Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 26, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | ALEXION PHARMACEUTICALS INC | |
Entity Central Index Key | 899,866 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 224,020,164 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 710,198 | $ 1,010,111 |
Marketable securities | 317,354 | 374,904 |
Trade accounts receivable, net | 586,249 | 532,832 |
Inventories | 293,962 | 289,874 |
Prepaid expenses and other current assets | 219,746 | 208,993 |
Total current assets | 2,127,509 | 2,416,714 |
Property, plant and equipment, net | 749,295 | 697,025 |
Intangible assets, net | 4,627,817 | 4,707,914 |
Goodwill | 5,049,321 | 5,047,885 |
Other assets | 248,503 | 228,343 |
Total assets | 12,802,445 | 13,097,881 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 42,897 | 57,360 |
Accrued expenses | 359,077 | 403,348 |
Deferred revenue | 78,416 | 20,504 |
Current portion of long-term debt | 35,358 | 166,365 |
Other current liabilities | 87,865 | 62,038 |
Total current liabilities | 603,613 | 709,615 |
Long-term debt, less current portioon | 3,212,772 | 3,254,536 |
Contingent consideration | 107,085 | 121,424 |
Facility lease obligation | 172,970 | 151,307 |
Deferred Tax Liabilities, Net, Noncurrent | 535,910 | 528,990 |
Other liabilities | 107,818 | 73,393 |
Total liabilities | $ 4,740,168 | $ 4,839,265 |
Commitments and contingencies (Note 17) | ||
Stockholders' Equity: | ||
Common stock, $.0001 par value; 290,000 shares authorized; 231,136 and 230,498 shares issued at March 31, 2016 and December 31, 2015, respectively | $ 23 | $ 23 |
Additional paid-in capital | 7,793,056 | 7,726,560 |
Treasury stock, at cost, 6,934 and 4,851 shares at March 31, 2016 and December 31, 2015, respectively | (1,007,178) | (710,663) |
Accumulated other comprehensive income | 3,815 | 62,301 |
Retained earnings | 1,272,561 | 1,180,395 |
Total stockholders' equity | 8,062,277 | 8,258,616 |
Total liabilities and stockholders' equity | $ 12,802,445 | $ 13,097,881 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 290,000 | 290,000 |
Common stock, shares issued | 231,136 | 230,498 |
Treasury Stock, Shares | 6,934 | 4,851 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net product sales | $ 700,425 | $ 600,333 |
Other Revenue | 613 | 0 |
Revenue, Net | 701,038 | 600,333 |
Cost of sales | 58,986 | 69,399 |
Operating expenses: | ||
Research and development | 176,290 | 221,080 |
Selling, general and administrative | 232,561 | 187,116 |
Amortization of Intangible Assets Acquired | 80,094 | 0 |
Change in fair value of contingent consideration | (14,800) | 11,979 |
Acquisition-related costs | 1,339 | 0 |
Restructuring expenses | 722 | 7,052 |
Total operating expenses | 476,206 | 427,227 |
Operating income | 165,846 | 103,707 |
Other income and expense: | ||
Investment income | 1,551 | 2,884 |
Interest expense | (23,890) | (651) |
Foreign currency gain | 91 | 1,005 |
Income before income taxes | 143,598 | 106,945 |
Income tax provision | 51,432 | 15,622 |
Net income | $ 92,166 | $ 91,323 |
Earnings per common share | ||
Basic | $ 0.41 | $ 0.46 |
Diluted | $ 0.41 | $ 0.45 |
Shares used in computing earnings per common share | ||
Basic | 225,060 | 199,361 |
Diluted | 226,873 | 202,034 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 92,166 | $ 91,323 |
Foreign currency translation | 1,996 | (5,388) |
Unrealized gains on marketable securities | 1,498 | 1,057 |
Unrealized gains (losses) on pension obligation | 2,121 | (252) |
Unrealized (losses) gains on hedging activities, net of tax of $(35,650), and $38,175, respectively | (64,101) | 67,287 |
Net other comprehensive income (loss) | (58,486) | 62,704 |
Comprehensive income | $ 33,680 | $ 154,027 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income (Parenthetical) [Abstract] | ||
Unrealized gains (losses) on hedging activities - tax effect | $ (35,560) | $ 38,175 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 92,166 | $ 91,323 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 96,783 | 10,578 |
Change in fair value of contingent consideration | (14,800) | 11,979 |
Share-based compensation expense | 56,889 | 42,797 |
Premium amortization of available-for-sale securities | 515 | 3,178 |
Deferred taxes | 29,332 | (24,823) |
Change in excess tax benefit from stock options | (5,917) | (52,521) |
Unrealized foreign currency gain | (13,762) | (3,916) |
Unrealized loss (gain) on forward contracts | 17,098 | (434) |
Other | 609 | 7,377 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (37,287) | (58,918) |
Inventories | (3,838) | 2,626 |
Prepaid expenses and other assets | (65,216) | (38,980) |
Accounts payable, accrued expenses and other liabilities | (42,460) | (13,659) |
Deferred revenue | 57,872 | 46,427 |
Net cash provided by operating activities | 167,984 | 23,034 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (207,996) | (166,319) |
Proceeds from maturity or sale of available-for-sale securities | 269,495 | 176,256 |
Purchases of trading securities | (3,042) | (2,236) |
Purchases of property, plant and equipment | (64,204) | (57,075) |
Other | 82 | 951 |
Net cash used in investing activities | (5,665) | (48,423) |
Cash flows from financing activities: | ||
Payments on term loan | (175,000) | (12,000) |
Excess tax benefit from stock options | 5,917 | 52,521 |
Repurchase of Common Stock | (296,515) | (60,026) |
Net proceeds from the exercise of stock options | 3,433 | 24,882 |
Other | (4,092) | (303) |
Net cash (used in) provided by financing activities | (466,257) | 5,074 |
Effect of exchange rate changes on cash | 4,025 | (6,870) |
Net change in cash and cash equivalents | (299,913) | (27,185) |
Cash and cash equivalents at beginning of period | 1,010,111 | 943,999 |
Cash and cash equivalents at end of period | 710,198 | 916,814 |
Supplemental cash flow disclosures from investing and financing activities: | ||
Capitalization of construction costs related to facility lease obligations | 25,647 | 7,813 |
Accrued expenses for purchases of property, plant and equipment | $ 24,840 | $ 11,436 |
Business
Business | 3 Months Ended |
Mar. 31, 2016 | |
Business [Abstract] | |
Business | Business Alexion Pharmaceuticals, Inc. (Alexion, the Company, we, our or us) is a biopharmaceutical company focused on serving patients with devastating and ultra-rare disorders through the innovation, development and commercialization of life-transforming therapeutic products. In our complement franchise, SolirisĀ® (eculizumab) is the first and only therapeutic approved for patients with either paroxysmal nocturnal hemoglobinuria (PNH), a life-threatening and ultra-rare genetic blood disorder, or atypical hemolytic uremic syndrome (aHUS), a life-threatening and ultra-rare genetic disease. PNH and aHUS are two severe and ultra-rare disorders resulting from chronic uncontrolled activation of the complement component of the immune system. In our metabolic franchise, we market StrensiqĀ® (asfotase alfa) for the treatment of patients with hypophosphatasia (HPP) and KanumaĀ® (sebelipase alfa) for the treatment of patients with lysosomal acid lipase deficiency (LAL-D). HPP is a genetic ultra-rare disease characterized by defective bone mineralization that can lead to deformity of bones and other skeletal abnormalities. LAL-D is a serious, life threatening ultra-rare disease in which genetic mutations result in decreased activity of the LAL enzyme leading to marked accumulation of lipids in vital organs, blood vessels and other tissues. We are also evaluating additional potential indications for eculizumab in other severe and devastating 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 rare disorders. |
Basis of Presentation and Princ
Basis of Presentation and Principles Of Consolidation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . In our opinion, the accompanying unaudited consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of our financial statements for interim periods in accordance with accounting principles generally accepted in the United States. The condensed consolidated balance sheet data as of December 31, 2015 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. 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. The accompanying unaudited condensed consolidated financial statements include the accounts of Alexion Pharmaceuticals, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Our significant accounting policies are described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2015 . New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued a comprehensive new standard which amends revenue recognition principles and provides a single set of criteria for revenue recognition among all industries. The new standard provides a five step framework whereby revenue is recognized when promised goods or services are transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires enhanced disclosures pertaining to revenue recognition in both interim and annual periods. The standard is effective for interim and annual periods beginning after December 15, 2017 and allows for adoption using a full retrospective method, or a modified retrospective method. Entities may elect to early adopt the standard for annual periods beginning after December 15, 2016. We are currently assessing the method of adoption and the expected impact the new standard has on our financial position and results of operations. In April 2015, the FASB issued a new standard simplifying the presentation of debt issuance costs. The new standard aligns the treatment of debt issuance costs with debt discounts and premiums and requires debt issuance costs be presented as a direct deduction from the carrying amount of the related debt. We have adopted the provisions of this standard in the first quarter 2016 and reclassified $8,635 of deferred financing costs from other current assets to the current portion of long term debt and $26,714 other non current assets to the long-term debt, less current portion in our consolidated balance sheets as of December 31, 2015. In April 2015, the FASB issued a new standard clarifying the accounting for a customer's fees paid in a cloud computing arrangement. Under this standard, if a cloud computing arrangement includes a software license, the customer would account for the software license consistent with other software licenses. If a cloud computing arrangement does not include a software license, the customer would account for the arrangement as a service contract. We adopted the provisions of this standard in the first quarter 2016. The adoption did not have a material effect on our financial condition or results of operations. In February 2016, the FASB issued a new standard requiring that the rights and obligations arising from leases be recognized on the balance sheet by recording a right-of-use asset and corresponding lease liability. The new standard also requires qualitative and quantitative disclosures to understand the amount, timing, and uncertainty of cash flows arising from leases as well as significant management estimates utilized. The standard is effective for interim and annual periods beginning after December 15, 2018 and requires a modified retrospective adoption. We are currently assessing the impact of this standard on our financial condition and results of operations. In March 2016, the FASB issued a new standard simplifying aspects of the accounting for employee share-based payments, including the accounting for income taxes, forfeitures, statutory withholding requirements, and classification on the statement of cash flows. The standard is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact of this standard on our financial condition and results of operations. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On May 6, 2015, we announced that we entered into a definitive agreement to acquire Synageva BioPharma Corp. (Synageva), a publicly-held clinical-stage biotechnology company based in Lexington, Massachusetts for per share consideration of $115 in cash and 0.6581 shares of Alexion stock. At this date, the announced purchase consideration was estimated at approximately $8,400,000 , net of Synageva cash, based on the closing price of Alexion stock on May 5, 2015 of $168.55 . On June 22, 2015, we completed the acquisition of Synageva, 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 from Synageva were recorded as of the acquisition date at their respective fair values. Synageva's results of operations are included in the consolidated financial statements from the date of acquisition. The acquisition furthers our objective to develop and commercialize life-transforming therapies to an increasing number of patients with devastating and rare diseases. Synageva's lead product candidate, Kanuma. We acquired all of the outstanding shares of common stock of Synageva for $4,565,524 in cash and 26,125 shares of common stock. At closing of the business combination on June 22, 2015, the purchase consideration was approximately $8,860,000 , net of Synageva cash, based on Alexion's closing share price on the date of acquisition of $188.24 . We financed the cash consideration with existing cash and proceeds from our new credit facility described further in Note 6. The aggregate consideration to acquire Synageva consisted of: Stock consideration $ 4,917,810 Cash consideration 4,565,524 Total purchase price $ 9,483,334 The following table summarizes the estimated fair values of assets acquired and liabilities assumed: Cash $ 626,217 Inventory 23,880 In-process research and development (IPR&D) 4,236,000 Deferred tax liabilities, net (171,638 ) Other assets and liabilities (26,373 ) Net assets acquired 4,688,086 Goodwill 4,795,248 Total purchase price $ 9,483,334 Our accounting for this acquisition is preliminary. The fair value estimates for the assets acquired and liabilities assumed were based upon preliminary calculations, and our estimates and assumptions are subject to change as we obtain additional information for our estimates during the measurement period (up to one year from the acquisition date). The areas of these preliminary estimates that are not yet finalized relate primarily to tax-related items and potential contingent liabilities. We acquired $23,880 of Kanuma inventory. The estimated fair value of work-in-process and finished goods inventory was determined utilizing the comparative sales method, based on the expected selling price of the inventory, adjusted for incremental costs to complete the manufacturing process and for direct selling efforts, as well as for a reasonable profit allowance. The estimated fair value of raw material inventory was valued at replacement cost, which is equal to the value a market participant would pay to acquire the inventory. Intangible assets associated with IPR&D projects primarily relate to Synageva's lead product candidate, Kanuma. The estimated fair value of IPR&D assets of $4,236,000 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 Synageva of 10% , 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. The goodwill, which is not tax-deductible, has been recorded as a noncurrent asset and is not amortized, but is subject to an annual review for impairment. The goodwill represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized and expected synergies that are specific to our business and not available to market participants, including our unique ability to commercialize therapies for rare diseases, our existing relationships with specialty physicians who can identify patients with LAL-D, a global distribution network to facilitate drug delivery and other benefits that we believe will result from combining the operations of Synageva within our operations. We recorded a net deferred tax liability of $171,638 . This amount was primarily comprised of $602,887 of deferred tax liabilities related to the IPR&D and inventory acquired, offset by $431,249 of deferred tax assets related to net operating loss carryforwards (NOLs), tax credits, and other temporary differences, which we expect to utilize. Acquisition-Related Costs Acquisition-related costs associated with our business combinations for the years ended for the three months ended , March 31, 2016 and 2015 include the following: Three months ended March 31, 2016 2015 Transaction costs (1) $ 375 $ ā Integration costs 964 ā $ 1,339 $ ā (1) Transaction costs include investment advisory, legal, and accounting fees |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost or estimated realizable value. We determine the cost of inventory on a standard cost basis, which approximates average costs. The components of inventory are as follows: March 31, December 31, 2016 2015 Raw materials $ 16,948 $ 17,924 Work-in-process 162,979 180,324 Finished goods 114,035 91,626 $ 293,962 $ 289,874 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill The following table summarizes the carrying amount of our intangible assets and goodwill, net of accumulated amortization: March 31, 2016 December 31, 2015 Estimated Cost Accumulated Net Cost Accumulated Net Licenses 6-8 $ 28,507 $ (28,507 ) $ ā $ 28,507 $ (28,504 ) $ 3 Patents 7 10,517 (10,517 ) ā 10,517 (10,517 ) ā Purchased technology 6-16 4,708,495 (196,678 ) 4,511,817 4,708,495 (116,584 ) 4,591,911 Acquired IPR&D Indefinite 116,000 ā 116,000 116,000 ā 116,000 Total $ 4,863,519 $ (235,702 ) $ 4,627,817 $ 4,863,519 $ (155,605 ) $ 4,707,914 Goodwill Indefinite $ 5,052,222 $ (2,901 ) $ 5,049,321 $ 5,050,786 $ (2,901 ) $ 5,047,885 Amortization expense was $80,097 and $11 for the three months ended March 31, 2016 and 2015 , respectively. Total estimated amortization expense for finite-lived intangible assets is $240,106 for the nine months ending December 31, 2016 , and $320,142 for each of the years ending December 31, 2017 through December 31, 2021 . The following table summarizes the changes in the carrying amount of goodwill: Balance at December 31, 2015 $ 5,047,885 Change in goodwill associated with prior acquisition 1,436 Balance at March 31, 2016 $ 5,049,321 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt [Abstract] | |
Debt | Debt In June 2015, Alexion entered into a credit agreement (Credit Agreement) with a syndicate of banks, which provides for a $3,500,000 term loan facility and a $500,000 revolving credit facility maturing in five years. Borrowings under the term loan are payable in quarterly installments equal to 1.25% of the original loan amount, beginning December 31, 2015. Final repayment of the term loan and revolving credit loans are due on June 22, 2020. In addition to borrowings in which prior notice is required, the revolving credit facility includes a sublimit of $100,000 in the form of letters of credit and borrowings on same-day notice, referred to as swingline loans, of up to $25,000 . 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 in an amount that does not cause our consolidated net leverage ratio to exceed the maximum allowable amount. In connection with entering into the Credit Agreement, we paid $45,492 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 three months ended March 31, 2016 was $2,513 . We made principle payments of $175,000 during the three months ended March 31, 2016 . As of March 31, 2016 , we had $3,281,250 outstanding on the term loan. As of March 31, 2016 , we had open letters of credit of $12,970 , and our borrowing availability under the revolving facility was $487,030 . The fair value of our long term debt, which is measured using Level 2 inputs, approximates book value. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share (EPS) is computed by dividing net income by the weighted-average number of shares of common stock outstanding. For purposes of calculating diluted EPS, 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. The following table summarizes the calculation of basic and diluted EPS for the three months ended March 31, 2016 and 2015 : Three months ended March 31, 2016 2015 Net income used for basic and diluted calculation $ 92,166 $ 91,323 Shares used in computing earnings per common shareābasic 225,060 199,361 Weighted-average effect of dilutive securities: Stock awards 1,813 2,673 Shares used in computing earnings per common shareādiluted 226,873 202,034 Earnings per common share: Basic $ 0.41 $ 0.46 Diluted $ 0.41 $ 0.45 We exclude from EPS the weighted-average number of securities whose effect is anti-dilutive. Excluded from the calculation of EPS for the three months ended March 31, 2016 and 2015 were 3,975 and 2,248 shares of common stock, respectively, because their effect was anti-dilutive. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Text Block] | 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 March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 Amortized Cost Basis Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Commercial paper $ 3,999 $ ā $ ā $ 3,999 Corporate bonds 136,009 553 (3 ) 136,559 Municipal bonds 50,470 43 (2 ) 50,511 Other government-related obligations: U.S. 13,643 43 (27 ) 13,659 Foreign 141,593 244 (19 ) 141,818 $ 345,714 $ 883 $ (51 ) $ 346,546 December 31, 2015 Amortized Cost Basis Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Commercial paper $ 254,396 $ ā $ ā $ 254,396 Corporate bonds 133,062 23 (336 ) 132,749 Municipal bonds 87,173 1 (63 ) 87,111 Other government-related obligations: U.S. 25,244 ā (94 ) 25,150 Foreign 163,403 ā (504 ) 162,899 Bank certificates of deposit 27,000 ā ā 27,000 $ 690,278 $ 24 $ (997 ) $ 689,305 The aggregate fair value of available-for-sale securities in an unrealized loss position as of March 31, 2016 and December 31, 2015 was $62,496 and $293,947 , respectively. Investments that have been in a continuous unrealized loss position for more than 12 months were not material. As of March 31, 2016 , 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 condensed consolidated balance sheet were as follows: March 31, 2016 December 31, 2015 Cash and cash equivalents $ 40,999 $ 323,218 Marketable securities 305,547 366,087 $ 346,546 $ 689,305 The fair values of available-for-sale debt securities at March 31, 2016 , by contractual maturity, are summarized as follows: March 31, 2016 Due in one year or less $ 140,145 Due after one year through three years 206,401 $ 346,546 As of March 31, 2016 and December 31, 2015 , the fair value of our trading securities was $11,807 and $8,817 , respectively. 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 three months ended March 31, 2016 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
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 and Japanese Yen. 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 60 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 these hedges 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 March 31, 2016 , we had open contracts with notional amounts totaling $2,088,952 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 three months ended March 31, 2016 and 2015 were as follows: Three months ended March 31, 2016 2015 Gain (loss) recognized in AOCI, net of tax $ (49,442 ) $ 93,809 Gain reclassified from AOCI to net product sales (effective portion), net of tax $ 14,659 $ 25,447 Gain reclassified from AOCI to other income and expense (ineffective portion), net of tax $ ā $ 1,075 Assuming no change in foreign exchange rates from market rates at March 31, 2016 , $39,730 of gain recognized in AOCI will be reclassified to revenue over the next 12 months. We enter into foreign exchange forward contracts, with durations of approximately 90 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 March 31, 2016 , the notional amount of foreign exchange contracts where hedge accounting is not applied was $307,585 . We recognized a (loss) gain of $(12,969) and $6,423 , in other income and expense, for the three months ended March 31, 2016 and 2015 , respectively, associated with the foreign exchange contracts not designated as hedging instruments. These amounts were partially offset by gains or losses on monetary assets and liabilities. The following tables summarize the fair value of outstanding derivatives at March 31, 2016 and December 31, 2015 : March 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 55,976 Other current liabilities $ 15,870 Foreign exchange forward contracts Other non-current assets 35,019 Other non-current liabilities 30,740 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Other current assets 2,594 Other current liabilities 16,186 Total fair value of derivative instruments $ 93,589 $ 62,796 December 31, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 85,058 Other current liabilities $ 1,491 Foreign exchange forward contracts Other non-current assets 66,309 Other non-current liabilities 4,773 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Other current assets 6,687 4,157 Total fair value of derivative instruments $ 158,054 $ 10,421 Although we do not offset derivative assets and liabilities within our condensed 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 condensed consolidated balance sheets of offsetting our foreign exchange forward contracts subject to such provisions: March 31, 2016 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Description Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 93,589 $ ā $ 93,589 $ (27,928 ) $ ā $ 65,661 Derivative liabilities (62,796 ) ā (62,796 ) 27,928 ā (34,868 ) December 31, 2015 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Description Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 158,054 $ ā $ 158,054 $ (10,421 ) $ ā $ 147,633 Derivative liabilities (10,421 ) ā (10,421 ) 10,421 ā ā |
Other Investments
Other Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Other investments | Other Investments Other investments include our investment of $37,500 in the preferred stock of Moderna LLC. Our investment is recorded at cost within other assets in our condensed consolidated balance sheets. The carrying value of this investment was not impaired as of March 31, 2016 . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | In November 2012, our Board of Directors authorized a share repurchase program. The repurchase program does not have an expiration date, and we are not obligated to acquire a particular number of shares. The repurchase program may be discontinued at any time at the Company's discretion. In May 2015, our Board of Directors increased the authorization to acquire shares with an aggregate value of up to $1,000,000 for future purchases under the repurchase program, which superseded all prior repurchase programs. Under the program, we repurchased 2,083 and 334 shares of our common stock at a cost of $296,515 and $60,026 during the three months ended March 31, 2016 and 2015 , respectively. Subsequent to March 31, 2016 , we repurchased 245 shares of our common stock under our repurchase program at a cost of $34,136 . As of April 29, 2016 , there is a total of $425,213 remaining for repurchases under the repurchase program. |
Other Comprehensive Income and
Other Comprehensive Income and Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Other Comprehensive Income and Accumulated Other Comprehensive Income | Other Comprehensive Income and Accumulated Other Comprehensive Income The following tables summarize the changes in AOCI, by component, for the three months ended March 31, 2016 and 2015 : 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, 2015 $ (9,589 ) $ (785 ) $ 92,670 $ (19,995 ) $ 62,301 Other comprehensive income before reclassifications 2,035 1,333 (49,442 ) 1,996 (44,078 ) Amounts reclassified from other comprehensive income 86 165 (14,659 ) ā (14,408 ) Net other comprehensive income (loss) 2,121 1,498 (64,101 ) 1,996 (58,486 ) Balances, March 31, 2016 $ (7,468 ) $ 713 $ 28,569 $ (17,999 ) $ 3,815 Defined Benefit Pension Plan 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, 2014 $ (16,570 ) $ (234 ) $ 87,308 $ (13,719 ) $ 56,785 Other comprehensive income before reclassifications (488 ) 1,065 93,809 (5,388 ) 88,998 Amounts reclassified from other comprehensive income 236 (8 ) (26,522 ) ā (26,294 ) Net other comprehensive income (loss) (252 ) 1,057 67,287 (5,388 ) 62,704 Balances, March 31, 2015 $ (16,822 ) $ 823 $ 154,595 $ (19,107 ) $ 119,489 The table below provides details regarding significant reclassifications from AOCI during the three months ended March 31, 2016 and 2015 : Details about Accumulated Other Comprehensive Income Components Amount Reclassified From Accumulated Other Comprehensive Income during the three months ended March 31, Affected Line Item in the Condensed Consolidated Statements of Operations 2016 2015 Unrealized Gains (Losses) from Hedging Activity Effective portion of foreign exchange contracts $ 22,812 $ 29,083 Net product sales Ineffective portion of foreign exchange contracts ā 1,228 Foreign currency gain 22,812 30,311 (8,153 ) (3,789 ) Income tax provision $ 14,659 $ 26,522 Unrealized Gains (Losses) from Marketable Securities Realized (loss) gain on sale of securities $ (262 ) $ 13 Investment income (262 ) 13 97 (5 ) Income tax provision $ (165 ) $ 8 Defined Benefit Pension Plans Amortization of prior service costs and actuarial losses $ (114 ) $ (311 ) (a) (114 ) (311 ) 28 75 Income tax provision $ (86 ) $ (236 ) (a) This AOCI component is included in the computation of net periodic pension benefit cost (see Note 15 for additional details). |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 , and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value. Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Institutional money market funds $ 82,416 $ ā $ 82,416 $ ā Cash equivalents Commercial paper $ 3,999 $ ā $ 3,999 $ ā Cash equivalents Corporate bonds $ 15,000 $ ā $ 15,000 $ ā Cash equivalents Municipal bonds $ 22,000 $ ā $ 22,000 $ ā Marketable securities Mutual funds $ 11,807 $ 11,807 $ ā $ ā Marketable securities Corporate bonds $ 121,559 $ ā $ 121,559 $ ā Marketable securities Municipal bonds $ 28,511 $ ā $ 28,511 $ ā Marketable securities Other government-related obligations $ 155,477 $ ā $ 155,477 $ ā Other current assets Foreign exchange forward contracts $ 58,570 $ ā $ 58,570 $ ā Other assets Foreign exchange forward contracts $ 35,019 $ ā $ 35,019 $ ā Other current liabilities Foreign exchange forward contracts $ 32,056 $ ā $ 32,056 $ ā Other liabilities Foreign exchange forward contracts $ 30,740 $ ā $ 30,740 $ ā Other current liabilities Acquisition-related contingent consideration $ 55,343 $ ā $ ā $ 55,343 Contingent consideration Acquisition-related contingent consideration $ 107,085 $ ā $ ā $ 107,085 Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Institutional money market funds $ 179,898 $ ā $ 179,898 $ ā Cash equivalents Commercial paper $ 192,418 $ ā $ 192,418 $ ā Cash equivalents Corporate bonds $ 12,250 $ ā $ 12,250 $ ā Cash equivalents Municipal bonds $ 60,001 $ ā $ 60,001 $ ā Cash equivalents Other government-related obligations $ 31,549 $ ā $ 31,549 $ ā Cash equivalents Bank certificates of deposit $ 27,000 $ ā $ 27,000 $ ā Marketable securities Mutual funds $ 8,817 $ 8,817 $ ā $ ā Marketable securities Commercial paper $ 61,978 $ ā $ 61,978 $ ā Marketable securities Corporate bonds $ 120,499 $ ā $ 120,499 $ ā Marketable securities Municipal bonds $ 27,110 $ ā $ 27,110 $ ā Marketable securities Other government-related obligations $ 156,500 $ ā $ 156,500 $ ā Other current assets Foreign exchange forward contracts $ 91,745 $ ā $ 91,745 $ ā Other assets Foreign exchange forward contracts $ 66,309 $ ā $ 66,309 $ ā Other current liabilities Foreign exchange forward contracts $ 5,648 $ ā $ 5,648 $ ā Other liabilities Foreign exchange forward contracts $ 4,773 $ ā $ 4,773 $ ā Other current liabilities Acquisition-related contingent consideration $ 55,804 $ ā $ ā $ 55,804 Contingent consideration Acquisition-related contingent consideration $ 121,424 $ ā $ ā $ 121,424 There were no securities transferred between Level 1, 2 and 3 during the three months ended March 31, 2016 . 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. Cash equivalents and marketable securities 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 as well as an evaluation of our counterpartiesā credit risks. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. Contingent consideration liabilities related to acquisitions are classified as Level 3 within the valuation hierarchy and are 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 March 31, 2016 , 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 counterpartiesā 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 approvals 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 of 5.5% for developmental milestones and a weighted average cost of capital ranging from 10% 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 future contingent milestone payments related to prior business combinations range from zero if no milestone events are achieved, to a maximum of $826,000 if all development, regulatory and sales-based milestones are reached. As of March 31, 2016 , the fair value of acquisition-related contingent consideration was $162,428 . The following table represents a roll-forward of our acquisition-related contingent consideration: Balance at December 31, 2015 $ (177,228 ) Change in fair value 14,800 Balance at March 31, 2016 $ (162,428 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table provides a comparative summary of our income tax provision and effective tax rate for the three months ended March 31, 2016 and 2015 : Three months ended March 31, 2016 2015 Provision for income taxes $ 51,432 $ 15,622 Effective tax rate 35.8 % 14.6 % The tax provision for the three months ended March 31, 2016 and 2015 is attributable to the U.S. federal, state and foreign income taxes on our profitable operations. The increase in the effective tax rate for the three months ended March 31, 2016 as compared to the same period in the prior year is primarily attributable to the deferred tax cost associated with the distribution of earnings from our captive foreign partnership. This non-cash deferred tax cost increased the effective tax rate by approximately 19% . In the first quarter of 2016, we identified a correction to our 2015 tax provision of $8,955 due to a calculation error. This understated income tax expense and the deferred tax liability as of December 31, 2015 and was recorded as an out of period adjustment in the first quarter of 2016. The correction was determined to be immaterial to our consolidated financial statements for the periods ending December 31, 2015 and March 31, 2016 as well as our expected results for 2016. Tax years 2013 and 2014 are currently under review by the Examination Division of the Internal Revenue Service (IRS). As of March 31, 2016, we have not been notified of any significant proposed adjustments by the IRS. We continue to maintain a valuation allowance against certain deferred tax assets where realization is not certain. |
Defined Benefit Plans
Defined Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 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 components of net periodic benefit cost are as follows: Three months ended March 31, 2016 2015 Service cost $ 2,023 $ 2,421 Interest cost 60 180 Expected return on plan assets (163 ) (243 ) Employee contributions (352 ) (427 ) Amortization 114 311 Total net periodic benefit cost $ 1,682 $ 2,242 |
Facility Lease Obligations
Facility Lease Obligations | 3 Months Ended |
Mar. 31, 2016 | |
Leases [Abstract] | |
Leases | Facility Lease Obligations New Haven Facility Lease Obligation In November 2012, we entered into a new lease agreement for office and laboratory space to be constructed in New Haven, Connecticut. The term of the new lease commenced in 2015 and will expire in 2030, with a renewal option of ten years. 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 because of the substantial amount of tenant improvements we directly funded during the construction period. Due to the substantial tenant improvements directly funded during construction, we will continue to be deemed the owner of the building once construction is complete. Accordingly, the landlord's costs of constructing the facility during construction 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 was completed and the building was placed into service in the first quarter 2016. As of March 31, 2016 and December 31, 2015 , our facility lease obligation related to this facility was $134,211 and $132,866 , respectively. Lonza Facility Lease Obligation During the third quarter 2015, we entered into a new agreement with Lonza Group AG and its affiliates (Lonza) whereby Lonza will construct a new manufacturing facility dedicated to Alexion at its existing Portsmouth, New Hampshire facility. The agreement requires us to make certain payments during the construction of the new manufacturing facility and annual payments for ten years thereafter. As a result of our contractual right to full capacity of the new manufacturing facility, a portion of the payments under the agreement are considered to be lease payments and a portion as payment for the supply of inventory. Although we will not legally own the premises, we are deemed to be the owner of the manufacturing facility during the construction period based on applicable accounting guidance for build-to-suit leases due to our involvement during the construction period. As of March 31, 2016 and December 31, 2015 , we recorded a construction-in-process asset of $42,652 and $19,259 and an offsetting facility lease obligation of $35,632 and $15,229 associated with the manufacturing facility, respectively. Payments made to Lonza under the agreement are allocated to the purchases of inventory and the repayment of the facility lease obligation on a relative fair value basis. In 2016 , we made $23,000 of payments to Lonza under this agreement, of which $2,990 was applied against the outstanding facility lease obligation and $20,010 was recognized as a prepayment of inventory. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Manufacturing Agreements We have various manufacturing development agreements to support our clinical and commercial product needs. We rely on Lonza, a third party manufacturer, to produce a portion of commercial and clinical quantities of Soliris and Strensiq. We have various agreements with Lonza with remaining total non-cancellable future commitments of approximately $1,134,661 . 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) and a payment with respect to sales of Soliris manufactured at Lonza facilities. In addition to Lonza, we have non-cancellable commitments of $35,035 with other third party manufacturers. Contingent Liabilities We are currently involved in various claims, lawsuits 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 financial results. In May 2015, we received a subpoena in connection with an investigation by the Enforcement Division of the U.S. Securities and Exchange Commission (SEC) requesting information related to our grant-making activities and compliance with the Foreign Corrupt Practices Act (FCPA) in various countries. In addition, in October 2015, Alexion received a request from the U.S. Department of Justice (DOJ) for the voluntary production of documents and other information pertaining to Alexion's compliance with the FCPA. The SEC and DOJ also seek information related to Alexionās recalls of specific lots of Soliris and related securities disclosures. Alexion is cooperating with these investigations. At this time, Alexion is unable to predict the duration, scope or outcome of these investigations. Given the ongoing nature of these investigations, management does not currently believe a loss related to these matters is probable or that the potential magnitude of such loss or range of loss, if any, can be reasonably estimated. In March 2013, we received a Warning Letter (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 receipt of a Form 483 Inspectional Observations by the FDA in connection with an FDA inspection that concluded in August 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. As previously announced, the FDA issued Form 483s in August 2014 and August 2015 relating to observations at ARIMF. The inspectional observations from the August 2015 letter have since been closed out by the FDA. The observations are inspectional and do not represent a final FDA determination of compliance. We continue to manufacture products, including Soliris, in this facility. While the resolution of the issues raised in the 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. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In connection with the acquisition and integration of Synageva in 2015, we recorded a restructuring benefit of $924 for the three months ended March 31, 2016 primarily related to changes in estimates associated with employee costs. We expect to pay all remaining accrued amounts related to this restructuring activity by the end of 2016. In the fourth quarter 2014, we announced plans to move our European headquarters from Lausanne to Zurich, Switzerland. The relocation of our European headquarters supports our operational needs based on growth in the European region. During the three months ended March 31, 2016 , we incurred additional restructuring costs of $1,646 . We expect to pay all remaining accrued amounts related to this restructuring activity by the end of 2016. The following table presents a reconciliation of the restructuring reserve recorded within accrued expenses on the Company's condensed consolidated balance sheet for the three months ended March 31, 2016 : Employee Separation Costs Contract Termination Costs Other Costs Total Liability, beginning of period $ 6,390 $ 682 $ 169 $ 7,241 Restructuring expenses ā 35 417 452 Cash settlements (3,806 ) (508 ) (570 ) (4,884 ) Adjustments to previous estimates (1,148 ) 1,418 ā 270 Liability, end of period $ 1,436 $ 1,627 $ 16 $ 3,079 The restructuring reserve of $3,079 is recorded in accrued expenses on the Company's condensed consolidated balance sheet as of March 31, 2016 . |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Acquisition Related Costs | Acquisition-related costs associated with our business combinations for the years ended for the three months ended , March 31, 2016 and 2015 include the following: Three months ended March 31, 2016 2015 Transaction costs (1) $ 375 $ ā Integration costs 964 ā $ 1,339 $ ā (1) Transaction costs include investment advisory, legal, and accounting fees |
Synageva BioPharma Corp. | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The aggregate consideration to acquire Synageva consisted of: Stock consideration $ 4,917,810 Cash consideration 4,565,524 Total purchase price $ 9,483,334 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of assets acquired and liabilities assumed: Cash $ 626,217 Inventory 23,880 In-process research and development (IPR&D) 4,236,000 Deferred tax liabilities, net (171,638 ) Other assets and liabilities (26,373 ) Net assets acquired 4,688,086 Goodwill 4,795,248 Total purchase price $ 9,483,334 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current | The components of inventory are as follows: March 31, December 31, 2016 2015 Raw materials $ 16,948 $ 17,924 Work-in-process 162,979 180,324 Finished goods 114,035 91,626 $ 293,962 $ 289,874 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table summarizes the carrying amount of our intangible assets and goodwill, net of accumulated amortization: March 31, 2016 December 31, 2015 Estimated Cost Accumulated Net Cost Accumulated Net Licenses 6-8 $ 28,507 $ (28,507 ) $ ā $ 28,507 $ (28,504 ) $ 3 Patents 7 10,517 (10,517 ) ā 10,517 (10,517 ) ā Purchased technology 6-16 4,708,495 (196,678 ) 4,511,817 4,708,495 (116,584 ) 4,591,911 Acquired IPR&D Indefinite 116,000 ā 116,000 116,000 ā 116,000 Total $ 4,863,519 $ (235,702 ) $ 4,627,817 $ 4,863,519 $ (155,605 ) $ 4,707,914 Goodwill Indefinite $ 5,052,222 $ (2,901 ) $ 5,049,321 $ 5,050,786 $ (2,901 ) $ 5,047,885 |
Schedule of Goodwill | The following table summarizes the changes in the carrying amount of goodwill: Balance at December 31, 2015 $ 5,047,885 Change in goodwill associated with prior acquisition 1,436 Balance at March 31, 2016 $ 5,049,321 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | The following table summarizes the calculation of basic and diluted EPS for the three months ended March 31, 2016 and 2015 : Three months ended March 31, 2016 2015 Net income used for basic and diluted calculation $ 92,166 $ 91,323 Shares used in computing earnings per common shareābasic 225,060 199,361 Weighted-average effect of dilutive securities: Stock awards 1,813 2,673 Shares used in computing earnings per common shareādiluted 226,873 202,034 Earnings per common share: Basic $ 0.41 $ 0.46 Diluted $ 0.41 $ 0.45 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity 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 March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 Amortized Cost Basis Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Commercial paper $ 3,999 $ ā $ ā $ 3,999 Corporate bonds 136,009 553 (3 ) 136,559 Municipal bonds 50,470 43 (2 ) 50,511 Other government-related obligations: U.S. 13,643 43 (27 ) 13,659 Foreign 141,593 244 (19 ) 141,818 $ 345,714 $ 883 $ (51 ) $ 346,546 December 31, 2015 Amortized Cost Basis Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Commercial paper $ 254,396 $ ā $ ā $ 254,396 Corporate bonds 133,062 23 (336 ) 132,749 Municipal bonds 87,173 1 (63 ) 87,111 Other government-related obligations: U.S. 25,244 ā (94 ) 25,150 Foreign 163,403 ā (504 ) 162,899 Bank certificates of deposit 27,000 ā ā 27,000 $ 690,278 $ 24 $ (997 ) $ 689,305 |
Available-for-sale Securities by Balance Sheet Location Classification [Table Text Block] | The fair values of available-for-sale securities by classification in the condensed consolidated balance sheet were as follows: March 31, 2016 December 31, 2015 Cash and cash equivalents $ 40,999 $ 323,218 Marketable securities 305,547 366,087 $ 346,546 $ 689,305 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The fair values of available-for-sale debt securities at March 31, 2016 , by contractual maturity, are summarized as follows: March 31, 2016 Due in one year or less $ 140,145 Due after one year through three years 206,401 $ 346,546 |
Derivative Instruments and He31
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015 were as follows: Three months ended March 31, 2016 2015 Gain (loss) recognized in AOCI, net of tax $ (49,442 ) $ 93,809 Gain reclassified from AOCI to net product sales (effective portion), net of tax $ 14,659 $ 25,447 Gain reclassified from AOCI to other income and expense (ineffective portion), net of tax $ ā $ 1,075 |
Schedule of Fair Value of Outstanding Derivatives | The following tables summarize the fair value of outstanding derivatives at March 31, 2016 and December 31, 2015 : March 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 55,976 Other current liabilities $ 15,870 Foreign exchange forward contracts Other non-current assets 35,019 Other non-current liabilities 30,740 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Other current assets 2,594 Other current liabilities 16,186 Total fair value of derivative instruments $ 93,589 $ 62,796 December 31, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 85,058 Other current liabilities $ 1,491 Foreign exchange forward contracts Other non-current assets 66,309 Other non-current liabilities 4,773 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Other current assets 6,687 4,157 Total fair value of derivative instruments $ 158,054 $ 10,421 |
Offsetting Assets and Liabilities [Table Text Block] | The following tables summarize the potential effect on our condensed consolidated balance sheets of offsetting our foreign exchange forward contracts subject to such provisions: March 31, 2016 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Description Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 93,589 $ ā $ 93,589 $ (27,928 ) $ ā $ 65,661 Derivative liabilities (62,796 ) ā (62,796 ) 27,928 ā (34,868 ) December 31, 2015 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Description Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 158,054 $ ā $ 158,054 $ (10,421 ) $ ā $ 147,633 Derivative liabilities (10,421 ) ā (10,421 ) 10,421 ā ā |
Other Comprehensive Income an32
Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following tables summarize the changes in AOCI, by component, for the three months ended March 31, 2016 and 2015 : 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, 2015 $ (9,589 ) $ (785 ) $ 92,670 $ (19,995 ) $ 62,301 Other comprehensive income before reclassifications 2,035 1,333 (49,442 ) 1,996 (44,078 ) Amounts reclassified from other comprehensive income 86 165 (14,659 ) ā (14,408 ) Net other comprehensive income (loss) 2,121 1,498 (64,101 ) 1,996 (58,486 ) Balances, March 31, 2016 $ (7,468 ) $ 713 $ 28,569 $ (17,999 ) $ 3,815 Defined Benefit Pension Plan 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, 2014 $ (16,570 ) $ (234 ) $ 87,308 $ (13,719 ) $ 56,785 Other comprehensive income before reclassifications (488 ) 1,065 93,809 (5,388 ) 88,998 Amounts reclassified from other comprehensive income 236 (8 ) (26,522 ) ā (26,294 ) Net other comprehensive income (loss) (252 ) 1,057 67,287 (5,388 ) 62,704 Balances, March 31, 2015 $ (16,822 ) $ 823 $ 154,595 $ (19,107 ) $ 119,489 |
Reclassification out of AOCI | The table below provides details regarding significant reclassifications from AOCI during the three months ended March 31, 2016 and 2015 : Details about Accumulated Other Comprehensive Income Components Amount Reclassified From Accumulated Other Comprehensive Income during the three months ended March 31, Affected Line Item in the Condensed Consolidated Statements of Operations 2016 2015 Unrealized Gains (Losses) from Hedging Activity Effective portion of foreign exchange contracts $ 22,812 $ 29,083 Net product sales Ineffective portion of foreign exchange contracts ā 1,228 Foreign currency gain 22,812 30,311 (8,153 ) (3,789 ) Income tax provision $ 14,659 $ 26,522 Unrealized Gains (Losses) from Marketable Securities Realized (loss) gain on sale of securities $ (262 ) $ 13 Investment income (262 ) 13 97 (5 ) Income tax provision $ (165 ) $ 8 Defined Benefit Pension Plans Amortization of prior service costs and actuarial losses $ (114 ) $ (311 ) (a) (114 ) (311 ) 28 75 Income tax provision $ (86 ) $ (236 ) (a) This AOCI component is included in the computation of net periodic pension benefit cost (see Note 15 for additional details). |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 , and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value. Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Institutional money market funds $ 82,416 $ ā $ 82,416 $ ā Cash equivalents Commercial paper $ 3,999 $ ā $ 3,999 $ ā Cash equivalents Corporate bonds $ 15,000 $ ā $ 15,000 $ ā Cash equivalents Municipal bonds $ 22,000 $ ā $ 22,000 $ ā Marketable securities Mutual funds $ 11,807 $ 11,807 $ ā $ ā Marketable securities Corporate bonds $ 121,559 $ ā $ 121,559 $ ā Marketable securities Municipal bonds $ 28,511 $ ā $ 28,511 $ ā Marketable securities Other government-related obligations $ 155,477 $ ā $ 155,477 $ ā Other current assets Foreign exchange forward contracts $ 58,570 $ ā $ 58,570 $ ā Other assets Foreign exchange forward contracts $ 35,019 $ ā $ 35,019 $ ā Other current liabilities Foreign exchange forward contracts $ 32,056 $ ā $ 32,056 $ ā Other liabilities Foreign exchange forward contracts $ 30,740 $ ā $ 30,740 $ ā Other current liabilities Acquisition-related contingent consideration $ 55,343 $ ā $ ā $ 55,343 Contingent consideration Acquisition-related contingent consideration $ 107,085 $ ā $ ā $ 107,085 Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Institutional money market funds $ 179,898 $ ā $ 179,898 $ ā Cash equivalents Commercial paper $ 192,418 $ ā $ 192,418 $ ā Cash equivalents Corporate bonds $ 12,250 $ ā $ 12,250 $ ā Cash equivalents Municipal bonds $ 60,001 $ ā $ 60,001 $ ā Cash equivalents Other government-related obligations $ 31,549 $ ā $ 31,549 $ ā Cash equivalents Bank certificates of deposit $ 27,000 $ ā $ 27,000 $ ā Marketable securities Mutual funds $ 8,817 $ 8,817 $ ā $ ā Marketable securities Commercial paper $ 61,978 $ ā $ 61,978 $ ā Marketable securities Corporate bonds $ 120,499 $ ā $ 120,499 $ ā Marketable securities Municipal bonds $ 27,110 $ ā $ 27,110 $ ā Marketable securities Other government-related obligations $ 156,500 $ ā $ 156,500 $ ā Other current assets Foreign exchange forward contracts $ 91,745 $ ā $ 91,745 $ ā Other assets Foreign exchange forward contracts $ 66,309 $ ā $ 66,309 $ ā Other current liabilities Foreign exchange forward contracts $ 5,648 $ ā $ 5,648 $ ā Other liabilities Foreign exchange forward contracts $ 4,773 $ ā $ 4,773 $ ā Other current liabilities Acquisition-related contingent consideration $ 55,804 $ ā $ ā $ 55,804 Contingent consideration Acquisition-related contingent consideration $ 121,424 $ ā $ ā $ 121,424 |
Schedule Of Acquisition-Related Contingent Consideration | The following table represents a roll-forward of our acquisition-related contingent consideration: Balance at December 31, 2015 $ (177,228 ) Change in fair value 14,800 Balance at March 31, 2016 $ (162,428 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision and Effective Tax Rate | The following table provides a comparative summary of our income tax provision and effective tax rate for the three months ended March 31, 2016 and 2015 : Three months ended March 31, 2016 2015 Provision for income taxes $ 51,432 $ 15,622 Effective tax rate 35.8 % 14.6 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Components of Net Periodic Benefit Costs | The components of net periodic benefit cost are as follows: Three months ended March 31, 2016 2015 Service cost $ 2,023 $ 2,421 Interest cost 60 180 Expected return on plan assets (163 ) (243 ) Employee contributions (352 ) (427 ) Amortization 114 311 Total net periodic benefit cost $ 1,682 $ 2,242 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Employee Separation Costs Contract Termination Costs Other Costs Total Liability, beginning of period $ 6,390 $ 682 $ 169 $ 7,241 Restructuring expenses ā 35 417 452 Cash settlements (3,806 ) (508 ) (570 ) (4,884 ) Adjustments to previous estimates (1,148 ) 1,418 ā 270 Liability, end of period $ 1,436 $ 1,627 $ 16 $ 3,079 |
Basis of Presentation and Pri37
Basis of Presentation and Principles Of Consolidation - Narrative (Details) - New Accounting Pronouncement, Early Adoption, Effect $ in Thousands | Dec. 31, 2015USD ($) |
Other Current Assets | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs | $ 8,635 |
Other Noncurrent Assets | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs | 26,714 |
Long-term Debt, Current Maturities | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs | 8,635 |
Long-term Debt, Excluding Current Maturities | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs | $ 26,714 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - Synageva BioPharma Corp. - USD ($) | Jun. 22, 2015 | May. 06, 2015 | May. 05, 2015 |
Business Acquisition [Line Items] | |||
Cash consideration | $ 4,565,524,000 | ||
Number of shares (shares) | 26,125,000 | ||
Consideration transferred, net of cash acquired | $ 8,860,000,000 | ||
Share price (dollars per share) | $ 188.24 | ||
Inventory | $ 23,880,000 | ||
Intangible assets | $ 4,236,000,000 | ||
Weighted average cost of capital (percent) | 10.00% | ||
Deferred tax liabilities, net | $ 171,638,000 | ||
Deferred tax liabilities, net | 602,887,000 | ||
Deferred tax assets, net | $ 431,249,000 | ||
Scenario, Previously Reported | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 115 | ||
Number of shares (shares) | 0.6581 | ||
Consideration transferred, net of cash acquired | $ 8,400,000,000 | ||
Share price (dollars per share) | $ 168.55 |
Acquisitions - Reconciliation o
Acquisitions - Reconciliation of Upfront Payments to Total Purchase Price (Details) - Synageva BioPharma Corp. $ in Thousands | Jun. 22, 2015USD ($) |
Business Acquisition [Line Items] | |
Stock consideration | $ 4,917,810 |
Cash consideration | 4,565,524 |
Total purchase price | $ 9,483,334 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 22, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 5,049,321 | $ 5,047,885 | |
Synageva BioPharma Corp. | |||
Business Acquisition [Line Items] | |||
Cash | $ 626,217 | ||
Inventory | 23,880 | ||
In-process research and development (IPR&D) | 4,236,000 | ||
Deferred tax liabilities, net | (171,638) | ||
Other assets and liabilities | (26,373) | ||
Net assets acquired | 4,688,086 | ||
Goodwill | 4,795,248 | ||
Total purchase price | $ 9,483,334 |
Acquisitions - Acquisition Rela
Acquisitions - Acquisition Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Combinations [Abstract] | ||
Transaction costs | $ 375 | $ 0 |
Integration costs | 964 | 0 |
Total transaction and integration costs | $ 1,339 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Inventory, Raw Materials | $ 16,948 | $ 17,924 |
Inventory, Work in Process | 162,979 | 180,324 |
Inventory, Finished Goods | 114,035 | 91,626 |
Inventory, Net | $ 293,962 | $ 289,874 |
Intangible Assets and Goodwil43
Intangible Assets and Goodwill (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Cost | $ 4,863,519 | $ 4,863,519 |
Intangible Assets, Accumulated Amortization | (235,702) | (155,605) |
Intangible Assets, Net | 4,627,817 | 4,707,914 |
Goodwill, Gross | 5,052,222 | 5,050,786 |
Goodwill, Accumulated Amortization | (2,901) | (2,901) |
Goodwill, Net | 5,049,321 | 5,047,885 |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 28,507 | 28,507 |
Finite-Lived Intangible Assets, Accumulated Amortization | (28,507) | (28,504) |
Finite-Lived Intangible Assets, Net | $ 0 | 3 |
Licenses | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (years) | 6 years | |
Licenses | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (years) | 8 years | |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (years) | 7 years | |
Finite-Lived Intangible Assets, Gross | $ 10,517 | 10,517 |
Finite-Lived Intangible Assets, Accumulated Amortization | (10,517) | (10,517) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Purchased technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 4,708,495 | 4,708,495 |
Finite-Lived Intangible Assets, Accumulated Amortization | (196,678) | (116,584) |
Finite-Lived Intangible Assets, Net | $ 4,511,817 | 4,591,911 |
Purchased technology | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (years) | 6 years | |
Purchased technology | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (years) | 16 years | |
Acquired IPR&D | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Asset, Cost | $ 116,000 | 116,000 |
Indefinite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
Intangible Assets and Goodwil44
Intangible Assets and Goodwill (Schedule of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 5,047,885 |
Change in goodwill associated with prior acquisition | 1,436 |
Goodwill, ending balance | $ 5,049,321 |
Intangible Assets and Goodwil45
Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 80,097 | $ 11 |
Finite-lived intangible assets, 2016 | 240,106 | |
Finite-lived intangible assets, 2017 | 320,142 | |
Finite-lived intangible assets, 2018 | 320,142 | |
Finite-lived intangible assets, 2019 | 320,142 | |
Finite-lived intangible assets, 2020 | 320,142 | |
Finite-lived intangible assets, 2021 | $ 320,142 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Jun. 22, 2015 | |
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 175,000 | ||
Amortization of Financing Costs | 2,513 | ||
Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Payments of Financing Costs | $ 45,492 | ||
Senior Secured Term Loan [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, principal amount | $ 3,500,000 | ||
Debt Instrument, Quarterly Payment, Percentage of Total Borrowings | 1.25% | ||
Outstanding debt | 3,281,250 | ||
Line of Credit [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 500,000 | ||
Letters of credit, amount outstanding | 12,970 | ||
Line of credit facility, borrowing availability | $ 487,030 | ||
Letter of Credit [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Sublimit for letter of credit for working capital requirements and other general corporate purposes | 100,000 | ||
Bridge Loan [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Sublimit for letter of credit for working capital requirements and other general corporate purposes | $ 25,000 |
Earnings Per Common Share (Summ
Earnings Per Common Share (Summary Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Common Share [Abstract] | ||
Net income used for basic and diluted calculation | $ 92,166 | $ 91,323 |
Shares used in computing earnings per common shareābasic | 225,060 | 199,361 |
Stock awards | 1,813 | 2,673 |
Shares used in computing earnings per common share-diluted | 226,873 | 202,034 |
Earnings Per Share, Basic | $ 0.41 | $ 0.46 |
Earnings Per Share, Diluted | $ 0.41 | $ 0.45 |
Earnings Per Common Share (Dilu
Earnings Per Common Share (Dilutive Shares Excluded From Calculatin Of Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Common Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,975 | 2,248 |
Marketable Securities (Summary
Marketable Securities (Summary of Available-for-Sale Securities Held) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 345,714 | $ 690,278 |
Available-For-Sale Debt Securities Gross Unrealized Gain, Accumulated In AOCI | 883 | 24 |
Available-For-Sale Debt Securities Gross Unrealized Loss, Accumulated In AOCI | 51 | 997 |
Available-for-sale Securities, Debt Securities | 346,546 | 689,305 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,999 | 254,396 |
Available-For-Sale Debt Securities Gross Unrealized Gain, Accumulated In AOCI | 0 | 0 |
Available-For-Sale Debt Securities Gross Unrealized Loss, Accumulated In AOCI | 0 | 0 |
Available-for-sale Securities, Debt Securities | 3,999 | 254,396 |
Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 136,009 | 133,062 |
Available-For-Sale Debt Securities Gross Unrealized Gain, Accumulated In AOCI | 553 | 23 |
Available-For-Sale Debt Securities Gross Unrealized Loss, Accumulated In AOCI | 3 | 336 |
Available-for-sale Securities, Debt Securities | 136,559 | 132,749 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 50,470 | 87,173 |
Available-For-Sale Debt Securities Gross Unrealized Gain, Accumulated In AOCI | 43 | 1 |
Available-For-Sale Debt Securities Gross Unrealized Loss, Accumulated In AOCI | 2 | 63 |
Available-for-sale Securities, Debt Securities | 50,511 | 87,111 |
US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 13,643 | 25,244 |
Available-For-Sale Debt Securities Gross Unrealized Gain, Accumulated In AOCI | 43 | 0 |
Available-For-Sale Debt Securities Gross Unrealized Loss, Accumulated In AOCI | 27 | 94 |
Available-for-sale Securities, Debt Securities | 13,659 | 25,150 |
Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 141,593 | 163,403 |
Available-For-Sale Debt Securities Gross Unrealized Gain, Accumulated In AOCI | 244 | 0 |
Available-For-Sale Debt Securities Gross Unrealized Loss, Accumulated In AOCI | 19 | 504 |
Available-for-sale Securities, Debt Securities | $ 141,818 | 162,899 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 27,000 | |
Available-For-Sale Debt Securities Gross Unrealized Gain, Accumulated In AOCI | 0 | |
Available-For-Sale Debt Securities Gross Unrealized Loss, Accumulated In AOCI | 0 | |
Available-for-sale Securities, Debt Securities | $ 27,000 |
Marketable Securities Narrative
Marketable Securities Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 62,496 | $ 293,947 |
Trading Securities | $ 11,807 | $ 8,817 |
Marketable Securities (Availabl
Marketable Securities (Available-for-Sale Securities by Classification in Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Securities | $ 346,546 | $ 689,305 |
Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Securities | 40,999 | 323,218 |
Marketable Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Securities | $ 305,547 | $ 366,087 |
Marketable Securities (Availa52
Marketable Securities (Available-for-Sale Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $ 140,145 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Three, Fair Value | 206,401 | |
Available-for-sale Securities, Debt Securities | $ 346,546 | $ 689,305 |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Foreign Exchange Forward Contracts Term | 60 months | ||
Amount of gain (loss) to be reclassified from AOCI | $ 39,730,000 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Foreign Exchange Forward Contracts Term | 90 days | ||
Gain in other income and expense | $ (12,969,000) | $ 6,423,000 | |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Foreign Currency Derivatives | 2,088,952,000 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Fair Value, Net Asset (Liability) | $ 0 | ||
Notional Amount of Foreign Currency Derivatives | $ 307,585,000 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities (Schedule Of Other Comprehensive Income And Earnings From Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments and Hedging Activities [Abstract] | ||
Gain (loss) recognized in AOCI, net of tax | $ (49,442) | $ 93,809 |
Gain reclassified from AOCI to net product sales (effective portion), net of tax | 14,659 | 25,447 |
Gain reclassified from AOCI to other income and expense (ineffective portion), net of tax | $ 0 | $ 1,075 |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities (Schedule Of Fair Value Of Outstanding Derivatives) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 93,589 | $ 158,054 |
Liability Derivatives, Fair Value | 62,796 | 10,421 |
Foreign Exchange Forward [Member] | Other Current Assets | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 55,976 | 85,058 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 15,870 | 1,491 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 35,019 | 66,309 |
Foreign Exchange Forward [Member] | Other Non Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 30,740 | 4,773 |
Foreign Exchange Forward [Member] | Other Current Assets | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 2,594 | 6,687 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 16,186 | $ 4,157 |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities (Schedule of Offsetting Assets and LIabilities) (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 93,589 | $ 158,054 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 93,589 | 158,054 |
Derivative, Collateral, Obligation to Return Securities | (27,928) | (10,421) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 65,661 | 147,633 |
Derivative Liability, Fair Value, Gross Liability | (62,796) | (10,421) |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 62,796 | 10,421 |
Derivative, Collateral, Right to Reclaim Securities | 27,928 | 10,421 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 34,868 | $ 0 |
Other Investments (Details)
Other Investments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Moderna LLC [Member] | |
Investment [Line Items] | |
Investment owned, at cost | $ 37,500 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | May. 06, 2015 | |
Class of Stock [Line Items] | ||||
Treasury Stock, Shares, Acquired | 2,083,000 | 334,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 296,515 | $ 60,026 | ||
Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Treasury Stock, Shares, Acquired | 245,000 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 34,136 | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,000,000 | |||
Common Stock [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Total remaining amount for repurchases under program | $ 425,213 |
Other Comprehensive Income an59
Other Comprehensive Income and Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 62,301 | $ 56,785 |
Other comprehensive income before reclassifications | (44,078) | 88,998 |
Amounts reclassified from other comprehensive income | (14,408) | (26,294) |
Net other comprehensive income (loss) | (58,486) | 62,704 |
Ending balance | 3,815 | 119,489 |
Defined Benefit Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (9,589) | (16,570) |
Other comprehensive income before reclassifications | 2,035 | (488) |
Amounts reclassified from other comprehensive income | 86 | 236 |
Net other comprehensive income (loss) | 2,121 | (252) |
Ending balance | (7,468) | (16,822) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (785) | (234) |
Other comprehensive income before reclassifications | 1,333 | 1,065 |
Amounts reclassified from other comprehensive income | 165 | (8) |
Net other comprehensive income (loss) | 1,498 | 1,057 |
Ending balance | 713 | 823 |
Net Unrealized Gain (Loss) From Hedging Activities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 92,670 | 87,308 |
Other comprehensive income before reclassifications | (49,442) | 93,809 |
Amounts reclassified from other comprehensive income | (14,659) | (26,522) |
Net other comprehensive income (loss) | (64,101) | 67,287 |
Ending balance | 28,569 | 154,595 |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (19,995) | (13,719) |
Other comprehensive income before reclassifications | 1,996 | (5,388) |
Amounts reclassified from other comprehensive income | 0 | 0 |
Net other comprehensive income (loss) | 1,996 | (5,388) |
Ending balance | $ (17,999) | $ (19,107) |
Other Comprehensive Income an60
Other Comprehensive Income and Accumulated Other Comprehensive Income (Significant Reclassifications from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net product sales | $ 700,425 | $ 600,333 | |
Foreign currency gain | 91 | 1,005 | |
Investment income | 1,551 | 2,884 | |
Income before income taxes | 143,598 | 106,945 | |
Income tax provision | (51,432) | (15,622) | |
Net income | 92,166 | 91,323 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Unrealized Gain (Loss) From Hedging Activities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net product sales | 22,812 | 29,083 | |
Foreign currency gain | 0 | 1,228 | |
Income before income taxes | 22,812 | 30,311 | |
Income tax provision | (8,153) | (3,789) | |
Net income | 14,659 | 26,522 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Investment income | (262) | 13 | |
Income before income taxes | (262) | 13 | |
Income tax provision | 97 | (5) | |
Net income | (165) | 8 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Pension Plan [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior service costs and actuarial losses | [1] | (114) | (311) |
Income before income taxes | (114) | (311) | |
Income tax provision | 28 | 75 | |
Net income | $ (86) | $ (236) | |
[1] | (a) This AOCI component is included in the computation of net periodic pension benefit cost (see Note 15 for additional details). |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule Of Assets And Liabilites Measured At Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ 107,085 | $ 121,424 |
Money Market Funds [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 82,416 | 179,898 |
Money Market Funds [Member] | Cash Equivalents [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Cash Equivalents [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 82,416 | 179,898 |
Money Market Funds [Member] | Cash Equivalents [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Commercial Paper [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,999 | 192,418 |
Commercial Paper [Member] | Cash Equivalents [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Commercial Paper [Member] | Cash Equivalents [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,999 | 192,418 |
Commercial Paper [Member] | Cash Equivalents [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Commercial Paper [Member] | Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 61,978 | |
Commercial Paper [Member] | Marketable Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Commercial Paper [Member] | Marketable Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 61,978 | |
Commercial Paper [Member] | Marketable Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Corporate Bond Securities [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15,000 | 12,250 |
Corporate Bond Securities [Member] | Cash Equivalents [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Corporate Bond Securities [Member] | Cash Equivalents [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15,000 | 12,250 |
Corporate Bond Securities [Member] | Cash Equivalents [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Corporate Bond Securities [Member] | Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 121,559 | 120,499 |
Corporate Bond Securities [Member] | Marketable Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Corporate Bond Securities [Member] | Marketable Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 121,559 | 120,499 |
Corporate Bond Securities [Member] | Marketable Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Mutual Funds [Member] | Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 11,807 | 8,817 |
Mutual Funds [Member] | Marketable Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 11,807 | 8,817 |
Mutual Funds [Member] | Marketable Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Mutual Funds [Member] | Marketable Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Municipal Bonds [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 22,000 | 60,001 |
Municipal Bonds [Member] | Cash Equivalents [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Municipal Bonds [Member] | Cash Equivalents [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 22,000 | 60,001 |
Municipal Bonds [Member] | Cash Equivalents [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Municipal Bonds [Member] | Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 28,511 | 27,110 |
Municipal Bonds [Member] | Marketable Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Municipal Bonds [Member] | Marketable Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 28,511 | 27,110 |
Municipal Bonds [Member] | Marketable Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Other Government Obligations [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 31,549 | |
Other Government Obligations [Member] | Cash Equivalents [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Other Government Obligations [Member] | Cash Equivalents [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 31,549 | |
Other Government Obligations [Member] | Cash Equivalents [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Other Government Obligations [Member] | Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 155,477 | 156,500 |
Other Government Obligations [Member] | Marketable Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Other Government Obligations [Member] | Marketable Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 155,477 | 156,500 |
Other Government Obligations [Member] | Marketable Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Certificates of Deposit [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 27,000 | |
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 27,000 | |
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Foreign Exchange Forward [Member] | Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 58,570 | 91,745 |
Foreign Exchange Forward [Member] | Other Current Assets | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 0 | 0 |
Foreign Exchange Forward [Member] | Other Current Assets | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 58,570 | 91,745 |
Foreign Exchange Forward [Member] | Other Current Assets | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 0 | 0 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 35,019 | 66,309 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 0 | 0 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 35,019 | 66,309 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 0 | 0 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 32,056 | 5,648 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 0 | 0 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 32,056 | 5,648 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 0 | 0 |
Foreign Exchange Forward [Member] | Other Non Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 30,740 | 4,773 |
Foreign Exchange Forward [Member] | Other Non Current Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 0 | 0 |
Foreign Exchange Forward [Member] | Other Non Current Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 30,740 | 4,773 |
Foreign Exchange Forward [Member] | Other Non Current Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 162,428 | |
Acquisition Related Contingent Consideration [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 55,343 | 55,804 |
Acquisition Related Contingent Consideration [Member] | Other Current Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | Other Current Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | Other Current Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 55,343 | 55,804 |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 107,085 | 121,424 |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ 107,085 | $ 121,424 |
Fair Value Measurement (Sched62
Fair Value Measurement (Schedule Of Acquisition-Related Contingent Consideration) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 826,000 | |
Contingent consideration | 107,085 | $ 121,424 |
Acquisition Related Contingent Consideration [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Contingent consideration | $ 162,428 | |
Acquisition Related Contingent Consideration [Member] | Level 3 [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Cost of debt | 5.50% | |
Acquisition-Related Contingent Consideration [Roll Forward] | ||
Balance at beginning of period | $ (177,228) | |
Change in fair value | (14,800) | |
Balance at end of period | $ (162,428) | |
Acquisition Related Contingent Consideration [Member] | Minimum | Level 3 [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Weighted average cost of capital | 10.00% | |
Acquisition Related Contingent Consideration [Member] | Maximum | Level 3 [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Weighted average cost of capital | 21.00% |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Provision and Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision | $ 51,432 | $ 15,622 |
Effective tax rate (percent) | 35.80% | 14.60% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Contingency [Line Items] | ||
Effective income tax rate reconciliation, distribution of earnings from foreign partnership (percent) | 19.00% | |
Income tax expense | $ 51,432 | $ 15,622 |
Effective tax rate (percent) | 35.80% | 14.60% |
Correction of Provision | Understatement of Income Tax Expense | ||
Income Tax Contingency [Line Items] | ||
Income tax expense | $ 8,955 |
Defined Benefit Plans (Schedule
Defined Benefit Plans (Schedule of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Service cost | $ 2,023 | $ 2,421 |
Interest cost | 60 | 180 |
Expected return on plan assets | (163) | (243) |
Employee contributions | (352) | (427) |
Amortization | 114 | 311 |
Total net periodic benefit cost | $ 1,682 | $ 2,242 |
Facility Lease Obligations (Det
Facility Lease Obligations (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2012 | Mar. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Facility lease obligation | $ 172,970 | $ 151,307 | |
CONNECTICUT | Facility Lease Obligation | |||
Operating Leased Assets [Line Items] | |||
Facility lease obligation | 134,211 | 132,866 | |
Minimum | CONNECTICUT | Construction in Progress | |||
Operating Leased Assets [Line Items] | |||
Renewal term (years) | 10 years | ||
Lonza Group AG | |||
Operating Leased Assets [Line Items] | |||
Unrecorded unconditional purchase obligation, purchases | 23,000 | ||
Lonza Group AG | Facility Lease Obligation | |||
Operating Leased Assets [Line Items] | |||
Facility lease obligation | $ 35,632 | 15,229 | |
Facility lease obligation, payment period (years) | 10 years | ||
Lonza Group AG | Construction in Progress | |||
Operating Leased Assets [Line Items] | |||
Property, plant and equipment, gross | $ 42,652 | $ 19,259 | |
Inventories | Lonza Group AG | |||
Operating Leased Assets [Line Items] | |||
Unrecorded unconditional purchase obligation, purchases | 20,010 | ||
Facility Lease Obligation | Lonza Group AG | |||
Operating Leased Assets [Line Items] | |||
Unrecorded unconditional purchase obligation, purchases | $ 2,990 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments and Contingencies [Line Items] | |
Other Commitment, Potential Payment | $ 35,035 |
Lonza Agreement [Member] | |
Commitments and Contingencies [Line Items] | |
Remaining total commitments with Lonza | $ 1,134,661 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | $ 452 | |
Restructuring Reserve | 3,079 | $ 7,241 |
Employee Separation Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 0 | |
Restructuring Reserve | 1,436 | $ 6,390 |
Synageva BioPharma Corp. | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | (924) | |
Relocation of European Headquarters [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, additional restructuring costs | $ 1,646 |
Restructuring Reserve Roll Forw
Restructuring Reserve Roll Forward (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | $ 7,241 |
Restructuring expenses | 452 |
Cash settlements | (4,884) |
Adjustments to previous estimates | 270 |
Ending Balance | 3,079 |
Employee Separation Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 6,390 |
Restructuring expenses | 0 |
Cash settlements | (3,806) |
Adjustments to previous estimates | (1,148) |
Ending Balance | 1,436 |
Contract Termination Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 682 |
Restructuring expenses | 35 |
Cash settlements | (508) |
Adjustments to previous estimates | 1,418 |
Ending Balance | 1,627 |
Other Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 169 |
Restructuring expenses | 417 |
Cash settlements | (570) |
Adjustments to previous estimates | 0 |
Ending Balance | $ 16 |