of our pharmaceutical products, we record an adjustment to revenue for estimated revenue reserves. These provisions are estimated based on historical experience, estimated future trends, estimated customer inventory levels, current contract sales terms with our wholesale and indirect customers and other competitive factors. If the assumptions we used to calculate these adjustments do not appropriately reflect future activity, our financial position, results of operations and cash flows could be materially impacted. Research and Development— Expenditures for research and development are expensed as incurred. In addition to upfront and milestone payments, total R&D expenses include the costs of discovery research, preclinical development, early- and late-clinical development and drug formulation, as well as clinical trials, medical support of marketed products, other payments under third-party collaborations and contracts and other costs. R&D spending also includes enterprise-wide costs which support our overall R&D infrastructure. Property, plant and equipment that are acquired or constructed for research and development activities and that have alternate future uses are capitalized and depreciated over their estimated useful lives on a straight-line basis. Upfront and milestone payments made to third parties in connection with agreements with third parties are generally expensed as incurred up to the point of regulatory approval. Payments made to third parties subsequent to regulatory approval are generally capitalized and amortized over the remaining useful life of the related product. Amounts capitalized for such payments are included in Other intangibles, net in the Consolidated Balance Sheets . Cash and Cash Equivalents— The Company considers all highly liquid money market instruments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2015 , cash equivalents were deposited in financial institutions and consisted of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions. Restricted Cash and Cash Equivalents— Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in Restricted cash and cash equivalents in the Consolidated Balance Sheets . At December 31, 2015 , restricted cash and cash equivalents totaled $585.4 million , of which $579.0 million is held in Qualified Settlement Funds for mesh product liability settlement agreements. The restricted cash related to Qualified Settlement Funds are for payments related to the Company’s vaginal mesh liability. See Note 14. Commitments and Contingencies for further information relating to the vaginal mesh liability. At December 31, 2014 , restricted cash and cash equivalents totaled $530.9 million , of which $485.2 million was held in Qualified Settlement Funds for mesh product liability settlement agreements, and $40.2 million was held in an escrow account, primarily for the purpose of guaranteeing amounts required to be paid to Litha Healthcare Group Limited’s (Litha) security holders in connection with acquisition of Litha’s remaining outstanding issued share capital. Marketable Securities— The Company has equity securities, which consist of investments in the stock of publicly traded companies. For additional information see Note 7. Fair Value Measurements . Accounts Receivable— Accounts receivable are stated at their net realizable value. The allowance for doubtful accounts against gross accounts receivable reflects the best estimate of probable losses inherent in the receivables portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available information. In addition, accounts receivable is reduced by certain sales deduction reserves where we have the right of offset with the customer. Concentrations of Credit Risk —Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash equivalents, marketable debt securities and accounts receivable. We invest our excess cash in high-quality, liquid money market instruments maintained by major U.S. banks and financial institutions. We have not experienced any losses on our cash equivalents. We perform ongoing credit evaluations of our customers and generally do not require collateral. We have no history of significant losses from uncollectible accounts. Approximately 77% and 76% of our gross trade accounts receivable balance represent amounts due from three customers at December 31, 2015 and 2014 , respectively. We do not expect our current or future credit risk exposures to have a significant impact on our operations. However, there can be no assurance that our business will not experience any adverse impact from credit risk in the future. Inventories— Inventories consist of finished goods held for distribution, raw materials and work-in-process. Our inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. We write-down inventories to net realizable value based on forecasted demand and market conditions, which may differ from actual results. Inventory that is in excess of the amount expected to be sold within one year is classified as long-term inventory and is recorded in Other Assets in the Consolidated Balance Sheets . Property, plant and equipment— Property, plant and equipment is stated at cost less accumulated depreciation. Costs incurred on assets under construction are capitalized as construction is in progress. Depreciation is computed over the estimated useful life of the related assets on a straight-line basis. Leasehold improvements and capital lease assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the terms of their respective leases. Depreciation is not recorded on assets held for sale. Gains and losses on disposals are included in Other expense (income), net in the Consolidated Statements of Operations . Depreciation is based on the following estimated useful lives, as of December 31, 2015 : Range of Useful Lives, from: Buildings 8 years to 45 years Machinery and equipment 2 years to 20 years Leasehold improvements 2 years to 10 years Computer equipment and software 2 years to 10 years Assets under capital lease Shorter of useful life or lease term Furniture and fixtures 2 years to 10 years Computer Software— The Company capitalizes certain costs incurred in connection with obtaining or developing internal-use software, including external direct costs of material and services, and payroll costs for employees directly involved with the software development. Capitalized software costs are included in Property, plant and equipment, net in the Consolidated Balance Sheets and amortized beginning when the software project is substantially complete and the asset is ready for its intended use. Costs incurred during the preliminary project stage and post-implementation stage, as well as maintenance and training costs, are expensed as incurred. Lease Accounting— The Company accounts for operating lease transactions by recording rent expense on a straight-line basis over the expected life of the lease, commencing on the date it gains possession of leased property. The Company includes tenant improvement allowances and rent holidays received from landlords and the effect of any rent escalation clauses as adjustments to straight-line rent expense over the expected life of the lease. Capital lease transactions are reflected as a liability at the inception of the lease based on the present value of the minimum lease payments or, if lower, the fair value of the property. Assets under capital leases are recorded in Property, plant and equipment, net in the Consolidated Balance Sheets and depreciated in a manner similar to other Property, plant and equipment. Certain construction projects may be accounted for as direct financing arrangements, whereby the Company records, over the construction period, the full cost of the asset in Property, plant and equipment, net in the Consolidated Balance Sheets . A corresponding liability is also recorded, net of leasehold improvements paid for by the Company, and is amortized over the expected lease term through monthly rental payments using an effective interest method. Assets recorded under direct financing arrangements are depreciated over the lease term. License Rights— The cost of licenses are either expensed immediately or, if capitalized, are stated at cost, less accumulated amortization and are amortized using the straight-line method over their estimated useful lives ranging from 3 years to 15 years , with a weighted average useful life of approximately 10 years . We determine amortization periods for licenses based on our assessment of various factors impacting estimated useful lives and cash flows of the acquired rights. Such factors include the expected launch date of the product, the strength of the intellectual property protection of the product and various other competitive, developmental and regulatory issues, and contractual terms. Amortization expense is not recorded on assets held for sale. Customer Relationships— Acquired customer relationships are recorded at fair value upon acquisition. All customer relationship assets relate to our AMS business and are classified as Assets held for sale in the Consolidated Balance Sheets . Amortization expense is not recorded on assets held for sale. Trade names— Acquired trade names are recorded at fair value upon acquisition and, if deemed to have definite lives, are amortized using the straight-line method over their estimated useful lives of approximately 12 years . We determine amortization periods for trade names based on our assessment of various factors impacting estimated useful lives and cash flows from the acquired assets. Such factors include the strength of the trade name and our plans regarding the future use of the trade name. Significant changes to any of these factors may result in a reduction in the useful life of the asset and an acceleration of related amortization expense, which could cause our operating income, net income and net income per share to decrease. Amortization expense is not recorded on assets held for sale. Developed Technology— Acquired developed technology is recorded at fair value upon acquisition and is amortized using the economic benefit model or the straight-line method, over the estimated useful life ranging from 3 years to 20 years for our intangibles relating to continuing operations, with a weighted average useful life of approximately 12 years . We determine amortization periods and method of amortization for developed technology based on our assessment of various factors impacting estimated useful lives and timing and extent of estimated cash flows of the acquired assets. Such factors include the strength of the intellectual property protection of the product and various other competitive and regulatory issues, and contractual terms. Significant changes to any of these factors may result in a reduction in the useful life of the asset and an acceleration of related amortization expense, which could cause our operating income, net income and net income per share to decrease. Amortization expense is not recorded on assets held for sale. The value of these assets is subject to continuing scientific, medical and marketplace uncertainty. Long-Lived Asset Impairment Testing —Long-lived assets, which include property, plant and equipment and definite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. The impairment testing involves comparing the carrying amount of the asset to the forecasted undiscounted future cash flows generated by that asset. In the event the carrying amount of the asset exceeds the undiscounted future cash flows generated by that asset and the carrying amount is not considered recoverable, an impairment exists. An impairment loss is measured as the excess of the asset’s carrying amount over its fair value. An impairment loss is recognized in net income in the period that the impairment occurs. In-Process Research and Development Assets (IPR&D)— The fair value of IPR&D acquired in a business combination is determined based on the present value of each research project’s projected cash flows using an income approach. Future cash flows are predominately based on the net income forecast of each project, consistent with historical pricing, margins and expense levels of similar products. Revenues are estimated based on relevant market size and growth factors, expected industry trends, individual project life cycles and the life of each research project’s underlying patent. In determining the fair value of each research project, expected cash flows are adjusted for the technical and regulatory risk of completion. IPR&D is initially capitalized and considered indefinite-lived intangible assets subject to annual impairment reviews. The reviews, which occur annually or more frequently upon the occurrence of certain events, requires the determination of the fair value of the respective intangible assets. If the fair value of the intangible assets is less than its carrying amount, an impairment loss is recognized for the difference. For those assets that reach commercialization, the assets are amortized over the expected useful lives. Goodwill— Goodwill, which represents the excess of purchase price over the fair value of net assets acquired, is carried at cost. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value based test. Goodwill is assessed for impairment on an annual basis, as of October 1st of each year or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment model requires a two-step method for determining goodwill impairment. In the first step, we determine the fair value of our reporting units using an appropriate valuation methodology. If the net book value of a reporting unit exceeds its fair value, we would then perform the second step of the impairment test which requires allocation of the reporting unit’s fair value to all of its assets and liabilities using the acquisition method prescribed under authoritative guidance for business combinations. Any residual fair value is allocated to goodwill. An impairment charge is recognized only when the implied fair value of our reporting unit’s goodwill is less than its carrying amount. Contingencies— The Company is subject to various patent challenges, product liability claims, government investigations and other legal proceedings in the ordinary course of business. Legal fees and other expenses related to litigation are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations . Contingent accruals are recorded with a corresponding charge to Litigation-related and other contingencies, net in the Consolidated Statements of Operations when the Company determines that a loss is both probable and reasonably estimable. Due to the fact that legal proceedings and other contingencies are inherently unpredictable, our assessments involve significant judgment regarding future events. The Company records a receivable from its product liability insurance carriers only when the resolution of any dispute has been reached and realization of the potential claim for recovery is considered probable. Contingent Consideration —Certain of the Company’s business acquisitions involve the potential for future payment of consideration that is contingent upon the achievement of operational and commercial milestones and royalty payments on future product sales. The fair value of contingent consideration liabilities is determined at the acquisition date using unobservable inputs. These inputs include the estimated amount and timing of projected cash flows, the probability of success (achievement of the contingent event) and the risk-adjusted discount rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period, the contingent consideration liability is remeasured at current fair value with changes recorded in earnings. Changes in any of the inputs may result in a significantly different fair value adjustment. Convertible Senior Subordinated Notes— We accounted for the issuance of our 1.75% Convertible Senior Subordinated Notes due April 2015 (the Convertible Notes) in accordance with the guidance regarding the accounting for convertible debt instruments that may be settled in cash upon conversion, which among other items, specifies that contracts issued or held by an entity that are both (1) indexed to the entities own ordinary shares and (2) classified in shareholders’ equity in its statement of financial position are not considered to be derivative financial instruments if the appropriate provisions are met. Accordingly, we recorded the Convertible Notes as debt in the Consolidated Balance Sheets . Convertible Notes Hedge & Warrants— Concurrent with the issuance of the Convertible Notes we entered into privately negotiated ordinary share call options with affiliates of the initial purchasers. In addition, we sold warrants to affiliates of certain of the initial purchasers. In addition to entering into the convertible note hedge transaction and the warrant transaction, we entered into a privately negotiated, accelerated share repurchase agreement with the same counterparty, as part of our broader share repurchase program described in Note 16. Shareholders' Equity . We accounted for the call options, warrants, and accelerated share repurchase agreement in accordance with the guidance regarding the accounting derivative financial instruments indexed to, and potentially settled in, a company’s own stock. The call options, warrants, and accelerated share repurchase agreement meet the requirements to be accounted for as equity instruments. The cost of the call options and the proceeds related to the sale of the warrants are included in Additional paid-in capital in the Consolidated Balance Sheets . Share Repurchases— The Company accounts for the repurchase of ordinary shares at par value. Under applicable Irish law, ordinary shares repurchased are retired and not displayed separately as treasury stock. Upon retirement of the ordinary shares, the Company records the difference between the weighted average cost of such ordinary shares and the par value of the ordinary shares as an adjustment to Accumulated deficit in the Consolidated Balance Sheets . Advertising Costs— Advertising costs are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations and amounted to $57.9 million , $28.1 million and $31.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Cost of Revenues —Cost of revenues includes all costs directly related to bringing both purchased and manufactured products to their final selling destination. It includes purchasing and receiving costs, direct and indirect costs to manufacture products, including direct materials, direct labor, and direct overhead expenses necessary to acquire and convert purchased materials and supplies into finished goods. Cost of revenues also includes royalties paid or owed by Endo on certain in-licensed products, inspection costs, depreciation, amortization of intangible assets, warehousing costs, freight charges, costs to operate our equipment, and other shipping and handling activity. Share-Based Compensation— Share-based compensation for employees and non-employee directors is measured at the grant date based on the estimated fair value of the award and is recognized as an expense over the requisite service period. Share-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs. Foreign Currency Translation— The Company's operations utilize the U.S. dollar (USD) or local currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the local currency are re-measured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. Income Taxes— The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. T |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | NOTE 3. DIVESTITURES American Medical Systems On February 24, 2015 , the Board of Directors approved a plan to sell the Company’s American Medical Systems Holdings, Inc. (AMS) business, which comprised the entirety of our former Devices segment. The AMS business was comprised of the Men’s Health and Prostate Health business as well as the Women’s Health business (now doing business as Astora). On August 3, 2015, the Company sold the Men’s Health and Prostate Health business to Boston Scientific Corporation (Boston Scientific) for $1.65 billion , with $1.60 billion paid in upfront cash and $50.0 million in cash contingent on Boston Scientific achieving certain product revenue milestones in the Men’s Health and Prostate Health components in 2016. In addition, Boston Scientific paid $60.0 million in exchange for 60,000 shares of American Medical Systems Holdings, Inc. Series B Non-Voting Preferred Stock (Series B Senior Preferred Stock) sold by our subsidiary Endo Pharmaceuticals Inc. (EPI). On December 11, 2015 , the Company redeemed all 60,000 shares of the Series B Senior Preferred Stock from Boston Scientific Corporation for $61.6 million , including accrued and unpaid dividends. In addition to selling the Men’s Health and Prostate Health business, as of December 31, 2015 and continuing into 2016, the Company was actively pursuing a sale of the Astora business with the Company in active negotiations with multiple potential buyers. The operating results of the AMS business are reported as Discontinued operations, net of tax in the Consolidated Statements of Operations for all periods presented. On February 24, 2016, the Company’s Board of Directors decided to wind down Astora business operations in order to begin bringing finality to the Company’s mesh-related product liability. The Company is now actively conducting a wind down process and working to efficiently transition physicians to alternative products. The Company will cease business operations for Astora by March 31, 2016. The majority of the remaining assets and liabilities of the AMS business, which are related to the Astora business, are classified as held for sale in the Consolidated Balance Sheets as of December 31, 2015. Certain of AMS’s assets and liabilities, primarily with respect to its product liability accrual related to vaginal mesh cases, the related Qualified Settlement Funds and certain intangible and fixed assets, are not classified as held for sale based on management’s current expectation that these assets and liabilities will remain with the Company. Depreciation and amortization expense are not recorded on assets held for sale. Upon wind down of the Astora business, the Company will have entirely exited its AMS business. In connection with classifying AMS as held for sale, the Company was required to compare the estimated fair values of the underlying disposal groups, less the costs to sell, to the respective carrying amounts. As a result of this analysis, the Company recorded a combined asset impairment charge of $222.8 million during the three months ended March 31, 2015 , which was classified as Discontinued operations, net of tax in the Consolidated Statements of Operations . We estimated the fair value of the Men’s Health and Prostate Health division based on the agreed upon purchase price with Boston Scientific. The fair value of the Astora business was estimated based on expressions of interest from third parties. Subsequently, at the time of the sale of the Men’s Health and Prostate Health component in August 2015, the Company recorded a gain based on the difference between the net proceeds received and the net book value of the assets sold of approximately $13.6 million , which included an adjustment of $25.7 million relating to amounts transferred from foreign currency translation adjustments and included in the determination of net income for the period as a result of the sale, which decreased the gain. This amount is included in Discontinued operations, net of tax in the Consolidated Statements of Operations for the year ended December 31, 2015 . During the three months ended September 30, 2015 and December 31, 2015, the Company compared the estimated fair value of the Astora business, less the costs to sell, to its respective carrying amount. As a result of these analyses, the Company recorded total additional asset impairment charges of $7.9 million for the year ended December 31, 2015, which were classified as Discontinued operations, net of tax in the Consolidated Statements of Operations . The fair value of the Astora business was estimated based on updated expressions of interest from third parties. In addition, as a result of determining that the sale of the AMS disposal groups was probable as of December 31, 2015, the Company re-assessed its permanent reinvestment assertion for certain components of the AMS business and recognized a corresponding tax benefit of $161.8 million during the year ended December 31, 2015 , which was recorded as Income tax benefit (a component of income (loss) from continuing operations) in the Consolidated Statements of Operations . In addition, due to the overall differences between the book and tax basis of the underlying assets sold during the third quarter of 2015, the Company recognized a tax benefit of $157.4 million during the year ended December 31, 2015 , from Discontinued operations. The results of our 2013 Step I analysis for the AMS reporting unit showed that the fair value of that reporting unit was lower than its carrying amount, thus requiring a Step II analysis for the reporting unit. The decline in the fair value, as well as fair value changes for other assets and liabilities in the Step II goodwill impairment test, resulted in an implied fair value of goodwill below the carrying amount of the goodwill for the reporting unit. Accordingly, we recorded combined pre-tax non-cash goodwill impairment charges within Discontinued operations, net of tax in the Consolidated Statements of Operations totaling $481.0 million in 2013. As a result of the 2013 Step II analysis, we also determined that the carrying amounts of certain AMS IPR&D intangible assets were impaired. This determination was based primarily on lower than initially expected revenue and profitability levels over a sustained period of time and downward revisions to management’s short-term and long-term forecasts. Accordingly, we recorded pre-tax non-cash impairment charges of $6.0 million within Discontinued operations, net of tax in the Consolidated Statements of Operations , to impair the IPR&D assets, representing the difference between the fair values and the carrying amounts. The following table provides the operating results of the Discontinued operations of AMS, net of tax for the years ended December 31 (in thousands): 2015 2014 2013 Revenue $ 305,256 $ 496,505 $ 492,226 Litigation related and other contingencies, net $ 1,107,752 $ 1,273,358 $ 474,792 Asset impairment charges $ 230,703 $ — $ 487,000 Gain on sale of business $ 13,550 $ — $ — Loss from discontinued operations before income taxes $ (1,352,344 ) $ (1,225,576 ) $ (944,933 ) Income tax benefit $ (157,418 ) $ (440,107 ) $ (167,809 ) Discontinued operations, net of tax $ (1,194,926 ) $ (785,469 ) $ (777,124 ) The following table provides the components of Assets and Liabilities held for sale of AMS as of December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 December 31, 2014 Current assets $ 29,085 $ 165,075 Property, plant and equipment 5,050 41,122 Goodwill — 862,960 Other intangibles, net 16,287 861,174 Other assets 1,278 7,533 Assets held for sale $ 51,700 $ 1,937,864 Current liabilities $ 14,676 $ 53,143 Deferred taxes — 46,538 Other liabilities — 3,657 Liabilities held for sale $ 14,676 $ 103,338 The following table provides the Depreciation and amortization and Purchases of property, plant and equipment of AMS for the years ended December 31 (in thousands): 2015 2014 2013 Cash flows from discontinued operating activities: Net loss $ (1,194,926 ) $ (785,469 ) $ (777,124 ) Depreciation and amortization $ 11,555 $ 70,275 $ 72,003 Cash flows from discontinued investing activities: Purchases of property, plant and equipment $ (2,709 ) $ (4,423 ) $ (3,517 ) HealthTronics On December 28, 2013 , the EHSI Board approved a plan to sell the HealthTronics business and the Company entered into a definitive agreement to sell the business on January 9, 2014 to Altaris Capital Partners LLC for an upfront cash payment of $85.0 million , subject to cash and other working capital adjustments. During the three months ended March 31, 2015 , we received additional cash payments of $4.7 million from the purchaser of HealthTronics. The sale was completed on February 3, 2014 . In 2014 , the Company recorded a net gain of $3.6 million , representing the carrying amount of the assets sold less the amount of the net proceeds, including the $4.7 million described above, which the Company became entitled to receive during the fourth quarter of 2014. The operating results of this business are reported as Discontinued operations, net of tax , in the Consolidated Statements of Operations for the years ended December 31, 2014 and December 31, 2013. The following table provides the operating results of Discontinued operations of HealthTronics, net of tax for the years ended December 31 (in thousands). 2014 2013 Revenue $ 14,443 $ 207,194 Income (loss) from discontinued operations before income taxes $ 6,434 $ (119,690 ) Income tax expense (benefit) $ 757 $ (22,776 ) Discontinued operations, net of tax $ 5,677 $ (96,914 ) There were no Assets or Liabilities held for sale relating to HealthTronics included in the Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 . Other As of December 31, 2015, the Company committed to a plan to divest a component of its business that is not individually material. The Company has retrospectively classified this component’s assets and liabilities as held for sale in the accompanying Consolidated Balance Sheets . Given that the component does not represent a strategic shift in the Company’s business, the Company has not classified the operations of this component as discontinued. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | NOTE 4. RESTRUCTURING U.S. Generic Pharmaceuticals Restructuring In connection with the acquisition of Par Pharmaceutical Holdings, Inc. (Par) on September 25, 2015 , we implemented cost-rationalization and integration initiatives to capture operating synergies and generate cost savings across the Company. These measures included realigning the Company’s U.S. Generic Pharmaceuticals segment sales, sales support, and management activities and staffing, which resulted in severance benefits to U.S. Generic Pharmaceuticals employees. The cost reduction initiatives included a reduction in headcount of approximately 6% of the U.S. Generic Pharmaceuticals workforces. Under this restructuring initiative, severance is expensed over the requisite service period, if any, while retention is being expensed ratably over the respective retention period. As a result of the U.S. Generic Pharmaceuticals restructuring initiative, the Company incurred restructuring expenses of $23.6 million during the year ended December 31, 2015 , consisting of employee severance, retention and other benefit-related costs . The Company anticipates there will be additional pre-tax restructuring expenses of $5.3 million related to employee severance, retention and other benefit-related costs and these actions are expected to be completed by October 31, 2016, with substantially all cash payments made by the end of 2016. In addition, the Company anticipates there will be additional pre-tax restructuring expenses of $12.3 million related to accelerated depreciation on certain assets. These restructuring costs are allocated to the U.S. Generic Pharmaceuticals segment, and are primarily included in Selling, general and administrative in the Consolidated Statements of Operations . The liability related to the U.S. Generic Pharmaceuticals restructuring initiative totaled $17.9 million at December 31, 2015 . At December 31, 2015 , this liability is included in Accrued expenses in the Consolidated Balance Sheets . Changes to this accrual during the year ended December 31, 2015 were as follows (in thousands): Total Liability balance as of January 1, 2015 $ — Expenses 23,591 Cash payments (5,677 ) Liability balance as of December 31, 2015 $ 17,914 Auxilium Restructuring In connection with the acquisition of Auxilium Pharmaceuticals, Inc. (Auxilium) on January 29, 2015 , the Company implemented cost-rationalization and integration initiatives to capture operating synergies and generate cost savings across the Company. These measures included realigning our sales, sales support, and management activities and staffing, which included severance benefits to former Auxilium employees, in addition to the closing of duplicative facilities. The cost reduction initiatives included a reduction in headcount of approximately 40% of the former Auxilium workforce. For former Auxilium employees that have agreed to continue employment with the Company for a merger transition period, the severance payable upon completion of their retention period was expensed over their respective retention period. As a result of the Auxilium restructuring initiative, the Company incurred restructuring expenses of $41.9 million during the year ended December 31, 2015 , consisting of $26.7 million of employee severance, retention and other benefit-related costs . The expenses were also attributable to certain charges related to our Auxilium subsidiary’s former corporate headquarters in Chesterbrook, Pennsylvania, including $7.0 million of asset impairment charges on certain related leasehold improvements during the first quarter of 2015 , and $7.9 million recorded upon the facility’s cease use date, representing the liability for our remaining obligations under the respective lease agreement, net of estimated sublease income, during the first quarter of 2015. The Company does not anticipate there will be additional material pre-tax restructuring expenses related to this initiative. The Company anticipates that substantially all cash payments relating to this initiative will be made by the end of 2016. These restructuring costs are allocated to the U.S. Branded Pharmaceuticals segment, and are primarily included in Selling, general and administrative in the Consolidated Statements of Operations . A summary of expenses related to the Auxilium restructuring initiatives is included below for the year ended December 31, 2015 (in thousands): Total Employee severance, retention and other benefit-related costs $ 26,696 Asset impairment charges 7,000 Other restructuring costs 8,215 Total $ 41,911 The liability related to the Auxilium restructuring initiative totaled $12.3 million at December 31, 2015 and is included in Accrued expenses and Other liabilities in the Consolidated Balance Sheets . Changes to this accrual during the year ended December 31, 2015 were as follows (in thousands): Employee Severance, Retention and Other Benefit-Related Costs Other Restructuring Costs Total Liability balance as of January 1, 2015 $ — $ — $ — Expenses 26,696 8,215 34,911 Cash payments (21,343 ) (1,305 ) (22,648 ) Liability balance as of December 31, 2015 $ 5,353 $ 6,910 $ 12,263 June 2013 Restructuring Initiative On June 4, 2013, the Board approved certain strategic, operational and organizational steps for the Company and its subsidiaries to take to refocus its operations and enhance shareholder value. These actions were the result of a comprehensive assessment of the Company’s strengths and challenges, its cost structure and execution capabilities, and its most promising opportunities to drive future cash flow and earnings growth. The cost reduction initiatives included a reduction in headcount of approximately 15% worldwide, streamlining of general and administrative expenses, optimizing commercial spend and refocusing research and development efforts. There were no restructuring expenses related to the June 2013 restructuring initiative during the year ended December 31, 2015 . As a result of this initiative, the Company incurred restructuring expenses of $2.1 million during the year ended December 31, 2014 , consisting of $1.2 million of employee severance, retention and other benefit-related costs and $0.9 million of other costs associated with the restructuring. During the year ended December 31, 2013 , the Company incurred restructuring expenses of $56.3 million , consisting of $41.4 million of employee severance, retention and other benefit-related costs , $12.0 million of other costs associated with the restructuring, mainly contract termination fees and $2.8 million of asset impairment charges. The majority of these restructuring costs, with the exception of the costs related to AMS and HealthTronics, are included in Selling, general and administrative expense in the Consolidated Statements of Operations . The operating results of AMS and HealthTronics are reported as Discontinued operations, net of tax in the Consolidated Statements of Operations for all periods presented. A summary of expenses related to the June 2013 restructuring initiatives is included below by reportable segment and for corporate unallocated for the year ended December 31, 2013 (in thousands): Employee Severance, Retention and Other Benefit-Related Costs Asset Impairment Charges Other Restructuring Costs Total U.S. Branded Pharmaceuticals $ 22,847 $ 2,849 $ 8,780 $ 34,476 U.S. Generic Pharmaceuticals 262 — 1,142 1,404 Discontinued operations (Note 3) 9,905 — 2,044 11,949 Corporate unallocated 8,421 — — 8,421 Total $ 41,435 $ 2,849 $ 11,966 $ 56,250 A summary of the liability balance related to the June 2013 restructuring initiative is included below for the years ended December 31, 2015 and December 31, 2014 (in thousands): Employee Severance, Retention and Other Benefit-Related Costs Other Restructuring Costs Total Liability balance as of January 1, 2014 $ 7,379 $ 4,919 $ 12,298 Expenses 1,224 880 2,104 Cash distributions (7,320 ) (4,453 ) (11,773 ) Other non-cash adjustments — (1,191 ) (1,191 ) Liability balance as of December 31, 2014 $ 1,283 $ 155 $ 1,438 Cash distributions (1,283 ) (155 ) (1,438 ) Liability balance as of December 31, 2015 $ — $ — $ — |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 5. ACQUISITIONS For each of the acquisitions described below, except for Boca Pharmacal LLC (Boca), Paladin, Sumavel ® DosePro ® (Sumavel ® ), Somar Grupo Farmacéutico Somar, Sociedad Anónima Promotora de Inversión de Capital Variable (Somar), DAVA Pharmaceuticals, Inc. (DAVA), Natesto™ and Auxilium the estimated fair values of the net assets acquired below are provisional as of December 31, 2015 and are based on information that is currently available to the Company. Additional information is being gathered to finalize these provisional measurements. Accordingly, the measurement of the assets acquired and liabilities assumed may change upon finalization of the Company’s valuations and completion of the purchase price allocations, all of which are expected to occur no later than one year from the respective acquisition dates. Paladin Labs Inc. Acquisition On February 28, 2014 (the Paladin Acquisition Date), the Company, through a Canadian subsidiary, acquired all of the shares of Paladin and a U.S. subsidiary of the Company merged with and into EHSI, with EHSI surviving the merger. As a result of these transactions, the former shareholders of EHSI and Paladin became the shareholders of Endo, a public limited company organized under the laws of Ireland, and both EHSI and Paladin became our indirect wholly-owned subsidiaries. Under the terms of the transaction, former Paladin shareholders received 1.6331 Endo ordinary shares, or 35.5 million shares, and C$1.16 in cash, for total consideration of $2.87 billion as of February 28, 2014. On the Paladin Acquisition Date, each then current EHSI shareholder received one ordinary share of Endo for each share of EHSI common stock owned upon closing. Immediately following the closing of the transaction, former EHSI shareholders owned approximately 79% of Endo, and former Paladin shareholders owned approximately 21% . The acquisition consideration was as follows (in thousands, except for per share amounts): Number of Paladin shares paid through the delivery of Endo International ordinary shares 20,765 Exchange ratio 1.6331 Number of ordinary shares of Endo International—as exchanged* 33,912 Endo International ordinary share price on February 28, 2014 $ 80.00 Fair value of ordinary shares of Endo International issued to Paladin Shareholders* $ 2,712,956 Number of Paladin shares paid in cash 20,765 Per share cash consideration for Paladin shares (1) $ 1.09 Cash distribution to Paladin shareholders* 22,647 Fair value of the vested portion of Paladin stock options outstanding—1.3 million at February 28, 2014 (2) 131,323 Total acquisition consideration $ 2,866,926 __________ * Amounts do not recalculate due to rounding. (1) Represents the cash consideration per the arrangement agreement of C$1.16 per Paladin share translated into U.S. dollars utilizing an exchange rate of $0.9402 . (2) Represents the fair value of vested Paladin stock option awards attributed to pre-combination services that were outstanding on the Paladin Acquisition Date and settled on a cash-less exercise basis for Endo ordinary shares. Paladin is a specialty pharmaceutical company headquartered in Montreal, Canada, focused on acquiring and in-licensing innovative pharmaceutical products for the Canadian and world markets. Paladin’s key products serve growing therapeutic areas including attention deficit hyperactivity disorder (ADHD), pain, and urology. In addition to its Canadian operations, as of the Paladin Acquisition date, Paladin owned a controlling interest in Laboratorios Paladin de Mexico S.A. in Mexico and in publicly traded Litha Healthcare Group Limited (Litha) in South Africa. The operating results of Paladin are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2015 and the operating results from the acquisition date of February 28, 2014 are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2014 . The Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 reflect the acquisition of Paladin, effective February 28, 2014 . Our measurement period adjustments for Paladin were complete as of February 28, 2015 . In connection with the finalization of our measurement period adjustments for Paladin, we recorded a decrease to certain deferred tax assets of $1.4 million , with a corresponding increase to goodwill. Other than these adjustments, there have been no changes to the fair values of the assets acquired and liabilities assumed at the Paladin Acquisition Date from December 31, 2014 . Goodwill arising from the Paladin acquisition has been assigned to multiple reporting units across each of the Company’s reportable segments based on the relative incremental benefit expected to be realized by each impacted reporting unit. The Company recognized acquisition-related transaction costs associated with the Paladin acquisition during the year ended December 31, 2014 totaling $27.5 million . These costs, which related primarily to bank fees, legal and accounting services, and fees for other professional services, are included in Acquisition-related and integration items in the accompanying Consolidated Statements of Operations . There were no acquisition-related transaction costs associated with the Paladin acquisition during the year ended December 31, 2015 . The amounts of Paladin Revenue and Net income attributable to Endo International plc included in the Company’s Consolidated Statements of Operations from and including February 28, 2014 to December 31, 2014 are as follows (in thousands, except per share data): Revenue $ 224,806 Net income attributable to Endo International plc $ 26,966 Basic net income per share $ 0.18 Diluted net income per share $ 0.17 The following supplemental unaudited pro forma information presents the financial results as if the acquisition of Paladin had occurred on January 1, 2014 for the year ended December 31, 2014 . This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made on January 1, 2014 , nor are they indicative of any future results. Year Ended December 31, 2014 Unaudited pro forma consolidated results (in thousands, except per share data): Revenue $ 2,423,683 Net loss attributable to Endo International plc $ (727,961 ) Basic net loss per share $ (4.96 ) Diluted net loss per share $ (4.64 ) These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Paladin to reflect factually supportable adjustments that give effect to events that are directly attributable to the Paladin acquisition assuming the Paladin acquisition had occurred January 1, 2014 . These adjustments mainly include adjustments to interest expense and additional intangible amortization. The adjustments to interest expense, net of tax, related to borrowings to finance the acquisition which decreased the expense by $4.1 million for the year ended December 31, 2014 . The adjustments to additional intangible amortization, net of tax, that would have been charged assuming the Company’s estimated fair value of the intangible assets, increased the expense by $2.8 million for the year ended December 31, 2014 . Acquisition of Remaining Shares of Litha In February 2015, the Company acquired substantially all of Litha’s remaining outstanding ordinary share capital that it did not own for consideration of approximately $40 million . At December 31, 2014 , the Company owned 70.3% of the issued ordinary share capital of Litha. In connection with this transaction, the Company had deposited cash into an escrow account, primarily for the purpose of guaranteeing amounts required to be paid to Litha’s security holders in connection with this acquisition. The balance in this account at December 31, 2014 of approximately $40 million was included in Restricted cash and cash equivalents in the Consolidated Balance Sheets and was subsequently paid in February 2015. Boca Pharmacal LLC Acquisition On February 3, 2014 , the Company acquired Boca Pharmacal LLC for $236.6 million in cash. Boca is a specialty generics company that focuses on niche areas, commercializing and developing products in categories that include controlled substances, semisolids and solutions. The fair values of the net identifiable assets acquired totaled $212.3 million , resulting in goodwill of $24.3 million , which was assigned to our U.S. Generic Pharmaceuticals segment. The amount of net identifiable assets acquired in connection with the Boca acquisition includes $140.9 million of intangible assets, including $112.3 million of developed technology to be amortized over an average life of approximately 11 years and $28.6 million of IPR&D. The operating results of Boca are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2015 and the operating results from the acquisition date of February 3, 2014 are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2014 . The Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 reflect the acquisition of Boca, effective February 3, 2014 . Our measurement period adjustments were complete for Boca as of February 3, 2015 . Pro forma results of operations have not been presented because the effect of the Boca acquisition was not material. Sumavel ® DosePro ® On May 19, 2014 , the Company acquired the worldwide rights to Sumavel ® DosePro ® for subcutaneous use, a needle-free delivery system for sumatriptan, from Zogenix, Inc. The Company is accounting for this transaction as a business combination in accordance with the relevant accounting literature. The Company acquired the product for consideration of $93.8 million , consisting of an upfront payment of $89.7 million and contingent cash consideration with an acquisition-date fair value of $4.1 million . See Note 7. Fair Value Measurements for further discussion of this contingent consideration. In addition, the Company provided Zogenix, Inc. with a $7.0 million non-interest bearing loan due 2023 for working capital needs and it assumed an existing third-party royalty obligation on net sales. Sumavel ® is a prescription medicine given with a needle-free delivery system to treat adults who have been diagnosed with acute migraine or cluster headaches. The fair values of the net identifiable assets acquired totaled $93.8 million , resulting in no goodwill. The amount of net identifiable assets acquired in connection with the Sumavel ® acquisition includes $90.0 million of developed technology intangible assets to be amortized over an average life of approximately 13 years . The operating results of Sumavel ® are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2015 and the operating results from the acquisition date of May 19, 2014 are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2014 . The Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 reflect the acquisition of Sumavel ® , effective May 19, 2014 . Our measurement period adjustments were complete for Sumavel as of May 19, 2015 . Pro forma results of operations have not been presented because the effect of the Sumavel ® acquisition was not material. Grupo Farmacéutico Somar Acquisition On July 24, 2014 , the Company acquired the representative shares of the capital stock of Grupo Farmacéutico Somar, Sociedad Anónima Promotora de Inversión de Capital Variable (Somar), a leading privately-owned specialty pharmaceuticals company based in Mexico City, for $270.1 million in cash consideration. The fair values of the net identifiable assets acquired totaled $184.5 million , resulting in goodwill of $85.6 million , which was assigned to our International Pharmaceuticals segment. The amount of net identifiable assets acquired in connection with the Somar acquisition includes $167.9 million of intangible assets, including $148.3 million to be amortized over an average life of approximately 12 years and $19.6 million of IPR&D. The operating results of Somar are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2015 and the operating results from the acquisition date of July 24, 2014 are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2014 . The Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 reflect the acquisition of Somar, effective July 24, 2014 . Our measurement period adjustments were complete for Somar as of July 24, 2015 . Pro forma results of operations have not been presented because the effect of the Somar acquisition was not material. DAVA Pharmaceuticals, Inc. Acquisition On August 6, 2014 , the Company acquired DAVA Pharmaceuticals, Inc., a privately-held company specializing in marketed, pre-launch and pipeline generic pharmaceuticals based in Fort Lee, New Jersey, for consideration of $590.1 million . The consideration consisted of cash consideration of $585.0 million and contingent cash consideration with an acquisition-date fair value of $5.1 million . See Note 7. Fair Value Measurements for further discussion of this contingent consideration. DAVA’s strategically-focused generics portfolio includes 13 on-market products in a variety of therapeutic categories. The operating results of DAVA are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2015 and the operating results from the acquisition date of August 6, 2014 are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2014 . The Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 reflect the acquisition of DAVA, effective August 6, 2014 . Our measurement period adjustments were complete for DAVA as of August 6, 2015 . Pro forma results of operations have not been presented because the effect of the DAVA acquisition was not material. Natesto™ On December 9, 2014 , the Company acquired the rights to Natesto™ (testosterone nasal gel), the first and only testosterone nasal gel for replacement therapy in adult males diagnosed with hypogonadism, from Trimel BioPharma SRL, a wholly-owned subsidiary of Trimel Pharmaceuticals Corporation (Trimel), which was subsequently acquired by Acerus Pharmaceuticals Corporation (Acerus). The Company collaborates with Trimel on all regulatory and clinical development activities regarding Natesto™. The Company is accounting for this transaction as a business combination in accordance with the relevant accounting literature. Natesto™ was approved by the U.S. Food and Drug Administration (FDA) in May 2014. On March 16, 2015, Endo announced the commercial availability of Natesto™. The Company acquired the product for consideration of $56.7 million , consisting of an upfront payment of $25.0 million , prepaid inventory of $5.0 million and contingent cash consideration with an acquisition-date fair value of $26.7 million , including the impact of a measurement period adjustment recorded during the first quarter of 2015. See Note 7. Fair Value Measurements for further discussion of this contingent consideration. The preliminary fair values of the net identifiable assets acquired totaled $56.7 million , resulting in no goodwill. The amount of net identifiable assets acquired in connection with the Natesto™ acquisition includes $51.7 million of developed technology to be amortized over 10 years . The net identifiable assets acquired in connection with the Natesto™ acquisition were fully written off during the third quarter of 2015. See Note 10. Goodwill and Other Intangibles for further discussion of this impairment. On December 30, 2015, the Company provided written notice to Acerus that it was terminating the License, Development, and Supply Agreement by and between the Company and Acerus. The effective date of the termination is June 30, 2016. The operating results of Natesto™ are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2015 . There are no results included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2014 . The Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 reflect the acquisition of Natesto™, effective December 9, 2014 . Our measurement period adjustments were complete for Natesto as of September 30, 2015. Pro forma results of operations have not been presented because the effect of the Natesto™ acquisition was not material. Auxilium Pharmaceuticals, Inc. On January 29, 2015 (the Auxilium Acquisition Date), the Company acquired all of the outstanding shares of common stock of Auxilium in a transaction valued at $2.6 billion , as enumerated in the table below. Pursuant to the terms of the Merger Agreement, of the 55.0 million outstanding Auxilium shares eligible to make an election, 94.9% elected to receive transaction consideration equal to 0.4880 Endo ordinary shares per Auxilium share (the Stock Election Consideration), 0.4% elected to receive 100% cash, which equated to $33.25 of cash per Auxilium share (the Cash Election Consideration) and 4.7% elected or defaulted to receive a mix of $16.625 in cash and 0.2440 Endo ordinary shares per Auxilium share (the Standard Election Consideration). The result of the elections led to an oversubscription of the Stock Election Consideration and, in accordance with the proration method described in the Merger Agreement and proxy statement/prospectus provided to Auxilium shareholders, each Auxilium share for which an election was made to receive the Stock Election Consideration was instead entitled to receive approximately 0.3448 Endo shares and $9.75 in cash. The acquisition consideration was as follows (in thousands, except for per share amounts): Number of Endo ordinary shares issued pursuant to the Merger Agreement 18,610 Endo share price on January 29, 2015 $ 81.64 Fair value of Endo ordinary shares issued to Auxilium stockholders $ 1,519,320 Cash distribution at closing (1) 1,021,864 Settlement of pre-existing relationships 28,400 Total acquisition consideration $ 2,569,584 __________ (1) Represents the cash paid directly to shareholders pursuant to the Merger Agreement, the fair value of Auxilium stock awards attributed to pre-combination services that were outstanding on the Auxilium Acquisition Date and settled in connection with the Auxilium acquisition, and amounts paid by Endo on behalf of Auxilium (including transactions costs incurred by Auxilium in connection with the acquisition and amounts paid to settle existing Auxilium indebtedness and related instruments). Auxilium is a fully integrated specialty biopharmaceutical company with a focus on developing and commercializing innovative products for specific patients’ needs. Auxilium, with a broad range of first- and second-line products across multiple indications, is an emerging leader in the men’s healthcare sector and has strategically focused its product portfolio and pipeline in orthopedics, dermatology and other therapeutic areas. The Company believes Auxilium is highly complementary to Endo’s branded pharmaceuticals business. The Company further believes this transaction is well aligned with its growth strategy and the Company sees significant opportunities to leverage its leading presence in men’s health, as well as the Company’s R&D capabilities and financial resources to accelerate the growth of Auxilium’s XIAFLEX ® and its other products. While the Auxilium acquisition was primarily equity based, Endo also made changes to its existing debt structure to complete the transaction, as further described in Note 13. Debt . The operating results from the acquisition date of January 29, 2015 are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2015 . The Consolidated Balance Sheet as of December 31, 2015 reflects the acquisition of Auxilium, effective January 29, 2015 . The following table summarizes the fair values of the assets acquired and liabilities assumed at the Auxilium Acquisition Date (in thousands): January 29, 2015 Measurement period adjustments January 29, 2015 Cash and cash equivalents $ 115,973 $ — $ 115,973 Accounts receivable 75,849 — 75,849 Inventories 341,900 (44,699 ) 297,201 Prepaid expenses and other current assets 6,687 521 7,208 Property, plant and equipment 31,500 (5,839 ) 25,661 Intangible assets 2,838,000 (218,500 ) 2,619,500 Other assets 9,285 (953 ) 8,332 Total identifiable assets $ 3,419,194 $ (269,470 ) $ 3,149,724 Accounts payable and accrued expenses $ 120,553 $ 9,956 $ 130,509 Deferred income taxes 164,379 (8,336 ) 156,043 Convertible debt, including equity component (1) 571,132 — 571,132 Other liabilities 171,400 48,253 219,653 Total liabilities assumed $ 1,027,464 $ 49,873 $ 1,077,337 Net identifiable assets acquired $ 2,391,730 $ (319,343 ) $ 2,072,387 Goodwill 177,854 319,343 497,197 Net assets acquired $ 2,569,584 $ — $ 2,569,584 __________ (1) As further described in Note 13. Debt , this amount consists of $304.5 million and $266.6 million , representing the debt and equity components of the Auxilium convertible notes, respectively. Our measurement period adjustments for Auxilium were complete as of December 31, 2015 . During the three months ended September 30, 2015, the Company recorded an additional $4.4 million loss on extinguishment of debt related to the conversion of Auxilium’s convertible debt, which occurred during the first quarter of 2015. This loss on extinguishment of debt represents differences between the fair values of the repurchased debt components and their carrying values. The valuation of the intangible assets acquired and related amortization periods are as follows: Valuation (in millions) Amortization period (in years) Developed Technology: XIAFLEX® $ 1,501.1 12 TESTOPEL® 584.3 15 Urology Retail 314.3 13 Other 128.9 15 Total $ 2,528.6 In Process Research & Development (IPR&D): XIAFLEX®—Cellulite $ 90.9 n/a Total $ 90.9 n/a Total other intangible assets $ 2,619.5 n/a The preliminary fair values of the developed technology and IPR&D assets were estimated using a discounted present value income approach. Under this method, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To calculate fair value, the Company used cash flows discounted at rates ranging from 9% to 11% , which were considered appropriate given the inherent risks associated with each type of asset. The Company believes that the level and timing of cash flows appropriately reflect market participant assumptions. The goodwill recognized is attributable primarily to strategic and synergistic opportunities related to existing pharmaceutical businesses, the assembled workforce of Auxilium and other factors. No material amount of the goodwill allocated to Auxilium is deductible for income tax purposes. Deferred tax assets and liabilities are related primarily to the difference between the book basis and tax basis of identifiable intangible assets and inventory step-up. The Company recognized acquisition-related transaction costs associated with the Auxilium acquisition during the year ended December 31, 2015 totaling $23.1 million . These costs, which related primarily to bank fees, legal and accounting services, and fees for other professional services, are included in Acquisition-related and integration items in the accompanying Consolidated Statements of Operations . The amounts of Auxilium Revenue and Net loss attributable to Endo International plc included in the Company’s Consolidated Statements of Operations from and including January 29, 2015 to December 31, 2015 are as follows (in thousands, except per share data): Revenue $ 341,520 Net loss attributable to Endo International plc (1) $ (469,986 ) Basic & diluted net loss per share $ (2.38 ) __________ (1) Net loss attributable to Endo International plc does not include any portion of the goodwill impairment charges recorded during 2015 since it is not possible to distinguish the amount of the charges directly attributable to Auxilium. The following supplemental unaudited pro forma information presents the financial results as if the acquisition of Auxilium had occurred on January 1, 2014 for the years ended December 31, 2015 and 2014 . This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made on January 1, 2014 , nor are they indicative of any future results. Year Ended December 31, 2015 Year Ended December 31, 2014 Unaudited pro forma consolidated results (in thousands, except per share data): Revenue $ 3,292,293 $ 2,740,829 Net loss attributable to Endo International plc $ (1,513,625 ) $ (954,956 ) Basic net loss per share $ (7.68 ) $ (6.50 ) Diluted net loss per share $ (7.68 ) $ (6.09 ) These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Auxilium to reflect factually supportable adjustments that give effect to events that are directly attributable to the Auxilium acquisition assuming the Auxilium acquisition had occurred January 1, 2014 . These adjustments mainly include adjustments to interest expense and additional intangible amortization. The adjustments to interest expense, net of tax, related to borrowings to finance the acquisition increased the expense by $1.1 million and $22.4 million for the years ended December 31, 2015 and December 31, 2014 , respectively. In addition, the adjustments include additional intangible amortization, net of tax, that would have been charged assuming the Company’s estimated fair value of the intangible assets. An adjustment to the amortization expense for the years ended December 31, 2015 and December 31, 2014 increased the expense by $6.2 million and $69.7 million , respectively. Acquisition of Par Pharmaceutical Holdings, Inc. On September 25, 2015 , the Company acquired Par for total consideration of $8.14 billion , including the assumption of Par debt. The consideration included 18,069,899 ordinary shares valued at $1.33 billion . The acquisition consideration was as follows (in thousands, except for per share amounts): Number of Endo ordinary shares issued pursuant to the Merger Agreement 18,070 Endo opening share price on September 25, 2015 $ 73.34 Fair value of Endo ordinary shares issued to Par stockholders (1) $ 1,325,246 Cash distribution at closing (2) 4,405,551 Fair value of Par debt settled at closing 2,404,857 Total acquisition consideration $ 8,135,654 __________ (1) Amounts do not recalculate due to rounding. (2) Amount includes transaction costs incurred by Par in connection with the acquisition. Par is a specialty pharmaceutical company that develops, licenses, manufactures, markets and distributes innovative and cost-effective pharmaceuticals that help improve patient quality of life. Par focuses on high-barrier-to-entry products that are difficult to formulate, difficult to manufacture or face complex legal and regulatory challenges. Par has operated in two business segments, (i) Par Pharmaceutical, which includes generic products marketed under Par Pharmaceutical and sterile products marketed under Par Sterile Products, LLC and (ii) Par Specialty Pharmaceuticals, which provides niche, innovative brands. As a result, we believe Par’s business is highly complementary to Endo’s generic pharmaceuticals business. The Company also believes this transaction provides attractive long-term pipeline opportunities and significant financial synergies. The operating results from Par’s acquisition date of September 25, 2015 are included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2015 . The Consolidated Balance Sheet as of December 31, 2015 reflects the acquisition of Par, effective September 25, 2015 . The following table summarizes the fair values of the assets acquired and liabilities assumed at the Par Acquisition Date (in thousands): September 25, 2015 Measurement period adjustments September 25, 2015 Cash and cash equivalents $ 215,612 $ — $ 215,612 Accounts and other receivables 500,108 30,556 530,664 Inventories 359,000 (28,594 ) 330,406 Prepaid expenses and other current assets 34,582 (3,458 ) 31,124 Deferred income tax assets, current 6,387 8,265 14,652 Property, plant and equipment 239,983 16,310 256,293 Intangible assets 4,762,600 (1,135,600 ) 3,627,000 Other assets 11,421 (2,944 ) 8,477 Total identifiable assets $ 6,129,693 $ (1,115,465 ) $ 5,014,228 Accounts payable and accrued expenses $ 548,953 $ 2,661 $ 551,614 Deferred income tax liabilities 1,556,111 (462,332 ) 1,093,779 Other liabilities 14,286 1,771 16,057 Total liabilities assumed $ 2,119,350 $ (457,900 ) $ 1,661,450 Net identifiable assets acquired $ 4,010,343 $ (657,565 ) $ 3,352,778 Goodwill 4,125,311 657,565 4,782,876 Net assets acquired $ 8,135,654 $ — $ 8,135,654 The estimated fair value of the Par assets acquired and liabilities assumed are provisional as of December 31, 2015 and are based on information that is currently available to the Company. Additional information is being gathered to finalize these provisional measurements, particularly with respect to property, plant and equipment, intangible assets, inventory, accrued expenses, deferred income taxes and income taxes payable. Accordingly, the measurement of the Par assets acquired and liabilities assumed may change significantly upon finalization of the Company’s valuations and completion of the purchase price allocation, both of which are expected to occur no later than one year from the acquisition date. During the three months ended December 31, 2015, the Company recorded an additional $3.1 million of expense related to the amortization of inventory step-up and intangible assets, which related to the third quarter of 2015. The valuation of the intangible assets acquired and related amortization periods are as follows: Valuation (in millions) Amortization period (in years) Developed Technology: Vasostrict TM $ 560.9 8 Aplisol ® 315.4 11 Developed - Other - Non-Partnered (Generic Non-Injectable) 246.3 7 Developed - Other - Partnered (Combined) 167.6 7 Nascobal ® 120.1 9 Developed - Other - Non-Partnered (Generic Injectable) 118.5 10 Other 563.2 9 Total $ 2,092.0 In Process Research & Development (IPR&D): IPR&D 2019 Launch $ 428.2 n/a IPR&D 2018 Launch 310.9 n/a Ezetimibe 168.2 n/a IPR&D 2016 Launch 152.4 n/a Neostigmine vial 134.7 n/a Ephedrine Sulphate 130.0 n/a Other 210.6 n/a Total $ 1,535.0 n/a Total other intangible assets $ 3,627.0 n/a The preliminary fair values of the developed technology and IPR&D assets were estimated using a discounted present value income approach. Under this method, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To calculate fair value, the Company used cash flows discounted at rates ranging from 9% to 10.5% , which were considered appropriate given the inherent risks associated with each type of asset. The Company believes that the level and timing of cash flows appropriately reflect market participant assumptions. The goodwill recognized is attributable primarily to strategic and synergistic opportunities related to existing pharmaceutical businesses, the assembled workforce of Par and other factors. Approximately $34.2 million of goodwill is expected to be deductible for income tax purposes. Deferred tax assets and liabilities are related primarily to the difference between the book basis and tax basis of identifiable intangible assets and inventory step-up. The Company recognized acquisition-related transaction costs associated with the Par acquisition during the year ended December 31, 2015 totaling $46.3 million . These costs, which related primarily to bank fees, legal and accounting services, and fees for other professional services, are included in Acquisition-related and integration items in the accompanying Consolidated Statements of Operations . The amounts of Par Revenue and Net loss attributable to Endo International plc included in the Company’s Consolidated Statements of Operations fro |
Segment Results
Segment Results | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Results | NOTE 6. SEGMENT RESULTS The reportable business segments in which the Company operates are: (1) U.S. Branded Pharmaceuticals , (2) U.S. Generic Pharmaceuticals and (3) International Pharmaceuticals . These segments reflect the level at which executive management regularly reviews financial information to assess performance and to make decisions about resources to be allocated. Each segment derives revenue from the sales or licensing of its respective products and is discussed in more detail below. We evaluate segment performance based on each segment’s adjusted income (loss) from continuing operations before income tax , which we define as (loss) income from continuing operations before income tax before certain upfront and milestone payments to partners; acquisition-related and integration items, including transaction costs, earn-out payments or adjustments, changes in the fair value of contingent consideration and bridge financing costs; cost reduction and integration-related initiatives such as separation benefits, retention payments, other exit costs and certain costs associated with integrating an acquired company’s operations; excess costs that will be eliminated pursuant to integration plans; asset impairment charges; amortization of intangible assets; inventory step-up recorded as part of our acquisitions; certain non-cash interest expense; litigation-related and other contingent matters; gains or losses from early termination of debt activities; foreign currency gains or losses on intercompany financing arrangements; and certain other items that the Company believes do not reflect its core operating performance . Certain of the corporate general and administrative expenses incurred by the Company are not attributable to any specific segment. Accordingly, these costs are not allocated to any of the Company’s segments and are included in the results below as “Corporate unallocated”. The Company’s consolidated adjusted income from continuing operations before income tax is equal to the combined results of each of its segments less these unallocated corporate costs. U.S. Branded Pharmaceuticals Our U.S. Branded Pharmaceuticals segment includes a variety of branded prescription products related to treating and managing pain as well as our urology and men’s health, endocrinology and orthopedic products. The marketed products that are included in this segment include Lidoderm ® , OPANA ® ER, Voltaren ® Gel, Percocet ® , BELBUCA™, Fortesta ® Gel, Testim ® , Aveed ® , Supprelin ® LA, and XIAFLEX ® , among others. U.S. Generic Pharmaceuticals Our U.S. Generic Pharmaceuticals segment consists of a differentiated product portfolio including high barrier to entry products, first to file or first to market opportunities, that are difficult to formulate, difficult to manufacture or face complex legal and regulatory challenges. The product offerings of this segment include products in the pain management, urology, CNS disorders, immunosuppression, oncology, women’s health and cardiovascular disease markets, among others. International Pharmaceuticals Our International Pharmaceuticals segment includes a variety of specialty pharmaceutical products for the Canadian, Mexican, South African and world markets. Paladin, based in Canada, has a portfolio of products serving growing therapeutic areas, including ADHD, pain, women’s health and oncology. Somar, based in Mexico, develops, manufactures and markets high-quality generic, branded generic and over-the-counter products across key market segments including dermatology and anti-infectives. Litha, based in South Africa, is a diversified healthcare group providing services, products and solutions to public and private hospitals, pharmacies, general and specialist practitioners, as well as government healthcare programs. The following represents selected information for the Company’s reportable segments for the years ended December 31 (in thousands): 2015 2014 2013 Net revenues to external customers: U.S. Branded Pharmaceuticals $ 1,284,607 $ 969,437 $ 1,394,015 U.S. Generic Pharmaceuticals 1,672,416 1,140,821 730,666 International Pharmaceuticals (1) 311,695 270,425 — Total net revenues to external customers $ 3,268,718 $ 2,380,683 $ 2,124,681 Adjusted income from continuing operations before income tax: U.S. Branded Pharmaceuticals $ 694,440 $ 529,507 $ 783,927 U.S. Generic Pharmaceuticals $ 741,767 $ 464,029 $ 193,643 International Pharmaceuticals $ 81,789 $ 80,683 $ — __________ (1) Revenues generated by our International Pharmaceuticals segment are primarily attributable to Canada, Mexico and South Africa. During the quarter ended December 31, 2015, we realigned certain costs between our International Pharmaceuticals segment, U.S. Branded Pharmaceuticals segment and corporate unallocated costs based on how our chief operating decision maker currently reviews segment performance. As a result of this realignment, certain expenses included in our consolidated adjusted income (loss) from continuing operations before income tax for the nine months ended September 30, 2015 have been reclassified among our various segments to conform to current period presentation. The net impact of these reclassification adjustments was to increase U.S. Branded Pharmaceuticals segment and corporate unallocated costs by $1.7 million and $21.1 million , respectively, with an offsetting $22.8 million decrease to International Pharmaceuticals segment costs. The realignment of these expenses did not impact periods prior to 2015. There were no material revenues from external customers attributed to an individual foreign country during the years ended December 31, 2015 , 2014 or 2013 . There were no material tangible long-lived assets in an individual foreign country as of December 31, 2015 or December 31, 2014 . The table below provides reconciliations of our segment adjusted income from continuing operations before income tax to our consolidated (loss) income from continuing operations before income tax , which is determined in accordance with U.S. GAAP, for the years ended December 31 (in thousands): 2015 2014 2013 Total segment adjusted income from continuing operations before income tax: $ 1,517,996 $ 1,074,219 $ 977,570 Corporate unallocated costs (1) (544,456 ) (355,417 ) (315,743 ) Upfront and milestone payments to partners (16,155 ) (51,774 ) (29,703 ) Asset impairment charges (2) (1,140,709 ) (22,542 ) (32,011 ) Acquisition-related and integration items (3) (105,250 ) (77,384 ) (7,614 ) Separation benefits and other cost reduction initiatives (4) (125,407 ) (25,760 ) (91,530 ) Excise tax (5) — (54,300 ) — Amortization of intangible assets (561,302 ) (218,712 ) (123,547 ) Inventory step-up and certain manufacturing costs that will be eliminated pursuant to integration plans (249,464 ) (65,582 ) — Non-cash interest expense related to the 1.75% Convertible Senior Subordinated Notes (1,633 ) (12,192 ) (22,742 ) Loss on extinguishment of debt (67,484 ) (31,817 ) (11,312 ) Watson litigation settlement income, net — — 50,400 Certain litigation-related charges, net (6) (37,082 ) (42,084 ) (9,450 ) Costs associated with unused financing commitments (78,352 ) — — Acceleration of Auxilium employee equity awards at closing (37,603 ) — — Charge related to the non-recoverability of certain non-trade receivables — (10,000 ) — Net gain on sale of certain early-stage drug discovery and development assets — 5,200 — Other than temporary impairment of equity investment (18,869 ) — — Foreign currency impact related to the remeasurement of intercompany debt instruments 25,121 13,153 — Charge for an additional year of the branded prescription drug fee in accordance with IRS regulations issued in the third quarter of 2014 (3,079 ) (24,972 ) — Other, net 5,864 (161 ) 1,048 Total consolidated (loss) income from continuing operations before income tax $ (1,437,864 ) $ 99,875 $ 385,366 __________ (1) Corporate unallocated costs include certain corporate overhead costs, interest expense, net, and certain other income and expenses. (2) Asset impairment charges primarily related to charges to write down goodwill and intangible assets as further described in Note 10. Goodwill and Other Intangibles . (3) Acquisition-related and integration-items include costs directly associated with the closing of certain acquisitions of $170.9 million , $77.4 million and $7.6 million in 2015 , 2014 and 2013 . During 2015 , these costs are net of a benefit due to changes in the fair value of contingent consideration of $65.6 million . (4) Separation benefits and other cost reduction initiatives include employee separation costs of $60.2 million , $14.4 million and $35.2 million in 2015 , 2014 and 2013 , respectively. Other amounts in 2015 primarily consist of $41.2 million of inventory write-offs and $13.3 million of building costs, including a $7.9 million charge recorded upon the cease use date of our Auxilium subsidiary’s former corporate headquarters. Amounts in 2014 primarily consisted of employee separation costs and changes in estimates related to certain cost reduction initiative accruals. The amount of separation benefits and other cost reduction initiatives in 2013 includes an expense recorded upon the cease use date of our Chadds Ford, Pennsylvania and Westbury, New York properties in the first quarter of 2013 , representing the liability for our remaining obligations under the respective lease agreements of $7.2 million . Contract termination fees of $5.8 million in 2013 are also included in this amount. These amounts were primarily recorded as Selling, general and administrative expense in our Consolidated Statements of Operations . See Note 4. Restructuring for discussion of our material restructuring initiatives. (5) This amount represents charges related to the expense for the reimbursement of directors’ and certain employees’ excise tax liabilities pursuant to Section 4985 of the Internal Revenue Code. (6) These amounts include charges for Litigation-related and other contingencies, net as further described in Note 14. Commitments and Contingencies . The following represents additional selected financial information for our reportable segments for the years ended December 31 (in thousands): 2015 2014 2013 Depreciation expense: U.S. Branded Pharmaceuticals $ 19,884 $ 16,209 $ 19,828 U.S. Generic Pharmaceuticals 29,193 16,751 13,354 International Pharmaceuticals 3,147 1,856 — Corporate unallocated 7,674 7,849 8,354 Total depreciation expense $ 59,898 $ 42,665 $ 41,536 2015 2014 2013 Amortization expense: U.S. Branded Pharmaceuticals $ 280,954 $ 78,890 $ 80,223 U.S. Generic Pharmaceuticals 223,367 95,042 43,924 International Pharmaceuticals 56,981 44,780 $ — Total amortization expense $ 561,302 $ 218,712 $ 124,147 Interest income and expense are considered corporate items and included in Corporate unallocated. Asset information is not reviewed or included within our internal management reporting. Therefore, the Company has not disclosed asset information for each reportable segment. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 7. FAIR VALUE MEASUREMENTS Financial Instruments The financial instruments recorded in our Consolidated Balance Sheets include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, marketable securities, equity and cost method investments, accounts payable and accrued expenses, acquisition-related contingent consideration and debt obligations. Included in cash and cash equivalents and restricted cash and cash equivalents are money market funds representing a type of mutual fund required by law to invest in low-risk securities (for example, U.S. government bonds, U.S. Treasury Bills and commercial paper). Money market funds are structured to maintain the fund’s net asset value at $1.00 per unit, which assists in providing adequate liquidity upon demand by the holder. Money market funds pay dividends that generally reflect short-term interest rates. Thus, only the dividend yield fluctuates. Due to their short-term maturity, the carrying amounts of non-restricted and restricted cash and cash equivalents (including money market funds), accounts receivable, accounts payable and accrued expenses approximate their fair values. Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Marketable Securities Equity securities consist of investments in the stock of publicly traded companies, the values of which are based on quoted market prices and thus represent Level 1 measurements within the fair value hierarchy, as defined above. These securities are not held to support current operations and are therefore classified as non-current assets. Equity securities are included in Marketable securities in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 . At the time of purchase, we classify our marketable securities as either available-for-sale securities or trading securities, depending on our intent at that time. Available-for-sale and trading securities are carried at fair value with unrealized holding gains and losses recorded within other comprehensive income or net income, respectively. The Company reviews unrealized losses associated with available-for-sale securities to determine the classification as a “temporary” or “other-than-temporary” impairment. A temporary impairment results in an unrealized loss being recorded in other comprehensive income. An impairment that is viewed as other-than-temporary is recognized in net income. The Company considers various factors in determining the classification, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer or investee, and the Company’s ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Loans Receivable Our loans receivable at December 31, 2015 relate primarily to loans totaling $14.1 million to our joint venture investment owned through our Litha subsidiary. The joint venture investment is further described below. The majority of this amount is secured by certain of the assets of our joint venture. The fair values of these loans were based on anticipated cash flows, which approximate the carrying amount, and were classified in Level 2 measurements in the fair value hierarchy. The Company has retrospectively classified these loans into Assets held for sale in the accompanying Consolidated Balance Sheets . Equity and Cost Method Investments As of December 31, 2015 , we have various investments that we account for using the equity or cost method of accounting totaling $15.2 million , including a joint venture investment owned through our Litha subsidiary. During the three months ended June 30, 2015, the Company recognized an other than temporary impairment of our Litha joint venture investment totaling $18.9 million , reflecting the excess carrying value of this investment over its estimated fair value. To estimate the fair value of this joint venture investment we relied primarily on a market approach based on the terms of the recently announced divestiture of that investment. The Company has retrospectively classified this investment into Assets held for sale in the accompanying Consolidated Balance Sheets . With respect to our other equity or cost method investments, which are included in Other Assets in our Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , the Company did not recognize any other-than-temporary impairments. We considered various factors, including the operating results of our equity method investments and the lack of an unrealized loss position on our cost method investments. Acquisition-Related Contingent Consideration Acquisition-related contingent consideration is measured at fair value on a recurring basis using unobservable inputs; hence these instruments represent Level 3 measurements within the fair value hierarchy. See Recurring Fair Value Measurements below for additional information on the fair value methodology used for the acquisition-related contingent consideration. Voltaren ® Gel Royalties due to Novartis The initial fair value of the Minimum Voltaren ® Gel royalties due to Novartis under the 2008 License and Supply Agreement were determined using an income approach (present value technique) taking into consideration the level and timing of expected cash flows and an assumed discount rate. These assumptions are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. The liability is currently being accreted up to the expected minimum payments, less payments made to date. We believe the carrying amount of this minimum royalty guarantee at December 31, 2015 and December 31, 2014 represents a reasonable approximation of the price that would be paid to transfer the liability in an orderly transaction between market participants at the measurement date. Accordingly, the carrying value approximates fair value as of December 31, 2015 and December 31, 2014 . Recurring Fair Value Measurements The Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2015 and December 31, 2014 were as follows (in thousands): Fair Value Measurements at Reporting Date using: December 31, 2015 Quoted Prices in Significant Other Significant Total Assets: Money market funds $ 51,145 $ — $ — $ 51,145 Equity securities 3,889 — — 3,889 Total $ 55,034 $ — $ — $ 55,034 Liabilities: Acquisition-related contingent consideration—short-term $ — $ — $ 65,265 $ 65,265 Acquisition-related contingent consideration—long-term — — 78,237 78,237 Total $ — $ — $ 143,502 $ 143,502 At December 31, 2015 , money market funds include $51.1 million in Qualified Settlement Funds to be disbursed to mesh-related product liability claimants. See Note 14. Commitments and Contingencies for further discussion of our product liability cases. Fair Value Measurements at Reporting Date using: December 31, 2014 Quoted Prices in Significant Other Significant Total Assets: Money market funds $ 279,327 $ — $ — $ 279,327 Equity securities 2,321 — — 2,321 Total $ 281,648 $ — $ — $ 281,648 Liabilities: Acquisition-related contingent consideration—short-term $ — $ — $ 4,282 $ 4,282 Acquisition-related contingent consideration—long-term — — 41,723 41,723 Total $ — $ — $ 46,005 $ 46,005 At December 31, 2014 , money market funds include $ 124.4 million in Qualified Settlement Funds to be disbursed to mesh-related product liability claimants. See Note 14. Commitments and Contingencies for further discussion of our product liability cases. Acquisition-Related Contingent Consideration On November 30, 2010 (the Qualitest Pharmaceuticals Acquisition Date), the Company acquired Generics International (US Parent), Inc. (formerly doing business as Qualitest Pharmaceuticals), which was party to an asset purchase agreement with Teva Pharmaceutical Industries Ltd (Teva) (the Teva Agreement). Pursuant to the Teva Agreement, Qualitest Pharmaceuticals purchased certain pipeline generic products from Teva and could be obligated to pay consideration to Teva upon the achievement of certain future regulatory milestones (the Teva Contingent Consideration). The current range of the undiscounted amounts the Company could be obligated to pay in future periods under the Teva Agreement is between zero and $2.5 million after giving effect to payments made to date. The fair value of the contractual obligation to pay the Teva Contingent Consideration was determined to be $1.1 million at December 31, 2015 and $5.2 million at December 31, 2014 . The decrease in the balance primarily relates to first and third quarter 2015 payments of $2.5 million each related to the achievement of certain regulatory milestones, partially offset by an increase due to certain regulatory conditions impacting the commercial potential of related products. During the second quarter of 2014, in connection with the Company’s acquisition of Sumavel ® , we entered into an agreement to make contingent cash consideration payments to the former owner of Sumavel ® of between zero and $20.0 million (the Sumavel ® Contingent Consideration), based on certain factors relating primarily to the financial performance of Sumavel ® . At the acquisition date, we estimated the fair value of this obligation to be $4.1 million based on a probability-weighted discounted cash flow model (income approach). Using this valuation technique, the fair value of the contractual obligation to pay the Sumavel ® Contingent Consideration was determined to be approximately $0.6 million at December 31, 2015 and $4.7 million at December 31, 2014 . The change in the balance primarily relates to certain market conditions impacting the commercial potential of the product. In connection with our acquisition of DAVA, we agreed to make cash consideration payments of up to $25.0 million (the DAVA Contingent Consideration) contingent on the achievement of certain sales-based milestones. At the DAVA acquisition date, we estimated the fair value of this obligation to be $5.1 million based on a probability-weighted discounted cash flow model (income approach). Using this valuation technique, the fair value of the contractual obligation to pay the DAVA Contingent Consideration was determined to be zero at December 31, 2015 and $5.1 million at December 31, 2014 . The change in the balance relates to certain market conditions impacting the commercial potential of related products. In connection with the acquisition of Natesto™, we entered into an agreement to make contingent cash consideration payments to the former owners of Natesto™ based on certain potential clinical and commercial milestones of up to $165.0 million as well as royalties based on a percentage of potential future sales of Natesto™ (the Natesto™ Contingent Consideration). As of the Natesto acquisition date, Endo estimated the fair value of this obligation to be $31.0 million based on a probability-weighted discounted cash flow model (income approach). Using this valuation technique, the fair value of the contractual obligation to pay the Natesto™ Contingent Consideration was determined to be zero at December 31, 2015 and $31.0 million at December 31, 2014 . The change in the balance primarily relates to certain market conditions impacting the commercial potential of the related product and a measurement period adjustment of $4.3 million to reduce the obligation. On December 30, 2015, the Company provided written notice to Acerus that it was terminating the License, Development, and Supply Agreement by and between the Company and Acerus. The effective date of the termination is June 30, 2016. On January 29, 2015, we acquired Auxilium, which is party to an agreement pursuant to which it could be obligated to make certain contingent cash consideration payments (the Actient Contingent Consideration). These payments relate primarily to potential sales-based royalties on edex ® and TESTOPEL ® , which Auxilium had previously acquired. As of the Auxilium acquisition date, Endo estimated the fair value of the Actient Contingent Consideration to be $46.8 million . The fair value was estimated based on a probability-weighted discounted cash flow model (income approach). The fair value of the Actient Contingent Consideration was determined to be $25.5 million at December 31, 2015 . The change in the balance primarily relates to certain market conditions impacting the commercial potential of the related products, 2015 payments of $9.1 million related to sales-based royalties and a measurement period adjustment of $3.9 million to reduce the obligation. Auxilium is also party to an agreement with VIVUS, Inc. (VIVUS) to make contingent cash consideration payments consisting of royalties based on a percentage of net sales of STENDRA ® as well as sales-based milestones of up to approximately $260 million (the STENDRA ® Contingent Consideration). On January 29, 2015, the date Endo acquired Auxilium, Endo estimated the fair value of the STENDRA ® Contingent Consideration to be $59.6 million . The fair value was estimated based on a probability-weighted discounted cash flow model (income approach). Using this valuation technique, the fair value of the STENDRA ® Contingent Consideration was determined to be $1.0 million at December 31, 2015 . The change in the balance primarily relates to certain market conditions impacting the commercial potential of the related product, 2015 payments of $0.3 million related to sales-based royalties and a measurement period adjustment of $4.3 million to reduce the obligation. On December 30, 2015, the Company provided written notice to VIVUS that the Company was terminating the STENDRA ® License Agreement effective June 30, 2016. In connection with the acquisition of the exclusive license rights of certain products, we entered into agreements to make contingent cash consideration payments based on certain operational and commercial milestones, as well as payments based on a percentage of profits realized on the licensed products. At the acquisition date, we estimated the fair value of these obligations to be $108.0 million based on a probability-weighted discounted cash flow models (income approach). Using this valuation technique, the fair value of the contractual obligations to pay the contingent consideration was determined to be $115.3 million at December 31, 2015 . The increase in the balance relates mainly to certain market conditions impacting the commercial potential of related products, partially offset by 2015 payments of $23.2 million related to the achievement of certain commercial milestones and a measurement period adjustment of $0.9 million to reduce the obligations. The fair values of contingent consideration amounts above were estimated based on assumptions and projections relevant to revenues and a discounted cash flow model using risk-adjusted discount rates ranging from 0.5% to 25.0% . The Company assesses these assumptions on an ongoing basis as additional information impacting the assumptions is obtained. Amounts recorded for the short-term and long-term portions of acquisition related contingent consideration are included in Accrued expenses and Other liabilities, respectively, in the Consolidated Balance Sheets . Fair Value Measurements Using Significant Unobservable Inputs The following table presents changes to the Company’s liability for acquisition-related contingent consideration, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31 (in thousands): 2015 2014 Beginning of period $ 46,005 $ 4,747 Amounts acquired 214,435 40,224 Amounts settled (37,583 ) — Transfers (in) and/or out of Level 3 — — Measurement period adjustments (13,434 ) — Changes in fair value recorded in earnings (65,640 ) 1,034 Effect of currency translation (281 ) — End of period $ 143,502 $ 46,005 Changes in fair value recorded in earnings related to acquisition-related contingent consideration are included in the Consolidated Statements of Operations as Acquisition-related and integration items . The following is a summary of available-for-sale securities held by the Company at December 31, 2015 and December 31, 2014 (in thousands): Available-for-sale Amortized Gross Gross Fair Value December 31, 2015 Money market funds $ 51,145 $ — $ — $ 51,145 Total included in cash and cash equivalents $ 3 $ — $ — $ 3 Total included in restricted cash and cash equivalents $ 51,142 $ — $ — $ 51,142 Equity securities $ 24 $ 10 $ — $ 34 Total other short-term available-for-sale securities $ 24 $ 10 $ — $ 34 Equity securities $ 1,766 $ 2,089 $ — $ 3,855 Long-term available-for-sale securities $ 1,766 $ 2,089 $ — $ 3,855 Available-for-sale Amortized Gross Gross Fair Value December 31, 2014 Money market funds $ 279,327 $ — $ — $ 279,327 Total included in cash and cash equivalents $ 154,959 $ — $ — $ 154,959 Total included in restricted cash and cash equivalents $ 124,368 $ — $ — $ 124,368 Equity securities $ 805 $ 10 $ — $ 815 Total other short-term available-for-sale securities $ 805 $ 10 $ — $ 815 Equity securities $ 1,766 $ — $ (260 ) $ 1,506 Long-term available-for-sale securities $ 1,766 $ — $ (260 ) $ 1,506 Nonrecurring Fair Value Measurements The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2015 were as follows (in thousands): Fair Value Measurements at Reporting Date using: Total Expense for the Year Ended December 31, 2015 Quoted Prices in Significant Other Significant Assets: Auxilium leasehold improvements (Note 4) $ — $ — $ — $ (7,000 ) Litha equity investment — — 10,469 (18,869 ) Certain U.S. Branded Pharmaceuticals intangible assets (Note 10) — — 48,266 (175,031 ) Certain U.S. Generic Pharmaceuticals intangible assets (Note 10) — — 38,005 (181,000 ) Certain International Pharmaceuticals intangible assets (Note 10) — — 3,838 (14,579 ) UEO reporting unit goodwill (Note 10) — — 240,994 (673,500 ) Paladin reporting unit goodwill (Note 10) — — 436,919 (85,780 ) Total $ — $ — $ 778,491 $ (1,155,759 ) Liabilities: Minimum Voltaren® Gel royalties due to Novartis — — 15,000 — Total $ — $ — $ 15,000 $ — The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2014 were as follows (in thousands): Fair Value Measurements at Measurement Date using: Total Expense for the Year Ended December 31, 2014 Quoted Prices in Significant Other Significant Assets: Certain U.S. Branded Pharmaceuticals intangible assets (Note 10) $ — $ — $ — $ (12,300 ) Certain U.S. Generic Pharmaceuticals intangible assets (Note 10) — — 3,300 (5,900 ) Property, plant and equipment (See Note 9) — — — (4,342 ) Total $ — $ — $ 3,300 $ (22,542 ) Liabilities: Minimum Voltaren® Gel royalties due to Novartis $ — $ — $ 37,500 $ — Total $ — $ — $ 37,500 $ — |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 8. INVENTORIES Inventories consist of the following at December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 December 31, 2014 Raw materials (1) $ 207,516 $ 118,431 Work-in-process (1) 176,881 43,290 Finished goods (1) 360,268 253,274 Total $ 744,665 $ 414,995 (1) The components of inventory shown in the table above are net of allowance for obsolescence. Inventory that is in excess of the amount expected to be sold within one year, which relates primarily to XIAFLEX ® inventory, is classified as long-term inventory and is not included in the table above. At December 31, 2015 , $24.9 million of long-term inventory was included in Other assets in the Consolidated Balance Sheets . |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 9. PROPERTY, PLANT AND EQUIPMENT Land and Buildings Machinery and Equipment Leasehold Improve- Computer Equipment and Software Assets under Capital Lease Furniture and Fixtures Assets under Construc- Total (In thousands) Cost: At January 1, 2015 $ 223,841 $ 91,899 $ 16,165 $ 88,984 $ 6,082 $ 3,218 $ 79,861 $ 510,050 Additions 18,068 11,507 6,701 25,634 3,502 1,236 9,926 76,574 Additions due to acquisitions 98,969 95,848 28,091 20,633 — 16,530 23,383 283,454 Disposals/transfers/impairments/other (335 ) (13,494 ) (4,857 ) (21,265 ) (463 ) (805 ) (3,351 ) (44,570 ) Effect of currency translation (2,998 ) (1,452 ) (330 ) (741 ) — (225 ) (36 ) (5,782 ) At December 31, 2015 $ 337,545 $ 184,308 $ 45,770 $ 113,245 $ 9,121 $ 19,954 $ 109,783 $ 819,726 Accumulated Depreciation: At January 1, 2015 $ (30,656 ) $ (36,399 ) $ (8,034 ) $ (42,043 ) $ (1,820 ) $ (1,035 ) $ (3,011 ) $ (122,998 ) Additions (13,078 ) (13,499 ) (8,802 ) (20,135 ) (2,514 ) (1,870 ) — (59,898 ) Disposals/transfers/impairments/other 1,045 9,070 5,856 8,861 876 582 5,119 31,409 Effect of currency translation 702 951 105 401 — 176 — 2,335 At December 31, 2015 $ (41,987 ) $ (39,877 ) $ (10,875 ) $ (52,916 ) $ (3,458 ) $ (2,147 ) $ 2,108 $ (149,152 ) Net Book Amount: At December 31, 2015 $ 295,558 $ 144,431 $ 34,895 $ 60,329 $ 5,663 $ 17,807 $ 111,891 $ 670,574 At December 31, 2014 $ 193,185 $ 55,500 $ 8,131 $ 46,941 $ 4,262 $ 2,183 $ 76,850 $ 387,052 Depreciation expense, including expense related to assets under capital lease, was $59.9 million , $42.7 million and $41.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. During the years ended December 31, 2015 , 2014 and 2013 , the Company recorded impairment charges totaling $10.8 million , $4.3 million and $7.5 million , respectively, to write off certain property, plant and equipment amounts that were abandoned. These charges were related to our ongoing efforts to improve our operating efficiency and to consolidate certain locations, including our generics research and development operations and our corporate headquarters. These charges are included in the Asset impairment charges line item in our Consolidated Statement of Operations. |
Goodwill And Other Intangibles
Goodwill And Other Intangibles | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | NOTE 10. GOODWILL AND OTHER INTANGIBLES Goodwill Changes in the carrying amount of our goodwill for the year ended December 31, 2015 were as follows (in thousands): Carrying Amount U.S. Branded Pharmaceuticals U.S. Generic Pharmaceuticals International Pharmaceuticals Total Balance as of December 31, 2013: Goodwill $ 290,793 $ 275,201 $ — $ 565,994 Goodwill acquired during the period 841,139 796,436 737,050 2,374,625 Effect of currency translation — — (42,844 ) (42,844 ) Balance as of December 31, 2014: Goodwill $ 1,131,932 $ 1,071,637 $ 694,206 $ 2,897,775 Goodwill acquired during the period 544,344 4,718,297 7,660 5,270,301 Effect of currency translation — — (109,442 ) (109,442 ) Goodwill impairment charges (673,500 ) — (85,780 ) (759,280 ) Balance as of December 31, 2015: Goodwill $ 1,676,276 $ 5,789,934 $ 592,424 $ 8,058,634 Accumulated impairment losses $ (673,500 ) $ — $ (85,780 ) $ (759,280 ) $ 1,002,776 $ 5,789,934 $ 506,644 $ 7,299,354 Other Intangible Assets The following is a summary of other intangibles held by the Company at December 31, 2015 and December 31, 2014 (in thousands): Cost basis: Balance as of December 31, 2014 Acquisitions Impairments Other Effect of Currency Translation Balance as of December 31, 2015 Indefinite-lived intangibles: In-process research and development $ 184,598 $ 1,628,400 $ (28,072 ) $ (35,710 ) $ (12,335 ) $ 1,736,881 Total indefinite-lived intangibles $ 184,598 $ 1,628,400 $ (28,072 ) $ (35,710 ) $ (12,335 ) $ 1,736,881 Definite-lived intangibles: Licenses (weighted average life of 10 years) $ 664,367 $ 12,500 $ — $ — $ — $ 676,867 Tradenames (weighted average life of 12 years) 21,315 — (13,591 ) — (187 ) 7,537 Developed technology (weighted average life of 12 years) 2,242,118 4,901,716 (328,947 ) 30,247 (122,562 ) 6,722,572 Total definite-lived intangibles (weighted average life of 12 years) $ 2,927,800 $ 4,914,216 $ (342,538 ) $ 30,247 $ (122,749 ) $ 7,406,976 Total other intangibles $ 3,112,398 $ 6,542,616 $ (370,610 ) $ (5,463 ) $ (135,084 ) $ 9,143,857 Accumulated amortization: Balance as of December 31, 2014 Amortization Impairments Other Effect of Currency Translation Balance as of December 31, 2015 Indefinite-lived intangibles: In-process research and development $ — $ — $ — $ — $ — $ — Total indefinite-lived intangibles $ — $ — $ — $ — $ — $ — Definite-lived intangibles: Licenses $ (426,413 ) $ (81,812 ) $ — $ — $ — $ (508,225 ) Tradenames (5,462 ) (1,097 ) — — 15 (6,544 ) Developed technology (348,273 ) (478,393 ) — — 10,233 (816,433 ) Total definite-lived intangibles $ (780,148 ) $ (561,302 ) $ — $ — $ 10,248 $ (1,331,202 ) Total other intangibles $ (780,148 ) $ (561,302 ) $ — $ — $ 10,248 $ (1,331,202 ) Net other intangibles $ 2,332,250 $ 7,812,655 __________ (1) Includes intangible assets acquired primarily in connection with the acquisitions of Par, Auxilium, Aspen Holdings and other acquisitions. See Note 5. Acquisitions for further information. (2) Includes the impairment of certain intangible assets of our U.S. Branded Pharmaceuticals , U.S. Generic Pharmaceuticals and International Pharmaceuticals segments. (3) During the year ended December 31, 2015 , certain IPR&D assets totaling $35.7 million were put into service, partially offset by a reduction of $5.5 million relating to measurement period adjustments to certain intangible assets acquired in 2014. See Note 5. Acquisitions for further information on measurement period adjustments. Amortization expense for the years ended December 31, 2015 , 2014 and 2013 totaled $561.3 million , $218.7 million and $124.1 million , respectively. Estimated amortization of intangibles for the five fiscal years subsequent to December 31, 2015 is as follows (in thousands): 2016 $ 820,936 2017 $ 699,920 2018 $ 618,317 2019 $ 565,397 2020 $ 540,241 Changes in the gross carrying amount of our other intangibles for the year ended December 31, 2015 were as follows (in thousands): Gross December 31, 2014 $ 3,112,398 Auxilium acquisition 2,619,500 Par acquisition 3,627,000 Aspen Holdings acquisition 118,434 Other acquisitions 121,214 BELBUCA TM milestone 43,968 License extension of certain intangible assets 12,500 Impairment of certain U.S. Branded Pharmaceuticals intangible assets (175,031 ) Impairment of certain U.S. Generic Pharmaceuticals intangible assets (181,000 ) Impairment of certain International Pharmaceuticals intangible assets (14,579 ) Measurement period adjustments relating to acquisitions closed during 2014 (5,463 ) Effect of currency translation (135,084 ) December 31, 2015 $ 9,143,857 Endo tests goodwill and indefinite-lived intangible assets for impairment annually, or more frequently whenever events or changes in circumstances indicate that the asset might be impaired. As part of the annual and interim goodwill and intangible asset impairment assessments, we estimate the fair value of our intangible assets and reporting units through an income approach using discounted cash flow models. Our discounted cash flow models are highly reliant on various assumptions, such as estimates of future cash flows (including long-term growth rates and the variations in the amount and timing of such cash flows), discount rates, and the probability of achieving the estimated cash flows. These assumptions are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. The discount rates applied to the estimated cash flows for our October 1, 2015 , 2014 and 2013 annual goodwill and indefinite-lived intangible assets impairment test ranged from 9.0% to 16.0% , from 8.5% to 15.5% and from 9.5% to 14.5% , respectively, depending on the overall risk associated with the particular assets and other market factors. We believe the discount rates and other inputs and assumptions are consistent with those that a market participant would use. Goodwill Given the results of our intangible asset assessment during the third quarter of 2015 for STENDRA ® and certain TRT products, the Company initiated an interim goodwill impairment analysis of our Urology, Endocrinology and Oncology (UEO) reporting unit as of September 30, 2015. As a result of this interim analysis, the Company determined that the net book value of our UEO reporting unit exceeded its estimated fair value. The Company prepared this analysis on a preliminary basis to estimate the amount of a provisional impairment charge as of September 30, 2015, and determined that an impairment was probable and reasonably estimable. The preliminary fair value assessments were performed by the Company taking into consideration a number of factors, based upon the latest available information, including the preliminary results of a hypothetical purchase price allocation. As a result of the preliminary analysis, during the three months ended September 30, 2015, the Company recorded a provisional pre-tax, non-cash impairment charge of $680.0 million in the Consolidated Statements of Operations , representing the difference between the estimated implied fair value of the UEO reporting unit’s goodwill and its respective net book value. The Company completed its UEO goodwill impairment analysis during the fourth quarter of 2015 and reduced the provisional pre-tax, non-cash impairment charge by $6.5 million , for a net, pre-tax, non-cash impairment charge during the year ended December 31, 2015 of $673.5 million . During the fourth quarter of 2015, the Company combined certain resources within the Branded business and management realigned how they review the segment’s performance. As a result, we determined that our Pain and UEO reporting units should be combined into one Branded reporting unit for purposes of testing goodwill as of October 1, 2015. In addition to testing the Pain and UEO reporting units separately for goodwill impairment as of October 1, 2015, the Company also tested the combined Branded reporting unit for impairment. The impairment tests did not result in any additional charge for the quarter ended December 31, 2015 . As of December 31, 2015 , the remaining balance of goodwill for the Branded reporting unit was approximately $1,002.8 million . As part of the annual goodwill impairment test, the Company recorded a pre-tax, non-cash impairment charge of $85.8 million in the Consolidated Statements of Operations , representing the difference between the estimated implied fair value of the Paladin Canada reporting unit’s goodwill and its respective net book value, primarily due to the loss of exclusivity on certain products sold in Canada. As of December 31, 2015 , the remaining balance of goodwill for the Paladin Canada reporting unit was approximately $420.4 million . Intangible Assets A summary of significant other intangible asset impairment charges by reportable segment for the three years ended December 31, 2015 is included below. U.S. Branded Pharmaceuticals Segment A sustained downturn in the short-acting testosterone replacement therapy (TRT) market has caused underperformance across several of our TRT products, including Testim ® and Natesto™. In addition, we have also experienced underperformance with respect to STENDRA ® . As a result of this underperformance and a re-alignment of investment priorities towards higher growth and higher value assets such as XIAFLEX ® and BELBUCA™, the Company concluded during the third quarter of 2015 that an impairment assessment was required to evaluate the recoverability of certain definite-lived intangible assets associated with these products. After performing this assessment, we recorded a pre-tax, non-cash impairment charge of approximately $152.0 million during the third quarter of 2015, representing a full impairment of our Natesto™ intangible asset and a partial impairment of our Testim ® and STENDRA ® intangible assets. As a result of the Company providing written notice to VIVUS on December 30, 2015 that we are terminating the STENDRA ® License Agreement effective June 30, 2016, we recorded an additional pre-tax, non-cash impairment charge of approximately $9.5 million , representing the remaining carrying amount of our STENDRA ® intangible asset. Additionally, during the fourth quarter of 2015, we determined that the fair value of certain U.S. Branded Pharmaceuticals IPR&D assets were less than their respective carrying amounts, and we recorded a pre-tax, non-cash impairment charge of $5.5 million representing the full carrying amount of the assets. As part of the 2014 year-end financial close and reporting process, the Company concluded that an impairment assessment was required to evaluate the recoverability of a definite-lived license intangible asset related to OPANA ® ER. After performing these assessments, we recorded a pre-tax, non-cash impairment charge of $12.3 million , representing the remaining carrying amount of this asset. U.S. Generic Pharmaceuticals Segment During the year ended December 31, 2015, the Company identified certain market and regulatory conditions impacting the commercial potential of certain indefinite and definite-lived intangible assets in our U.S. Generic Pharmaceuticals segment. Accordingly, we tested these assets for impairment and determined that the carrying value of certain of these assets was no longer fully recoverable, resulting in pre-tax, non-cash asset impairment charges of $70.2 million , $72.4 million and $38.4 million , respectively, during the second, third and fourth quarters of 2015. As part of our definite-lived intangible asset impairment review process for 2013, the Company determined that the fair values of certain Qualitest IPR&D assets were less than the respective carrying amounts. Accordingly, in the fourth quarter of 2013, we recorded a pre-tax, non-cash impairment charge of $17.0 million representing the full carrying amount of the assets. International Pharmaceuticals Segment As part of our definite-lived intangible asset impairment review processes for 2015, the Company recorded pre-tax, non-cash impairment charges of approximately $14.6 million in our International Pharmaceuticals segment, representing the difference between the carrying amount of certain intangible assets and their estimated fair value. |
License And Collaboration Agree
License And Collaboration Agreements | 12 Months Ended |
Dec. 31, 2015 | |
License And Collaboration Agreements [Abstract] | |
License and Collaboration Agreements | NOTE 11. LICENSE AND COLLABORATION AGREEMENTS Novartis AG, Novartis Consumer Health, Inc. and Sandoz, Inc. The Company has exclusive U.S. marketing rights to Voltaren ® Gel (Voltaren ® Gel) pursuant to a License and Supply Agreement entered into in 2008 with and among Novartis AG and Novartis Consumer Health, Inc. (Novartis) (the 2008 Voltaren ® Gel Agreement). During the term of the 2008 Voltaren ® Gel Agreement, the Company is solely responsible to commercialize Voltaren ® Gel and has agreed to purchase all of its requirements for Voltaren ® Gel from Novartis. The price of product purchased under the 2008 Voltaren ® Gel Agreement is fixed for the first year and subject to annual changes based upon changes in the producer price index and raw materials. Amounts purchased pursuant to the 2008 Voltaren ® Gel Agreement were $53.4 million , $55.0 million and $50.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Further, the minimum A&P Expenditures set forth in the 2008 Voltaren ® Gel Agreement are determined based on a percentage of net sales of Voltaren ® Gel, which may be reduced under certain circumstances, including Novartis’s failure to supply Voltaren ® Gel. Amounts incurred for such A&P Expenditures were $5.0 million , $5.5 million and $8.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Voltaren ® Gel royalties incurred during the years ended December 31, 2015 , 2014 and 2013 were $30.0 million , $30.0 million and $30.0 million , respectively, representing minimum royalties pursuant to the 2008 Voltaren ® Gel Agreement. Effective March 1, 2015, Novartis Consumer Health, Inc. assigned the 2008 Voltaren ® Gel Agreement to its affiliate, Sandoz, Inc. On December 11, 2015, Endo, Novartis AG and Sandoz entered into a new License and Supply Agreement (the 2015 Voltaren ® Gel Agreement ) effectively renewing our exclusive U.S. marketing and license rights to commercialize Voltaren ® Gel (the Branded Licensed Product) and granting the Company the exclusive right to launch an authorized generic of Voltaren ® Gel (the Generic Licensed Product, and, together with the Branded Licensed Product, the Licensed Product). Pursuant to the 2015 Voltaren ® Gel Agreement , the former 2008 Voltaren ® Gel Agreement will expire on June 30, 2016 in accordance with its terms. The 2015 Voltaren ® Gel Agreement will become effective on July 1, 2016 and will be accounted for as a business combination as of the effective date. Under the 2015 Voltaren ® Gel Agreement , Endo will pay royalties to Novartis AG or Sandoz (as designated by Sandoz) on annual net sales of the Branded Licensed Product, subject to certain thresholds specified in the 2015 Voltaren ® Gel Agreement . In addition, Endo has agreed to make certain guaranteed minimum annual royalty payments of $30.0 million and contingent royalty payments, subject to certain limitations specified in the Agreement. The guaranteed minimum royalties will be creditable against royalty payments on an 2015 Voltaren ® Gel Agreement year basis such that Endo’s obligation with respect to each Agreement year is to pay the greater of (i) royalties payable based on annual net sales of the Branded Licensed Product or (ii) the guaranteed minimum royalty for such 2015 Voltaren ® Gel Agreement year. Endo and Novartis AG or Sandoz (as designated by Sandoz) will share any profits relating to net sales of the Generic Licensed Product as specified in the 2015 Voltaren ® Gel Agreement . Novartis AG or Sandoz (as designated by Sandoz) is also eligible to receive a one-time milestone payment of $25.0 million if annual sales of the Licensed Product exceed $300.0 million . During the term of the 2015 Voltaren ® Gel Agreement , Endo has agreed to purchase all of its requirements for the Licensed Product from Sandoz. The price of product purchased by Endo under the 2015 Voltaren ® Gel Agreement is fixed for the first year and is subject to annual changes based upon changes in the producer price index and raw materials as set forth in the 2015 Voltaren ® Gel Agreement. The exclusive marketing and license rights do not include the right to commercialize over-the-counter (OTC) equivalent product in the United States. The OTC rights are held by GlaxoSmithKline Consumer Healthcare Holdings Limited (GSK), who has agreed not to launch an OTC equivalent product prior to a specified time. In the event that GSK launches an OTC equivalent product before any person, other than GSK or its affiliates, launches either (i) an OTC version of 1% diclofenac gel product, or (ii) a generic to Voltaren ® Gel, then Endo will receive certain royalty payments on net sales of such OTC equivalent product in the United States as set forth in the 2015 Voltaren ® Gel Agreement ; provided that, and subject to certain limitations and provisions as set forth in the 2015 Voltaren ® Gel Agreement , as a condition to the payment of any and all such royalties, net sales of the Licensed Product in the United States must have exceeded a certain threshold as defined in the 2015 Voltaren ® Gel Agreement prior to the launch of the OTC equivalent product. The initial term of the 2015 Voltaren ® Gel Agreement will be seven years, expiring on June 30, 2023. Thereafter, the 2015 Voltaren ® Gel Agreement will automatically be extended for successive one year terms (each a Renewal Term) unless any party provides written notice of non-renewal to the other parties at least six months prior to the expiration of any Renewal Term after the first Renewal Term. Among other standard and customary termination rights granted under the 2015 Voltaren ® Gel Agreement , the 2015 Voltaren ® Gel Agreement can be terminated by any party upon reasonable written notice, if the other party has committed a material breach that has not been remedied within ninety days from the giving of written notice. Endo may terminate the 2015 Voltaren ® Gel Agreement by written notice upon the occurrence of specified events, including the launch in the United States of a generic to the Licensed Product. Sandoz may terminate the 2015 Voltaren ® Gel Agreement upon reasonable written notice on or after the launch in the United States of an over-the-counter equivalent product by Sandoz, its affiliates or any third party that does not result in the declassification of the Licensed Product as a prescription product, following which net sales in any six month period under the 2015 Voltaren ® Gel Agreement are less than a certain defined dollar amount. Strakan International Limited In August 2009 , we entered into a License and Supply Agreement with Strakan International Limited, a subsidiary of ProStrakan Group plc. (ProStrakan), which was subsequently acquired by Kyowa Hakko Kirin Co. Ltd., for the exclusive right to commercialize Fortesta ® Gel in the U.S. (the ProStrakan Agreement). Fortesta ® Gel is a patented 2% testosterone transdermal gel for testosterone replacement therapy in male hypogonadism. A metered dose delivery system permits accurate dose adjustment to increase the ability to individualize patient treatment. The Company received FDA approval for Fortesta ® Gel in December 2010 , which triggered a one -time approval milestone to ProStrakan for $12.5 million . The approval milestone was recorded as an intangible asset and is being amortized into Cost of revenues on a straight-line basis over its estimated useful life. An additional milestone payment of $5.0 million was triggered during the fourth quarter of 2015 pursuant to the terms of the ProStrakan Agreement. The milestone was recorded as an intangible asset and is being amortized into Cost of revenue. ProStrakan could potentially receive up to approximately $150.0 million in additional payments linked to the achievement of future commercial milestones related to Fortesta ® Gel. ProStrakan will exclusively supply Fortesta ® Gel to Endo at a supply price based on a percentage of annual net sales subject to a minimum floor price as defined in the ProStrakan Agreement. Endo may terminate the ProStrakan Agreement upon six months’ prior written notice at no cost to the Company. Grünenthal GmbH In December 2007 , we entered into a License, Development and Supply Agreement (the Grünenthal Agreement) with Grünenthal for the exclusive clinical development and commercialization rights in Canada and the U.S. for an oral formulation of OPANA ® ER, which is designed to be crush-resistant. In December 2011 , the FDA approved a formulation of OPANA ® ER designed to be crush-resistant, which is called OPANA ® ER. In the fourth quarter of 2011 , the Company capitalized a one-time approval milestone to Grünenthal for $4.9 million . We are amortizing this intangible asset into Cost of revenues over its estimated useful life. In the fourth quarter of 2013, the Company recorded an additional $10.4 million as Cost of Revenues related to a commercial milestone. Additional amounts of approximately 53.9 million euros (approximately $58.7 million at December 31, 2015 ) may become due upon achievement of additional future predetermined regulatory and commercial milestones. Endo will also make payments to Grünenthal based on net sales of any such product or products commercialized under this agreement, including the formulation of OPANA ® ER approved by the FDA in December 2011. Effective December 19, 2012, the Company and Grünenthal amended the Grünenthal Agreement whereby the Company became responsible for planning of packaging of finished product and certain other routine packaging quality obligations and Grünenthal agreed to reimburse the Company for the third-party costs incurred related to packaging as well as pay the Company a periodic packaging fee. The amendment also changed certain of the terms with respect to the floor price required to be paid by the Company in consideration for product supplied by Grünenthal. On February 18, 2014, the Company and Grünenthal amended the Grünenthal Agreement to define the responsibilities of the parties for certain additional clinical work to be performed for OPANA ® ER. Bayer Schering In July 2005 , we licensed exclusive U.S. rights from Schering AG, Germany, now Bayer Schering Pharma AG (Bayer Schering) to market a long-acting injectable testosterone preparation for the treatment of male hypogonadism that we refer to as Aveed ® (the Bayer Schering Agreement). We were responsible for the development and commercialization of Aveed ® in the U.S. Bayer Schering is responsible for manufacturing and supplying us with finished product. As part of the Bayer Schering Agreement, we agreed to pay to Bayer Schering up to $30.0 million in up-front, regulatory, and commercialization milestone payments, including a $5.0 million payment due upon approval by the FDA to market Aveed ® . We also agreed to pay to Bayer Schering 25% of net sales of Aveed ® to cover both the cost of finished product and royalties. The Bayer Schering Agreement expires ten years from the first commercial sale of Aveed ® . In October 2006, we entered into a supply agreement with Bayer Schering pursuant to which Bayer Schering agreed to manufacture and supply Indevus with all of its requirements for Aveed ® for a supply price based on net sales of Aveed ® . The supply price is applied against the 25% of net sales owed to Bayer Schering pursuant to the Bayer Schering Agreement. Either party may also terminate the BayerSchering Agreement in the event of a material breach by the other party. On March 6, 2014, we announced that the FDA approved Aveed ® for the treatment of hypogonadism in adult men, which is associated with a deficiency or absence of the male hormone testosterone. Aveed ® became available in early March. Upon approval, EPSI made the aforementioned milestone payment of $5.0 million to Bayer Schering. The approval milestone was recorded as an intangible asset and is being amortized into Cost of revenues on a straight-line basis over its estimated useful life. In the future, we could be obligated to pay milestones of up to approximately $17.5 million based on continued market exclusivity of Aveed ® or upon certain future sales milestones. BioSpecifics Technologies Corp. On January 29, 2015, we acquired Auxilium, which is party to a development and license agreement, as amended (the BioSpecifics Agreement) with BioSpecifics Technologies Corp. (BioSpecifics). The BioSpecifics Agreement was originally entered into by Auxilium in June 2004 to obtain exclusive worldwide rights to develop, market and sell certain products containing BioSpecifics’ enzyme, which we refer to as XIAFLEX ® . Auxilium’s licensed rights concern the development and commercialization of products, other than dermal formulations labeled for topical administration, and currently, Auxilium’s licensed rights cover the indications of Dupuytren’s contracture (DC), Dupuytren’s Nodules, Peyronie’s Disease (PD), Adhesive Capsulitis, cellulite, canine lipomas, Plantar Fibromatosis and Lateral Hip Fat. Auxilium may further expand the BioSpecifics Agreement, at its option, to cover other indications as they are developed by Auxilium or BioSpecifics. Under the BioSpecifics Agreement, we are responsible, at our own cost and expense, for developing the formulation and finished dosage form of products and arranging for the clinical supply of products. BioSpecifics is currently conducting a CCH Phase II clinical trial for the treatment of lipomas in humans. The Company has the option to license development and marketing rights to the CCH human lipoma indication based on a full analysis of the data from the Phase II clinical trial, which would transfer responsibility for the future development costs to the Company and trigger an opt-in payment and potential future milestone and royalty payments to BioSpecifics. In 2013, BioSpecifics also concluded a CCH Phase II clinical trial for the treatment of lipomas in canines. The trial did not meet its primary endpoint of a statistically significant post-treatment difference in the mean percent change in lipoma; however, statistical significance was shown in secondary endpoints. The Company has opted in to the development of CCH in canine lipomas. The BioSpecifics Agreement extends, on a country-by-country and product-by-product basis, for the longer of the patent life, the expiration of any regulatory exclusivity period or twelve years. Either party may terminate the BioSpecifics Agreement as a result of the other party’s breach or bankruptcy. We may terminate the BioSpecifics Agreement with 90 days’ written notice. We must pay BioSpecifics on a country-by-country and product-by-product basis a specified percentage within a range of 5% to 15% of net sales for products covered by the BioSpecifics Agreement. This royalty applies to net sales by the Company or its sublicensees, including Actelion Pharmaceuticals Ltd (Actelion), Asahi Kasei Pharma Corporation (Asahi Kasei) and Swedish Orphan Biovitrum AB (Sobi). We are also obligated to pay a percentage of any future regulatory or commercial milestone payments received from such sublicensees. In addition, the Company and its affiliates pays BioSpecifics an amount equal to a specified mark-up on the cost of goods related to supply of XIAFLEX ® (which mark-up is capped at a specified percentage within the range of 5% to 15% of the cost of goods of XIAFLEX ® for the applicable country) for products sold by the Company and its affiliates or its sublicensees. XIAFLEX ® and XIAPEX ® Out-license Agreements We are party to certain out-licensing agreements with Actelion, Asahi Kasei and Sobi (the XIAFLEX ® Sublicensees), pursuant to which the XIAFLEX ® Sublicensees have marketing, development and/or commercial rights for XIAFLEX ® and XIAPEX ® (the European Union trade name for XIAFLEX ® ) in a variety of countries outside of the U.S. These agreements were entered into from 2011 to 2013 and extend, pursuant to the terms of each respective agreement and subject to each party’s termination rights, as follows: • The agreement with Actelion extends on a product-by-product and country-by-country basis from the date of the agreement until the last to occur of (i) the date on which the product is no longer covered by a valid claim of a patent or patent application controlled by the Company in such country, (ii) the 15 th anniversary of the first commercial sale of the product in such country after receipt of required regulatory approvals, (iii) the achievement of a specified market share of generic versions of the product in such country, or (iv) the loss of certain marketing rights or data exclusivity in such country. • The agreement with Asahi Kasei extends on a product-by-product basis from the date of the agreement until the last to occur of (i) the date on which the product is no longer covered by a valid claim of a patent, (ii) the 15 th anniversary of the first commercial sale of the product, or (iii) the entry of a generic to XIAFLEX ® in the Japanese market. • The agreement with Sobi extends on a product-by-product basis from the date of the agreement until its 10 th anniversary. The term will be automatically extended for sequential two year periods unless a notice of non-renewal is provided in writing to the other party at least six months prior to expiration of the then current term. Under the Actelion and Sobi agreements, the Company, through its affiliate, is entitled to receive royalties based on net sales of the licensed product by the XIAFLEX ® Sublicensees. These royalties are tiered as follows: • Actelion— 15% - 25% , 20% - 30% , and 25% - 35% based on net sales of the licensed product; • Sobi— 45% - 55% , 50% - 60% and 55% - 65% based on net sales of the licensed product, which also include payments for product supply and which percentages will decrease by approximately 10% upon the occurrence of certain manufacturing milestones or July 1, 2016, whichever is earlier. The applicable royalty percentages increase from tier to tier upon the achievement of a specified threshold of aggregate annual net sales of the licensed product and may decrease if a generic is marketed in the applicable territory. Pursuant to each of these out-licensing agreements, the Company will be responsible for all clinical and commercial drug manufacturing and supply and, in certain cases, for development costs. The Company has determined that these contractual responsibilities, together with the development and commercialization rights provided by the Company, constitute multiple deliverables. In accordance with the accounting guidance on revenue recognition for multiple-element agreements, certain elements of these agreements meet the criteria for separation and are treated as a single unit of accounting, with the corresponding revenue recognized when earned. Deliverables that do not have stand-alone value to the XIAFLEX ® Sublicensees are being accounted for as one unit of accounting, with the related revenue being recorded on a straight-line basis over the respective performance period. The Japanese Ministry of Health, Labour and Welfare (MHLW) approved XIAFLEX ® for manufacturing and marketing in Japan on July 3, 2015 for the indication of Dupuytren's contracture with a palpable cord and was subsequently listed on the Japanese National Health Insurance drug price standard on August 31, 2015. The Company’s partner, Asahi Kasei Pharma Corporation, commercially launched the product in Japan in September 2015. Under the terms of the Asahi Kasei agreement, Endo received a $20.0 million gross milestone payment in October 2015 as a result of the first commercial sale of XIAFLEX ® in Japan. The Company will recognize the $20.0 million of milestone revenue on a straight-line basis over the remaining term of the license agreement. Revenue recognized related to these agreements was not material to the Consolidated Financial Statements for any of the periods presented. BioDelivery Sciences International, Inc. The Company is party to a worldwide license and development agreement (the BioDelivery Agreement) with BioDelivery Sciences International, Inc. (BioDelivery) for the exclusive rights to develop and commercialize BELBUCA™ (buprenorphine HCl) Buccal Film. The drug is a transmucosal form of buprenorphine, a partial mu-opiate receptor agonist, which incorporates a bioerodible mucoadhesive (BEMA ® ) technology. The NDA for BELBUCA™ was submitted in December 2014 and accepted by the U.S. Food and Drug Administration (FDA) in February 2015. On October 23, 2015, the FDA approved BELBUCA™ for the management of severe pain. BELBUCA™ became commercially available in the U.S. during February 2016. As a result of the FDA approval of BELBUCA™, the Company capitalized a one-time approval milestone payment to BioDelivery for $44.0 million in the fourth quarter of 2015. The Company is amortizing this intangible asset into Cost of revenues in the Consolidated Statements of Operations over its estimated useful life. During each of the first , second and fourth quarters of 2014 , $10.0 million of milestones were incurred related to the achievement of certain clinical milestones, resulting in a total of $30.0 million recorded as Research and development expense during 2014 . In addition, the Company will pay royalties based on net sales of the drug and could be obligated to pay additional commercial milestones of up to $55.0 million . |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | NOTE 12. ACCRUED EXPENSES Accrued expenses are comprised of the following for each of the years ended December 31 , (in thousands): December 31, 2015 December 31, 2014 Returns and allowances $ 356,932 $ 174,940 Rebates 331,492 497,362 Chargebacks 18,899 217,402 Other sales deductions — 25,380 Accrued interest 132,035 69,616 Acquisition-related contingent consideration—short-term 65,265 4,282 Other 246,549 155,343 Total $ 1,151,172 $ 1,144,325 Prior to December 31, 2015, the Company had classified product sales reserves for chargebacks, rebates, sales incentives and allowances, certain royalties, distribution service fees, returns and allowances as well as fees for services (collectively, revenue reserves) as accrued expenses on its consolidated balance sheet. This classification was based on the Company’s historical practices, at times, to settle these reserves in cash. In conjunction with our acquisition of Par in September 2015, we re-evaluated our planned settlement practice and determined that we will offset certain customer receivables with amounts due to the customers. As a result, we have classified $898.8 million of revenue reserves as reductions from accounts receivable on our consolidated balance sheet as of December 31, 2015. We have treated this change on a prospective basis and will not adjust any amounts previously reported in our consolidated financial statements. Amounts related to similar reserves classified as accrued expenses on our consolidated balance sheet as of December 31, 2014 totaled $441.5 million . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Debt | NOTE 13. DEBT The following table presents the carrying amounts of the Company’s total indebtedness at December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 December 31, 2014 Principal Amount Unamortized Discount and Deferred Loan Costs Principal Amount Unamortized Discount and Deferred Loan Costs 1.75% Convertible Senior Subordinated Notes due 2015 $ — $ — $ 98,818 $ (1,759 ) 7.00% Senior Notes due 2019 — — 499,875 (12,291 ) 7.00% Senior Notes due 2020 — — 400,000 (14,049 ) 7.25% Senior Notes due 2022 400,000 (12,535 ) 400,000 (14,093 ) 5.75% Senior Notes due 2022 700,000 (10,088 ) 700,000 (11,431 ) 5.375% Senior Notes due 2023 750,000 (10,511 ) 750,000 (11,686 ) 6.00% Senior Notes due 2023 1,635,000 (27,694 ) — — 6.00% Senior Notes due 2025 1,200,000 (22,713 ) — — Term Loan A Facility Due 2019 1,017,500 (13,831 ) 1,069,063 (16,247 ) Term Loan B Facility Due 2021 2,800,000 (49,900 ) 421,812 (7,988 ) Revolving Credit Facility 225,000 — — — Other debt 134 — 6,540 — Total long-term debt, net $ 8,727,634 $ (147,272 ) $ 4,346,108 $ (89,544 ) Less current portion, net 328,705 — 155,937 — Total long-term debt, less current portion, net $ 8,398,929 $ (147,272 ) $ 4,190,171 $ (89,544 ) The total fair value of the Company’s Total long-term debt, net at December 31, 2015 and December 31, 2014 , was $8.6 billion and $4.4 billion , respectively. Total debt does not include debt classified as Liabilities held for sale on the Consolidated Balance Sheets . The fair value of the Company’s long-term debt is estimated using the quoted market prices for the same or similar debt issuances. Based on this valuation methodology, we determined these debt instruments represent Level 2 measurements within the fair value hierarchy. The fair value of our 1.75% Convertible Senior Subordinated Notes was based on an income approach, which incorporated certain inputs and assumptions, including scheduled coupon and principal payments, the inherent conversion and put features in the notes and share price volatility assumptions based on historic volatility of the Company’s ordinary shares and other factors. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. Credit Facility Upon closing of the Paladin acquisition on February 28, 2014, certain subsidiaries of the Company entered into a credit agreement (the 2014 Credit Agreement) with Deutsche Bank AG New York Branch, as administrative agent, collateral agent, issuing bank and swingline lender and certain other lenders, which provided for a five -year senior secured term loan A facility in an aggregate principal amount of $1.1 billion (the 2014 Term Loan A Facility ), a seven -year senior secured term loan B facility in an aggregate principal amount of $425.0 million (the 2014 Term Loan B Facility ), and a five -year revolving credit facility in an aggregate principal amount of $750.0 million (the 2014 Revolving Credit Facility ). The 2014 Credit Agreement was entered into to refinance certain of our existing indebtedness, including our prior credit facility, and for general corporate purposes, including acquisitions. In June 2015, certain subsidiaries of the Company entered into Amendment No. 1 to Credit Agreement (Amendment No. 1), with Deutsche Bank and certain other lenders, pursuant to which we amended the 2014 Credit Agreement to, among other things, (i) permit the acquisition by Endo Designated Activity Company, formerly known as Endo Limited (Endo DAC) or its affiliates of Par and (ii) permit an incremental revolving facility in an aggregate principal amount of $250.0 million (the Incremental Revolving Facility), and one or more incremental term B loan facilities in an aggregate principal amount up to $5.0 billion , in each case, in connection with the Par acquisition. Loans incurred under the 2014 Term Loan A Facility, the 2014 Term Loan B Facility and the Incremental Term Loan B Facility (as defined below) are recorded net of the unamortized portion of the original purchaser’s discount. This discount is amortized to interest expense over the term of the Amended Credit Agreement (as defined below). Simultaneously with the closing of the Par acquisition, on September 25, 2015, we entered into the Incremental Amendment to Credit Agreement, with Deutsche Bank and certain other lenders (the Incremental Amendment), pursuant to which we (i) increased our revolving capacity to $1,000.0 million pursuant to the Incremental Revolving Facility (ii) incurred an incremental term loan B facility (the Incremental Term Loan B Facility) in an aggregate principal amount of $2,800.0 million (together with the Incremental Revolving Facility, the Par Incremental Facilities) and (iii) repaid in full the amount outstanding under the 2014 Term Loan B Facility. We refer to the 2014 Credit Agreement, as amended by Amendment No. 1 and the Incremental Amendment, and as further amended, restated, supplemented or otherwise modified, as the Amended Credit Agreement. There were $225.0 million in revolving loans at December 31, 2015 . We have $773.0 million of remaining credit available through the revolving credit facilities as of December 31, 2015 . In connection with the Incremental Revolving Facility and the Incremental Term Loan B Facility, we incurred new debt issuance costs of approximately $125.1 million , of which $59.0 million was deferred and will be amortized as interest expense over the term of the Incremental Revolving Facility and the Incremental Term Loan B Facility. The remaining $66.1 million and previously deferred debt issuance costs of $7.9 million associated with the original Term Loan B Facility were charged to expense. These expenses were included in the Consolidated Statements of Operations as Other Expense (Income), Net and Loss on extinguishment of debt , respectively. In addition to the Incremental Revolving Facility and the Incremental Term Loan B Facility, the Amended Credit Agreement also permits us to obtain (i) incremental revolving and/or term loan commitments of $1.0 billion plus (ii) an unlimited amount of incremental revolving and/or term loan commitments if the Secured Leverage Ratio (as defined in the Amended Credit Agreement), at the time of incurrence of such incremental commitments and after giving effect thereto on a pro forma basis, is less than or equal to 3.00 to 1.00 (assuming for purposes of such calculation that any incremental revolving commitments incurred at the time of such calculation are fully drawn and without netting cash proceeds of any incremental facilities or, in lieu of loans under any incremental facilities, pari passu or junior secured or unsecured notes or junior secured term loans) from one or more of the existing lenders (or their affiliates) or other lenders (with the consent of the administrative agent) and, subject to compliance by the borrowers with the documentation and other requirements under the Amended Credit Agreement, without the need for consent from any of the existing lenders under the Amended Credit Agreement (other than those existing lenders that have agreed to provide such incremental facilities). The Amended Credit Agreement contains affirmative and negative covenants that the Company believes to be usual and customary for a senior secured credit facility. The negative covenants include, among other things, limitations on capital expenditures, asset sales, mergers and acquisitions, indebtedness, liens, dividends, investments and transactions with the Company’s affiliates. As of December 31, 2015 , we were in compliance with all such covenants. 6.00% Senior Notes Due 2025 On January 27, 2015, Endo DAC, Endo Finance LLC and Endo Finco Inc. (collectively, the Issuers) issued $1.20 billion in aggregate principal amount of 6.00% senior notes due 2025 (the 2025 Notes ). The 2025 Notes were issued in a private offering for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In connection with the 2025 Notes , we incurred new debt issuance costs of $24.4 million , which were deferred and will be amortized over the term of the 2025 Notes . The 2025 Notes are senior unsecured obligations of the Issuers and are guaranteed on a senior unsecured basis by all of our significant subsidiaries (other than Astora Women’s Health Technologies, Grupo Farmacéutico Somar, S.A. de C.V., Laboratoris Paladin S.A. de C.V. and Litha Healthcare Group Limited) and certain of the Company’s other subsidiaries. Interest on the 2025 Notes is payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2015. The 2025 Notes will mature on February 1, 2025, subject to earlier repurchase or redemption in accordance with the terms of the 2025 Notes indenture. The 2025 Notes were issued to (i) finance its acquisition of Auxilium, (ii) refinance certain indebtedness of Auxilium and (iii) pay related transaction fees and expenses. On or after February 1, 2020, the Issuers may on any one or more occasions redeem all or a part of the 2025 Notes , at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and additional interest, if any, if redeemed during the twelve-month period beginning on February 1 of the years indicated below: Payment Dates (between indicated dates) Redemption From February 1, 2020 to and including January 31, 2021 103.000 % From February 1, 2021 to and including January 31, 2022 102.000 % From February 1, 2022 to and including January 31, 2023 101.000 % From February 1, 2023 and thereafter 100.000 % In addition, at any time prior to February 1, 2020, the Issuers may on any one or more occasions redeem all or a part of the 2025 Notes at a specified redemption price set forth in the indenture, plus accrued and unpaid interest and additional interest, if any. In addition, prior to February 1, 2018, the Issuers may redeem up to 35% of the aggregate principal amount of the 2025 Notes with the net cash proceeds from specified equity offerings at a redemption price equal to 106.000% of the aggregate principal amount of the 2025 Notes redeemed, plus accrued and unpaid interest. If Endo DAC experiences certain change of control events, the Issuers must offer to repurchase the 2025 Notes at 101% of their principal amount, plus accrued and unpaid interest and additional interest, if any. The 2025 Notes indenture contains covenants that, among other things, restrict Endo DAC’s ability and the ability of its restricted subsidiaries to incur certain additional indebtedness and issue preferred stock, make restricted payments, sell certain assets, agree to payment restrictions on the ability of restricted subsidiaries to make payments to Endo DAC, create certain liens, merge, consolidate or sell substantially all of Endo DAC’s assets, or enter into certain transactions with affiliates. These covenants are subject to a number of important exceptions and qualifications, including the fall away or revision of certain of these covenants upon the 2025 Notes receiving investment grade credit ratings. Also on January 27, 2015, the Issuers and the guarantors of the 2025 Notes entered into a registration rights agreement under which they will be required to use their commercially reasonable efforts to (i) file with the SEC by March 31, 2016 an exchange offer registration statement pursuant to which they will offer, in exchange for the 2025 Notes , new notes having terms substantially identical in all material respects to those of the 2025 Notes (except the new notes will not contain terms with respect to transfer restrictions) (the A/B Exchange Offer), (ii) complete the A/B Exchange Offer by July 1, 2016 or, under specified circumstances, (iii) file a shelf registration statement with the SEC covering resales of the 2025 Notes . The Issuers may be required to pay additional interest if they fail to comply with the registration and exchange requirements set forth in the registration rights agreement. 1.50% Convertible Senior Notes Due 2018 On January 29, 2015 , in connection with the consummation of the Merger Agreement between Endo and Auxilium, Endo entered into an agreement relating to Auxilium’s $350.0 million of 1.50% convertible senior notes due 2018 (the Auxilium Notes ), pursuant to which the Auxilium Notes are no longer convertible into shares of Auxilium common stock and instead are convertible into cash and ordinary shares of Endo based on the weighted average of the cash and Endo ordinary shares received by Auxilium stockholders that affirmatively made an election in connection with the Merger. As a result of such elections, for each share of Auxilium common stock a holder of Auxilium Notes was previously entitled to receive upon conversion of Notes, such holder instead became entitled to receive $9.88 in cash and 0.3430 Endo ordinary shares. Pursuant to this agreement, Endo became a co-obligor of Auxilium’s obligations under the Auxilium Notes and expressly agreed to assume, jointly and severally with Auxilium, liability for (a) the due and punctual payment of the principal (and premium, if any) and interest, if any, on all of the Auxilium Notes issued under the corresponding indenture, (b) the due and punctual delivery of Endo ordinary shares and/or cash upon conversion of the Auxilium Notes by note holders and (c) the due and punctual performance and observance of all of the covenants and conditions of the corresponding indenture to be performed by Auxilium. As further described in Note 5. Acquisitions , and as a result of the variability in the number of ordinary shares to be issued, the Auxilium Notes were initially recorded at their estimated fair value of $571.1 million upon the acquisition of Auxilium. In accordance with accounting guidance for debt with conversion and other options, we separately accounted for the liability and equity components of the Auxilium Notes by allocating the proceeds between the liability component and the embedded conversion option, or equity component, due to our ability to settle the Auxilium Notes in a combination of cash and ordinary shares, with $304.5 million allocated to debt and $266.6 million allocated to Additional paid-in capital . The fair value of the liability component was determined using a discounted cash flow model with a discount rate consistent with that of a similar liability that does not have an associated convertible feature, based on comparable market transactions. Fair value of the equity component was determined using an integrated lattice valuation, which incorporates the conversion option and assumptions related to default. Subsequent to the closing of the acquisition on January 29, 2015 , during the first quarter of 2015, holders of the Auxilium Notes converted substantially all of the Auxilium Notes and received aggregate consideration consisting of $148.9 million of cash and 5.2 million ordinary shares valued at $408.6 million . The value of the ordinary shares issued resulted in an increase to Additional paid-in capital of $408.6 million . In connection with these conversions, we charged $5.4 million to expense, representing the differences between the fair value of the repurchased debt components and their carrying amounts. The expense was included in the Consolidated Statements of Operations as a Loss on extinguishment of debt . Additionally, we recorded a combined decrease to Additional paid-in capital in the amount of $247.4 million during the first quarter of 2015, representing the fair value of the equity component of the repurchased Auxilium Notes . 1.75% Convertible Senior Subordinated Notes Due 2015 At December 31, 2014 , our indebtedness included 1.75% Convertible Senior Subordinated Notes due April 15, 2015 (the Convertible Notes). In April 2015, we settled $98.7 million aggregate principal amount of the Convertible Notes, which was the remaining outstanding principal balance of the Convertible Notes, for $316.4 million , which included the issuance of 2,261,236 ordinary shares. In connection with the April 2015 Convertible Notes settlement activity, we entered into an agreement with the note hedge counterparty to settle the related call options for the receipt of 2,261,236 of our ordinary shares. These ordinary shares were subsequently canceled by the Company. In addition, we entered into an agreement to terminate the related warrants in exchange for our agreement to deliver to the warrant counterparty approximately 1,792,379 ordinary shares, which we delivered in June 2015. 6.00% Senior Notes Due 2023 In July 2015, the Issuers issued $ 1.64 billion in aggregate principal amount of 6.00% senior notes due July 2023 (the 2023 Notes ). The 2023 Notes were issued in a private offering for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In connection with the 2023 Notes issuance, we incurred new debt issuance costs of approximately $29.1 million , which were deferred and are being amortized as interest expense over the term of the 2023 Notes . The 2023 Notes are senior unsecured obligations of the Issuers and are guaranteed on a senior unsecured basis by all of our significant subsidiaries (other than Astora Women’s Health Technologies, Grupo Farmacéutico Somar, S.A. de C.V., Laboratoris Paladin S.A. de C.V. and Litha Healthcare Group Limited) and certain of the Company’s other subsidiaries. Interest on the 2023 Notes is payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2016. The 2023 Notes will mature on July 15, 2023, subject to earlier repurchase or redemption in accordance with the terms of the 2023 Notes indenture. On or after July 15, 2018, the Issuers may on any one or more occasions redeem all or a part of the 2023 Notes , at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if redeemed during the twelve-month period beginning on July 15 of the years indicated below: Payment Dates (between indicated dates) Redemption From July 15, 2018 to and including July 14, 2019 104.500 % From July 15, 2019 to and including July 14, 2020 103.000 % From July 15, 2020 to and including July 14, 2021 101.500 % From July 15, 2021 and thereafter 100.000 % In addition, at any time prior to July 15, 2018, the Issuers may on any one or more occasions redeem all or a part of the 2023 Notes at a specified redemption price set forth in the indenture, plus accrued and unpaid interest. In addition, prior to July 15, 2018, the Issuers may redeem up to 35% of the aggregate principal amount of the 2023 Notes with the net cash proceeds from specified equity offerings at a redemption price equal to 106.000% of the aggregate principal amount of the 2023 Notes redeemed, plus accrued and unpaid interest. If Endo DAC experiences certain change of control events, the Issuers must offer to repurchase the 2023 Notes at 101% of their principal amount, plus accrued and unpaid interest. The 2023 Notes indenture contains covenants that, among other things, restrict Endo DAC’s ability and the ability of its restricted subsidiaries to incur certain additional indebtedness and issue preferred stock, make restricted payments, sell certain assets, agree to payment restrictions on the ability of restricted subsidiaries to make payments to Endo DAC, create certain liens, merge, consolidate or sell substantially all of Endo DAC’s assets, or enter into certain transactions with affiliates. These covenants are subject to a number of important exceptions and qualifications, including the fall away or revision of certain of these covenants upon the 2023 Notes receiving investment grade credit ratings. Redemption of 2019 Senior Notes In July 2015, the Company’s wholly-owned subsidiaries, Endo Finance LLC and Endo Finco Inc., redeemed all $481.9 million aggregate principal amount outstanding of their 7.00% Senior Notes due 2019 (2019 Endo Finance Notes) and the Company’s wholly-owned subsidiary, EHSI, redeemed all $18.0 million aggregate principal amount outstanding of its 7.00% Senior Notes due 2019 (2019 EHSI Notes). The aggregate redemption price included a redemption fee of $17.5 million , or 3.5% of the aggregate principal amount of the 2019 Endo Finance Notes and the 2019 EHSI Notes, plus accrued and unpaid interest to, but not including, the redemption date. In connection with the redemption, the Company expensed the previously deferred debt issuance costs of $11.1 million and the redemption fee of $ 17.5 million . These expenses totaled $28.6 million and were included in the Consolidated Statements of Operations as a Loss on extinguishment of debt . Redemption of 2020 Senior Notes In November 2015, the Company’s wholly-owned subsidiaries, Endo Finance LLC and Endo Finco Inc., redeemed all $393.0 million aggregate principal amount outstanding of their 7.00% Senior Notes due 2020 (2020 Endo Finance Notes) and the Company’s wholly-owned subsidiary, EHSI, redeemed all $7.0 million aggregate principal amount outstanding of its 7.00% Senior Notes due 2020 (2020 EHSI Notes). The aggregate redemption price included a redemption fee of $14.0 million , or 3.5% of the aggregate principal amount of the 2020 Endo Finance Notes and the 2020 EHSI Notes, plus accrued and unpaid interest to, but not including, the redemption date. In connection with the redemption, the Company expensed the previously deferred debt issuance costs of $12.1 million and the redemption fee of $14.0 million . These expenses totaled $26.1 million and were included in the Consolidated Statements of Operations as a Loss on extinguishment of debt . Mandatorily Redeemable Preferred Stock due 2035 In conjunction with the sale of the Men’s Health and Prostate Health component of AMS to Boston Scientific Corporation, Boston Scientific Corporation purchased 60,000 shares of mandatorily redeemable Series B Senior Preferred Stock issued by AMS from EPI. The aggregate purchase price of these shares was $60.0 million . The Series B Senior Preferred Stock, of which there were 100,000 authorized shares, was non-voting. All of the voting shares were retained by Endo. On December 11, 2015 , the Company redeemed all 60,000 shares of the Series B Senior Preferred Stock from Boston Scientific Corporation for $61.6 million , including accrued and unpaid dividends, resulting in a gain on extinguishment of debt of $0.3 million in the accompanying Consolidated Statements of Operations . The accrued dividends and amortization of issuance costs totaling $2.1 million during the year ending December 31, 2015 are included in interest expense in the accompanying Consolidated Statements of Operations . Maturities Maturities on long-term debt for each of the next five years as of December 31, 2015 are as follows (in thousands): December 31, 2016 $ 328,705 2017 $ 131,125 2018 $ 179,250 2019 $ 715,500 2020 $ 28,000 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | NOTE 14. COMMITMENTS AND CONTINGENCIES Manufacturing, Supply and Other Service Agreements Our subsidiaries contract with various third party manufacturers, suppliers and service providers to provide raw materials used in our subsidiaries’ products and semi-finished and finished goods, as well as certain packaging, labeling services, customer service support, warehouse and distribution services. These contracts include agreements with Novartis Consumer Health, Inc., Novartis AG, and Sandoz, Inc. (collectively, Novartis), Teikoku Seiyaku Co., Ltd., Noramco, Inc., Grünenthal GmbH, Sharp Corporation, UPS Supply Chain Solutions, Inc. and Jubilant HollisterStier Laboratories LLC. If, for any reason, we are unable to obtain sufficient quantities of any of the finished goods or raw materials or components required for our products or services needed to conduct our business, it could have an adverse effect on our business, financial condition, results of operations and cash flows. In addition to the manufacturing and supply agreements described above, we have agreements with various companies for clinical development services. Although we have no reason to believe that the parties to these agreements will not meet their obligations, failure by any of these third parties to honor their contractual obligations may have a material adverse effect on our business, financial condition, results of operations and cash flows. Novartis License and Supply Agreement See Note 11. License and Collaboration Agreements for a description of the Company’s commitments and contingencies under the 2008 and 2015 Voltaren ® Gel Agreements. Teikoku Seiyaku Co., Ltd. Under the terms of the Company's agreement (the Teikoku Agreement) with Teikoku Seiyaku Co. Ltd. (Teikoku), a Japanese manufacturer, Teikoku manufactures Lidoderm ® at its two Japanese facilities, located on adjacent properties, for commercial sale by the Company in the U.S. the Company also has an option to extend the supply area to other territories. The Company amended the Teikoku agreement on April 24, 2007, January 6, 2010 , November 1, 2010 and February 25, 2015 (together, the Amended Agreement). The material components of the Amended Agreement are as follows: • The Company agreed to issue firm purchase orders for a minimum number of patches per year through 2017 , representing the noncancelable portion of the Amended Agreement. There is a lower minimum purchase requirement in effect subsequent to 2017 . The Company has met its minimum purchase requirement for 2015 . • Teikoku agreed to fix the supply price of Lidoderm ® for a period of time after which the price will be adjusted at future dates certain based on a price index defined in the Amended Agreement. • Following cessation of the Company’s obligation to pay royalties to Hind Healthcare Inc. (Hind) under the Sole and Exclusive License Agreement dated as of November 23, 1998 , as amended, between Hind and the Company (the Hind Agreement), the Company began to pay to Teikoku annual royalties based on annual net sales of Lidoderm ® . • The Amended Agreement will not expire until December 31, 2021 , unless terminated in accordance with its terms. After December 31, 2021 , the Amended Agreement shall be automatically renewed on the first day of January each year unless terminated in accordance with its terms. • Either party may terminate the Amended Agreement, following a 45 -day cure period, in the event that the Company fails to issue firm purchase orders for the annual minimum quantity for each year after 2017. • The Company is the exclusive licensee for any authorized generic for Lidoderm ® until the later of August 15, 2017 or the date of the first commercial sale of the second non-Teikoku generic version of Lidoderm ® . Amounts purchased pursuant to the Teikoku Agreement, as amended, were $48.3 million , $45.1 million and $167.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. On November 23, 2011 , the Company’s obligation to pay royalties to Hind under the Hind Agreement ceased. Accordingly, on November 23, 2011 , pursuant to the terms of the Teikoku Agreement, the Company began to incur royalties to Teikoku based on annual net sales of Lidoderm ® . The royalty rate is 6% of branded Lidoderm ® net sales. Additionally, in May 2014, we launched an authorized generic lidocaine patch 5% (referred to as Lidoderm ® authorized generic) and began to incur royalties on net sales of the authorized generic. During the years ended December 31, 2015 , 2014 and 2013 , we recorded $17.8 million , $19.1 million and $35.0 million for these royalties to Teikoku, respectively. These amounts were included in our Consolidated Statements of Operations as Cost of revenues . At December 31, 2015 , $16.8 million is recorded as a royalty payable and included in Accounts payable in the accompanying Consolidated Balance Sheets . Noramco, Inc. Under the terms of our agreement (the Noramco Agreement) with Noramco, Inc. (Noramco), Noramco manufactured and supplied to us certain narcotic active drug substances, in bulk form, and raw materials for inclusion in our controlled substance pharmaceutical products. There were no minimum annual purchase commitments under the Noramco Agreement. However, we were required to purchase a fixed percentage of our annual requirements of each narcotic active drug substance covered by the Noramco Agreement from Noramco. The purchase price for these substances was equal to a fixed amount, adjusted on an annual basis. Originally, the Noramco Agreement was to expire on December 31, 2011 , with automatic renewal provisions for unlimited successive one -year periods. In September 2011 , we extended the Noramco Agreement through early 2012. On April 27, 2012 , we entered into a new supply agreement with Noramco (the 2012 Noramco Agreement). Under the terms of this supply agreement, Noramco manufactures and supplies to us certain narcotic active drug substances, in bulk form, for inclusion in our controlled substance pharmaceutical products. There are no minimum annual purchase commitments under the 2012 Noramco Agreement. However, we are required to purchase from Noramco a fixed percentage of our annual requirements of each narcotic active drug substance covered by the 2012 Noramco Agreement. The purchase price for these substances is equal to a fixed amount, adjusted on an annual basis based on volume. The term of the 2012 Noramco Agreement is for four years with automatic renewal provisions for unlimited successive one -year periods. The Noramco Agreement may be terminated at any time upon mutual written agreement between the parties or by either party in certain circumstances upon providing sufficient written notice to the other party. Amounts purchased from Noramco were $42.0 million , $76.0 million and $66.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Grünenthal GmbH Pursuant to the terms of the Company’s December 2007 License, Development and Supply Agreement with Grünenthal (the Grünenthal Agreement), Grünenthal agreed to manufacture and supply to the Company a crush-resistant formulation of OPANA ® ER based on a supply price equal to a certain percentage of net sales of OPANA ® ER, subject to a floor price. In the first quarter of 2012, we began production of the crush-resistant formulation of OPANA ® ER at a third party manufacturing facility managed by Grünenthal. The Grünenthal Agreement will expire on the later of (i) the 15th anniversary of the date of first commercial sale of the product, (ii) the expiration of the last issued patent in the territory claiming or covering products or (iii) the expiration of exclusivity granted by the FDA for the last product developed under the Grünenthal Agreement. Either party may terminate the Grünenthal Agreement in certain circumstances upon providing sufficient written notice to the other party. Effective December 19, 2012 , the Company and Grünenthal amended the Grünenthal Agreement whereby the Company became responsible for the planning of packaging of finished product and certain other routine packaging quality obligations and Grünenthal agreed to reimburse the Company for the third-party costs incurred related to packaging as well as pay the Company a periodic packaging fee. The amendment also changed certain of the terms with respect to the floor price required to be paid by the Company in consideration for product supplied by Grünenthal. On February 18, 2014, the Company and Grünenthal amended the Grünenthal Agreement to define the responsibilities of the parties for certain additional clinical work to be performed for OPANA ® ER. The Company’s supply payments made to Grünenthal pursuant to the Grünenthal Agreement are recorded in Cost of revenues in our Consolidated Statements of Operations and must be paid in U.S. dollars within 45 days after each calendar quarter. We incurred $28.5 million , $32.9 million and $35.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Sharp Corporation Under the terms of our agreement (the Sharp Agreement) with Sharp Corporation (Sharp), a U.S. manufacturer, Sharp performs certain packaging and labeling services for Endo, including the packaging and labeling of Lidoderm ® and Lidoderm ® AG, our formulation of OPANA ® ER designed to be crush-resistant, Valstar ® and BELBUCA TM at its facilities in Allentown, Pennsylvania for commercial sale by us in the U.S. The Sharp Agreement is effective until March 2016 and is subject to renewal for additional one -year periods upon mutual agreement by both parties. Endo has the right to terminate the Sharp Agreement at any time upon 90 days’ written notice to Sharp. Amounts purchased pursuant to the Sharp agreement were $3.3 million , $2.0 million and $7.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. UPS Supply Chain Solutions, Inc. Under the terms of this agreement, the Company utilizes UPS Supply Chain Solutions (UPS) to provide customer service support and warehouse, freight and distribution services for certain of its products in the U.S. The term of the agreement extends through June 30, 2020 . The agreement may be terminated by either the Company or UPS (1) without cause upon prior written notice to the other party; (2) with cause in the event of an uncured material breach by the other party; and (3) if the other party becomes insolvent or bankrupt. In the event of termination of services provided under the Warehouse Distribution Services Schedule to the agreement (i) by the Company without cause or (ii) by UPS due to the Company’s breach, failure by the Company to make payments when due, or the Company’s insolvency, the Company would be required to pay UPS certain termination costs. Such termination costs would not be material to the Company’s Consolidated Statements of Operations . On February 21, 2012 , the Company amended this agreement to provide for a reduced pricing structure, which included new monthly fees, new variable fees and new termination fees. On August 16, 2013 , the Company further amended this agreement to add another mode of transport permissible under the agreement. On June 19, 2015 , the Company further amended this agreement to, among other things, extend the terms of certain service schedules and replace certain exhibits to the service schedules. Jubilant HollisterStier Laboratories LLC On January 29, 2015 , we acquired Auxilium, which is party to a supply agreement (the JHS Agreement) with Jubilant HollisterStier Laboratories LLC (JHS). Pursuant to the JHS Agreement, which was initially entered into in June 2008, JHS fills and lyophilizes the XIAFLEX ® bulk drug substance, which is manufactured by Auxilium, and produces sterile diluent. The initial term of the agreement was three years, with automatic renewal provisions thereafter for subsequent two -year terms, unless or until either party provides notification prior to expiration of the then current term of the contract. Auxilium is required to purchase a specified percentage of its total forecasted volume of XIAFLEX ® from JHS each year, unless JHS is unable to supply XIAFLEX ® within the timeframe established under such forecasts. Auxilium currently is the sole supplier of the active pharmaceutical ingredient for commercial supply of XIAFLEX ® , but it is currently in the process of qualifying a new secondary manufacturer for XIAFLEX ® . Amounts purchased pursuant to the JHS Agreement were not material for any of the periods presented. Milestones and Royalties See Note 11. License and Collaboration Agreements for a complete description of future milestone and royalty commitments pursuant to our acquisitions, license and collaboration agreements. Legal Proceedings We and certain of our subsidiaries are involved in various claims, legal proceedings and governmental investigations that arise from time to time in the ordinary course of our business, including those relating to product liability, intellectual property, regulatory compliance and commercial matters, and including suits we have previously reported, such as propoxyphene litigation and average wholesale price litigation. These and other matters that are not being disclosed herein are, in the opinion of our management, immaterial both individually and in the aggregate with respect to our financial position, results of operations and cash flows. While we cannot predict the outcome of these legal proceedings and we intend to defend vigorously our position, an adverse outcome in any of these proceedings could have a material adverse effect on our current and future financial position, results of operations and cash flows. As of December 31, 2015 , our reserve for loss contingencies totaled $2.16 billion , of which $2.09 billion relates to our product liability accrual for vaginal mesh cases. We had previously announced that we had reached master settlement agreements with several of the leading plaintiffs’ law firms to resolve claims relating to vaginal mesh products sold by our AMS subsidiary. The agreements were entered into solely by way of compromise and settlement and are not in any way an admission of liability or fault. Although we believe there is a reasonable possibility that a loss in excess of the amount recognized exists, we are unable to estimate the possible loss or range of loss in excess of the amount recognized at this time. Product Liability We and certain of our subsidiaries have been named as defendants in numerous lawsuits in various federal and state courts, as well as in Canada and other countries outside the U.S., alleging personal injury resulting from the use of certain of our products and the products of our subsidiaries. These matters are described in more detail below. We believe that certain settlements and judgments, as well as legal defense costs, relating to certain product liability matters are or may be covered in whole or in part under our product liability insurance policies with a number of insurance carriers. In certain circumstances, insurance carriers reserve their rights to contest or deny coverage. We intend to contest vigorously any and all such disputes with our insurance carriers and to enforce our rights under the terms of our insurance policies. Accordingly, we will record receivables with respect to amounts due under these policies only when the resolution of any dispute has been reached and realization of the potential claim for recovery is considered probable. Amounts recovered under our product liability insurance policies will likely be less than the stated coverage limits and may not be adequate to cover damages and/or costs relating to claims. In addition, there is no guarantee that insurers will pay claims or that coverage will otherwise be available. Vaginal Mesh Cases. In October 2008, the FDA issued a Public Health Notification (October 2008 Public Health Notification) regarding potential complications associated with transvaginal placement of surgical mesh to treat pelvic organ prolapse (POP) and stress urinary incontinence (SUI). The notification provides recommendations and encourages physicians to seek specialized training in mesh procedures, to advise their patients about the risks associated with these procedures and to be diligent in diagnosing and reporting complications. In July 2011, the FDA issued an update to the October 2008 Public Health Notification regarding mesh to further advise the public and the medical community of the potential complications associated with transvaginal placement of surgical mesh to treat POP and SUI. In the July 2011 update, the FDA stated that adverse events are not rare. Furthermore, the FDA questioned the relative effectiveness of transvaginal mesh as a treatment for POP as compared to non-mesh surgical repair. The July 2011 notification continued to encourage physicians to seek specialized training in mesh procedures, to consider and to advise their patients about the risks associated with these procedures and to be diligent in diagnosing and reporting complications. In January 2012, the FDA ordered manufacturers of transvaginal surgical mesh used for POP and of single incision mini-slings for urinary incontinence, such as our AMS subsidiary, to conduct post-market safety studies and to monitor adverse event rates relating to the use of these products. AMS received a total of 19 class-wide post-market study orders regarding its pelvic floor repair and mini-sling products; however, the FDA agreed to place 16 of these study orders on hold for a variety of reasons. Three of these post-market study orders remain active and AMS is continuing the process of complying with these orders. In January 2016, the FDA issued a statement reclassifying surgical mesh for transvaginal POP repair from Class II to Class III. Surgical mesh for SUI repair remains a Class II device. Since 2008, we and certain of our subsidiaries, including AMS, have been named as defendants in multiple lawsuits in the U.S. in various state courts and in a multidistrict litigation (MDL) in the Southern District of West Virginia (MDL No. 2325), in Canada, where various class action and individual complaints are pending, and in other countries alleging personal injury resulting from the use of transvaginal surgical mesh products designed to treat POP and SUI. Plaintiffs in these suits allege various personal injuries including chronic pain, incontinence and inability to control bowel function and permanent deformities, and seek compensatory and punitive damages, where available. We and certain plaintiffs’ counsel representing mesh-related product liability claimants have entered into various Master Settlement Agreements (MSAs) regarding settling up to approximately 49,000 filed and unfiled mesh claims handled or controlled by the participating counsel. These MSAs, which were executed at various times since June 2013, were entered into solely by way of compromise and settlement and are not in any way an admission of liability or fault by us or any of our subsidiaries. All MSAs are subject to a process that includes guidelines and procedures for administering the settlements and the release of funds. In certain cases, the MSAs provide for the creation of Qualified Settlement Funds (QSFs) into which funds may be deposited pursuant to certain schedules set forth in those agreements. All MSAs have participation thresholds requiring participation by the majority of claims represented by each law firm party to the MSA. If certain participation thresholds are not met, then we will have the right to terminate the settlement with that law firm. In addition, one agreement gives us a unilateral right of approval regarding which claims may be eligible to participate under that settlement. To the extent fewer claims than are authorized under an agreement participate, the total settlement payment under that agreement will be reduced by an agreed-upon amount for each such non-participating claim. Funds deposited in Qualified Settlement Funds are included in restricted cash and cash equivalents in the December 31, 2015 Consolidated Balance Sheets . Distribution of funds to any individual claimant is conditioned upon the receipt of documentation substantiating the validity of the claim, a full release and a dismissal of the entire action or claim as to all AMS parties and affiliates. Prior to receiving funds, an individual claimant shall represent and warrant that liens, assignment rights, or other claims that are identified in the claims administration process have been or will be satisfied by the individual claimant. The amount of settlement awards to participating claimants, the claims evaluation process and procedures used in conjunction with award distributions, and the negotiations leading to the settlement shall be kept confidential by all parties and their counsel. As previously disclosed, our estimated liability had historically included a reduction factor applied to the maximum number of potentially eligible claims resulting in a liability that was lower than the maximum payouts under the previously executed MSAs. This reduction factor was based on our estimate of likely duplicative claims and claims that would not ultimately obtain recovery under our MSAs or otherwise. During the second quarter of 2015, we adjusted the reduction factor from 21% to 18% based on the available claims processing information available to us at that time. Due to the actual number of claims processed and the lack of any meaningful reduction factor observed to date, we removed this assumption in its entirety from our estimated liability as of December 31, 2015. Eliminating the reduction factor assumption resulted in a $401 million increase to our estimated liability and a corresponding pre-tax charge recorded in Discontinued operations, net of tax. We expect that valid claims under the MSAs will continue to be settled. However, we intend to vigorously contest pending and future claims that are invalid or in excess of the maximum claim amounts under the MSAs. We are also aware of a substantial number of additional claims or potential claims, some of which may be invalid or contested, for which we lack sufficient information to determine whether any potential liability is probable, and such claims have not been included in our estimated product liability accrual. We intend to contest these claims vigorously. As of the date of this report, we believe that the current product liability accrual includes all known claims for which liability is probable and estimable. In order to evaluate whether a mesh claim is probable of a loss, we must obtain and evaluate certain information pertaining to each individual claim, including but not limited to the following items; the name and social security number of the plaintiff, evidence of an AMS implant, the date of implant, the date the claim was first asserted to AMS, the date that plaintiff’s counsel was retained, and most importantly, medical records establishing the injury alleged. Without access to at least this information and the opportunity to evaluate it, we are not in a position to determine whether a loss is probable for such claims. It is currently not possible to determine the validity or outcome of any additional or potential claims and such claims may result in additional losses that could have a material adverse effect on our business, financial condition, results of operations and cash flow. We will continue to monitor the situation, including with respect to any additional claims of which we may later become aware, and, if appropriate, make further adjustments to the product liability accrual based on new information. During the fourth quarter of 2015, we recorded an $834.0 million pre-tax charge to increase the estimated product liability accrual for vaginal mesh cases. The increase in our estimated liability reflects the impact of removing the reduction factor assumption described above, the execution of additional MSAs in 2016 and an increase in the number of claims probable of a loss as determined by our ongoing assessment of outstanding claims. The following table presents the changes in the vaginal mesh Qualified Settlement Funds and product liability balance during the year ended December 31, 2015 (in thousands): Qualified Settlement Funds Product Liability Balance as of December 31, 2014 $ 485,229 $ 1,655,195 Additional charges — 1,107,751 Cash distributions to Qualified Settlement Funds 743,132 — Cash distributions to settle disputes from Qualified Settlement Funds (649,391 ) (649,391 ) Cash distributions to settle disputes — (27,379 ) Balance as of December 31, 2015 $ 578,970 $ 2,086,176 Approximately $1.54 billion of the total liability amount shown above is classified as Current portion of legal settlement accrual, with the remainder to be paid over time in accordance with the MSA agreements and classified as Long-term legal settlement accrual, less current portion, net in the December 31, 2015 Consolidated Balance Sheets . Charges related to vaginal mesh product liability for all periods presented are reported in Discontinued operations, net of tax in our Consolidated Statements of Operations . We expect to fund the payments under all current settlement agreements over the course of the next two years, with completion by December 31, 2017. As the funds are disbursed out of the Qualified Settlement Funds from time to time, the product liability accrual will be reduced accordingly with a corresponding reduction to restricted cash and cash equivalents. In addition, we may pay cash distributions to settle disputes separate from the Qualified Settlement Funds, which will also decrease the product liability accrual but will not decrease restricted cash and cash equivalents. In addition, we have been contacted regarding a civil investigation that has been initiated by a number of state attorneys general into mesh products, including transvaginal surgical mesh products designed to treat POP and SUI. In November 2013, we received a subpoena relating to this investigation from the state of California, and have subsequently received additional subpoenas from other states. We are cooperating fully with this investigation. At this time, we cannot predict or determine the outcome of this investigation or reasonably estimate the amount or range of amounts of fines or penalties, if any, that might result from a settlement or an adverse outcome from this investigation. Testosterone Cases. We and certain of our subsidiaries, including EPI and Auxilium Pharmaceuticals, Inc. (Auxilium), along with other pharmaceutical manufacturers, have been named as defendants in lawsuits alleging personal injury resulting from the use of prescription medications containing testosterone, including Fortesta ® Gel, Delatestryl ® , Testim ® , TESTOPEL ® and Striant ® . Plaintiffs in these suits allege various personal injuries including pulmonary embolism, stroke, and other vascular and/or cardiac injuries and seek compensatory and/or punitive damages, where available. In June 2014, an MDL was formed to include claims involving all testosterone replacement therapies filed against EPI, Auxilium, and other manufacturers of such products, and certain transferable cases pending in federal court were coordinated in the Northern District of Illinois as part of MDL No. 2545. In addition to the federal cases filed against EPI and Auxilium that have been transferred to the Northern District of Illinois as tag-along actions to MDL No. 2545, litigation has also been filed against EPI in the Court of Common Pleas Philadelphia County and in certain other state courts. Litigation similar to that described above may also be brought by other plaintiffs in various jurisdictions, and cases brought in federal court will be transferred to the Northern District of Illinois as tag-along actions to MDL No. 2545. However, we cannot predict the timing or outcome of any such litigation, or whether any such additional litigation will be brought against us. We intend to contest the litigation vigorously and to explore all options as appropriate in our best interest. As of February 19, 2016 , approximately 935 cases are currently pending against us; some of which may have been filed on behalf of multiple plaintiffs, and including a class action complaint filed in Canada. In November 2015, the United Stated District Court for the Northern District of Illinois entered an order granting defendants’ motion to dismiss claims involving certain testosterone products that were approved pursuant to abbreviated new drug applications, including TESTOPEL. Plaintiffs have filed a motion for reconsideration and clarification of this order. In November 2014, a civil class action complaint was filed in the Northern District of Illinois against EPI, Auxilium, and various other manufacturers of testosterone products on behalf of a proposed class of health insurance companies and other third party payers that had paid for certain testosterone products, alleging that the marketing efforts of EPI, Auxilium, and other defendant manufacturers with respect to certain testosterone products constituted racketeering activity in violation of 18 U.S.C. §1962(c), and other civil Racketeer Influenced and Corrupt Organizations Act claims. Further, the complaint alleges that EPI, Auxilium, and other defendant manufacturers violated various state consumer protection laws through their marketing of certain testosterone products. In June 2015, plaintiffs filed a Second Amended Complaint. We are unable to predict the outcome of this matter or the ultimate legal and financial liability, if any, and at this time cannot reasonably estimate the possible loss or range of loss for this matter, if any, but we will explore all options as appropriate in our best interest. Department of Health and Human Services Subpoena and Related Matters As previously reported, we and our subsidiary, EPI, are in the process of responding to a Civil Investigative Demand (CID) issued by the State of Texas relating to Lidoderm ® (lidocaine patch 5% ), focused primarily on the sale, marketing and promotion of Lidoderm ® in Texas. We are cooperating with the State’s investigation. We are unable to predict the outcome of this matter or the ultimate legal and financial liability and at this time cannot reasonably estimate the possible loss or range of loss for this matter but will explore all options as appropriate in our best interest. Litigation similar to that described above may also be brought by other plaintiffs in various jurisdictions. However, we cannot predict the timing or outcome of any such litigation, or whether any such litigation will be brought against us. Qualitest Pharmaceuticals Civil Investigative Demands In April 2013, our subsidiaries, EPI and Qualitest, received CIDs from the U.S. Attorney’s Office for the Southern District of New York. The CIDs request documents and information regarding the manufacture and sale of chewable fluoride tablets and other products sold by Qualitest. EPI and Qualitest reached a resolution of potential claims of the federal government and numerous states related to the manufacture and sale of certain chewable fluoride tablets that were the subject of these CIDs. In December 2015, that settlement was approved by the United States District Court for the Southern District of New York. The cost of this settlement has been incorporated into our legal loss contingency reserve. Unapproved Drug Litigation In September 2013, the State of Louisiana filed a Petition for Damages against certain of our subsidiaries, EPI, Qualitest and Boca, and over 50 other pharmaceutical companies alleging the defendants or their subsidiaries marketed products that were not approved by the FDA. See State of Louisiana v. Abbott Laboratories, Inc., et al ., C624522 (19th Jud. Dist. La.). The State of Louisiana sought damages, fines, penalties, attorneys’ fees and costs under various causes of action. In October 2015, the court ordered judgment for Defendants on their exception for no right of action. The State of Louisiana is in the process of appealing that decision. We intend to contest the above case vigorously and to explore other options as appropriate in our best interest. Litigation similar to that described above may also be brought by other plaintiffs in various jurisdictions. However, we cannot predict the timing or outcome of any such litigation, or whether any such litigation will be brought against us. We are unable to predict the outcome of this matter or th |
Other Comprehensive Loss
Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Other Comprehensive Loss | NOTE 15. OTHER COMPREHENSIVE LOSS The following table presents the tax effects allocated to each component of Other comprehensive loss for the years ended December 31 (in thousands): 2015 2014 2013 Before- Tax (Expense) Benefit Net-of-Tax Before-Tax Tax Benefit (Expense) Net-of- Before-Tax Tax (Expense) Benefit Net-of- Net unrealized gain (loss) on securities: Unrealized gain (loss) arising during the period $ 2,349 $ (50 ) $ 2,299 $ (1,646 ) $ 547 $ (1,099 ) $ 1,233 $ (458 ) $ 775 Less: reclassification adjustments for loss realized in net loss — — — 17 — 17 — — — Net unrealized gains (losses) 2,349 (50 ) 2,299 (1,629 ) 547 (1,082 ) 1,233 (458 ) 775 Net unrealized gain (loss) on foreign currency: Foreign currency translation (loss) gain arising during the period (263,425 ) (21,297 ) (284,722 ) (121,417 ) 28 (121,389 ) 682 32 714 Less: reclassification adjustments for loss realized in net loss 25,557 158 25,715 — — — — — — Foreign currency translation (loss) gain (237,868 ) (21,139 ) (259,007 ) (121,417 ) 28 (121,389 ) 682 32 714 Fair value adjustment on derivatives designated as cash flow hedges: Fair value adjustment on derivatives designated as cash flow hedges arising during the period — — — — — — 853 (307 ) 546 Less: reclassification adjustments for cash flow hedges settled and included in net loss — — — — — — (232 ) 84 (148 ) Net unrealized fair value adjustment on derivatives designated as cash flow hedges — — — — — — 621 (223 ) 398 Other comprehensive (loss) income $ (235,519 ) $ (21,189 ) $ (256,708 ) $ (123,046 ) $ 575 $ (122,471 ) $ 2,536 $ (649 ) $ 1,887 Reclassification adjustments out of Other comprehensive (loss) income are reflected in the Consolidated Statements of Operations as Other expense (income) net, with respect to the realized loss on securities or Discontinued operations, net of tax, with respect to the realized loss from foreign currency translation. The following is a summary of the accumulated balances related to each component of Other comprehensive loss , net of taxes, at December 31, 2015 and December 31, 2014 (in thousands): December 31, December 31, Net unrealized gains (losses) $ 1,815 $ (484 ) Foreign currency translation loss (386,020 ) (123,604 ) Accumulated other comprehensive loss $ (384,205 ) $ (124,088 ) |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE 16. SHAREHOLDERS' EQUITY In prior periods, our Consolidated Financial Statements presented the accounts of EHSI. On October 31, 2013, Endo International plc was incorporated in Ireland as a private limited company and re-registered effective February 18, 2014 as a public limited company. It was established for the purpose of facilitating the business combination between EHSI and Paladin. On February 28, 2014 we became the successor registrant of EHSI and Paladin in connection with the consummation of certain transactions. In addition, on February 28, 2014, the shares of Endo International plc began trading on the NASDAQ under the symbol “ENDP,” the same symbol under which Endo Health Solutions Inc.’s shares previously traded, as well as on the Toronto Stock Exchange under the symbol “ENL”. References throughout to “ordinary shares” refer to EHSI’s common shares, 350,000,000 authorized, par value $0.01 per share, prior to the consummation of the transactions and to Endo International plc’s ordinary shares, 1,000,000,000 authorized, par value $0.0001 per share, subsequent to the consummation of the transactions. In addition, on February 11, 2014 the Company issued 4,000,000 euro deferred shares of US$0.01 each at par. The euro deferred shares are held by nominees in order to satisfy an Irish legislative requirement to maintain a minimum level of issued share capital denominated in euro and to have at least seven registered shareholders. The euro deferred shares carry no voting rights and are not entitled to receive any dividend or distribution. On January 29, 2015, the Company acquired Auxilium for total consideration of $2.6 billion . The consideration included 18,609,835 ordinary shares valued at $1.52 billion . On June 10, 2015, we completed the sale of 27,627,628 ordinary shares, including 3,603,603 ordinary shares sold upon the exercise in full by the underwriters of their option to purchase additional ordinary shares from us, at a price of $83.25 per share, for aggregate gross proceeds to us of $2,300.0 million , before fees, in order to finance a portion of the Par acquisition (described in more detail in Note 5. Acquisitions ). On September 25, 2015, the Company acquired Par for total consideration of $8.14 billion , including the assumption of Par debt. The consideration included 18,069,899 ordinary shares valued at $1.33 billion . During the year ended December 31, 2015 , the Company completed a buy-out of the noncontrolling interest associated with our Litha subsidiary. The following table reflects the effect on the Company’s equity for the year ended December 31, 2015 (in thousands): Adjustment to Accumulated other comprehensive loss related to the reallocation (from noncontrolling to controlling interests) of foreign currency translation loss attributable to our noncontrolling interest in Litha $ (3,904 ) Decrease in noncontrolling interests for buy-out of Litha (32,732 ) Decrease in additional paid-in capital for buy-out of Litha (2,972 ) Total cash consideration paid related to buy-out of Litha $ (39,608 ) Share Repurchase Program The Company has broad shareholder authority to conduct share repurchases of its ordinary shares, as our shareholders granted to the Company a general authority (the 2014 Share Buyback Authority) to make overseas market purchases (as defined by section 212 of the Irish Companies Act 1990 (the 1990 Act)) of shares of the Company on such terms and conditions as our Board of Directors may approve, but subject to the provisions of the 1990 Act and certain other provisions. Pursuant to the 2014 Share Buyback Authority, in April 2015, our Board of Directors approved a share buyback program (the 2015 Share Buyback Program). The 2015 Share Buyback Program authorizes the Company to redeem in the aggregate $2.5 billion of its outstanding ordinary shares. In accordance with Irish Law and the Company’s Articles of Association, all ordinary shares redeemed shall be cancelled upon redemption In November 2015, the Company entered into a program to repurchase up to $250.0 million of its ordinary shares under the 2015 Share Buyback Program. The Company purchased approximately 4.4 million of its ordinary shares during November 2015 totaling $250.0 million , not including related fees. |
Shared-based Compensation
Shared-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shared-based Compensation | NOTE 17. SHARE-BASED COMPENSATION As discussed in Note 1. Description of Business the operating results of the Company’s AMS and HealthTronics businesses are reported as Discontinued operations, net of tax in the Consolidated Statements of Operations for all periods presented. However, as share-based compensation is not material for these businesses, amounts in this Note 17. Share-based Compensation have not been adjusted to exclude the impact of these businesses. Stock Incentive Plans As of December 31, 2014, the Company’s approved stock incentive plans included the Endo International plc 2000, 2004, 2007, 2010 and Assumed Stock Incentive Plans. In June 2015, the Company’s shareholders approved the 2015 Stock Incentive Plan (the 2015 Plan). Under the 2015 Plan, 10.0 million ordinary shares, which included the transfer of 5.0 million ordinary shares available to be granted under the 2010 Stock Incentive Plan as of the date the 2015 Plan became effective, were reserved for the grant of stock options (including incentive stock options), stock appreciation rights, restricted stock awards, performance awards and other share-based awards, which may be issued at the discretion of the Company’s board of directors from time to time. Upon the 2015 Plan becoming effective, all other existing stock incentive plans were terminated. At December 31, 2015 , approximately 12.7 million ordinary shares were reserved for future issuance upon exercise of options granted or to be granted under the 2015 Plan. As of December 31, 2015 , stock options, restricted stock awards, performance stock units and restricted stock units have been granted under this plan. All share-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense in the income statement over the requisite service period. The Company recognized share-based compensation expense of $98.8 million , $32.7 million and $39.0 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. The share-based compensation expense recognized during the year ended December 31, 2015 includes a charge related to the acceleration of Auxilium employee equity awards at closing of $37.6 million and $11.4 million of expense related to certain AMS equity awards modified in conjunction with the anticipated sale of the business. The AMS amounts are recorded in Discontinued Operations, net of tax. As of December 31, 2015 , the total remaining unrecognized compensation cost related to all non-vested share-based compensation awards amounted to $75.0 million . Presented below is the allocation of share-based compensation as recorded in our Consolidated Statements of Operations for the years ended December 31 (in thousands). 2015 2014 2013 Selling, general and administrative expenses $ 79,928 $ 21,690 $ 24,982 Research and development expenses 2,388 3,670 4,740 Cost of revenues 2,241 1,479 — Discontinued operations (Note 3) 14,231 5,832 9,276 Total share-based compensation expense $ 98,788 $ 32,671 $ 38,998 Stock Options During the years ended December 31, 2015 , 2014 and 2013 , the Company granted stock options to employees of the Company as part of their annual share compensation award and, in certain circumstances, upon their commencement of service with the Company. For all of the Company’s share-based compensation plans, the fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model. Black-Scholes utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield (which is assumed to be zero , as the Company has not paid cash dividends to date and does not currently expect to pay cash dividends) and the expected term of the option. Expected volatilities utilized in the model are based mainly on the historical volatility of the Company’s share price over a period commensurate with the expected life of the share option as well as other factors. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. We estimate the expected term of options granted based on our historical experience with our employees’ exercise of stock options and other factors. A summary of the activity for each of the years ended December 31, 2015 is presented below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2013 8,824,705 $ 27.93 Granted 593,709 $ 30.81 Exercised (3,836,560 ) $ 25.32 Forfeited (1,291,043 ) $ 32.73 Expired (45,022 ) $ 30.06 Outstanding as of December 31, 2013 4,245,789 $ 29.30 Granted 736,948 $ 75.13 Exercised (1,528,295 ) $ 27.09 Forfeited (371,410 ) $ 39.76 Expired (19,680 ) $ 24.56 Outstanding as of December 31, 2014 3,063,352 $ 40.15 Granted 794,757 $ 77.27 Exercised (880,885 ) $ 30.93 Forfeited (201,397 ) $ 72.24 Expired (7,260 ) $ 45.20 Outstanding as of December 31, 2015 2,768,567 $ 51.56 5.35 $ 46,340,769 Vested and expected to vest as of December 31, 2015 2,616,444 $ 50.26 5.20 $ 46,165,754 Exercisable as of December 31, 2015 1,384,900 $ 35.82 3.90 $ 38,473,019 The range of exercise prices for the above stock options outstanding at December 31, 2015 is from $14.65 to $89.68 . The total intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 was $27.2 million , $41.4 million and $97.1 million , respectively. The weighted average grant date fair value of the stock options granted in the years ended December 31, 2015 , 2014 and 2013 was $21.09 , $20.28 and $9.37 per option, respectively, determined using the following assumptions: 2015 2014 2013 Average expected term (years) 4.0 4.0 5.0 Risk-free interest rate 1.3 % 1.3 % 0.8 % Dividend yield — — — Expected volatility 32 % 32 % 33 % As of December 31, 2015 , the weighted average remaining requisite service period of the non-vested stock options was 2.4 years. As of December 31, 2015 , the total remaining unrecognized compensation cost related to non-vested stock options amounted to $17.0 million . Restricted Stock Units and Performance Share Units During the years ended December 31, 2015 , 2014 and 2013 , the Company granted restricted stock units (RSUs) and performance share units (PSUs) to employees of the Company as part of their annual share compensation award and, in certain circumstances, periodic grants which includes equity awarded upon their commencement of service with the Company. For grants prior to 2013, PSUs were tied to both the Company’s overall revenue and its total shareholder return (TSR) relative to the TSR of a selected industry group. During 2013, PSU grants were only tied to TSR relative to the TSR of a selected industry group, with maximum payout levels based on absolute stock price objectives. Each award covered a three -year performance cycle. The actual number of shares awarded is adjusted to between zero and 300 % of the target award amount based upon achievement of pre-determined goals. TSR relative to peers is considered a market condition while cumulative revenue performance is considered a performance condition under applicable authoritative guidance. The PSUs linked to revenue performance were marked to market on a recurring basis based on management’s expectations of future revenues. Starting in 2014 and continuing in 2015, PSU grants are tied to the attainment of absolute compounded annual growth rate (CAGR) for the Company’s ordinary share price, which is considered a market condition under applicable authoritative guidance. Each award covers a three -year performance cycle. The actual number of shares awarded is adjusted to between zero and 300% of the target award amount based upon achievement of pre-determined goals. Also starting in 2014 and continuing in 2015, the Company approved a share matching program (Matched PSUs), which is applicable to all executive leadership team members, excluding Mr. De Silva. The program allows participants to make a direct investment in Endo ordinary shares during a pre-defined period, which the Company would immediately grant a Matched PSU for each qualifying ordinary share purchased up to the employee’s base salary. The Matched PSUs would vest on the third anniversary of the date issued to the employee if the CAGR of the Company’s ordinary shares is at least 10% over the three -year period. This program can be offered on a periodic basis, and the initial offering period was open from November 2014 through December 2015, not including blackout periods. A summary of our restricted and performance stock units for the years ended December 31, 2015 is presented below: Number of Shares Aggregate Intrinsic Value Outstanding as of January 1, 2013 2,423,612 Granted 1,543,221 Forfeited (899,954 ) Vested (804,451 ) Outstanding as of December 31, 2013 2,262,428 Granted 609,357 Forfeited (374,463 ) Vested (842,569 ) Outstanding as of December 31, 2014 1,654,753 Granted 927,214 Forfeited (251,351 ) Vested (523,763 ) Outstanding as of December 31, 2015 1,806,853 $ 111,925,522 Vested and expected to vest as of December 31, 2015 1,693,411 $ 98,500,246 As of December 31, 2015 , the weighted average remaining requisite service period of these units was 1.9 years. The weighted average grant date fair value of the units granted during the years ended December 31, 2015 , 2014 and 2013 was $72.34 , $73.70 and $31.55 per unit, respectively. As of December 31, 2015 , the total remaining unrecognized compensation cost related to non-vested RSUs and PSUs amounted to $35.0 million and $23.0 million , respectively. Employee Stock Purchase Plan The Endo International plc Employee Stock Purchase Plan (ESPP) is a Company-sponsored plan that enables employees to voluntarily elect, in advance of any of the four quarterly offering periods ending March 31, June 30, September 30 and December 31 of each year, to contribute up to 10% of their eligible compensation, subject to certain limitations, to purchase ordinary shares at 90% of the lower of the closing price of Endo ordinary shares on the first or last trading day of each offering period. The maximum number of shares that a participant may purchase in any calendar year is equal to $25,000 divided by the closing selling price per ordinary share on the first day of the offering period, subject to certain adjustments. Compensation expense is calculated in accordance with the applicable accounting guidance and is based on the share price at the beginning or end of each offering period and the purchase discount. Obligations under the ESPP may be satisfied by the reissuance of treasury stock, by the Company’s purchase of shares on the open market or by the authorization of new shares. The maximum number of shares available under the ESPP, pursuant to the terms of the ESPP plan document, is 1% of the common shares outstanding on April 15, 2011 or approximately 1.2 million shares. The ESPP shall continue in effect until the earlier of (i) the date when no shares are available for issuance under the ESPP, at which time the ESPP shall be suspended pursuant to the terms of the ESPP plan document, or (ii) December 31, 2022 , unless earlier terminated. Compensation expense during the years ended December 31, 2015 and 2014 related to the Employee Stock Purchase Plan (ESPP) totaled $0.8 million and $0.6 million , respectively. The Company issued 67,867 ordinary shares with a cost totaling $4.3 million during the year ended December 31, 2015 pursuant to the ESPP and 75,450 ordinary shares with a cost totaling $4.6 million during the year ended December 31, 2014 . |
Other Expense (Income), Net
Other Expense (Income), Net | 12 Months Ended |
Dec. 31, 2015 | |
Component of Operating Income [Abstract] | |
Other Expense (Income), Net | NOTE 18. OTHER EXPENSE (INCOME), NET The components of Other expense (income), net for the years ended December 31 are as follows (in thousands): 2015 2014 2013 Watson litigation settlement income, net $ — $ — $ (50,400 ) Net gain on sale of certain early-stage drug discovery and development assets — (5,200 ) — Foreign currency gain, net (23,058 ) (10,054 ) (21 ) Equity loss (earnings) from unconsolidated subsidiaries, net 3,217 (8,325 ) (1,482 ) Other than temporary impairment of equity investment 18,869 — — Legal settlement (12,500 ) — — Costs associated with unused financing commitments 78,352 — — Other miscellaneous (1,189 ) (8,745 ) (1,156 ) Other expense (income), net $ 63,691 $ (32,324 ) $ (53,059 ) Fluctuations in foreign currency rates are primarily driven by our increased global presence subsequent to the acquisitions of Paladin and Somar as well as foreign currency rate movements. During 2015 , the Company recognized an other than temporary impairment of our Litha joint venture investment totaling $18.9 million , reflecting the excess carrying value of this investment over its estimated fair value. In addition, the Company incurred $78.4 million during 2015 related to unused commitment fees primarily associated with financing for the Par acquisition. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 19. INCOME TAXES Our operations are conducted through our various subsidiaries in a number of countries throughout the world. We have provided for income taxes based upon the tax laws and rates in the countries in which our operations are conducted and income and loss from operations is subject to taxation. The components of our (loss) income from continuing operations before income tax by geography for the years ended December 31 are as follows (in thousands): 2015 2014 2013 United States $ (626,740 ) $ (33,459 ) $ 385,366 International (811,124 ) 133,334 — Total (loss) income from continuing operations before income tax $ (1,437,864 ) $ 99,875 $ 385,366 Income tax from continuing operations consists of the following for the years ended December 31 (in thousands): 2015 2014 2013 Current: U.S. Federal $ (308,909 ) $ 30,385 $ 93,212 U.S. State (5,600 ) 16,270 10,980 International 16,722 (2,550 ) — Total current income tax $ (297,787 ) $ 44,105 $ 104,192 Deferred: U.S. Federal (779,757 ) (31,922 ) 36,369 U.S. State (70,221 ) (7,740 ) (1,336 ) International (9,376 ) (620 ) — Total deferred income tax $ (859,354 ) $ (40,282 ) $ 35,033 Excess tax benefits of stock compensation exercised 19,676 33,501 4,315 Valuation allowance — 943 202 Total income tax $ (1,137,465 ) $ 38,267 $ 143,742 A reconciliation of income tax from continuing operations at the U.S. federal statutory income tax rate to the total income tax provision from continuing operations for the years ended December 31 (in thousands): 2015 2014 2013 Notional U.S. federal income tax provision at the statutory rate $ (503,271 ) $ 34,956 $ 134,878 State income tax, net of federal benefit (45,823 ) 10,095 5,554 Research and development credit (5,549 ) (2,535 ) (6,002 ) Uncertain tax positions 30,974 2,494 2,779 Residual tax on non-U.S. net earnings (1) (359,831 ) (52,246 ) — Change in valuation allowance 278,339 952 — Effects of outside basis differences (111,920 ) — — Worthless stock deduction (674,210 ) — — Impairment of goodwill 248,403 — — Effect of permanent items: Branded prescription drug fee 10,753 16,336 12,060 Domestic production activities deduction — 5,468 (6,835 ) Transaction-related expenses 9,872 5,889 2,643 Excise tax — 15,398 — Executive compensation limitation 467 3,590 417 Extinguishment of debt — (5,802 ) — Share based compensation 950 2,227 — Audit settlements — (1,875 ) — Other (16,619 ) 3,320 (1,752 ) Income tax $ (1,137,465 ) $ 38,267 $ 143,742 __________ (1) Excludes nondeductible charges and other items which are broken out separately in the table. During the year ended December 31, 2015, the Company recorded a $674.2 million net tax benefit predominantly related to a worthless stock deduction directly attributable to mesh product liability losses. The Company will claim the worthless stock deduction on its 2015 U.S. Federal and State income tax returns. Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax liability were as follows, excluding assets and liabilities held for sale, shown on the balance sheets for the years ended December 31 are as follows (in thousands): 2015 2014 Deferred tax assets: Accrued expenses and customer allowances $ 285,342 $ 644,858 Compensation related to stock options 22,532 15,415 Net operating loss carryforward 635,030 108,823 Loss on capital assets 7,210 10,642 Research and development credit carryforward 56,489 13,085 Uncertain tax positions 8,211 6,574 Prepaid royalties — 5,190 Tax credit carryforwards 96,952 12,249 Deferred interest expense 290,600 — Other 7,564 23,173 Total gross deferred income tax assets $ 1,409,930 $ 840,009 Deferred tax liabilities: Fixed assets and intangible assets $ (1,759,009 ) $ (894,714 ) Deferred interest expense — (6,012 ) Outside basis difference (59,434 ) — Prepaid royalties (413 ) — Other (25,978 ) (9,238 ) Total gross deferred income tax liabilities $ (1,844,834 ) $ (909,964 ) Valuation allowance (426,991 ) (40,646 ) Net deferred income tax liability $ (861,895 ) $ (110,601 ) At December 31, 2015 , the Company had the following significant deferred tax assets for certain tax credits net of unrecognized tax benefits (in millions): Jurisdiction 2015 Begin to Expire Canada Investment tax credits $ 3.2 2017 United States Alternative minimum tax $ 66.6 Indefinite Research and development credits $ 56.3 2026 Foreign tax credits $ 25.3 2025 At December 31, 2015 , the Company had the following significant deferred tax assets for net operating and capital loss carryforwards for tax purposes net of unrecognized tax benefits (in millions): Jurisdiction 2015 Begin to Expire Ireland $ 7.3 Indefinite Luxembourg $ 325.0 Indefinite United States Federal ordinary losses $ 222.4 2020 State-capital losses $ 5.1 2026 State-ordinary losses $ 71.7 2016 A valuation allowance is required when it is more likely than not that all, or a portion of, a deferred tax asset will not be realized. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence, in the form of cumulative losses, is no longer present and additional weight may be given to subjective evidence, such as projections for growth. The Company has recorded a valuation allowance against certain jurisdictional net operating loss carryforwards and other tax attributes. As of December 31, 2015 and 2014 , the valuation allowance was $427.0 million and $40.6 million , respectively. During the years ended December 31, 2014 and 2013 , the Company increased its valuation allowance in the amount of $386.3 million and $22.8 million , respectively. The net increase in the Company’s valuation allowance as of December 31, 2015 was split into three main components: $14.7 million related to current year acquisitions, $25.9 million relating to state tax benefits, and $349.4 million relating to losses within jurisdictions that the Company was unable to support the recognition of a deferred tax asset. The significant increase in the Company’s valuation allowance in 2014 was primarily due to the acquisition of Paladin. At December 31, 2015 , the Company had the following significant valuation allowances for tax purposes (in millions): Jurisdiction 2015 Canada $ 1.4 Ireland $ 26.7 Luxembourg $ 325.0 Mexico $ 3.7 Netherlands $ 1.2 South Africa $ 1.2 United States $ 67.3 We have provided income taxes for earnings that are currently distributed as well as the taxes associated with certain earnings that are expected to be distributed in the future. No additional provision has been made for Irish and non-Irish income taxes on the undistributed earnings of subsidiaries or for unrecognized deferred tax liabilities for temporary differences related to basis differences in investments in subsidiaries, as such earnings are expected to be permanently reinvested, the investments are essentially permanent in duration, or we have concluded that no additional tax liability will arise as a result of the distribution of such earnings. As of December 31, 2015 , certain subsidiaries had approximately $915.4 million of cumulative undistributed earnings that have been retained indefinitely and reinvested in our global operations, including working capital; property, plant, and equipment; intangible assets; and research and development activities. A liability could arise if our intention to permanently reinvest such earnings were to change and amounts are distributed by such subsidiaries or if such subsidiaries are ultimately disposed. It is not practicable to estimate the additional income taxes related to permanently reinvested earnings or the basis differences related to investments in subsidiaries. Our current plans do not demonstrate a need to repatriate cash and cash equivalents that are designated as permanently reinvested in order to fund our operations, including investing and financing activities. The Company and its subsidiaries are subject to income taxes in the U.S., various states and numerous foreign jurisdictions with varying statutes as to which tax years are subject to examination by the tax authorities. The Company has taken positions on its tax returns that may be challenged by various tax authorities for which reserves have been established for tax-related uncertainties. These accruals for tax-related uncertainties are based on the Company’s best estimate of potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited and finally resolved. Favorable resolution of such matters could be recognized as a reduction to the Company’s effective tax rate in the year of resolution. Unfavorable resolution of any particular issue could increase the effective tax rate and may require the use of cash in the year of resolution. As of December 31, 2015 , the Company had total unrecognized income tax benefits of $328.9 million . If recognized in future years, $293.3 million of these currently unrecognized income tax benefits would impact the income tax provision and effective tax rate. As of December 31, 2014 , we had total unrecognized income tax benefits of $115.8 million . If recognized in future years, $109.2 million of these unrecognized income tax benefits would impact the income tax provision and effective tax rate. The following table summarizes the activity related to unrecognized income tax benefits (in thousands): Unrecognized Tax Benefit Federal, State, and Foreign Tax UTB Balance at January 1, 2013 $ 58,917 Gross additions for current year positions 2,076 Gross additions for prior period positions 4,618 Gross reductions for prior period positions (2,390 ) Decrease due to lapse of statute of limitations (4,592 ) UTB Balance at December 31, 2013 $ 58,629 Gross additions for current year positions 6,008 Gross additions for prior period positions 873 Gross reductions for prior period positions (6,647 ) Decrease due to lapse of statute of limitations (5,067 ) Decrease due to settlements (597 ) Additions related to acquisitions 54,750 Currency translation adjustment (2,619 ) UTB Balance at December 31, 2014 $ 105,330 Gross additions for current year positions 65,439 Gross reductions for prior period positions (234 ) Gross additions for prior period positions 3,460 Decrease due to lapse of statute of limitations (75 ) Additions related to acquisitions 150,152 Currency translation adjustment (7,825 ) UTB Balance at December 31, 2015 $ 316,247 Accrued interest and penalties 12,664 Total UTB balance including accrued interest and penalties $ 328,911 Current portion $ — Non-current portion $ 328,911 The Company records accrued interest as well as penalties related to uncertain tax positions as part of the provision for income taxes. As of December 31, 2015 , we had recorded $12.7 million of accrued interest and penalties related to uncertain tax positions on the Consolidated Balance Sheet, all of which was recorded in income taxes. As of December 31, 2014 , the balance of accrued interest and penalties was $10.5 million , all of which was recorded in income taxes. During the years ended December 31, 2015 , 2014 , and 2013 , we recognized expense of $1.6 million , expense of $4.6 million , and benefit of $0.9 million , respectively, related to interest and penalties. Our U.S. subsidiaries file income tax returns on a unitary, consolidated, or stand-alone basis in multiple state and local jurisdictions, which generally have statutes of limitations ranging from three to four years. Various state and local income tax returns are currently in the process of examination. Our non-U.S. subsidiaries file income tax returns in the countries in which they have operations. Generally, these countries have statutes of limitations ranging from three to 10 years. Various non-U.S. subsidiary income tax returns are currently in the process of examination by taxing authorities. It is expected that the amount of unrecognized tax benefits will change during the next twelve months; however, the Company does not anticipate any adjustments that would lead to a material impact on our results of operations or our financial position. As of December 31, 2015 , under applicable statutes, the following tax years remained subject to examination in the major tax jurisdictions indicated: Jurisdiction Open Years Canada 2010 through 2015 India 2011 through 2015 Ireland 2012 through 2015 Luxembourg 2013 through 2015 Mexico 2010 through 2015 South Africa 2010 through 2015 United States - federal, state and local 2005 through 2015 |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | NOTE 20. NET (LOSS) INCOME PER SHARE The following is a reconciliation of the numerator and denominator of basic and diluted net loss per share for the years ended December 31 (in thousands, except share data): 2015 2014 2013 Numerator: (Loss) income from continuing operations $ (300,399 ) $ 61,608 $ 241,624 Less: Net loss from continuing operations attributable to noncontrolling interests (283 ) (399 ) — (Loss) income from continuing operations attributable to Endo International plc ordinary shareholders (300,116 ) 62,007 241,624 Loss from discontinued operations attributable to Endo International plc ordinary shareholders, net of tax (1,194,926 ) (783,326 ) (926,963 ) Net loss attributable to Endo International plc ordinary shareholders $ (1,495,042 ) $ (721,319 ) $ (685,339 ) Denominator: For basic per share data—weighted average shares 197,100 146,896 113,295 Dilutive effect of ordinary share equivalents — 2,600 2,453 Dilutive effect of various convertible notes and warrants — 7,234 4,081 For diluted per share data—weighted average shares 197,100 156,730 119,829 Basic net loss per share data is computed based on the weighted average number of ordinary shares outstanding during the period. Diluted loss per share data is computed based on the weighted average number of ordinary shares outstanding and, if there is net income from continuing operations attributable to Endo ordinary shareholders during the period, the dilutive impact of ordinary share equivalents outstanding during the period. Ordinary share equivalents are measured under the treasury stock method. All stock options and stock awards were excluded from the diluted share calculation for the year ended December 31, 2015 because their effect would have been anti-dilutive, as the Company was in a loss position. The 1.75% Convertible Senior Subordinated Notes due April 15, 2015 were only included in the dilutive net loss per share calculations using the treasury stock method during periods in which the average market price of our ordinary shares was above the applicable conversion price of the Convertible Notes, or $29.20 per share, and the impact would not have been anti-dilutive. In these periods, under the treasury stock method, we calculated the number of shares issuable under the terms of these notes based on the average market price of the shares during the period, and included that number in the total diluted shares outstanding for the period. We entered into convertible note hedge and warrant agreements, which have subsequently been settled, that, in combination, had the economic effect of reducing the dilutive impact of the Convertible Notes. However, we separately analyzed the impact of the convertible note hedge and the warrant agreements on diluted weighted average shares outstanding. As a result, the purchases of the convertible note hedges were excluded because their impact would have been be anti-dilutive. The treasury stock method was applied when the warrants were in-the-money with the proceeds from the exercise of the warrant used to repurchase shares based on the average share price in the calculation of diluted weighted average shares. Until the warrants were in-the-money, they had no impact to the diluted weighted average share calculation. The dilutive impact of the Auxilium Notes was calculated using the if-converted method, assuming the notes were converted at the time of issuance. |
Savings And Investment Plan And
Savings And Investment Plan And Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Savings And Investment Plan And Deferred Compensation Plans [Abstract] | |
Savings And Investment Plan And Deferred Compensation Plans | NOTE 21. SAVINGS AND INVESTMENT PLAN AND DEFERRED COMPENSATION PLANS Savings and Investment Plan Endo established a defined contribution Savings and Investment Plan (the Endo 401(k) Plan) covering all employees. Employee contributions can be made on a pre-tax basis under section 401(k) of the Internal Revenue Code (the Code). Effective January 1, 2014 , the Endo 401(k) Plan was amended to modify the employer matching contributions such that the Company will match 100% of the first 3% of eligible cash compensation that a participant contributes to the Endo 401(k) Plan plus 50% of the next 2% for a total of up to 4% of the participants’ contributions subject to limitations under section 401(k) of the Code. This compares to 100% of the first 6% of eligible cash compensation that a participant contributes to the Endo 401(k) Plan, which was in effect until December 31, 2013 . Participants are immediately vested with respect to their own contributions and the Company’s matching contributions. Costs incurred for contributions made by us to the 401(k) plans amounted to $8.6 million , $7.5 million and $11.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Executive Deferred Compensation Plan In December 2007, Endo’s Board of Directors (the Board) adopted an executive deferred compensation plan (the Executive Deferred Compensation Plan) and a 401(k) restoration plan (the 401(k) Restoration Plan) both effective as of January 1, 2008 . Both plans cover employees earning over the Internal Revenue Code plan compensation limit, which would include the chief executive officer, chief financial officer and other named executive officers. The Executive Deferred Compensation Plan allows for deferral of up to 50% of the bonus, with payout to occur as elected, either in a lump sum or in installments, and up to 100% of restricted stock units granted, with payout to occur either in a lump sum or in installments. Under the 401(k) Restoration Plan the participant may defer the amount of base salary and bonus that would have been deferrable under the Company’s Savings and Investment Plan (up to 50% of salary and bonus) if not for the qualified plan statutory limits on deferrals and contributions. Payment occurs as elected, either in lump sum or in installments. Directors Stock Election Plan In December 2007, Endo established a directors stock election plan (the Directors Stock Election Plan). The purpose of this plan is to provide non-employee directors the opportunity to have some, or all of their retainer fees delivered in the form of Endo ordinary shares. The amount of shares will be determined by dividing the portion of cash fees elected to be received as shares by the closing price of the shares on the day the payment would have otherwise been paid in cash. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 22. SUBSEQUENT EVENTS Astora On February 24, 2016, the Company’s Board of Directors decided to wind down Astora business operations in order to begin bringing finality to the Company’s mesh-related product liability. The Company is now actively conducting a wind down process and working to efficiently transition physicians to alternative products. The Company will cease business operations for Astora by March 31, 2016. As a result, the Company anticipates recording a restructuring charge during the first quarter of 2016, primarily for employee terminations and other closing activities. This amount will be included in Discontinued operations, net of tax in the Consolidated Statements of Operations. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | NOTE 23. QUARTERLY FINANCIAL DATA (UNAUDITED) Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except per share data) 2015 (1) Total revenues $ 714,128 $ 735,166 $ 745,727 $ 1,073,697 Gross profit $ 329,862 $ 296,308 $ 303,268 $ 263,629 Income (loss) from continuing operations $ 150,492 $ (90,894 ) $ (803,706 ) $ 443,709 Discontinued operations, net of tax $ (226,210 ) $ (159,632 ) $ (246,782 ) $ (562,302 ) Net loss attributable to Endo International plc $ (75,718 ) $ (250,419 ) $ (1,050,442 ) $ (118,463 ) Net loss per share attributable to Endo International plc ordinary shareholders—Basic: Continuing operations $ 0.89 $ (0.49 ) $ (3.84 ) $ 1.98 Discontinued operations (1.34 ) (0.86 ) (1.18 ) (2.51 ) Basic $ (0.45 ) $ (1.35 ) $ (5.02 ) $ (0.53 ) Net loss per share attributable to Endo International plc ordinary shareholders—Diluted: Continuing operations $ 0.85 $ (0.49 ) $ (3.84 ) $ 1.97 Discontinued operations (1.28 ) (0.86 ) (1.18 ) (2.50 ) Diluted $ (0.43 ) $ (1.35 ) $ (5.02 ) $ (0.53 ) Weighted average shares—Basic 169,653 185,328 209,274 224,147 Weighted average shares—Diluted 176,825 185,328 209,274 225,321 2014 (2)(3) Total revenues $ 470,842 $ 592,848 $ 654,116 $ 662,877 Gross profit $ 258,163 $ 289,403 $ 312,923 $ 288,697 (Loss) income from continuing operations $ (47,401 ) $ 40,575 $ 48,953 $ 19,481 Discontinued operations, net of tax $ (385,877 ) $ (20,189 ) $ (301,002 ) $ (72,724 ) Net (loss) income attributable to Endo International plc $ (436,912 ) $ 21,160 $ (252,084 ) $ (53,483 ) Net (loss) income per share attributable to Endo International plc ordinary shareholders—Basic: Continuing operations $ (0.37 ) $ 0.27 $ 0.32 $ 0.13 Discontinued operations (3.04 ) (0.13 ) (1.96 ) (0.48 ) Basic $ (3.41 ) $ 0.14 $ (1.64 ) $ (0.35 ) Net (loss) income per share attributable to Endo International plc ordinary shareholders—Diluted: Continuing operations $ (0.37 ) $ 0.25 $ 0.31 $ 0.12 Discontinued operations (3.04 ) (0.12 ) (1.90 ) (0.46 ) Diluted $ (3.41 ) $ 0.13 $ (1.59 ) $ (0.34 ) Weighted average shares—Basic 128,135 152,368 153,309 153,772 Weighted average shares—Diluted 128,135 163,369 158,975 159,213 __________ (1) Income (loss) from continuing operations for the year ended December 31, 2015 was impacted by (1) acquisition-related and integration items of $34.6 million , $44.2 million , $(27.7) million and $54.1 million during the first, second, third and fourth quarters, respectively; these costs are net of a benefit due to changes in the fair value of contingent consideration of $0.8 million , $2.5 million , and $80.3 million during the first, second and third quarters, respectively and an charge of $17.9 million during the fourth quarter (2) asset impairment charges of $7.0 million , $70.2 million , $923.6 million and $139.9 million during the first, second, third and fourth quarters (3) inventory step-up and certain manufacturing costs that will be eliminated pursuant to integration plans of $39.9 million , $48.9 million , $42.9 million and $117.7 million during the first, second, third and fourth quarters, respectively (4) certain integration costs and separation benefits incurred in connection with continued efforts to enhance the Company’s operations and other miscellaneous costs of $41.8 million , $5.8 million , $22.7 million and $55.2 million during the first, second, third and fourth quarters, respectively (5) other charges related to litigation-related and other contingent matters totaling $13.0 million , $6.9 million and $17.2 million during the first, second and fourth quarters, respectively (6) loss on extinguishment of debt of $1.0 million , $40.9 million and $25.6 million during the first, third and fourth quarters, respectively (7) costs associated with unused financing commitments of $11.8 million , $2.3 million and $64.3 million during the first, second and third quarters, respectively, (8) a charge of $18.9 million for an other than temporary impairment of equity investment of during the second quarter and (9) a charge of $37.6 million for the acceleration of Auxilium employee equity awards at closing during the first quarter. (2) (Loss) income from continuing operations for the year ended December 31, 2014 was impacted by (1) acquisition-related and integration items of $45.3 million , $19.6 million , $2.7 million and $9.8 million during the first, second, third and fourth quarters, respectively (2) asset impairment charges of $22.5 million during the fourth quarter (3) inventory step-up and certain manufacturing costs that will be eliminated pursuant to integration plans of $3.6 million , $19.1 million , $17.4 million and $25.5 million during the first, second, third and fourth quarters, respectively (4) certain integration costs and separation benefits incurred in connection with continued efforts to enhance the Company’s operations and other miscellaneous costs of $(1.9) million , $11.4 million , $7.5 million and $8.7 million during the first, second, third and fourth quarters, respectively (5)other charges related to litigation-related and other contingent matters totaling $4.0 million , $3.1 million and $35.0 million during the second, third and fourth quarters, respectively (6) a charge for an additional year of the branded prescription drug fee in accordance with U.S. Internal Revenue Service (IRS) regulations issued in the third quarter of 2014 of $25.0 million and (7) amounts related to expense for the reimbursement of directors’ and certain employees’ excise tax liabilities pursuant to Section 4985 of the Internal Revenue Code of $60.0 million , $(4.7) million and $(1.0) million during the first, second and third quarters, respectively. (3) In the fourth quarter of 2014, the Company recorded certain measurement period adjustments reflecting changes in the preliminary estimated fair values of certain assets and liabilities acquired in connection with the Company’s various 2014 business combinations, including adjustments to intangible assets and inventory, among others. The Company considered the impact of these adjustments on the comparative financial information presented, which related primarily to intangible asset amortization expense and inventory step-up costs, and determined that the retrospective impact was not material to the Company’s Consolidated Financial Statements for any of the periods presented. Accordingly, in the fourth quarter of 2014, the Company recorded combined pre-tax charges for intangible asset amortization and inventory step-up of approximately $9.2 million which included the cumulative effect of these measurement period adjustments, a portion of which related to each of the first, second and third quarters of 2014. This amount was recorded to Cost of revenues . Quarterly and year to date computations of per share amounts are made independently, therefore the sum of the per share amounts for the quarters may not equal the per share amounts for the year. The majority of the assets and liabilities of the AMS business are classified as held for sale in the Consolidated Balance Sheets for all periods presented. Depreciation and amortization expense are not recorded on assets held for sale. The operating results of this business is reported as Discontinued operations, net of tax in the Consolidated Statements of Operations for all periods presented. For additional information, see Note 3. Divestitures . |
SCHEDULE II--Valuation and Qual
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 (in thousands) Balance at Beginning of Period Additions, Costs and Expenses Deductions, Write-offs Balance at End of Period Allowance For Doubtful Accounts: Year Ended December 31, 2013 $ 5,533 $ 1,358 $ (1,297 ) $ 5,594 Year Ended December 31, 2014 $ 5,594 $ 165 $ (1,840 ) $ 3,919 Year Ended December 31, 2015 $ 3,919 $ 5,073 $ (5,212 ) $ 3,780 The amounts in the table above include amounts classified as Assets held for sale in our Consolidate Balance Sheets. All other financial statement schedules have been omitted because they are not applicable or the required information is included in the Consolidated Financial Statements or notes thereto. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |
Consolidation and Basis of Presentation | Consolidation and Basis of Presentation— The Consolidated Financial Statements include the accounts of wholly owned subsidiaries, after elimination of intercompany accounts and transactions. The Company owns majority controlling interests in certain entities. Additionally, prior to the sale of our HealthTronics business in February 2014, HealthTronics, Inc. owned interests in various partnerships and limited liability corporations where HealthTronics, Inc., as the general partner or managing member, exercised effective control. In accordance with the accounting consolidation principles, we consolidate various entities which neither we nor our subsidiaries own 100%. |
Use of Estimates | Use of Estimates— The preparation of our Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition and sales deductions for estimated chargebacks, rebates, sales incentives and allowances, certain royalties, distribution service fees, returns and allowances. Significant estimates and assumptions are also required when determining the fair value of certain financial instruments, the valuation of long-lived and indefinite-lived assets, income taxes, contingencies and share-based compensation. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Our estimates often are based on complex judgments, probabilities and assumptions that we believe to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by us, there may also be other estimates or assumptions that are reasonable. We regularly evaluate our estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, our estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, dramatic fluctuations in foreign currency rates and economic downturn, can increase the uncertainty already inherent in our estimates and assumptions. We adjust our estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our Consolidated Financial Statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. We also are subject to other risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in the healthcare environment, competition, litigation, legislation and regulations. |
Customer, Product And Supplier Concentration | Customer, Product and Supplier Concentration— We primarily sell our products directly to a limited number of large pharmacy chains and through a limited number of wholesale drug distributors who, in turn, supply products to pharmacies, hospitals, governmental agencies and physicians. |
Revenue Recognition | Revenue Recognition— Pharmaceutical Products Our net pharmaceutical product sales consist of revenues from sales of our pharmaceutical products, less estimates for chargebacks, rebates, sales incentives and allowances, certain royalties, distribution service fees, returns and allowances as well as fees for services. We recognize revenue for product sales when title and risk of loss has passed to the customer, which is typically upon delivery to the customer, when estimated provisions for revenue reserves are reasonably determinable, and when collectability is reasonably confirmed. Revenue from the launch of a new or significantly unique product, for which we are unable to develop the requisite historical data on which to base estimates of returns and allowances due to the uniqueness of the therapeutic area or delivery technology as compared to other products in our portfolio and in the industry, may be deferred until such time that an estimate can be determined, all of the conditions above are met and when the product has achieved market acceptance, which is typically based on dispensed prescription data and other information obtained prior to and during the period following launch. Other Product royalties received from third party collaboration partners and licensees of our products and patents are recorded as part of Total revenues. Royalties are recognized as earned in accordance with the contract terms when royalties from third parties can be reasonably estimated and collectability is reasonably confirmed. If royalties cannot be reasonably estimated or collectability of a royalty amount is not reasonably confirmed, royalties are recognized as revenue when the cash is received. Milestone payments earned by the Company under out-license agreements are recorded in Total revenues. Revenue from these milestone payments is recognized as revenue ratably from the point in which the milestone is achieved over the remaining performance period. See Note 11. License and Collaboration Agreements for specific agreement details. |
Sales Deductions | Sales Deductions— When we recognize net sales from the sale of our pharmaceutical products, we record an adjustment to revenue for estimated revenue reserves. These provisions are estimated based on historical experience, estimated future trends, estimated customer inventory levels, current contract sales terms with our wholesale and indirect customers and other competitive factors. If the assumptions we used to calculate these adjustments do not appropriately reflect future activity, our financial position, results of operations and cash flows could be materially impacted. |
Research and Development | Research and Development— Expenditures for research and development are expensed as incurred. In addition to upfront and milestone payments, total R&D expenses include the costs of discovery research, preclinical development, early- and late-clinical development and drug formulation, as well as clinical trials, medical support of marketed products, other payments under third-party collaborations and contracts and other costs. R&D spending also includes enterprise-wide costs which support our overall R&D infrastructure. Property, plant and equipment that are acquired or constructed for research and development activities and that have alternate future uses are capitalized and depreciated over their estimated useful lives on a straight-line basis. Upfront and milestone payments made to third parties in connection with agreements with third parties are generally expensed as incurred up to the point of regulatory approval. Payments made to third parties subsequent to regulatory approval are generally capitalized and amortized over the remaining useful life of the related product. Amounts capitalized for such payments are included in Other intangibles, net in the Consolidated Balance Sheets . |
Cash and Cash Equivalents | Cash and Cash Equivalents— The Company considers all highly liquid money market instruments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2015 , cash equivalents were deposited in financial institutions and consisted of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions. |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents— Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in Restricted cash and cash equivalents in the Consolidated Balance Sheets . |
Marketable Securities | Marketable Securities— The Company has equity securities, which consist of investments in the stock of publicly traded companies. |
Accounts Receivable | Accounts Receivable— Accounts receivable are stated at their net realizable value. The allowance for doubtful accounts against gross accounts receivable reflects the best estimate of probable losses inherent in the receivables portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available information. |
Concentrations Of Credit Risk | Concentrations of Credit Risk —Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash equivalents, marketable debt securities and accounts receivable. We invest our excess cash in high-quality, liquid money market instruments maintained by major U.S. banks and financial institutions. We have not experienced any losses on our cash equivalents. We perform ongoing credit evaluations of our customers and generally do not require collateral. We have no history of significant losses from uncollectible accounts. Approximately 77% and 76% of our gross trade accounts receivable balance represent amounts due from three customers at December 31, 2015 and 2014 , respectively. We do not expect our current or future credit risk exposures to have a significant impact on our operations. However, there can be no assurance that our business will not experience any adverse impact from credit risk in the future. |
Inventories | Inventories— Inventories consist of finished goods held for distribution, raw materials and work-in-process. Our inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. We write-down inventories to net realizable value based on forecasted demand and market conditions, which may differ from actual results. Inventory that is in excess of the amount expected to be sold within one year is classified as long-term inventory and is recorded in Other Assets in the Consolidated Balance Sheets . |
Property, Plant and Equipment | Property, plant and equipment— Property, plant and equipment is stated at cost less accumulated depreciation. Costs incurred on assets under construction are capitalized as construction is in progress. Depreciation is computed over the estimated useful life of the related assets on a straight-line basis. Leasehold improvements and capital lease assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the terms of their respective leases. Depreciation is not recorded on assets held for sale. Gains and losses on disposals are included in Other expense (income), net in the Consolidated Statements of Operations . Depreciation is based on the following estimated useful lives, as of December 31, 2015 : Range of Useful Lives, from: Buildings 8 years to 45 years Machinery and equipment 2 years to 20 years Leasehold improvements 2 years to 10 years Computer equipment and software 2 years to 10 years Assets under capital lease Shorter of useful life or lease term Furniture and fixtures 2 years to 10 years |
Computer Software | Computer Software— The Company capitalizes certain costs incurred in connection with obtaining or developing internal-use software, including external direct costs of material and services, and payroll costs for employees directly involved with the software development. Capitalized software costs are included in Property, plant and equipment, net in the Consolidated Balance Sheets and amortized beginning when the software project is substantially complete and the asset is ready for its intended use. Costs incurred during the preliminary project stage and post-implementation stage, as well as maintenance and training costs, are expensed as incurred. |
Lease Accounting | Lease Accounting— The Company accounts for operating lease transactions by recording rent expense on a straight-line basis over the expected life of the lease, commencing on the date it gains possession of leased property. The Company includes tenant improvement allowances and rent holidays received from landlords and the effect of any rent escalation clauses as adjustments to straight-line rent expense over the expected life of the lease. Capital lease transactions are reflected as a liability at the inception of the lease based on the present value of the minimum lease payments or, if lower, the fair value of the property. Assets under capital leases are recorded in Property, plant and equipment, net in the Consolidated Balance Sheets and depreciated in a manner similar to other Property, plant and equipment. Certain construction projects may be accounted for as direct financing arrangements, whereby the Company records, over the construction period, the full cost of the asset in Property, plant and equipment, net in the Consolidated Balance Sheets . A corresponding liability is also recorded, net of leasehold improvements paid for by the Company, and is amortized over the expected lease term through monthly rental payments using an effective interest method. Assets recorded under direct financing arrangements are depreciated over the lease term. |
Long-Lived Asset Impairment Testing | Long-Lived Asset Impairment Testing —Long-lived assets, which include property, plant and equipment and definite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. The impairment testing involves comparing the carrying amount of the asset to the forecasted undiscounted future cash flows generated by that asset. In the event the carrying amount of the asset exceeds the undiscounted future cash flows generated by that asset and the carrying amount is not considered recoverable, an impairment exists. An impairment loss is measured as the excess of the asset’s carrying amount over its fair value. An impairment loss is recognized in net income in the period that the impairment occurs. |
In Process Research and Development (IPR&D) | In-Process Research and Development Assets (IPR&D)— The fair value of IPR&D acquired in a business combination is determined based on the present value of each research project’s projected cash flows using an income approach. Future cash flows are predominately based on the net income forecast of each project, consistent with historical pricing, margins and expense levels of similar products. Revenues are estimated based on relevant market size and growth factors, expected industry trends, individual project life cycles and the life of each research project’s underlying patent. In determining the fair value of each research project, expected cash flows are adjusted for the technical and regulatory risk of completion. IPR&D is initially capitalized and considered indefinite-lived intangible assets subject to annual impairment reviews. The reviews, which occur annually or more frequently upon the occurrence of certain events, requires the determination of the fair value of the respective intangible assets. If the fair value of the intangible assets is less than its carrying amount, an impairment loss is recognized for the difference. For those assets that reach commercialization, the assets are amortized over the expected useful lives. |
Goodwill | Goodwill— Goodwill, which represents the excess of purchase price over the fair value of net assets acquired, is carried at cost. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value based test. Goodwill is assessed for impairment on an annual basis, as of October 1st of each year or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment model requires a two-step method for determining goodwill impairment. In the first step, we determine the fair value of our reporting units using an appropriate valuation methodology. If the net book value of a reporting unit exceeds its fair value, we would then perform the second step of the impairment test which requires allocation of the reporting unit’s fair value to all of its assets and liabilities using the acquisition method prescribed under authoritative guidance for business combinations. Any residual fair value is allocated to goodwill. An impairment charge is recognized only when the implied fair value of our reporting unit’s goodwill is less than its carrying amount. |
Contingencies | Contingencies— The Company is subject to various patent challenges, product liability claims, government investigations and other legal proceedings in the ordinary course of business. Legal fees and other expenses related to litigation are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations . Contingent accruals are recorded with a corresponding charge to Litigation-related and other contingencies, net in the Consolidated Statements of Operations when the Company determines that a loss is both probable and reasonably estimable. Due to the fact that legal proceedings and other contingencies are inherently unpredictable, our assessments involve significant judgment regarding future events. The Company records a receivable from its product liability insurance carriers only when the resolution of any dispute has been reached and realization of the potential claim for recovery is considered probable. |
Contingent Consideration | Contingent Consideration —Certain of the Company’s business acquisitions involve the potential for future payment of consideration that is contingent upon the achievement of operational and commercial milestones and royalty payments on future product sales. The fair value of contingent consideration liabilities is determined at the acquisition date using unobservable inputs. These inputs include the estimated amount and timing of projected cash flows, the probability of success (achievement of the contingent event) and the risk-adjusted discount rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period, the contingent consideration liability is remeasured at current fair value with changes recorded in earnings. Changes in any of the inputs may result in a significantly different fair value adjustment. |
Convertible Senior Subordinated Notes and Convertible Notes Hedge & Warrants | Convertible Senior Subordinated Notes— We accounted for the issuance of our 1.75% Convertible Senior Subordinated Notes due April 2015 (the Convertible Notes) in accordance with the guidance regarding the accounting for convertible debt instruments that may be settled in cash upon conversion, which among other items, specifies that contracts issued or held by an entity that are both (1) indexed to the entities own ordinary shares and (2) classified in shareholders’ equity in its statement of financial position are not considered to be derivative financial instruments if the appropriate provisions are met. Accordingly, we recorded the Convertible Notes as debt in the Consolidated Balance Sheets . Convertible Notes Hedge & Warrants— Concurrent with the issuance of the Convertible Notes we entered into privately negotiated ordinary share call options with affiliates of the initial purchasers. In addition, we sold warrants to affiliates of certain of the initial purchasers. In addition to entering into the convertible note hedge transaction and the warrant transaction, we entered into a privately negotiated, accelerated share repurchase agreement with the same counterparty, as part of our broader share repurchase program described in Note 16. Shareholders' Equity . We accounted for the call options, warrants, and accelerated share repurchase agreement in accordance with the guidance regarding the accounting derivative financial instruments indexed to, and potentially settled in, a company’s own stock. The call options, warrants, and accelerated share repurchase agreement meet the requirements to be accounted for as equity instruments. The cost of the call options and the proceeds related to the sale of the warrants are included in Additional paid-in capital in the Consolidated Balance Sheets . |
Share Repurchases | Share Repurchases— The Company accounts for the repurchase of ordinary shares at par value. Under applicable Irish law, ordinary shares repurchased are retired and not displayed separately as treasury stock. Upon retirement of the ordinary shares, the Company records the difference between the weighted average cost of such ordinary shares and the par value of the ordinary shares as an adjustment to Accumulated deficit in the Consolidated Balance Sheets . |
Advertising Costs | Advertising Costs— Advertising costs are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations |
Cost of Revenues | Cost of Revenues —Cost of revenues includes all costs directly related to bringing both purchased and manufactured products to their final selling destination. It includes purchasing and receiving costs, direct and indirect costs to manufacture products, including direct materials, direct labor, and direct overhead expenses necessary to acquire and convert purchased materials and supplies into finished goods. Cost of revenues also includes royalties paid or owed by Endo on certain in-licensed products, inspection costs, depreciation, amortization of intangible assets, warehousing costs, freight charges, costs to operate our equipment, and other shipping and handling activity. |
Share-Based Compensation | Share-Based Compensation— Share-based compensation for employees and non-employee directors is measured at the grant date based on the estimated fair value of the award and is recognized as an expense over the requisite service period. Share-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs. |
Foreign Currency Translation | Foreign Currency Translation— The Company's operations utilize the U.S. dollar (USD) or local currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the local currency are re-measured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. |
Income Taxes | Income Taxes— The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including projected future taxable income, tax-planning strategies and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income tax. The Company records uncertain tax positions in accordance with Accounting Standards Codification (ASC) Topic 740, Income Taxes, on the basis of a two-step process whereby the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and then measures those tax positions that meet the more-likely-than-not recognition threshold. The Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations . Accrued interest and penalties are included within the related tax liability line in the Consolidated Balance Sheets . |
Comprehensive Income | Comprehensive Income— Comprehensive income includes all changes in equity during a period except those that resulted from investments by or distributions to a company’s shareholders. Other comprehensive income or loss refers to revenues, expenses, gains and losses that are included in comprehensive income, but excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards update (ASU) No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09). ASU 2014-09 represents a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to receive in exchange for those goods or services. This ASU sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed. In August 2015, the FASB issued ASU No. 2015-14, “ Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (ASU 2015-14), which defers the effective date of ASU No. 2014-09 by one year, but permits entities to adopt one year earlier if they choose (i.e., the original effective date). As such, ASU No. 2014-09 will be effective for annual and interim reporting periods beginning after December 15, 2017. The Company currently plans to adopt this ASU on January 1, 2018. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company is currently evaluating the impact of ASU 2014-09 on the Company’s consolidated results of operations and financial position. In April 2015, the FASB issued ASU No. 2015-03, “ Simplifying the Presentation of Debt Issuance Costs ” (ASU 2015-03). ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB issued ASU No. 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of Credit Arrangements” (ASU 2015-15). The amendments in ASU 2015-15 state that an entity may defer and present debt issuance costs associated with line-of-credit arrangements as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, with early adoption permitted, and require retrospective application. The Company adopted ASU 2015-03 and 2015-15 on December 31, 2015. As of December 31, 2015 and 2014, the Company had $138.4 million and $85.4 million of net deferred financing costs that were reclassified from Other assets to a reduction in the carrying amount of Long-term debt, less current portion, net in the Consolidated Balance Sheets . In April 2015, the FASB issued ASU No. 2015-05, “ Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ” (ASU 2015-05). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts. In addition, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets as a result of the guidance in ASU 2015-05. ASU 2015-05 is effective for annual periods beginning after December 15, 2015 and interim periods in annual periods beginning after December 15, 2016, with early adoption permitted. Companies may use either a full retrospective approach or a prospective approach entered into or materially modified after the effective date to adopt this ASU. The Company is currently evaluating the impact of ASU 2015-05 on the Company’s consolidated results of operations and financial position. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory” (ASU 2015-11). ASU 2015-11 states that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. For public entities, ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively and early application is permitted. The Company is currently evaluating the impact of ASU 2015-11 on the Company’s consolidated results of operations and financial position. In September 2015, the FASB issued ASU No. 2015-16, “ Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (ASU 2015-16). This ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in the provisional amount as if the accounting had been completed at the acquisition date. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the footnotes. For public entities, the new standard is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-16 on July 1, 2015. Accordingly, the Company applied the amendments in this update to the measurement period adjustments made during the six months ended December 31, 2015. See Note 5. Acquisitions for more information regarding adjustments to provisional amounts that occurred during 2015. In November 2015, the FASB issued ASU No. 2015-17, “ Balance Sheet Classification of Deferred Taxes ” (ASU 2015-17). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that all deferred income tax assets and liabilities be classified as non-current in the consolidated balance sheet. For public entities, the new standard is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. The ASU may be applied either prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. The Company adopted ASU 2015-17 on December 31, 2015 on a prospective basis. As of December 31, 2015, the Company had $329.7 million and $81.8 million of Deferred income tax assets and Deferred income tax liabilities, respectively, that were reclassified from current to non-current in the Consolidated Balance Sheets . Prior periods were not retrospectively adjusted. Amounts that would have been reclassified from current to non-current on our Consolidated Balance Sheets as of December 31, 2014 if the change was applied retrospectively totaled $562.0 million Deferred income tax assets and $22.0 thousand Deferred income tax liabilities, respectively. In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) ” (ASU 2016-02). ASU 2016-02 establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. This guidance results in a more faithful representation of the rights and obligations arising from operating and capital leases by requiring lessees to recognize the lease assets and lease liabilities that arise from leases in the statement of financial position and to disclose qualitative and quantitative information about lease transactions, such as information about variable lease payments and options to renew and terminate leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2016-02 on the Company’s consolidated results of operations and financial position. |
License Rights | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible Assets | License Rights— The cost of licenses are either expensed immediately or, if capitalized, are stated at cost, less accumulated amortization and are amortized using the straight-line method over their estimated useful lives ranging from 3 years to 15 years , with a weighted average useful life of approximately 10 years . We determine amortization periods for licenses based on our assessment of various factors impacting estimated useful lives and cash flows of the acquired rights. Such factors include the expected launch date of the product, the strength of the intellectual property protection of the product and various other competitive, developmental and regulatory issues, and contractual terms. Amortization expense is not recorded on assets held for sale. |
Customer Relationships | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible Assets | Customer Relationships— Acquired customer relationships are recorded at fair value upon acquisition. All customer relationship assets relate to our AMS business and are classified as Assets held for sale in the Consolidated Balance Sheets . Amortization expense is not recorded on assets held for sale. |
Tradenames | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible Assets | Trade names— Acquired trade names are recorded at fair value upon acquisition and, if deemed to have definite lives, are amortized using the straight-line method over their estimated useful lives of approximately 12 years . We determine amortization periods for trade names based on our assessment of various factors impacting estimated useful lives and cash flows from the acquired assets. Such factors include the strength of the trade name and our plans regarding the future use of the trade name. Significant changes to any of these factors may result in a reduction in the useful life of the asset and an acceleration of related amortization expense, which could cause our operating income, net income and net income per share to decrease. Amortization expense is not recorded on assets held for sale. |
Developed Technology | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible Assets | Developed Technology— Acquired developed technology is recorded at fair value upon acquisition and is amortized using the economic benefit model or the straight-line method, over the estimated useful life ranging from 3 years to 20 years for our intangibles relating to continuing operations, with a weighted average useful life of approximately 12 years . We determine amortization periods and method of amortization for developed technology based on our assessment of various factors impacting estimated useful lives and timing and extent of estimated cash flows of the acquired assets. Such factors include the strength of the intellectual property protection of the product and various other competitive and regulatory issues, and contractual terms. Significant changes to any of these factors may result in a reduction in the useful life of the asset and an acceleration of related amortization expense, which could cause our operating income, net income and net income per share to decrease. Amortization expense is not recorded on assets held for sale. The value of these assets is subject to continuing scientific, medical and marketplace uncertainty. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Concentration Risk [Line Items] | |
Estimated Useful Lives | Depreciation is based on the following estimated useful lives, as of December 31, 2015 : Range of Useful Lives, from: Buildings 8 years to 45 years Machinery and equipment 2 years to 20 years Leasehold improvements 2 years to 10 years Computer equipment and software 2 years to 10 years Assets under capital lease Shorter of useful life or lease term Furniture and fixtures 2 years to 10 years Land and Buildings Machinery and Equipment Leasehold Improve- Computer Equipment and Software Assets under Capital Lease Furniture and Fixtures Assets under Construc- Total (In thousands) Cost: At January 1, 2015 $ 223,841 $ 91,899 $ 16,165 $ 88,984 $ 6,082 $ 3,218 $ 79,861 $ 510,050 Additions 18,068 11,507 6,701 25,634 3,502 1,236 9,926 76,574 Additions due to acquisitions 98,969 95,848 28,091 20,633 — 16,530 23,383 283,454 Disposals/transfers/impairments/other (335 ) (13,494 ) (4,857 ) (21,265 ) (463 ) (805 ) (3,351 ) (44,570 ) Effect of currency translation (2,998 ) (1,452 ) (330 ) (741 ) — (225 ) (36 ) (5,782 ) At December 31, 2015 $ 337,545 $ 184,308 $ 45,770 $ 113,245 $ 9,121 $ 19,954 $ 109,783 $ 819,726 Accumulated Depreciation: At January 1, 2015 $ (30,656 ) $ (36,399 ) $ (8,034 ) $ (42,043 ) $ (1,820 ) $ (1,035 ) $ (3,011 ) $ (122,998 ) Additions (13,078 ) (13,499 ) (8,802 ) (20,135 ) (2,514 ) (1,870 ) — (59,898 ) Disposals/transfers/impairments/other 1,045 9,070 5,856 8,861 876 582 5,119 31,409 Effect of currency translation 702 951 105 401 — 176 — 2,335 At December 31, 2015 $ (41,987 ) $ (39,877 ) $ (10,875 ) $ (52,916 ) $ (3,458 ) $ (2,147 ) $ 2,108 $ (149,152 ) Net Book Amount: At December 31, 2015 $ 295,558 $ 144,431 $ 34,895 $ 60,329 $ 5,663 $ 17,807 $ 111,891 $ 670,574 At December 31, 2014 $ 193,185 $ 55,500 $ 8,131 $ 46,941 $ 4,262 $ 2,183 $ 76,850 $ 387,052 |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Schedules of concentration of risk, by risk factor | Total revenues from customers who accounted for 10% or more of our total consolidated revenues during the years ended December 31 are as follows: 2015 2014 2013 Cardinal Health, Inc. 21 % 21 % 26 % McKesson Corporation 31 % 31 % 32 % AmerisourceBergen Corporation 23 % 16 % 19 % |
Product Concentration Risk | |
Concentration Risk [Line Items] | |
Schedules of concentration of risk, by risk factor | Products that accounted for 10% or more of our total revenues during the years ended December 31 were as follows: 2015 2014 2013 Lidoderm ® 4 % 7 % 28 % OPANA ® ER 5 % 8 % 11 % |
Divestitures (Tables)
Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following table provides the operating results of the Discontinued operations of AMS, net of tax for the years ended December 31 (in thousands): 2015 2014 2013 Revenue $ 305,256 $ 496,505 $ 492,226 Litigation related and other contingencies, net $ 1,107,752 $ 1,273,358 $ 474,792 Asset impairment charges $ 230,703 $ — $ 487,000 Gain on sale of business $ 13,550 $ — $ — Loss from discontinued operations before income taxes $ (1,352,344 ) $ (1,225,576 ) $ (944,933 ) Income tax benefit $ (157,418 ) $ (440,107 ) $ (167,809 ) Discontinued operations, net of tax $ (1,194,926 ) $ (785,469 ) $ (777,124 ) The following table provides the components of Assets and Liabilities held for sale of AMS as of December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 December 31, 2014 Current assets $ 29,085 $ 165,075 Property, plant and equipment 5,050 41,122 Goodwill — 862,960 Other intangibles, net 16,287 861,174 Other assets 1,278 7,533 Assets held for sale $ 51,700 $ 1,937,864 Current liabilities $ 14,676 $ 53,143 Deferred taxes — 46,538 Other liabilities — 3,657 Liabilities held for sale $ 14,676 $ 103,338 The following table provides the Depreciation and amortization and Purchases of property, plant and equipment of AMS for the years ended December 31 (in thousands): 2015 2014 2013 Cash flows from discontinued operating activities: Net loss $ (1,194,926 ) $ (785,469 ) $ (777,124 ) Depreciation and amortization $ 11,555 $ 70,275 $ 72,003 Cash flows from discontinued investing activities: Purchases of property, plant and equipment $ (2,709 ) $ (4,423 ) $ (3,517 ) The following table provides the operating results of Discontinued operations of HealthTronics, net of tax for the years ended December 31 (in thousands). 2014 2013 Revenue $ 14,443 $ 207,194 Income (loss) from discontinued operations before income taxes $ 6,434 $ (119,690 ) Income tax expense (benefit) $ 757 $ (22,776 ) Discontinued operations, net of tax $ 5,677 $ (96,914 ) |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | A summary of expenses related to the Auxilium restructuring initiatives is included below for the year ended December 31, 2015 (in thousands): Total Employee severance, retention and other benefit-related costs $ 26,696 Asset impairment charges 7,000 Other restructuring costs 8,215 Total $ 41,911 A summary of expenses related to the June 2013 restructuring initiatives is included below by reportable segment and for corporate unallocated for the year ended December 31, 2013 (in thousands): Employee Severance, Retention and Other Benefit-Related Costs Asset Impairment Charges Other Restructuring Costs Total U.S. Branded Pharmaceuticals $ 22,847 $ 2,849 $ 8,780 $ 34,476 U.S. Generic Pharmaceuticals 262 — 1,142 1,404 Discontinued operations (Note 3) 9,905 — 2,044 11,949 Corporate unallocated 8,421 — — 8,421 Total $ 41,435 $ 2,849 $ 11,966 $ 56,250 |
Schedule of Restructuring Reserve by Type of Cost | A summary of the liability balance related to the June 2013 restructuring initiative is included below for the years ended December 31, 2015 and December 31, 2014 (in thousands): Employee Severance, Retention and Other Benefit-Related Costs Other Restructuring Costs Total Liability balance as of January 1, 2014 $ 7,379 $ 4,919 $ 12,298 Expenses 1,224 880 2,104 Cash distributions (7,320 ) (4,453 ) (11,773 ) Other non-cash adjustments — (1,191 ) (1,191 ) Liability balance as of December 31, 2014 $ 1,283 $ 155 $ 1,438 Cash distributions (1,283 ) (155 ) (1,438 ) Liability balance as of December 31, 2015 $ — $ — $ — Changes to this accrual during the year ended December 31, 2015 were as follows (in thousands): Employee Severance, Retention and Other Benefit-Related Costs Other Restructuring Costs Total Liability balance as of January 1, 2015 $ — $ — $ — Expenses 26,696 8,215 34,911 Cash payments (21,343 ) (1,305 ) (22,648 ) Liability balance as of December 31, 2015 $ 5,353 $ 6,910 $ 12,263 Changes to this accrual during the year ended December 31, 2015 were as follows (in thousands): Total Liability balance as of January 1, 2015 $ — Expenses 23,591 Cash payments (5,677 ) Liability balance as of December 31, 2015 $ 17,914 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Paladin Labs Inc. | |
Business Acquisition [Line Items] | |
Schedule of business acquisitions by acquisition, equity interest issued or issuable | The acquisition consideration was as follows (in thousands, except for per share amounts): Number of Paladin shares paid through the delivery of Endo International ordinary shares 20,765 Exchange ratio 1.6331 Number of ordinary shares of Endo International—as exchanged* 33,912 Endo International ordinary share price on February 28, 2014 $ 80.00 Fair value of ordinary shares of Endo International issued to Paladin Shareholders* $ 2,712,956 Number of Paladin shares paid in cash 20,765 Per share cash consideration for Paladin shares (1) $ 1.09 Cash distribution to Paladin shareholders* 22,647 Fair value of the vested portion of Paladin stock options outstanding—1.3 million at February 28, 2014 (2) 131,323 Total acquisition consideration $ 2,866,926 __________ * Amounts do not recalculate due to rounding. (1) Represents the cash consideration per the arrangement agreement of C$1.16 per Paladin share translated into U.S. dollars utilizing an exchange rate of $0.9402 . (2) Represents the fair value of vested Paladin stock option awards attributed to pre-combination services that were outstanding on the Paladin Acquisition Date and settled on a cash-less exercise basis for Endo ordinary shares. |
Schedule of revenue and net loss of acquired included in condensed consolidated statements of operations | The amounts of Paladin Revenue and Net income attributable to Endo International plc included in the Company’s Consolidated Statements of Operations from and including February 28, 2014 to December 31, 2014 are as follows (in thousands, except per share data): Revenue $ 224,806 Net income attributable to Endo International plc $ 26,966 Basic net income per share $ 0.18 Diluted net income per share $ 0.17 |
Schedule of pro forma consolidated results | The following supplemental unaudited pro forma information presents the financial results as if the acquisition of Paladin had occurred on January 1, 2014 for the year ended December 31, 2014 . This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made on January 1, 2014 , nor are they indicative of any future results. Year Ended December 31, 2014 Unaudited pro forma consolidated results (in thousands, except per share data): Revenue $ 2,423,683 Net loss attributable to Endo International plc $ (727,961 ) Basic net loss per share $ (4.96 ) Diluted net loss per share $ (4.64 ) |
Auxilium Pharmaceuticals, Inc. | |
Business Acquisition [Line Items] | |
Schedule of business acquisitions by acquisition, equity interest issued or issuable | The acquisition consideration was as follows (in thousands, except for per share amounts): Number of Endo ordinary shares issued pursuant to the Merger Agreement 18,610 Endo share price on January 29, 2015 $ 81.64 Fair value of Endo ordinary shares issued to Auxilium stockholders $ 1,519,320 Cash distribution at closing (1) 1,021,864 Settlement of pre-existing relationships 28,400 Total acquisition consideration $ 2,569,584 __________ (1) Represents the cash paid directly to shareholders pursuant to the Merger Agreement, the fair value of Auxilium stock awards attributed to pre-combination services that were outstanding on the Auxilium Acquisition Date and settled in connection with the Auxilium acquisition, and amounts paid by Endo on behalf of Auxilium (including transactions costs incurred by Auxilium in connection with the acquisition and amounts paid to settle existing Auxilium indebtedness and related instruments). |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the Auxilium Acquisition Date (in thousands): January 29, 2015 Measurement period adjustments January 29, 2015 Cash and cash equivalents $ 115,973 $ — $ 115,973 Accounts receivable 75,849 — 75,849 Inventories 341,900 (44,699 ) 297,201 Prepaid expenses and other current assets 6,687 521 7,208 Property, plant and equipment 31,500 (5,839 ) 25,661 Intangible assets 2,838,000 (218,500 ) 2,619,500 Other assets 9,285 (953 ) 8,332 Total identifiable assets $ 3,419,194 $ (269,470 ) $ 3,149,724 Accounts payable and accrued expenses $ 120,553 $ 9,956 $ 130,509 Deferred income taxes 164,379 (8,336 ) 156,043 Convertible debt, including equity component (1) 571,132 — 571,132 Other liabilities 171,400 48,253 219,653 Total liabilities assumed $ 1,027,464 $ 49,873 $ 1,077,337 Net identifiable assets acquired $ 2,391,730 $ (319,343 ) $ 2,072,387 Goodwill 177,854 319,343 497,197 Net assets acquired $ 2,569,584 $ — $ 2,569,584 __________ (1) As further described in Note 13. Debt , this amount consists of $304.5 million and $266.6 million , representing the debt and equity components of the Auxilium convertible notes, respectively. |
Schedule of valuation of the intangible assets acquired and related amortization periods | The valuation of the intangible assets acquired and related amortization periods are as follows: Valuation (in millions) Amortization period (in years) Developed Technology: XIAFLEX® $ 1,501.1 12 TESTOPEL® 584.3 15 Urology Retail 314.3 13 Other 128.9 15 Total $ 2,528.6 In Process Research & Development (IPR&D): XIAFLEX®—Cellulite $ 90.9 n/a Total $ 90.9 n/a Total other intangible assets $ 2,619.5 n/a |
Schedule of revenue and net loss of acquired included in condensed consolidated statements of operations | The amounts of Auxilium Revenue and Net loss attributable to Endo International plc included in the Company’s Consolidated Statements of Operations from and including January 29, 2015 to December 31, 2015 are as follows (in thousands, except per share data): Revenue $ 341,520 Net loss attributable to Endo International plc (1) $ (469,986 ) Basic & diluted net loss per share $ (2.38 ) __________ (1) Net loss attributable to Endo International plc does not include any portion of the goodwill impairment charges recorded during 2015 since it is not possible to distinguish the amount of the charges directly attributable to Auxilium. |
Schedule of pro forma consolidated results | The following supplemental unaudited pro forma information presents the financial results as if the acquisition of Auxilium had occurred on January 1, 2014 for the years ended December 31, 2015 and 2014 . This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made on January 1, 2014 , nor are they indicative of any future results. Year Ended December 31, 2015 Year Ended December 31, 2014 Unaudited pro forma consolidated results (in thousands, except per share data): Revenue $ 3,292,293 $ 2,740,829 Net loss attributable to Endo International plc $ (1,513,625 ) $ (954,956 ) Basic net loss per share $ (7.68 ) $ (6.50 ) Diluted net loss per share $ (7.68 ) $ (6.09 ) |
Par Pharmaceutical Holdings, Inc. | |
Business Acquisition [Line Items] | |
Schedule of business acquisitions by acquisition, equity interest issued or issuable | The acquisition consideration was as follows (in thousands, except for per share amounts): Number of Endo ordinary shares issued pursuant to the Merger Agreement 18,070 Endo opening share price on September 25, 2015 $ 73.34 Fair value of Endo ordinary shares issued to Par stockholders (1) $ 1,325,246 Cash distribution at closing (2) 4,405,551 Fair value of Par debt settled at closing 2,404,857 Total acquisition consideration $ 8,135,654 __________ (1) Amounts do not recalculate due to rounding. (2) Amount includes transaction costs incurred by Par in connection with the acquisition. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the Par Acquisition Date (in thousands): September 25, 2015 Measurement period adjustments September 25, 2015 Cash and cash equivalents $ 215,612 $ — $ 215,612 Accounts and other receivables 500,108 30,556 530,664 Inventories 359,000 (28,594 ) 330,406 Prepaid expenses and other current assets 34,582 (3,458 ) 31,124 Deferred income tax assets, current 6,387 8,265 14,652 Property, plant and equipment 239,983 16,310 256,293 Intangible assets 4,762,600 (1,135,600 ) 3,627,000 Other assets 11,421 (2,944 ) 8,477 Total identifiable assets $ 6,129,693 $ (1,115,465 ) $ 5,014,228 Accounts payable and accrued expenses $ 548,953 $ 2,661 $ 551,614 Deferred income tax liabilities 1,556,111 (462,332 ) 1,093,779 Other liabilities 14,286 1,771 16,057 Total liabilities assumed $ 2,119,350 $ (457,900 ) $ 1,661,450 Net identifiable assets acquired $ 4,010,343 $ (657,565 ) $ 3,352,778 Goodwill 4,125,311 657,565 4,782,876 Net assets acquired $ 8,135,654 $ — $ 8,135,654 |
Schedule of valuation of the intangible assets acquired and related amortization periods | The valuation of the intangible assets acquired and related amortization periods are as follows: Valuation (in millions) Amortization period (in years) Developed Technology: Vasostrict TM $ 560.9 8 Aplisol ® 315.4 11 Developed - Other - Non-Partnered (Generic Non-Injectable) 246.3 7 Developed - Other - Partnered (Combined) 167.6 7 Nascobal ® 120.1 9 Developed - Other - Non-Partnered (Generic Injectable) 118.5 10 Other 563.2 9 Total $ 2,092.0 In Process Research & Development (IPR&D): IPR&D 2019 Launch $ 428.2 n/a IPR&D 2018 Launch 310.9 n/a Ezetimibe 168.2 n/a IPR&D 2016 Launch 152.4 n/a Neostigmine vial 134.7 n/a Ephedrine Sulphate 130.0 n/a Other 210.6 n/a Total $ 1,535.0 n/a Total other intangible assets $ 3,627.0 n/a |
Schedule of revenue and net loss of acquired included in condensed consolidated statements of operations | The amounts of Par Revenue and Net loss attributable to Endo International plc included in the Company’s Consolidated Statements of Operations from and including September 25, 2015 to December 31, 2015 are as follows (in thousands, except per share data): Revenue $ 401,238 Net loss attributable to Endo International plc $ (4,348 ) Basic and diluted net income per share $ (0.02 ) |
Schedule of pro forma consolidated results | The following supplemental unaudited pro forma information presents the financial results as if the acquisition of Par had occurred on January 1, 2014 for the years ended December 31, 2015 and 2014 . This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made on January 1, 2014 , nor are they indicative of any future results. Year Ended December 31, 2015 Year Ended December 31, 2014 Unaudited pro forma consolidated results (in thousands, except per share data): Revenue $ 4,268,110 $ 3,689,304 Net loss attributable to Endo International plc $ (1,594,130 ) $ (1,023,663 ) Basic net loss per share $ (8.09 ) $ (6.97 ) Diluted net loss per share $ (8.09 ) $ (6.53 ) |
Segment Results (Tables)
Segment Results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of reportable segments information | The following represents selected information for the Company’s reportable segments for the years ended December 31 (in thousands): 2015 2014 2013 Net revenues to external customers: U.S. Branded Pharmaceuticals $ 1,284,607 $ 969,437 $ 1,394,015 U.S. Generic Pharmaceuticals 1,672,416 1,140,821 730,666 International Pharmaceuticals (1) 311,695 270,425 — Total net revenues to external customers $ 3,268,718 $ 2,380,683 $ 2,124,681 Adjusted income from continuing operations before income tax: U.S. Branded Pharmaceuticals $ 694,440 $ 529,507 $ 783,927 U.S. Generic Pharmaceuticals $ 741,767 $ 464,029 $ 193,643 International Pharmaceuticals $ 81,789 $ 80,683 $ — __________ (1) Revenues generated by our International Pharmaceuticals segment are primarily attributable to Canada, Mexico and South Africa. |
Schedule of reconciliations of consolidated adjusted income before income tax | The table below provides reconciliations of our segment adjusted income from continuing operations before income tax to our consolidated (loss) income from continuing operations before income tax , which is determined in accordance with U.S. GAAP, for the years ended December 31 (in thousands): 2015 2014 2013 Total segment adjusted income from continuing operations before income tax: $ 1,517,996 $ 1,074,219 $ 977,570 Corporate unallocated costs (1) (544,456 ) (355,417 ) (315,743 ) Upfront and milestone payments to partners (16,155 ) (51,774 ) (29,703 ) Asset impairment charges (2) (1,140,709 ) (22,542 ) (32,011 ) Acquisition-related and integration items (3) (105,250 ) (77,384 ) (7,614 ) Separation benefits and other cost reduction initiatives (4) (125,407 ) (25,760 ) (91,530 ) Excise tax (5) — (54,300 ) — Amortization of intangible assets (561,302 ) (218,712 ) (123,547 ) Inventory step-up and certain manufacturing costs that will be eliminated pursuant to integration plans (249,464 ) (65,582 ) — Non-cash interest expense related to the 1.75% Convertible Senior Subordinated Notes (1,633 ) (12,192 ) (22,742 ) Loss on extinguishment of debt (67,484 ) (31,817 ) (11,312 ) Watson litigation settlement income, net — — 50,400 Certain litigation-related charges, net (6) (37,082 ) (42,084 ) (9,450 ) Costs associated with unused financing commitments (78,352 ) — — Acceleration of Auxilium employee equity awards at closing (37,603 ) — — Charge related to the non-recoverability of certain non-trade receivables — (10,000 ) — Net gain on sale of certain early-stage drug discovery and development assets — 5,200 — Other than temporary impairment of equity investment (18,869 ) — — Foreign currency impact related to the remeasurement of intercompany debt instruments 25,121 13,153 — Charge for an additional year of the branded prescription drug fee in accordance with IRS regulations issued in the third quarter of 2014 (3,079 ) (24,972 ) — Other, net 5,864 (161 ) 1,048 Total consolidated (loss) income from continuing operations before income tax $ (1,437,864 ) $ 99,875 $ 385,366 __________ (1) Corporate unallocated costs include certain corporate overhead costs, interest expense, net, and certain other income and expenses. (2) Asset impairment charges primarily related to charges to write down goodwill and intangible assets as further described in Note 10. Goodwill and Other Intangibles . (3) Acquisition-related and integration-items include costs directly associated with the closing of certain acquisitions of $170.9 million , $77.4 million and $7.6 million in 2015 , 2014 and 2013 . During 2015 , these costs are net of a benefit due to changes in the fair value of contingent consideration of $65.6 million . (4) Separation benefits and other cost reduction initiatives include employee separation costs of $60.2 million , $14.4 million and $35.2 million in 2015 , 2014 and 2013 , respectively. Other amounts in 2015 primarily consist of $41.2 million of inventory write-offs and $13.3 million of building costs, including a $7.9 million charge recorded upon the cease use date of our Auxilium subsidiary’s former corporate headquarters. Amounts in 2014 primarily consisted of employee separation costs and changes in estimates related to certain cost reduction initiative accruals. The amount of separation benefits and other cost reduction initiatives in 2013 includes an expense recorded upon the cease use date of our Chadds Ford, Pennsylvania and Westbury, New York properties in the first quarter of 2013 , representing the liability for our remaining obligations under the respective lease agreements of $7.2 million . Contract termination fees of $5.8 million in 2013 are also included in this amount. These amounts were primarily recorded as Selling, general and administrative expense in our Consolidated Statements of Operations . See Note 4. Restructuring for discussion of our material restructuring initiatives. (5) This amount represents charges related to the expense for the reimbursement of directors’ and certain employees’ excise tax liabilities pursuant to Section 4985 of the Internal Revenue Code. (6) These amounts include charges for Litigation-related and other contingencies, net as further described in Note 14. Commitments and Contingencies . |
Additional selected financial information for reportable segments | The following represents additional selected financial information for our reportable segments for the years ended December 31 (in thousands): 2015 2014 2013 Depreciation expense: U.S. Branded Pharmaceuticals $ 19,884 $ 16,209 $ 19,828 U.S. Generic Pharmaceuticals 29,193 16,751 13,354 International Pharmaceuticals 3,147 1,856 — Corporate unallocated 7,674 7,849 8,354 Total depreciation expense $ 59,898 $ 42,665 $ 41,536 2015 2014 2013 Amortization expense: U.S. Branded Pharmaceuticals $ 280,954 $ 78,890 $ 80,223 U.S. Generic Pharmaceuticals 223,367 95,042 43,924 International Pharmaceuticals 56,981 44,780 $ — Total amortization expense $ 561,302 $ 218,712 $ 124,147 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value on recurring basis | The Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2015 and December 31, 2014 were as follows (in thousands): Fair Value Measurements at Reporting Date using: December 31, 2015 Quoted Prices in Significant Other Significant Total Assets: Money market funds $ 51,145 $ — $ — $ 51,145 Equity securities 3,889 — — 3,889 Total $ 55,034 $ — $ — $ 55,034 Liabilities: Acquisition-related contingent consideration—short-term $ — $ — $ 65,265 $ 65,265 Acquisition-related contingent consideration—long-term — — 78,237 78,237 Total $ — $ — $ 143,502 $ 143,502 At December 31, 2015 , money market funds include $51.1 million in Qualified Settlement Funds to be disbursed to mesh-related product liability claimants. See Note 14. Commitments and Contingencies for further discussion of our product liability cases. Fair Value Measurements at Reporting Date using: December 31, 2014 Quoted Prices in Significant Other Significant Total Assets: Money market funds $ 279,327 $ — $ — $ 279,327 Equity securities 2,321 — — 2,321 Total $ 281,648 $ — $ — $ 281,648 Liabilities: Acquisition-related contingent consideration—short-term $ — $ — $ 4,282 $ 4,282 Acquisition-related contingent consideration—long-term — — 41,723 41,723 Total $ — $ — $ 46,005 $ 46,005 |
Changes to liability for acquisition-related contingent consideration | The following table presents changes to the Company’s liability for acquisition-related contingent consideration, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31 (in thousands): 2015 2014 Beginning of period $ 46,005 $ 4,747 Amounts acquired 214,435 40,224 Amounts settled (37,583 ) — Transfers (in) and/or out of Level 3 — — Measurement period adjustments (13,434 ) — Changes in fair value recorded in earnings (65,640 ) 1,034 Effect of currency translation (281 ) — End of period $ 143,502 $ 46,005 |
Summary of available-for-sale securities | The following is a summary of available-for-sale securities held by the Company at December 31, 2015 and December 31, 2014 (in thousands): Available-for-sale Amortized Gross Gross Fair Value December 31, 2015 Money market funds $ 51,145 $ — $ — $ 51,145 Total included in cash and cash equivalents $ 3 $ — $ — $ 3 Total included in restricted cash and cash equivalents $ 51,142 $ — $ — $ 51,142 Equity securities $ 24 $ 10 $ — $ 34 Total other short-term available-for-sale securities $ 24 $ 10 $ — $ 34 Equity securities $ 1,766 $ 2,089 $ — $ 3,855 Long-term available-for-sale securities $ 1,766 $ 2,089 $ — $ 3,855 Available-for-sale Amortized Gross Gross Fair Value December 31, 2014 Money market funds $ 279,327 $ — $ — $ 279,327 Total included in cash and cash equivalents $ 154,959 $ — $ — $ 154,959 Total included in restricted cash and cash equivalents $ 124,368 $ — $ — $ 124,368 Equity securities $ 805 $ 10 $ — $ 815 Total other short-term available-for-sale securities $ 805 $ 10 $ — $ 815 Equity securities $ 1,766 $ — $ (260 ) $ 1,506 Long-term available-for-sale securities $ 1,766 $ — $ (260 ) $ 1,506 |
Summary of nonrecurring fair value measurements | The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2015 were as follows (in thousands): Fair Value Measurements at Reporting Date using: Total Expense for the Year Ended December 31, 2015 Quoted Prices in Significant Other Significant Assets: Auxilium leasehold improvements (Note 4) $ — $ — $ — $ (7,000 ) Litha equity investment — — 10,469 (18,869 ) Certain U.S. Branded Pharmaceuticals intangible assets (Note 10) — — 48,266 (175,031 ) Certain U.S. Generic Pharmaceuticals intangible assets (Note 10) — — 38,005 (181,000 ) Certain International Pharmaceuticals intangible assets (Note 10) — — 3,838 (14,579 ) UEO reporting unit goodwill (Note 10) — — 240,994 (673,500 ) Paladin reporting unit goodwill (Note 10) — — 436,919 (85,780 ) Total $ — $ — $ 778,491 $ (1,155,759 ) Liabilities: Minimum Voltaren® Gel royalties due to Novartis — — 15,000 — Total $ — $ — $ 15,000 $ — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following at December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 December 31, 2014 Raw materials (1) $ 207,516 $ 118,431 Work-in-process (1) 176,881 43,290 Finished goods (1) 360,268 253,274 Total $ 744,665 $ 414,995 (1) The components of inventory shown in the table above are net of allowance for obsolescence. |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | Depreciation is based on the following estimated useful lives, as of December 31, 2015 : Range of Useful Lives, from: Buildings 8 years to 45 years Machinery and equipment 2 years to 20 years Leasehold improvements 2 years to 10 years Computer equipment and software 2 years to 10 years Assets under capital lease Shorter of useful life or lease term Furniture and fixtures 2 years to 10 years Land and Buildings Machinery and Equipment Leasehold Improve- Computer Equipment and Software Assets under Capital Lease Furniture and Fixtures Assets under Construc- Total (In thousands) Cost: At January 1, 2015 $ 223,841 $ 91,899 $ 16,165 $ 88,984 $ 6,082 $ 3,218 $ 79,861 $ 510,050 Additions 18,068 11,507 6,701 25,634 3,502 1,236 9,926 76,574 Additions due to acquisitions 98,969 95,848 28,091 20,633 — 16,530 23,383 283,454 Disposals/transfers/impairments/other (335 ) (13,494 ) (4,857 ) (21,265 ) (463 ) (805 ) (3,351 ) (44,570 ) Effect of currency translation (2,998 ) (1,452 ) (330 ) (741 ) — (225 ) (36 ) (5,782 ) At December 31, 2015 $ 337,545 $ 184,308 $ 45,770 $ 113,245 $ 9,121 $ 19,954 $ 109,783 $ 819,726 Accumulated Depreciation: At January 1, 2015 $ (30,656 ) $ (36,399 ) $ (8,034 ) $ (42,043 ) $ (1,820 ) $ (1,035 ) $ (3,011 ) $ (122,998 ) Additions (13,078 ) (13,499 ) (8,802 ) (20,135 ) (2,514 ) (1,870 ) — (59,898 ) Disposals/transfers/impairments/other 1,045 9,070 5,856 8,861 876 582 5,119 31,409 Effect of currency translation 702 951 105 401 — 176 — 2,335 At December 31, 2015 $ (41,987 ) $ (39,877 ) $ (10,875 ) $ (52,916 ) $ (3,458 ) $ (2,147 ) $ 2,108 $ (149,152 ) Net Book Amount: At December 31, 2015 $ 295,558 $ 144,431 $ 34,895 $ 60,329 $ 5,663 $ 17,807 $ 111,891 $ 670,574 At December 31, 2014 $ 193,185 $ 55,500 $ 8,131 $ 46,941 $ 4,262 $ 2,183 $ 76,850 $ 387,052 |
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | Changes in the carrying amount of our goodwill for the year ended December 31, 2015 were as follows (in thousands): Carrying Amount U.S. Branded Pharmaceuticals U.S. Generic Pharmaceuticals International Pharmaceuticals Total Balance as of December 31, 2013: Goodwill $ 290,793 $ 275,201 $ — $ 565,994 Goodwill acquired during the period 841,139 796,436 737,050 2,374,625 Effect of currency translation — — (42,844 ) (42,844 ) Balance as of December 31, 2014: Goodwill $ 1,131,932 $ 1,071,637 $ 694,206 $ 2,897,775 Goodwill acquired during the period 544,344 4,718,297 7,660 5,270,301 Effect of currency translation — — (109,442 ) (109,442 ) Goodwill impairment charges (673,500 ) — (85,780 ) (759,280 ) Balance as of December 31, 2015: Goodwill $ 1,676,276 $ 5,789,934 $ 592,424 $ 8,058,634 Accumulated impairment losses $ (673,500 ) $ — $ (85,780 ) $ (759,280 ) $ 1,002,776 $ 5,789,934 $ 506,644 $ 7,299,354 |
Schedule of other intangible assets | The following is a summary of other intangibles held by the Company at December 31, 2015 and December 31, 2014 (in thousands): Cost basis: Balance as of December 31, 2014 Acquisitions Impairments Other Effect of Currency Translation Balance as of December 31, 2015 Indefinite-lived intangibles: In-process research and development $ 184,598 $ 1,628,400 $ (28,072 ) $ (35,710 ) $ (12,335 ) $ 1,736,881 Total indefinite-lived intangibles $ 184,598 $ 1,628,400 $ (28,072 ) $ (35,710 ) $ (12,335 ) $ 1,736,881 Definite-lived intangibles: Licenses (weighted average life of 10 years) $ 664,367 $ 12,500 $ — $ — $ — $ 676,867 Tradenames (weighted average life of 12 years) 21,315 — (13,591 ) — (187 ) 7,537 Developed technology (weighted average life of 12 years) 2,242,118 4,901,716 (328,947 ) 30,247 (122,562 ) 6,722,572 Total definite-lived intangibles (weighted average life of 12 years) $ 2,927,800 $ 4,914,216 $ (342,538 ) $ 30,247 $ (122,749 ) $ 7,406,976 Total other intangibles $ 3,112,398 $ 6,542,616 $ (370,610 ) $ (5,463 ) $ (135,084 ) $ 9,143,857 Accumulated amortization: Balance as of December 31, 2014 Amortization Impairments Other Effect of Currency Translation Balance as of December 31, 2015 Indefinite-lived intangibles: In-process research and development $ — $ — $ — $ — $ — $ — Total indefinite-lived intangibles $ — $ — $ — $ — $ — $ — Definite-lived intangibles: Licenses $ (426,413 ) $ (81,812 ) $ — $ — $ — $ (508,225 ) Tradenames (5,462 ) (1,097 ) — — 15 (6,544 ) Developed technology (348,273 ) (478,393 ) — — 10,233 (816,433 ) Total definite-lived intangibles $ (780,148 ) $ (561,302 ) $ — $ — $ 10,248 $ (1,331,202 ) Total other intangibles $ (780,148 ) $ (561,302 ) $ — $ — $ 10,248 $ (1,331,202 ) Net other intangibles $ 2,332,250 $ 7,812,655 __________ (1) Includes intangible assets acquired primarily in connection with the acquisitions of Par, Auxilium, Aspen Holdings and other acquisitions. See Note 5. Acquisitions for further information. (2) Includes the impairment of certain intangible assets of our U.S. Branded Pharmaceuticals , U.S. Generic Pharmaceuticals and International Pharmaceuticals segments. (3) During the year ended December 31, 2015 , certain IPR&D assets totaling $35.7 million were put into service, partially offset by a reduction of $5.5 million relating to measurement period adjustments to certain intangible assets acquired in 2014. See Note 5. Acquisitions for further information on measurement period adjustments. Amortization expense for the years ended December 31, 2015 , 2014 and 2013 totaled $561.3 million , $218.7 million and $124.1 million , respectively. Estimated amortization of intangibles for the five fiscal years subsequent to December 31, 2015 is as follows (in thousands): 2016 $ 820,936 2017 $ 699,920 2018 $ 618,317 2019 $ 565,397 2020 $ 540,241 |
Schedule of changes in gross carrying amount of other intangible assets | Changes in the gross carrying amount of our other intangibles for the year ended December 31, 2015 were as follows (in thousands): Gross December 31, 2014 $ 3,112,398 Auxilium acquisition 2,619,500 Par acquisition 3,627,000 Aspen Holdings acquisition 118,434 Other acquisitions 121,214 BELBUCA TM milestone 43,968 License extension of certain intangible assets 12,500 Impairment of certain U.S. Branded Pharmaceuticals intangible assets (175,031 ) Impairment of certain U.S. Generic Pharmaceuticals intangible assets (181,000 ) Impairment of certain International Pharmaceuticals intangible assets (14,579 ) Measurement period adjustments relating to acquisitions closed during 2014 (5,463 ) Effect of currency translation (135,084 ) December 31, 2015 $ 9,143,857 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses are comprised of the following for each of the years ended December 31 , (in thousands): December 31, 2015 December 31, 2014 Returns and allowances $ 356,932 $ 174,940 Rebates 331,492 497,362 Chargebacks 18,899 217,402 Other sales deductions — 25,380 Accrued interest 132,035 69,616 Acquisition-related contingent consideration—short-term 65,265 4,282 Other 246,549 155,343 Total $ 1,151,172 $ 1,144,325 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Schedule of Long-term Debt Instruments | The following table presents the carrying amounts of the Company’s total indebtedness at December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 December 31, 2014 Principal Amount Unamortized Discount and Deferred Loan Costs Principal Amount Unamortized Discount and Deferred Loan Costs 1.75% Convertible Senior Subordinated Notes due 2015 $ — $ — $ 98,818 $ (1,759 ) 7.00% Senior Notes due 2019 — — 499,875 (12,291 ) 7.00% Senior Notes due 2020 — — 400,000 (14,049 ) 7.25% Senior Notes due 2022 400,000 (12,535 ) 400,000 (14,093 ) 5.75% Senior Notes due 2022 700,000 (10,088 ) 700,000 (11,431 ) 5.375% Senior Notes due 2023 750,000 (10,511 ) 750,000 (11,686 ) 6.00% Senior Notes due 2023 1,635,000 (27,694 ) — — 6.00% Senior Notes due 2025 1,200,000 (22,713 ) — — Term Loan A Facility Due 2019 1,017,500 (13,831 ) 1,069,063 (16,247 ) Term Loan B Facility Due 2021 2,800,000 (49,900 ) 421,812 (7,988 ) Revolving Credit Facility 225,000 — — — Other debt 134 — 6,540 — Total long-term debt, net $ 8,727,634 $ (147,272 ) $ 4,346,108 $ (89,544 ) Less current portion, net 328,705 — 155,937 — Total long-term debt, less current portion, net $ 8,398,929 $ (147,272 ) $ 4,190,171 $ (89,544 ) |
6.00% Senior Notes due 2025 | |
Debt Instrument [Line Items] | |
Outstanding Principal Balance Of Non Recourse Notes Percentage | On or after February 1, 2020, the Issuers may on any one or more occasions redeem all or a part of the 2025 Notes , at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and additional interest, if any, if redeemed during the twelve-month period beginning on February 1 of the years indicated below: Payment Dates (between indicated dates) Redemption From February 1, 2020 to and including January 31, 2021 103.000 % From February 1, 2021 to and including January 31, 2022 102.000 % From February 1, 2022 to and including January 31, 2023 101.000 % From February 1, 2023 and thereafter 100.000 % |
6.00% Senior Notes due 2023 | |
Debt Instrument [Line Items] | |
Outstanding Principal Balance Of Non Recourse Notes Percentage | On or after July 15, 2018, the Issuers may on any one or more occasions redeem all or a part of the 2023 Notes , at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if redeemed during the twelve-month period beginning on July 15 of the years indicated below: Payment Dates (between indicated dates) Redemption From July 15, 2018 to and including July 14, 2019 104.500 % From July 15, 2019 to and including July 14, 2020 103.000 % From July 15, 2020 to and including July 14, 2021 101.500 % From July 15, 2021 and thereafter 100.000 % |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Changes in Qualified Settlement Funds accounts and product liability balance | The following table presents the changes in the vaginal mesh Qualified Settlement Funds and product liability balance during the year ended December 31, 2015 (in thousands): Qualified Settlement Funds Product Liability Balance as of December 31, 2014 $ 485,229 $ 1,655,195 Additional charges — 1,107,751 Cash distributions to Qualified Settlement Funds 743,132 — Cash distributions to settle disputes from Qualified Settlement Funds (649,391 ) (649,391 ) Cash distributions to settle disputes — (27,379 ) Balance as of December 31, 2015 $ 578,970 $ 2,086,176 |
Schedule of Future Minimum Rental Payments for Leases | A summary of minimum future rental payments required under capital and operating leases as of December 31, 2015 are as follows (in thousands): Capital Leases(1) Operating Leases 2016 $ 9,950 $ 23,103 2017 8,114 16,292 2018 6,951 15,201 2019 7,051 12,471 2020 7,242 10,624 Thereafter 30,248 31,304 Total minimum lease payments $ 69,556 $ 108,995 Less: Amount representing interest 6,628 Total present value of minimum payments $ 62,928 Less: Current portion of such obligations 9,950 Long-term capital lease obligations $ 52,978 __________ (1) The direct financing arrangement is included under Capital Leases. Minimum payments have not been reduced by minimum sublease rentals of $21.5 million due in the future under a noncancelable sublease. |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of tax effects allocated to each component of other comprehensive income | The following table presents the tax effects allocated to each component of Other comprehensive loss for the years ended December 31 (in thousands): 2015 2014 2013 Before- Tax (Expense) Benefit Net-of-Tax Before-Tax Tax Benefit (Expense) Net-of- Before-Tax Tax (Expense) Benefit Net-of- Net unrealized gain (loss) on securities: Unrealized gain (loss) arising during the period $ 2,349 $ (50 ) $ 2,299 $ (1,646 ) $ 547 $ (1,099 ) $ 1,233 $ (458 ) $ 775 Less: reclassification adjustments for loss realized in net loss — — — 17 — 17 — — — Net unrealized gains (losses) 2,349 (50 ) 2,299 (1,629 ) 547 (1,082 ) 1,233 (458 ) 775 Net unrealized gain (loss) on foreign currency: Foreign currency translation (loss) gain arising during the period (263,425 ) (21,297 ) (284,722 ) (121,417 ) 28 (121,389 ) 682 32 714 Less: reclassification adjustments for loss realized in net loss 25,557 158 25,715 — — — — — — Foreign currency translation (loss) gain (237,868 ) (21,139 ) (259,007 ) (121,417 ) 28 (121,389 ) 682 32 714 Fair value adjustment on derivatives designated as cash flow hedges: Fair value adjustment on derivatives designated as cash flow hedges arising during the period — — — — — — 853 (307 ) 546 Less: reclassification adjustments for cash flow hedges settled and included in net loss — — — — — — (232 ) 84 (148 ) Net unrealized fair value adjustment on derivatives designated as cash flow hedges — — — — — — 621 (223 ) 398 Other comprehensive (loss) income $ (235,519 ) $ (21,189 ) $ (256,708 ) $ (123,046 ) $ 575 $ (122,471 ) $ 2,536 $ (649 ) $ 1,887 |
Schedule of accumulated other comprehensive income (loss) | The following is a summary of the accumulated balances related to each component of Other comprehensive loss , net of taxes, at December 31, 2015 and December 31, 2014 (in thousands): December 31, December 31, Net unrealized gains (losses) $ 1,815 $ (484 ) Foreign currency translation loss (386,020 ) (123,604 ) Accumulated other comprehensive loss $ (384,205 ) $ (124,088 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of changes in stockholders' equity | The following table reflects the effect on the Company’s equity for the year ended December 31, 2015 (in thousands): Adjustment to Accumulated other comprehensive loss related to the reallocation (from noncontrolling to controlling interests) of foreign currency translation loss attributable to our noncontrolling interest in Litha $ (3,904 ) Decrease in noncontrolling interests for buy-out of Litha (32,732 ) Decrease in additional paid-in capital for buy-out of Litha (2,972 ) Total cash consideration paid related to buy-out of Litha $ (39,608 ) |
Shared-based Compensation (Tabl
Shared-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of allocation of stock-based compensation | Presented below is the allocation of share-based compensation as recorded in our Consolidated Statements of Operations for the years ended December 31 (in thousands). 2015 2014 2013 Selling, general and administrative expenses $ 79,928 $ 21,690 $ 24,982 Research and development expenses 2,388 3,670 4,740 Cost of revenues 2,241 1,479 — Discontinued operations (Note 3) 14,231 5,832 9,276 Total share-based compensation expense $ 98,788 $ 32,671 $ 38,998 |
Summary of activity under stock incentive plans | A summary of the activity for each of the years ended December 31, 2015 is presented below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2013 8,824,705 $ 27.93 Granted 593,709 $ 30.81 Exercised (3,836,560 ) $ 25.32 Forfeited (1,291,043 ) $ 32.73 Expired (45,022 ) $ 30.06 Outstanding as of December 31, 2013 4,245,789 $ 29.30 Granted 736,948 $ 75.13 Exercised (1,528,295 ) $ 27.09 Forfeited (371,410 ) $ 39.76 Expired (19,680 ) $ 24.56 Outstanding as of December 31, 2014 3,063,352 $ 40.15 Granted 794,757 $ 77.27 Exercised (880,885 ) $ 30.93 Forfeited (201,397 ) $ 72.24 Expired (7,260 ) $ 45.20 Outstanding as of December 31, 2015 2,768,567 $ 51.56 5.35 $ 46,340,769 Vested and expected to vest as of December 31, 2015 2,616,444 $ 50.26 5.20 $ 46,165,754 Exercisable as of December 31, 2015 1,384,900 $ 35.82 3.90 $ 38,473,019 |
Stock option assumption | The weighted average grant date fair value of the stock options granted in the years ended December 31, 2015 , 2014 and 2013 was $21.09 , $20.28 and $9.37 per option, respectively, determined using the following assumptions: 2015 2014 2013 Average expected term (years) 4.0 4.0 5.0 Risk-free interest rate 1.3 % 1.3 % 0.8 % Dividend yield — — — Expected volatility 32 % 32 % 33 % |
Summary of restricted and performance stock units activity | A summary of our restricted and performance stock units for the years ended December 31, 2015 is presented below: Number of Shares Aggregate Intrinsic Value Outstanding as of January 1, 2013 2,423,612 Granted 1,543,221 Forfeited (899,954 ) Vested (804,451 ) Outstanding as of December 31, 2013 2,262,428 Granted 609,357 Forfeited (374,463 ) Vested (842,569 ) Outstanding as of December 31, 2014 1,654,753 Granted 927,214 Forfeited (251,351 ) Vested (523,763 ) Outstanding as of December 31, 2015 1,806,853 $ 111,925,522 Vested and expected to vest as of December 31, 2015 1,693,411 $ 98,500,246 |
Other Expense (Income), Net (Ta
Other Expense (Income), Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Component of Operating Income [Abstract] | |
Schedule Of Components Of Other Expense (Income), Net | The components of Other expense (income), net for the years ended December 31 are as follows (in thousands): 2015 2014 2013 Watson litigation settlement income, net $ — $ — $ (50,400 ) Net gain on sale of certain early-stage drug discovery and development assets — (5,200 ) — Foreign currency gain, net (23,058 ) (10,054 ) (21 ) Equity loss (earnings) from unconsolidated subsidiaries, net 3,217 (8,325 ) (1,482 ) Other than temporary impairment of equity investment 18,869 — — Legal settlement (12,500 ) — — Costs associated with unused financing commitments 78,352 — — Other miscellaneous (1,189 ) (8,745 ) (1,156 ) Other expense (income), net $ 63,691 $ (32,324 ) $ (53,059 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Before Income Tax By Geography | The components of our (loss) income from continuing operations before income tax by geography for the years ended December 31 are as follows (in thousands): 2015 2014 2013 United States $ (626,740 ) $ (33,459 ) $ 385,366 International (811,124 ) 133,334 — Total (loss) income from continuing operations before income tax $ (1,437,864 ) $ 99,875 $ 385,366 |
Schedule of Income Tax | Income tax from continuing operations consists of the following for the years ended December 31 (in thousands): 2015 2014 2013 Current: U.S. Federal $ (308,909 ) $ 30,385 $ 93,212 U.S. State (5,600 ) 16,270 10,980 International 16,722 (2,550 ) — Total current income tax $ (297,787 ) $ 44,105 $ 104,192 Deferred: U.S. Federal (779,757 ) (31,922 ) 36,369 U.S. State (70,221 ) (7,740 ) (1,336 ) International (9,376 ) (620 ) — Total deferred income tax $ (859,354 ) $ (40,282 ) $ 35,033 Excess tax benefits of stock compensation exercised 19,676 33,501 4,315 Valuation allowance — 943 202 Total income tax $ (1,137,465 ) $ 38,267 $ 143,742 |
Schedule Of Reconciliation Of Income Tax At Federal Statutory Income Tax Rate To Total Income Tax Provision | A reconciliation of income tax from continuing operations at the U.S. federal statutory income tax rate to the total income tax provision from continuing operations for the years ended December 31 (in thousands): 2015 2014 2013 Notional U.S. federal income tax provision at the statutory rate $ (503,271 ) $ 34,956 $ 134,878 State income tax, net of federal benefit (45,823 ) 10,095 5,554 Research and development credit (5,549 ) (2,535 ) (6,002 ) Uncertain tax positions 30,974 2,494 2,779 Residual tax on non-U.S. net earnings (1) (359,831 ) (52,246 ) — Change in valuation allowance 278,339 952 — Effects of outside basis differences (111,920 ) — — Worthless stock deduction (674,210 ) — — Impairment of goodwill 248,403 — — Effect of permanent items: Branded prescription drug fee 10,753 16,336 12,060 Domestic production activities deduction — 5,468 (6,835 ) Transaction-related expenses 9,872 5,889 2,643 Excise tax — 15,398 — Executive compensation limitation 467 3,590 417 Extinguishment of debt — (5,802 ) — Share based compensation 950 2,227 — Audit settlements — (1,875 ) — Other (16,619 ) 3,320 (1,752 ) Income tax $ (1,137,465 ) $ 38,267 $ 143,742 __________ (1) Excludes nondeductible charges and other items which are broken out separately in the table. |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred income tax liability were as follows, excluding assets and liabilities held for sale, shown on the balance sheets for the years ended December 31 are as follows (in thousands): 2015 2014 Deferred tax assets: Accrued expenses and customer allowances $ 285,342 $ 644,858 Compensation related to stock options 22,532 15,415 Net operating loss carryforward 635,030 108,823 Loss on capital assets 7,210 10,642 Research and development credit carryforward 56,489 13,085 Uncertain tax positions 8,211 6,574 Prepaid royalties — 5,190 Tax credit carryforwards 96,952 12,249 Deferred interest expense 290,600 — Other 7,564 23,173 Total gross deferred income tax assets $ 1,409,930 $ 840,009 Deferred tax liabilities: Fixed assets and intangible assets $ (1,759,009 ) $ (894,714 ) Deferred interest expense — (6,012 ) Outside basis difference (59,434 ) — Prepaid royalties (413 ) — Other (25,978 ) (9,238 ) Total gross deferred income tax liabilities $ (1,844,834 ) $ (909,964 ) Valuation allowance (426,991 ) (40,646 ) Net deferred income tax liability $ (861,895 ) $ (110,601 ) |
Summary of Tax Credit Carryforwards | At December 31, 2015 , the Company had the following significant deferred tax assets for certain tax credits net of unrecognized tax benefits (in millions): Jurisdiction 2015 Begin to Expire Canada Investment tax credits $ 3.2 2017 United States Alternative minimum tax $ 66.6 Indefinite Research and development credits $ 56.3 2026 Foreign tax credits $ 25.3 2025 |
Summary of Operating Loss Carryforwards | At December 31, 2015 , the Company had the following significant deferred tax assets for net operating and capital loss carryforwards for tax purposes net of unrecognized tax benefits (in millions): Jurisdiction 2015 Begin to Expire Ireland $ 7.3 Indefinite Luxembourg $ 325.0 Indefinite United States Federal ordinary losses $ 222.4 2020 State-capital losses $ 5.1 2026 State-ordinary losses $ 71.7 2016 |
Summary of Valuation Allowance | At December 31, 2015 , the Company had the following significant valuation allowances for tax purposes (in millions): Jurisdiction 2015 Canada $ 1.4 Ireland $ 26.7 Luxembourg $ 325.0 Mexico $ 3.7 Netherlands $ 1.2 South Africa $ 1.2 United States $ 67.3 |
Schedule Of Reconciliation Of Change In Uncertain Tax Benefits | Unrecognized Tax Benefit Federal, State, and Foreign Tax UTB Balance at January 1, 2013 $ 58,917 Gross additions for current year positions 2,076 Gross additions for prior period positions 4,618 Gross reductions for prior period positions (2,390 ) Decrease due to lapse of statute of limitations (4,592 ) UTB Balance at December 31, 2013 $ 58,629 Gross additions for current year positions 6,008 Gross additions for prior period positions 873 Gross reductions for prior period positions (6,647 ) Decrease due to lapse of statute of limitations (5,067 ) Decrease due to settlements (597 ) Additions related to acquisitions 54,750 Currency translation adjustment (2,619 ) UTB Balance at December 31, 2014 $ 105,330 Gross additions for current year positions 65,439 Gross reductions for prior period positions (234 ) Gross additions for prior period positions 3,460 Decrease due to lapse of statute of limitations (75 ) Additions related to acquisitions 150,152 Currency translation adjustment (7,825 ) UTB Balance at December 31, 2015 $ 316,247 Accrued interest and penalties 12,664 Total UTB balance including accrued interest and penalties $ 328,911 Current portion $ — Non-current portion $ 328,911 |
Summary of Income Tax Examinations | As of December 31, 2015 , under applicable statutes, the following tax years remained subject to examination in the major tax jurisdictions indicated: Jurisdiction Open Years Canada 2010 through 2015 India 2011 through 2015 Ireland 2012 through 2015 Luxembourg 2013 through 2015 Mexico 2010 through 2015 South Africa 2010 through 2015 United States - federal, state and local 2005 through 2015 |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation Of The Numerator And Denominator Of Basic And Diluted Net (Loss) Income Per Share | The following is a reconciliation of the numerator and denominator of basic and diluted net loss per share for the years ended December 31 (in thousands, except share data): 2015 2014 2013 Numerator: (Loss) income from continuing operations $ (300,399 ) $ 61,608 $ 241,624 Less: Net loss from continuing operations attributable to noncontrolling interests (283 ) (399 ) — (Loss) income from continuing operations attributable to Endo International plc ordinary shareholders (300,116 ) 62,007 241,624 Loss from discontinued operations attributable to Endo International plc ordinary shareholders, net of tax (1,194,926 ) (783,326 ) (926,963 ) Net loss attributable to Endo International plc ordinary shareholders $ (1,495,042 ) $ (721,319 ) $ (685,339 ) Denominator: For basic per share data—weighted average shares 197,100 146,896 113,295 Dilutive effect of ordinary share equivalents — 2,600 2,453 Dilutive effect of various convertible notes and warrants — 7,234 4,081 For diluted per share data—weighted average shares 197,100 156,730 119,829 |
Quarterly Financial Data (Una51
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended March 31, June 30, September 30, December 31, (in thousands, except per share data) 2015 (1) Total revenues $ 714,128 $ 735,166 $ 745,727 $ 1,073,697 Gross profit $ 329,862 $ 296,308 $ 303,268 $ 263,629 Income (loss) from continuing operations $ 150,492 $ (90,894 ) $ (803,706 ) $ 443,709 Discontinued operations, net of tax $ (226,210 ) $ (159,632 ) $ (246,782 ) $ (562,302 ) Net loss attributable to Endo International plc $ (75,718 ) $ (250,419 ) $ (1,050,442 ) $ (118,463 ) Net loss per share attributable to Endo International plc ordinary shareholders—Basic: Continuing operations $ 0.89 $ (0.49 ) $ (3.84 ) $ 1.98 Discontinued operations (1.34 ) (0.86 ) (1.18 ) (2.51 ) Basic $ (0.45 ) $ (1.35 ) $ (5.02 ) $ (0.53 ) Net loss per share attributable to Endo International plc ordinary shareholders—Diluted: Continuing operations $ 0.85 $ (0.49 ) $ (3.84 ) $ 1.97 Discontinued operations (1.28 ) (0.86 ) (1.18 ) (2.50 ) Diluted $ (0.43 ) $ (1.35 ) $ (5.02 ) $ (0.53 ) Weighted average shares—Basic 169,653 185,328 209,274 224,147 Weighted average shares—Diluted 176,825 185,328 209,274 225,321 2014 (2)(3) Total revenues $ 470,842 $ 592,848 $ 654,116 $ 662,877 Gross profit $ 258,163 $ 289,403 $ 312,923 $ 288,697 (Loss) income from continuing operations $ (47,401 ) $ 40,575 $ 48,953 $ 19,481 Discontinued operations, net of tax $ (385,877 ) $ (20,189 ) $ (301,002 ) $ (72,724 ) Net (loss) income attributable to Endo International plc $ (436,912 ) $ 21,160 $ (252,084 ) $ (53,483 ) Net (loss) income per share attributable to Endo International plc ordinary shareholders—Basic: Continuing operations $ (0.37 ) $ 0.27 $ 0.32 $ 0.13 Discontinued operations (3.04 ) (0.13 ) (1.96 ) (0.48 ) Basic $ (3.41 ) $ 0.14 $ (1.64 ) $ (0.35 ) Net (loss) income per share attributable to Endo International plc ordinary shareholders—Diluted: Continuing operations $ (0.37 ) $ 0.25 $ 0.31 $ 0.12 Discontinued operations (3.04 ) (0.12 ) (1.90 ) (0.46 ) Diluted $ (3.41 ) $ 0.13 $ (1.59 ) $ (0.34 ) Weighted average shares—Basic 128,135 152,368 153,309 153,772 Weighted average shares—Diluted 128,135 163,369 158,975 159,213 __________ (1) Income (loss) from continuing operations for the year ended December 31, 2015 was impacted by (1) acquisition-related and integration items of $34.6 million , $44.2 million , $(27.7) million and $54.1 million during the first, second, third and fourth quarters, respectively; these costs are net of a benefit due to changes in the fair value of contingent consideration of $0.8 million , $2.5 million , and $80.3 million during the first, second and third quarters, respectively and an charge of $17.9 million during the fourth quarter (2) asset impairment charges of $7.0 million , $70.2 million , $923.6 million and $139.9 million during the first, second, third and fourth quarters (3) inventory step-up and certain manufacturing costs that will be eliminated pursuant to integration plans of $39.9 million , $48.9 million , $42.9 million and $117.7 million during the first, second, third and fourth quarters, respectively (4) certain integration costs and separation benefits incurred in connection with continued efforts to enhance the Company’s operations and other miscellaneous costs of $41.8 million , $5.8 million , $22.7 million and $55.2 million during the first, second, third and fourth quarters, respectively (5) other charges related to litigation-related and other contingent matters totaling $13.0 million , $6.9 million and $17.2 million during the first, second and fourth quarters, respectively (6) loss on extinguishment of debt of $1.0 million , $40.9 million and $25.6 million during the first, third and fourth quarters, respectively (7) costs associated with unused financing commitments of $11.8 million , $2.3 million and $64.3 million during the first, second and third quarters, respectively, (8) a charge of $18.9 million for an other than temporary impairment of equity investment of during the second quarter and (9) a charge of $37.6 million for the acceleration of Auxilium employee equity awards at closing during the first quarter. (2) (Loss) income from continuing operations for the year ended December 31, 2014 was impacted by (1) acquisition-related and integration items of $45.3 million , $19.6 million , $2.7 million and $9.8 million during the first, second, third and fourth quarters, respectively (2) asset impairment charges of $22.5 million during the fourth quarter (3) inventory step-up and certain manufacturing costs that will be eliminated pursuant to integration plans of $3.6 million , $19.1 million , $17.4 million and $25.5 million during the first, second, third and fourth quarters, respectively (4) certain integration costs and separation benefits incurred in connection with continued efforts to enhance the Company’s operations and other miscellaneous costs of $(1.9) million , $11.4 million , $7.5 million and $8.7 million during the first, second, third and fourth quarters, respectively (5)other charges related to litigation-related and other contingent matters totaling $4.0 million , $3.1 million and $35.0 million during the second, third and fourth quarters, respectively (6) a charge for an additional year of the branded prescription drug fee in accordance with U.S. Internal Revenue Service (IRS) regulations issued in the third quarter of 2014 of $25.0 million and (7) amounts related to expense for the reimbursement of directors’ and certain employees’ excise tax liabilities pursuant to Section 4985 of the Internal Revenue Code of $60.0 million , $(4.7) million and $(1.0) million during the first, second and third quarters, respectively. (3) In the fourth quarter of 2014, the Company recorded certain measurement period adjustments reflecting changes in the preliminary estimated fair values of certain assets and liabilities acquired in connection with the Company’s various 2014 business combinations, including adjustments to intangible assets and inventory, among others. The Company considered the impact of these adjustments on the comparative financial information presented, which related primarily to intangible asset amortization expense and inventory step-up costs, and determined that the retrospective impact was not material to the Company’s Consolidated Financial Statements for any of the periods presented. Accordingly, in the fourth quarter of 2014, the Company recorded combined pre-tax charges for intangible asset amortization and inventory step-up of approximately $9.2 million which included the cumulative effect of these measurement period adjustments, a portion of which related to each of the first, second and third quarters of 2014. This amount was recorded to Cost of revenues . |
Description of Business (Detail
Description of Business (Details) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 11, 2014 |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Euro deferred shares, shares issued | 4,000,000 | 4,000,000 | 4,000,000 |
Euro deferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
EHSI | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 350,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Schedule of Concentration Risk, By Risk Factor, Customer) (Details) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cardinal Health, Inc. | |||
Concentration Risk [Line Items] | |||
Percentage of trade accounts receivable from major customers | 21.00% | 21.00% | 26.00% |
McKesson Corporation | |||
Concentration Risk [Line Items] | |||
Percentage of trade accounts receivable from major customers | 31.00% | 31.00% | 32.00% |
AmerisourceBergen Corporation | |||
Concentration Risk [Line Items] | |||
Percentage of trade accounts receivable from major customers | 23.00% | 16.00% | 19.00% |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Schedule of Concentration Risk, By Risk Factor, Product) (Details) - Sales Revenue, Goods, Net [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Lidoderm® | |||
Concentration Risk [Line Items] | |||
Percentage of revenue from products accounted for more than 10% of total revenue | 4.00% | 7.00% | 28.00% |
OPANA® ER | |||
Concentration Risk [Line Items] | |||
Percentage of revenue from products accounted for more than 10% of total revenue | 5.00% | 8.00% | 11.00% |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)customer | Dec. 31, 2014USD ($)customer | Dec. 31, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash and cash equivalents | $ 585,379 | $ 530,930 | |
Advertising costs | $ 57,900 | $ 28,100 | $ 31,600 |
Trade Accounts Receivable | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of trade accounts receivable from major customers | 77.00% | 76.00% | |
Number of customers | customer | 3 | 3 | |
1.75% Convertible Senior Subordinated Notes due 2015 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Interest Rate (percent) | 1.75% | 1.75% | |
Vaginal mesh cases | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Settlement Funds | $ 578,970 | $ 485,229 | |
Paladin Labs Inc. | Litha Healthcare Group Limited | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Escrow deposit | $ 40,200 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Weighted Average | |
Property, Plant and Equipment [Line Items] | |
Intangible life (years) | 12 years |
License Rights | Minimum | |
Property, Plant and Equipment [Line Items] | |
Intangible life (years) | 3 years |
License Rights | Maximum | |
Property, Plant and Equipment [Line Items] | |
Intangible life (years) | 15 years |
License Rights | Weighted Average | |
Property, Plant and Equipment [Line Items] | |
Intangible life (years) | 10 years |
Tradenames | Weighted Average | |
Property, Plant and Equipment [Line Items] | |
Intangible life (years) | 12 years |
Developed technology | Minimum | |
Property, Plant and Equipment [Line Items] | |
Intangible life (years) | 3 years |
Developed technology | Maximum | |
Property, Plant and Equipment [Line Items] | |
Intangible life (years) | 20 years |
Developed technology | Weighted Average | |
Property, Plant and Equipment [Line Items] | |
Intangible life (years) | 12 years |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 8 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 45 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Computer equipment and software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Computer equipment and software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Summary of Reclassifications) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Accrued expenses | $ 1,151,172,000 | $ 1,144,325,000 |
Accounts receivable | 995,077,000 | 1,118,720,000 |
Current deferred tax asset | 0 | (561,974,000) |
Current deferred tax liability | 0 | (22,000) |
Non-current deferred tax assets | 9,145,000 | 4,933,000 |
Non-current deferred tax liabilities | 871,040,000 | 677,486,000 |
ASU 2015-17 | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Current deferred tax asset | 329,700,000 | |
Current deferred tax liability | 81,800,000 | |
Non-current deferred tax assets | 329,700,000 | |
Non-current deferred tax liabilities | 81,800,000 | |
Pro Forma | ASU 2015-17 | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Current deferred tax asset | 562,000,000 | |
Current deferred tax liability | 22,000 | |
Accrued Expenses | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Revenue reserves | 441,500,000 | |
Other Assets | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Net deferred financing costs | (138,400,000) | 85,400,000 |
Long-term Debt | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Net deferred financing costs | 138,400,000 | $ 85,400,000 |
Par Pharmaceutical Holdings, Inc. | Accounts Receivable | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Revenue reserves | $ 898,800,000 |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) - USD ($) | Dec. 11, 2015 | Feb. 24, 2015 | Aug. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 28, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Asset impairment charges | $ 139,900,000 | $ 923,600,000 | $ 70,200,000 | $ 7,000,000 | $ 22,500,000 | $ 1,140,709,000 | $ 22,542,000 | $ 32,011,000 | ||||
Cumulative translation adjustment | 25,715,000 | 0 | 0 | |||||||||
Liabilities held for sale | 34,891,000 | 128,577,000 | 34,891,000 | 128,577,000 | ||||||||
Healthtronics | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Upfront cash payment subject to cash and other working capital adjustments | $ 85,000,000 | |||||||||||
Future cash payments based on operating performance | 4,700,000 | |||||||||||
Pre-tax gain (loss) | 3,600,000 | |||||||||||
Healthtronics | Held-for-sale | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Assets held for sale | 0 | 0 | 0 | 0 | ||||||||
Liabilities held for sale | 0 | 0 | 0 | 0 | ||||||||
Series B Non-Voting Preferred Stock | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Shares redeemed | 60,000 | |||||||||||
Payment for redeemable preferred stock | $ 61,600,000 | |||||||||||
AMS | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Expected sale price (up to $1.65 billion) | $ 1,650,000,000 | |||||||||||
Expected upfront cash proceeds | 1,600,000,000 | |||||||||||
Gain sale of assets | $ 13,600,000 | |||||||||||
Tax (expense) benefit for on disposal | 161,800,000 | |||||||||||
Discontinued operations tax expense | 157,418,000 | 440,107,000 | 167,809,000 | |||||||||
Assets held for sale | 51,700,000 | 1,937,864,000 | 51,700,000 | 1,937,864,000 | ||||||||
Liabilities held for sale | $ 14,676,000 | $ 103,338,000 | 14,676,000 | $ 103,338,000 | ||||||||
AMS | Maximum | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Potential milestone payment | 50,000,000 | |||||||||||
AMS | Discontinued Operations | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Asset impairment charges | $ 222,800,000 | $ 7,900,000 | ||||||||||
AMS | Series B Non-Voting Preferred Stock | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Expected proceeds from issuance of preferred stock | $ 60,000,000 | |||||||||||
Expected shares to be issued | 60,000 | |||||||||||
AMS | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Asset impairment charges | 481,000,000 | |||||||||||
Discontinued Operations | AMS | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Asset impairment charges | $ 6,000,000 |
Divestitures (Operating Results
Divestitures (Operating Results of Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AMS | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue | $ 305,256 | $ 496,505 | $ 492,226 |
Litigation related and other contingencies, net | 1,107,752 | 1,273,358 | 474,792 |
Asset impairment charges | 230,703 | 0 | 487,000 |
Gain on sale of business | 13,550 | 0 | 0 |
Loss from discontinued operations before income taxes | (1,352,344) | (1,225,576) | (944,933) |
Income tax expense (benefit) | (157,418) | (440,107) | (167,809) |
Discontinued operations, net of tax | $ (1,194,926) | (785,469) | (777,124) |
Healthtronics | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue | 14,443 | 207,194 | |
Loss from discontinued operations before income taxes | 6,434 | (119,690) | |
Income tax expense (benefit) | 757 | (22,776) | |
Discontinued operations, net of tax | $ 5,677 | $ (96,914) |
Divestitures (Assets Held for S
Divestitures (Assets Held for Sale and Related Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities of Disposal Group, Including Discontinued Operation | ||
Liabilities related to assets held for sale | $ 34,891 | $ 128,577 |
AMS | ||
Assets of Disposal Group, Including Discontinued Operation | ||
Current assets | 29,085 | 165,075 |
Property, plant and equipment | 5,050 | 41,122 |
Goodwill | 0 | 862,960 |
Other intangibles, net | 16,287 | 861,174 |
Other assets | 1,278 | 7,533 |
Assets held for sale | 51,700 | 1,937,864 |
Liabilities of Disposal Group, Including Discontinued Operation | ||
Current liabilities | 14,676 | 53,143 |
Deferred taxes | 0 | 46,538 |
Other liabilities | 0 | 3,657 |
Liabilities related to assets held for sale | $ 14,676 | $ 103,338 |
Divestitures (Cash Flow Activit
Divestitures (Cash Flow Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from discontinued investing activities: | |||
Purchases of property, plant and equipment | $ (81,774) | $ (80,425) | $ (96,483) |
AMS | |||
Cash flows from discontinued operating activities: | |||
Net loss | (1,194,926) | (785,469) | (777,124) |
Depreciation and amortization | 11,555 | 70,275 | 72,003 |
Cash flows from discontinued investing activities: | |||
Purchases of property, plant and equipment | $ (2,709) | $ (4,423) | $ (3,517) |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 25, 2015 | Jan. 29, 2015 | Jun. 04, 2013 | |
US Generic Pharmaceuticals Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected positions eliminated (percent) | 6.00% | ||||||
Restructuring expenses | $ 23,600,000 | ||||||
Restructuring reserve | 17,914,000 | $ 0 | |||||
US Generic Pharmaceuticals Restructuring | Selling, general and administrative expenses | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected accelerated depreciation restructuring expenses | 12,300,000 | ||||||
US Generic Pharmaceuticals Restructuring | Employee Severance and Other Benefit-Related Costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected restructuring costs remaining | 5,300,000 | ||||||
Auxilium Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected positions eliminated (percent) | 40.00% | ||||||
Restructuring expenses | 41,911,000 | ||||||
Restructuring reserve | 12,263,000 | 0 | |||||
Auxilium Restructuring | Employee Severance and Other Benefit-Related Costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring expenses | 26,696,000 | ||||||
Restructuring reserve | 5,353,000 | 0 | |||||
Auxilium Restructuring | Asset Impairment Charges | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring expenses | $ 7,000,000 | 7,000,000 | |||||
Auxilium Restructuring | Facility Exit Costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring expenses | $ 7,900,000 | 8,215,000 | |||||
Restructuring reserve | 6,910,000 | 0 | |||||
June 2013 Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected positions eliminated (percent) | 15.00% | ||||||
Restructuring expenses | 0 | 2,104,000 | $ 56,250,000 | ||||
Restructuring reserve | 0 | 1,438,000 | 12,298,000 | ||||
June 2013 Restructuring | Employee Severance and Other Benefit-Related Costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring expenses | 1,224,000 | 41,435,000 | |||||
Restructuring reserve | 0 | 1,283,000 | 7,379,000 | ||||
June 2013 Restructuring | Asset Impairment Charges | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring expenses | 2,849,000 | ||||||
June 2013 Restructuring | Facility Exit Costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring expenses | 880,000 | 11,966,000 | |||||
Restructuring reserve | $ 0 | $ 155,000 | $ 4,919,000 |
Restructuring (Summary of Restr
Restructuring (Summary of Restructuring Actions) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
June 2013 Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $ 0 | $ 2,104,000 | $ 56,250,000 | |
June 2013 Restructuring | Employee Severance and Other Benefit-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 1,224,000 | 41,435,000 | ||
June 2013 Restructuring | Asset Impairment Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 2,849,000 | |||
June 2013 Restructuring | Other Restructuring Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $ 880,000 | 11,966,000 | ||
Auxilium Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 41,911,000 | |||
Auxilium Restructuring | Employee Severance and Other Benefit-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 26,696,000 | |||
Auxilium Restructuring | Asset Impairment Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $ 7,000,000 | 7,000,000 | ||
Auxilium Restructuring | Other Restructuring Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $ 7,900,000 | $ 8,215,000 | ||
U.S. Branded Pharmaceuticals | June 2013 Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 34,476,000 | |||
U.S. Branded Pharmaceuticals | June 2013 Restructuring | Employee Severance and Other Benefit-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 22,847,000 | |||
U.S. Branded Pharmaceuticals | June 2013 Restructuring | Asset Impairment Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 2,849,000 | |||
U.S. Branded Pharmaceuticals | June 2013 Restructuring | Other Restructuring Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 8,780,000 | |||
U.S. Generic Pharmaceuticals | June 2013 Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 1,404,000 | |||
U.S. Generic Pharmaceuticals | June 2013 Restructuring | Employee Severance and Other Benefit-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 262,000 | |||
U.S. Generic Pharmaceuticals | June 2013 Restructuring | Asset Impairment Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | |||
U.S. Generic Pharmaceuticals | June 2013 Restructuring | Other Restructuring Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 1,142,000 | |||
Discontinued Operations | June 2013 Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 11,949,000 | |||
Discontinued Operations | June 2013 Restructuring | Employee Severance and Other Benefit-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 9,905,000 | |||
Discontinued Operations | June 2013 Restructuring | Asset Impairment Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | |||
Discontinued Operations | June 2013 Restructuring | Other Restructuring Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 2,044,000 | |||
Corporate Segment | June 2013 Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 8,421,000 | |||
Corporate Segment | June 2013 Restructuring | Employee Severance and Other Benefit-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 8,421,000 | |||
Corporate Segment | June 2013 Restructuring | Asset Impairment Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | |||
Corporate Segment | June 2013 Restructuring | Other Restructuring Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $ 0 |
Restructuring (Changes to Restr
Restructuring (Changes to Restructuring Accrual) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
June 2013 Restructuring | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 1,438,000 | $ 1,438,000 | $ 12,298,000 | |
Expenses | 0 | 2,104,000 | $ 56,250,000 | |
Cash payments | (1,438,000) | (11,773,000) | ||
Other non-cash adjustments | (1,191,000) | |||
Ending balance | 0 | 1,438,000 | 12,298,000 | |
June 2013 Restructuring | Employee Severance and Other Benefit-Related Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 1,283,000 | 1,283,000 | 7,379,000 | |
Expenses | 1,224,000 | 41,435,000 | ||
Cash payments | (1,283,000) | (7,320,000) | ||
Other non-cash adjustments | 0 | |||
Ending balance | 0 | 1,283,000 | 7,379,000 | |
June 2013 Restructuring | Asset Impairment Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Expenses | 2,849,000 | |||
June 2013 Restructuring | Other Restructuring Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 155,000 | 155,000 | 4,919,000 | |
Expenses | 880,000 | 11,966,000 | ||
Cash payments | (155,000) | (4,453,000) | ||
Other non-cash adjustments | (1,191,000) | |||
Ending balance | 0 | 155,000 | $ 4,919,000 | |
US Generic Pharmaceuticals Restructuring | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Expenses | 23,591,000 | |||
Expenses | 23,600,000 | |||
Cash payments | (5,677,000) | |||
Ending balance | 17,914,000 | 0 | ||
Auxilium Restructuring | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Expenses | 34,911,000 | |||
Expenses | 41,911,000 | |||
Cash payments | (22,648,000) | |||
Ending balance | 12,263,000 | 0 | ||
Auxilium Restructuring | Employee Severance and Other Benefit-Related Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Expenses | 26,696,000 | |||
Expenses | 26,696,000 | |||
Cash payments | (21,343,000) | |||
Ending balance | 5,353,000 | 0 | ||
Auxilium Restructuring | Asset Impairment Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Expenses | 7,000,000 | 7,000,000 | ||
Auxilium Restructuring | Other Restructuring Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Expenses | 8,215,000 | |||
Expenses | $ 7,900,000 | 8,215,000 | ||
Cash payments | (1,305,000) | |||
Ending balance | $ 6,910,000 | $ 0 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | Oct. 01, 2015USD ($)country | Sep. 25, 2015USD ($)$ / sharesshares | Jun. 10, 2015shares | Feb. 28, 2015USD ($) | Jan. 29, 2015USD ($)$ / sharesshares | Dec. 09, 2014USD ($) | Aug. 06, 2014USD ($)product | Jul. 24, 2014USD ($) | May. 19, 2014USD ($) | Feb. 28, 2014USD ($)$ / sharesshares | Feb. 28, 2014$ / sharesCAD / shares | Feb. 03, 2014USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Transaction costs | $ 170,900,000 | $ 77,400,000 | $ 7,600,000 | |||||||||||||||||||||
Amortization of intangible assets | 561,302,000 | 218,712,000 | 123,547,000 | |||||||||||||||||||||
Goodwill | $ 7,299,354,000 | $ 2,897,775,000 | 7,299,354,000 | 2,897,775,000 | ||||||||||||||||||||
Loss on extinguishment of debt | 67,484,000 | 31,817,000 | 11,312,000 | |||||||||||||||||||||
Acquisition-related transaction costs | 54,100,000 | $ (27,700,000) | $ 44,200,000 | $ 34,600,000 | $ 9,800,000 | $ 2,700,000 | $ 19,600,000 | $ 45,300,000 | 105,250,000 | 77,384,000 | $ 7,614,000 | |||||||||||||
Developed technology | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Amortization of intangible assets | 478,393,000 | |||||||||||||||||||||||
Endo Health Solutions Inc. | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of New Endo shares issued per share of Endo (shares) | shares | 1 | |||||||||||||||||||||||
Equity interest in combined entity (percent) | 79.00% | |||||||||||||||||||||||
Paladin Labs Inc. | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of New Endo shares Issued per share of Paladin Labs (shares) | shares | 1.6331 | |||||||||||||||||||||||
Number of New Endo shares issued of Paladin Labs (shares) | shares | 35,500,000 | |||||||||||||||||||||||
Cash payment issued per share of acquired entity (cd per share) | (per share) | $ 1.09 | CAD 1.16 | ||||||||||||||||||||||
Aggregate consideration transferred | $ 2,866,926,000 | |||||||||||||||||||||||
Equity interest in combined entity (percent) | 21.00% | |||||||||||||||||||||||
Goodwill, subsequent recognition of deferred tax asset | $ 1,400,000 | |||||||||||||||||||||||
Transaction costs | 0 | 27,500,000 | ||||||||||||||||||||||
Amortization of intangible assets | 2,800,000 | |||||||||||||||||||||||
Goodwill | 420,400,000 | 420,400,000 | ||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 80 | CAD 80 | ||||||||||||||||||||||
Interest expense | $ (4,100,000) | |||||||||||||||||||||||
Litha Healthcare Group Limited | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire business | $ 40,000,000 | |||||||||||||||||||||||
Equity interest (percent) | 70.30% | 70.30% | ||||||||||||||||||||||
Restricted cash and cash equivalents | $ 40,000,000 | $ 40,000,000 | ||||||||||||||||||||||
Boca Pharmacal, LLC | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire business | $ 236,600,000 | |||||||||||||||||||||||
Net identifiable assets acquired | 212,300,000 | |||||||||||||||||||||||
Goodwill | 24,300,000 | |||||||||||||||||||||||
Identifiable intangible assets | 140,900,000 | |||||||||||||||||||||||
Boca Pharmacal, LLC | Developed technology | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Identifiable intangible assets | $ 112,300,000 | |||||||||||||||||||||||
Estimated useful life | 11 years | |||||||||||||||||||||||
Boca Pharmacal, LLC | In-process research and development | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Identifiable intangible assets | $ 28,600,000 | |||||||||||||||||||||||
Sumavel DosePro | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire business | $ 89,700,000 | |||||||||||||||||||||||
Net identifiable assets acquired | 93,800,000 | |||||||||||||||||||||||
Goodwill | 0 | |||||||||||||||||||||||
Identifiable intangible assets | $ 90,000,000 | |||||||||||||||||||||||
Estimated useful life | 13 years | |||||||||||||||||||||||
Estimated fair value | $ 93,800,000 | |||||||||||||||||||||||
Contingent consideration | 4,100,000 | 600,000 | 4,700,000 | 600,000 | 4,700,000 | |||||||||||||||||||
Sumavel DosePro | Minimum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Contingent consideration | 0 | |||||||||||||||||||||||
Sumavel DosePro | Maximum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Contingent consideration | $ 20,000,000 | |||||||||||||||||||||||
Sumavel DosePro | Zogenix, Inc | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Loan for working capital needs | $ 7,000,000 | |||||||||||||||||||||||
Grupo Farmacéutico Somar | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire business | $ 270,100,000 | |||||||||||||||||||||||
Net identifiable assets acquired | 184,500,000 | |||||||||||||||||||||||
Goodwill | 85,600,000 | |||||||||||||||||||||||
Identifiable intangible assets | $ 148,300,000 | |||||||||||||||||||||||
Estimated useful life | 12 years | |||||||||||||||||||||||
Intangible assets | $ 167,900,000 | |||||||||||||||||||||||
Grupo Farmacéutico Somar | In-process research and development | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Indefinite intangible assets | $ 19,600,000 | |||||||||||||||||||||||
DAVA Pharmaceuticals, Inc | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Aggregate consideration transferred | $ 590,100,000 | |||||||||||||||||||||||
Payments to acquire business | 585,000,000 | |||||||||||||||||||||||
Contingent consideration | $ 5,100,000 | 0 | $ 5,100,000 | 0 | 5,100,000 | |||||||||||||||||||
Number of on-market products | product | 13 | |||||||||||||||||||||||
DAVA Pharmaceuticals, Inc | Maximum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Contingent consideration | $ 25,000,000 | |||||||||||||||||||||||
Natesto | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Aggregate consideration transferred | $ 56,700,000 | |||||||||||||||||||||||
Payments to acquire business | 25,000,000 | |||||||||||||||||||||||
Net identifiable assets acquired | 56,700,000 | |||||||||||||||||||||||
Goodwill | 0 | |||||||||||||||||||||||
Contingent consideration | 26,700,000 | |||||||||||||||||||||||
Prepaid inventory | 5,000,000 | |||||||||||||||||||||||
Natesto | Maximum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Contingent consideration | $ 165,000,000 | |||||||||||||||||||||||
Natesto | Developed technology | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Estimated useful life | 10 years | |||||||||||||||||||||||
Intangible assets | $ 51,700,000 | |||||||||||||||||||||||
Auxilium Pharmaceuticals, Inc. | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Aggregate consideration transferred | $ 2,569,584,000 | |||||||||||||||||||||||
Amortization of intangible assets | 6,200,000 | 69,700,000 | ||||||||||||||||||||||
Net identifiable assets acquired | 2,072,387,000 | |||||||||||||||||||||||
Goodwill | 497,197,000 | |||||||||||||||||||||||
Intangible assets | $ 2,619,500,000 | |||||||||||||||||||||||
Shares outstanding | shares | 55,000,000 | |||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 81.64 | |||||||||||||||||||||||
Goodwill expected to be deductible for income tax purposes | $ 0 | |||||||||||||||||||||||
Acquisition-related transaction costs | 23,100,000 | |||||||||||||||||||||||
Interest expense | $ 1,100,000 | 22,400,000 | ||||||||||||||||||||||
Auxilium Pharmaceuticals, Inc. | 1.50% Convertible Senior Notes Due 2018 | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Loss on extinguishment of debt | $ 4,400,000 | |||||||||||||||||||||||
Auxilium Pharmaceuticals, Inc. | Minimum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Discount rate range (percent) | 9.00% | |||||||||||||||||||||||
Auxilium Pharmaceuticals, Inc. | Maximum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Discount rate range (percent) | 11.00% | |||||||||||||||||||||||
Auxilium Pharmaceuticals, Inc., Consideration Option One | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Common shares outstanding (percent) | 94.90% | |||||||||||||||||||||||
Transaction consideration to equity ratio | 0.4880 | |||||||||||||||||||||||
Auxilium Pharmaceuticals, Inc., Consideration Option One, Prorated For Oversubscription | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Transaction consideration to equity ratio | 0.3448 | |||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 9.75 | |||||||||||||||||||||||
Auxilium Pharmaceuticals, Inc., Consideration Option Two | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Common shares outstanding (percent) | 0.40% | |||||||||||||||||||||||
Cash consideration (percent) | 100.00% | |||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 33.25 | |||||||||||||||||||||||
Auxilium Pharmaceuticals, Inc., Consideration Option Three | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Common shares outstanding (percent) | 4.70% | |||||||||||||||||||||||
Transaction consideration to equity ratio | 0.2440 | |||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 16.625 | |||||||||||||||||||||||
Par Pharmaceutical Holdings, Inc. | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of operating segments | segment | 2 | |||||||||||||||||||||||
Aggregate consideration transferred | $ 8,135,654,000 | |||||||||||||||||||||||
Amortization of intangible assets | 3,100,000 | $ 129,200,000 | 159,200,000 | |||||||||||||||||||||
Net identifiable assets acquired | 3,352,778,000 | |||||||||||||||||||||||
Goodwill | 4,782,876,000 | |||||||||||||||||||||||
Intangible assets | $ 3,627,000,000 | |||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 73.34 | |||||||||||||||||||||||
Goodwill expected to be deductible for income tax purposes | $ 34,200,000 | |||||||||||||||||||||||
Interest expense | 11,700,000 | $ 37,700,000 | ||||||||||||||||||||||
Ordinary shares issued, shares | shares | 18,069,899 | 27,627,628 | ||||||||||||||||||||||
Equity consideration | $ 1,330,000,000 | |||||||||||||||||||||||
Par Pharmaceutical Holdings, Inc. | Acquisition-Related And Integration Items | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Acquisition-related transaction costs | 46,300,000 | |||||||||||||||||||||||
Par Pharmaceutical Holdings, Inc. | Minimum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Discount rate range (percent) | 9.00% | |||||||||||||||||||||||
Par Pharmaceutical Holdings, Inc. | Maximum | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Discount rate range (percent) | 10.50% | |||||||||||||||||||||||
Aspen Holdings | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Net identifiable assets acquired | $ 129,100,000 | |||||||||||||||||||||||
Goodwill | $ 6,500,000 | |||||||||||||||||||||||
Estimated useful life | 19 years | |||||||||||||||||||||||
Inventory | $ 10,700,000 | |||||||||||||||||||||||
Intangible assets | $ 118,400,000 | |||||||||||||||||||||||
Number of countries the company operates in | country | 150 | |||||||||||||||||||||||
Aspen Holdings | Litha Pharma Limited | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire business | $ 135,600,000 | |||||||||||||||||||||||
Other Acquisitions | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Aggregate consideration transferred | 122,000,000 | |||||||||||||||||||||||
Payments to acquire business | 14,000,000 | |||||||||||||||||||||||
Net identifiable assets acquired | 119,800,000 | 119,800,000 | ||||||||||||||||||||||
Contingent consideration | $ 108,000,000 | $ 108,000,000 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquisition Consideration) (Details) $ / shares in Units, $ in Thousands | Sep. 25, 2015USD ($)$ / sharesshares | Jan. 29, 2015USD ($)$ / sharesshares | Feb. 28, 2014USD ($)$ / sharesshares | Feb. 28, 2014USD ($)$ / sharesCAD / shares |
Paladin Labs Inc. | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Number of shares issued as part of acquisition | shares | 20,765,000 | |||
Exchange ratio (in shares) | shares | 1.6331 | |||
Number of ordinary shares of Endo International—as exchanged | shares | 33,912,000 | |||
Endo common stock price (in dollars per share) | $ / shares | $ 80 | $ 80 | ||
Fair value of shares issued as part of acquisition | $ 2,712,956 | |||
Per share cash consideration for Paladin shares (usd per share) | (per share) | $ 1.09 | $ 1.16 | ||
Cash distribution | $ 22,647 | $ 22,647 | ||
Fair value of the vested portion of Paladin stock options outstanding | 131,323 | |||
Total acquisition consideration | $ 2,866,926 | |||
Number of vested Paladin stock options outstanding | shares | 1,300,000 | |||
Exchange rate (cad per usd) | 0.9402 | 0.9402 | ||
Auxilium Pharmaceuticals, Inc. | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Number of shares issued as part of acquisition | shares | 18,610,000 | |||
Endo common stock price (in dollars per share) | $ / shares | $ 81.64 | |||
Fair value of shares issued as part of acquisition | $ 1,519,320 | |||
Cash distribution | 1,021,864 | |||
Settlement of pre-existing relationships | 28,400 | |||
Total acquisition consideration | $ 2,569,584 | |||
Par Pharmaceutical Holdings, Inc. | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Number of shares issued as part of acquisition | shares | 18,070,000 | |||
Endo common stock price (in dollars per share) | $ / shares | $ 73.34 | |||
Fair value of shares issued as part of acquisition | $ 1,325,246 | |||
Cash distribution | 4,405,551 | |||
Fair value of Par debt settled at closing | 2,404,857 | |||
Total acquisition consideration | $ 8,135,654 |
Acquisitions (Schedule Of Fair
Acquisitions (Schedule Of Fair Values Of The Assets Acquired And Liabilities Assumed At The Acquisition Date) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 25, 2015 | Jan. 29, 2015 | Dec. 31, 2014 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Goodwill | $ 7,299,354 | $ 2,897,775 | ||
Auxilium Pharmaceuticals, Inc. | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Cash and cash equivalents | $ 115,973 | |||
Accounts receivable | 75,849 | |||
Inventories | 297,201 | |||
Prepaid expenses and other current assets | 7,208 | |||
Property, plant and equipment | 25,661 | |||
Intangible assets | 2,619,500 | |||
Other assets | 8,332 | |||
Total identifiable assets | 3,149,724 | |||
Accounts payable and accrued expenses | 130,509 | |||
Deferred income tax liabilities | 156,043 | |||
Convertible debt, including equity component | 571,132 | |||
Other liabilities | 219,653 | |||
Total liabilities assumed | 1,077,337 | |||
Net identifiable assets acquired | 2,072,387 | |||
Goodwill | 497,197 | |||
Net assets acquired | 2,569,584 | |||
Auxilium Pharmaceuticals, Inc. | 1.50% Convertible Senior Notes Due 2018 | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Convertible debt, including equity component | 571,100 | |||
Auxilium Pharmaceuticals, Inc. | 1.50% Convertible Senior Notes Due 2018 | Debt | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Convertible debt, including equity component | 304,500 | |||
Auxilium Pharmaceuticals, Inc. | 1.50% Convertible Senior Notes Due 2018 | Additional Paid-in Capital | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Convertible debt, including equity component | 266,600 | |||
Auxilium Pharmaceuticals, Inc. | Scenario, Previously Reported | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Cash and cash equivalents | 115,973 | |||
Accounts receivable | 75,849 | |||
Inventories | 341,900 | |||
Prepaid expenses and other current assets | 6,687 | |||
Property, plant and equipment | 31,500 | |||
Intangible assets | 2,838,000 | |||
Other assets | 9,285 | |||
Total identifiable assets | 3,419,194 | |||
Accounts payable and accrued expenses | 120,553 | |||
Deferred income tax liabilities | 164,379 | |||
Convertible debt, including equity component | 571,132 | |||
Other liabilities | 171,400 | |||
Total liabilities assumed | 1,027,464 | |||
Net identifiable assets acquired | 2,391,730 | |||
Goodwill | 177,854 | |||
Net assets acquired | 2,569,584 | |||
Auxilium Pharmaceuticals, Inc. | Measurement period adjustments | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Accounts receivable | 0 | |||
Inventories | (44,699) | |||
Prepaid expenses and other current assets | 521 | |||
Property, plant and equipment | (5,839) | |||
Intangible assets | (218,500) | |||
Other assets | (953) | |||
Total identifiable assets | (269,470) | |||
Accounts payable and accrued expenses | 9,956 | |||
Deferred income tax liabilities | (8,336) | |||
Convertible debt, including equity component | 0 | |||
Other liabilities | 48,253 | |||
Total liabilities assumed | 49,873 | |||
Net identifiable assets acquired | (319,343) | |||
Goodwill | 319,343 | |||
Net assets acquired | $ 0 | |||
Par Pharmaceutical Holdings, Inc. | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Cash and cash equivalents | $ 215,612 | |||
Accounts receivable | 530,664 | |||
Inventories | 330,406 | |||
Prepaid expenses and other current assets | 31,124 | |||
Deferred income tax assets, current | 14,652 | |||
Property, plant and equipment | 256,293 | |||
Intangible assets | 3,627,000 | |||
Other assets | 8,477 | |||
Total identifiable assets | 5,014,228 | |||
Accounts payable and accrued expenses | 551,614 | |||
Deferred income tax liabilities | 1,093,779 | |||
Other liabilities | 16,057 | |||
Total liabilities assumed | 1,661,450 | |||
Net identifiable assets acquired | 3,352,778 | |||
Goodwill | 4,782,876 | |||
Net assets acquired | 8,135,654 | |||
Par Pharmaceutical Holdings, Inc. | Scenario, Previously Reported | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Cash and cash equivalents | 215,612 | |||
Accounts receivable | 500,108 | |||
Inventories | 359,000 | |||
Prepaid expenses and other current assets | 34,582 | |||
Deferred income tax assets, current | 6,387 | |||
Property, plant and equipment | 239,983 | |||
Intangible assets | 4,762,600 | |||
Other assets | 11,421 | |||
Total identifiable assets | 6,129,693 | |||
Accounts payable and accrued expenses | 548,953 | |||
Deferred income tax liabilities | 1,556,111 | |||
Other liabilities | 14,286 | |||
Total liabilities assumed | 2,119,350 | |||
Net identifiable assets acquired | 4,010,343 | |||
Goodwill | 4,125,311 | |||
Net assets acquired | 8,135,654 | |||
Par Pharmaceutical Holdings, Inc. | Adjustment | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Accounts receivable | 30,556 | |||
Inventories | (28,594) | |||
Prepaid expenses and other current assets | (3,458) | |||
Deferred income tax assets, current | 8,265 | |||
Property, plant and equipment | 16,310 | |||
Intangible assets | (1,135,600) | |||
Other assets | (2,944) | |||
Total identifiable assets | (1,115,465) | |||
Accounts payable and accrued expenses | 2,661 | |||
Deferred income tax liabilities | (462,332) | |||
Other liabilities | 1,771 | |||
Total liabilities assumed | (457,900) | |||
Net identifiable assets acquired | (657,565) | |||
Goodwill | 657,565 | |||
Net assets acquired | $ 0 |
Acquisitions (Schedule Of Valua
Acquisitions (Schedule Of Valuation Of The Intangible Assets Acquired And Related Amortization Periods) (Details) - USD ($) $ in Thousands | Sep. 25, 2015 | Jan. 29, 2015 | Dec. 31, 2015 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 4,914,216 | ||
Developed Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 4,901,716 | ||
Auxilium Pharmaceuticals, Inc. | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 2,619,500 | 2,619,500 | |
Auxilium Pharmaceuticals, Inc. | In-process research and development | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 90,900 | ||
Auxilium Pharmaceuticals, Inc. | In-process research and development | XIAFLEX®—Cellulite | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 90,900 | ||
Auxilium Pharmaceuticals, Inc. | Developed Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 2,528,600 | ||
Auxilium Pharmaceuticals, Inc. | Developed Technology | XIAFLEX® | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 1,501,100 | ||
Amortization Period (in years) | 12 years | ||
Auxilium Pharmaceuticals, Inc. | Developed Technology | TESTOPEL® | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 584,300 | ||
Amortization Period (in years) | 15 years | ||
Auxilium Pharmaceuticals, Inc. | Developed Technology | Urology Retail | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 314,300 | ||
Amortization Period (in years) | 13 years | ||
Auxilium Pharmaceuticals, Inc. | Developed Technology | Other | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 128,900 | ||
Amortization Period (in years) | 15 years | ||
Par Pharmaceutical Holdings, Inc. | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 3,627,000 | $ 3,627,000 | |
Par Pharmaceutical Holdings, Inc. | In-process research and development | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 1,535,000 | ||
Par Pharmaceutical Holdings, Inc. | In-process research and development | IPR&D 2019 Launch | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 428,200 | ||
Par Pharmaceutical Holdings, Inc. | In-process research and development | IPR&D 2018 Launch | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 310,900 | ||
Par Pharmaceutical Holdings, Inc. | In-process research and development | Ezetimibe | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 168,200 | ||
Par Pharmaceutical Holdings, Inc. | In-process research and development | IPR&D 2016 Launch | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 152,400 | ||
Par Pharmaceutical Holdings, Inc. | In-process research and development | Neostigmine vial | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 134,700 | ||
Par Pharmaceutical Holdings, Inc. | In-process research and development | Ephedrine Sulphate | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 130,000 | ||
Par Pharmaceutical Holdings, Inc. | In-process research and development | Other IPR&D | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 210,600 | ||
Par Pharmaceutical Holdings, Inc. | Developed Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | 2,092,000 | ||
Par Pharmaceutical Holdings, Inc. | Developed Technology | VasostrictTM | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 560,900 | ||
Amortization Period (in years) | 8 years | ||
Par Pharmaceutical Holdings, Inc. | Developed Technology | Aplisol® | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 315,400 | ||
Amortization Period (in years) | 11 years | ||
Par Pharmaceutical Holdings, Inc. | Developed Technology | Developed - Other - Non-Partnered (Generic Non-Injectable) | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 246,300 | ||
Amortization Period (in years) | 7 years | ||
Par Pharmaceutical Holdings, Inc. | Developed Technology | Developed - Other - Partnered (Combined) | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 167,600 | ||
Amortization Period (in years) | 7 years | ||
Par Pharmaceutical Holdings, Inc. | Developed Technology | Nascobal® | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 120,100 | ||
Amortization Period (in years) | 9 years | ||
Par Pharmaceutical Holdings, Inc. | Developed Technology | Developed - Other - Non-Partnered (Generic Injectable) | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 118,500 | ||
Amortization Period (in years) | 10 years | ||
Par Pharmaceutical Holdings, Inc. | Developed Technology | Other Developed Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Valuation (in millions) | $ 563,200 | ||
Amortization Period (in years) | 9 years |
Acquisitions (Schedule Of Reven
Acquisitions (Schedule Of Revenue And Income And Net Loss Included In Consolidated Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | 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, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||||||||||||
Net income (loss) attributable to Endo International plc | $ (118,463) | $ (1,050,442) | $ (250,419) | $ (75,718) | $ (53,483) | $ (252,084) | $ 21,160 | $ (436,912) | $ (1,495,042) | $ (721,319) | $ (685,339) | |||
Basic net loss per share (usd per share) | $ (0.53) | $ (5.02) | $ (1.35) | $ (0.45) | $ (0.35) | $ (1.64) | $ 0.14 | $ (3.41) | $ (7.59) | $ (4.91) | $ (6.05) | |||
Diluted net loss per share (usd per share) | $ (0.53) | $ (5.02) | $ (1.35) | $ (0.43) | $ (0.34) | $ (1.59) | $ 0.13 | $ (3.41) | $ (7.59) | $ (4.60) | $ (5.72) | |||
Paladin Labs Inc. | ||||||||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||||||||||||
Revenue | $ 224,806 | |||||||||||||
Net income (loss) attributable to Endo International plc | $ 26,966 | |||||||||||||
Basic net loss per share (usd per share) | $ 0.18 | |||||||||||||
Diluted net loss per share (usd per share) | $ 0.17 | |||||||||||||
Auxilium Pharmaceuticals, Inc. | ||||||||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||||||||||||
Revenue | $ 341,520 | |||||||||||||
Net income (loss) attributable to Endo International plc | $ (469,986) | |||||||||||||
Basic net loss per share (usd per share) | $ (2.38) | |||||||||||||
Diluted net loss per share (usd per share) | $ (2.38) | |||||||||||||
Par Pharmaceutical Holdings, Inc. | ||||||||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||||||||||||||
Revenue | $ 401,238 | |||||||||||||
Net income (loss) attributable to Endo International plc | $ (4,348) | |||||||||||||
Basic net loss per share (usd per share) | $ (0.02) | |||||||||||||
Diluted net loss per share (usd per share) | $ (0.02) |
Acquisitions (Schedule Of Pro F
Acquisitions (Schedule Of Pro Forma Consolidated Results) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Paladin Labs Inc. | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Revenue | $ 2,423,683 | |
Net loss attributable to Endo International plc | $ (727,961) | |
Basic net (loss) income per share (in dollars per share) | $ (4.96) | |
Diluted net (loss) income per share (in dollars per share) | $ (4.64) | |
Auxilium Pharmaceuticals, Inc. | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Revenue | $ 3,292,293 | $ 2,740,829 |
Net loss attributable to Endo International plc | $ (1,513,625) | $ (954,956) |
Basic net (loss) income per share (in dollars per share) | $ (7.68) | $ (6.50) |
Diluted net (loss) income per share (in dollars per share) | $ (7.68) | $ (6.09) |
Par Pharmaceutical Holdings, Inc. | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Revenue | $ 4,268,110 | $ 3,689,304 |
Net loss attributable to Endo International plc | $ (1,594,130) | $ (1,023,663) |
Basic net (loss) income per share (in dollars per share) | $ (8.09) | $ (6.97) |
Diluted net (loss) income per share (in dollars per share) | $ (8.09) | $ (6.53) |
Segment Results (Schedule Of Re
Segment Results (Schedule Of Reportable Segments Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues to external customers | $ 3,268,718 | $ 2,380,683 | $ 2,124,681 | |
Adjusted income (loss) from continuing operations before income tax | 1,517,996 | 1,074,219 | 977,570 | |
Corporate unallocated | Adjustment | ||||
Segment Reporting Information [Line Items] | ||||
Costs and expenses | $ 21,100 | |||
U.S. Branded Pharmaceuticals | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues to external customers | 1,284,607 | 969,437 | 1,394,015 | |
Adjusted income (loss) from continuing operations before income tax | 694,440 | 529,507 | 783,927 | |
U.S. Branded Pharmaceuticals | Adjustment | ||||
Segment Reporting Information [Line Items] | ||||
Costs and expenses | 1,700 | |||
U.S. Generic Pharmaceuticals | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues to external customers | 1,672,416 | 1,140,821 | 730,666 | |
Adjusted income (loss) from continuing operations before income tax | 741,767 | 464,029 | 193,643 | |
International Pharmaceuticals | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues to external customers | 311,695 | 270,425 | 0 | |
Adjusted income (loss) from continuing operations before income tax | $ 81,789 | $ 80,683 | $ 0 | |
International Pharmaceuticals | Adjustment | ||||
Segment Reporting Information [Line Items] | ||||
Costs and expenses | $ (22,800) |
Segment Results (Schedule Of 72
Segment Results (Schedule Of Reconciliations Of Consolidated Adjusted Income (Loss) Before Income Tax) (Details) - 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 | Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||||||||||
Total segment adjusted income from continuing operations before income tax: | $ 1,517,996 | $ 1,074,219 | $ 977,570 | |||||||||
Corporate unallocated costs | (544,456) | (355,417) | (315,743) | |||||||||
Upfront and milestone payments to partners | (16,155) | (51,774) | (29,703) | |||||||||
Asset impairment charges | $ (139,900) | $ (923,600) | $ (70,200) | $ (7,000) | $ (22,500) | (1,140,709) | (22,542) | (32,011) | ||||
Acquisition-related and integration items | (54,100) | 27,700 | (44,200) | (34,600) | (9,800) | $ (2,700) | $ (19,600) | $ (45,300) | (105,250) | (77,384) | (7,614) | |
Separation benefits and other cost reduction initiatives | (125,407) | (25,760) | (91,530) | |||||||||
Excise taxes | 1,000 | 4,700 | (60,000) | 0 | (54,300) | 0 | ||||||
Amortization of intangible assets | (561,302) | (218,712) | (123,547) | |||||||||
Inventory step-up and certain manufacturing costs that will be eliminated pursuant to integration plans | (249,464) | (65,582) | 0 | |||||||||
Non-cash interest expense related to the 1.75% Convertible Senior Subordinated Notes | (1,633) | (12,192) | (22,742) | |||||||||
Loss on extinguishment of debt | (67,484) | (31,817) | (11,312) | |||||||||
Watson litigation settlement income, net | 0 | 0 | 50,400 | |||||||||
Certain litigation-related charges, net | (37,082) | (42,084) | (9,450) | |||||||||
Costs associated with unused financing commitments | (64,300) | (2,300) | (11,800) | (78,352) | 0 | 0 | ||||||
Acceleration of Auxilium employee equity awards at closing | (37,600) | (37,603) | 0 | 0 | ||||||||
Charge related to the non-recoverability of certain non-trade receivables | 0 | (10,000) | 0 | |||||||||
Net gain on sale of certain early-stage drug discovery and development assets | 0 | 5,200 | 0 | |||||||||
Other than temporary impairment of equity investment | (18,900) | (18,869) | 0 | 0 | ||||||||
Foreign currency impact related to the remeasurement of intercompany debt instruments | 25,121 | 13,153 | 0 | |||||||||
Charge for an additional year of the branded prescription drug fee in accordance with IRS regulations issued in the third quarter of 2014 | (3,079) | (24,972) | 0 | |||||||||
Other, net | 5,864 | (161) | 1,048 | |||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX | (1,437,864) | 99,875 | 385,366 | |||||||||
Transaction costs | 170,900 | 77,400 | 7,600 | |||||||||
Change in fair value of contingent consideration | (17,900) | (80,300) | (2,500) | (800) | 65,640 | 0 | 0 | |||||
Severance costs | $ 55,200 | $ 22,700 | $ 5,800 | $ 41,800 | $ 8,700 | $ 7,500 | $ 11,400 | $ (1,900) | 60,200 | $ 14,400 | 35,200 | |
Inventory write-down | 41,200 | |||||||||||
Building costs | 13,300 | |||||||||||
Remaining lease obligations net of sublease income | $ 7,900 | |||||||||||
Contract termination fees | $ 5,800 | |||||||||||
1.75% Convertible Senior Subordinated Notes due 2015 | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest Rate (percent) | 1.75% | 1.75% | 1.75% | 1.75% | ||||||||
Chadds Ford, Pennsylvania Properties | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating leases, future minimum payments due | $ 7,200 |
Segment Results (Additional Sel
Segment Results (Additional Selected Financial Information For Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total depreciation expense | $ 59,898 | $ 42,665 | $ 41,536 |
Total amortization expense | 561,302 | 218,712 | 124,147 |
U.S. Branded Pharmaceuticals | |||
Segment Reporting Information [Line Items] | |||
Total amortization expense | 280,954 | 78,890 | 80,223 |
U.S. Generic Pharmaceuticals | |||
Segment Reporting Information [Line Items] | |||
Total amortization expense | 223,367 | 95,042 | 43,924 |
International Pharmaceuticals | |||
Segment Reporting Information [Line Items] | |||
Total amortization expense | 56,981 | 44,780 | 0 |
Operating Segments | U.S. Branded Pharmaceuticals | |||
Segment Reporting Information [Line Items] | |||
Total depreciation expense | 19,884 | 16,209 | 19,828 |
Operating Segments | U.S. Generic Pharmaceuticals | |||
Segment Reporting Information [Line Items] | |||
Total depreciation expense | 29,193 | 16,751 | 13,354 |
Operating Segments | International Pharmaceuticals | |||
Segment Reporting Information [Line Items] | |||
Total depreciation expense | 3,147 | 1,856 | 0 |
Corporate unallocated | |||
Segment Reporting Information [Line Items] | |||
Total depreciation expense | $ 7,674 | $ 7,849 | $ 8,354 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | Jan. 29, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)$ / derivatives | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 19, 2015USD ($) | Dec. 09, 2014USD ($) | Aug. 06, 2014USD ($) | May. 19, 2014USD ($) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Net asset value required to be maintained by money market funds (Per Unit) | $ / derivatives | 1 | ||||||||||
Other than temporary impairment of equity investment | $ 18,900,000 | $ 18,869,000 | $ 0 | $ 0 | |||||||
Sumavel DosePro | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | 600,000 | 4,700,000 | $ 4,100,000 | ||||||||
DAVA Pharmaceuticals, Inc | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | 0 | 5,100,000 | $ 5,100,000 | ||||||||
Natesto | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | $ 26,700,000 | ||||||||||
Decrease in contingent consideration due to measurement period adjustment | 4,300,000 | ||||||||||
Natesto | Estimate of Fair Value Measurement | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | 0 | 31,000,000 | 31,000,000 | ||||||||
Lehigh Valley Technologies, Inc. | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | 115,300,000 | $ 108,000,000 | |||||||||
Settlement payment | 23,200,000 | ||||||||||
Decrease in contingent consideration due to measurement period adjustment | $ 900,000 | ||||||||||
Minimum | Income Approach Valuation Technique | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Discount rate range (percent) | 0.50% | ||||||||||
Minimum | Sumavel DosePro | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | 0 | ||||||||||
Minimum | Auxilium Pharmaceuticals, Inc. | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Discount rate range (percent) | 9.00% | ||||||||||
Maximum | Income Approach Valuation Technique | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Discount rate range (percent) | 25.00% | ||||||||||
Maximum | Sumavel DosePro | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | 20,000,000 | ||||||||||
Maximum | DAVA Pharmaceuticals, Inc | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | $ 25,000,000 | ||||||||||
Maximum | Natesto | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | $ 165,000,000 | ||||||||||
Maximum | Auxilium Pharmaceuticals, Inc. | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Discount rate range (percent) | 11.00% | ||||||||||
Qualitest | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | $ 1,100,000 | 5,200,000 | |||||||||
Settlement payment | $ 2,500,000 | $ 2,500,000 | |||||||||
Qualitest | Minimum | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Current range of undiscounted contingent consideration, minimum | 0 | ||||||||||
Qualitest | Maximum | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Current range of undiscounted contingent consideration, maximum | 2,500,000 | ||||||||||
Edex And Testopel | Auxilium Pharmaceuticals, Inc. | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | $ 46,800,000 | 25,500,000 | |||||||||
Settlement payment | 9,100,000 | ||||||||||
Decrease in contingent consideration due to measurement period adjustment | 3,900,000 | ||||||||||
Stendra | Auxilium Pharmaceuticals, Inc. | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | 59,600,000 | 1,000,000 | |||||||||
Settlement payment | 300,000 | ||||||||||
Decrease in contingent consideration due to measurement period adjustment | 4,300,000 | ||||||||||
Stendra | Maximum | Auxilium Pharmaceuticals, Inc. | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Fair value of contractual obligation | $ 260,000,000 | ||||||||||
Restricted cash and cash equivalents | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Available-for-sale securities, amortized cost | 51,142,000 | $ 124,368,000 | |||||||||
Litha Joint Venture Investment | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Other than temporary impairment of equity investment | $ 18,900,000 | ||||||||||
Paladin Labs Inc. | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Joint venture investments | 15,200,000 | ||||||||||
Loans Receivable | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||
Loans receivable from joint venture | $ 14,100,000 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Fair value of financial assets measured on recurring basis | $ 55,034 | $ 281,648 |
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 143,502 | 46,005 |
Acquisition-related contingent consideration—short-term | ||
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 65,265 | 4,282 |
Acquisition-related contingent consideration—long-term | ||
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 78,237 | 41,723 |
Money market funds | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 51,145 | 279,327 |
Equity securities | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 3,889 | 2,321 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 55,034 | 281,648 |
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Acquisition-related contingent consideration—short-term | ||
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Acquisition-related contingent consideration—long-term | ||
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 51,145 | 279,327 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 3,889 | 2,321 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 0 | 0 |
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Acquisition-related contingent consideration—short-term | ||
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Acquisition-related contingent consideration—long-term | ||
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Money market funds | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Equity securities | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 0 | 0 |
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 143,502 | 46,005 |
Significant Unobservable Inputs (Level 3) | Acquisition-related contingent consideration—short-term | ||
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 65,265 | 4,282 |
Significant Unobservable Inputs (Level 3) | Acquisition-related contingent consideration—long-term | ||
Liabilities: | ||
Fair value of financial liabilities measured on recurring basis | 78,237 | 41,723 |
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equity securities | ||
Assets: | ||
Fair value of financial assets measured on recurring basis | $ 0 | $ 0 |
Fair Value Measurements (Fina76
Fair Value Measurements (Financial Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs) (Details) - Acquisition-related contingent consideration - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning of period | $ 46,005 | $ 4,747 |
Amounts acquired | 214,435 | 40,224 |
Amounts settled | (37,583) | 0 |
Transfers (in) and/or out of Level 3 | 0 | 0 |
Measurement period adjustments | (13,434) | 0 |
Changes in fair value recorded in earnings | (65,640) | 1,034 |
Effect of currency translation | (281) | 0 |
End of period | $ 143,502 | $ 46,005 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 3 | $ 154,959 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Fair Value | 3 | 154,959 |
Restricted cash and cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 51,142 | 124,368 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Fair Value | 51,142 | 124,368 |
Short-term available for sale securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24 | 805 |
Gross Unrealized Gains | 10 | 10 |
Gross Unrealized (Losses) | 0 | 0 |
Fair Value | 34 | 815 |
Long-term available-for-sale securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,766 | 1,766 |
Gross Unrealized Gains | 2,089 | 0 |
Gross Unrealized (Losses) | 0 | (260) |
Fair Value | 3,855 | 1,506 |
Money market funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 51,145 | 279,327 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Fair Value | 51,145 | 279,327 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,766 | 1,766 |
Gross Unrealized Gains | 2,089 | 0 |
Gross Unrealized (Losses) | 0 | (260) |
Fair Value | 3,855 | 1,506 |
Equity securities | Short-term available for sale securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24 | 805 |
Gross Unrealized Gains | 10 | 10 |
Gross Unrealized (Losses) | 0 | 0 |
Fair Value | $ 34 | $ 815 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Financial Assets Measured At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Total income (expense) from equity investment | $ (3,217) | $ 8,325 | $ 1,482 | ||||||
Asset impairment charges | $ (139,900) | $ (923,600) | $ (70,200) | $ (7,000) | $ (22,500) | (1,140,709) | (22,542) | $ (32,011) | |
Goodwill impairment charges | (759,280) | ||||||||
U.S. Branded Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Asset impairment charges | (5,500) | ||||||||
Goodwill impairment charges | (673,500) | ||||||||
U.S. Generic Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Goodwill impairment charges | 0 | ||||||||
International Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Asset impairment charges | $ (14,600) | ||||||||
Goodwill impairment charges | (85,780) | ||||||||
Fair value, measurements, nonrecurring | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Total income (expense) from equity investment | (18,869) | ||||||||
Total income (expense) from assets | (1,155,759) | (22,542) | |||||||
Fair value, measurements, nonrecurring | Property, Plant and Equipment, Other Types [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Asset impairment charges | (4,342) | ||||||||
Fair value, measurements, nonrecurring | Paladin Labs Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Goodwill impairment charges | (85,780) | ||||||||
Fair value, measurements, nonrecurring | U.S. Branded Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Total income (expense) from intangible assets | (175,031) | (12,300) | |||||||
Fair value, measurements, nonrecurring | U.S. Branded Pharmaceuticals | UEO | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Goodwill impairment charges | (673,500) | ||||||||
Fair value, measurements, nonrecurring | U.S. Generic Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Total income (expense) from intangible assets | (181,000) | (5,900) | |||||||
Fair value, measurements, nonrecurring | International Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Total income (expense) from intangible assets | (14,579) | ||||||||
Fair value, measurements, nonrecurring | Auxilium Pharmaceuticals, Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Total income (expense) from leasehold improvements | (7,000) | ||||||||
Fair value, measurements, nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Litha equity investment | 0 | 0 | |||||||
Property, plant and equipment | 0 | 0 | |||||||
Total | 0 | 0 | 0 | 0 | |||||
Minimum Voltaren® Gel royalties due to Novartis | 0 | 0 | 0 | 0 | |||||
Total income (expense) from minimum Voltaren® Gel royalties due to Novartis | 0 | 0 | 0 | 0 | |||||
Fair value, measurements, nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Paladin Labs Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain U.S. Branded Pharmaceuticals goodwill | 0 | 0 | |||||||
Fair value, measurements, nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Branded Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain segment intangible assets | 0 | 0 | 0 | 0 | |||||
Fair value, measurements, nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Branded Pharmaceuticals | UEO | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain U.S. Branded Pharmaceuticals goodwill | 0 | 0 | |||||||
Fair value, measurements, nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Generic Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain segment intangible assets | 0 | 0 | 0 | 0 | |||||
Fair value, measurements, nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | International Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain segment intangible assets | 0 | 0 | |||||||
Fair value, measurements, nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Auxilium Pharmaceuticals, Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Auxilium leasehold improvements | 0 | 0 | |||||||
Fair value, measurements, nonrecurring | Significant Other Observable Inputs (Level 2) | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Litha equity investment | 0 | 0 | |||||||
Property, plant and equipment | 0 | 0 | |||||||
Total | 0 | 0 | 0 | 0 | |||||
Minimum Voltaren® Gel royalties due to Novartis | 0 | 0 | 0 | 0 | |||||
Total income (expense) from minimum Voltaren® Gel royalties due to Novartis | 0 | 0 | 0 | 0 | |||||
Fair value, measurements, nonrecurring | Significant Other Observable Inputs (Level 2) | Paladin Labs Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain U.S. Branded Pharmaceuticals goodwill | 0 | 0 | |||||||
Fair value, measurements, nonrecurring | Significant Other Observable Inputs (Level 2) | U.S. Branded Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain segment intangible assets | 0 | 0 | 0 | 0 | |||||
Fair value, measurements, nonrecurring | Significant Other Observable Inputs (Level 2) | U.S. Branded Pharmaceuticals | UEO | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain U.S. Branded Pharmaceuticals goodwill | 0 | 0 | |||||||
Fair value, measurements, nonrecurring | Significant Other Observable Inputs (Level 2) | U.S. Generic Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain segment intangible assets | 0 | 0 | 0 | 0 | |||||
Fair value, measurements, nonrecurring | Significant Other Observable Inputs (Level 2) | International Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain segment intangible assets | 0 | 0 | |||||||
Fair value, measurements, nonrecurring | Significant Other Observable Inputs (Level 2) | Auxilium Pharmaceuticals, Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Auxilium leasehold improvements | 0 | 0 | |||||||
Fair value, measurements, nonrecurring | Significant Unobservable Inputs (Level 3) | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Litha equity investment | 10,469 | 10,469 | |||||||
Property, plant and equipment | 0 | 0 | |||||||
Total | 778,491 | 3,300 | 778,491 | 3,300 | |||||
Minimum Voltaren® Gel royalties due to Novartis | 15,000 | 37,500 | 15,000 | 37,500 | |||||
Total income (expense) from minimum Voltaren® Gel royalties due to Novartis | 15,000 | 37,500 | 15,000 | 37,500 | |||||
Fair value, measurements, nonrecurring | Significant Unobservable Inputs (Level 3) | Paladin Labs Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain U.S. Branded Pharmaceuticals goodwill | 436,919 | 436,919 | |||||||
Fair value, measurements, nonrecurring | Significant Unobservable Inputs (Level 3) | U.S. Branded Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain segment intangible assets | 48,266 | 0 | 48,266 | 0 | |||||
Fair value, measurements, nonrecurring | Significant Unobservable Inputs (Level 3) | U.S. Branded Pharmaceuticals | UEO | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain U.S. Branded Pharmaceuticals goodwill | 240,994 | 240,994 | |||||||
Fair value, measurements, nonrecurring | Significant Unobservable Inputs (Level 3) | U.S. Generic Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain segment intangible assets | 38,005 | $ 3,300 | 38,005 | $ 3,300 | |||||
Fair value, measurements, nonrecurring | Significant Unobservable Inputs (Level 3) | International Pharmaceuticals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Certain segment intangible assets | 3,838 | 3,838 | |||||||
Fair value, measurements, nonrecurring | Significant Unobservable Inputs (Level 3) | Auxilium Pharmaceuticals, Inc. | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Auxilium leasehold improvements | $ 0 | $ 0 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 207,516 | $ 118,431 |
Work-in-process | 176,881 | 43,290 |
Finished goods | 360,268 | 253,274 |
Total | 744,665 | $ 414,995 |
Long-term inventory | $ 24,900 |
Property, Plant And Equipment80
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cost: | ||
Beginning Balance | $ 510,050 | |
Additions | 76,574 | |
Disposals/transfers/impairments/other | (44,570) | |
Effect of currency translation | (5,782) | |
Ending Balance | 819,726 | |
Accumulated Depreciation: | ||
Beginning Balance | (122,998) | |
Additions | (59,898) | |
Disposals/transfers/impairments/other | 31,409 | |
Effect of currency translation | 2,335 | |
Ending Balance | (149,152) | |
Net Book Amount: | 670,574 | $ 387,052 |
All Acquirees | ||
Cost: | ||
Additions | 283,454 | |
Land and Buildings | ||
Cost: | ||
Beginning Balance | 223,841 | |
Additions | 18,068 | |
Disposals/transfers/impairments/other | (335) | |
Effect of currency translation | (2,998) | |
Ending Balance | 337,545 | |
Accumulated Depreciation: | ||
Beginning Balance | (30,656) | |
Additions | (13,078) | |
Disposals/transfers/impairments/other | 1,045 | |
Effect of currency translation | 702 | |
Ending Balance | (41,987) | |
Net Book Amount: | 295,558 | 193,185 |
Land and Buildings | All Acquirees | ||
Cost: | ||
Additions | 98,969 | |
Machinery and Equipment | ||
Cost: | ||
Beginning Balance | 91,899 | |
Additions | 11,507 | |
Disposals/transfers/impairments/other | (13,494) | |
Effect of currency translation | (1,452) | |
Ending Balance | 184,308 | |
Accumulated Depreciation: | ||
Beginning Balance | (36,399) | |
Additions | (13,499) | |
Disposals/transfers/impairments/other | 9,070 | |
Effect of currency translation | 951 | |
Ending Balance | (39,877) | |
Net Book Amount: | 144,431 | 55,500 |
Machinery and Equipment | All Acquirees | ||
Cost: | ||
Additions | 95,848 | |
Leasehold Improve- ments | ||
Cost: | ||
Beginning Balance | 16,165 | |
Additions | 6,701 | |
Disposals/transfers/impairments/other | (4,857) | |
Effect of currency translation | (330) | |
Ending Balance | 45,770 | |
Accumulated Depreciation: | ||
Beginning Balance | (8,034) | |
Additions | (8,802) | |
Disposals/transfers/impairments/other | 5,856 | |
Effect of currency translation | 105 | |
Ending Balance | (10,875) | |
Net Book Amount: | 34,895 | 8,131 |
Leasehold Improve- ments | All Acquirees | ||
Cost: | ||
Additions | 28,091 | |
Computer Equipment and Software | ||
Cost: | ||
Beginning Balance | 88,984 | |
Additions | 25,634 | |
Disposals/transfers/impairments/other | (21,265) | |
Effect of currency translation | (741) | |
Ending Balance | 113,245 | |
Accumulated Depreciation: | ||
Beginning Balance | (42,043) | |
Additions | (20,135) | |
Disposals/transfers/impairments/other | 8,861 | |
Effect of currency translation | 401 | |
Ending Balance | (52,916) | |
Net Book Amount: | 60,329 | 46,941 |
Computer Equipment and Software | All Acquirees | ||
Cost: | ||
Additions | 20,633 | |
Assets under Capital Lease | ||
Cost: | ||
Beginning Balance | 6,082 | |
Additions | 3,502 | |
Disposals/transfers/impairments/other | (463) | |
Effect of currency translation | 0 | |
Ending Balance | 9,121 | |
Accumulated Depreciation: | ||
Beginning Balance | (1,820) | |
Additions | (2,514) | |
Disposals/transfers/impairments/other | 876 | |
Effect of currency translation | 0 | |
Ending Balance | (3,458) | |
Net Book Amount: | 5,663 | 4,262 |
Assets under Capital Lease | All Acquirees | ||
Cost: | ||
Additions | 0 | |
Furniture and Fixtures | ||
Cost: | ||
Beginning Balance | 3,218 | |
Additions | 1,236 | |
Disposals/transfers/impairments/other | (805) | |
Effect of currency translation | (225) | |
Ending Balance | 19,954 | |
Accumulated Depreciation: | ||
Beginning Balance | (1,035) | |
Additions | (1,870) | |
Disposals/transfers/impairments/other | 582 | |
Effect of currency translation | 176 | |
Ending Balance | (2,147) | |
Net Book Amount: | 17,807 | 2,183 |
Furniture and Fixtures | All Acquirees | ||
Cost: | ||
Additions | 16,530 | |
Assets under Construction | ||
Cost: | ||
Beginning Balance | 79,861 | |
Additions | 9,926 | |
Disposals/transfers/impairments/other | (3,351) | |
Effect of currency translation | (36) | |
Ending Balance | 109,783 | |
Accumulated Depreciation: | ||
Beginning Balance | (3,011) | |
Additions | 0 | |
Disposals/transfers/impairments/other | 5,119 | |
Effect of currency translation | 0 | |
Ending Balance | 2,108 | |
Net Book Amount: | 111,891 | $ 76,850 |
Assets under Construction | All Acquirees | ||
Cost: | ||
Additions | $ 23,383 |
Property, Plant And Equipment81
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Total depreciation expense | $ 59,898 | $ 42,665 | $ 41,536 |
Asset impairment charges | $ 10,800 | $ 4,300 | $ 7,500 |
Goodwill And Other Intangible82
Goodwill And Other Intangibles (Schedule Of Changes In The Carrying Amount Of Goodwill) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning balance | $ 2,897,775 | $ 565,994 |
Goodwill acquired during the period | 5,270,301 | 2,374,625 |
Effect of currency translation | (109,442) | (42,844) |
Goodwill impairment charges | (759,280) | |
Goodwill, gross, ending balance | 8,058,634 | 2,897,775 |
Accumulated impairment losses | (759,280) | |
Goodwill | 7,299,354 | 2,897,775 |
U.S. Branded Pharmaceuticals | ||
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning balance | 1,131,932 | 290,793 |
Goodwill acquired during the period | 544,344 | 841,139 |
Effect of currency translation | 0 | 0 |
Goodwill impairment charges | (673,500) | |
Goodwill, gross, ending balance | 1,676,276 | 1,131,932 |
Accumulated impairment losses | (673,500) | |
Goodwill | 1,002,776 | |
U.S. Generic Pharmaceuticals | ||
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning balance | 1,071,637 | 275,201 |
Goodwill acquired during the period | 4,718,297 | 796,436 |
Effect of currency translation | 0 | 0 |
Goodwill impairment charges | 0 | |
Goodwill, gross, ending balance | 5,789,934 | 1,071,637 |
Accumulated impairment losses | 0 | |
Goodwill | 5,789,934 | |
International Pharmaceuticals | ||
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning balance | 694,206 | 0 |
Goodwill acquired during the period | 7,660 | 737,050 |
Effect of currency translation | (109,442) | (42,844) |
Goodwill impairment charges | (85,780) | |
Goodwill, gross, ending balance | 592,424 | $ 694,206 |
Accumulated impairment losses | (85,780) | |
Goodwill | $ 506,644 |
Goodwill And Other Intangible83
Goodwill And Other Intangibles (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Indefinite-lived intangibles: | ||||
Balance | $ 184,598 | |||
Acquisitions | 1,628,400 | |||
Intangible asset impairment | (28,072) | |||
Other | (35,710) | |||
Effect of Currency Translation | (12,335) | |||
Balance | 1,736,881 | $ 184,598 | ||
Definite-lived intangibles: | ||||
Balance | 2,927,800 | |||
Acquisitions | 4,914,216 | |||
Impairments | (342,538) | |||
Other | 30,247 | |||
Effect of Currency Translation | (122,749) | |||
Balance | 7,406,976 | 2,927,800 | ||
Total other intangibles | ||||
Balance | 3,112,398 | |||
Acquisitions | 6,542,616 | |||
Impairment of intangible assets | (370,610) | |||
Other | (5,463) | |||
Effect of Currency Translation | (135,084) | |||
Balance | 9,143,857 | 3,112,398 | ||
Accumulated amortization: | ||||
Balance | (780,148) | |||
Amortization | (561,302) | (218,712) | $ (123,547) | |
Impairments | 0 | |||
Effect of Currency Translation | 10,248 | |||
Balance | (1,331,202) | (780,148) | ||
Net other intangibles | 7,812,655 | 2,332,250 | ||
Measurement period adjustments relating to acquisitions closed during 2014 | $ (5,463) | |||
Weighted Average | ||||
Accumulated amortization: | ||||
Intangible life (years) | 12 years | |||
Licenses | ||||
Definite-lived intangibles: | ||||
Balance | $ 664,367 | |||
Acquisitions | 12,500 | |||
Impairments | 0 | |||
Other | 0 | |||
Effect of Currency Translation | 0 | |||
Balance | 676,867 | 664,367 | ||
Accumulated amortization: | ||||
Balance | (426,413) | |||
Amortization | (81,812) | |||
Impairments | 0 | |||
Effect of Currency Translation | 0 | |||
Balance | $ (508,225) | (426,413) | ||
Licenses | Weighted Average | ||||
Accumulated amortization: | ||||
Intangible life (years) | 10 years | |||
Tradenames | ||||
Definite-lived intangibles: | ||||
Balance | $ 21,315 | |||
Acquisitions | 0 | |||
Impairments | (13,591) | |||
Other | 0 | |||
Effect of Currency Translation | (187) | |||
Balance | 7,537 | 21,315 | ||
Accumulated amortization: | ||||
Balance | (5,462) | |||
Amortization | (1,097) | |||
Impairments | 0 | |||
Effect of Currency Translation | 15 | |||
Balance | $ (6,544) | (5,462) | ||
Tradenames | Weighted Average | ||||
Accumulated amortization: | ||||
Intangible life (years) | 12 years | |||
Developed technology | ||||
Definite-lived intangibles: | ||||
Balance | $ 2,242,118 | |||
Acquisitions | 4,901,716 | |||
Impairments | (328,947) | |||
Other | 30,247 | |||
Effect of Currency Translation | (122,562) | |||
Balance | 6,722,572 | 2,242,118 | ||
Accumulated amortization: | ||||
Balance | (348,273) | |||
Amortization | (478,393) | |||
Impairments | 0 | |||
Effect of Currency Translation | 10,233 | |||
Balance | $ (816,433) | (348,273) | ||
Developed technology | Weighted Average | ||||
Accumulated amortization: | ||||
Intangible life (years) | 12 years | |||
In-process research and development | ||||
Indefinite-lived intangibles: | ||||
Balance | $ 184,598 | |||
Acquisitions | 1,628,400 | |||
Intangible asset impairment | (28,072) | |||
Other | (35,710) | |||
Effect of Currency Translation | (12,335) | |||
Balance | $ 1,736,881 | $ 184,598 | ||
Total other intangibles | ||||
Impairment of intangible assets | $ (72,400) |
Goodwill And Other Intangible84
Goodwill And Other Intangibles (Narrative) (Details) - USD ($) $ in Thousands | Oct. 01, 2015 | Oct. 01, 2014 | Oct. 01, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Amortization | $ 561,302 | $ 218,712 | $ 124,147 | |||||||||
Goodwill [Line Items] | ||||||||||||
Other | 35,710 | |||||||||||
Goodwill impairment | 759,280 | |||||||||||
GOODWILL | $ 7,299,354 | $ 2,897,775 | 7,299,354 | 2,897,775 | ||||||||
Impairment of intangible assets | 370,610 | |||||||||||
Asset impairment charges | 139,900 | $ 923,600 | $ 70,200 | $ 7,000 | $ 22,500 | 1,140,709 | 22,542 | 32,011 | ||||
In-process research and development | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Other | 35,710 | |||||||||||
Impairment of intangible assets | 72,400 | |||||||||||
UEO | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill impairment | 6,500 | 680,000 | 673,500 | |||||||||
U.S. Branded Pharmaceuticals | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Amortization | 280,954 | 78,890 | 80,223 | |||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill impairment | 673,500 | |||||||||||
GOODWILL | 1,002,776 | 1,002,776 | ||||||||||
Impairment of intangible assets | 175,031 | |||||||||||
Asset impairment charges | 5,500 | |||||||||||
U.S. Generic Pharmaceuticals | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Amortization | 223,367 | 95,042 | 43,924 | |||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill impairment | 0 | |||||||||||
GOODWILL | 5,789,934 | 5,789,934 | ||||||||||
Impairment of intangible assets | 38,400 | $ 70,200 | 181,000 | |||||||||
Qualitest | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Asset impairment charges | $ 17,000 | |||||||||||
International Pharmaceuticals | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Amortization | 56,981 | 44,780 | $ 0 | |||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill impairment | 85,780 | |||||||||||
GOODWILL | 506,644 | 506,644 | ||||||||||
Impairment of intangible assets | 14,579 | |||||||||||
Asset impairment charges | $ 14,600 | |||||||||||
Natesto, Testim, And Stendra Intangible Assets | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Impairment of intangible assets | $ 152,000 | |||||||||||
Stendra | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Impairment of intangible assets | 9,500 | |||||||||||
Opana ER | U.S. Branded Pharmaceuticals | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Asset impairment charges | $ 12,300 | |||||||||||
Goodwill and Indefinite-lived Intangible Assets | Significant Unobservable Inputs (Level 3) | Minimum | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Discount rate range (percent) | 9.00% | 8.50% | 9.50% | |||||||||
Goodwill and Indefinite-lived Intangible Assets | Significant Unobservable Inputs (Level 3) | Maximum | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Discount rate range (percent) | 16.00% | 15.50% | 14.50% | |||||||||
Paladin Labs Inc. | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill impairment | 85,800 | |||||||||||
GOODWILL | $ 420,400 | $ 420,400 |
Goodwill And Other Intangible85
Goodwill And Other Intangibles (Schedule Of Estimated Amortization Of Intangibles) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 820,936 |
2,017 | 699,920 |
2,018 | 618,317 |
2,019 | 565,397 |
2,020 | $ 540,241 |
Goodwill And Other Intangible86
Goodwill And Other Intangibles (Schedule Of Changes In Gross Carrying Amount Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 25, 2015 | Jan. 29, 2015 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 |
Definite-lived intangibles: | |||||
December 31, 2014 | $ 3,112,398 | ||||
Acquisition | 4,914,216 | ||||
BELBUCATM milestone | 43,968 | ||||
License extension of certain intangible assets | 12,500 | ||||
Impairment of intangible assets | (370,610) | ||||
Measurement period adjustments relating to acquisitions closed during 2014 | (5,463) | ||||
Effect of currency translation | (135,084) | ||||
December 31, 2015 | $ 9,143,857 | 9,143,857 | |||
U.S. Branded Pharmaceuticals | |||||
Definite-lived intangibles: | |||||
Impairment of intangible assets | (175,031) | ||||
U.S. Generic Pharmaceuticals | |||||
Definite-lived intangibles: | |||||
Impairment of intangible assets | $ (38,400) | $ (70,200) | (181,000) | ||
International Pharmaceuticals | |||||
Definite-lived intangibles: | |||||
Impairment of intangible assets | (14,579) | ||||
Auxilium Pharmaceuticals, Inc. | |||||
Definite-lived intangibles: | |||||
Acquisition | $ 2,619,500 | 2,619,500 | |||
Par Pharmaceutical Holdings, Inc. | |||||
Definite-lived intangibles: | |||||
Acquisition | $ 3,627,000 | 3,627,000 | |||
Aspen Holdings | |||||
Definite-lived intangibles: | |||||
Acquisition | 118,434 | ||||
Other Acquisitions | |||||
Definite-lived intangibles: | |||||
Acquisition | $ 121,214 |
License And Collaboration Agr87
License And Collaboration Agreements (Novartis AG, Novartis Consumer Health Inc. and Sandoz) (Narrative) (Details) - USD ($) | Mar. 04, 2008 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Novartis Consumer Health Inc | ||||
License And Collaboration Agreements [Line Items] | ||||
Advertising and promotional expense | $ 5,000,000 | $ 5,500,000 | $ 8,100,000 | |
Voltaren Gel Agreement | ||||
License And Collaboration Agreements [Line Items] | ||||
Amount of purchase made pursuant to long term purchase agreement | 53,400,000 | 55,000,000 | 50,200,000 | |
Payments for royalties | $ 30,000,000 | $ 30,000,000 | $ 30,000,000 | |
Guaranteed minimum annual royalty payments in the fourth year | $ 30,000,000 | |||
Voltaren Gel Agreement | Voltaren Gel | ||||
License And Collaboration Agreements [Line Items] | ||||
Conditional milestone payment | 25,000,000 | |||
Net sales threshold | $ 300,000,000 | |||
Voltaren Gel Agreement 2015 | ||||
License And Collaboration Agreements [Line Items] | ||||
License agreement term | 7 years | |||
License agreement term extension period | 1 year | |||
License agreement, written notice for non-renewal | 6 months | |||
License agreement, written notice to terminate after a material breach is not remedied | 90 days | |||
License agreement, net sales performance period | 6 months |
License And Collaboration Agr88
License And Collaboration Agreements (Strakan International Limited) (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2010 | Aug. 31, 2009 | Jun. 30, 2011 | |
Pro Strakan Agreement | |||
License And Collaboration Agreements [Line Items] | |||
Conditional milestone payment capitalized | $ 12.5 | ||
Additional milestone payment recognized | $ 5 | ||
Termination of agreement notice period | 6 months | ||
Fortesta | Pro Strakan Agreement, Commercial And Regulatory Milestone | |||
License And Collaboration Agreements [Line Items] | |||
Additional milestone payment | $ 150 |
License And Collaboration Agr89
License And Collaboration Agreements (Grunenthal GmbH) (Narrative) (Details) - Grunenthal Agreement € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | |
License And Collaboration Agreements [Line Items] | ||||
Conditional milestone payment | $ 4.9 | |||
Commercial milestone charge | $ 10.4 | |||
Additional milestone payment | $ 58.7 | € 53.9 |
License And Collaboration Agr90
License And Collaboration Agreements (Bayer Schering) (Narrative) (Details) - Bayerschering Agreement - USD ($) $ in Millions | Mar. 06, 2014 | Jul. 31, 2005 | Dec. 31, 2014 |
License And Collaboration Agreements [Line Items] | |||
Upfront cash payment | $ 30 | ||
Aveed | |||
License And Collaboration Agreements [Line Items] | |||
Additional milestone payment | $ 5 | ||
Royalty rate on net sales | 25.00% | ||
Conditional milestone payment | $ 17.5 |
License And Collaboration Agr91
License And Collaboration Agreements (BioSpecifics Technologies Corp) (Narrative) (Details) - BioSpecifics Agreement | Jan. 29, 2015 |
License And Collaboration Agreements [Line Items] | |
License agreement term extension period | 12 years |
Termination of agreement notice period | 90 days |
Minimum | |
License And Collaboration Agreements [Line Items] | |
Royalty rate on net sales | 5.00% |
Maximum | |
License And Collaboration Agreements [Line Items] | |
Royalty rate on net sales | 15.00% |
License And Collaboration Agr92
License And Collaboration Agreements (Out-License Agreements) (Narrative) (Details) - USD ($) $ in Millions | Jan. 29, 2015 | Oct. 31, 2015 |
Xiaflex Out-License Agreements | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate reduction (percent) | 10.00% | |
Actelion | Xiaflex Out-License Agreements | ||
License And Collaboration Agreements [Line Items] | ||
License agreement term | 15 years | |
Asahi Kasei | ||
License And Collaboration Agreements [Line Items] | ||
Milestone revenue | $ 20 | |
Asahi Kasei | Xiaflex Out-License Agreements | ||
License And Collaboration Agreements [Line Items] | ||
License agreement term | 15 years | |
Sobi | Xiaflex Out-License Agreements | ||
License And Collaboration Agreements [Line Items] | ||
License agreement term | 10 years | |
License agreement term extension period | 2 years | |
Termination of agreement notice period | 6 months | |
Minimum | Actelion | Xiaflex Out-License Agreements, Tier One | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 15.00% | |
Minimum | Actelion | Xiaflex Out-License Agreements, Tier Two | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 20.00% | |
Minimum | Actelion | Xiaflex Out-License Agreements, Tier Three | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 25.00% | |
Minimum | Sobi | Xiaflex Out-License Agreements, Tier One | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 45.00% | |
Minimum | Sobi | Xiaflex Out-License Agreements, Tier Two | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 50.00% | |
Minimum | Sobi | Xiaflex Out-License Agreements, Tier Three | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 55.00% | |
Maximum | Actelion | Xiaflex Out-License Agreements, Tier One | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 25.00% | |
Maximum | Actelion | Xiaflex Out-License Agreements, Tier Two | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 30.00% | |
Maximum | Actelion | Xiaflex Out-License Agreements, Tier Three | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 35.00% | |
Maximum | Sobi | Xiaflex Out-License Agreements, Tier One | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 55.00% | |
Maximum | Sobi | Xiaflex Out-License Agreements, Tier Two | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 60.00% | |
Maximum | Sobi | Xiaflex Out-License Agreements, Tier Three | ||
License And Collaboration Agreements [Line Items] | ||
Royalty rate on net sales | 65.00% |
License And Collaboration Agr93
License And Collaboration Agreements (BioDelivery Sciences International, Inc.) (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
BioDelivery | |||||
License And Collaboration Agreements [Line Items] | |||||
Additional milestone payment | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 44,000,000 | $ 30,000,000 |
Bio Delivery, Buprenorphine And Commercial And Regulatory Milestone | |||||
License And Collaboration Agreements [Line Items] | |||||
Additional milestone payment | $ 55,000,000 |
Accrued Expenses (Schedule Of A
Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Abstract] | ||
Returns and allowances | $ 356,932 | $ 174,940 |
Rebates | 331,492 | 497,362 |
Chargebacks | 18,899 | 217,402 |
Other sales deductions | 0 | 25,380 |
Accrued interest | 132,035 | 69,616 |
Acquisition-related contingent consideration—short-term | 65,265 | 4,282 |
Other | 246,549 | 155,343 |
Accrued expenses, Total | $ 1,151,172 | $ 1,144,325 |
Accrued Expenses (Narrative) (D
Accrued Expenses (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Accounts receivable | $ 995,077 | $ 1,118,720 |
Accrued expenses | 1,151,172 | 1,144,325 |
Accrued Expenses | ||
Business Acquisition [Line Items] | ||
Revenue reserves | $ 441,500 | |
Par Pharmaceutical Holdings, Inc. | Accounts Receivable | ||
Business Acquisition [Line Items] | ||
Revenue reserves | $ 898,800 |
Debt (Components Of Total Indeb
Debt (Components Of Total Indebtedness) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 27, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Unamortized Discount and Deferred Loan Costs | $ (147,272) | $ (89,544) | |
Total long-term debt, net | 8,727,634 | 4,346,108 | |
Less current portion, net | 328,705 | 155,937 | |
Total long-term debt, less current portion, net | 8,398,929 | 4,190,171 | |
Fair value of long term debt | 8,600,000 | 4,400,000 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Unamortized Discount and Deferred Loan Costs | 0 | 0 | |
Revolving Credit Facility | 225,000 | 0 | |
1.75% Convertible Senior Subordinated Notes due 2015 | |||
Debt Instrument [Line Items] | |||
Principal Amount | 0 | 98,818 | |
Unamortized Discount and Deferred Loan Costs | $ 0 | $ (1,759) | |
Interest Rate (percent) | 1.75% | 1.75% | |
7.00% Senior Notes due 2019 | |||
Debt Instrument [Line Items] | |||
Principal Amount | $ 0 | $ 499,875 | |
Unamortized Discount and Deferred Loan Costs | $ 0 | (12,291) | |
Interest Rate (percent) | 7.00% | ||
7.00% Senior Notes due 2020 | |||
Debt Instrument [Line Items] | |||
Principal Amount | $ 0 | 400,000 | |
Unamortized Discount and Deferred Loan Costs | $ 0 | (14,049) | |
Interest Rate (percent) | 7.00% | ||
7.25% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Principal Amount | $ 400,000 | 400,000 | |
Unamortized Discount and Deferred Loan Costs | $ (12,535) | (14,093) | |
Interest Rate (percent) | 7.25% | ||
5.75% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Principal Amount | $ 700,000 | 700,000 | |
Unamortized Discount and Deferred Loan Costs | $ (10,088) | (11,431) | |
Interest Rate (percent) | 5.75% | ||
5.375% Senior Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Principal Amount | $ 750,000 | 750,000 | |
Unamortized Discount and Deferred Loan Costs | $ (10,511) | (11,686) | |
Interest Rate (percent) | 5.375% | ||
6.00% Senior Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Principal Amount | $ 1,635,000 | 0 | |
Unamortized Discount and Deferred Loan Costs | $ (27,694) | 0 | |
Interest Rate (percent) | 6.00% | ||
6.00% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Principal Amount | $ 1,200,000 | 0 | |
Unamortized Discount and Deferred Loan Costs | $ (22,713) | 0 | |
Interest Rate (percent) | 6.00% | 6.00% | |
Term Loan A Facility Due 2019 | |||
Debt Instrument [Line Items] | |||
Principal Amount | $ 1,017,500 | 1,069,063 | |
Unamortized Discount and Deferred Loan Costs | (13,831) | (16,247) | |
Term Loan B Facility Due 2021 | |||
Debt Instrument [Line Items] | |||
Principal Amount | 2,800,000 | 421,812 | |
Unamortized Discount and Deferred Loan Costs | (49,900) | (7,988) | |
Other debt | |||
Debt Instrument [Line Items] | |||
Unamortized Discount and Deferred Loan Costs | 0 | 0 | |
Other debt | $ 134 | $ 6,540 |
Debt (Credit Facility) (Narrati
Debt (Credit Facility) (Narrative) (Details) | Feb. 28, 2014USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)loan_facility | Dec. 31, 2015USD ($) | Sep. 25, 2015USD ($) | Dec. 31, 2014USD ($) |
Line of Credit Facility [Line Items] | ||||||
Credit facility, remaining borrowing capacity | $ 773,000,000 | |||||
Incremental Revolving And/Or Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt issuance costs | $ 125,100,000 | |||||
Deferred issuance costs | $ 59,000,000 | |||||
Incremental Revolving And/Or Term Loan | Loss On Extinguishment Of Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt issuance costs | 66,100,000 | |||||
Term Loan A Facility Due 2019 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, term | 5 years | |||||
Face value of debt instrument | $ 1,100,000,000 | |||||
Term Loan B Facility Due 2021 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, term | 7 years | |||||
Face value of debt instrument | $ 425,000,000 | |||||
Term Loan B Facility Due 2021 | Loss On Extinguishment Of Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Write off of deferred debt issuance costs | $ 7,900,000 | |||||
2014 Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, term | 5 years | |||||
Face value of debt instrument | $ 750,000,000 | |||||
Amended 2014 Credit Facility | Par Pharmaceutical Holdings, Inc. | Incremental Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility borrowing capacity | $ 250,000,000 | |||||
Secured leverage ratio | 3 | |||||
Amended 2014 Credit Facility | Par Pharmaceutical Holdings, Inc. | Incremental Revolving And/Or Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility borrowing capacity | $ 1,000,000,000 | |||||
Maximum borrowing capacity | $ 1,000,000,000 | |||||
Amended 2014 Credit Facility | Par Pharmaceutical Holdings, Inc. | Incremental Term Loan B Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility borrowing capacity | $ 2,800,000,000 | |||||
Par Incremental Facilities | Par Pharmaceutical Holdings, Inc. | Incremental Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Face value of debt instrument | $ 5,000,000,000 | |||||
Number of loan facilities (one or more) | loan_facility | 1 | |||||
Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Revolving Credit Facility | $ 225,000,000 | $ 0 |
Debt (Senior Notes) (Narrative)
Debt (Senior Notes) (Narrative) (Details) - USD ($) $ in Millions | Jan. 27, 2015 | Nov. 30, 2015 | Jul. 31, 2015 | Dec. 31, 2015 |
6.00% Senior Notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Face value of debt instrument | $ 1,200 | |||
Interest Rate (percent) | 6.00% | 6.00% | ||
Debt issuance costs | $ 24.4 | |||
Redemption price (percent) | 101.00% | |||
6.00% Senior Notes due 2025 | Prior To February 1, 2018 | ||||
Debt Instrument [Line Items] | ||||
Redemption price (percent) | 106.00% | |||
6.00% Senior Notes due 2025 | Prior To February 1, 2018 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Redemption price, percentage of principal amount redeemed | 35.00% | |||
6.00% Senior Notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 6.00% | |||
6.00% Senior Notes due 2023 | Senior Notes | Endo DAC, Endo Finance LLC, and Endo Finco Inc. | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 6.00% | |||
Debt issuance costs | $ 29.1 | |||
Change of control event, redemption percentage | 101.00% | |||
6.00% Senior Notes due 2023 | Senior Notes | Par Pharmaceutical Holdings, Inc. | Endo DAC, Endo Finance LLC, and Endo Finco Inc. | ||||
Debt Instrument [Line Items] | ||||
Face value of debt instrument | $ 1,640 | |||
6.00% Senior Notes due 2023 | Senior Notes | Prior to July 15, 2018 | Endo DAC, Endo Finance LLC, and Endo Finco Inc. | ||||
Debt Instrument [Line Items] | ||||
Redemption price (percent) | 106.00% | |||
6.00% Senior Notes due 2023 | Senior Notes | Prior to July 15, 2018 | Maximum | Endo DAC, Endo Finance LLC, and Endo Finco Inc. | ||||
Debt Instrument [Line Items] | ||||
Redemption price, percentage of principal amount redeemed | 35.00% | |||
7.00% Senior Notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 7.00% | |||
7.00% Senior Notes due 2019 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Redemption fee | $ 17.5 | |||
Redemption fee, percent | 3.50% | |||
Deferred debt issuance costs | $ 11.1 | |||
7.00% Senior Notes due 2019 | Senior Notes | Loss On Extinguishment Of Debt | ||||
Debt Instrument [Line Items] | ||||
Debt redemption and deferred issuance costs | $ 28.6 | |||
2019 Endo Finance Notes | Senior Notes | Endo Finance LLC and Endo Finco Inc. | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 7.00% | |||
Extinguishment of debt | $ 481.9 | |||
EHSI 2019 Notes | Senior Notes | Endo Finance LLC and Endo Finco Inc. | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 7.00% | |||
Extinguishment of debt | $ 18 | |||
7.00% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 7.00% | |||
7.00% Senior Notes due 2020 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Redemption fee | $ 14 | |||
Redemption fee, percent | 3.50% | |||
Deferred debt issuance costs | $ 12.1 | |||
7.00% Senior Notes due 2020 | Senior Notes | Loss On Extinguishment Of Debt | ||||
Debt Instrument [Line Items] | ||||
Debt redemption and deferred issuance costs | $ 26.1 | |||
2020 Endo Finance Notes | Senior Notes | Endo Finance LLC and Endo Finco Inc. | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 7.00% | |||
Extinguishment of debt | $ 393 | |||
EHSI 2020 Notes | Senior Notes | Endo Finance LLC and Endo Finco Inc. | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 7.00% | |||
Extinguishment of debt | $ 7 |
Debt (Percentage Of Outstanding
Debt (Percentage Of Outstanding Principal Balance Of Non-Recourse Notes) (Details) | Jan. 27, 2015 | Jul. 31, 2015 |
From February 1, 2020 to and including January 31, 2021 | 6.00% Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Redemption Percentage | 103.00% | |
From February 1, 2021 to and including January 31, 2022 | 6.00% Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Redemption Percentage | 102.00% | |
From February 1, 2022 to and including January 31, 2023 | 6.00% Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Redemption Percentage | 101.00% | |
From February 1, 2023 and thereafter | 6.00% Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Redemption Percentage | 100.00% | |
From July 15, 2018 to and including July 14, 2019 | 6.00% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Redemption Percentage | 104.50% | |
From July 15, 2019 to and including July 14, 2020 | 6.00% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Redemption Percentage | 103.00% | |
From July 15, 2020 to and including July 14, 2021 | 6.00% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Redemption Percentage | 101.50% | |
From July 15, 2021 and thereafter | 6.00% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Redemption Percentage | 100.00% |
Debt (Convertible Senior Notes
Debt (Convertible Senior Notes Due) (Narrative) (Details) | Jan. 29, 2015USD ($)$ / shares | Apr. 30, 2015USD ($)shares | Mar. 31, 2015USD ($)shares | Mar. 31, 2015USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015shares |
Auxilium Pharmaceuticals, Inc. | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Convertible debt, including equity component | $ 571,132,000 | ||||||
1.50% Convertible Senior Notes Due 2018 | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Payments upon conversion of debt | $ 148,900,000 | ||||||
Share issued for repurchase of senior note (shares) | shares | 5,200,000 | ||||||
Debt conversion, aggregate value of shares issued | $ 408,600,000 | ||||||
Loss on restructuring of debt | $ 5,400,000 | ||||||
Decrease to AOCI representing the fair value of conversion feature | $ 247,400,000 | ||||||
1.50% Convertible Senior Notes Due 2018 | Auxilium Pharmaceuticals, Inc. | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Face value of debt instrument | $ 350,000,000 | ||||||
Interest Rate (percent) | 1.50% | ||||||
Convertible notes, convertible amount per share (in dollars per share) | $ / shares | $ 9.88 | ||||||
Conversion ratio | 0.3430 | ||||||
Convertible debt, including equity component | $ 571,100,000 | ||||||
1.50% Convertible Senior Notes Due 2018 | Auxilium Pharmaceuticals, Inc. | Debt | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Convertible debt, including equity component | 304,500,000 | ||||||
1.50% Convertible Senior Notes Due 2018 | Auxilium Pharmaceuticals, Inc. | Additional Paid-in Capital | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Convertible debt, including equity component | $ 266,600,000 | ||||||
1.75% Convertible Senior Subordinated Notes due 2015 | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Interest Rate (percent) | 1.75% | 1.75% | |||||
Share issued for repurchase of senior note (shares) | shares | 2,261,236 | ||||||
Convertible notes, maturity date | Apr. 15, 2015 | Apr. 15, 2015 | |||||
Extinguishment of debt | $ 98,700,000 | ||||||
Repayments of debt | $ 316,400,000 | ||||||
Number of shares issued for warrant settlement | shares | 1,792,379 |
Debt (Mandatorily Redeemable Pr
Debt (Mandatorily Redeemable Preferred Stock) (Details) - USD ($) $ in Millions | Dec. 11, 2015 | Feb. 24, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Gain on extinguishment of debt | $ 0.3 | $ (25.6) | $ (40.9) | $ (1) | ||
Interest Expense [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Dividend payments and amortization expense | $ 2.1 | |||||
Series B Non-Voting Preferred Stock | ||||||
Debt Instrument [Line Items] | ||||||
Shares redeemed | 60,000 | |||||
Payment for redeemable preferred stock | $ 61.6 | |||||
AMS | Series B Non-Voting Preferred Stock | ||||||
Debt Instrument [Line Items] | ||||||
Expected shares to be issued | 60,000 | |||||
Expected proceeds from issuance of preferred stock | $ 60 | |||||
Authorized shares | 100,000 |
Debt (Maturities On Long-Term D
Debt (Maturities On Long-Term Debt For Each Of The Next Five Years) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 328,705 |
2,017 | 131,125 |
2,018 | 179,250 |
2,019 | 715,500 |
2,020 | $ 28,000 |
Commitments And Contingencie103
Commitments And Contingencies (Narrative) (Details) ft² in Thousands, $ in Thousands | Feb. 22, 2016USD ($) | Oct. 08, 2015motion | Aug. 13, 2015patent | Jan. 29, 2015 | Feb. 28, 2013 | Apr. 27, 2012 | Nov. 23, 2011 | Oct. 28, 2011renewal_options | Sep. 30, 2013company | Dec. 31, 2015USD ($)ft² | Dec. 31, 2015USD ($)ft²study_ordercase | Dec. 31, 2014USD ($)Japanese_Facilities | Dec. 31, 2013USD ($) | Jan. 01, 2017ft² | Feb. 19, 2016case | Jun. 30, 2015 | Mar. 31, 2015 |
Loss Contingencies [Line Items] | |||||||||||||||||
Current portion of legal settlement accrual | $ 1,606,726 | $ 1,606,726 | $ 1,443,114 | ||||||||||||||
Reserve for loss contingencies | $ 2,160,000 | $ 2,160,000 | |||||||||||||||
Lawsuit filing period | 45 days | 45 days | |||||||||||||||
Stay of approval period, Hatch-Waxman Act | 30 months | 30 months | |||||||||||||||
Term Of Lease agreement | 12 years | ||||||||||||||||
Lease Agreement, Number Of Renewal Options | renewal_options | 3 | ||||||||||||||||
Additional Period Of Renewal For Lease Agreement | 60 months | ||||||||||||||||
Area of Real Estate Property | ft² | 60 | 60 | |||||||||||||||
Future minimum sublease rentals | $ 21,500 | $ 21,500 | |||||||||||||||
Direct Financing Lease Obligations | 45,900 | 45,900 | |||||||||||||||
Operating Leases, Rent Expense, Net | 20,100 | 8,500 | $ 18,700 | ||||||||||||||
Accounts Payable [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Direct Financing Lease Obligations | 4,100 | 4,100 | |||||||||||||||
Other Liabilities [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Direct Financing Lease Obligations | 41,800 | 41,800 | |||||||||||||||
Vaginal mesh cases | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Current portion of legal settlement accrual | 1,540,000 | 1,540,000 | |||||||||||||||
Reserve for loss contingencies | 2,086,176 | 2,086,176 | 1,655,195 | ||||||||||||||
Liability reduction factor (percent) | 18.00% | 21.00% | |||||||||||||||
Loss Contingency Accrual, Product Liability, Increase (Decrease) In Liability | 834,000 | 401,000 | |||||||||||||||
Opana ER | Judicial Ruling | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of patents found infringed upon | patent | 2 | ||||||||||||||||
Period for generic product to be withdrawn | 60 days | ||||||||||||||||
Number of post-trial motions | motion | 2 | ||||||||||||||||
Unapproved Drug Litigation | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of additional pharmaceutical companies named in petitions (over 50) | company | 50 | ||||||||||||||||
Megace ES Cases | Subsequent Event | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Damages sought per violation | $ 16,000 | ||||||||||||||||
Scenario, Forecast | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Area of Real Estate Property | ft² | 90 | ||||||||||||||||
Teikoku Seiyaku Co Ltd | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Amount of purchase made pursuant to long term purchase agreement | 48,300 | $ 45,100 | 167,000 | ||||||||||||||
Japanese Facilities For Commercial Sale in the United States | Japanese_Facilities | 2 | ||||||||||||||||
Termination of agreement notice period | 45 days | ||||||||||||||||
Royalty rate on net sales | 6.00% | ||||||||||||||||
Payments for royalties | 17,800 | $ 19,100 | 35,000 | ||||||||||||||
Royalty payable | 16,800 | 16,800 | |||||||||||||||
Noramco, Inc. | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Long-term purchase commitment agreement, term | 4 years | ||||||||||||||||
Automatic Renewal Provision For Unlimited Successive Periods | 1 year | ||||||||||||||||
Purchased Amount | $ 42,000 | 76,000 | 66,100 | ||||||||||||||
Long-term purchase commitment agreement, renewal term | 1 year | ||||||||||||||||
Sharp Corporation | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Termination of agreement notice period | 90 days | ||||||||||||||||
Purchased Amount | $ 3,300 | 2,000 | 7,800 | ||||||||||||||
Long-term purchase commitment agreement, renewal term | 1 year | ||||||||||||||||
Testosterone Cases | Subsequent Event | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Pending claims, number | case | 935 | ||||||||||||||||
AMS | Vaginal mesh cases | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Product liability accrual, period expense | $ 2,090,000 | $ 2,090,000 | |||||||||||||||
Number of class-wide post-market study orders received | study_order | 19 | ||||||||||||||||
Number of class-wide post-market study orders placed on hold by the FDA | study_order | 16 | ||||||||||||||||
Number of active class-wide post-market study orders | study_order | 3 | ||||||||||||||||
Loss contingency, claims settled, number | case | 49,000 | ||||||||||||||||
Grunenthal Agreement | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
License And Supply Payment Period | 45 years | ||||||||||||||||
Additional milestone payment recognized | $ 28,500 | $ 32,900 | $ 35,300 | ||||||||||||||
Jubilant HollisterStier Laboratories LLC Supply Agreement | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Long-term purchase commitment agreement, term | 3 years | ||||||||||||||||
Long-term purchase commitment agreement, renewal term | 2 years |
Commitments And Contingencie104
Commitments And Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | |||
Current portion of legal settlement accrual | $ 1,606,726 | $ 1,443,114 | |
Qualified Settlement Funds | |||
Cash distributions to Qualified Settlement Funds | 743,132 | 585,165 | $ 54,500 |
Product Liability | |||
Balance as of December 31, 2015 | 2,160,000 | ||
Vaginal mesh cases | |||
Loss Contingencies [Line Items] | |||
Current portion of legal settlement accrual | 1,540,000 | ||
Qualified Settlement Funds | |||
Balance as of December 31, 2014 | 485,229 | ||
Cash distributions to Qualified Settlement Funds | 743,132 | ||
Cash distributions to settle disputes from Qualified Settlement Funds | (649,391) | ||
Balance as of December 31, 2015 | 578,970 | 485,229 | |
Product Liability | |||
Balance as of December 31, 2014 | 1,655,195 | ||
Additional charges | 1,107,751 | ||
Cash distributions to settle disputes from Qualified Settlement Funds | (649,391) | ||
Cash distributions to settle disputes | (27,379) | ||
Balance as of December 31, 2015 | $ 2,086,176 | $ 1,655,195 |
Commitments And Contingencie105
Commitments And Contingencies (Summary Of Minimum Future Rental Payments Required Under Operating Leases and Capital Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leases | |
2,016 | $ 9,950 |
2,017 | 8,114 |
2,018 | 6,951 |
2,019 | 7,051 |
2,020 | 7,242 |
Thereafter | 30,248 |
Total minimum lease payments | 69,556 |
Less: Amount representing interest | 6,628 |
Total present value of minimum payments | 62,928 |
Less: Current portion of such obligations | 9,950 |
Long-term capital lease obligations | 52,978 |
Future minimum sublease rentals | 21,500 |
Operating Leases | |
2,016 | 23,103 |
2,017 | 16,292 |
2,018 | 15,201 |
2,019 | 12,471 |
2,020 | 10,624 |
Thereafter | 31,304 |
Total minimum lease payments | $ 108,995 |
Other Comprehensive Loss (Sched
Other Comprehensive Loss (Schedule Of Tax Effects Allocated To Each Component Of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net unrealized gain (loss) on securities: | |||
Unrealized gain (loss) arising during the period | $ 2,349 | $ (1,646) | $ 1,233 |
Less: reclassification adjustments for loss realized in net loss | 0 | 17 | 0 |
Net unrealized gains (losses) | 2,349 | (1,629) | 1,233 |
Net unrealized gain (loss) on foreign currency: | |||
Foreign currency translation (loss) gain arising during the period | (263,425) | (121,417) | 682 |
Less: reclassification adjustments for loss realized in net loss | 25,557 | 0 | 0 |
Foreign currency translation (loss) gain | (237,868) | (121,417) | 682 |
Fair value adjustment on derivatives designated as cash flow hedges: | |||
Fair value adjustment on derivatives designated as cash flow hedges arising during the period | 0 | 0 | 853 |
Less: reclassification adjustments for cash flow hedges settled and included in net loss | 0 | (232) | |
Net unrealized fair value adjustment on derivatives designated as cash flow hedges | 0 | 0 | 621 |
Other comprehensive (loss) income | (235,519) | (123,046) | 2,536 |
Net unrealized gain (loss) on securities: | |||
Unrealized gain (loss) arising during the period | (50) | 547 | (458) |
Less: reclassification adjustments for loss realized in net loss | 0 | 0 | 0 |
Net unrealized gains (losses) | (50) | 547 | (458) |
Net unrealized gain (loss) on foreign currency: | |||
Foreign currency translation (loss) gain arising during the period | (21,297) | 28 | 32 |
Less: reclassification adjustments for loss realized in net loss | 158 | 0 | 0 |
Foreign currency translation (loss) gain | (21,139) | 28 | 32 |
Fair value adjustment on derivatives designated as cash flow hedges: | |||
Fair value adjustment on derivatives designated as cash flow hedges arising during the period | 0 | (307) | |
Less: reclassification adjustments for cash flow hedges settled and included in net loss | 0 | 0 | 84 |
Net unrealized fair value adjustment on derivatives designated as cash flow hedges | 0 | 0 | (223) |
Other comprehensive (loss) income | (21,189) | 575 | (649) |
Net unrealized gain (loss) on securities: | |||
Unrealized gain (loss) arising during the period | 2,299 | (1,099) | 775 |
Less: reclassification adjustments for loss realized in net loss | 0 | 17 | 0 |
Net unrealized gain (loss) on securities: | 2,299 | (1,082) | 775 |
Foreign currency translation (loss) gain: | |||
Foreign currency translation (loss) gain | (284,722) | (121,389) | 714 |
Less: reclassification adjustments for loss realized in net loss | 25,715 | 0 | 0 |
Foreign currency translation (loss) gain: | (259,007) | (121,389) | 714 |
Fair value adjustment on derivatives designated as cash flow hedges: | |||
Fair value adjustment on derivatives designated as cash flow hedges arising during the period | 0 | 0 | 546 |
Less: reclassification adjustments for cash flow hedges settled and included in net loss | 0 | 0 | (148) |
Fair value adjustment on derivatives designated as cash flow hedges: | 0 | 0 | 398 |
OTHER COMPREHENSIVE (LOSS) INCOME | $ (256,708) | $ (122,471) | $ 1,887 |
Other Comprehensive Loss (Accum
Other Comprehensive Loss (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||
Net unrealized gains (losses) | $ 1,815 | $ (484) |
Foreign currency translation loss | (386,020) | (123,604) |
Accumulated other comprehensive loss | $ (384,205) | $ (124,088) |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Buy-out of Noncontrolling Interest) (Details) - Litha Healthcare Group Limited $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Shareholders Equity [Line Items] | |
Buy-out of noncontrolling interests, net of contributions | $ (39,608) |
Accumulated Other Comprehensive (Loss) Income | |
Shareholders Equity [Line Items] | |
Buy-out of noncontrolling interests, net of contributions | (3,904) |
Noncontrolling Interests | |
Shareholders Equity [Line Items] | |
Buy-out of noncontrolling interests, net of contributions | (32,732) |
Additional Paid-in Capital | |
Shareholders Equity [Line Items] | |
Buy-out of noncontrolling interests, net of contributions | $ (2,972) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | Sep. 25, 2015 | Jun. 10, 2015 | Jan. 29, 2015 | Nov. 30, 2015 | Dec. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | Feb. 11, 2014 |
Shareholders Equity [Line Items] | ||||||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | ||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||
Euro deferred shares, shares issued | 4,000,000 | 4,000,000 | 4,000,000 | |||||
Euro deferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Share price | $ 83.25 | |||||||
Treasury stock acquired | $ 251,088,000 | |||||||
2015 Share Buyback Program | ||||||||
Shareholders Equity [Line Items] | ||||||||
Share repurchase program, authorized amount | $ 2,500,000,000 | |||||||
Treasury stock acquired | $ 250,000,000 | |||||||
Treasury stock acquired, shares | 4,400,000 | |||||||
Over-Allotment Option | ||||||||
Shareholders Equity [Line Items] | ||||||||
Ordinary shares issued, shares | 3,603,603 | |||||||
Auxilium Pharmaceuticals, Inc. | ||||||||
Shareholders Equity [Line Items] | ||||||||
Aggregate consideration transferred | $ 2,569,584,000 | |||||||
Fair value of shares issued as part of acquisition | $ 1,519,320,000 | |||||||
Ordinary shares issued, value | 1,519,320,000 | |||||||
Par Pharmaceutical Holdings, Inc. | ||||||||
Shareholders Equity [Line Items] | ||||||||
Aggregate consideration transferred | $ 8,135,654,000 | |||||||
Ordinary shares issued, shares | 18,069,899 | 27,627,628 | ||||||
Fair value of shares issued as part of acquisition | $ 1,325,246,000 | |||||||
Ordinary shares issued, value | $ 1,325,248,000 | |||||||
Equity consideration | $ 1,330,000,000 | |||||||
Par Pharmaceutical Holdings, Inc. | Endo International plc | ||||||||
Shareholders Equity [Line Items] | ||||||||
Ordinary shares issued, value | $ 2,300,000,000 | |||||||
EHSI | ||||||||
Shareholders Equity [Line Items] | ||||||||
Common stock, shares authorized | 350,000,000 | |||||||
Common stock, par value (in dollars per share) | $ 0.01 |
Shared-based Compensation (Narr
Shared-based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | Dec. 31, 2012 | |
Shareholders Equity [Line Items] | ||||||
Shares reserved for future issuance | 12,700,000 | |||||
Stock-based compensation expense | $ 98,788,000 | $ 32,671,000 | $ 38,998,000 | |||
Acceleration of Auxilium employee equity awards at closing | $ 37,600,000 | 37,603,000 | $ 0 | $ 0 | ||
Unrecognized compensation cost | $ 75,000,000 | |||||
Dividend yield | 0.00% | 0.00% | 0.00% | |||
Exercise price range, lower range limit (in dollars per share) | $ 14.65 | |||||
Exercise price range, upper range limit (in dollars per share) | $ 89.68 | |||||
Options exercised intrinsic value | $ 27,200,000 | $ 41,400,000 | $ 97,100,000 | |||
Options outstanding | 2,768,567 | 3,063,352 | 4,245,789 | 8,824,705 | ||
Issuance of ordinary shares from treasury, shares | 67,867 | 75,450 | ||||
Issuance of ordinary shares related to the employee stock purchase plan | $ 4,299,000 | $ 4,617,000 | $ 5,310,000 | |||
2015 Stock Incentive Plan | ||||||
Shareholders Equity [Line Items] | ||||||
Number of shares authorized | 10,000,000 | |||||
2010 Stock Incentive Plan | ||||||
Shareholders Equity [Line Items] | ||||||
Number of shares available for grant | 5,000,000 | |||||
Employee Stock Purchase Plan | ||||||
Shareholders Equity [Line Items] | ||||||
Stock-based compensation expense | $ 800,000 | $ 600,000 | ||||
Employee contribution (percent) | 10.00% | |||||
Percentage of price per common share (percent) | 90.00% | |||||
ESPP Contribution amount, numerator | $ 25,000 | |||||
Common shares outstanding (percent) | 1.00% | |||||
Options outstanding | 1,200,000 | |||||
Nonvested Stock Options | ||||||
Shareholders Equity [Line Items] | ||||||
Unrecognized compensation cost | $ 17,000,000 | |||||
Options grated, weighted average grant date fair value (in dollars per share) | $ 21.09 | $ 20.28 | $ 9.37 | |||
Weighted average remaining requisite service period, non-vested stock options | 2 years 5 months | |||||
Performance Stock Units | ||||||
Shareholders Equity [Line Items] | ||||||
Performance cycle | 3 years | 3 years | ||||
Performance Stock Units | 2014 Share Matching Program | ||||||
Shareholders Equity [Line Items] | ||||||
Vesting percentage | 10.00% | |||||
Vesting period | 3 years | |||||
Performance Stock Units | Minimum | ||||||
Shareholders Equity [Line Items] | ||||||
Award adjustment rate | 0.00% | 0.00% | ||||
Performance Stock Units | Maximum | ||||||
Shareholders Equity [Line Items] | ||||||
Award adjustment rate | 300.00% | 300.00% | ||||
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) | ||||||
Shareholders Equity [Line Items] | ||||||
Weighted average remaining requisite service period, non-vested restricted stock units | 1 year 11 months | |||||
Nonvested Restricted Stock Units And Performance Stock Units | ||||||
Shareholders Equity [Line Items] | ||||||
Restricted and performance stock units, weighted average grant date fair value (in dollars per share) | $ 72.34 | $ 73.70 | $ 31.55 | |||
Nonvested Restricted Stock | ||||||
Shareholders Equity [Line Items] | ||||||
Unrecognized compensation cost | $ 35,000,000 | |||||
Nonvested Performance Stock Units [Member] | ||||||
Shareholders Equity [Line Items] | ||||||
Unrecognized compensation cost | 23,000,000 | |||||
AMS | ||||||
Shareholders Equity [Line Items] | ||||||
Stock-based compensation expense | $ 11,400,000 |
Shared-based Compensation (Sche
Shared-based Compensation (Schedule Of Allocation Of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 98,788 | $ 32,671 | $ 38,998 |
Selling, general and administrative expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 79,928 | 21,690 | 24,982 |
Research and development expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2,388 | 3,670 | 4,740 |
Cost of revenues | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2,241 | 1,479 | 0 |
Discontinued Operations | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 14,231 | $ 5,832 | $ 9,276 |
Shared-based Compensation (Summ
Shared-based Compensation (Summary Of Activity Under Stock Incentive Plans) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Outstanding, Number of Shares, Beginning Balance | 3,063,352 | 4,245,789 | 8,824,705 |
Granted, Number of Shares | 794,757 | 736,948 | 593,709 |
Exercised, number of shares | (880,885) | (1,528,295) | (3,836,560) |
Forfeited, Number of Shares | (201,397) | (371,410) | (1,291,043) |
Expired, Number of Shares | (7,260) | (19,680) | (45,022) |
Outstanding, Number of Shares, Ending Balance | 2,768,567 | 3,063,352 | 4,245,789 |
Vested and expected to vest, end of period, Number of Shares | 2,616,444 | ||
Exercisable, end of period, Number of Shares | 1,384,900 | ||
Weighted Average Exercise Price | |||
Outstanding, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ 40.15 | $ 29.30 | $ 27.93 |
Granted, Weighted Average Exercise Price (in dollars per share) | 77.27 | 75.13 | 30.81 |
Exercised, Weighted Average Exercise Price (in dollars per share) | 30.93 | 27.09 | 25.32 |
Forfeited, Weighted Average Exercise Price (in dollars per share) | 72.24 | 39.76 | 32.73 |
Expired, Weighted Average Exercise Price (in dollars per share) | 45.20 | 24.56 | 30.06 |
Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | 51.56 | $ 40.15 | $ 29.30 |
Vested and expected to vest, end of period, Weighted Average Exercise Price (in dollars per share) | 50.26 | ||
Exercisable, end of period, Weighted Average Exercise Price (in dollars per share) | $ 35.82 | ||
Weighted Average Remaining Contractual Term [Abstract] | |||
Outstanding, Weighted Average Remaining Contractual Term | 5 years 4 months 6 days | ||
Vested and expected to vest, Weighted Average Remaining Contractual Term | 5 years 2 months 11 days | ||
Exercisable, Weighted Average Remaining Contractual Term | 3 years 10 months 23 days | ||
Outstanding, Aggregate Intrinsic Value | $ 46,340,769 | ||
Vested and expected to vest, Aggregate Intrinsic Value | 46,165,754 | ||
Exercisable, Aggregate Intrinsic Value | $ 38,473,019 |
Shared-based Compensation (Stoc
Shared-based Compensation (Stock Option Assumption) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Average expected term (years) | 4 years | 4 years | 5 years |
Risk-free interest rate | 1.30% | 1.30% | 0.80% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 32.00% | 32.00% | 33.00% |
Shared-based Compensation (S114
Shared-based Compensation (Summary Of Restricted Stock Units and Performance Stock Units Activity) (Details) - Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Outstanding, Number of Shares, Beginning Balance | 1,654,753 | 2,262,428 | 2,423,612 |
Granted, Number of Shares | 927,214 | 609,357 | 1,543,221 |
Forfeited, Number of Shares | (251,351) | (374,463) | (899,954) |
Vested, number of shares | (523,763) | (842,569) | (804,451) |
Outstanding, Number of Shares, Ending Balance | 1,806,853 | 1,654,753 | 2,262,428 |
Vested and expected to vest, end of period, Number of Shares | 1,693,411 | ||
Aggregate Intrinsic Value | |||
Outstanding, Aggregate Intrinsic Value | $ 111,925,522 | ||
Vested and expected to vest, Aggregate Intrinsic Value | $ 98,500,246 |
Shared-based Compensation (S115
Shared-based Compensation (Schedule Of Information About Stock Options Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Number Outstanding | 2,768,567 | 3,063,352 | 4,245,789 | 8,824,705 |
Weighted Average Remaining Contractual Life | 5 years 4 months 6 days | |||
Weighted Average Exercise Price | $ 51.56 | $ 40.15 | $ 29.30 | $ 27.93 |
Number Exercisable | 1,384,900 | |||
Exercisable Weighted Average Exercise Price | $ 35.82 | |||
Exercise price range, lower range limit (in dollars per share) | 14.65 | |||
Exercise price range, upper range limit (in dollars per share) | $ 89.68 |
Other Expense (Income), Net (Sc
Other Expense (Income), Net (Schedule Of Components Of Other (Income) Expense, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Component of Operating Income [Abstract] | ||||||
Watson litigation settlement income, net | $ 0 | $ 0 | $ (50,400) | |||
Net gain on sale of certain early-stage drug discovery and development assets | 0 | (5,200) | 0 | |||
Foreign currency gain, net | (23,058) | (10,054) | (21) | |||
Equity loss (earnings) from unconsolidated subsidiaries, net | 3,217 | (8,325) | (1,482) | |||
Other than temporary impairment of equity investment | $ 18,900 | 18,869 | 0 | 0 | ||
Legal settlement | (12,500) | 0 | 0 | |||
Costs associated with unused financing commitments | $ 64,300 | $ 2,300 | $ 11,800 | 78,352 | 0 | 0 |
Other miscellaneous | (1,189) | (8,745) | (1,156) | |||
Other expense (income), net | $ 63,691 | $ (32,324) | $ (53,059) |
Other Expense (Income), Net (Na
Other Expense (Income), Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Other than temporary impairment of equity investment | $ 18,900 | $ 18,869 | $ 0 | $ 0 | ||
Costs associated with unused financing commitments | $ 64,300 | 2,300 | $ 11,800 | $ 78,352 | $ 0 | $ 0 |
Litha Joint Venture Investment | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Other than temporary impairment of equity investment | $ 18,900 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Tax By Geography) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (626,740) | $ (33,459) | $ 385,366 |
International | (811,124) | 133,334 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX | $ (1,437,864) | $ 99,875 | $ 385,366 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ (308,909) | $ 30,385 | $ 93,212 |
Current, Foreign | (5,600) | 16,270 | 10,980 |
Current, State | 16,722 | (2,550) | 0 |
Current, Total | (297,787) | 44,105 | 104,192 |
Deferred, Federal | (779,757) | (31,922) | 36,369 |
Deferred, Foreign | (70,221) | (7,740) | (1,336) |
Deferred, State | (9,376) | (620) | 0 |
Deferred, Total | (859,354) | (40,282) | 35,033 |
Excess tax (shortfall) benefit of stock options exercised | 19,676 | 33,501 | 4,315 |
Valuation allowance | 0 | 943 | 202 |
INCOME TAX | $ (1,137,465) | $ 38,267 | $ 143,742 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Income Tax At Federal Statutory Income Tax Rate To Total Income Tax Provision) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
Federal income tax at the statutory rate | $ (503,271) | $ 34,956 | $ 134,878 | |
State income tax, net of federal benefit | (45,823) | 10,095 | 5,554 | |
Research and development credit | (5,549) | (2,535) | (6,002) | |
Uncertain tax positions | 30,974 | 2,494 | 2,779 | |
Tax effect of foreign operations | (359,831) | (52,246) | 0 | |
Change in valuation allowance | 278,339 | 952 | 0 | |
Effects of outside basis differences | (111,920) | 0 | 0 | |
Worthless stock deduction | (674,210) | 0 | 0 | |
Impairment of goodwill | 248,403 | 0 | 0 | |
Effect of permanent items: | ||||
Branded prescription drug fee | $ 25,000 | 10,753 | 16,336 | 12,060 |
Domestic production activities deduction | 0 | 5,468 | (6,835) | |
Transaction-related expenses | 9,872 | 5,889 | 2,643 | |
Excise tax | 0 | 15,398 | 0 | |
Executive compensation limitation | 467 | 3,590 | 417 | |
Extinguishment of debt | 0 | (5,802) | 0 | |
Share based compensation | 950 | 2,227 | 0 | |
Audit settlements | 0 | (1,875) | 0 | |
Other | (16,619) | 3,320 | (1,752) | |
INCOME TAX | $ (1,137,465) | $ 38,267 | $ 143,742 |
Income Taxes (Tax Credit Carryf
Income Taxes (Tax Credit Carryforwards) (Details) | Dec. 31, 2015USD ($) |
Foreign | Canada | Investment tax credits | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, amount | $ 3,200 |
Domestic | Alternative minimum tax | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, amount | 66,600 |
Domestic | Research and development credits | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, amount | 56,300 |
Domestic | Foreign tax credits | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, amount | $ 25,300 |
Income Taxes (Operating Loss Ca
Income Taxes (Operating Loss Carryforwards) (Details) | Dec. 31, 2015USD ($) |
Foreign | Ireland | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 7,300 |
Foreign | Luxembourg | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 325,000 |
Domestic | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 222,400 |
State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 71,700 |
State and Local Jurisdiction | Capital Loss Carryforward | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 5,100 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowances) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 426,991,000 | $ 40,646,000 |
Foreign | Canada | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 1,400 | |
Foreign | Ireland | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 26,700 | |
Foreign | Luxembourg | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 325,000 | |
Foreign | Mexico | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 3,700 | |
Foreign | Netherlands | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 1,200 | |
Foreign | South Africa | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 1,200 | |
Domestic | United States | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 67,300 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Accrued expenses and customer allowances | $ 285,342 | $ 644,858 |
Compensation related to stock options | 22,532 | 15,415 |
Net operating loss carryforward | 635,030 | 108,823 |
Loss on capital assets | 7,210 | 10,642 |
Research and development credit carryforward | 56,489 | 13,085 |
Uncertain tax positions | 8,211 | 6,574 |
Prepaid royalties | 0 | 5,190 |
Tax credit carryforwards | 96,952 | 12,249 |
Deferred interest expense | 290,600 | 0 |
Other | 7,564 | 23,173 |
Total gross deferred income tax assets | 1,409,930 | 840,009 |
Deferred tax liabilities: | ||
Fixed assets and intangible assets | (1,759,009) | (894,714) |
Deferred interest expense | 0 | (6,012) |
Outside basis difference | (59,434) | 0 |
Prepaid royalties | (413) | 0 |
Other | (25,978) | (9,238) |
Total gross deferred income tax liabilities | (1,844,834) | (909,964) |
Valuation allowance | (426,991) | (40,646) |
Net deferred income tax liability | $ (861,895) | $ (110,601) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Undistributed earnings of foreign subsidiaries | $ 915,400 | ||
Accrued interest and penalties | 12,664 | $ 10,500 | |
Interest and penalties | 1,600 | 4,600 | $ (900) |
Valuation allowance | 426,991 | 40,646 | |
Increase in valuation allowance | 386,300 | $ 22,800 | |
Total unrecognized tax benefits including interest and penalties | 328,911 | 115,800 | |
Additions related to acquisitions | 150,152 | 54,750 | |
Unrecognized tax benefits that would impact effective tax rate | 293,300 | $ 109,200 | |
Acquisitions | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in valuation allowance | 14,700 | ||
Worthless Stock Deduction | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in valuation allowance | 25,900 | ||
Jurisdictions Where Unable to Support Recognition of Deferred Tax Assets | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in valuation allowance | $ 349,400 |
Income Taxes (Schedule Of Re126
Income Taxes (Schedule Of Reconciliation Of Change In Uncertain Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 105,330 | $ 58,629 | $ 58,917 |
Gross additions for current year positions | 65,439 | 6,008 | 2,076 |
Gross additions for prior period positions | 3,460 | 873 | 4,618 |
Gross reductions for prior period positions | (234) | (6,647) | (2,390) |
Decrease due to lapse of statute of limitations | (75) | (5,067) | (4,592) |
Decrease due to settlements | (597) | ||
Additions related to acquisitions | 150,152 | 54,750 | |
Currency translation adjustment | (7,825) | (2,619) | |
Unrecognized Tax Benefits, Ending Balance | 316,247 | 105,330 | $ 58,629 |
Accrued interest and penalties | 12,664 | 10,500 | |
Total UTB balance including accrued interest and penalties | 328,911 | $ 115,800 | |
Current portion | 0 | ||
Non-current portion | $ 328,911 |
Net (Loss) Income Per Share (Re
Net (Loss) Income Per Share (Reconciliation Of The Numerator And Denominator Of Basic And Diluted Net (Loss) Income Per Share) (Details) - USD ($) shares in Thousands, $ 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 | |
Numerator: | |||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | $ (300,399) | $ 61,608 | $ 241,624 | ||||||||
Less: Net loss from continuing operations attributable to noncontrolling interests | (283) | (399) | 0 | ||||||||
(Loss) income from continuing operations attributable to Endo International plc ordinary shareholders | $ 443,709 | $ (803,706) | $ (90,894) | $ 150,492 | $ 19,481 | $ 48,953 | $ 40,575 | $ (47,401) | (300,116) | 62,007 | 241,624 |
Loss from discontinued operations attributable to Endo International plc ordinary shareholders, net of tax | (562,302) | (246,782) | (159,632) | (226,210) | (72,724) | (301,002) | (20,189) | (385,877) | (1,194,926) | (783,326) | (926,963) |
NET LOSS ATTRIBUTABLE TO ENDO INTERNATIONAL PLC | $ (118,463) | $ (1,050,442) | $ (250,419) | $ (75,718) | $ (53,483) | $ (252,084) | $ 21,160 | $ (436,912) | $ (1,495,042) | $ (721,319) | $ (685,339) |
Denominator: | |||||||||||
For basic per share data—weighted average shares (shares) | 224,147 | 209,274 | 185,328 | 169,653 | 153,772 | 153,309 | 152,368 | 128,135 | 197,100 | 146,896 | 113,295 |
Dilutive effect of ordinary share equivalents (shares) | 0 | 2,600 | 2,453 | ||||||||
Dilutive effect of various convertible notes and warrants (shares) | 0 | 7,234 | 4,081 | ||||||||
For diluted per share data—weighted average shares (shares) | 225,321 | 209,274 | 185,328 | 176,825 | 159,213 | 158,975 | 163,369 | 128,135 | 197,100 | 156,730 | 119,829 |
Net (Loss) Income Per Share (Na
Net (Loss) Income Per Share (Narrative) (Details) - 1.75% Convertible Senior Subordinated Notes due 2015 - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Interest Rate (percent) | 1.75% | 1.75% |
Convertible notes, maturity date | Apr. 15, 2015 | Apr. 15, 2015 |
Initial conversion price (in dollars per share) | $ 29.20 |
Savings And Investment Plan 129
Savings And Investment Plan And Deferred Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Savings And Investment Plan And Deferred Compensation [Line Items] | |||
Contributions towards defined contribution Savings and Investment Plan | $ 8.6 | $ 7.5 | $ 11.4 |
Deferred Compensation Plan | Deferred bonus | |||
Savings And Investment Plan And Deferred Compensation [Line Items] | |||
Deferral percentage for employees | 50.00% | ||
Deferred Compensation Plan | Deferred restricted stock units | |||
Savings And Investment Plan And Deferred Compensation [Line Items] | |||
Deferral percentage for employees | 100.00% | ||
401(k) Restoration Plan | Deferred salary and bonus | |||
Savings And Investment Plan And Deferred Compensation [Line Items] | |||
Deferral percentage for employees | 50.00% | ||
Endo 401(k) Plan | |||
Savings And Investment Plan And Deferred Compensation [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | ||
Endo 401(k) Plan, Matching Tier One | |||
Savings And Investment Plan And Deferred Compensation [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Endo 401(k) Plan, Matching Tier Two | |||
Savings And Investment Plan And Deferred Compensation [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% |
Quarterly Financial Data (Un130
Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 11, 2015 | 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 |
Quarterly Financial Data [Abstract] | ||||||||||||
Total revenues | $ 1,073,697 | $ 745,727 | $ 735,166 | $ 714,128 | $ 662,877 | $ 654,116 | $ 592,848 | $ 470,842 | ||||
Gross profit | 263,629 | 303,268 | 296,308 | 329,862 | 288,697 | 312,923 | 289,403 | 258,163 | ||||
Income (loss) from continuing operations | 443,709 | (803,706) | (90,894) | 150,492 | 19,481 | 48,953 | 40,575 | (47,401) | $ (300,116) | $ 62,007 | $ 241,624 | |
Discontinued operations, net of tax | (562,302) | (246,782) | (159,632) | (226,210) | (72,724) | (301,002) | (20,189) | (385,877) | (1,194,926) | (783,326) | (926,963) | |
Net loss attributable to Endo International plc ordinary shareholders | $ (118,463) | $ (1,050,442) | $ (250,419) | $ (75,718) | $ (53,483) | $ (252,084) | $ 21,160 | $ (436,912) | $ (1,495,042) | $ (721,319) | $ (685,339) | |
Continuing operations, basic (usd per share) | $ 1.98 | $ (3.84) | $ (0.49) | $ 0.89 | $ 0.13 | $ 0.32 | $ 0.27 | $ (0.37) | $ (1.52) | $ 0.42 | $ 2.13 | |
Discontinued operations, basic (usd per share) | (2.51) | (1.18) | (0.86) | (1.34) | (0.48) | (1.96) | (0.13) | (3.04) | (6.07) | (5.33) | (8.18) | |
Basic (usd per share) | (0.53) | (5.02) | (1.35) | (0.45) | (0.35) | (1.64) | 0.14 | (3.41) | (7.59) | (4.91) | (6.05) | |
Continuing operations, diluted (usd per share) | 1.97 | (3.84) | (0.49) | 0.85 | 0.12 | 0.31 | 0.25 | (0.37) | (1.52) | 0.40 | 2.02 | |
Discontinued operations, diluted (usd per share) | (2.50) | (1.18) | (0.86) | (1.28) | (0.46) | (1.90) | (0.12) | (3.04) | (6.07) | (5) | (7.74) | |
Diluted (usd per share) | $ (0.53) | $ (5.02) | $ (1.35) | $ (0.43) | $ (0.34) | $ (1.59) | $ 0.13 | $ (3.41) | $ (7.59) | $ (4.60) | $ (5.72) | |
Weighted average shares—Basic (shares) | 224,147 | 209,274 | 185,328 | 169,653 | 153,772 | 153,309 | 152,368 | 128,135 | 197,100 | 146,896 | 113,295 | |
Weighted average shares—Diluted (shares) | 225,321 | 209,274 | 185,328 | 176,825 | 159,213 | 158,975 | 163,369 | 128,135 | 197,100 | 156,730 | 119,829 | |
Acquisition-related transaction costs | $ 54,100 | $ (27,700) | $ 44,200 | $ 34,600 | $ 9,800 | $ 2,700 | $ 19,600 | $ 45,300 | $ 105,250 | $ 77,384 | $ 7,614 | |
Change in fair value of contingent consideration | 17,900 | 80,300 | 2,500 | 800 | (65,640) | 0 | 0 | |||||
Asset impairment charges | 139,900 | 923,600 | 70,200 | 7,000 | 22,500 | 1,140,709 | 22,542 | 32,011 | ||||
Inventory Step Up Cost | 117,700 | 42,900 | 48,900 | 39,900 | 25,500 | 17,400 | 19,100 | 3,600 | 232,461 | 65,582 | 0 | |
Severance costs | 55,200 | 22,700 | 5,800 | 41,800 | 8,700 | 7,500 | 11,400 | (1,900) | 60,200 | 14,400 | 35,200 | |
Legal Fees | 17,200 | 6,900 | 13,000 | 35,000 | 3,100 | 4,000 | ||||||
Loss on extinguishment of debt | $ (300) | $ 25,600 | 40,900 | 1,000 | ||||||||
Costs associated with unused financing commitments | $ 64,300 | 2,300 | 11,800 | 78,352 | 0 | 0 | ||||||
Other than temporary impairment of equity investment | $ 18,900 | 18,869 | 0 | 0 | ||||||||
Acceleration of Auxilium employee equity awards at closing | $ 37,600 | 37,603 | 0 | 0 | ||||||||
Branded prescription drug fee | 25,000 | 10,753 | 16,336 | 12,060 | ||||||||
Excise and Sales Taxes | $ (1,000) | $ (4,700) | $ 60,000 | $ 0 | $ 54,300 | $ 0 | ||||||
Intangible Asset Amortization And Inventory Step-Up | $ 9,200 |
SCHEDULE II--Valuation and Q131
SCHEDULE II--Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 3,919 | $ 5,594 | $ 5,533 |
Additions, Costs and Expenses | 5,073 | 165 | 1,358 |
Deductions, Write-offs | (5,212) | (1,840) | (1,297) |
Balance at End of Period | $ 3,780 | $ 3,919 | $ 5,594 |