Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 03, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'ALEXION PHARMACEUTICALS INC | ' | ' |
Entity Central Index Key | '0000899866 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 197,830,376 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $17,833,350,643 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $529,857 | $989,501 |
Marketable securities | 984,994 | 0 |
Trade accounts receivable, net | 421,752 | 295,598 |
Inventories | 102,602 | 94,521 |
Prepaid manufacturing costs | 18,927 | 14,619 |
Deferred tax assets | 41,432 | 26,086 |
Prepaid expenses and other current assets | 87,293 | 75,275 |
Total current assets | 2,186,857 | 1,495,600 |
Property, plant and equipment, net | 201,109 | 165,629 |
Intangible assets, net | 609,719 | 646,678 |
Goodwill | 254,073 | 253,645 |
Deferred tax assets | 3,394 | 13,954 |
Other assets | 62,544 | 38,054 |
Total assets | 3,317,696 | 2,613,560 |
Liabilities and Stockholders' Equity | ' | ' |
Accounts payable | 21,596 | 21,488 |
Accrued expenses | 402,344 | 249,787 |
Deferred revenue | 53,801 | 31,266 |
Current portion of long-term debt | 48,000 | 48,000 |
Other current liabilities | 56,688 | 9,548 |
Total current liabilities | 582,429 | 360,089 |
Long-term debt, less current portion | 65,000 | 101,000 |
Contingent consideration | 106,744 | 139,002 |
Facility lease obligation | 32,230 | 0 |
Deferred tax liabilities | 101,241 | 19,827 |
Other liabilities | 47,973 | 22,792 |
Total liabilities | 935,617 | 642,710 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $.0001 par value; 5,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $.0001 par value; 290,000 shares authorized; 197,941 and 194,918 shares issued at December 31, 2013 and 2012, respectively | 20 | 20 |
Additional paid-in capital | 2,106,183 | 1,852,221 |
Treasury stock, at cost, 985 and 227 shares at December 31, 2013 and 2012, respectively | -80,365 | -14,229 |
Accumulated other comprehensive income (loss) | -22,857 | 6,635 |
Retained earnings | 379,098 | 126,203 |
Total stockholders' equity | 2,382,079 | 1,970,850 |
Total liabilities and stockholders' equity | $3,317,696 | $2,613,560 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 290,000,000 | 290,000,000 |
Common stock, shares issued | 197,941,000 | 194,918,000 |
Treasury Stock, Shares | 985,000 | 227,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net product sales | $1,551,346 | $1,134,114 | $783,431 |
Cost of sales: | ' | ' | ' |
Cost of sales | 168,375 | 126,214 | 93,140 |
Change in contingent liability from intellectual property settlements | 9,181 | -53,377 | 0 |
Total cost of sales | 177,556 | 72,837 | 93,140 |
Operating expenses: | ' | ' | ' |
Research and development | 317,093 | 222,732 | 137,421 |
Selling, general and administrative | 489,720 | 384,678 | 308,176 |
Acquisition-related costs | 5,029 | 22,812 | 13,486 |
Impairment of intangible assets | 33,521 | 26,300 | 0 |
Amortization of purchased intangible assets | 417 | 417 | 382 |
Total operating expenses | 845,780 | 656,939 | 459,465 |
Operating income | 528,010 | 404,338 | 230,826 |
Other income and expense: | ' | ' | ' |
Investment income | 3,346 | 1,838 | 1,911 |
Interest expense | -4,112 | -7,402 | -788 |
Foreign currency loss | -975 | -1,208 | -2,281 |
Income before income taxes | 526,269 | 397,566 | 229,668 |
Income tax provision | 273,374 | 142,744 | 54,353 |
Net income | $252,895 | $254,822 | $175,315 |
Earnings per common share | ' | ' | ' |
Basic (in dollars per share) | $1.29 | $1.34 | $0.96 |
Diluted (in dollars per share) | $1.27 | $1.28 | $0.91 |
Shares used in computing earnings per common share | ' | ' | ' |
Basic (in shares) | 195,532 | 190,461 | 183,220 |
Diluted (in shares) | 199,712 | 198,501 | 191,806 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $252,895 | $254,822 | $175,315 |
Foreign currency translation | -4,573 | 150 | -1,328 |
Unrealized losses on marketable securities, net of tax of $(75), $0 and $0, respectively | -146 | 0 | -10 |
Unrealized losses on pension obligation, net of tax of $(547), $(143) and $(72), respectively | -5,790 | -1,529 | -1,165 |
Unrealized (losses) gains on hedging activities, net of tax of $(871), $232 and $872, respectively | -18,983 | 3,835 | 13,822 |
Net other comprehensive income (loss) | -29,492 | 2,456 | 11,319 |
Comprehensive income | $223,403 | $257,278 | $186,634 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized losses on marketable securities - tax effect | ($75) | $0 | $0 |
Unrealized losses on pension obligation - tax effect | -547 | -143 | -72 |
Unrealized gains (losses) on hedging activities - tax effect | ($871) | $232 | $872 |
Statement_of_Shareholders_Equi
Statement of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock at Cost [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Deficit) [Member] |
In Thousands, unless otherwise specified | ||||||
Balances, value at Dec. 31, 2010 | $859,736 | $18 | $1,173,468 | ($2,676) | ($7,140) | ($303,934) |
Balances, common shares at Dec. 31, 2010 | ' | 182,374 | ' | ' | ' | ' |
Balances, treasury shares at Dec. 31, 2010 | ' | ' | ' | 97 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Costs associated with 2 for 1 stock split | -55 | ' | -55 | ' | ' | ' |
Conversion of convertible notes to common stock, shares | ' | 381 | ' | ' | ' | ' |
Conversion of convertible notes to common stock, value | 2,996 | ' | 2,996 | ' | ' | ' |
Issuance of common stock from exercise of options, shares | ' | 2,744 | ' | ' | ' | ' |
Issuance of common stock from exercise of options, value | 35,821 | 1 | 35,820 | ' | ' | ' |
Issuance of restricted common stock, shares | ' | 117 | ' | ' | ' | ' |
Excess tax benefit from stock options, value | 4,016 | ' | 4,016 | ' | ' | ' |
Share-based compensation expense | 45,344 | ' | 45,344 | ' | ' | ' |
Net income | 175,315 | ' | ' | ' | ' | 175,315 |
Other comprehensive income (loss) | 11,319 | ' | ' | ' | 11,319 | ' |
Balances, value at Dec. 31, 2011 | 1,134,492 | 19 | 1,261,589 | -2,676 | 4,179 | -128,619 |
Balances, common shares at Dec. 31, 2011 | ' | 185,616 | ' | ' | ' | ' |
Balances, treasury shares at Dec. 31, 2011 | ' | ' | ' | 97 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs, shares | ' | 5,000 | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs | 462,213 | 1 | 462,212 | ' | ' | ' |
Conversion of convertible notes to common stock, shares | ' | 91 | ' | ' | ' | ' |
Conversion of convertible notes to common stock, value | 718 | ' | 718 | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | ' | 130 | ' | ' |
Repurchase of common stock | -11,553 | ' | ' | -11,553 | ' | ' |
Issuance of common stock from exercise of options, shares | ' | 3,918 | ' | ' | ' | ' |
Issuance of common stock from exercise of options, value | 66,438 | 0 | 66,438 | ' | ' | ' |
Issuance of restricted common stock, shares | ' | 293 | ' | ' | ' | ' |
Excess tax benefit from stock options, value | 7,228 | ' | 7,228 | ' | ' | ' |
Share-based compensation expense | 54,036 | ' | 54,036 | ' | ' | ' |
Net income | 254,822 | ' | ' | ' | ' | 254,822 |
Other comprehensive income (loss) | 2,456 | ' | ' | ' | 2,456 | ' |
Balances, value at Dec. 31, 2012 | 1,970,850 | 20 | 1,852,221 | -14,229 | 6,635 | 126,203 |
Balances, common shares at Dec. 31, 2012 | ' | 194,918 | ' | ' | ' | ' |
Balances, treasury shares at Dec. 31, 2012 | 227 | ' | ' | 227 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | ' | 758 | ' | ' |
Repurchase of common stock | -66,136 | ' | ' | -66,136 | ' | ' |
Issuance of common stock from exercise of options, shares | 2,481 | 2,481 | ' | ' | ' | ' |
Issuance of common stock from exercise of options, value | 71,281 | ' | 71,281 | ' | ' | ' |
Issuance of restricted common stock, shares | ' | 542 | ' | ' | ' | ' |
Excess tax benefit from stock options, value | 105,714 | ' | 105,714 | ' | ' | ' |
Share-based compensation expense | 76,967 | ' | 76,967 | ' | ' | ' |
Net income | 252,895 | ' | ' | ' | ' | 252,895 |
Other comprehensive income (loss) | -29,492 | ' | ' | ' | -29,492 | ' |
Balances, value at Dec. 31, 2013 | $2,382,079 | $20 | $2,106,183 | ($80,365) | ($22,857) | $379,098 |
Balances, common shares at Dec. 31, 2013 | ' | 197,941 | ' | ' | ' | ' |
Balances, treasury shares at Dec. 31, 2013 | 985 | ' | ' | 985 | ' | ' |
Statement_of_Shareholders_Equi1
Statement of Shareholders' Equity (Parentheticals) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | ' |
Equity offering issuance costs | $207 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $252,895 | $254,822 | $175,315 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' | ' |
Depreciation and amortization | 28,693 | 23,887 | 17,616 |
Impairment of intangible assets | 33,521 | 26,300 | 0 |
Change in fair value of contingent consideration | 4,006 | 6,550 | 1,400 |
Share-based compensation expense | 76,203 | 54,013 | 44,763 |
Premium amortization of available-for-sale securities | 3,235 | 0 | -24 |
Deferred taxes | 92,831 | 71,155 | 42,066 |
Unrealized foreign currency loss (gain) | 1,144 | -3,019 | 5,516 |
Unrealized loss (gain) on forward contracts | 764 | -2,694 | 479 |
Other | 132 | 880 | 136 |
Changes in operating assets and liabilities, excluding the effect of acquisitions: | ' | ' | ' |
Accounts receivable | -116,439 | -72,870 | -78,778 |
Inventories | 126 | -6,265 | -12,179 |
Prepaid expenses and other assets | -39,879 | -17,041 | -21,040 |
Accounts payable, accrued expenses and other liabilities | 136,641 | 61,723 | 79,781 |
Deferred revenue | 23,476 | 13,172 | 15,033 |
Net cash provided by operating activities | 497,349 | 410,613 | 270,084 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of Available-for-sale Securities | -1,048,429 | 0 | 0 |
Proceeds from Maturity or Sale of Available-for-sale Securities | 60,917 | 0 | 94,458 |
Purchases of trading securities | -985 | 0 | 0 |
Purchases of property, plant and equipment | -29,329 | -21,846 | -21,982 |
Payments for acquisitions of businesses, net of cash acquired | 0 | -605,735 | -105,886 |
Other | -9,315 | -4 | -307 |
Net cash used in investing activities | -1,027,141 | -627,585 | -33,717 |
Cash flows from financing activities: | ' | ' | ' |
Debt issuance costs | 0 | -6,184 | 0 |
Proceeds from revolving credit facility | 0 | 115,000 | 60,000 |
Payments on revolving credit facility | 0 | -115,000 | -60,000 |
Proceeds from term loan | 0 | 240,000 | 0 |
Payments on term loan | -36,000 | -91,000 | 0 |
Excess tax benefit from stock options | 105,714 | 7,228 | 4,016 |
Repurchase of common stock | -66,136 | -11,553 | 0 |
Net proceeds from issuance of common stock | 0 | 462,212 | 0 |
Net proceeds from the exercise of stock options | 71,281 | 66,438 | 35,765 |
Payment of contingent consideration | -3,000 | 0 | 0 |
Other | -220 | -765 | -731 |
Net cash provided by financing activities | 71,639 | 666,376 | 39,050 |
Effect of exchange rate changes on cash | -1,491 | -768 | -1,697 |
Net change in cash and cash equivalents | -459,644 | 448,636 | 273,720 |
Cash and cash equivalents at beginning of period | 989,501 | 540,865 | 267,145 |
Cash and cash equivalents at end of period | 529,857 | 989,501 | 540,865 |
Supplemental disclosures | ' | ' | ' |
Cash paid for interest (net of amounts capitalized) | 2,831 | 4,475 | 538 |
Cash paid for income taxes | 76,165 | 18,272 | 10,221 |
Supplemental cash flow disclosures from investing and financing activities: | ' | ' | ' |
Contingent consideration issued in acquisitions | 0 | 117,000 | 16,720 |
Construction in process related to facility lease obligation | $32,230 | $0 | $0 |
Business_Overview_and_Summary_
Business Overview and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Overview and Summary of Significant Accounting Policies [Abstract] | ' | |||||||||||||
Business Overview and Summary of Significant Accounting Policies | ' | |||||||||||||
Business Overview and Summary of Significant Accounting Policies | ||||||||||||||
Business | ||||||||||||||
Alexion Pharmaceuticals, Inc. ("Alexion", the "Company", "we", "our" or "us") is a biopharmaceutical company focused on serving patients with severe and ultra-rare disorders through the innovation, development and commercialization of life-transforming therapeutic products. Our marketed product Soliris is the first and only therapeutic approved for patients with either of two severe and ultra-rare disorders resulting from chronic uncontrolled activation of the complement component of the immune system: paroxysmal nocturnal hemoglobinuria (PNH), a life-threatening and ultra-rare genetic blood disorder, and atypical hemolytic uremic syndrome (aHUS), a life-threatening and ultra-rare genetic disease. We are also evaluating additional potential indications for Soliris in other severe and ultra-rare diseases in which uncontrolled complement activation is the underlying mechanism, and we are progressing in various stages of development with additional product candidates as potential treatments for patients with severe and life-threatening ultra-rare disorders. We were incorporated in 1992 and began commercial sale of Soliris in 2007. | ||||||||||||||
Basis of Presentation and Principles of Consolidation | ||||||||||||||
The accompanying consolidated financial statements include the accounts of Alexion and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For each of our business combinations, all of the assets acquired and liabilities assumed were recorded at their respective fair values as of the date of acquisition, and their results of operations are included in the consolidated financial statements from the date of acquisition. | ||||||||||||||
Dividend Policy | ||||||||||||||
We have never paid a cash dividend on shares of our stock. We currently intend to retain our earnings to finance future operations and do not anticipate paying any cash dividends on our stock in the foreseeable future. | ||||||||||||||
Critical Accounting Estimates | ||||||||||||||
The preparation of our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States, requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities in our financial statements. We believe the most complex judgments result primarily from the need to make estimates about the effects of matters that are inherently uncertain and are significant to our consolidated financial statements. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. We evaluate our estimates, judgments and assumptions on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. | ||||||||||||||
The most significant areas involving estimates, judgments and assumptions used in the preparation of our consolidated financial statements are as follows: | ||||||||||||||
• | Revenue recognition; | |||||||||||||
• | Contingent liabilities; | |||||||||||||
• | Inventories; | |||||||||||||
• | Research and development expenses; | |||||||||||||
• | Share-based compensation; | |||||||||||||
• | Valuation of goodwill, acquired intangible assets and in-process research and development (IPR&D); | |||||||||||||
• | Valuation of contingent consideration; and | |||||||||||||
• | Income taxes. | |||||||||||||
Foreign Currency Translation | ||||||||||||||
The financial statements of our subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities, historical exchange rates for stockholders’ equity and weighted average exchange rates for operating results. Translation gains and losses are included in accumulated other comprehensive income (loss), net of tax, in stockholders’ equity. Foreign currency transaction gains and losses are included in the results of operations in other income and expense. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Cash and cash equivalents are stated at cost plus accrued interest, which approximates fair value, and include short-term highly liquid investments with original maturities of three months or less. | ||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||
The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable, other assets, accounts payable, accrued expenses and other liabilities approximate fair value due to their short-term maturities. Our marketable securities are valued based upon pricing of securities with similar investment characteristics and holdings. Our derivative financial instruments are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties’ credit risks. Our debt obligations are carried at historical cost, which approximates fair value. Our contingent consideration liabilities related to our acquisitions are valued based on various estimates, including probability of success, estimated revenues, discount rates and amount of time until the conditions of the milestone payments are met. | ||||||||||||||
Marketable Securities | ||||||||||||||
We invest our excess cash balances in marketable securities of highly rated financial institutions and investment-grade debt instruments. We seek to diversify our investments and limit the amount of investment concentrations for individual institutions, maturities and investment types. We classify these marketable securities as available-for-sale and, accordingly, record such securities at fair value. We classify these marketable securities as current assets as these investments are intended to be available to the Company for use in funding current operations. | ||||||||||||||
Unrealized gains and losses that are deemed temporary are included in accumulated other comprehensive income (loss) as a separate component of stockholders' equity. If any adjustment to fair value reflects a significant decline in the value of the security, we evaluate the extent to which the decline is determined to be other-than-temporary and would mark the security to market through a charge to our consolidated statement of operations. Credit losses are identified when we do not expect to receive cash flows sufficient to recover the amortized cost basis of a security. In the event of a credit loss, only the amount associated with the credit loss is recognized in operating results, with the amount of loss relating to other factors recorded in accumulated other comprehensive income (loss). | ||||||||||||||
We offer a nonqualified deferred compensation plan which allows participants to elect to defer income to future periods. Participants in the plan earn a return on their deferrals based on several investments options, which mirror returns on underlying mutual fund investments. We choose to invest in the underlying mutual fund investments to offset the liability associated with our nonqualified deferred compensation plan. These securities are classified as trading securities and are carried at fair value with gains and losses included in investment income. The changes in the underlying liability to the employee are recorded in operating expenses. | ||||||||||||||
Accounts Receivable | ||||||||||||||
Our standard credit terms vary based on the country of sale and range from 30 to 120 days. Our consolidated average days’ sales outstanding ranges from 70 to 80 days. We evaluate the creditworthiness of customers on a regular basis. In certain European countries, sales by us are subject to payment terms that are statutorily determined. This is primarily the case in countries where the payer is government-owned or government-funded, which we consider to be creditworthy. The length of time from sale to receipt of payment in certain countries exceeds our credit terms. In countries in which collections from customers extend beyond normal payment terms, we seek to collect interest. We record interest on customer receivables as interest income when collected. For non-interest bearing receivables with an estimated payment beyond one year, we discount the accounts receivable to present value at the date of sale, with a corresponding adjustment to revenue. Subsequent adjustments for further declines in credit rating are recorded as bad debt expense as a component of selling, general and administrative expense. We also use judgments as to our ability to collect outstanding receivables and provide allowances for the portion of receivables if and when collection becomes doubtful, and we also assess on an ongoing basis whether collectibility is reasonably assured at the time of sale. | ||||||||||||||
Concentration of Credit Risk | ||||||||||||||
Financial instruments that potentially expose the Company to concentrations of credit risk are limited to cash equivalents, marketable securities, accounts receivable and our foreign exchange derivative contracts. We invest our cash reserves in money market funds or high-quality marketable securities in accordance with our investment policy. The stated objectives of our investment policy is to preserve capital, provide liquidity consistent with forecasted cash flow requirements, maintain appropriate diversification and generate returns relative to these investment objectives and prevailing market conditions. | ||||||||||||||
For the year ended December 31, 2013, two individual customers accounted for 20% and 10% of the accounts receivable balance and one customer accounted for 20% of net product sales. For the year ended December 31, 2012, two individual customers accounted for 18% and 12% of the accounts receivable balance and 21% and 12% of net product sales. No other customers accounted for more than 10% of net product sales or accounts receivable. | ||||||||||||||
We continue to monitor economic conditions, including volatility associated with international economies and the sovereign debt issues in Europe, and the associated impacts on the financial markets and our business. The credit and economic conditions in Greece, Italy and Spain, among other members of the European Union, have deteriorated over the last several years. These conditions have in the past resulted in an increase in the average length of time it takes to collect our outstanding accounts receivable in these countries. Substantially all of our accounts receivable due from these countries are due from or backed by sovereign or local governments, and the amount of non-sovereign accounts receivable is not material. Our exposure to the sovereign debt issue in Greece is limited, as we do not have a material amount of accounts receivable in Greece. | ||||||||||||||
As of December 31, 2013 and 2012, our gross accounts receivable in Italy and Spain totaled approximately $78,072 and $82,200, respectively. As of December 31, 2013 and 2012, approximately $17,318 and $21,100, respectively, of these amounts has been outstanding for greater than one year, and we have recorded an allowance of approximately $1,493 and $2,000, respectively, related to these gross receivables. As of December 31, 2013 and 2012, we recorded $8,052 and $21,334 of accounts receivable in Spain within other non-current assets, which approximates the amount of the receivables that we estimate with collection periods beyond one year. | ||||||||||||||
During the years ended December 31, 2013 and 2012, we recorded income (expense) of approximately $944 and $(1,100), respectively, related to recoveries of past due amounts from these countries or the expectation of delayed payment. Our net accounts receivable from these countries as of December 31, 2013 and 2012 are summarized as follows: | ||||||||||||||
Total Accounts Receivable, Net | Accounts Receivable, Net > one year | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Italy | $ | 28,510 | $ | 35,758 | $ | 2,660 | $ | 7,197 | ||||||
Spain | $ | 48,069 | $ | 44,465 | $ | 13,165 | $ | 12,873 | ||||||
Inventories | ||||||||||||||
Inventories are stated at the lower of cost or estimated realizable value. We determine the cost of inventory using the weighted-average cost method. | ||||||||||||||
The components of inventory are as follows: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Raw materials | $ | 12,170 | $ | 6,485 | ||||||||||
Work-in-process | 62,192 | 43,899 | ||||||||||||
Finished goods | 28,240 | 44,137 | ||||||||||||
$ | 102,602 | $ | 94,521 | |||||||||||
Capitalization of Inventory Costs | ||||||||||||||
We capitalize inventory produced for commercial sale, which may include costs incurred for certain products awaiting regulatory approval. We capitalize inventory produced in preparation of product launches sufficient to support estimated initial market demand. Capitalization of such inventory begins when we have (i) obtained positive results in clinical trials that we believe are necessary to support regulatory approval, (ii) concluded that uncertainties regarding regulatory approval have been sufficiently reduced, and (iii) determined that the inventory has probable future economic benefit. In evaluating whether these conditions have been met, we consider clinical trial results for the underlying product candidate, results from meetings with regulatory authorities, and the compilation of the regulatory application. If we are aware of any material risks or contingencies outside of the standard regulatory review and approval process, or if there are any specific negative issues identified relating to the safety, efficacy, manufacturing, marketing or labeling of the product that would have a significant negative impact on its future economic benefits, the related inventory would not be capitalized. At December 31, 2013, we did not have any inventory capitalized associated with products awaiting regulatory approval. | ||||||||||||||
Products that have been approved by the U.S. Food and Drug Administration (FDA) or other regulatory authorities, such as Soliris, are also used in clinical programs to assess the safety and efficacy of the products for usage in diseases that have not been approved by the FDA or other regulatory authorities. The form of Soliris utilized for both commercial and clinical programs is identical and, as a result, the inventory has an "alternative future use" as defined in authoritative guidance. Raw materials and purchased drug product associated with clinical development programs are included in inventory and charged to research and development expense when the product enters the research and development process and no longer can be used for commercial purposes and, therefore, does not have an "alternative future use". | ||||||||||||||
For products which are under development and have not yet been approved by regulatory authorities, purchased drug product is charged to research and development expense upon delivery. Delivery occurs when the inventory passes quality inspection and ownership transfers to us. Nonrefundable advance payments for research and development activities, including production of purchased drug product, are deferred and capitalized until the goods are delivered. We also recognize expense for raw materials purchased for developmental purposes when the raw materials pass quality inspection and we have an obligation to pay for the materials. | ||||||||||||||
Inventory Write-Offs | ||||||||||||||
We analyze our inventory levels to identify inventory that may expire prior to sale, inventory that has a cost basis in excess of its estimated realizable value, or inventory in excess of expected sales requirements. Although the manufacturing of our product is subject to strict quality control, certain batches or units of product may no longer meet quality specifications or may expire, which would require adjustments to our inventory values. We also apply judgments related to the results of quality tests that we perform throughout the production process, as well as our understanding of regulatory guidelines, to determine if it is probable that inventory will be saleable. Soliris currently has a maximum estimated life of 48 months and, based on our sales forecasts, we expect to realize the carrying value of the Soliris inventory. In the future, reduced demand, quality issues or excess supply beyond those anticipated by management may result in a material adjustment to inventory levels, which would be recorded as an increase to cost of sales. | ||||||||||||||
The determination of whether or not inventory costs will be realizable requires estimates by our management. A critical input in this determination is future expected inventory requirements based on internal sales forecasts. We then compare these requirements to the expiry dates of inventory on hand. For inventories that are capitalized in preparation of product launch, we also consider the expected approval date in assessing realizability. To the extent that inventory is expected to expire prior to being sold, we will write down the value of inventory. If actual results differ from those estimates, additional inventory write-offs may be required. | ||||||||||||||
Derivative Instruments | ||||||||||||||
We record the fair value of derivative instruments as either assets or liabilities on the balance sheet. The accounting for gains and losses resulting from changes in fair value is dependent on the use of the derivative and whether it is designated and qualifies for hedge accounting. | ||||||||||||||
All qualifying hedging activities are documented at the inception of the hedge and must meet the definition of highly effective in offsetting changes to future cash. The effectiveness of the qualifying hedge contract is assessed quarterly. We record the fair value of the qualifying hedges in other current assets, other assets, other current liabilities and other liabilities. Gains or losses resulting from changes in the fair value of qualifying hedges are recorded in other comprehensive income (loss) until the forecasted transaction occurs. When the forecasted transaction occurs, this amount is reclassified into revenue. Any non-qualifying portion of the gains or losses resulting from changes in fair value, if any, is reported in other income and expense. | ||||||||||||||
Prepaid Manufacturing Costs | ||||||||||||||
Cash advances paid by us prior to receipt of the inventory are recorded as prepaid manufacturing costs. The cash advances are subject to forfeiture if we terminate the scheduled production. We expect the carrying value of the prepaid manufacturing costs to be fully realized. | ||||||||||||||
Property, Plant and Equipment | ||||||||||||||
Property, plant and equipment are stated at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets. We estimate economic lives as follows: | ||||||||||||||
• | Building and improvements—five to thirty years | |||||||||||||
• | Machinery and laboratory equipment—three to thirty years | |||||||||||||
• | Computer hardware and software—two to five years | |||||||||||||
• | Furniture and office equipment—three to seven years | |||||||||||||
Leasehold improvements and assets under capital lease arrangements are amortized over the lesser of the asset's estimated useful life or the term of the respective lease. Maintenance costs are expensed as incurred. | ||||||||||||||
Construction-in-progress reflects amounts incurred for property, plant, or equipment construction or improvements that have not been placed in service. | ||||||||||||||
Manufacturing Facilities | ||||||||||||||
We capitalize costs incurred for the construction of facilities which support commercial manufacturing. We also capitalize costs related to validation activities which are directly attributable to preparing the facility for its intended use, including engineering runs and inventory production necessary to obtain approval of the facility from government regulators for the production of a commercially approved drug. When the facility is substantially complete and ready for its intended use and regulatory approval for commercial production has been received, we will place the asset in service. | ||||||||||||||
The production of inventory for preparing the facility for its intended use requires two types of production: engineering runs which are used for testing purposes only and do not result in saleable inventory, and validation runs which are used for validating equipment and may result in saleable inventory. The costs associated with inventory produced during engineering runs and normal production losses during validation runs are capitalized to fixed assets and depreciated over the asset's useful life. Saleable inventory produced during the validation process is initially treated as a fixed asset; however, upon regulatory approval, this inventory is reclassified to inventory and expensed in cost of goods sold as product is sold, or in research and development expenses as product is utilized in R&D activities. Abnormal production costs incurred during the validation process are expensed as incurred. | ||||||||||||||
Acquisitions | ||||||||||||||
Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method of accounting, the tangible and intangible assets acquired and the liabilities assumed are recorded as of the acquisition date at their respective fair values. We evaluate a business as an integrated set of activities and assets that is capable of being managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits and consists of inputs and processes that provide or have the ability to provide outputs. In an acquisition of a business, the excess of the fair value of the consideration transferred over the fair value of the net assets acquired is recorded as goodwill. In an acquisition of net assets that does not constitute a business, no goodwill is recognized. | ||||||||||||||
Our consolidated financial statements include the results of operations of an acquired business after the completion of the acquisition. | ||||||||||||||
Intangible Assets | ||||||||||||||
Our intangible assets consist of licenses, patents, purchased technology and acquired in-process research and development (IPR&D). Intangible assets with definite lives are amortized over their estimated useful lives and reviewed for impairment if certain events occur as described in "Impairment of Long-Lived Assets" below. | ||||||||||||||
Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. During the period the assets are considered indefinite-lived, they will not be amortized but will be tested for impairment. If and when development is complete, which generally occurs when regulatory approval to market a product is obtained, the associated assets would be deemed finite-lived and would then be amortized based on their estimated useful lives at that point in time. | ||||||||||||||
Goodwill | ||||||||||||||
Goodwill represents the excess of purchase price over fair value of net assets acquired in a business combination and is not amortized. Goodwill is subject to impairment testing at least annually or when a triggering event occurs that could indicate a potential impairment. We are organized and operate as a single reporting unit and therefore the goodwill impairment test is performed using our overall market value, as determined by our traded share price, compared to our book value of net assets. We completed our annual impairment test as of December 31, 2013 and determined the carrying value of goodwill was not impaired. | ||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||
Our long-lived assets are primarily comprised of intangible assets and property, plant and equipment. We evaluate our finite-lived intangible assets and property, plant and equipment, for impairment whenever events or changes in circumstances indicate the carrying value of an asset or group of assets is not recoverable. If these circumstances exist, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the asset group. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. | ||||||||||||||
In addition, indefinite-lived intangible assets, comprised of IPR&D, are reviewed for impairment annually and whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired by comparing the fair value to the carrying value of the asset. | ||||||||||||||
We recognized impairment charges associated with assets acquired in connection with the purchase of Taligen of $33,521 in 2013 associated with an early state indefinite-lived intangible asset and a purchased technology asset and $26,300 in 2012, associated with early stage indefinite-lived intangible asset. We did not recognize any other impairment loss for long-lived assets during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||
Contingent Consideration | ||||||||||||||
We record contingent consideration resulting from a business combination at its fair value on the acquisition date. On a quarterly basis, we revalue these obligations and record increases or decreases in their fair value as an adjustment to operating earnings. Changes to contingent consideration obligations can result from adjustments to discount rates, accretion of the liability due to the passage of time, changes in our estimates of the likelihood or timing of achieving any development or commercial milestones, changes in the probability of certain clinical events or changes in the assumed probability associated with regulatory approval. The assumptions related to determining the value of contingent consideration include a significant amount of judgment, and any changes in the underlying estimates could have a material impact on the amount of contingent consideration expense recorded in any given period. | ||||||||||||||
Contingent Liabilities | ||||||||||||||
We are currently involved in various claims and legal proceedings. On a quarterly basis, we review the status of each significant matter and assess its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, we accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals are based on our best estimates based on available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, we may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adjustment to our operating results. | ||||||||||||||
Treasury Stock | ||||||||||||||
Treasury stock is accounted for using the cost method, with the purchase price of the common stock recorded separately as a deduction from stockholders' equity. | ||||||||||||||
Revenue Recognition | ||||||||||||||
Our principal source of revenue is product sales. We recognize revenue from product sales when persuasive evidence of an arrangement exists, title to product and associated risk of loss has passed to the customer, the price is fixed or determinable, collection from the customer is reasonably assured, and we have no further performance obligations. Revenue is recorded upon receipt of the product by the end customer, which is typically a hospital, physician’s office, private or government pharmacy or other health care facility. Amounts collected from customers and remitted to governmental authorities, such as value-added taxes (VAT) in foreign jurisdictions, are presented on a net basis in our consolidated statements of operations and do not impact net product sales. | ||||||||||||||
Our customers are primarily comprised of distributors, pharmacies, hospitals, hospital buying groups, and other health care providers. In some cases, we may also sell Soliris to governments and government agencies. | ||||||||||||||
Because of factors such as the pricing of Soliris, the limited number of patients, the short period from product sale to patient infusion and the lack of contractual return rights, Soliris customers often carry limited inventory. We also monitor inventory within our sales channels to determine whether deferrals are appropriate based on factors such as inventory levels compared to demand, contractual terms and financial strength of distributors. | ||||||||||||||
In addition to sales in countries where Soliris is commercially available, we have also recorded revenue on sales for patients receiving Soliris treatment through named-patient programs. The relevant authorities or institutions in those countries have agreed to reimburse for product sold on a named-patient basis where Soliris has not received final approval for commercial sale. | ||||||||||||||
We record estimated rebates payable under governmental programs, including Medicaid in the United States and other programs outside the United States, as a reduction of revenue at the time of product sale. Our calculations related to these rebate accruals require analysis of historical claim patterns and estimates of customer mix to determine which sales will be subject to rebates and the amount of such rebates. We update our estimates and assumptions each period and record any necessary adjustments, which may have an impact on revenue in the period in which the adjustment is made. Generally, the length of time between product sale and the processing and reporting of the rebates is three to six months. | ||||||||||||||
We have entered into volume-based arrangements with governments in certain countries in which reimbursement is limited to a contractual amount. Under this type of arrangement, amounts billed in excess of the contractual limitation are repaid to these governments as a rebate. We estimate incremental discounts resulting from these contractual limitations, based on estimated sales during the limitation period, and we apply the discount percentage to product shipments as a reduction of revenue. Our calculations related to these arrangements require estimation of sales during the limitation period, and adjustments in these estimates may have an impact in the period in which an adjustment is made. | ||||||||||||||
We record distribution and other fees paid to our customers as a reduction of revenue, unless we receive an identifiable and separate benefit for the consideration and we can reasonably estimate the fair value of the benefit received. If both conditions are met, we record the consideration paid to the customer as an operating expense. These costs are typically known at the time of sale, resulting in minimal adjustments subsequent to the period of sale. | ||||||||||||||
We enter into foreign exchange forward contracts to hedge exposures resulting from portions of our forecasted revenues, including intercompany revenues, that are denominated in currencies other than the U.S. dollar. These hedges are designated as cash flow hedges upon inception. We record the effective portion of these cash flow hedges to revenue in the period in which the sale is made to an unrelated third party and the derivative contract is settled. | ||||||||||||||
Research and Development Expenses | ||||||||||||||
Research and development expenses are comprised of costs incurred in performing research and development activities including payroll and benefits, pre-clinical, clinical trial and related clinical manufacturing costs, manufacturing development and scale-up costs, product development and regulatory costs, contract services and other outside contractor costs, research license fees, depreciation and amortization of lab facilities, and lab supplies. These costs are expensed as incurred. We accrue costs for clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by the contract research organizations, clinical study sites, laboratories, consultants, or other clinical trial vendors that perform the activities. | ||||||||||||||
Share-Based Compensation | ||||||||||||||
We have one share-based compensation plan known as the Amended and Restated 2004 Incentive Plan. Under this plan, restricted stock, restricted stock units, stock options and other stock-related awards may be granted to our directors, officers, employees and consultants or advisors of the Company or any subsidiary. To date, share-based compensation issued under the plan consists of incentive and non-qualified stock options, restricted stock and restricted stock units, including restricted stock units with non-market performance conditions. | ||||||||||||||
Compensation expense is recognized based on the estimated fair value of the awards on the grant date. Compensation expense reflects an estimate of the number of awards expected to vest and is recognized a straight-line basis over the requisite service period of the individual grants, which typically equals the vesting period. Generally, stock options, restricted stock and restricted stock units granted to employees fully vest four years from the grant date. Performance-based restricted stock units have a three year vesting period. Stock options have a contractual term of 10 years. | ||||||||||||||
Compensation expense for awards with performance conditions is recognized using the graded-vesting method. We estimate the anticipated achievement of performance targets, including forecasting achievement of future financial targets. These estimates are revised periodically based on the probability of achieving the performance targets and adjustments are made throughout the performance period as necessary. | ||||||||||||||
Earnings Per Common Share | ||||||||||||||
Basic earnings per common share (EPS) are computed by dividing net income by the weighted-average number of shares of common stock outstanding. For purposes of calculating diluted EPS, net income is adjusted for the after-tax amount of interest and deferred financing costs associated with our convertible debt, if any, and the denominator reflects the potential dilution that could occur if stock options, unvested restricted stock, unvested restricted stock units or other contracts to issue common stock were exercised or converted into common stock, using the treasury stock method, as well as the potential dilution if the remaining convertible notes were converted to common stock. | ||||||||||||||
The following table summarizes the calculation of basic and diluted EPS for years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net income used for basic calculation | $ | 252,895 | $ | 254,822 | $ | 175,315 | ||||||||
Weighted-average effect of dilutive securities: | ||||||||||||||
Interest expense and debt financing cost amortization, net of tax, related to our 1.375% convertible senior notes | — | — | 26 | |||||||||||
Net income used for diluted calculation | $ | 252,895 | $ | 254,822 | $ | 175,341 | ||||||||
Shares used in computing earnings per common share—basic | 195,532 | 190,461 | 183,220 | |||||||||||
Weighted-average effect of dilutive securities: | ||||||||||||||
Shares issuable upon the assumed conversion of our 1.375% convertible senior notes | — | 8 | 198 | |||||||||||
Stock awards | 4,180 | 8,032 | 8,388 | |||||||||||
Dilutive potential common shares | 4,180 | 8,040 | 8,586 | |||||||||||
Shares used in computing earnings per common share—diluted | 199,712 | 198,501 | 191,806 | |||||||||||
Earnings per common share: | ||||||||||||||
Basic | $ | 1.29 | $ | 1.34 | $ | 0.96 | ||||||||
Diluted | $ | 1.27 | $ | 1.28 | $ | 0.91 | ||||||||
The following table represents the potentially dilutive shares excluded from the calculation of EPS for the years ended December 31, 2013, 2012 and 2011 because their effect is anti-dilutive: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Potentially dilutive securities: | ||||||||||||||
Options to purchase common stock | 2,243 | 1,846 | 1,905 | |||||||||||
Unvested restricted stock and restricted stock units | — | 53 | 15 | |||||||||||
2,243 | 1,899 | 1,920 | ||||||||||||
Income Taxes | ||||||||||||||
We utilize the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax basis of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. We periodically evaluate the likelihood of the realization of deferred tax assets and reduce the carrying amount of these deferred tax assets by a valuation allowance when it is more likely than not that deferred tax assets will not be realized. | ||||||||||||||
We recognize the benefit of an uncertain tax position that has been taken or we expect to take on income tax returns if such tax position is more likely than not to be sustained. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits is adjusted, as appropriate, for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, or new information obtained during a tax examination or resolution of an examination. We also accrued for potential interest and penalties related to unrecognized tax benefits as a component of tax expense. | ||||||||||||||
Comprehensive Income | ||||||||||||||
Comprehensive income is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes changes in equity that are excluded from net income, such as changes in pension liabilities, unrealized gains and losses on marketable securities, unrealized gains and losses on hedge contracts and foreign currency translation adjustments. Certain of these changes in equity are reflected net of tax. | ||||||||||||||
New Accounting Pronouncements | ||||||||||||||
In January 2013, the Financial Accounting Standards Board issued an update to clarify the scope of disclosures for offsetting assets and liabilities. The standard is effective for interim and annual periods beginning on or after January 1, 2013 and requires disclosure for all comparative periods. We adopted the provisions of this guidance in 2013. | ||||||||||||||
In February 2013, the Financial Accounting Standards Board issued a new standard to improve the reporting of reclassifications out of accumulated other comprehensive income. The new standard requires the disclosure of significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The standard is effective prospectively for interim and annual periods beginning after December 15, 2012. We adopted the provisions of this guidance, including the additional disclosure noted above, in 2013. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisitions | ' | |||||||||||
Acquisitions | ||||||||||||
Acquisition of Enobia Pharma Corp. | ||||||||||||
In February 2012, we acquired Enobia Pharma Corp. (Enobia), a privately held clinical-stage biotechnology company based in Montreal, Canada and Cambridge, Massachusetts, in a transaction accounted for under the acquisition method of accounting for business combinations. Under the acquisition method of accounting, the assets acquired and liabilities assumed of Enobia were recorded as of the acquisition date at their respective fair values. The reported consolidated financial condition after completion of the acquisition reflects these fair values. Enobia's results of operations are included in the consolidated financial statements from the date of acquisition. The acquisition was intended to further our objective to develop and commercialize therapies for patients with severe, ultra-rare and life-threatening disorders. Enobia's lead product candidate, asfotase alfa, is a human recombinant targeted alkaline phosphatase enzyme-replacement therapy for patients suffering with hypophosphatasia (HPP), an ultra-rare, life-threatening, genetic metabolic disease for which there are no approved treatments. | ||||||||||||
We made an upfront cash payment of $623,876 for 100% of Enobia's capital stock. Additional contingent payments of up to an aggregate of $470,000 would be due upon reaching various regulatory and sales milestones. We financed the acquisition with existing cash and proceeds from our new credit facility. | ||||||||||||
A reconciliation of upfront payments in accordance with the purchase agreement to the total purchase price is presented below: | ||||||||||||
Enobia | ||||||||||||
Base payment per agreement | $ | 610,000 | ||||||||||
Cash acquired | 18,141 | |||||||||||
Working capital adjustment | (4,265 | ) | ||||||||||
Upfront payment in accordance with agreement | 623,876 | |||||||||||
Estimated fair value of contingent consideration | 117,000 | |||||||||||
Total purchase price | $ | 740,876 | ||||||||||
The initial estimate of fair value of contingent consideration was $117,000, which was recorded as a noncurrent liability. We determined the fair value of these obligations to pay additional milestone payments using various estimates, including probabilities of success, discount rates and amount of time until the conditions of the milestone payments are met. This fair value measurement is based on significant inputs not observable in the market, representing a Level 3 measurement within the fair value hierarchy. The resulting probability-weighted cash flows were discounted using a cost of debt rate of 5.2% for developmental milestones and a weighted average cost of capital rate of 13.0% for commercial milestones. These rates were representative of market participant assumptions. The range of estimated milestone payments is from zero if no clinical milestones are achieved for any product to $470,000 if various regulatory and sales milestones are achieved. | ||||||||||||
Subsequent to the acquisition date, we have adjusted the contingent consideration to fair value with changes in fair value recognized in operating earnings. Changes in fair values reflect new information about the probability and timing of meeting the conditions of the milestone payments. In the absence of new information, changes in fair value will only reflect the interest component of contingent consideration related to the passage of time as development work progresses towards the achievement of the milestones. At December 31, 2013, the fair value of the contingent consideration for Enobia was $133,013. Changes in fair value of the consideration for Enobia were $8,602 and $7,411 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
The following table summarizes the estimated fair values of assets acquired and liabilities assumed: | ||||||||||||
Enobia | ||||||||||||
Cash and cash equivalents | $ | 18,141 | ||||||||||
Current assets | 5,536 | |||||||||||
In-process research and development | 587,000 | |||||||||||
Other noncurrent assets | 910 | |||||||||||
Assets acquired | 611,587 | |||||||||||
Deferred tax liability | (31,471 | ) | ||||||||||
Other liabilities assumed | (13,674 | ) | ||||||||||
Liabilities assumed | (45,145 | ) | ||||||||||
Goodwill | 174,434 | |||||||||||
Net assets acquired | $ | 740,876 | ||||||||||
Asset categories acquired in the Enobia acquisition included working capital, fixed assets, deferred tax assets and IPR&D. The fair value of working capital was determined to approximate book values. | ||||||||||||
Intangible assets associated with IPR&D projects relate to Enobia's lead product candidate, asfotase alfa. The estimated fair value of $587,000 was determined using the multi-period excess earnings method, a variation of the income approach. The multi-period excess earnings method estimates the value of an intangible asset equal to the present value of the incremental after-tax cash flows attributable to that intangible asset. The fair value using the multi-period excess earnings method was dependent on an estimated weighted average cost of capital for Enobia of 13.0%, which represents a rate of return that a market participant would expect for these assets. | ||||||||||||
The excess of purchase price over the fair value amounts of the assets acquired and liabilities assumed represents the goodwill amount resulting from the acquisition. We do not expect any portion of this goodwill to be deductible for tax purposes. The goodwill attributable to our acquisition of Enobia has been recorded as a noncurrent asset and is not amortized, but is subject to an annual review for impairment. The factors that contributed to the recognition of goodwill included the synergies that are specific to our business and not available to market participants, including our unique ability to commercialize therapies for rare diseases, our skills and relationships related to biologics manufacturing, our existing relationships with specialty physicians who can identify patients with HPP and a global distribution network to facilitate immediate drug delivery. | ||||||||||||
We recorded a net deferred tax liability of $31,471. This amount was primarily comprised of $78,527 related to IPR&D, offset by acquired net operating losses and research credit carryovers totaling $47,056. | ||||||||||||
For the year ended December 31, 2012, we recorded $6,794 of expenses associated with the operations of Enobia from February 7, 2012 through March 31, 2012 in our condensed consolidated statement of comprehensive income. Effective April 1, 2012, the operations of Enobia were integrated into our operations. | ||||||||||||
Pro forma financial information (unaudited) | ||||||||||||
The following unaudited pro forma information presents the combined results of operations for the years ended December 31, 2012 and 2011 as if the acquisition of Enobia had been completed on January 1, 2011. The pro forma results do not reflect operating efficiencies or potential cost savings which may result from the consolidation of operations. The pro forma results have been adjusted to remove costs associated with changes in the fair value of Enobia's preferred stock. Included in the pro forma net income for the year ended December 31, 2012, are approximately $23,673 and $7,900 of Alexion and Enobia acquisition-related costs, respectively, which are not expected to have an ongoing impact. | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Revenues | $ | 1,134,114 | $ | 783,431 | ||||||||
Net income | 236,407 | 124,496 | ||||||||||
Earnings per common share | ||||||||||||
Basic | $ | 1.24 | $ | 0.68 | ||||||||
Diluted | $ | 1.19 | $ | 0.65 | ||||||||
Other Acquisitions | ||||||||||||
Orphatec Pharmaceuticals GmbH | ||||||||||||
In February 2011, we acquired certain patents and assets from Orphatec Pharmaceuticals GmbH (Orphatec) related to an investigational therapy for patients with molybdenum cofactor deficiency (MoCD) Type A, an ultra-rare genetic disorder characterized by severe brain damage and rapid death in newborns. We made initial payments of $3,050 in cash and may make additional future payments of up to $42,000 in contingent milestone payments upon various development, regulatory and commercial milestones. The range of estimated milestone payments is from zero if no products gain market approval to $42,000 if all indications for up to two products gain both U.S. and European marketing approval and reach applicable sales levels. In addition, during 2013, we made milestone payments of $3,000 related to this acquisition. | ||||||||||||
The initial estimate of fair value of contingent consideration was $5,086. Subsequent to the acquisition date, we have measured the contingent consideration arrangement at fair value with changes in fair value recognized in operating earnings. At December 31, 2013, the fair value of the contingent consideration for Orphatec was $5,704. Changes in fair value of the consideration for Orphatec were $1,181, $2,087 and $350 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Taligen Therapeutics, Inc. | ||||||||||||
In January 2011, we acquired all of the outstanding capital stock of Taligen Therapeutics, Inc. (Taligen) in a transaction accounted for under the acquisition method of accounting for business combinations. We made initial payments of $111,773 in cash and may make additional future payments of up to $367,000 in contingent milestone payments upon achievement of various development and commercial milestones. The range of estimated milestone payments is from zero if no clinical milestones are achieved for any product to $367,000 if six products gain both U.S. and European marketing approval. | ||||||||||||
The initial estimate of fair value of contingent consideration was $11,634. Subsequent to the acquisition date, we have adjusted the contingent consideration to fair value with changes in fair value recognized in operating earnings. At December 31, 2013, the fair value of the contingent consideration for Taligen was $3,959. Changes in fair value of the consideration for Taligen were $(5,777), $(2,948) and $1,050 for the years ended December 31, 2013, 2012 and 2011, respectively. Included in the change in fair value for the years ended December 31, 2013 and 2012 is a gain of $5,973 and $4,331, respectively, related to the decrease in the fair value of the contingent consideration related to this acquisition. The decrease in fair value was a result of a decreased likelihood of payments for contingent consideration due to a reassessment of scientific findings. | ||||||||||||
Acquisition-Related Costs | ||||||||||||
Acquisition-related costs associated with our business combinations for the years ended December 31, 2013, 2012 and 2011 include the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Separately-identifiable employee costs | $ | 248 | $ | 3,669 | $ | 6,597 | ||||||
Professional fees | 775 | 12,593 | 5,489 | |||||||||
Changes in fair value of contingent consideration | 4,006 | 6,550 | 1,400 | |||||||||
$ | 5,029 | $ | 22,812 | $ | 13,486 | |||||||
During the years ended December 31, 2013, 2012 and 2011, we incurred approximately $9,625, $23,673 and $2,039, respectively, in costs related to the Enobia acquisition, which are included in this table above. |
Prepaid_Expenses_and_Other_Ass
Prepaid Expenses and Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepaid Expense and Other Assets [Abstract] | ' | |||||||
Prepaid Expenses and Other Assets | ' | |||||||
Prepaid Expenses and Other Current Assets | ||||||||
Prepaid expenses and other current assets consist of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Prepaid taxes | $ | 30,235 | $ | 25,920 | ||||
Forward contract receivable | 21,815 | 17,862 | ||||||
Other | 35,243 | 31,493 | ||||||
$ | 87,293 | $ | 75,275 | |||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
Property, Plant and Equipment, Net | ||||||||
A summary of property, plant and equipment is as follows: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land | $ | 692 | $ | 692 | ||||
Buildings and improvements | 154,996 | 147,838 | ||||||
Machinery and laboratory equipment | 56,130 | 49,692 | ||||||
Computer hardware and software | 41,704 | 33,809 | ||||||
Furniture and office equipment | 10,119 | 8,593 | ||||||
Construction-in-progress | 41,573 | 4,996 | ||||||
305,214 | 245,620 | |||||||
Less: Accumulated depreciation and amortization | (104,105 | ) | (79,991 | ) | ||||
$ | 201,109 | $ | 165,629 | |||||
Included in construction-in-progress at December 31, 2013 is $32,230 of costs associated with the construction of a new facility in New Haven, Connecticut. In November 2012, we entered into a lease agreement for office and laboratory space to be constructed in New Haven. Although we will not legally own the premises, we are deemed to be the owner of the building during the construction period based on applicable accounting guidance for build-to-suit leases due to our involvement during the construction period. Accordingly, the landlord's costs of constructing the facility are required to be capitalized, as a non-cash transaction, offset by a corresponding facility lease obligation in our consolidated balance sheet. Construction of the new facility began in June 2013 and is expected to be completed in 2015. | ||||||||
Depreciation and amortization of property, plant and equipment was approximately $19,084, $15,192 and $12,236 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
At December 31, 2013 and 2012, computer software costs included in property, plant and equipment were $9,691 and $9,628, respectively. Depreciation and amortization expense for capitalized computer software costs was $4,503, $4,228 and $3,642 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Intangible Assets and Goodwill | ' | |||||||||||||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||||||||||||||
Intangible assets and goodwill, net of accumulated amortization, are as follows: | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Estimated | Cost | Accumulated | Net | Cost | Accumulated | Net | ||||||||||||||||||||
Life (months) | Amortization | Amortization | ||||||||||||||||||||||||
Licenses | 72-96 | $ | 28,507 | $ | (18,719 | ) | $ | 9,788 | $ | 23,688 | $ | (13,152 | ) | $ | 10,536 | |||||||||||
Patents | 84 | 10,517 | (9,100 | ) | 1,417 | 10,517 | (6,827 | ) | 3,690 | |||||||||||||||||
Purchased technology | 144 | — | — | — | 5,000 | (798 | ) | 4,202 | ||||||||||||||||||
Acquired IPR&D | Indefinite | 598,514 | — | 598,514 | 628,250 | — | 628,250 | |||||||||||||||||||
Total | $ | 637,538 | $ | (27,819 | ) | $ | 609,719 | $ | 667,455 | $ | (20,777 | ) | $ | 646,678 | ||||||||||||
Goodwill | Indefinite | $ | 256,974 | $ | (2,901 | ) | $ | 254,073 | $ | 256,546 | $ | (2,901 | ) | $ | 253,645 | |||||||||||
Amortization of our intangible assets was approximately $8,257, $5,660 and $5,087 for the years ended December 31, 2013, 2012 and 2011, respectively. Assuming no changes in the gross cost basis of intangible assets, the estimated amortization of intangible assets for the next five fiscal years is as follows: | ||||||||||||||||||||||||||
Year | ||||||||||||||||||||||||||
2014 | $ | 11,160 | ||||||||||||||||||||||||
2015 | 42 | |||||||||||||||||||||||||
2016 | 3 | |||||||||||||||||||||||||
2017 | — | |||||||||||||||||||||||||
2018 | — | |||||||||||||||||||||||||
As of December 31, 2013, we have recorded indefinite-lived intangible assets of $598,514 of purchased IPR&D from prior business acquisitions. As of December 31, 2013, except as noted below, there have been no significant changes that would impact the carrying value of IPR&D since the date of acquisition. | ||||||||||||||||||||||||||
During the fourth quarter of 2013, we reviewed for impairment the value of an early stage, Phase I indefinite-lived intangible asset related to the Taligen acquisition. We initiated such review as part of our annual impairment testing and based our evaluation on preliminary scientific findings of a Phase I clinical trial which led us to reassess the development of this acquired asset. The fair value of this IPR&D asset was determined using the income approach, which used significant unobservable (Level 3) inputs. These unobservable inputs included, among other things, risk-adjusted forecast future cash flows to be generated by this asset, contributory asset charges for other assets employed in this IPR&D project and the determination of an appropriate discount rate based on a weighted average cost of capital of 21.5% to be applied in calculating the present value of future cash flows. Based on these factors, the estimated value that can be obtained from a market participant in an arm's length transaction of $3,464 was lower than the carrying amount. We also reviewed for impairment the value of purchased technology associated with the Taligen acquisition and determined the estimated value to be de minimis. As a result, we recognized an impairment charge of $33,521 to write-down these assets to fair value, which was recorded in operating expenses in our consolidated statement of operations for the year ended December 31, 2013. | ||||||||||||||||||||||||||
During the third quarter of 2012, we reviewed for impairment the value of an early stage, preclinical indefinite-lived intangible asset related to the Taligen acquisition. We initiated such review based on our evaluation of negative scientific findings associated with our development of a different asset for the treatment of age-related macular degeneration, the likelihood of success for ophthalmic use and the value that can be obtained from a market participant in an arm's length transaction. These developments led us to deprioritize the development of this acquired asset. As a result, we recognized an impairment charge of $26,300 to write-down this asset to fair value, which was determined to be de minimis based on the value of the asset to a market participant in an arm's length transaction. The fair value of this IPR&D asset was determined using the income approach, which used significant unobservable (Level 3) inputs. These unobservable inputs included, among other things, risk-adjusted forecast future cash flows to be generated by this asset, contributory asset charges for other assets employed in this IPR&D project and the determination of an appropriate discount rate based on a weighted average cost of capital of 22.0% to be applied in calculating the present value of future cash flows. The impairment charge was recorded in operating expenses in our consolidated statement of operations for the year ended December 31, 2012. | ||||||||||||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill: | ||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 79,639 | ||||||||||||||||||||||||
Goodwill resulting from the Enobia acquisition | 174,006 | |||||||||||||||||||||||||
Balance at December 31, 2012 | 253,645 | |||||||||||||||||||||||||
Change in goodwill associated with prior acquisition | 428 | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 254,073 | ||||||||||||||||||||||||
Marketable_Securities_Notes
Marketable Securities (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
Marketable Securities | |||||||||||||||||
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and estimated fair value of available-for-sale investments by type of security at December 31, 2013 were as follows: | |||||||||||||||||
Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Estimated Fair Value | ||||||||||||||
Commercial paper | $ | 112,679 | $ | — | $ | — | $ | 112,679 | |||||||||
Corporate bonds | 476,459 | 487 | (588 | ) | 476,358 | ||||||||||||
Municipal bonds | 202,396 | 47 | (40 | ) | 202,403 | ||||||||||||
Other government related obligations: | |||||||||||||||||
U.S. | 46,466 | 30 | (7 | ) | 46,489 | ||||||||||||
Foreign | 156,974 | 54 | (204 | ) | 156,824 | ||||||||||||
Bank certificates of deposit | 33,004 | — | — | 33,004 | |||||||||||||
$ | 1,027,978 | $ | 618 | $ | (839 | ) | $ | 1,027,757 | |||||||||
The aggregate fair value of available-for-sale securities in an unrealized loss position as of December 31, 2013 was $461,634. These investments have been in a continuous unrealized loss position for less than 12 months. As of December 31, 2013 we believe that the cost basis of our available-for-sale investments is recoverable. | |||||||||||||||||
The fair values of available-for-sale securities by classification in the consolidated balance sheet were as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Cash and cash equivalents | $ | 43,780 | |||||||||||||||
Marketable securities | 983,977 | ||||||||||||||||
$ | 1,027,757 | ||||||||||||||||
The fair values of available-for-sale debt securities at December 31, 2013, by contractual maturity, are summarized as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Due in one year or less | $ | 501,051 | |||||||||||||||
Due after one year through three years | 526,706 | ||||||||||||||||
Due after three years through five years | — | ||||||||||||||||
$ | 1,027,757 | ||||||||||||||||
As of December 31, 2013, the fair value of our trading securities was $1,017. | |||||||||||||||||
We utilize the specific identification method in computing realized gains and losses. Realized gains and losses on our available-for-sale and trading securities were not material for the year ended December 31, 2013. | |||||||||||||||||
We held no marketable securities as of December 31, 2012. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
We operate internationally and, in the normal course of business, are exposed to fluctuations in foreign currency exchange rates. The exposures result from portions of our revenues, as well as the related receivables, and expenses that are denominated in currencies other than the U.S. dollar, primarily the Euro, Japanese Yen, British Pound and Swiss Franc. We manage our foreign currency transaction risk within specified guidelines through the use of derivatives. All of our derivative instruments are utilized for risk management purposes, and we do not use derivatives for speculative trading purposes. | |||||||||||||||||||||||||
We enter into foreign exchange forward contracts, with durations of up to 36 months, to hedge exposures resulting from portions of our forecasted revenues, including intercompany revenues, that are denominated in currencies other than the U.S. dollar. The purpose of the hedges of revenue is to reduce the volatility of exchange rate fluctuations on our operating results and to increase the visibility of the foreign exchange impact on forecasted revenues. These hedges are designated as cash flow hedges upon contract inception. At December 31, 2013, we had open contracts with notional amounts totaling $1,084,418 that qualified for hedge accounting. | |||||||||||||||||||||||||
The impact on accumulated other comprehensive income (AOCI) and earnings from foreign exchange contracts that qualified as cash flow hedges, for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gain (loss) recognized in AOCI, net of tax | $ | (1,000 | ) | $ | 14,856 | ||||||||||||||||||||
Gain reclassified from AOCI to net product sales (effective portion), net of tax | $ | 18,820 | $ | 11,775 | |||||||||||||||||||||
Loss reclassified from AOCI to other income and expense (ineffective portion), net of tax | $ | (837 | ) | $ | (754 | ) | |||||||||||||||||||
Assuming no change in foreign exchange rates from market rates at December 31, 2013, $1,197 of gains recognized in AOCI will be reclassified to revenue over the next 12 months. | |||||||||||||||||||||||||
We enter into foreign exchange forward contracts, with durations of approximately 30 days, designed to limit the balance sheet exposure of monetary assets and liabilities. We enter into these hedges to reduce the impact of fluctuating exchange rates on our operating results. Hedge accounting is not applied to these derivative instruments as gains and losses on these hedge transactions are designed to offset gains and losses on underlying balance sheet exposures. As of December 31, 2013, the notional amount of foreign exchange contracts where hedge accounting is not applied was $138,046. | |||||||||||||||||||||||||
We recognized a gain of $8,306, $3,518 and $790, in other income and expense, for the years ended December 31, 2013, 2012 and 2011, respectively, associated with the foreign exchange contracts not designated as hedging instruments under the guidance. These amounts were largely offset by gains or losses in monetary assets and liabilities. | |||||||||||||||||||||||||
The following tables summarize the fair value of outstanding derivatives at December 31, 2013 and 2012: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 21,815 | Other current liabilities | $ | 20,228 | |||||||||||||||||||
Foreign exchange forward contracts | Other non-current assets | 9,839 | Other non-current liabilities | 14,864 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | — | Other current liabilities | — | |||||||||||||||||||||
Total fair value of derivative instruments | $ | 31,654 | $ | 35,092 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 15,617 | Other current liabilities | $ | 3,529 | |||||||||||||||||||
Foreign exchange forward contracts | Other non-current assets | 9,378 | Other non-current liabilities | 4,521 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 2,245 | Other current liabilities | 2,010 | |||||||||||||||||||||
Total fair value of derivative instruments | $ | 27,240 | $ | 10,060 | |||||||||||||||||||||
Although we do not offset derivative assets and liabilities within our consolidated balance sheets, our International Swap and Derivatives Association (ISDA) agreements provide for net settlement of transactions that are due to or from the same counterparty upon early termination of the agreement due to an event of default or other termination event. The following tables summarize the potential effect on our consolidated balance sheets of offsetting our foreign exchange forward contracts subject to such provisions: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheet | Derivative Financial Instruments | Cash Collateral Received (Pledged) | Net Amount | |||||||||||||||||||
Derivative assets | $ | 31,654 | $ | — | $ | 31,654 | $ | (27,256 | ) | $ | — | $ | 4,398 | ||||||||||||
Derivative liabilities | (35,092 | ) | — | (35,092 | ) | 27,256 | — | (7,836 | ) | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheet | Derivative Financial Instruments | Cash Collateral Received (Pledged) | Net Amount | |||||||||||||||||||
Derivative assets | $ | 27,240 | $ | — | $ | 27,240 | $ | (10,060 | ) | $ | — | $ | 17,180 | ||||||||||||
Derivative liabilities | (10,060 | ) | — | (10,060 | ) | 10,060 | — | — | |||||||||||||||||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Accrued Expenses and Other Liabilities | ' | |||||||
Accrued Expenses and Other Liabilities | ||||||||
Accrued expenses consist of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Royalties | $ | 40,945 | $ | 25,450 | ||||
Payroll and employee benefits | 64,950 | 49,954 | ||||||
Taxes payable | 108,907 | 68,432 | ||||||
Rebates payable | 124,297 | 62,334 | ||||||
Other | 63,245 | 43,617 | ||||||
$ | 402,344 | $ | 249,787 | |||||
Other current liabilities consist of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Contingent consideration | $ | 35,932 | $ | 2,668 | ||||
Forward contract payable | 20,228 | 5,539 | ||||||
Other | 528 | 1,341 | ||||||
$ | 56,688 | $ | 9,548 | |||||
Other liabilities consist of the following: | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
Taxes | $ | 14,901 | $ | 7,066 | ||||
Forward contract payable | 14,864 | 4,521 | ||||||
Pension liability | 14,839 | 8,478 | ||||||
Other | 3,369 | 2,727 | ||||||
$ | 47,973 | $ | 22,792 | |||||
Debt
Debt | 12 Months Ended |
Dec. 31, 2013 | |
Debt [Abstract] | ' |
Debt | ' |
Debt | |
On February 7, 2012, we entered into a Credit Agreement (Credit Agreement) with a syndicate of banks, that provides for a $240,000 senior secured term loan facility payable in equal quarterly installments of $12,000 starting June 30, 2012 and a $200,000 senior secured revolving credit facility through February 7, 2017. In addition to borrowings upon prior notice, the revolving credit facility includes borrowing capacity in the form of letters of credit up to $60,000 and borrowings on same-day notice, referred to as swingline loans, of up to $10,000. Borrowings can be used for working capital requirements, acquisitions and other general corporate purposes. With the consent of the lenders and the administrative agent and subject to satisfaction of certain conditions, we may increase the term loan facility and/or the revolving credit facility by an aggregate amount not to exceed $150,000. | |
We may elect that the loans under the Credit Agreement bear interest at a rate per annum equal to (i) LIBOR plus 1.25% to 2.00% depending on our consolidated leverage ratio (as calculated in accordance with the Credit Agreement), or (ii) in the case of loans denominated in U.S. dollars, a Base Rate equal to the higher of the (A) Prime Rate then in effect, (B) Federal Funds Rate then in effect plus 0.50%, and (C) Eurodollar Rate then in effect plus 1.00%, plus in each case of (A), (B) or (C), 0.25% to 1.00% depending on our consolidated leverage ratio (as calculated in accordance with the Credit Agreement). Interest is payable quarterly for Base Rate loans and, in the case of LIBOR-based loans, at the end of the applicable interest period, with the principal due on February 7, 2017, the maturity date. At December 31, 2013 and 2012, the interest rate on our outstanding loans under the Credit Agreement was 1.41% and 1.46%, respectively. | |
Our obligations under the credit facilities are unconditionally guaranteed, jointly and severally, by certain of our existing domestic subsidiaries and are required to be guaranteed by certain of our future domestic subsidiaries. The obligations of Alexion Pharma International Sàrl under the credit facilities are unconditionally guaranteed, jointly and severally, by us, certain of our existing domestic subsidiaries, and certain of our foreign subsidiaries, and are required to be guaranteed by certain of our future subsidiaries. All obligations of each borrower under the credit facilities, and the guarantees of those obligations, are backed, subject to certain exceptions, by substantially all of each borrower's assets and the assets of certain guarantors, including the pledge of the equity interests of certain of our subsidiaries and real estate located in Smithfield, Rhode Island, but excluding intellectual property and assets of certain foreign subsidiaries. | |
The Credit Agreement requires us to comply with certain financial covenants on a quarterly basis. Further, the Credit Agreement includes negative covenants, subject to exceptions, restricting or limiting our ability and the ability of our subsidiaries to, among other things, incur additional indebtedness, grant liens, engage in certain investment, acquisition and disposition transactions, pay dividends, repurchase capital stock and enter into transactions with affiliates. The Credit Agreement also contains customary representations and warranties, affirmative covenants and events of default, including payment defaults, breach of representations and warranties, covenant defaults and cross defaults. If an event of default occurs, the interest rate would increase and the administrative agent would be entitled to take various actions, including the acceleration of amounts due under the loan. | |
In connection with entering into the Credit Agreement, we paid $6,184 in financing costs which are being amortized as interest expense over the life of the debt. Amortization expense associated with deferred financing costs for the years ended December 31, 2013, 2012 and 2011 was approximately $1,351, $3,035 and $283, respectively. | |
In connection with the acquisition of Enobia in February 2012, we borrowed $240,000 under the term loan facility and $80,000 under the revolving facility, and we used our available cash for the remaining purchase price. During 2012, we repaid the revolving facility in full and made payments of $91,000 against the term loan. As of December 31, 2013, we had $113,000 outstanding on the term loan. As of December 31, 2013, we had open letters of credit of $17,134, and our borrowing availability under the revolving facility was $182,866. | |
The fair value of our long term debt, which is measured using Level 2 inputs, approximates book value. | |
The contractual maturities of our long-term debt obligations due subsequent to December 31, 2013 are $5,000 in 2014, $48,000 in 2015 and 2016, and $12,000 in 2017. As of December 31, 2013, we recorded $48,000 due under our term loan in current liabilities based on our intent and ability to make payments in this amount during 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
Commitments and Contingencies | ||||||||
Commitments | ||||||||
License Agreements | ||||||||
In January 2013, we entered into a license agreement for a technology, which provides an exclusive research license and an option for an exclusive commercial license for specific targets and products to be developed. Due to the early stage of this asset, we recorded expense for an upfront payment of $3,000 during the first quarter of 2013. We will also be required to pay annual maintenance fees during the term of the arrangement. In addition, for each target up to a maximum of six targets we develop, we could be required to pay up to an additional $70,500 in license fees, development and sales milestones as the specific milestones are met over time. | ||||||||
In July 2013, we entered into a license and collaboration agreement with Ensemble Therapeutics Corporation for the identification, development and commercialization of therapeutic candidates based on specific drug targets. Due to the early stage of these assets, we recorded expense for an upfront payment of $11,500 during the third quarter of 2013. We will also be responsible for funding research activities under the program. In addition, for each drug target, up to a maximum of four targets, we could be required to pay up to an additional $90,750 in development milestones as the specific milestones are met over time. The agreement also provides for royalty payments on commercial sales of each product developed under the agreement. | ||||||||
Lonza Agreement | ||||||||
We rely on Lonza Group AG and its affiliates (Lonza), a third party manufacturer, to produce a portion of commercial and clinical quantities of Soliris and for clinical quantities of asfotase alfa, and we have contracted and expect to continue contracting for product finishing, vial filling and packaging through third parties. We have various agreements with Lonza, with remaining total commitments of approximately $147,000 through 2019. Such commitments may be canceled only in limited circumstances. If we terminate certain supply agreements with Lonza without cause, we will be required to pay for product scheduled for manufacture under our arrangement. Under an existing arrangement with Lonza, we also pay Lonza a royalty on sales of Soliris manufactured at Alexion Rhode Island Manufacturing Facility (ARIMF). | ||||||||
Contingent Liabilities | ||||||||
We are currently involved in various claims and legal proceedings. On a quarterly basis, we review the status of each significant matter and assess its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, we accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals are based on our best estimates based on available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, we may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adverse adjustment to our operating results. | ||||||||
We have in the past received, and may in the future receive, notices from third parties claiming that their patents may be infringed by the development, manufacture or sale of Soliris. Under the guidance of ASC 450, Contingencies, we record a royalty accrual based on our best estimate of the fair value percent of net sales of Soliris that we could be required to pay the owners of patents for technology used in the manufacture and sale of Soliris. A costly license, or inability to obtain a necessary license, could have a material adverse effect on our business. However, the amount of such loss or a range of loss, if any, beyond amounts currently accrued, cannot be reasonably estimated. | ||||||||
In January 2011, Novartis Vaccines and Diagnostics, Inc. (Novartis) filed an action against us and other biopharmaceutical companies in the U.S. District Court for the District of Delaware claiming willful infringement by us of U.S. Patent No. 5,688,688 (688 Patent). During the third quarter of 2013, the parties engaged in discussions to resolve the matter. In October 2013, we and Novartis agreed to resolve all claims asserted by Novartis in the action. In October 2013, the parties entered into a settlement agreement and dismissal pursuant to which Novartis granted Alexion a non-exclusive, fully paid license to the 688 Patent for our products and dismissed its case with prejudice. As a result, we recorded expense of $9,181 in cost of sales in the third quarter 2013 related to this litigation settlement agreement. | ||||||||
As previously reported, in the third quarter of 2012 we reduced our estimate for probable contingent liabilities due to the execution of a settlement and non-exclusive license agreement in October 2012 with a third party related to the third party's intellectual property. We adjusted the liability to reflect the actual, negotiated royalty rate set forth in the agreement. This change in estimate resulted in a positive impact in cost of sales of $53,377 during the third quarter 2012. | ||||||||
In March 2013, we received a Warning Letter from the U.S. Food and Drug Administration (FDA) regarding compliance with current Good Manufacturing Practices (cGMP) at ARIMF. The Warning Letter followed an FDA inspection which concluded in August 2012. At the conclusion of that inspection, the FDA issued a Form 483 Inspectional Observations, to which we responded in August 2012 and provided additional information to the FDA in September and December 2012. The observations relate to commercial and clinical manufacture of Soliris at ARIMF. We responded to the Warning Letter in a letter to the FDA dated in April 2013. We continue to manufacture products, including Soliris, in this facility. While the resolution of this Warning Letter is difficult to predict, we do not currently believe a loss related to this matter is probable or that the potential magnitude of such loss or range of loss, if any, can be reasonably estimated. | ||||||||
Operating Leases | ||||||||
As of December 31, 2013, we lease our headquarters and primary research and development facilities in Cheshire, Connecticut. The leases are set to expire in 2016 and 2020, and we would be subject to contractual penalties of approximately $3,800 if the leases were to terminate early. Monthly fixed rent started at approximately $315, increasing to approximately $324 over the term of this lease. We also lease space for our regional executive and sales offices in Lausanne, Switzerland, and our global supply chain and distribution headquarters in Dublin, Ireland, as well as in other U.S. locations and foreign countries to support our operations as a global organization. | ||||||||
Aggregate lease expense was $19,094, $16,758 and $10,424 for the years ended December 31, 2013, 2012 and 2011, respectively. Lease expense is being recorded on a straight-line basis over the applicable lease terms. | ||||||||
In November 2012, we entered into a new operating lease agreement for office and laboratory space to be constructed in New Haven, Connecticut. The construction of the facility began in June 2013 and is expected to be completed in 2015. The term of the new lease will commence upon the landlord's substantial completion of the building and will expire 12 years after the completion date, with a minimum renewal option of 7 years and a maximum renewal option of 20 years, provided that we expand our lease to include all rentable space in the building. The lease provides for monthly payments, ranging from $971 to $1,108, over the term of the lease. Upon completion of the new facility, we will relocate our headquarters and Cheshire operations to New Haven. | ||||||||
In November 2012, in connection with the planned construction of facilities in New Haven, Connecticut, we also entered into an agreement with the State of Connecticut Department of Economic and Community Development which provides for a forgivable loan and grants totaling $26,000 and tax credits of up to $25,000. The program requires that we meet certain criteria in order to prevent forfeiture or repayment of the loan, grants and credits, which include (i) maintaining corporate headquarters in Connecticut for the next 10 years; and (ii) achieving and maintaining up to 668 full-time employment positions in the State of Connecticut over the next 6 years. It is unlikely that we will be able to realize the full value of the available tax credits, and we are currently exploring alternatives for the disposition of these credits. As of December 31, 2013, we have not received any grant funds or tax credits associated with our agreement with the State of Connecticut. | ||||||||
Aggregate future minimum annual rental payments, exclusive of costs related to our new operating lease for facilities to be constructed in New Haven, Connecticut, which are contingent upon construction of the facility, for the next five years and thereafter under non-cancellable operating leases (including facilities and equipment) as of December 31, 2013 are: | ||||||||
Year | ||||||||
2014 | $ | 17,641 | ||||||
2015 | 13,484 | |||||||
2016 | 10,851 | |||||||
2017 | 7,804 | |||||||
2018 | 6,694 | |||||||
Thereafter | 6,162 | |||||||
License and Research and Development Agreements | ||||||||
We have entered into a number of license, research and development and manufacturing development agreements since our inception. These agreements have been made with various research institutions, universities, contractors, collaborators, and government agencies in order to advance and obtain technologies and services related to our business. | ||||||||
License agreements generally provide for us to pay an initial fee followed by annual minimum royalty payments. Additionally, certain agreements call for future payments upon the attainment of agreed upon milestones, such as, but not limited to, Investigational New Drug (IND) application or approval of Biologics License Application. These agreements require minimum royalty payments based on sales of products developed from the applicable technologies, if any. | ||||||||
Clinical and manufacturing development agreements generally provide for us to fund manufacturing development and on-going clinical trials. Clinical trial and development agreements include contract services and outside contractor services including contracted clinical site services related to patient enrollment for our clinical trials. Manufacturing development agreements include clinical manufacturing and manufacturing development and scale-up. We have executed a large-scale product supply agreement with Lonza Sales AG for the long-term commercial manufacture of Soliris. | ||||||||
The minimum fixed payments (assuming non-termination of the above agreements) as of December 31, 2013, for each of the next five years are as follows: | ||||||||
Year | License | Clinical and | ||||||
Agreements | Manufacturing | |||||||
Development | ||||||||
Agreements | ||||||||
2014 | $ | 1,963 | $ | 71,555 | ||||
2015 | 2,212 | 18,032 | ||||||
2016 | 713 | 17,584 | ||||||
2017 | 663 | 16,184 | ||||||
2018 | 3,162 | 16,184 | ||||||
$ | 8,713 | $ | 139,539 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The income tax provision is based on income before income taxes as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. | $ | 376,067 | $ | 294,794 | $ | 158,472 | ||||||
Non-U.S. | 150,202 | 102,772 | 71,196 | |||||||||
$ | 526,269 | $ | 397,566 | $ | 229,668 | |||||||
The components of the income tax provision are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | ||||||||||||
Current | $ | 141,051 | $ | (2,094 | ) | $ | (904 | ) | ||||
Deferred | 92,040 | 114,807 | 45,463 | |||||||||
233,091 | 112,713 | 44,559 | ||||||||||
Foreign | ||||||||||||
Current | 34,975 | 73,287 | 13,191 | |||||||||
Deferred | 5,308 | (43,256 | ) | (3,397 | ) | |||||||
40,283 | 30,031 | 9,794 | ||||||||||
Total | ||||||||||||
Current | 176,026 | 71,193 | 12,287 | |||||||||
Deferred | 97,348 | 71,551 | 42,066 | |||||||||
$ | 273,374 | $ | 142,744 | $ | 54,353 | |||||||
We continue to maintain a valuation allowance against certain deferred tax assets where realization is not certain. | ||||||||||||
Due to the exhaustion of our U.S. federal net operating losses, we anticipate paying U.S. federal income taxes in the next twelve months. We continue to pay cash taxes in various U.S. states and foreign jurisdictions where we have operations and have utilized all of our net operating losses. | ||||||||||||
At December 31, 2013, we have federal and state net operating loss carryforwards of $8,809 and $33,969, respectively. Included in the NOL’s are state NOL’s of $23,660 attributable to excess tax benefits from the exercise of non-qualified stock options. The tax benefits attributable to these NOL’s will be credited directly to additional paid in capital when utilized to offset taxes payable. Our NOL’s expire between 2021 and 2032. We also have federal and state income tax credit carryforwards of $184,919 and $6,194, respectively. These income tax credits expire between 2014 and 2033. Additionally, included in these income tax credit carryforwards are federal income tax credit carryforwards of $6,049 attributable to excess tax benefits from the exercise of non-qualified stock options. | ||||||||||||
Certain stock option exercises resulted in tax deductions in excess of previously recorded benefits based on the option value at the time of grant. Although these additional tax benefits or “windfalls” are reflected in net operating loss carryforwards, pursuant to authoritative guidance, the additional tax benefit associated with the windfall is not recognized until the deduction reduces taxes payable. Accordingly, since the tax benefit does not reduce our current taxes payable due to net operating loss carryforwards and credit carryforwards, these “windfall” tax benefits are not reflected in our net operating losses and credit carryforwards in deferred tax assets for all periods presented. | ||||||||||||
We were granted an incentive tax holiday in the Canton of Vaud in Switzerland effective January 1, 2010. This tax holiday will exempt the Company from most local corporate income taxes in Switzerland through the end of 2014 and is renewable for an additional 5 years with final expiration in 2019. The impact of this tax holiday decreased foreign tax expense by $4,351 in 2013, $3,173 in 2012 and $2,506 in 2011. | ||||||||||||
The Tax Reform Act of 1986 contains certain provisions that can limit a taxpayer's ability to utilize net operating loss and tax credit carryforwards in any given year resulting from cumulative changes in ownership interests in excess of 50% over a three-year period. We have determined that these limiting provisions were triggered during a prior year. However, we believe that such limitations are not expected to result in the expiration or loss of any significant amount of our federal NOL’s and income tax credit carryforwards. | ||||||||||||
The provision (benefit) for income taxes differs from the U.S. federal statutory tax rate. The reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes | 3.3 | % | 1.7 | % | 2.5 | % | ||||||
Foreign income tax rate differential | (14.1 | )% | (6.7 | )% | (9.4 | )% | ||||||
Income tax credits | (3.5 | )% | (0.4 | )% | (14.1 | )% | ||||||
Foreign income subject to U.S. taxation | (10.3 | )% | 0.2 | % | 3.4 | % | ||||||
Stock option compensation | 1.1 | % | 0.7 | % | 1 | % | ||||||
State tax incentives | — | % | (1.1 | )% | — | % | ||||||
Structuring related costs | — | % | 4.8 | % | — | % | ||||||
Non-deductible acquisition related costs | — | % | 0.3 | % | 0.3 | % | ||||||
U.S. deferred taxes on foreign earnings | 27.2 | % | — | % | — | % | ||||||
Other nondeductible and permanent differences | 13.2 | % | 1.8 | % | 5 | % | ||||||
Provision (benefit) attributable to valuation allowances | — | % | (0.4 | )% | — | % | ||||||
Effective income tax rate | 51.9 | % | 35.9 | % | 23.7 | % | ||||||
As described further below, we recorded $95,800 of tax expense as a result of the centralization of our global supply chain and technical operations in Ireland and the related recognition of deferred tax liabilities. | ||||||||||||
The U.S. Federal tax credit for research and experimentation expenses expired December 31, 2011. In connection with this expiration, our 2012 tax expense did not include any benefit from the U.S. Federal tax credit for research and experimentation. In January 2013, the American Taxpayer Relief Act of 2012, which retroactively extended the tax credit for research and experimentation back to January 1, 2012 through the end of 2013, was signed into law. The effects of a change in tax law is recognized in the period that includes the date of enactment and, therefore, our tax benefit attributable to the 2012 U.S. Federal tax credit of $2,719 for research and experimentation was recorded in the first quarter of 2013. | ||||||||||||
In 2012, as a result of structuring the Enobia business, we recorded income tax expense of $21,812 in our income statement. The structuring also required us to make a cash payment of $47,200 in early 2013, and this amount was fully accrued on our balance sheet as of December 31, 2012. | ||||||||||||
In September 2011, we completed our assessment of the impact the election to claim federal foreign tax credits and the federal orphan drug credits would have on our historical tax returns. Based on this assessment, management elected to claim both the foreign tax credit for the tax year ended December 31, 2010 and orphan drug credit for the tax years ended December 31, 2010 and 2009. The net federal income tax benefit recorded during 2011 as a result of the election to claim the federal foreign tax credit for 2010 and the federal orphan drug credit for 2010 and 2009 was approximately $15,400. | ||||||||||||
Provisions have been made for deferred taxes based on the differences between the basis of the assets and liabilities for financial statement purposes and the basis of the assets and liabilities for tax purposes using currently enacted tax rates and regulations that will be in effect when the differences are expected to be recovered or settled. The components of the deferred tax assets and liabilities, which exclude "windfall" tax benefits, are as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating losses | $ | 5,398 | $ | 8,519 | ||||||||
Income tax credits | 4,863 | 9,279 | ||||||||||
Stock compensation | 33,539 | 25,140 | ||||||||||
Accruals and allowances | 40,438 | 21,185 | ||||||||||
Intangible assets | 3,418 | 639 | ||||||||||
87,656 | 64,762 | |||||||||||
Valuation allowance | (1,934 | ) | (2,941 | ) | ||||||||
Total deferred tax assets | 85,722 | 61,821 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciable assets | (41,281 | ) | (41,361 | ) | ||||||||
Intangible assets | — | (369 | ) | |||||||||
Unrealized gains | (134 | ) | (1,045 | ) | ||||||||
Investment in foreign partnership | (100,746 | ) | — | |||||||||
Total deferred tax liabilities | (142,161 | ) | (42,775 | ) | ||||||||
Net deferred tax asset (liability) | $ | (56,439 | ) | $ | 19,046 | |||||||
We follow authoritative guidance regarding accounting for uncertainty in income taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures, and transition. | ||||||||||||
The beginning and ending amounts of unrecognized tax benefits reconciles as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning of period balance | $ | 12,393 | $ | 9,773 | $ | 8,658 | ||||||
Increases for tax positions taken during a prior period | 2,571 | 99 | 186 | |||||||||
Decreases for tax positions taken during a prior period | (812 | ) | (1,931 | ) | (689 | ) | ||||||
Increases for tax positions taken during the current period | 33,056 | 4,651 | 1,692 | |||||||||
Decreases for tax positions related to settlements | (419 | ) | (199 | ) | (74 | ) | ||||||
Decreases for tax positions related to lapse of statute | (400 | ) | — | — | ||||||||
$ | 46,389 | $ | 12,393 | $ | 9,773 | |||||||
The total amount of accrued interest and penalties was not significant as of December 31, 2013. The total amount of tax expense recorded during 2013 which related to unrecognized tax benefits was $7,897. Amounts recognized during 2012 and 2011 were not material. Unless related to excess tax benefits from stock options, all of our unrecognized tax benefits, if recognized, would have a favorable impact on the effective tax rate. | ||||||||||||
We expect $24,812 of our total unrecognized tax benefits to reverse within the next twelve months. We file federal and state income tax returns in the U.S. and in numerous foreign jurisdictions. The U.S. and foreign jurisdictions have statute of limitations ranging from 3 to 5 years. However, the statute of limitations could be extended due to our NOL carryforward position in a number of our jurisdictions. The tax authorities generally have the ability to review income tax returns for periods where the statute of limitation has previously expired and can subsequently adjust the NOL carryforward or tax credit amounts. Accordingly, we do not expect to reverse any significant portion of the unrecognized tax benefits, other than the $24,812 mentioned above, within the next year. | ||||||||||||
The Internal Revenue Service (IRS) commenced an examination of our U.S. income tax returns for 2008 and 2009 during the second quarter 2011. This examination was completed during the fourth quarter of 2013. As a result of this audit, there was not a material change in the liability for unrecognized tax benefits. | ||||||||||||
We do not record U.S. tax expense on the undistributed earnings of our controlled foreign corporation (CFC) subsidiaries as these earnings are intended to be permanently reinvested offshore. During the fourth quarter of 2013, in connection with the centralization of our global supply chain and technical operations in Ireland, our U.S. parent company became a direct partner in a captive foreign partnership. To the extent that our U.S. parent company receives its allocation of partnership income, the amounts will be taxable in the U.S. each year and therefore the permanent reinvestment assertion will no longer apply to such earnings. The recognition of deferred tax liabilities associated with the aforementioned partnership resulted in tax expense of approximately $95,800 during the fourth quarter of 2013. We also distributed the majority of earnings and profits of our non-U.S. subsidiaries via a dividend in the amount of $152,000 during the fourth quarter of 2013. This dividend did not give rise to any U.S. cash tax liability. This resulted in repatriation of a significant portion of our unremitted earnings at December 31, 2013. | ||||||||||||
We do not have any present or anticipated future need for cash held by our CFCs, as cash generated in the U.S., as well as borrowings, are expected to be sufficient to meet U.S. liquidity needs for the foreseeable future. | ||||||||||||
It is not practicable to estimate the amount of additional taxes which might be payable on our CFCs’ undistributed earnings due to a variety of factors, including the timing, extent and nature of any repatriation. While our expectation is that all foreign undistributed earnings, other than our U.S. parent company's share of the foreign partnership profits, are permanently invested, there could be certain unforeseen future events that could impact our permanent reinvestment assertion. Such events include acquisitions, corporate restructuring or tax law changes not currently contemplated. |
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock Options and Restricted Stock | ' | ||||||||||||
Stock Options and Restricted Stock | |||||||||||||
At December 31, 2013, we have one stock option plan, the Amended and Restated 2004 Incentive Plan (“2004 Plan”). Under the 2004 Plan, restricted stock and restricted stock units (collectively referred to as Restricted Stock), incentive and non-qualified stock options, and other stock-related awards, may be granted for up to a maximum of 47,874 shares to our directors, officers, key employees and consultants. Stock options granted under the 2004 Plan have a maximum contractual term of ten years from the date of grant, have an exercise price not less than the fair value of the stock on the grant date and generally vest over four years. Restricted stock awards also generally vests over four years; however, performance-based restricted stock units have a three-year vesting period. | |||||||||||||
The following table summarizes the components of share-based compensation expense in the consolidated statements of operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cost of sales | $ | 3,214 | $ | 2,815 | $ | 2,375 | |||||||
Research and development | 23,905 | 13,839 | 9,759 | ||||||||||
Selling, general and administrative | 49,084 | 37,359 | 32,629 | ||||||||||
Total share-based compensation expense | 76,203 | 54,013 | 44,763 | ||||||||||
Income tax effect | (28,652 | ) | (20,188 | ) | (17,290 | ) | |||||||
Total share-based compensation expense, net of tax | $ | 47,551 | $ | 33,825 | $ | 27,473 | |||||||
Share-based compensation expense capitalized to inventory during the years ended December 31, 2013, 2012 and 2011 was $3,978, $2,838, and $2,954, respectively. | |||||||||||||
As of December 31, 2013, there was $169,965 of total unrecognized share-based compensation expense related to non-vested share-based compensation arrangements granted under the Plan. The expense is expected to be recognized over a weighted-average period of 2.67 years. | |||||||||||||
Stock Options | |||||||||||||
A summary of the status of our stock option plans at December 31, 2013, and changes during the year then ended is presented in the table and narrative below: | |||||||||||||
Number of | Weighted | Weighted | Aggregate Intrinsic | ||||||||||
shares | Average Exercise | Average | Value | ||||||||||
Price | Remaining | ||||||||||||
Contractual | |||||||||||||
Term (in years) | |||||||||||||
Outstanding at December 31, 2012 | 9,557 | $ | 35.92 | ||||||||||
Granted | 1,999 | 97.3 | |||||||||||
Exercised | (2,481 | ) | 28.74 | ||||||||||
Forfeited and canceled | (456 | ) | 65.04 | ||||||||||
Outstanding at December 31, 2013 | 8,619 | $ | 50.69 | 6.66 | $ | 708,406 | |||||||
Vested and unvested expected to vest at December 31, 2013 | 8,520 | $ | 50.22 | 6.64 | $ | 704,223 | |||||||
Exercisable at December 31, 2013 | 5,154 | $ | 30.26 | 5.45 | $ | 528,955 | |||||||
Total intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011 was $204,470, $308,009 and $114,712, respectively. We primarily utilize newly issued shares to satisfy the exercise of stock options. The total fair value of options vested during the years ended December 31, 2013, 2012 and 2011 was $32,249, $27,301 and $23,485, respectively. | |||||||||||||
The fair value of options at the date of grant was estimated using the Black-Scholes model with the following ranges of weighted average assumptions: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected life in years | 3.30 - 5.37 | 3.30 - 4.19 | 3.53 - 5.84 | ||||||||||
Interest rate | 0.30% - 1.21% | 0.45% - 0.78% | 0.61% - 1.89% | ||||||||||
Volatility | 29.81% - 36.93% | 29.82% - 38.57% | 37.43% - 40.14% | ||||||||||
Dividend yield | — | — | — | ||||||||||
The expected stock price volatility rates are based on historical volatilities of our common stock. The risk-free interest rates are based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The average expected life represents the weighted average period of time that options granted are expected to be outstanding. We have evaluated three distinct employee groups in determining the expected life assumptions, and we estimate the expected life of stock options based on historical experience of exercises, cancellations and forfeitures of our stock options. | |||||||||||||
The weighted average fair value at the date of grant for options granted during the years ended December 31, 2013, 2012 and 2011 was $23.99, $24.04 and $15.46 per option, respectively. | |||||||||||||
Restricted Stock | |||||||||||||
A summary of the status of our nonvested Restricted Stock and changes during the period then ended is as follows: | |||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Nonvested Restricted Stock at December 31, 2012 | 1,761 | $ | 51.39 | ||||||||||
Shares granted | 967 | 95.06 | |||||||||||
Shares forfeited | (199 | ) | 68.07 | ||||||||||
Shares vested | (740 | ) | 36.07 | ||||||||||
Nonvested Restricted Stock at December 31, 2013 | 1,789 | $ | 78.63 | ||||||||||
Restricted stock awards granted in 2013 include 81 restricted stock units granted to senior management, which have both performance-based and service-based vesting conditions. The weighted average grant date fair value of these awards was $97.07. The number of performance-based restricted stock units granted represents the number of shares earned during the performance period, which ended on December 31, 2013, based on specific pre-established performance goals. These awards will vest over a three year period, subject to the employees' continued employment with the Company. | |||||||||||||
The fair value of restricted stock at the date of grant is based on the fair market value of the shares of common stock underlying the awards on the date of grant. The weighted average fair value at the date of grant for restricted stock awards granted during the years ended December 31, 2013, 2012 and 2011 was $95.06, $82.13 and $44.25 per share, respectively. The total fair value of restricted stock vested during the years ended December 31, 2013, 2012 and 2011 was $26,679, $18,573 and $13,028, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Common and Preferred Stock [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders' Equity | |
Preferred Stock | |
In February 1997, our Board of Directors declared a dividend of one preferred stock purchase right for each outstanding share of common stock (including all future issuances of common stock). Under certain conditions, each right may be exercised to purchase one hundredth of a share of a new series of preferred stock at an exercise price of $75.00, subject to adjustment (see below). The rights may be exercised only after a public announcement that a party acquired 20% or more of our common stock or after commencement or public announcement to make a tender offer for 20% or more of our common stock. The rights, which do not have voting rights, expire on March 6, 2017, and may be redeemed by us at a price of $0.01 per right at any time prior to their expiration or the acquisition of 20% or more of our stock. The preferred stock purchasable upon exercise of the rights will have a minimum preferential dividend of $10.00 per year, but will be entitled to receive, in the aggregate, a dividend of 100 times the dividend declared on a share of Common Stock. In the event of liquidation, the holders of the shares of preferred stock will be entitled to receive a minimum liquidation payment of $100 per share, but will be entitled to receive an aggregate liquidation payment equal to 100 times the payment to be made per share of Common Stock. | |
On February 23, 2007, our Board of Directors amended the purchase price under the preferred stock purchase rights. Further, as a result of the two-for-one stock split of the Company's outstanding shares of common stock effected on August 22, 2008, the number of shares of preferred stock purchasable upon proper exercise of each preferred stock purchase right automatically adjusted from one hundredth of a share of preferred stock to two hundredths of a share of preferred stock. Therefore, the purchase price, for each two hundredths of a share of preferred stock to be issued upon the exercise of each preferred stock purchase right is $300.00. Except for the increase in the purchase price, the terms and conditions of the rights remain unchanged. | |
In the event that we are acquired in a merger, other business combination transaction, or 50% or more of our assets, cash flow, or earning power are sold, proper provision shall be made so that each holder of a right shall have the right to receive, upon exercise thereof at the then current exercise price, that number of shares of common stock of the surviving company which at the time of such transaction would have a market value of two times the exercise price of the right. | |
Common Stock | |
In May 2012, in conjunction with our addition into the S&P 500 Index, we completed the sale of 5,000 shares of our common stock in a public offering. The net proceeds from the sale of shares in the offering were $462,212. | |
Share Repurchases | |
In November 2012, our Board of Directors authorized the repurchase of up to $400,000 of our common stock. This repurchase program does not have an expiration date and we are not obligated to acquire a particular number of shares. The program may be discontinued at any time at the Company's discretion. Under the program, we repurchased 758 and 130 shares of our common stock at a cost of $66,136 and $11,553 during the years ended December 31, 2013 and 2012, respectively. At December 31, 2013, there is a total of 322,311 remaining for repurchases under the program. |
Other_Comprehensive_Income_and
Other Comprehensive Income and Accumulated Other Comprehensive Income (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Other Comprehensive Income and Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Other Comprehensive Income and Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
Other Comprehensive Income and Accumulated Other Comprehensive Income | ||||||||||||||||||||
The following table summarizes the changes in AOCI, by component, for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
Defined Benefit Pension Plans | Unrealized Gains (Losses) from Marketable Securities | Unrealized Gains (Losses) from Hedging Activities | Foreign Currency Translation Adjustment | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balances, December 31, 2010 | $ | (3,018 | ) | $ | 10 | $ | (2,501 | ) | $ | (1,631 | ) | $ | (7,140 | ) | ||||||
Other comprehensive income before reclassifications | (1,386 | ) | (10 | ) | 7,121 | (1,328 | ) | 4,397 | ||||||||||||
Amounts reclassified from other comprehensive income | 221 | — | 6,701 | — | 6,922 | |||||||||||||||
Net other comprehensive income (loss) | (1,165 | ) | (10 | ) | 13,822 | (1,328 | ) | 11,319 | ||||||||||||
Balances, December 31, 2011 | $ | (4,183 | ) | $ | — | $ | 11,321 | $ | (2,959 | ) | $ | 4,179 | ||||||||
Other comprehensive income before reclassifications | (1,807 | ) | — | 14,856 | 150 | 13,199 | ||||||||||||||
Amounts reclassified from other comprehensive income | 278 | — | (11,021 | ) | — | (10,743 | ) | |||||||||||||
Net other comprehensive income (loss) | (1,529 | ) | — | 3,835 | 150 | 2,456 | ||||||||||||||
Balances, December 31, 2012 | $ | (5,712 | ) | $ | — | $ | 15,156 | $ | (2,809 | ) | $ | 6,635 | ||||||||
Other comprehensive income before reclassifications | (6,175 | ) | (197 | ) | (1,000 | ) | (4,573 | ) | (11,945 | ) | ||||||||||
Amounts reclassified from other comprehensive income | 385 | 51 | (17,983 | ) | — | (17,547 | ) | |||||||||||||
Net other comprehensive income (loss) | (5,790 | ) | (146 | ) | (18,983 | ) | (4,573 | ) | (29,492 | ) | ||||||||||
Balances, December 31, 2013 | $ | (11,502 | ) | $ | (146 | ) | $ | (3,827 | ) | $ | (7,382 | ) | $ | (22,857 | ) | |||||
The table below provides details regarding significant reclassifications from AOCI during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified From Accumulated Other Comprehensive Income during the year ended December 31, | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Unrealized Gains (Losses) on Hedging Activity | ||||||||||||||||||||
Effective portion of foreign exchange contracts | $ | 20,569 | $ | 12,869 | $ | (6,558 | ) | Net product sales | ||||||||||||
Ineffective portion of foreign exchange contracts | (915 | ) | (824 | ) | (766 | ) | Foreign currency loss | |||||||||||||
19,654 | 12,045 | (7,324 | ) | |||||||||||||||||
(1,671 | ) | (1,024 | ) | 623 | Income tax provision | |||||||||||||||
$ | 17,983 | $ | 11,021 | $ | (6,701 | ) | ||||||||||||||
Unrealized Gains (Losses) from Marketable Securities | ||||||||||||||||||||
Realized gains (losses) on sale of securities | $ | (81 | ) | $ | — | $ | — | Investment income | ||||||||||||
(81 | ) | — | — | |||||||||||||||||
30 | — | — | Income tax provision | |||||||||||||||||
$ | (51 | ) | $ | — | $ | — | ||||||||||||||
Defined Benefit Pension Items | ||||||||||||||||||||
Amortization of prior service costs and actuarial losses | $ | (421 | ) | $ | (304 | ) | $ | (242 | ) | (a) | ||||||||||
(421 | ) | (304 | ) | (242 | ) | |||||||||||||||
36 | 26 | 21 | Income tax provision | |||||||||||||||||
$ | (385 | ) | $ | (278 | ) | $ | (221 | ) | ||||||||||||
(a) This AOCI component is included in the computation of net periodic pension benefit cost (see Note 16 for additional details). |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||
Fair Value Measurement | |||||||||||||||||
Authoritative guidance establishes a valuation hierarchy for disclosure of the inputs to the valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. | |||||||||||||||||
The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2013 and 2012, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value. | |||||||||||||||||
Fair Value Measurement at | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Balance Sheet Classification | Type of Instrument | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Cash equivalents | Institutional money market funds | $ | 234,212 | $ | — | $ | 234,212 | $ | — | ||||||||
Cash equivalents | Commercial paper | $ | 6,298 | $ | — | $ | 6,298 | $ | — | ||||||||
Cash equivalents | Corporate bonds | $ | 15,255 | $ | — | $ | 15,255 | $ | — | ||||||||
Cash equivalents | Municipal bonds | $ | 2,225 | $ | — | $ | 2,225 | $ | — | ||||||||
Cash equivalents | Bank certificates of deposit | $ | 20,003 | $ | — | $ | 20,003 | $ | — | ||||||||
Marketable securities | Mutual funds | $ | 1,017 | $ | 1,017 | $ | — | $ | — | ||||||||
Marketable securities | Commercial paper | $ | 106,381 | $ | — | $ | 106,381 | $ | — | ||||||||
Marketable securities | Corporate bonds | $ | 461,103 | $ | — | $ | 461,103 | $ | — | ||||||||
Marketable securities | Municipal bonds | $ | 200,178 | $ | — | $ | 200,178 | $ | — | ||||||||
Marketable securities | Other government-related obligations | $ | 203,313 | $ | — | $ | 203,313 | $ | — | ||||||||
Marketable securities | Bank certificates of deposit | $ | 13,001 | $ | — | $ | 13,001 | $ | — | ||||||||
Other current assets | Foreign exchange forward contracts | $ | 21,815 | $ | — | $ | 21,815 | $ | — | ||||||||
Other assets | Foreign exchange forward contracts | $ | 9,839 | $ | — | $ | 9,839 | $ | — | ||||||||
Other current liabilities | Foreign exchange forward contracts | $ | 20,228 | $ | — | $ | 20,228 | $ | — | ||||||||
Other liabilities | Foreign exchange forward contracts | $ | 14,864 | $ | — | $ | 14,864 | $ | — | ||||||||
Other current liabilities | Acquisition-related contingent consideration | $ | 35,932 | $ | — | $ | — | $ | 35,932 | ||||||||
Contingent consideration | Acquisition-related contingent consideration | $ | 106,744 | $ | — | $ | — | $ | 106,744 | ||||||||
Fair Value Measurement at | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Balance Sheet Classification | Type of Instrument | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Cash equivalents | Institutional money market funds | $ | 803,550 | $ | — | $ | 803,550 | $ | — | ||||||||
Other current assets | Foreign exchange forward contracts | $ | 17,862 | $ | — | $ | 17,862 | $ | — | ||||||||
Other assets | Foreign exchange forward contracts | $ | 9,378 | $ | — | $ | 9,378 | $ | — | ||||||||
Other current liabilities | Foreign exchange forward contracts | $ | 5,539 | $ | — | $ | 5,539 | $ | — | ||||||||
Other liabilities | Foreign exchange forward contracts | $ | 4,521 | $ | — | $ | 4,521 | $ | — | ||||||||
Other current liabilities | Acquisition-related contingent consideration | $ | 2,668 | $ | — | $ | — | $ | 2,668 | ||||||||
Contingent consideration | Acquisition-related contingent consideration | $ | 139,002 | $ | — | $ | — | $ | 139,002 | ||||||||
Valuation Techniques | |||||||||||||||||
We classify mutual fund investments, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy. | |||||||||||||||||
Items classified as Level 2 within the valuation hierarchy consist of institutional money market funds, commercial paper, municipal bonds, U.S. and foreign government-related debt, corporate debt securities and certificates of deposit. We estimate the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. We validate the prices provided by our third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. | |||||||||||||||||
Our derivative assets and liabilities include foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties’ credit risks. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. | |||||||||||||||||
Items classified as Level 3 within the valuation hierarchy, consisting of contingent consideration liabilities related to acquisitions, were valued based on various estimates, including probability of success, discount rates and amount of time until the conditions of the milestone payments are met. | |||||||||||||||||
As of December 31, 2013, there has not been any impact to the fair value of our derivative liabilities due to our own credit risk. Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties’ credit risks. | |||||||||||||||||
Contingent Consideration | |||||||||||||||||
In connection with prior acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified development, regulatory approval or sales-based milestone events. We determine the fair value of these obligations on the acquisition date using various estimates that are not observable in the market and represent a Level 3 measurement within the fair value hierarchy. The resulting probability-weighted cash flows were discounted using a cost of debt ranging from 5.3% to 6.2% for developmental milestones and a weighted average cost of capital ranging from 14% to 21% for sales-based milestones. | |||||||||||||||||
Each reporting period, we adjust the contingent consideration to fair value with changes in fair value recognized in operating earnings. Changes in fair values reflect new information about the probability and timing of meeting the conditions of the milestone payments. In the absence of new information, changes in fair value will only reflect the interest component of contingent consideration related to the passage of time as development work progresses towards the achievement of the milestones. | |||||||||||||||||
Estimated contingent milestone payments related to prior business combinations range from zero if no milestone events are achieved, to a maximum of $876,000 if all development, regulatory and sales-based milestones are reached. As of December 31, 2013, the fair value of acquisition-related contingent consideration was $142,676. The following table represents a roll-forward of our acquisition-related contingent consideration: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Balance at beginning of period | $ | (141,670 | ) | ||||||||||||||
Milestone payments | 3,000 | ||||||||||||||||
Change in fair value | (4,006 | ) | |||||||||||||||
Balance at end of period | $ | (142,676 | ) |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Employee Benefit Plans | ' | |||||||||||||
Employee Benefit Plans | ||||||||||||||
Deferred Compensation Plan | ||||||||||||||
Effective June 15, 2013, we began sponsoring a nonqualified deferred compensation plan which allows certain highly-compensated employees to make voluntary deferrals of up to 80% of their base salary and incentive bonuses. The plan is designed to work in conjunction with the 401(k) plan and provides for a total combined employer match of up to 6% of an employee's eligible earnings, up to the IRS annual 401(k) contribution limitations. Employee deferrals and employer matching contributions under the plan began in the third quarter of 2013 and were not material for the year ended December 31, 2013. | ||||||||||||||
Defined Contribution Plan | ||||||||||||||
We have one qualified 401(k) plan covering all eligible employees. Under the plan, employees may contribute up to the statutory allowable amount for any calendar year. We make matching contributions equal to $1.00 for each dollar contributed up to the first 6% of an individual's base salary and incentive cash bonus. For the years ended December 31, 2013, 2012 and 2011, we recorded matching contributions of approximately $6,360, $3,700, and $2,882 respectively. | ||||||||||||||
Defined Benefit Plans | ||||||||||||||
We maintain defined benefit plans for employees in certain countries outside the United States, including retirement benefit plans required by applicable local law. The plans are valued by independent actuaries using the projected unit credit method. The liabilities correspond to the projected benefit obligations of which the discounted net present value is calculated based on years of employment, expected salary increases, and pension adjustments. | ||||||||||||||
The following table sets forth the funded status and the amounts recognized for defined benefit plans: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Change in benefit obligation: | ||||||||||||||
Projected benefit obligation, beginning of year | $ | 24,484 | $ | 19,009 | ||||||||||
Prior service cost | — | — | ||||||||||||
Service cost | 5,413 | 4,733 | ||||||||||||
Interest cost | 504 | 464 | ||||||||||||
Change in assumptions | 2,643 | 1,064 | ||||||||||||
Recognized actuarial net loss | 3,701 | 496 | ||||||||||||
Foreign currency exchange rate changes | 573 | 221 | ||||||||||||
Net transfers to (from) plan | 848 | (1,503 | ) | |||||||||||
Projected benefit obligation, end of year | $ | 38,166 | $ | 24,484 | ||||||||||
Accumulated benefit obligation, end of year | $ | 30,655 | $ | 19,345 | ||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets, beginning of year | $ | 16,006 | $ | 12,858 | ||||||||||
Return on plan assets | 244 | 182 | ||||||||||||
Employer contributions | 3,811 | 2,920 | ||||||||||||
Plan participants' contributions | 1,523 | 1,163 | ||||||||||||
Foreign currency exchange rate changes | 895 | 386 | ||||||||||||
Net transfers to (from) plan | 848 | (1,503 | ) | |||||||||||
Fair value of plan assets, end of year | $ | 23,327 | $ | 16,006 | ||||||||||
Funded status at end of year | $ | (14,839 | ) | $ | (8,478 | ) | ||||||||
The Company measures the fair value of plan assets based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following table presents total plan assets by investment category as of December 31, 2013 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value: | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Fair Value | as % of total | Fair Value | as % of total | |||||||||||
(Level 2) | plan assets | (Level 2) | plan assets | |||||||||||
Cash and cash equivalents | $ | 1,470 | 6 | % | $ | 1,192 | 7 | % | ||||||
Equity security funds | 9,237 | 40 | % | 4,769 | 30 | % | ||||||||
Debt security funds | 9,704 | 42 | % | 7,943 | 50 | % | ||||||||
Real estate funds | 2,916 | 12 | % | 2,102 | 13 | % | ||||||||
$ | 23,327 | 100 | % | $ | 16,006 | 100 | % | |||||||
All plan asset investments are classified as Level 2 within the fair value hierarchy and are valued utilizing observable prices for similar instruments and quoted prices for identical or similar instruments in markets that are not active. The investment objective is to maximize the overall return from investment income and capital appreciation consistent with the preservation of capital considering investment strategies and asset allocation limits as determined by pension law. The targeted allocation for these funds (if any) is as follows: | ||||||||||||||
Target Allocation | ||||||||||||||
Ranges in % | ||||||||||||||
Cash and notes receivable issued by banks or insurance companies | 0-10% | |||||||||||||
Equity securities | 30-60% | |||||||||||||
Debt securities | 16-45% | |||||||||||||
Real estate | 10-20% | |||||||||||||
Other | 0-12% | |||||||||||||
At December 31, 2013, we have recorded a liability of $14,839 in other non-current liabilities and a charge to accumulated other comprehensive income, net of tax, of $11,502 related to an additional minimum liability. | ||||||||||||||
The following table provides the weighted average assumptions used to calculate net periodic benefit cost and the actuarial present value of projected benefit obligations: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted average assumptions - Net Periodic Benefit Cost: | ||||||||||||||
Discount rate | 2 | % | 2.3 | % | ||||||||||
Long term rate of return on assets | 4 | % | 4 | % | ||||||||||
Rate of compensation increase | 1.6 | % | 1.6 | % | ||||||||||
Weighted average assumptions - Projected Benefit Obligation: | ||||||||||||||
Discount Rate | 2.1 | % | 2.1 | % | ||||||||||
Rate of compensation increase | 1.6 | % | 1.6 | % | ||||||||||
The discount rates used to determine the net periodic benefit cost and projected benefit obligation represent the yield on high quality AA-rated corporate bonds for periods that match the duration of the benefit obligations. | ||||||||||||||
The expected long-term rate of return on plan assets represents a weighted average of expected returns per asset category. The rate of return considers historical and estimated future risk free rates of return as well as risk premiums for the relevant investment categories. | ||||||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Service cost | $ | 5,413 | $ | 4,733 | $ | 4,540 | ||||||||
Interest cost | 504 | 464 | 449 | |||||||||||
Expected return on plan assets | (633 | ) | (515 | ) | (473 | ) | ||||||||
Employee contributions | (1,523 | ) | (1,163 | ) | (1,056 | ) | ||||||||
Amortization of prior service costs | 9 | 9 | 9 | |||||||||||
Amortization and deferral of actuarial gain | 410 | 217 | 305 | |||||||||||
Total net periodic benefit cost | $ | 4,180 | $ | 3,745 | $ | 3,774 | ||||||||
Other changes in plan assets and benefit obligations recognized in AOCI are as follows: | ||||||||||||||
Amount included in AOCI - December 31, 2011 | $ | (4,183 | ) | |||||||||||
Prior service cost | 9 | |||||||||||||
Net gain (loss) arising during the period | (566 | ) | ||||||||||||
Change in assumptions | (1,074 | ) | ||||||||||||
Amortization of net gain (loss) | 295 | |||||||||||||
Plan assets losses | (336 | ) | ||||||||||||
Taxes | 143 | |||||||||||||
Amount included in AOCI - December 31, 2012 | $ | (5,712 | ) | |||||||||||
Prior service cost | 9 | |||||||||||||
Net gain (loss) arising during the period | (3,710 | ) | ||||||||||||
Change in assumptions | (2,657 | ) | ||||||||||||
Amortization of net gain (loss) | 412 | |||||||||||||
Plan assets losses | (391 | ) | ||||||||||||
Taxes | 547 | |||||||||||||
Amount included in AOCI - December 31, 2013 | $ | (11,502 | ) | |||||||||||
The amount in accumulated other comprehensive income as of December 31, 2013 that is expected to be recognized as a component of the net periodic pension costs in 2014 is $886. | ||||||||||||||
We estimate that we will pay employer contributions of approximately $3,886 in 2014. The expected future cash flows to be paid in respect of the pension plans as of December 31, 2013 were as follows: | ||||||||||||||
Year | ||||||||||||||
2014 | $ | 2,140 | ||||||||||||
2015 | 1,960 | |||||||||||||
2016 | 1,910 | |||||||||||||
2017 | 2,020 | |||||||||||||
2018 | 1,851 | |||||||||||||
2019 to 2023 | 8,306 | |||||||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
We operate as one business segment, which is the innovation, development and commercialization of life-transforming therapeutic products. Therefore, our chief operating decision-maker manages our operations as a single operating segment. | ||||||||||||
Revenues and tangible long-lived assets by significant geographic region are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
Revenues: | 2013 | 2012 | 2011 | |||||||||
United States | $ | 561,405 | $ | 400,483 | $ | 263,387 | ||||||
Europe | 514,987 | 418,321 | 340,812 | |||||||||
Asia Pacific (primarily Japan) | 203,538 | 161,480 | 115,377 | |||||||||
Other | 271,416 | 153,830 | 63,855 | |||||||||
$ | 1,551,346 | $ | 1,134,114 | $ | 783,431 | |||||||
December 31, | ||||||||||||
Long-lived assets (1): | 2013 | 2012 | ||||||||||
United States | $ | 190,791 | $ | 157,019 | ||||||||
Europe | 5,413 | 5,988 | ||||||||||
Other | 4,905 | 2,622 | ||||||||||
$ | 201,109 | $ | 165,629 | |||||||||
-1 | Long-lived assets consist of property, plant and equipment. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In January 2014, we entered into an agreement with Moderna Therapeutics, Inc. (Moderna) that provides the option to purchase drug products for clinical development and commercialization of Moderna's messenger RNA (mRNA) therapeutics to treat rare diseases. Due to the early stage of these assets, we recorded expense for an upfront payment of $100,000 in 2014. We will also be responsible for funding research activities under the program. In addition, for each drug target, up to a maximum of ten targets, would could be required to make an option exercise payment of $15,000 and to pay up to an additional $120,000 with respect to a rare disease product and $400,000 with respect to a non-rare disease product in development and sales milestones if the specific milestones are met over time as well as royalties on commercial sales. In addition to the option agreement, we purchased $25,000 of preferred equity of Moderna LLC, Moderna's parent company. | |
In January 2014, we agreed to purchase a vialing facility in Athlone, Ireland. The closing of the acquisition is expected to occur during the first quarter of 2014 upon satisfaction of agreed upon closing conditions. Following closing and refurbishment of the facility, and after successful completion of the appropriate validation processes and regulatory approvals, such facility will become our first company-owned vialing facility for Soliris and other clinical and commercial products. |
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information (unaudited) | ' | ||||||||||||||||
Quarterly Financial Information (unaudited) | |||||||||||||||||
The following condensed quarterly financial information is for the years ended December 31, 2013 and 2012: | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2013:00:00 | |||||||||||||||||
Revenues | $ | 338,941 | $ | 370,091 | $ | 400,405 | $ | 441,909 | |||||||||
Cost of sales | 35,269 | 39,377 | 51,358 | -1 | 51,552 | ||||||||||||
Operating expenses | 186,700 | 193,023 | 213,772 | 252,285 | -2 | ||||||||||||
Operating income | 116,972 | 137,691 | 135,275 | 138,072 | |||||||||||||
Net income (loss) | $ | 82,217 | $ | 95,885 | $ | 93,785 | $ | (18,992 | ) | ||||||||
Earnings (loss) per common share | |||||||||||||||||
Basic | $ | 0.42 | $ | 0.49 | $ | 0.48 | $ | (0.10 | ) | ||||||||
Diluted | $ | 0.41 | $ | 0.48 | $ | 0.47 | $ | (0.10 | ) | ||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2012:00:00 | |||||||||||||||||
Revenues | $ | 244,733 | $ | 274,719 | $ | 294,136 | $ | 320,526 | |||||||||
Cost of sales | 28,268 | 31,613 | (20,191 | ) | -3 | 33,147 | |||||||||||
Operating expenses | 146,427 | -4 | 159,401 | -4 | 171,608 | (4) (5) | 179,503 | -4 | |||||||||
Operating income | 70,038 | 83,705 | 142,719 | 107,876 | |||||||||||||
Net income | $ | 45,413 | $ | 36,258 | $ | 92,179 | $ | 80,972 | |||||||||
Earnings per common share | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.19 | $ | 0.48 | $ | 0.42 | |||||||||
Diluted | $ | 0.23 | $ | 0.18 | $ | 0.46 | $ | 0.4 | |||||||||
(1) Included within cost of sales for the third quarter 2013 is expense of $9,181 resulting from the execution of a settlement agreement with Novartis in October 2013. | |||||||||||||||||
(2) Included within operating expenses for the fourth quarter of 2013 is an impairment charge of $33,521 to write-down the value of an early stage, Phase I indefinite-lived intangible asset and purchased technology asset related to the Taligen acquisition. | |||||||||||||||||
(3) Included within cost of sales for the third quarter 2012 is a positive impact of $53,377 which was recognized to reduced our estimate for probable contingent liabilities as the result of the execution of a settlement and non-exclusive license agreement with a third party in October 2012. | |||||||||||||||||
(4) Included within operating expenses for each quarter of 2012 are acquisition-related employee costs and professional fees of $10,765, $2,840, $1,509, and $1,148, respectively, associated with the acquisition of Enobia. | |||||||||||||||||
(5) Included within operating expenses for the third quarter of 2012 is an impairment charge of $26,300 to write-down the value of an early stage, preclinical indefinite-lived intangible asset related to the Taligen acquisition. |
Business_Overview_and_Summary_1
Business Overview and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Business Overview and Summary of Significant Accounting Policies [Abstract] | ' | |
Nature of Operations [Text Block] | ' | |
Alexion Pharmaceuticals, Inc. ("Alexion", the "Company", "we", "our" or "us") is a biopharmaceutical company focused on serving patients with severe and ultra-rare disorders through the innovation, development and commercialization of life-transforming therapeutic products. Our marketed product Soliris is the first and only therapeutic approved for patients with either of two severe and ultra-rare disorders resulting from chronic uncontrolled activation of the complement component of the immune system: paroxysmal nocturnal hemoglobinuria (PNH), a life-threatening and ultra-rare genetic blood disorder, and atypical hemolytic uremic syndrome (aHUS), a life-threatening and ultra-rare genetic disease. We are also evaluating additional potential indications for Soliris in other severe and ultra-rare diseases in which uncontrolled complement activation is the underlying mechanism, and we are progressing in various stages of development with additional product candidates as potential treatments for patients with severe and life-threatening ultra-rare disorders. We were incorporated in 1992 and began commercial sale of Soliris in 2007. | ||
Basis of Presentation and Principles of Consolidation | ' | |
The accompanying consolidated financial statements include the accounts of Alexion and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For each of our business combinations, all of the assets acquired and liabilities assumed were recorded at their respective fair values as of the date of acquisition, and their results of operations are included in the consolidated financial statements from the date of acquisition. | ||
Dividend Policy | ' | |
We have never paid a cash dividend on shares of our stock. We currently intend to retain our earnings to finance future operations and do not anticipate paying any cash dividends on our stock in the foreseeable future. | ||
Critical Accounting Estimates | ' | |
The preparation of our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States, requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities in our financial statements. We believe the most complex judgments result primarily from the need to make estimates about the effects of matters that are inherently uncertain and are significant to our consolidated financial statements. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. We evaluate our estimates, judgments and assumptions on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. | ||
The most significant areas involving estimates, judgments and assumptions used in the preparation of our consolidated financial statements are as follows: | ||
• | Revenue recognition; | |
• | Contingent liabilities; | |
• | Inventories; | |
• | Research and development expenses; | |
• | Share-based compensation; | |
• | Valuation of goodwill, acquired intangible assets and in-process research and development (IPR&D); | |
• | Valuation of contingent consideration; and | |
• | Income taxes. | |
Foreign Currency Translation | ' | |
The financial statements of our subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities, historical exchange rates for stockholders’ equity and weighted average exchange rates for operating results. Translation gains and losses are included in accumulated other comprehensive income (loss), net of tax, in stockholders’ equity. Foreign currency transaction gains and losses are included in the results of operations in other income and expense. | ||
Cash and Cash Equivalents | ' | |
Cash and cash equivalents are stated at cost plus accrued interest, which approximates fair value, and include short-term highly liquid investments with original maturities of three months or less. | ||
Fair Value of Financial Instruments | ' | |
The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable, other assets, accounts payable, accrued expenses and other liabilities approximate fair value due to their short-term maturities. Our marketable securities are valued based upon pricing of securities with similar investment characteristics and holdings. Our derivative financial instruments are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties’ credit risks. Our debt obligations are carried at historical cost, which approximates fair value. Our contingent consideration liabilities related to our acquisitions are valued based on various estimates, including probability of success, estimated revenues, discount rates and amount of time until the conditions of the milestone payments are met. | ||
Marketable Securities | ' | |
We invest our excess cash balances in marketable securities of highly rated financial institutions and investment-grade debt instruments. We seek to diversify our investments and limit the amount of investment concentrations for individual institutions, maturities and investment types. We classify these marketable securities as available-for-sale and, accordingly, record such securities at fair value. We classify these marketable securities as current assets as these investments are intended to be available to the Company for use in funding current operations. | ||
Unrealized gains and losses that are deemed temporary are included in accumulated other comprehensive income (loss) as a separate component of stockholders' equity. If any adjustment to fair value reflects a significant decline in the value of the security, we evaluate the extent to which the decline is determined to be other-than-temporary and would mark the security to market through a charge to our consolidated statement of operations. Credit losses are identified when we do not expect to receive cash flows sufficient to recover the amortized cost basis of a security. In the event of a credit loss, only the amount associated with the credit loss is recognized in operating results, with the amount of loss relating to other factors recorded in accumulated other comprehensive income (loss). | ||
We offer a nonqualified deferred compensation plan which allows participants to elect to defer income to future periods. Participants in the plan earn a return on their deferrals based on several investments options, which mirror returns on underlying mutual fund investments. We choose to invest in the underlying mutual fund investments to offset the liability associated with our nonqualified deferred compensation plan. These securities are classified as trading securities and are carried at fair value with gains and losses included in investment income. The changes in the underlying liability to the employee are recorded in operating expenses. | ||
Accounts Receivable | ' | |
Our standard credit terms vary based on the country of sale and range from 30 to 120 days. Our consolidated average days’ sales outstanding ranges from 70 to 80 days. We evaluate the creditworthiness of customers on a regular basis. In certain European countries, sales by us are subject to payment terms that are statutorily determined. This is primarily the case in countries where the payer is government-owned or government-funded, which we consider to be creditworthy. The length of time from sale to receipt of payment in certain countries exceeds our credit terms. In countries in which collections from customers extend beyond normal payment terms, we seek to collect interest. We record interest on customer receivables as interest income when collected. For non-interest bearing receivables with an estimated payment beyond one year, we discount the accounts receivable to present value at the date of sale, with a corresponding adjustment to revenue. Subsequent adjustments for further declines in credit rating are recorded as bad debt expense as a component of selling, general and administrative expense. We also use judgments as to our ability to collect outstanding receivables and provide allowances for the portion of receivables if and when collection becomes doubtful, and we also assess on an ongoing basis whether collectibility is reasonably assured at the time of sale. | ||
Concentration of Credit Risk | ' | |
Financial instruments that potentially expose the Company to concentrations of credit risk are limited to cash equivalents, marketable securities, accounts receivable and our foreign exchange derivative contracts. We invest our cash reserves in money market funds or high-quality marketable securities in accordance with our investment policy. The stated objectives of our investment policy is to preserve capital, provide liquidity consistent with forecasted cash flow requirements, maintain appropriate diversification and generate returns relative to these investment objectives and prevailing market conditions. | ||
Inventories | ' | |
Inventories are stated at the lower of cost or estimated realizable value. We determine the cost of inventory using the weighted-average cost method. | ||
Capitalization of Inventory Costs | ||
We capitalize inventory produced for commercial sale, which may include costs incurred for certain products awaiting regulatory approval. We capitalize inventory produced in preparation of product launches sufficient to support estimated initial market demand. Capitalization of such inventory begins when we have (i) obtained positive results in clinical trials that we believe are necessary to support regulatory approval, (ii) concluded that uncertainties regarding regulatory approval have been sufficiently reduced, and (iii) determined that the inventory has probable future economic benefit. In evaluating whether these conditions have been met, we consider clinical trial results for the underlying product candidate, results from meetings with regulatory authorities, and the compilation of the regulatory application. If we are aware of any material risks or contingencies outside of the standard regulatory review and approval process, or if there are any specific negative issues identified relating to the safety, efficacy, manufacturing, marketing or labeling of the product that would have a significant negative impact on its future economic benefits, the related inventory would not be capitalized. At December 31, 2013, we did not have any inventory capitalized associated with products awaiting regulatory approval. | ||
Products that have been approved by the U.S. Food and Drug Administration (FDA) or other regulatory authorities, such as Soliris, are also used in clinical programs to assess the safety and efficacy of the products for usage in diseases that have not been approved by the FDA or other regulatory authorities. The form of Soliris utilized for both commercial and clinical programs is identical and, as a result, the inventory has an "alternative future use" as defined in authoritative guidance. Raw materials and purchased drug product associated with clinical development programs are included in inventory and charged to research and development expense when the product enters the research and development process and no longer can be used for commercial purposes and, therefore, does not have an "alternative future use". | ||
For products which are under development and have not yet been approved by regulatory authorities, purchased drug product is charged to research and development expense upon delivery. Delivery occurs when the inventory passes quality inspection and ownership transfers to us. Nonrefundable advance payments for research and development activities, including production of purchased drug product, are deferred and capitalized until the goods are delivered. We also recognize expense for raw materials purchased for developmental purposes when the raw materials pass quality inspection and we have an obligation to pay for the materials. | ||
Inventory Write-Offs | ||
We analyze our inventory levels to identify inventory that may expire prior to sale, inventory that has a cost basis in excess of its estimated realizable value, or inventory in excess of expected sales requirements. Although the manufacturing of our product is subject to strict quality control, certain batches or units of product may no longer meet quality specifications or may expire, which would require adjustments to our inventory values. We also apply judgments related to the results of quality tests that we perform throughout the production process, as well as our understanding of regulatory guidelines, to determine if it is probable that inventory will be saleable. Soliris currently has a maximum estimated life of 48 months and, based on our sales forecasts, we expect to realize the carrying value of the Soliris inventory. In the future, reduced demand, quality issues or excess supply beyond those anticipated by management may result in a material adjustment to inventory levels, which would be recorded as an increase to cost of sales. | ||
The determination of whether or not inventory costs will be realizable requires estimates by our management. A critical input in this determination is future expected inventory requirements based on internal sales forecasts. We then compare these requirements to the expiry dates of inventory on hand. For inventories that are capitalized in preparation of product launch, we also consider the expected approval date in assessing realizability. To the extent that inventory is expected to expire prior to being sold, we will write down the value of inventory. If actual results differ from those estimates, additional inventory write-offs may be required. | ||
Derivative Instruments | ' | |
We record the fair value of derivative instruments as either assets or liabilities on the balance sheet. The accounting for gains and losses resulting from changes in fair value is dependent on the use of the derivative and whether it is designated and qualifies for hedge accounting. | ||
All qualifying hedging activities are documented at the inception of the hedge and must meet the definition of highly effective in offsetting changes to future cash. The effectiveness of the qualifying hedge contract is assessed quarterly. We record the fair value of the qualifying hedges in other current assets, other assets, other current liabilities and other liabilities. Gains or losses resulting from changes in the fair value of qualifying hedges are recorded in other comprehensive income (loss) until the forecasted transaction occurs. When the forecasted transaction occurs, this amount is reclassified into revenue. Any non-qualifying portion of the gains or losses resulting from changes in fair value, if any, is reported in other income and expense. | ||
Prepaid Manufacturing Costs | ' | |
Cash advances paid by us prior to receipt of the inventory are recorded as prepaid manufacturing costs. The cash advances are subject to forfeiture if we terminate the scheduled production. We expect the carrying value of the prepaid manufacturing costs to be fully realized. | ||
Property, Plant and Equipment | ' | |
Property, plant and equipment are stated at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets. We estimate economic lives as follows: | ||
• | Building and improvements—five to thirty years | |
• | Machinery and laboratory equipment—three to thirty years | |
• | Computer hardware and software—two to five years | |
• | Furniture and office equipment—three to seven years | |
Leasehold improvements and assets under capital lease arrangements are amortized over the lesser of the asset's estimated useful life or the term of the respective lease. Maintenance costs are expensed as incurred. | ||
Construction-in-progress reflects amounts incurred for property, plant, or equipment construction or improvements that have not been placed in service. | ||
Manufacturing Facilities | ||
We capitalize costs incurred for the construction of facilities which support commercial manufacturing. We also capitalize costs related to validation activities which are directly attributable to preparing the facility for its intended use, including engineering runs and inventory production necessary to obtain approval of the facility from government regulators for the production of a commercially approved drug. When the facility is substantially complete and ready for its intended use and regulatory approval for commercial production has been received, we will place the asset in service. | ||
The production of inventory for preparing the facility for its intended use requires two types of production: engineering runs which are used for testing purposes only and do not result in saleable inventory, and validation runs which are used for validating equipment and may result in saleable inventory. The costs associated with inventory produced during engineering runs and normal production losses during validation runs are capitalized to fixed assets and depreciated over the asset's useful life. Saleable inventory produced during the validation process is initially treated as a fixed asset; however, upon regulatory approval, this inventory is reclassified to inventory and expensed in cost of goods sold as product is sold, or in research and development expenses as product is utilized in R&D activities. Abnormal production costs incurred during the validation process are expensed as incurred. | ||
Acquisitions | ' | |
Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method of accounting, the tangible and intangible assets acquired and the liabilities assumed are recorded as of the acquisition date at their respective fair values. We evaluate a business as an integrated set of activities and assets that is capable of being managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits and consists of inputs and processes that provide or have the ability to provide outputs. In an acquisition of a business, the excess of the fair value of the consideration transferred over the fair value of the net assets acquired is recorded as goodwill. In an acquisition of net assets that does not constitute a business, no goodwill is recognized. | ||
Our consolidated financial statements include the results of operations of an acquired business after the completion of the acquisition. | ||
Intangible Assets | ' | |
Our intangible assets consist of licenses, patents, purchased technology and acquired in-process research and development (IPR&D). Intangible assets with definite lives are amortized over their estimated useful lives and reviewed for impairment if certain events occur as described in "Impairment of Long-Lived Assets" below. | ||
Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. During the period the assets are considered indefinite-lived, they will not be amortized but will be tested for impairment. If and when development is complete, which generally occurs when regulatory approval to market a product is obtained, the associated assets would be deemed finite-lived and would then be amortized based on their estimated useful lives at that point in time. | ||
Goodwill | ' | |
Goodwill represents the excess of purchase price over fair value of net assets acquired in a business combination and is not amortized. Goodwill is subject to impairment testing at least annually or when a triggering event occurs that could indicate a potential impairment. We are organized and operate as a single reporting unit and therefore the goodwill impairment test is performed using our overall market value, as determined by our traded share price, compared to our book value of net assets. We completed our annual impairment test as of December 31, 2013 and determined the carrying value of goodwill was not impaired. | ||
Impairment of Long-Lived Assets | ' | |
Our long-lived assets are primarily comprised of intangible assets and property, plant and equipment. We evaluate our finite-lived intangible assets and property, plant and equipment, for impairment whenever events or changes in circumstances indicate the carrying value of an asset or group of assets is not recoverable. If these circumstances exist, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the asset group. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. | ||
In addition, indefinite-lived intangible assets, comprised of IPR&D, are reviewed for impairment annually and whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired by comparing the fair value to the carrying value of the asset. | ||
We recognized impairment charges associated with assets acquired in connection with the purchase of Taligen of $33,521 in 2013 associated with an early state indefinite-lived intangible asset and a purchased technology asset and $26,300 in 2012, associated with early stage indefinite-lived intangible asset. We did not recognize any other impairment loss for long-lived assets during the years ended December 31, 2013, 2012 and 2011. | ||
Contingent Consideration | ' | |
We record contingent consideration resulting from a business combination at its fair value on the acquisition date. On a quarterly basis, we revalue these obligations and record increases or decreases in their fair value as an adjustment to operating earnings. Changes to contingent consideration obligations can result from adjustments to discount rates, accretion of the liability due to the passage of time, changes in our estimates of the likelihood or timing of achieving any development or commercial milestones, changes in the probability of certain clinical events or changes in the assumed probability associated with regulatory approval. The assumptions related to determining the value of contingent consideration include a significant amount of judgment, and any changes in the underlying estimates could have a material impact on the amount of contingent consideration expense recorded in any given period. | ||
Contingent liabilities | ' | |
We are currently involved in various claims and legal proceedings. On a quarterly basis, we review the status of each significant matter and assess its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, we accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals are based on our best estimates based on available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, we may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adjustment to our operating results. | ||
Treasury Stock | ' | |
Treasury stock is accounted for using the cost method, with the purchase price of the common stock recorded separately as a deduction from stockholders' equity. | ||
Revenue Recognition | ' | |
Our principal source of revenue is product sales. We recognize revenue from product sales when persuasive evidence of an arrangement exists, title to product and associated risk of loss has passed to the customer, the price is fixed or determinable, collection from the customer is reasonably assured, and we have no further performance obligations. Revenue is recorded upon receipt of the product by the end customer, which is typically a hospital, physician’s office, private or government pharmacy or other health care facility. Amounts collected from customers and remitted to governmental authorities, such as value-added taxes (VAT) in foreign jurisdictions, are presented on a net basis in our consolidated statements of operations and do not impact net product sales. | ||
Our customers are primarily comprised of distributors, pharmacies, hospitals, hospital buying groups, and other health care providers. In some cases, we may also sell Soliris to governments and government agencies. | ||
Because of factors such as the pricing of Soliris, the limited number of patients, the short period from product sale to patient infusion and the lack of contractual return rights, Soliris customers often carry limited inventory. We also monitor inventory within our sales channels to determine whether deferrals are appropriate based on factors such as inventory levels compared to demand, contractual terms and financial strength of distributors. | ||
In addition to sales in countries where Soliris is commercially available, we have also recorded revenue on sales for patients receiving Soliris treatment through named-patient programs. The relevant authorities or institutions in those countries have agreed to reimburse for product sold on a named-patient basis where Soliris has not received final approval for commercial sale. | ||
We record estimated rebates payable under governmental programs, including Medicaid in the United States and other programs outside the United States, as a reduction of revenue at the time of product sale. Our calculations related to these rebate accruals require analysis of historical claim patterns and estimates of customer mix to determine which sales will be subject to rebates and the amount of such rebates. We update our estimates and assumptions each period and record any necessary adjustments, which may have an impact on revenue in the period in which the adjustment is made. Generally, the length of time between product sale and the processing and reporting of the rebates is three to six months. | ||
We have entered into volume-based arrangements with governments in certain countries in which reimbursement is limited to a contractual amount. Under this type of arrangement, amounts billed in excess of the contractual limitation are repaid to these governments as a rebate. We estimate incremental discounts resulting from these contractual limitations, based on estimated sales during the limitation period, and we apply the discount percentage to product shipments as a reduction of revenue. Our calculations related to these arrangements require estimation of sales during the limitation period, and adjustments in these estimates may have an impact in the period in which an adjustment is made. | ||
We record distribution and other fees paid to our customers as a reduction of revenue, unless we receive an identifiable and separate benefit for the consideration and we can reasonably estimate the fair value of the benefit received. If both conditions are met, we record the consideration paid to the customer as an operating expense. These costs are typically known at the time of sale, resulting in minimal adjustments subsequent to the period of sale. | ||
We enter into foreign exchange forward contracts to hedge exposures resulting from portions of our forecasted revenues, including intercompany revenues, that are denominated in currencies other than the U.S. dollar. These hedges are designated as cash flow hedges upon inception. We record the effective portion of these cash flow hedges to revenue in the period in which the sale is made to an unrelated third party and the derivative contract is settled. | ||
Research and Development Expenses | ' | |
Research and development expenses are comprised of costs incurred in performing research and development activities including payroll and benefits, pre-clinical, clinical trial and related clinical manufacturing costs, manufacturing development and scale-up costs, product development and regulatory costs, contract services and other outside contractor costs, research license fees, depreciation and amortization of lab facilities, and lab supplies. These costs are expensed as incurred. We accrue costs for clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by the contract research organizations, clinical study sites, laboratories, consultants, or other clinical trial vendors that perform the activities. | ||
Share-Based Compensation | ' | |
We have one share-based compensation plan known as the Amended and Restated 2004 Incentive Plan. Under this plan, restricted stock, restricted stock units, stock options and other stock-related awards may be granted to our directors, officers, employees and consultants or advisors of the Company or any subsidiary. To date, share-based compensation issued under the plan consists of incentive and non-qualified stock options, restricted stock and restricted stock units, including restricted stock units with non-market performance conditions. | ||
Compensation expense is recognized based on the estimated fair value of the awards on the grant date. Compensation expense reflects an estimate of the number of awards expected to vest and is recognized a straight-line basis over the requisite service period of the individual grants, which typically equals the vesting period. Generally, stock options, restricted stock and restricted stock units granted to employees fully vest four years from the grant date. Performance-based restricted stock units have a three year vesting period. Stock options have a contractual term of 10 years. | ||
Compensation expense for awards with performance conditions is recognized using the graded-vesting method. We estimate the anticipated achievement of performance targets, including forecasting achievement of future financial targets. These estimates are revised periodically based on the probability of achieving the performance targets and adjustments are made throughout the performance period as necessary. | ||
Earnings Per Common Share | ' | |
Basic earnings per common share (EPS) are computed by dividing net income by the weighted-average number of shares of common stock outstanding. For purposes of calculating diluted EPS, net income is adjusted for the after-tax amount of interest and deferred financing costs associated with our convertible debt, if any, and the denominator reflects the potential dilution that could occur if stock options, unvested restricted stock, unvested restricted stock units or other contracts to issue common stock were exercised or converted into common stock, using the treasury stock method, as well as the potential dilution if the remaining convertible notes were converted to common stock. | ||
Income Taxes | ' | |
We utilize the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax basis of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. We periodically evaluate the likelihood of the realization of deferred tax assets and reduce the carrying amount of these deferred tax assets by a valuation allowance when it is more likely than not that deferred tax assets will not be realized. | ||
We recognize the benefit of an uncertain tax position that has been taken or we expect to take on income tax returns if such tax position is more likely than not to be sustained. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits is adjusted, as appropriate, for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, or new information obtained during a tax examination or resolution of an examination. We also accrued for potential interest and penalties related to unrecognized tax benefits as a component of tax expense. | ||
Comprehensive Income (Loss) | ' | |
Comprehensive income is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes changes in equity that are excluded from net income, such as changes in pension liabilities, unrealized gains and losses on marketable securities, unrealized gains and losses on hedge contracts and foreign currency translation adjustments. Certain of these changes in equity are reflected net of tax. | ||
New Accounting Pronouncements | ' | |
In January 2013, the Financial Accounting Standards Board issued an update to clarify the scope of disclosures for offsetting assets and liabilities. The standard is effective for interim and annual periods beginning on or after January 1, 2013 and requires disclosure for all comparative periods. We adopted the provisions of this guidance in 2013. | ||
In February 2013, the Financial Accounting Standards Board issued a new standard to improve the reporting of reclassifications out of accumulated other comprehensive income. The new standard requires the disclosure of significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The standard is effective prospectively for interim and annual periods beginning after December 15, 2012. We adopted the provisions of this guidance, including the additional disclosure noted above, in 2013. |
Business_Overview_and_Summary_2
Business Overview and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Overview and Summary of Significant Accounting Policies [Abstract] | ' | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||||||||
Our net accounts receivable from these countries as of December 31, 2013 and 2012 are summarized as follows: | ||||||||||||||
Total Accounts Receivable, Net | Accounts Receivable, Net > one year | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Italy | $ | 28,510 | $ | 35,758 | $ | 2,660 | $ | 7,197 | ||||||
Spain | $ | 48,069 | $ | 44,465 | $ | 13,165 | $ | 12,873 | ||||||
Schedule of Inventories | ' | |||||||||||||
The components of inventory are as follows: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Raw materials | $ | 12,170 | $ | 6,485 | ||||||||||
Work-in-process | 62,192 | 43,899 | ||||||||||||
Finished goods | 28,240 | 44,137 | ||||||||||||
$ | 102,602 | $ | 94,521 | |||||||||||
Schedule of the Calculation of Basic and Diluted EPS | ' | |||||||||||||
The following table summarizes the calculation of basic and diluted EPS for years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net income used for basic calculation | $ | 252,895 | $ | 254,822 | $ | 175,315 | ||||||||
Weighted-average effect of dilutive securities: | ||||||||||||||
Interest expense and debt financing cost amortization, net of tax, related to our 1.375% convertible senior notes | — | — | 26 | |||||||||||
Net income used for diluted calculation | $ | 252,895 | $ | 254,822 | $ | 175,341 | ||||||||
Shares used in computing earnings per common share—basic | 195,532 | 190,461 | 183,220 | |||||||||||
Weighted-average effect of dilutive securities: | ||||||||||||||
Shares issuable upon the assumed conversion of our 1.375% convertible senior notes | — | 8 | 198 | |||||||||||
Stock awards | 4,180 | 8,032 | 8,388 | |||||||||||
Dilutive potential common shares | 4,180 | 8,040 | 8,586 | |||||||||||
Shares used in computing earnings per common share—diluted | 199,712 | 198,501 | 191,806 | |||||||||||
Earnings per common share: | ||||||||||||||
Basic | $ | 1.29 | $ | 1.34 | $ | 0.96 | ||||||||
Diluted | $ | 1.27 | $ | 1.28 | $ | 0.91 | ||||||||
Schedule of Potentially Dilutive Shares Excluded from the Calculation of EPS | ' | |||||||||||||
The following table represents the potentially dilutive shares excluded from the calculation of EPS for the years ended December 31, 2013, 2012 and 2011 because their effect is anti-dilutive: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Potentially dilutive securities: | ||||||||||||||
Options to purchase common stock | 2,243 | 1,846 | 1,905 | |||||||||||
Unvested restricted stock and restricted stock units | — | 53 | 15 | |||||||||||
2,243 | 1,899 | 1,920 | ||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Schedule of Acquisition Related Costs [Table Text Block] | ' | |||||||||||
Acquisition-related costs associated with our business combinations for the years ended December 31, 2013, 2012 and 2011 include the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Separately-identifiable employee costs | $ | 248 | $ | 3,669 | $ | 6,597 | ||||||
Professional fees | 775 | 12,593 | 5,489 | |||||||||
Changes in fair value of contingent consideration | 4,006 | 6,550 | 1,400 | |||||||||
$ | 5,029 | $ | 22,812 | $ | 13,486 | |||||||
During the years ended December 31, 2013, 2012 and 2011, we incurred approximately $9,625, $23,673 and $2,039, respectively, in costs related to the Enobia acquisition, which are included in this table above. | ||||||||||||
Enobia Pharma Corp. [Member] | ' | |||||||||||
Schedule of Purchase Price Allocation | ' | |||||||||||
A reconciliation of upfront payments in accordance with the purchase agreement to the total purchase price is presented below: | ||||||||||||
Enobia | ||||||||||||
Base payment per agreement | $ | 610,000 | ||||||||||
Cash acquired | 18,141 | |||||||||||
Working capital adjustment | (4,265 | ) | ||||||||||
Upfront payment in accordance with agreement | 623,876 | |||||||||||
Estimated fair value of contingent consideration | 117,000 | |||||||||||
Total purchase price | $ | 740,876 | ||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||
The following table summarizes the estimated fair values of assets acquired and liabilities assumed: | ||||||||||||
Enobia | ||||||||||||
Cash and cash equivalents | $ | 18,141 | ||||||||||
Current assets | 5,536 | |||||||||||
In-process research and development | 587,000 | |||||||||||
Other noncurrent assets | 910 | |||||||||||
Assets acquired | 611,587 | |||||||||||
Deferred tax liability | (31,471 | ) | ||||||||||
Other liabilities assumed | (13,674 | ) | ||||||||||
Liabilities assumed | (45,145 | ) | ||||||||||
Goodwill | 174,434 | |||||||||||
Net assets acquired | $ | 740,876 | ||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||
The following unaudited pro forma information presents the combined results of operations for the years ended December 31, 2012 and 2011 as if the acquisition of Enobia had been completed on January 1, 2011. The pro forma results do not reflect operating efficiencies or potential cost savings which may result from the consolidation of operations. The pro forma results have been adjusted to remove costs associated with changes in the fair value of Enobia's preferred stock. Included in the pro forma net income for the year ended December 31, 2012, are approximately $23,673 and $7,900 of Alexion and Enobia acquisition-related costs, respectively, which are not expected to have an ongoing impact. | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Revenues | $ | 1,134,114 | $ | 783,431 | ||||||||
Net income | 236,407 | 124,496 | ||||||||||
Earnings per common share | ||||||||||||
Basic | $ | 1.24 | $ | 0.68 | ||||||||
Diluted | $ | 1.19 | $ | 0.65 | ||||||||
Prepaid_Expenses_and_Other_Ass1
Prepaid Expenses and Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepaid Expense and Other Assets [Abstract] | ' | |||||||
Schedule of Prepaid Expenses and Other Current Assets | ' | |||||||
Prepaid expenses and other current assets consist of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Prepaid taxes | $ | 30,235 | $ | 25,920 | ||||
Forward contract receivable | 21,815 | 17,862 | ||||||
Other | 35,243 | 31,493 | ||||||
$ | 87,293 | $ | 75,275 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Schedule of Property, Plant and Equipment | ' | |||||||
A summary of property, plant and equipment is as follows: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land | $ | 692 | $ | 692 | ||||
Buildings and improvements | 154,996 | 147,838 | ||||||
Machinery and laboratory equipment | 56,130 | 49,692 | ||||||
Computer hardware and software | 41,704 | 33,809 | ||||||
Furniture and office equipment | 10,119 | 8,593 | ||||||
Construction-in-progress | 41,573 | 4,996 | ||||||
305,214 | 245,620 | |||||||
Less: Accumulated depreciation and amortization | (104,105 | ) | (79,991 | ) | ||||
$ | 201,109 | $ | 165,629 | |||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | ' | |||||||||||||||||||||||||
Intangible assets and goodwill, net of accumulated amortization, are as follows: | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Estimated | Cost | Accumulated | Net | Cost | Accumulated | Net | ||||||||||||||||||||
Life (months) | Amortization | Amortization | ||||||||||||||||||||||||
Licenses | 72-96 | $ | 28,507 | $ | (18,719 | ) | $ | 9,788 | $ | 23,688 | $ | (13,152 | ) | $ | 10,536 | |||||||||||
Patents | 84 | 10,517 | (9,100 | ) | 1,417 | 10,517 | (6,827 | ) | 3,690 | |||||||||||||||||
Purchased technology | 144 | — | — | — | 5,000 | (798 | ) | 4,202 | ||||||||||||||||||
Acquired IPR&D | Indefinite | 598,514 | — | 598,514 | 628,250 | — | 628,250 | |||||||||||||||||||
Total | $ | 637,538 | $ | (27,819 | ) | $ | 609,719 | $ | 667,455 | $ | (20,777 | ) | $ | 646,678 | ||||||||||||
Goodwill | Indefinite | $ | 256,974 | $ | (2,901 | ) | $ | 254,073 | $ | 256,546 | $ | (2,901 | ) | $ | 253,645 | |||||||||||
Schedule of Estimated Amortization of Intangible Assets | ' | |||||||||||||||||||||||||
Assuming no changes in the gross cost basis of intangible assets, the estimated amortization of intangible assets for the next five fiscal years is as follows: | ||||||||||||||||||||||||||
Year | ||||||||||||||||||||||||||
2014 | $ | 11,160 | ||||||||||||||||||||||||
2015 | 42 | |||||||||||||||||||||||||
2016 | 3 | |||||||||||||||||||||||||
2017 | — | |||||||||||||||||||||||||
2018 | — | |||||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill: | ||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 79,639 | ||||||||||||||||||||||||
Goodwill resulting from the Enobia acquisition | 174,006 | |||||||||||||||||||||||||
Balance at December 31, 2012 | 253,645 | |||||||||||||||||||||||||
Change in goodwill associated with prior acquisition | 428 | |||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 254,073 | ||||||||||||||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||||||
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and estimated fair value of available-for-sale investments by type of security at December 31, 2013 were as follows: | |||||||||||||||||
Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Estimated Fair Value | ||||||||||||||
Commercial paper | $ | 112,679 | $ | — | $ | — | $ | 112,679 | |||||||||
Corporate bonds | 476,459 | 487 | (588 | ) | 476,358 | ||||||||||||
Municipal bonds | 202,396 | 47 | (40 | ) | 202,403 | ||||||||||||
Other government related obligations: | |||||||||||||||||
U.S. | 46,466 | 30 | (7 | ) | 46,489 | ||||||||||||
Foreign | 156,974 | 54 | (204 | ) | 156,824 | ||||||||||||
Bank certificates of deposit | 33,004 | — | — | 33,004 | |||||||||||||
$ | 1,027,978 | $ | 618 | $ | (839 | ) | $ | 1,027,757 | |||||||||
Available-for-sale Securities by Balance Sheet Location Classification [Table Text Block] | ' | ||||||||||||||||
The fair values of available-for-sale securities by classification in the consolidated balance sheet were as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Cash and cash equivalents | $ | 43,780 | |||||||||||||||
Marketable securities | 983,977 | ||||||||||||||||
$ | 1,027,757 | ||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||
The fair values of available-for-sale debt securities at December 31, 2013, by contractual maturity, are summarized as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Due in one year or less | $ | 501,051 | |||||||||||||||
Due after one year through three years | 526,706 | ||||||||||||||||
Due after three years through five years | — | ||||||||||||||||
$ | 1,027,757 | ||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Other Comprehensive Income and Earnings from Foreign Exchange Contracts | ' | ||||||||||||||||||||||||
The impact on accumulated other comprehensive income (AOCI) and earnings from foreign exchange contracts that qualified as cash flow hedges, for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gain (loss) recognized in AOCI, net of tax | $ | (1,000 | ) | $ | 14,856 | ||||||||||||||||||||
Gain reclassified from AOCI to net product sales (effective portion), net of tax | $ | 18,820 | $ | 11,775 | |||||||||||||||||||||
Loss reclassified from AOCI to other income and expense (ineffective portion), net of tax | $ | (837 | ) | $ | (754 | ) | |||||||||||||||||||
Schedule of Fair Value of Outstanding Derivatives | ' | ||||||||||||||||||||||||
The following tables summarize the fair value of outstanding derivatives at December 31, 2013 and 2012: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 21,815 | Other current liabilities | $ | 20,228 | |||||||||||||||||||
Foreign exchange forward contracts | Other non-current assets | 9,839 | Other non-current liabilities | 14,864 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | — | Other current liabilities | — | |||||||||||||||||||||
Total fair value of derivative instruments | $ | 31,654 | $ | 35,092 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 15,617 | Other current liabilities | $ | 3,529 | |||||||||||||||||||
Foreign exchange forward contracts | Other non-current assets | 9,378 | Other non-current liabilities | 4,521 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 2,245 | Other current liabilities | 2,010 | |||||||||||||||||||||
Total fair value of derivative instruments | $ | 27,240 | $ | 10,060 | |||||||||||||||||||||
Offsetting Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables summarize the potential effect on our consolidated balance sheets of offsetting our foreign exchange forward contracts subject to such provisions: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheet | Derivative Financial Instruments | Cash Collateral Received (Pledged) | Net Amount | |||||||||||||||||||
Derivative assets | $ | 31,654 | $ | — | $ | 31,654 | $ | (27,256 | ) | $ | — | $ | 4,398 | ||||||||||||
Derivative liabilities | (35,092 | ) | — | (35,092 | ) | 27,256 | — | (7,836 | ) | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheet | Derivative Financial Instruments | Cash Collateral Received (Pledged) | Net Amount | |||||||||||||||||||
Derivative assets | $ | 27,240 | $ | — | $ | 27,240 | $ | (10,060 | ) | $ | — | $ | 17,180 | ||||||||||||
Derivative liabilities | (10,060 | ) | — | (10,060 | ) | 10,060 | — | — | |||||||||||||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Schedule of Accrued Expenses | ' | |||||||
Accrued expenses consist of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Royalties | $ | 40,945 | $ | 25,450 | ||||
Payroll and employee benefits | 64,950 | 49,954 | ||||||
Taxes payable | 108,907 | 68,432 | ||||||
Rebates payable | 124,297 | 62,334 | ||||||
Other | 63,245 | 43,617 | ||||||
$ | 402,344 | $ | 249,787 | |||||
Other Current Liabilities | ' | |||||||
Other current liabilities consist of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Contingent consideration | $ | 35,932 | $ | 2,668 | ||||
Forward contract payable | 20,228 | 5,539 | ||||||
Other | 528 | 1,341 | ||||||
$ | 56,688 | $ | 9,548 | |||||
Other Noncurrent Liabilities | ' | |||||||
Other liabilities consist of the following: | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
Taxes | $ | 14,901 | $ | 7,066 | ||||
Forward contract payable | 14,864 | 4,521 | ||||||
Pension liability | 14,839 | 8,478 | ||||||
Other | 3,369 | 2,727 | ||||||
$ | 47,973 | $ | 22,792 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Aggregate Future Minimum Annual Rental Payments | ' | |||||||
Aggregate future minimum annual rental payments, exclusive of costs related to our new operating lease for facilities to be constructed in New Haven, Connecticut, which are contingent upon construction of the facility, for the next five years and thereafter under non-cancellable operating leases (including facilities and equipment) as of December 31, 2013 are: | ||||||||
Year | ||||||||
2014 | $ | 17,641 | ||||||
2015 | 13,484 | |||||||
2016 | 10,851 | |||||||
2017 | 7,804 | |||||||
2018 | 6,694 | |||||||
Thereafter | 6,162 | |||||||
Schedule of Minimum Fixed Payments Due Under License and Research and Development Agreements | ' | |||||||
The minimum fixed payments (assuming non-termination of the above agreements) as of December 31, 2013, for each of the next five years are as follows: | ||||||||
Year | License | Clinical and | ||||||
Agreements | Manufacturing | |||||||
Development | ||||||||
Agreements | ||||||||
2014 | $ | 1,963 | $ | 71,555 | ||||
2015 | 2,212 | 18,032 | ||||||
2016 | 713 | 17,584 | ||||||
2017 | 663 | 16,184 | ||||||
2018 | 3,162 | 16,184 | ||||||
$ | 8,713 | $ | 139,539 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income Tax Provision (Benefit) on Income Before Income Taxes | ' | |||||||||||
The income tax provision is based on income before income taxes as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. | $ | 376,067 | $ | 294,794 | $ | 158,472 | ||||||
Non-U.S. | 150,202 | 102,772 | 71,196 | |||||||||
$ | 526,269 | $ | 397,566 | $ | 229,668 | |||||||
Schedule of Components of Income Tax Provision (Benefit) | ' | |||||||||||
The components of the income tax provision are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | ||||||||||||
Current | $ | 141,051 | $ | (2,094 | ) | $ | (904 | ) | ||||
Deferred | 92,040 | 114,807 | 45,463 | |||||||||
233,091 | 112,713 | 44,559 | ||||||||||
Foreign | ||||||||||||
Current | 34,975 | 73,287 | 13,191 | |||||||||
Deferred | 5,308 | (43,256 | ) | (3,397 | ) | |||||||
40,283 | 30,031 | 9,794 | ||||||||||
Total | ||||||||||||
Current | 176,026 | 71,193 | 12,287 | |||||||||
Deferred | 97,348 | 71,551 | 42,066 | |||||||||
$ | 273,374 | $ | 142,744 | $ | 54,353 | |||||||
Reconciliation of the Statutory U.S. Federal Income Tax Rate to Effective Income Tax Rate | ' | |||||||||||
The reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes | 3.3 | % | 1.7 | % | 2.5 | % | ||||||
Foreign income tax rate differential | (14.1 | )% | (6.7 | )% | (9.4 | )% | ||||||
Income tax credits | (3.5 | )% | (0.4 | )% | (14.1 | )% | ||||||
Foreign income subject to U.S. taxation | (10.3 | )% | 0.2 | % | 3.4 | % | ||||||
Stock option compensation | 1.1 | % | 0.7 | % | 1 | % | ||||||
State tax incentives | — | % | (1.1 | )% | — | % | ||||||
Structuring related costs | — | % | 4.8 | % | — | % | ||||||
Non-deductible acquisition related costs | — | % | 0.3 | % | 0.3 | % | ||||||
U.S. deferred taxes on foreign earnings | 27.2 | % | — | % | — | % | ||||||
Other nondeductible and permanent differences | 13.2 | % | 1.8 | % | 5 | % | ||||||
Provision (benefit) attributable to valuation allowances | — | % | (0.4 | )% | — | % | ||||||
Effective income tax rate | 51.9 | % | 35.9 | % | 23.7 | % | ||||||
Schedule of Components of Deferred Tax Assets and Liabilities | ' | |||||||||||
The components of the deferred tax assets and liabilities, which exclude "windfall" tax benefits, are as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating losses | $ | 5,398 | $ | 8,519 | ||||||||
Income tax credits | 4,863 | 9,279 | ||||||||||
Stock compensation | 33,539 | 25,140 | ||||||||||
Accruals and allowances | 40,438 | 21,185 | ||||||||||
Intangible assets | 3,418 | 639 | ||||||||||
87,656 | 64,762 | |||||||||||
Valuation allowance | (1,934 | ) | (2,941 | ) | ||||||||
Total deferred tax assets | 85,722 | 61,821 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciable assets | (41,281 | ) | (41,361 | ) | ||||||||
Intangible assets | — | (369 | ) | |||||||||
Unrealized gains | (134 | ) | (1,045 | ) | ||||||||
Investment in foreign partnership | (100,746 | ) | — | |||||||||
Total deferred tax liabilities | (142,161 | ) | (42,775 | ) | ||||||||
Net deferred tax asset (liability) | $ | (56,439 | ) | $ | 19,046 | |||||||
Reconciliation of Unrecognized Tax Benefits | ' | |||||||||||
The beginning and ending amounts of unrecognized tax benefits reconciles as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning of period balance | $ | 12,393 | $ | 9,773 | $ | 8,658 | ||||||
Increases for tax positions taken during a prior period | 2,571 | 99 | 186 | |||||||||
Decreases for tax positions taken during a prior period | (812 | ) | (1,931 | ) | (689 | ) | ||||||
Increases for tax positions taken during the current period | 33,056 | 4,651 | 1,692 | |||||||||
Decreases for tax positions related to settlements | (419 | ) | (199 | ) | (74 | ) | ||||||
Decreases for tax positions related to lapse of statute | (400 | ) | — | — | ||||||||
$ | 46,389 | $ | 12,393 | $ | 9,773 | |||||||
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-Based Compensation | ' | ||||||||||||
The following table summarizes the components of share-based compensation expense in the consolidated statements of operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cost of sales | $ | 3,214 | $ | 2,815 | $ | 2,375 | |||||||
Research and development | 23,905 | 13,839 | 9,759 | ||||||||||
Selling, general and administrative | 49,084 | 37,359 | 32,629 | ||||||||||
Total share-based compensation expense | 76,203 | 54,013 | 44,763 | ||||||||||
Income tax effect | (28,652 | ) | (20,188 | ) | (17,290 | ) | |||||||
Total share-based compensation expense, net of tax | $ | 47,551 | $ | 33,825 | $ | 27,473 | |||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
A summary of the status of our stock option plans at December 31, 2013, and changes during the year then ended is presented in the table and narrative below: | |||||||||||||
Number of | Weighted | Weighted | Aggregate Intrinsic | ||||||||||
shares | Average Exercise | Average | Value | ||||||||||
Price | Remaining | ||||||||||||
Contractual | |||||||||||||
Term (in years) | |||||||||||||
Outstanding at December 31, 2012 | 9,557 | $ | 35.92 | ||||||||||
Granted | 1,999 | 97.3 | |||||||||||
Exercised | (2,481 | ) | 28.74 | ||||||||||
Forfeited and canceled | (456 | ) | 65.04 | ||||||||||
Outstanding at December 31, 2013 | 8,619 | $ | 50.69 | 6.66 | $ | 708,406 | |||||||
Vested and unvested expected to vest at December 31, 2013 | 8,520 | $ | 50.22 | 6.64 | $ | 704,223 | |||||||
Exercisable at December 31, 2013 | 5,154 | $ | 30.26 | 5.45 | $ | 528,955 | |||||||
Schedule of Share-based Compensation Valuation Assumptions | ' | ||||||||||||
The fair value of options at the date of grant was estimated using the Black-Scholes model with the following ranges of weighted average assumptions: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected life in years | 3.30 - 5.37 | 3.30 - 4.19 | 3.53 - 5.84 | ||||||||||
Interest rate | 0.30% - 1.21% | 0.45% - 0.78% | 0.61% - 1.89% | ||||||||||
Volatility | 29.81% - 36.93% | 29.82% - 38.57% | 37.43% - 40.14% | ||||||||||
Dividend yield | — | — | — | ||||||||||
Schedule of Share-based Compensation, Restricted Stock Activity | ' | ||||||||||||
A summary of the status of our nonvested Restricted Stock and changes during the period then ended is as follows: | |||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Nonvested Restricted Stock at December 31, 2012 | 1,761 | $ | 51.39 | ||||||||||
Shares granted | 967 | 95.06 | |||||||||||
Shares forfeited | (199 | ) | 68.07 | ||||||||||
Shares vested | (740 | ) | 36.07 | ||||||||||
Nonvested Restricted Stock at December 31, 2013 | 1,789 | $ | 78.63 | ||||||||||
Other_Comprehensive_Income_and1
Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Other Comprehensive Income and Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes the changes in AOCI, by component, for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
Defined Benefit Pension Plans | Unrealized Gains (Losses) from Marketable Securities | Unrealized Gains (Losses) from Hedging Activities | Foreign Currency Translation Adjustment | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balances, December 31, 2010 | $ | (3,018 | ) | $ | 10 | $ | (2,501 | ) | $ | (1,631 | ) | $ | (7,140 | ) | ||||||
Other comprehensive income before reclassifications | (1,386 | ) | (10 | ) | 7,121 | (1,328 | ) | 4,397 | ||||||||||||
Amounts reclassified from other comprehensive income | 221 | — | 6,701 | — | 6,922 | |||||||||||||||
Net other comprehensive income (loss) | (1,165 | ) | (10 | ) | 13,822 | (1,328 | ) | 11,319 | ||||||||||||
Balances, December 31, 2011 | $ | (4,183 | ) | $ | — | $ | 11,321 | $ | (2,959 | ) | $ | 4,179 | ||||||||
Other comprehensive income before reclassifications | (1,807 | ) | — | 14,856 | 150 | 13,199 | ||||||||||||||
Amounts reclassified from other comprehensive income | 278 | — | (11,021 | ) | — | (10,743 | ) | |||||||||||||
Net other comprehensive income (loss) | (1,529 | ) | — | 3,835 | 150 | 2,456 | ||||||||||||||
Balances, December 31, 2012 | $ | (5,712 | ) | $ | — | $ | 15,156 | $ | (2,809 | ) | $ | 6,635 | ||||||||
Other comprehensive income before reclassifications | (6,175 | ) | (197 | ) | (1,000 | ) | (4,573 | ) | (11,945 | ) | ||||||||||
Amounts reclassified from other comprehensive income | 385 | 51 | (17,983 | ) | — | (17,547 | ) | |||||||||||||
Net other comprehensive income (loss) | (5,790 | ) | (146 | ) | (18,983 | ) | (4,573 | ) | (29,492 | ) | ||||||||||
Balances, December 31, 2013 | $ | (11,502 | ) | $ | (146 | ) | $ | (3,827 | ) | $ | (7,382 | ) | $ | (22,857 | ) | |||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||
The table below provides details regarding significant reclassifications from AOCI during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified From Accumulated Other Comprehensive Income during the year ended December 31, | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Unrealized Gains (Losses) on Hedging Activity | ||||||||||||||||||||
Effective portion of foreign exchange contracts | $ | 20,569 | $ | 12,869 | $ | (6,558 | ) | Net product sales | ||||||||||||
Ineffective portion of foreign exchange contracts | (915 | ) | (824 | ) | (766 | ) | Foreign currency loss | |||||||||||||
19,654 | 12,045 | (7,324 | ) | |||||||||||||||||
(1,671 | ) | (1,024 | ) | 623 | Income tax provision | |||||||||||||||
$ | 17,983 | $ | 11,021 | $ | (6,701 | ) | ||||||||||||||
Unrealized Gains (Losses) from Marketable Securities | ||||||||||||||||||||
Realized gains (losses) on sale of securities | $ | (81 | ) | $ | — | $ | — | Investment income | ||||||||||||
(81 | ) | — | — | |||||||||||||||||
30 | — | — | Income tax provision | |||||||||||||||||
$ | (51 | ) | $ | — | $ | — | ||||||||||||||
Defined Benefit Pension Items | ||||||||||||||||||||
Amortization of prior service costs and actuarial losses | $ | (421 | ) | $ | (304 | ) | $ | (242 | ) | (a) | ||||||||||
(421 | ) | (304 | ) | (242 | ) | |||||||||||||||
36 | 26 | 21 | Income tax provision | |||||||||||||||||
$ | (385 | ) | $ | (278 | ) | $ | (221 | ) | ||||||||||||
(a) This AOCI component is included in the computation of net periodic pension benefit cost (see Note 16 for additional details). |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule Of Assets And Liabilites Measured At Fair Value | ' | ||||||||||||||||
The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2013 and 2012, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value. | |||||||||||||||||
Fair Value Measurement at | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Balance Sheet Classification | Type of Instrument | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Cash equivalents | Institutional money market funds | $ | 234,212 | $ | — | $ | 234,212 | $ | — | ||||||||
Cash equivalents | Commercial paper | $ | 6,298 | $ | — | $ | 6,298 | $ | — | ||||||||
Cash equivalents | Corporate bonds | $ | 15,255 | $ | — | $ | 15,255 | $ | — | ||||||||
Cash equivalents | Municipal bonds | $ | 2,225 | $ | — | $ | 2,225 | $ | — | ||||||||
Cash equivalents | Bank certificates of deposit | $ | 20,003 | $ | — | $ | 20,003 | $ | — | ||||||||
Marketable securities | Mutual funds | $ | 1,017 | $ | 1,017 | $ | — | $ | — | ||||||||
Marketable securities | Commercial paper | $ | 106,381 | $ | — | $ | 106,381 | $ | — | ||||||||
Marketable securities | Corporate bonds | $ | 461,103 | $ | — | $ | 461,103 | $ | — | ||||||||
Marketable securities | Municipal bonds | $ | 200,178 | $ | — | $ | 200,178 | $ | — | ||||||||
Marketable securities | Other government-related obligations | $ | 203,313 | $ | — | $ | 203,313 | $ | — | ||||||||
Marketable securities | Bank certificates of deposit | $ | 13,001 | $ | — | $ | 13,001 | $ | — | ||||||||
Other current assets | Foreign exchange forward contracts | $ | 21,815 | $ | — | $ | 21,815 | $ | — | ||||||||
Other assets | Foreign exchange forward contracts | $ | 9,839 | $ | — | $ | 9,839 | $ | — | ||||||||
Other current liabilities | Foreign exchange forward contracts | $ | 20,228 | $ | — | $ | 20,228 | $ | — | ||||||||
Other liabilities | Foreign exchange forward contracts | $ | 14,864 | $ | — | $ | 14,864 | $ | — | ||||||||
Other current liabilities | Acquisition-related contingent consideration | $ | 35,932 | $ | — | $ | — | $ | 35,932 | ||||||||
Contingent consideration | Acquisition-related contingent consideration | $ | 106,744 | $ | — | $ | — | $ | 106,744 | ||||||||
Fair Value Measurement at | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Balance Sheet Classification | Type of Instrument | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Cash equivalents | Institutional money market funds | $ | 803,550 | $ | — | $ | 803,550 | $ | — | ||||||||
Other current assets | Foreign exchange forward contracts | $ | 17,862 | $ | — | $ | 17,862 | $ | — | ||||||||
Other assets | Foreign exchange forward contracts | $ | 9,378 | $ | — | $ | 9,378 | $ | — | ||||||||
Other current liabilities | Foreign exchange forward contracts | $ | 5,539 | $ | — | $ | 5,539 | $ | — | ||||||||
Other liabilities | Foreign exchange forward contracts | $ | 4,521 | $ | — | $ | 4,521 | $ | — | ||||||||
Other current liabilities | Acquisition-related contingent consideration | $ | 2,668 | $ | — | $ | — | $ | 2,668 | ||||||||
Contingent consideration | Acquisition-related contingent consideration | $ | 139,002 | $ | — | $ | — | $ | 139,002 | ||||||||
Schedule Of Acquisition-Related Contingent Consideration | ' | ||||||||||||||||
he following table represents a roll-forward of our acquisition-related contingent consideration: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Balance at beginning of period | $ | (141,670 | ) | ||||||||||||||
Milestone payments | 3,000 | ||||||||||||||||
Change in fair value | (4,006 | ) | |||||||||||||||
Balance at end of period | $ | (142,676 | ) |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Schedule of Change in Benefit Obligation | ' | |||||||||||||
The following table sets forth the funded status and the amounts recognized for defined benefit plans: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Change in benefit obligation: | ||||||||||||||
Projected benefit obligation, beginning of year | $ | 24,484 | $ | 19,009 | ||||||||||
Prior service cost | — | — | ||||||||||||
Service cost | 5,413 | 4,733 | ||||||||||||
Interest cost | 504 | 464 | ||||||||||||
Change in assumptions | 2,643 | 1,064 | ||||||||||||
Recognized actuarial net loss | 3,701 | 496 | ||||||||||||
Foreign currency exchange rate changes | 573 | 221 | ||||||||||||
Net transfers to (from) plan | 848 | (1,503 | ) | |||||||||||
Projected benefit obligation, end of year | $ | 38,166 | $ | 24,484 | ||||||||||
Accumulated benefit obligation, end of year | $ | 30,655 | $ | 19,345 | ||||||||||
Schedule of Change in Plan Assets | ' | |||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets, beginning of year | $ | 16,006 | $ | 12,858 | ||||||||||
Return on plan assets | 244 | 182 | ||||||||||||
Employer contributions | 3,811 | 2,920 | ||||||||||||
Plan participants' contributions | 1,523 | 1,163 | ||||||||||||
Foreign currency exchange rate changes | 895 | 386 | ||||||||||||
Net transfers to (from) plan | 848 | (1,503 | ) | |||||||||||
Fair value of plan assets, end of year | $ | 23,327 | $ | 16,006 | ||||||||||
Funded status at end of year | $ | (14,839 | ) | $ | (8,478 | ) | ||||||||
Schedule of Fair Value of Plan Assets and Target Asset Allocation | ' | |||||||||||||
The targeted allocation for these funds (if any) is as follows: | ||||||||||||||
Target Allocation | ||||||||||||||
Ranges in % | ||||||||||||||
Cash and notes receivable issued by banks or insurance companies | 0-10% | |||||||||||||
Equity securities | 30-60% | |||||||||||||
Debt securities | 16-45% | |||||||||||||
Real estate | 10-20% | |||||||||||||
Other | 0-12% | |||||||||||||
The following table presents total plan assets by investment category as of December 31, 2013 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value: | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Fair Value | as % of total | Fair Value | as % of total | |||||||||||
(Level 2) | plan assets | (Level 2) | plan assets | |||||||||||
Cash and cash equivalents | $ | 1,470 | 6 | % | $ | 1,192 | 7 | % | ||||||
Equity security funds | 9,237 | 40 | % | 4,769 | 30 | % | ||||||||
Debt security funds | 9,704 | 42 | % | 7,943 | 50 | % | ||||||||
Real estate funds | 2,916 | 12 | % | 2,102 | 13 | % | ||||||||
$ | 23,327 | 100 | % | $ | 16,006 | 100 | % | |||||||
Schedule of Weighted Average Assumptions Used to Calculate Net Periodic Benefit Cost and the Actuarial Present Value of Projected Benefit Obligations | ' | |||||||||||||
The following table provides the weighted average assumptions used to calculate net periodic benefit cost and the actuarial present value of projected benefit obligations: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted average assumptions - Net Periodic Benefit Cost: | ||||||||||||||
Discount rate | 2 | % | 2.3 | % | ||||||||||
Long term rate of return on assets | 4 | % | 4 | % | ||||||||||
Rate of compensation increase | 1.6 | % | 1.6 | % | ||||||||||
Weighted average assumptions - Projected Benefit Obligation: | ||||||||||||||
Discount Rate | 2.1 | % | 2.1 | % | ||||||||||
Rate of compensation increase | 1.6 | % | 1.6 | % | ||||||||||
Schedule of Components of Net Periodic Benefit Costs | ' | |||||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Service cost | $ | 5,413 | $ | 4,733 | $ | 4,540 | ||||||||
Interest cost | 504 | 464 | 449 | |||||||||||
Expected return on plan assets | (633 | ) | (515 | ) | (473 | ) | ||||||||
Employee contributions | (1,523 | ) | (1,163 | ) | (1,056 | ) | ||||||||
Amortization of prior service costs | 9 | 9 | 9 | |||||||||||
Amortization and deferral of actuarial gain | 410 | 217 | 305 | |||||||||||
Total net periodic benefit cost | $ | 4,180 | $ | 3,745 | $ | 3,774 | ||||||||
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ' | |||||||||||||
Other changes in plan assets and benefit obligations recognized in AOCI are as follows: | ||||||||||||||
Amount included in AOCI - December 31, 2011 | $ | (4,183 | ) | |||||||||||
Prior service cost | 9 | |||||||||||||
Net gain (loss) arising during the period | (566 | ) | ||||||||||||
Change in assumptions | (1,074 | ) | ||||||||||||
Amortization of net gain (loss) | 295 | |||||||||||||
Plan assets losses | (336 | ) | ||||||||||||
Taxes | 143 | |||||||||||||
Amount included in AOCI - December 31, 2012 | $ | (5,712 | ) | |||||||||||
Prior service cost | 9 | |||||||||||||
Net gain (loss) arising during the period | (3,710 | ) | ||||||||||||
Change in assumptions | (2,657 | ) | ||||||||||||
Amortization of net gain (loss) | 412 | |||||||||||||
Plan assets losses | (391 | ) | ||||||||||||
Taxes | 547 | |||||||||||||
Amount included in AOCI - December 31, 2013 | $ | (11,502 | ) | |||||||||||
Schedule of Estimated Future Benefit Payments | ' | |||||||||||||
The expected future cash flows to be paid in respect of the pension plans as of December 31, 2013 were as follows: | ||||||||||||||
Year | ||||||||||||||
2014 | $ | 2,140 | ||||||||||||
2015 | 1,960 | |||||||||||||
2016 | 1,910 | |||||||||||||
2017 | 2,020 | |||||||||||||
2018 | 1,851 | |||||||||||||
2019 to 2023 | 8,306 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Revenues and Tangible Long-Lived Assets by Significant Geographic Region | ' | |||||||||||
Revenues and tangible long-lived assets by significant geographic region are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
Revenues: | 2013 | 2012 | 2011 | |||||||||
United States | $ | 561,405 | $ | 400,483 | $ | 263,387 | ||||||
Europe | 514,987 | 418,321 | 340,812 | |||||||||
Asia Pacific (primarily Japan) | 203,538 | 161,480 | 115,377 | |||||||||
Other | 271,416 | 153,830 | 63,855 | |||||||||
$ | 1,551,346 | $ | 1,134,114 | $ | 783,431 | |||||||
December 31, | ||||||||||||
Long-lived assets (1): | 2013 | 2012 | ||||||||||
United States | $ | 190,791 | $ | 157,019 | ||||||||
Europe | 5,413 | 5,988 | ||||||||||
Other | 4,905 | 2,622 | ||||||||||
$ | 201,109 | $ | 165,629 | |||||||||
-1 | Long-lived assets consist of property, plant and equipment. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Condensed Quarterly Financial Information | ' | ||||||||||||||||
The following condensed quarterly financial information is for the years ended December 31, 2013 and 2012: | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2013:00:00 | |||||||||||||||||
Revenues | $ | 338,941 | $ | 370,091 | $ | 400,405 | $ | 441,909 | |||||||||
Cost of sales | 35,269 | 39,377 | 51,358 | -1 | 51,552 | ||||||||||||
Operating expenses | 186,700 | 193,023 | 213,772 | 252,285 | -2 | ||||||||||||
Operating income | 116,972 | 137,691 | 135,275 | 138,072 | |||||||||||||
Net income (loss) | $ | 82,217 | $ | 95,885 | $ | 93,785 | $ | (18,992 | ) | ||||||||
Earnings (loss) per common share | |||||||||||||||||
Basic | $ | 0.42 | $ | 0.49 | $ | 0.48 | $ | (0.10 | ) | ||||||||
Diluted | $ | 0.41 | $ | 0.48 | $ | 0.47 | $ | (0.10 | ) | ||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2012:00:00 | |||||||||||||||||
Revenues | $ | 244,733 | $ | 274,719 | $ | 294,136 | $ | 320,526 | |||||||||
Cost of sales | 28,268 | 31,613 | (20,191 | ) | -3 | 33,147 | |||||||||||
Operating expenses | 146,427 | -4 | 159,401 | -4 | 171,608 | (4) (5) | 179,503 | -4 | |||||||||
Operating income | 70,038 | 83,705 | 142,719 | 107,876 | |||||||||||||
Net income | $ | 45,413 | $ | 36,258 | $ | 92,179 | $ | 80,972 | |||||||||
Earnings per common share | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.19 | $ | 0.48 | $ | 0.42 | |||||||||
Diluted | $ | 0.23 | $ | 0.18 | $ | 0.46 | $ | 0.4 | |||||||||
(1) Included within cost of sales for the third quarter 2013 is expense of $9,181 resulting from the execution of a settlement agreement with Novartis in October 2013. | |||||||||||||||||
(2) Included within operating expenses for the fourth quarter of 2013 is an impairment charge of $33,521 to write-down the value of an early stage, Phase I indefinite-lived intangible asset and purchased technology asset related to the Taligen acquisition. | |||||||||||||||||
(3) Included within cost of sales for the third quarter 2012 is a positive impact of $53,377 which was recognized to reduced our estimate for probable contingent liabilities as the result of the execution of a settlement and non-exclusive license agreement with a third party in October 2012. | |||||||||||||||||
(4) Included within operating expenses for each quarter of 2012 are acquisition-related employee costs and professional fees of $10,765, $2,840, $1,509, and $1,148, respectively, associated with the acquisition of Enobia. | |||||||||||||||||
(5) Included within operating expenses for the third quarter of 2012 is an impairment charge of $26,300 to write-down the value of an early stage, preclinical indefinite-lived intangible asset related to the Taligen acquisition. | |||||||||||||||||
Business_Overview_and_Summary_3
Business Overview and Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Inventory estimated life (in months) | ' | ' | '48 months | ' | ' |
Impairment of intangible assets | $33,521 | $26,300 | $33,521 | $26,300 | $0 |
Minimum [Member] | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Accounts Receivable, Standard Credit Term | ' | ' | '30 days | ' | ' |
Accounts Receivable, Consolidated Average Term of Sales Outstanding | ' | ' | '70 days | ' | ' |
Minimum [Member] | Building and improvements | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'P5Y | ' | ' |
Minimum [Member] | Machinery and laboratory equipment | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'P3Y | ' | ' |
Minimum [Member] | Computer hardware and software | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'P2Y | ' | ' |
Minimum [Member] | Furniture and office equipment | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'P3Y | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Accounts Receivable, Standard Credit Term | ' | ' | '120 days | ' | ' |
Accounts Receivable, Consolidated Average Term of Sales Outstanding | ' | ' | '80 days | ' | ' |
Maximum [Member] | Building and improvements | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'P30Y | ' | ' |
Maximum [Member] | Machinery and laboratory equipment | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'P30Y | ' | ' |
Maximum [Member] | Computer hardware and software | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'P5Y | ' | ' |
Maximum [Member] | Furniture and office equipment | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'P7Y | ' | ' |
Two Individual Customer, First Customer [Member] | Accounts Receivable [Member] | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 20.00% | 18.00% | ' |
Two Individual Customer, First Customer [Member] | Net Product Sales [Member] | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 20.00% | 21.00% | ' |
Two Individual Customer, Second Customer [Member] | Accounts Receivable [Member] | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 10.00% | 12.00% | ' |
Two Individual Customer, Second Customer [Member] | Net Product Sales [Member] | ' | ' | ' | ' | ' |
Business Overview And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | 12.00% | ' |
Business_Overview_and_Summary_4
Business Overview and Summary of Significant Accounting Policies (Accounts Receivable) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Italy and Spain [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Accounts Receivable, Gross | $78,072 | $82,200 |
ITALY | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Accounts Receivable, Net | 28,510 | 35,758 |
SPAIN | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Accounts Receivable, Net | 48,069 | 44,465 |
Accounts Receivables, Over One Year Outstanding Period [Member] | Italy and Spain [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Accounts Receivable, Gross | 17,318 | 21,100 |
Allowance for Doubtful Accounts Receivable | 1,493 | 2,000 |
Bad debt expense | 944 | -1,100 |
Accounts Receivables, Over One Year Outstanding Period [Member] | ITALY | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Accounts Receivable, Net | 2,660 | 7,197 |
Accounts Receivables, Over One Year Outstanding Period [Member] | SPAIN | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Accounts Receivable, Net | 13,165 | 12,873 |
Other Assets [Member] | SPAIN | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Accounts receivable, noncurrent | $8,052 | $21,334 |
Business_Overview_and_Summary_5
Business Overview and Summary of Significant Accounting Policies (Inventories) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business Overview and Summary of Significant Accounting Policies [Abstract] | ' | ' |
Inventory, Raw Materials | $12,170 | $6,485 |
Inventory, Work in Process | 62,192 | 43,899 |
Inventory, Finished Goods | 28,240 | 44,137 |
Inventory, Net | $102,602 | $94,521 |
Business_Overview_and_Summary_6
Business Overview and Summary of Significant Accounting Policies (Earnings Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Overview and Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income used for basic calculation | ($18,992) | $93,785 | $95,885 | $82,217 | $80,972 | $92,179 | $36,258 | $45,413 | $252,895 | $254,822 | $175,315 |
Interest expense and debt financing cost amortization, net of tax, related to our 1.375% convertible senior notes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 26 |
Net income used for diluted calculation | ' | ' | ' | ' | ' | ' | ' | ' | $252,895 | $254,822 | $175,341 |
Shares used in computing earnings per common sharebbasic | ' | ' | ' | ' | ' | ' | ' | ' | 195,532 | 190,461 | 183,220 |
Weighted-average effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8 | 198 |
Stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 4,180 | 8,032 | 8,388 |
Dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | 4,180 | 8,040 | 8,586 |
Shares used in computing earnings per common sharebdiluted | ' | ' | ' | ' | ' | ' | ' | ' | 199,712 | 198,501 | 191,806 |
Earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.10) | $0.48 | $0.49 | $0.42 | $0.42 | $0.48 | $0.19 | $0.24 | $1.29 | $1.34 | $0.96 |
Diluted (in dollars per share) | ($0.10) | $0.47 | $0.48 | $0.41 | $0.40 | $0.46 | $0.18 | $0.23 | $1.27 | $1.28 | $0.91 |
Potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 2,243 | 1,899 | 1,920 |
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 2,243 | 1,846 | 1,905 |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 53 | 15 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 29, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2012 |
Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | Taligen Therapeutics Inc [Member] | Taligen Therapeutics Inc [Member] | Taligen Therapeutics Inc [Member] | Taligen Therapeutics Inc [Member] | Orphatec Pharmaceuticals Gmbh Member | Orphatec Pharmaceuticals Gmbh Member | Orphatec Pharmaceuticals Gmbh Member | Orphatec Pharmaceuticals Gmbh Member | Acquisition Related Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Enobia Pharma Corp. [Member] | ||||
Acquisition Related Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | ||||||||||||||||||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||||||||||||
Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid | ' | ' | ' | $623,876 | ' | ' | ' | ' | ' | ' | ' | $111,773 | ' | ' | ' | $3,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration arrangements, range of outcomes, value, high | 876,000 | ' | ' | 470,000 | ' | ' | ' | ' | ' | ' | ' | 367,000 | ' | ' | ' | 42,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability, Noncurrent | 106,744 | 139,002 | ' | 117,000 | ' | ' | ' | ' | ' | ' | ' | 11,634 | 3,959 | ' | ' | 5,086 | 5,704 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Cost of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.30% | 5.20% | 6.20% | ' | ' |
Fair Value Inputs, Weighted Average Cost of Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | ' | 21.00% | 13.00% | ' |
Contingent consideration arrangements, range of outcomes, value, low | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | 133,013 | ' | ' | ' | 133,013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,676 | ' | ' | ' | ' | ' |
Change in fair value of contingent consideration | 4,006 | 6,550 | 1,400 | ' | ' | ' | ' | ' | 8,602 | 7,411 | ' | ' | -5,777 | -2,948 | 1,050 | ' | 1,181 | 2,087 | 350 | ' | ' | ' | ' | ' | ' |
In-process research and development | ' | ' | ' | 587,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of return on historical costs | ' | ' | ' | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | 142,161 | 42,775 | ' | 31,471 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities, intangible assets | 0 | 369 | ' | 78,527 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets, tax credit carryforwards | 4,863 | 9,279 | ' | 47,056 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs | 5,029 | 22,812 | 13,486 | ' | 1,148 | 1,509 | 2,840 | 10,765 | 9,625 | 23,673 | 2,039 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900 |
Payment of contingent consideration | -3,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Gain Related to Change of Fair Value Assumptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,973 | $4,331 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Reconciliation_of
Acquisitions (Reconciliation of Upfront Payments To Total Purchase Price) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 |
In Thousands, unless otherwise specified | Enobia Pharma Corp. [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Agreement Base Price | ' | ' | $610,000 |
Cash and cash equivalents | ' | ' | 18,141 |
Business Acquisition, Cost of Acquired Entity, Working Capital Adjustment | ' | ' | -4,265 |
Upfront payment in accordance with agreement | ' | ' | 623,876 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 106,744 | 139,002 | 117,000 |
Business Combination, Consideration Transferred | ' | ' | $740,876 |
Acquisitions_Purchase_Price_Al
Acquisitions (Purchase Price Allocation To Assets Acquired And Liabilities Assumed) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 29, 2012 |
In Thousands, unless otherwise specified | Enobia Pharma Corp. [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $18,141 |
Current assets | ' | ' | ' | 5,536 |
In-process research and development | ' | ' | ' | 587,000 |
Other noncurrent assets | ' | ' | ' | 910 |
Assets acquired | ' | ' | ' | 611,587 |
Deferred tax liability | ' | ' | ' | -31,471 |
Other liabilities assumed | ' | ' | ' | -13,674 |
Liabilities assumed | ' | ' | ' | -45,145 |
Goodwill | 254,073 | 253,645 | 79,639 | 174,434 |
Net assets acquired | ' | ' | ' | $740,876 |
Acquisitions_Pro_Forma_Financi
Acquisitions (Pro Forma Financial Information Of Combined Results Of Operations) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' |
Revenues | $1,134,114 | $783,431 |
Net income | $236,407 | $124,496 |
Earnings per common share, Basic | $1.24 | $0.68 |
Earnings per common share, Diluted | $1.19 | $0.65 |
Acquisitions_Acquisition_Relat
Acquisitions (Acquisition Related Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' |
Separately-identifiable employee costs | $248 | $3,669 | $6,597 |
Professional fees | 775 | 12,593 | 5,489 |
Changes in fair value of contingent consideration | 4,006 | 6,550 | 1,400 |
Business Combination, Acquisition Related Costs | $5,029 | $22,812 | $13,486 |
Prepaid_Expenses_and_Other_Ass2
Prepaid Expenses and Other Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets [Line Items] | ' | ' |
Prepaid taxes | $30,235 | $25,920 |
Forward contract receivable | 31,654 | 27,240 |
Other | 35,243 | 31,493 |
Other Assets, Current | 87,293 | 75,275 |
Other Current Assets [Member] | ' | ' |
Prepaid Expense and Other Assets [Line Items] | ' | ' |
Forward contract receivable | $21,815 | $17,862 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Land | $692 | $692 | ' |
Buildings and improvements | 154,996 | 147,838 | ' |
Machinery and laboratory equipment | 56,130 | 49,692 | ' |
Computer hardware and software | 41,704 | 33,809 | ' |
Furniture and office equipment | 10,119 | 8,593 | ' |
Construction-in-progress | 41,573 | 4,996 | ' |
Property, Plant and Equipment, Gross | 305,214 | 245,620 | ' |
Less: Accumulated depreciation and amortization | -104,105 | -79,991 | ' |
Property, Plant and Equipment, Net | 201,109 | 165,629 | ' |
Depreciation and amortization of property, plant and equipment | 28,693 | 23,887 | 17,616 |
Computer software costs | 9,691 | 9,628 | ' |
Computer software, depreciation and amortization expense | 4,503 | 4,228 | 3,642 |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 32,230 | ' | ' |
Property, Plant, and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization of property, plant and equipment | $19,084 | $15,192 | $12,236 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Schedule of Intangible Assets and Goodwill) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Acquired IPRD [Member] | Acquired IPRD [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Patents [Member] | Patents [Member] | Purchased Technology [Member] | Purchased Technology [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||
Licensing Agreements [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | ||||||||||||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets, Cost | ' | ' | ' | ' | ' | $28,507 | $23,688 | $10,517 | $10,517 | $0 | $5,000 | ' | ' | ' | ' |
Finite-lived Intangible Assets, Accumulated Amortization | ' | ' | ' | ' | ' | -18,719 | -13,152 | -9,100 | -6,827 | 0 | -798 | ' | ' | ' | ' |
Finite-lived Intangible Assets, Net | ' | ' | ' | ' | ' | 9,788 | 10,536 | 1,417 | 3,690 | 0 | 4,202 | ' | ' | ' | ' |
Indefinite-lived Intangible Assets, Cost | 598,514 | ' | ' | 598,514 | 628,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets, Accumulated Amortization | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Cost | 637,538 | 667,455 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Accumulated Amortization | 27,819 | 20,777 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 609,719 | 646,678 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Cost | 256,974 | 256,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Accumulated Amortization | -2,901 | -2,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Net | $254,073 | $253,645 | $79,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Estimated Life (months) | ' | ' | ' | ' | ' | ' | ' | '84 months | '84 months | '144 months | '144 months | '72 months | '72 months | '96 months | '96 months |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill Narratives (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangibles Disclosure [Line Items] | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | ' | $8,257 | $5,660 | $5,087 |
Indefinite-lived intangible assets | 598,514 | ' | 598,514 | ' | ' |
Impairment of intangible assets | 33,521 | 26,300 | 33,521 | 26,300 | 0 |
Fair Value, Inputs, Level 3 [Member] | In Process Research and Development [Member] | ' | ' | ' | ' | ' |
Goodwill and Intangibles Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | 21.50% | 22.00% | ' | ' | ' |
Taligen Therapeutics Inc [Member] | In Process Research and Development [Member] | ' | ' | ' | ' | ' |
Goodwill and Intangibles Disclosure [Line Items] | ' | ' | ' | ' | ' |
Indefinite-lived intangible assets | $3,464 | ' | $3,464 | ' | ' |
Intangible_Assets_and_Goodwill4
Intangible Assets and Goodwill (Amortization of Intangible Assets) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $11,160 |
2015 | 42 |
2016 | 3 |
2017 | 0 |
2018 | $0 |
Intangible_Assets_and_Goodwill5
Intangible Assets and Goodwill (Schedule of Changes in the Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Feb. 29, 2012 |
Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill, beginning balance | $253,645 | $79,639 | ' | $174,434 |
Goodwill, Acquired During Period | ' | ' | 174,006 | ' |
Goodwill, Allocation Adjustment | 428 | ' | ' | ' |
Goodwill, ending balance | $254,073 | $79,639 | ' | $174,434 |
Marketable_Securities_Summary_
Marketable Securities (Summary of Avaiable-for-sale Securities Held) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | $1,027,978 |
Available-for-sale Debt Securities, Gross Unrealized Gain | 618 |
Available-for-sale Debt Securities, Gross Unrealized Loss | 839 |
Available-for-sale Securities, Debt Securities | 1,027,757 |
Commercial Paper [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 112,679 |
Available-for-sale Debt Securities, Gross Unrealized Gain | 0 |
Available-for-sale Debt Securities, Gross Unrealized Loss | 0 |
Available-for-sale Securities, Debt Securities | 112,679 |
Corporate Bond Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 476,459 |
Available-for-sale Debt Securities, Gross Unrealized Gain | 487 |
Available-for-sale Debt Securities, Gross Unrealized Loss | 588 |
Available-for-sale Securities, Debt Securities | 476,358 |
Municipal Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 202,396 |
Available-for-sale Debt Securities, Gross Unrealized Gain | 47 |
Available-for-sale Debt Securities, Gross Unrealized Loss | 40 |
Available-for-sale Securities, Debt Securities | 202,403 |
US Government Agencies Debt Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 46,466 |
Available-for-sale Debt Securities, Gross Unrealized Gain | 30 |
Available-for-sale Debt Securities, Gross Unrealized Loss | 7 |
Available-for-sale Securities, Debt Securities | 46,489 |
Foreign Government Debt Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 156,974 |
Available-for-sale Debt Securities, Gross Unrealized Gain | 54 |
Available-for-sale Debt Securities, Gross Unrealized Loss | 204 |
Available-for-sale Securities, Debt Securities | 156,824 |
Certificates of Deposit [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 33,004 |
Available-for-sale Debt Securities, Gross Unrealized Gain | 0 |
Available-for-sale Debt Securities, Gross Unrealized Loss | 0 |
Available-for-sale Securities, Debt Securities | $33,004 |
Marketable_Securities_Availabl
Marketable Securities (Available-for-sale Securities by Classification in Balance Sheet) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Securities, Debt Securities | $1,027,757 |
Cash and Cash Equivalents [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Securities, Debt Securities | 43,780 |
Marketable Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Securities, Debt Securities | $983,977 |
Marketable_Securities_Availabl1
Marketable Securities (Available-for-sale Debt Securities by Contractual Maturity) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $501,051 |
Available-for-sale Securities, Debt Maturities, Year Two Through Three, Fair Value | 526,706 |
Available-for-sale Securities, Debt Maturities, Year Four Through Five, Fair Value | 0 |
Available-for-sale Securities, Debt Securities | $1,027,757 |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $461,634 |
Trading Securities | $1,017 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Estimated amount to be reclassified from other comprehenisve income in next year | $1,197 | ' | ' |
Gain in other income and expense | 8,306 | 3,518 | 790 |
Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Foreign exchange forward contracts durations (months) | '36 months | ' | ' |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Foreign exchange forward contracts durations (months) | '30 days | ' | ' |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount of foreign exchange contracts | 1,084,418 | ' | ' |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount of foreign exchange contracts | $138,046 | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Schedule Of Other Comprehensive Income And Earnings From Foreign Exchange Contracts) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities [Abstract] | ' | ' |
Gain (loss) recognized in AOCI, net of tax | ($1,000) | $14,856 |
Gain (loss) reclassified from AOCI to net product sales (Effective portion), net of tax | 18,820 | 11,775 |
Gain (loss) reclassified from AOCI to other income and expense (Ineffective portion), net of tax | ($837) | ($754) |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Schedule Of Fair Value Of Outstanding Derivatives) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $31,654 | $27,240 |
Liability Derivatives, Fair Value | 35,092 | 10,060 |
Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 21,815 | 17,862 |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 21,815 | 15,617 |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 0 | 2,245 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | 20,228 | 3,529 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | 0 | 2,010 |
Foreign Exchange Forward [Member] | Other Non Current Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 9,839 | 9,378 |
Foreign Exchange Forward [Member] | Other Non Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $14,864 | $4,521 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Schedule of Offsetting Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $31,654 | $27,240 |
Derivative Liability, Fair Value, Gross Liability | -35,092 | -10,060 |
Foreign Exchange Forward [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 31,654 | 27,240 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 31,654 | 27,240 |
Derivative, Collateral, Obligation to Return Securities | -27,256 | -10,060 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 4,398 | 17,180 |
Derivative Liability, Fair Value, Gross Liability | -35,092 | -10,060 |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 35,092 | 10,060 |
Derivative, Collateral, Right to Reclaim Securities | 27,256 | 10,060 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $7,836 | $0 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Royalties | $40,945 | $25,450 |
Payroll and employee benefits | 64,950 | 49,954 |
Taxes payable | 108,907 | 68,432 |
Rebates payable | 124,297 | 62,334 |
Other | 63,245 | 43,617 |
Accrued expenses | $402,344 | $249,787 |
Accrued_Expenses_and_Other_Lia3
Accrued Expenses and Other Liabilities (Other Current Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Contingent consideration | $35,932 | $2,668 |
Forward contract payable | 20,228 | 5,539 |
Other | 528 | 1,341 |
Other Liabilities, Current | $56,688 | $9,548 |
Accrued_Expenses_and_Other_Lia4
Accrued Expenses and Other Liabilities (Other Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Taxes | $14,901 | $7,066 |
Forward contract payable | 14,864 | 4,521 |
Pension liability | 14,839 | 8,478 |
Other | 3,369 | 2,727 |
Other Liabilities, Noncurrent | $47,973 | $22,792 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 07, 2012 | Feb. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 07, 2012 | Feb. 07, 2012 | Feb. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 29, 2012 | Feb. 29, 2012 |
Credit Agreement [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Convertible Senior Notes [Member] | Line of Credit [Member] | Line of Credit [Member] | Letter of Credit [Member] | Bridge Loan [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | Prime Rate [Member] | Federal Funds Rate [Member] | Eurodollar Rate [Member] | Base Rate [Member] | Base Rate [Member] | Enobia Pharma Corp. [Member] | Enobia Pharma Corp. [Member] | ||||
Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | One Point Three Seven Five Percent Convertible Senior Notes Due February 2012 [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Minimum [Member] | Maximum [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Minimum [Member] | Maximum [Member] | Senior Secured Term Loan [Member] | Line of Credit [Member] | |||||
Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, principal amount | ' | ' | ' | ' | $240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublimit for letter of credit for working capital requirements and other general corporate purposes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Possible future increase in credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'Prime Rate | 'Federal Funds Rate | 'Eurodollar Rate | ' | ' | ' | ' |
Debt instrument, basis spread on varaible rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.00% | ' | 0.50% | 1.00% | 0.25% | 1.00% | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | 1.41% | 1.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | ' | 6,184 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense associated with deferred financing costs | ' | ' | ' | ' | ' | 1,351 | 3,035 | 283 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowed Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,000 | 80,000 |
Payments on term loan | 36,000 | 91,000 | 0 | ' | ' | ' | 91,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | 113,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 17,134 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, borrowing availability | ' | ' | ' | ' | ' | ' | ' | ' | 182,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt obligations due in 2014 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt obligations due in 2015 | 48,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt obligations due in 2016 | 48,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt obligations due in 2017 | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | $48,000 | $48,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Nov. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | CONNECTICUT | CONNECTICUT | License Agreement 1 [Member] | License Agreement 1 [Member] | License Agreement 2 [Member] | License Agreement 2 [Member] | |||||||
employee | Maximum [Member] | target | target | |||||||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development expense, upfront payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000 | ' | $11,500 | ' |
Research and development, number of drug targets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | 4 |
Research and development arrangement, potential payment, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,500 | ' | 90,750 |
Remaining total commitments with Lonza | ' | ' | ' | 147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in contingent liability from intellectual property settlements | ' | -9,181 | 53,377 | -9,181 | 53,377 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease termination penalty | ' | ' | ' | 3,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly fixed rent for operating lease | ' | ' | ' | ' | ' | ' | ' | 315 | ' | 324 | ' | ' | ' | ' | ' | ' |
Lease expense | ' | ' | ' | 19,094 | 16,758 | 10,424 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases, term of contract | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases, renewal term | ' | ' | ' | ' | ' | ' | '7 years | ' | '20 years | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, monthly payment | ' | ' | ' | ' | ' | ' | 971 | ' | 1,108 | ' | ' | ' | ' | ' | ' | ' |
Grants receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000 | ' | ' | ' | ' |
Tax credits on government grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000 | ' | ' | ' | ' |
Government grants, eligibility requirements, period of maintaining headquarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Government grants, eligibility requirements, number of full-time employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 668 | ' | ' | ' | ' | ' |
Government grants, eligibility requirements, number of full-time employees, period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Aggregate Future Minimum Annual Rental Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $17,641 |
2015 | 13,484 |
2016 | 10,851 |
2017 | 7,804 |
2018 | 6,694 |
Thereafter | $6,162 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Schedule of Minimum Fixed Payments Due Under License and Research and Development Agreements) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
License Agreements [Member] | ' |
Commitments and Contingencies [Line Items] | ' |
2014 | $1,963 |
2015 | 2,212 |
2016 | 713 |
2017 | 663 |
2018 | 3,162 |
Future fixed minimum payments due | 8,713 |
Clinical and Manufacturing Development Agreements | ' |
Commitments and Contingencies [Line Items] | ' |
2014 | 71,555 |
2015 | 18,032 |
2016 | 17,584 |
2017 | 16,184 |
2018 | 16,184 |
Future fixed minimum payments due | $139,539 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 |
Federal [Member] | State and Local Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Excess Tax Benefits from Exercise of Non-qualified Stock Options [Member] | Portion Attributable to Excess Tax Benefits from the Exercise of Non-Qualified Stock Options [Member] | Federal Foreign Tax Credit and Federal Orphan Drug Credit [Member] | Enobia Pharma Corp. [Member] | |||||
State and Local Jurisdiction [Member] | Federal [Member] | |||||||||||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' | ' | $8,809 | $33,969 | ' | ' | ' | ' | $23,660 | ' | ' | ' |
Income tax credit carryforwards | ' | ' | ' | ' | 184,919 | 6,194 | ' | ' | ' | ' | ' | 6,049 | ' | ' |
Tax holiday expected renewal period (years) | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax holiday, aggregate amount | ' | ' | ' | ' | ' | ' | ' | 4,351 | 3,173 | 2,506 | ' | ' | ' | ' |
Cumulative changes in ownership interest percent threshold | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense, recognition of deferred tax liability | 95,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | ' | ' | ' | ' | ' | ' | 2,719 | ' | ' | ' | ' | ' | ' | ' |
Income tax provision | ' | 273,374 | 142,744 | 54,353 | ' | ' | ' | ' | ' | ' | ' | ' | 15,400 | 21,812 |
Restructuring reserve, current | ' | ' | 47,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | ' | 7,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Unrecognized Tax Benefits to Reverse within the next twelve months | 24,812 | 24,812 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statute of limitations, minimum (years) | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statute of limitations, maximum (years) | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Earnings Repatriated | $152,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Provision (Benefit) on Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. | $376,067 | $294,794 | $158,472 |
Non-U.S. | 150,202 | 102,772 | 71,196 |
Income before income taxes | $526,269 | $397,566 | $229,668 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Provision (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Domestic | ' | ' | ' |
Current | $141,051 | ($2,094) | ($904) |
Deferred | 92,040 | 114,807 | 45,463 |
Total Domestic | 233,091 | 112,713 | 44,559 |
Foreign | ' | ' | ' |
Current | 34,975 | 73,287 | 13,191 |
Deferred | 5,308 | -43,256 | -3,397 |
Total Foreign | 40,283 | 30,031 | 9,794 |
Total | ' | ' | ' |
Current | 176,026 | 71,193 | 12,287 |
Deferred | 97,348 | 71,551 | 42,066 |
Income Tax Expense (Benefit) | $273,374 | $142,744 | $54,353 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of the Statutory U.S. Federal Income Tax Rate to Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 3.30% | 1.70% | 2.50% |
Foreign income tax rate differential | -14.10% | -6.70% | -9.40% |
Income tax credits | -3.50% | -0.40% | -14.10% |
Foreign income subject to U.S. taxation | -10.30% | 0.20% | 3.40% |
Stock option compensation | 1.10% | 0.70% | 1.00% |
State tax incentives | 0.00% | -1.10% | 0.00% |
Structuring related costs | 0.00% | 4.80% | 0.00% |
Non-deductible acquistion related costs | 0.00% | 0.30% | 0.30% |
U.S. deferred taxes on foreign earnings | 27.20% | 0.00% | 0.00% |
Other nondeductible and permanent differences | 13.20% | 1.80% | 5.00% |
Provision (benefit) attributable to valuation allowances | 0.00% | -0.40% | 0.00% |
Effective income tax rate | 51.90% | 35.90% | 23.70% |
Income_Taxes_Schedule_of_Compo1
Income Taxes (Schedule of Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating losses | $5,398 | $8,519 |
Income tax credits | 4,863 | 9,279 |
Stock compensation | 33,539 | 25,140 |
Accruals and allowances | 40,438 | 21,185 |
Intangible assets | 3,418 | 639 |
Gross deferred tax assets | 87,656 | 64,762 |
Valuation allowance | -1,934 | -2,941 |
Total deferred tax assets | 85,722 | 61,821 |
Deferred tax liabilities: | ' | ' |
Depreciable assets | -41,281 | -41,361 |
Intangible assets | 0 | -369 |
Unrealized gains | -134 | -1,045 |
Investment in foreign partnership | -100,746 | 0 |
Total deferred tax liabilities | -142,161 | -42,775 |
Net deferred tax asset | ($56,439) | $19,046 |
Income_Taxes_Reconciliation_of1
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning of period balance | $12,393 | $9,773 | $8,658 |
Increases for tax positions taken during a prior period | 2,571 | 99 | 186 |
Decreases for tax positions taken during a prior period | -812 | -1,931 | -689 |
Increases for tax positions taken during the current period | 33,056 | 4,651 | 1,692 |
Decreases for tax positions related to settlements | -419 | -199 | -74 |
Decreases for tax positions related to lapse of statute | -400 | 0 | 0 |
End of period balance | $46,389 | $12,393 | $9,773 |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum shares authorized | 47,874 | ' | ' |
Maximum contractual term under all plans (in years) | 10 | ' | ' |
Total compensation cost not yet recognized on non-vested awards | $169,965 | ' | ' |
Period for rececognition for compensation cost not yet recognized of non-vested awards | '2 years 8 months 1 day | ' | ' |
Total intrinsic value of stock options exercised | 204,470 | 308,009 | 114,712 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 32,249 | 27,301 | 23,485 |
Weighted average fair value at the date of grant for options granted | $23.99 | $24.04 | $15.46 |
Restricted Stock, Grants in Period | 967 | ' | ' |
Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value | $95.06 | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
General vesting period (in years) | '4 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
General vesting period (in years) | '4 years | ' | ' |
Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value | $95.06 | $82.13 | $44.25 |
Restricted Stock, Vested in Period, Fair Value | 26,679 | 18,573 | 13,028 |
Performance-based Restricted Stock Unit [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
General vesting period (in years) | '3 years | ' | ' |
Inventory [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $3,978 | $2,838 | $2,954 |
Senior Management [Member] | Performance-based Restricted Stock Unit [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted Stock, Grants in Period | 81 | ' | ' |
Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value | $97.07 | ' | ' |
Stock_Options_and_Restricted_S3
Stock Options and Restricted Stock (Schedule of Components of Allocated Share-Based Compensation Expense and Capitalization of Share Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation expense | $76,203 | $54,013 | $44,763 |
Income tax effect | -28,652 | -20,188 | -17,290 |
Total share-based compensation expense, net of tax | 47,551 | 33,825 | 27,473 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation expense | 49,084 | 37,359 | 32,629 |
Research and Development Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation expense | 23,905 | 13,839 | 9,759 |
Cost of Sales [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation expense | $3,214 | $2,815 | $2,375 |
Stock_Options_and_Restricted_S4
Stock Options and Restricted Stock (Schedule of Status of Stock Option Plans) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding at beginning of period, Number of shares | 9,557 |
Outstanding at beginning of period, Weighted Average Exercise Price | $35.92 |
Granted, Number of shares | 1,999 |
Granted, Weighted Average Exercise Price | $97.30 |
Exercised, Number of shares | -2,481 |
Exercised, Weighted Average Exercise Price | $28.74 |
Forfeited and cancelled, Number of shares | -456 |
Forfeited and cancelled, Weighted Average Exercise Price | $65.04 |
Outstanding at end of period, Number of shares | 8,619 |
Outstanding at end of period, Weighted Average Exercise Price | $50.69 |
Outstanding at end of period, Weighted Average Remaining Contractual Term (in years) | '6 years 7 months 28 days |
Outstanding at end of period, Aggregate Intrinsic Value | $708,406 |
Vested and unvested expected to vest at end of period, Number of shares | 8,520 |
Vested and unvested expected to vest at end of period, Weighted Average Exercise Price | $50.22 |
Vested and unvested expected to vest at end of period, Weighted Average Remaining Contractual Term (in years) | '6 years 7 months 21 days |
Vested and unvested expected to vest at end of period, Aggregate Intrinsic Value | 704,223 |
Exercisable at end of period, Number of shares | 5,154 |
Exercisable at end of period, Weighted Average Exercise Price | $30.26 |
Exercisable at end of period, Weighted Average Remaining Contractual Term (in years) | '5 years 5 months 12 days |
Exercisable at end of period, Aggregate Intrinsic Value | $528,955 |
Stock_Options_and_Restricted_S5
Stock Options and Restricted Stock (Schedule of Ranges of Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Interest rate, minimum | 0.30% | 0.45% | 0.61% |
Interest rate, maximum | 1.21% | 0.78% | 1.89% |
Volatility, minimum | 29.81% | 29.82% | 37.43% |
Volatility, maximum | 36.93% | 38.57% | 40.14% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected life in years, minimum | '3 years 3 months 18 days | '3 years 3 months 18 days | '3 years 6 months 11 days |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected life in years, minimum | '5 years 4 months 13 days | '4 years 2 months 9 days | '5 years 10 months 2 days |
Stock_Options_and_Restricted_S6
Stock Options and Restricted Stock (Schedule of Status of Non-Vested Restricted Stock) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' |
Nonvested restricted stock, beginning of period | 1,761 |
Shares issued | 967 |
Shares cancelled | -199 |
Shares vesting | -740 |
Nonvested restricted stock, end of period | 1,789 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted average grant date fair value | $51.39 |
Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value | $95.06 |
Cancelled, Weighted average grant date fair value | $68.07 |
Vested, Weighted average grant date fair value | $36.07 |
Weighted average grant date fair value | $78.63 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 22, 2008 | Feb. 28, 1997 | Nov. 30, 2012 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of preferred shares for each share of common stock | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Percent of each right exercised to purchase a share of a new series of preferred stock | ' | ' | ' | 2.00% | 1.00% | ' | ' | ' | ' |
Preferred share, exercise price | ' | ' | ' | ' | $75 | ' | ' | ' | ' |
Acquisition of common stock threshold percentage that allows rights to be exercised | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' |
Preferred stock, redemption price per share | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' |
Preferred stock, minimum preferential dividend | ' | ' | ' | ' | $10 | ' | ' | ' | ' |
Preferred Stock Minimum Preferential Dividend, Factor | ' | ' | ' | ' | 100 | ' | ' | ' | ' |
Preferred stock, liquidation preference per share | ' | ' | ' | ' | $100 | ' | ' | ' | ' |
Aggregate liquidation payment factor | ' | ' | ' | ' | 100 | ' | ' | ' | ' |
Purchase price of a share of preferred stock to be issued upon the exercise of each preferred stock purchase right | ' | ' | ' | $300 | ' | ' | ' | ' | ' |
Threshold percentage for sale of asssets, cash flow, or earning power | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of right market value factor | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, shares | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Net proceeds from issuance of common stock | $0 | $462,212 | $0 | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | ' | ' | ' | ' | ' | 758,000 | 130,000 |
Repurchase of common stock | 66,136 | 11,553 | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | $322,311 | ' |
Other_Comprehensive_Income_and2
Other Comprehensive Income and Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Accumulated comprehensive income (loss), Beginning balance | $6,635 | $4,179 | ($7,140) |
Other Comprehensive Income before Reclassifications | -11,945 | 13,199 | 4,397 |
Amounts reclassified from other comprehensive income | 17,547 | 10,743 | -6,922 |
Net other comprehensive income (loss) | -29,492 | 2,456 | 11,319 |
Accumulated comprehensive income (loss), Ending balance | -22,857 | 6,635 | 4,179 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Accumulated comprehensive income (loss), Beginning balance | -5,712 | -4,183 | -3,018 |
Other Comprehensive Income before Reclassifications | -6,175 | -1,807 | -1,386 |
Amounts reclassified from other comprehensive income | -385 | -278 | -221 |
Net other comprehensive income (loss) | -5,790 | -1,529 | -1,165 |
Accumulated comprehensive income (loss), Ending balance | -11,502 | -5,712 | -4,183 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Accumulated comprehensive income (loss), Beginning balance | 0 | 0 | 10 |
Other Comprehensive Income before Reclassifications | -197 | 0 | -10 |
Amounts reclassified from other comprehensive income | -51 | 0 | 0 |
Net other comprehensive income (loss) | -146 | 0 | -10 |
Accumulated comprehensive income (loss), Ending balance | -146 | 0 | 0 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Accumulated comprehensive income (loss), Beginning balance | 15,156 | 11,321 | -2,501 |
Other Comprehensive Income before Reclassifications | -1,000 | 14,856 | 7,121 |
Amounts reclassified from other comprehensive income | 17,983 | 11,021 | -6,701 |
Net other comprehensive income (loss) | -18,983 | 3,835 | 13,822 |
Accumulated comprehensive income (loss), Ending balance | -3,827 | 15,156 | 11,321 |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Accumulated comprehensive income (loss), Beginning balance | -2,809 | -2,959 | -1,631 |
Other Comprehensive Income before Reclassifications | -4,573 | 150 | -1,328 |
Amounts reclassified from other comprehensive income | 0 | 0 | 0 |
Net other comprehensive income (loss) | -4,573 | 150 | -1,328 |
Accumulated comprehensive income (loss), Ending balance | ($7,382) | ($2,809) | ($2,959) |
Other_Comprehensive_Income_and3
Other Comprehensive Income and Accumulated Other Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net product sales | $441,909 | $400,405 | $370,091 | $338,941 | $320,526 | $294,136 | $274,719 | $244,733 | $1,551,346 | $1,134,114 | $783,431 | |||
Foreign currency loss | ' | ' | ' | ' | ' | ' | ' | ' | -975 | -1,208 | -2,281 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 3,346 | 1,838 | 1,911 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 526,269 | 397,566 | 229,668 | |||
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 273,374 | 142,744 | 54,353 | |||
Net income | -18,992 | 93,785 | 95,885 | 82,217 | 80,972 | 92,179 | 36,258 | 45,413 | 252,895 | 254,822 | 175,315 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net product sales | ' | ' | ' | ' | ' | ' | ' | ' | 20,569 | 12,869 | -6,558 | |||
Foreign currency loss | ' | ' | ' | ' | ' | ' | ' | ' | -915 | -824 | -766 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 19,654 | 12,045 | -7,324 | |||
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 1,671 | 1,024 | -623 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 17,983 | 11,021 | -6,701 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | -81 | 0 | 0 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -81 | 0 | 0 | |||
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | -30 | 0 | 0 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -51 | 0 | 0 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of prior service costs and actuarial losses | ' | ' | ' | ' | ' | ' | ' | ' | 421 | [1] | 304 | [1] | 242 | [1] |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -421 | -304 | -242 | |||
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | -36 | -26 | -21 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ($385) | ($278) | ($221) | |||
[1] | This AOCI component is included in the computation of net periodic pension benefit cost (see Note 16 for additional details). |
Fair_Value_Measurement_Schedul
Fair Value Measurement (Schedule Of Assets And Liabilites Measured At Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Acquisition Related Contingent Consideration [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | $142,676 | ' |
Cash Equivalents [Member] | Institutional Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 234,212 | 803,550 |
Cash Equivalents [Member] | Institutional Money Market Funds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Institutional Money Market Funds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 234,212 | 803,550 |
Cash Equivalents [Member] | Institutional Money Market Funds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 6,298 | ' |
Cash Equivalents [Member] | Commercial Paper [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Cash Equivalents [Member] | Commercial Paper [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 6,298 | ' |
Cash Equivalents [Member] | Commercial Paper [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Cash Equivalents [Member] | Corporate Bond Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 15,255 | ' |
Cash Equivalents [Member] | Corporate Bond Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Cash Equivalents [Member] | Corporate Bond Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 15,255 | ' |
Cash Equivalents [Member] | Corporate Bond Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Cash Equivalents [Member] | Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 2,225 | ' |
Cash Equivalents [Member] | Municipal Bonds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Cash Equivalents [Member] | Municipal Bonds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 2,225 | ' |
Cash Equivalents [Member] | Municipal Bonds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Cash Equivalents [Member] | Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 20,003 | ' |
Cash Equivalents [Member] | Certificates of Deposit [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Cash Equivalents [Member] | Certificates of Deposit [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 20,003 | ' |
Cash Equivalents [Member] | Certificates of Deposit [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | ' |
Marketable Securities [Member] | Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 106,381 | ' |
Marketable Securities [Member] | Commercial Paper [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Commercial Paper [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 106,381 | ' |
Marketable Securities [Member] | Commercial Paper [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Corporate Bond Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 461,103 | ' |
Marketable Securities [Member] | Corporate Bond Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Corporate Bond Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 461,103 | ' |
Marketable Securities [Member] | Corporate Bond Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 200,178 | ' |
Marketable Securities [Member] | Municipal Bonds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Municipal Bonds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 200,178 | ' |
Marketable Securities [Member] | Municipal Bonds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 13,001 | ' |
Marketable Securities [Member] | Certificates of Deposit [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Certificates of Deposit [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 13,001 | ' |
Marketable Securities [Member] | Certificates of Deposit [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 1,017 | ' |
Marketable Securities [Member] | Mutual Funds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 1,017 | ' |
Marketable Securities [Member] | Mutual Funds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Mutual Funds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Other Government Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 203,313 | ' |
Marketable Securities [Member] | Other Government Obligations [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Marketable Securities [Member] | Other Government Obligations [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 203,313 | ' |
Marketable Securities [Member] | Other Government Obligations [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Other Current Assets [Member] | Foreign Exchange Forward [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 21,815 | 17,862 |
Other Current Assets [Member] | Foreign Exchange Forward [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 0 | 0 |
Other Current Assets [Member] | Foreign Exchange Forward [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 21,815 | 17,862 |
Other Current Assets [Member] | Foreign Exchange Forward [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 0 | 0 |
Other Non Current Assets [Member] | Foreign Exchange Forward [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 9,839 | 9,378 |
Other Non Current Assets [Member] | Foreign Exchange Forward [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 0 | 0 |
Other Non Current Assets [Member] | Foreign Exchange Forward [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 9,839 | 9,378 |
Other Non Current Assets [Member] | Foreign Exchange Forward [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 0 | 0 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 20,228 | 5,539 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 0 | 0 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 20,228 | 5,539 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 0 | 0 |
Other Current Liabilities [Member] | Acquisition Related Contingent Consideration [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | 35,932 | 2,668 |
Other Current Liabilities [Member] | Acquisition Related Contingent Consideration [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | 0 | 0 |
Other Current Liabilities [Member] | Acquisition Related Contingent Consideration [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | 0 | 0 |
Other Current Liabilities [Member] | Acquisition Related Contingent Consideration [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | 35,932 | 2,668 |
Other Non Current Liabilities [Member] | Foreign Exchange Forward [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 14,864 | 4,521 |
Other Non Current Liabilities [Member] | Foreign Exchange Forward [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 0 | 0 |
Other Non Current Liabilities [Member] | Foreign Exchange Forward [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 14,864 | 4,521 |
Other Non Current Liabilities [Member] | Foreign Exchange Forward [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 0 | 0 |
Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | 106,744 | 139,002 |
Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | 0 | 0 |
Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | 0 | 0 |
Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | $106,744 | $139,002 |
Fair_Value_Measurement_Schedul1
Fair Value Measurement (Schedule Of Acquisition-Related Contingent Consideration) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Contingent consideration arrangements, range of outcomes, value, low | $0 |
Contingent consideration arrangements, range of outcomes, value, high | 876,000 |
Acquisition Related Contingent Consideration [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Contingent consideration | 142,676 |
Acquisition Related Contingent Consideration [Member] | Level 3 [Member] | ' |
Acquisition-Related Contingent Consideration [Roll Forward] | ' |
Balance at beginning of period | -141,670 |
Milestone payments | 3,000 |
Change in fair value | 4,006 |
Balance at end of period | ($142,676) |
Acquisition Related Contingent Consideration [Member] | Minimum [Member] | Level 3 [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Fair Value Inputs, Cost of Debt | 5.30% |
Fair Value Inputs, Weighted Average Cost of Capital | 14.00% |
Acquisition Related Contingent Consideration [Member] | Maximum [Member] | Level 3 [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Fair Value Inputs, Cost of Debt | 6.20% |
Fair Value Inputs, Weighted Average Cost of Capital | 21.00% |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Voluntary Deferrals, Percent of Employees' Gross Pay, Maximum | 80.00% | ' | ' |
Deferred Compensation Arrangement with Individual, Employer Matching Contribution, Percent of Match | 6.00% | ' | ' |
Amount of each dollar matching contributed up to first six percent of individual base salary and incentive cash bonus | $1 | ' | ' |
Percentage of contribution of individual's base salary and incentive cash bonus | 6.00% | ' | ' |
Defined benefit plan, contributions by employer | 6,360,000 | 3,700,000 | 2,882,000 |
Additional minimum liability recorded in other non-current liabiliites | 14,839,000 | 8,478,000 | ' |
Additional minimum liability charged against other comprehensive income | 11,502,000 | ' | ' |
Amount in accumulated other comprehensive income expected to be recognized as component of net periodic pension costs in 2014 | 886,000 | ' | ' |
Estimated future employer contributions in next fiscal year | $3,886,000 | ' | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule of Change in Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Projected benefit obligation, beginning of year | $24,484 | $19,009 | ' |
Prior service cost | 0 | 0 | ' |
Service cost | 5,413 | 4,733 | 4,540 |
Interest cost | 504 | 464 | 449 |
Change in Assumptions | 2,643 | 1,064 | ' |
Recognized actuarial net loss | 3,701 | 496 | ' |
Foreign currency exchange rate changes | 573 | 221 | ' |
Net transfers to (from) plan | 848 | -1,503 | ' |
Projected benefit obligation, end of year | 38,166 | 24,484 | 19,009 |
Accumulated benefit obligation, end of year | $30,655 | $19,345 | ' |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule of Change in Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning of year | $16,006 | $12,858 | ' |
Return on plan assets | 244 | 182 | ' |
Employer contributions | 3,811 | 2,920 | ' |
Plan participants' contributions | 1,523 | 1,163 | 1,056 |
Foreign currency exchange rate changes | 895 | 386 | ' |
Net transfers to (from) plan | 848 | -1,503 | ' |
Fair value of plan assets, end of year | 23,327 | 16,006 | 12,858 |
Funded status at end of year | ($14,839) | ($8,478) | ' |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans (Schedule of Fair Value of Plan Assets and Target Asset Allocation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Fair Value (Level 2) [Member] | Fair Value (Level 2) [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Equity Security Funds [Member] | Equity Security Funds [Member] | Equity Security Funds [Member] | Equity Security Funds [Member] | Debt Security Funds [Member] | Debt Security Funds [Member] | Debt Security Funds [Member] | Debt Security Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||
Fair Value (Level 2) [Member] | Fair Value (Level 2) [Member] | Fair Value (Level 2) [Member] | Fair Value (Level 2) [Member] | Fair Value (Level 2) [Member] | Fair Value (Level 2) [Member] | Fair Value (Level 2) [Member] | Fair Value (Level 2) [Member] | Cash and Notes Receivable [Member] | Equity Security Funds [Member] | Debt Security Funds [Member] | Real Estate Funds [Member] | Other Investments or Funds [Member] | Cash and Notes Receivable [Member] | Equity Security Funds [Member] | Debt Security Funds [Member] | Real Estate Funds [Member] | Other Investments or Funds [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets, end of year | $23,327 | $16,006 | $12,858 | $23,327 | $16,006 | ' | ' | $1,470 | $1,192 | ' | ' | $9,237 | $4,769 | ' | ' | $9,704 | $7,943 | ' | ' | $2,916 | $2,102 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual plan asset allocations | 100.00% | 100.00% | ' | ' | ' | 6.00% | 7.00% | ' | ' | 40.00% | 30.00% | ' | ' | 42.00% | 50.00% | ' | ' | 12.00% | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 30.00% | 16.00% | 10.00% | 0.00% | 10.00% | 60.00% | 45.00% | 20.00% | 12.00% |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans (Schedule of Weighted Average Assumptions Used to Calculate Net Periodic Benefit Cost and the Actuarial Present Value of Projected Benefit Obligations) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted average assumptions - Net Periodic Benefit Cost: | ' | ' |
Discount rate | 2.00% | 2.30% |
Long term rate of return on assets | 4.00% | 4.00% |
Rate of compensation increase | 1.60% | 1.60% |
Weighted average assumptions - Projected Benefit Obligation: | ' | ' |
Discount Rate | 2.10% | 2.10% |
Rate of compensation increase | 1.60% | 1.60% |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans (Schedule of Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Service cost | $5,413 | $4,733 | $4,540 |
Interest cost | 504 | 464 | 449 |
Expected return on plan assets | -633 | -515 | -473 |
Employee contributions | -1,523 | -1,163 | -1,056 |
Amortization of prior service costs | 9 | 9 | 9 |
Amortization and deferral of actuarial gain | 410 | 217 | 305 |
Total net periodic benefit cost | $4,180 | $3,745 | $3,774 |
Employee_Benefit_Plans_Schedul5
Employee Benefit Plans (Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Amount included in AOCI - End of year | ($11,502) | ($5,712) | ($4,183) |
Prior service cost | 9 | 9 | ' |
Net gain (loss) arising during the period | -3,710 | -566 | ' |
Change in assumptions | -2,657 | -1,074 | ' |
Amortization of net gain (loss) | 412 | 295 | ' |
Plan assets losses | -391 | -336 | ' |
Taxes | $547 | $143 | ' |
Employee_Benefit_Plans_Schedul6
Employee Benefit Plans (Schedule of Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | ' |
2014 | $2,140 |
2015 | 1,960 |
2016 | 1,910 |
2017 | 2,020 |
2018 | 1,851 |
2019 to 2023 | $8,306 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues | $1,551,346 | $1,134,114 | $783,431 | ||
Long-lived assets | 201,109 | [1] | 165,629 | [1] | ' |
United States [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues | 561,405 | 400,483 | 263,387 | ||
Long-lived assets | 190,791 | [1] | 157,019 | [1] | ' |
Europe [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues | 514,987 | 418,321 | 340,812 | ||
Long-lived assets | 5,413 | [1] | 5,988 | [1] | ' |
Asia Pacific (primarily Japan) [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues | 203,538 | 161,480 | 115,377 | ||
Other [Member] | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ||
Revenues | 271,416 | 153,830 | 63,855 | ||
Long-lived assets | $4,905 | [1] | $2,622 | [1] | ' |
[1] | Long-lived assets consist of property, plant and equipment. |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2014 |
target | |
Option to Purchase Drug Products [Member] | ' |
Subsequent Event [Line Items] | ' |
Research and development expense, upfront payment | $100,000 |
Research and development, number of drug targets | 10 |
Potential option exercise payment | 15,000 |
Preferred Stock [Member] | Moderna Therapeutics, Inc. [Member] | ' |
Subsequent Event [Line Items] | ' |
Payments to acquire investments | 25,000 |
Rare Disease Products [Member] | Option to Purchase Drug Products [Member] | ' |
Subsequent Event [Line Items] | ' |
Research and development arrangement, potential payment, maximum | 120,000 |
Non-Rare Disease Product [Member] | Option to Purchase Drug Products [Member] | ' |
Subsequent Event [Line Items] | ' |
Research and development arrangement, potential payment, maximum | $400,000 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenues | $441,909 | $400,405 | $370,091 | $338,941 | $320,526 | $294,136 | $274,719 | $244,733 | $1,551,346 | $1,134,114 | $783,431 | ||||||
Cost of sales | 51,552 | 51,358 | [1] | 39,377 | 35,269 | 33,147 | -20,191 | [2] | 31,613 | 28,268 | 168,375 | 126,214 | 93,140 | ||||
Operating expenses | 252,285 | [3] | 213,772 | 193,023 | 186,700 | 179,503 | [4] | 171,608 | [4],[5] | 159,401 | [4] | 146,427 | [4] | 845,780 | 656,939 | 459,465 | |
Operating income | 138,072 | 135,275 | 137,691 | 116,972 | 107,876 | 142,719 | 83,705 | 70,038 | 528,010 | 404,338 | 230,826 | ||||||
Net income | -18,992 | 93,785 | 95,885 | 82,217 | 80,972 | 92,179 | 36,258 | 45,413 | 252,895 | 254,822 | 175,315 | ||||||
Earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Basic (in dollars per share) | ($0.10) | $0.48 | $0.49 | $0.42 | $0.42 | $0.48 | $0.19 | $0.24 | $1.29 | $1.34 | $0.96 | ||||||
Diluted (in dollars per share) | ($0.10) | $0.47 | $0.48 | $0.41 | $0.40 | $0.46 | $0.18 | $0.23 | $1.27 | $1.28 | $0.91 | ||||||
Change in contingent liability from intellectual property settlements | ' | -9,181 | ' | ' | ' | 53,377 | ' | ' | -9,181 | 53,377 | 0 | ||||||
Impairment of intangible assets | 33,521 | ' | ' | ' | ' | 26,300 | ' | ' | 33,521 | 26,300 | 0 | ||||||
Acquisition-related costs | ' | ' | ' | ' | ' | ' | ' | ' | 5,029 | 22,812 | 13,486 | ||||||
Enobia Pharma Corp. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Acquisition-related costs | $1,148 | $1,509 | $2,840 | $10,765 | ' | ' | ' | ' | $9,625 | $23,673 | $2,039 | ||||||
[1] | Included within cost of sales for the third quarter 2013 is expense of $9,181 resulting from the execution of a settlement agreement with Novartis in October 2013. | ||||||||||||||||
[2] | Included within cost of sales for the third quarter 2012 is a positive impact of $53,377 which was recognized to reduced our estimate for probable contingent liabilities as the result of the execution of a settlement and non-exclusive license agreement with a third party in October 2012. | ||||||||||||||||
[3] | Included within operating expenses for the fourth quarter of 2013 is an impairment charge of $33,521 to write-down the value of an early stage, Phase I indefinite-lived intangible asset and purchased technology asset related to the Taligen acquisition. | ||||||||||||||||
[4] | Included within operating expenses for each quarter of 2012 are acquisition-related employee costs and professional fees of $10,765, $2,840, $1,509, and $1,148, respectively, associated with the acquisition of Enobia. | ||||||||||||||||
[5] | Included within operating expenses for the third quarter of 2012 is an impairment charge of $26,300 to write-down the value of an early stage, preclinical indefinite-lived intangible asset related to the Taligen acquisition. |