Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2016 | Dec. 29, 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 | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 223,930,700 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 761,989 | $ 1,010,111 |
Marketable securities | 550,882 | 374,904 |
Trade accounts receivable, net | 676,837 | 532,832 |
Inventories | 363,058 | 289,874 |
Prepaid expenses and other current assets | 241,768 | 208,993 |
Total current assets | 2,594,534 | 2,416,714 |
Property, plant and equipment, net | 931,060 | 697,025 |
Intangible assets, net | 4,467,726 | 4,707,914 |
Goodwill | 5,037,444 | 5,047,885 |
Other assets | 262,698 | 228,343 |
Total assets | 13,293,462 | 13,097,881 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 44,849 | 57,360 |
Accrued expenses | 485,234 | 403,348 |
Deferred revenue | 63,402 | 20,504 |
Current portion of long-term debt | 322,942 | 166,365 |
Current portion of contingent consideration | 81,848 | 55,804 |
Other current liabilities | 36,066 | 6,234 |
Total current liabilities | 1,034,341 | 709,615 |
Long-term debt, less current portion | 2,929,384 | 3,254,536 |
Facility lease obligation | 224,442 | 151,307 |
Contingent consideration | 126,056 | 121,424 |
Deferred tax liabilities | 343,794 | 528,990 |
Other liabilities | 131,342 | 73,393 |
Total liabilities | 4,789,359 | 4,839,265 |
Commitments and contingencies (Note 17) | ||
Stockholders' Equity: | ||
Common stock, $0.0001 par value; 290,000 shares authorized; 231,627 and 230,498 shares issued at September 30, 2016 and December 31, 2015, respectively | 23 | 23 |
Additional paid-in capital | 7,906,523 | 7,726,560 |
Treasury stock, at cost, 7,715 and 4,851 shares at September 30, 2016 and December 31, 2015, respectively | (1,110,635) | (710,663) |
Accumulated other comprehensive loss | (16,617) | 62,301 |
Retained earnings | 1,724,809 | 1,180,395 |
Total stockholders' equity | 8,504,103 | 8,258,616 |
Total liabilities and stockholders' equity | $ 13,293,462 | $ 13,097,881 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 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 | 231,627 | 230,498 |
Treasury Stock, Shares | 7,715 | 4,851 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net product sales | $ 798,524 | $ 665,791 | $ 2,251,495 | $ 1,902,107 |
Other revenue | 582 | 846 | 1,765 | 1,073 |
Total revenues | 799,106 | 666,637 | 2,253,260 | 1,903,180 |
Cost of sales | 71,095 | 54,057 | 190,708 | 175,463 |
Operating expenses: | ||||
Research and development | 195,687 | 165,664 | 551,288 | 518,437 |
Selling, general and administrative | 230,128 | 212,520 | 694,491 | 621,019 |
Amortization of purchased intangible assets | 82,036 | 36,608 | 242,185 | 36,608 |
Change in fair value of contingent consideration | 40,290 | 29,684 | 30,676 | 45,707 |
Acquisition-related costs | 0 | 6,075 | 2,313 | 35,852 |
Restructuring expenses | 564 | 7,461 | 1,741 | 30,737 |
Total operating expenses | 548,705 | 458,012 | 1,522,694 | 1,288,360 |
Operating income | 179,306 | 154,568 | 539,858 | 439,357 |
Other income and expense: | ||||
Investment income | 4,626 | 1,967 | 8,049 | 7,077 |
Interest expense | (24,807) | (19,971) | (72,490) | (24,593) |
Foreign currency (loss) gain | (1,011) | 2,795 | (3,740) | 1,755 |
Income before income taxes | 158,114 | 139,359 | 471,677 | 423,596 |
Income tax provision | 63,776 | 323,116 | 165,113 | 345,815 |
Net income (loss) | $ 94,338 | $ (183,757) | $ 306,564 | $ 77,781 |
Earnings (loss) per common share | ||||
Basic | $ 0.42 | $ (0.81) | $ 1.37 | $ 0.37 |
Diluted | $ 0.42 | $ (0.81) | $ 1.35 | $ 0.37 |
Shares used in computing earnings per common share | ||||
Basic | 224,180 | 226,228 | 224,454 | 209,373 |
Diluted | 226,088 | 226,228 | 226,560 | 211,808 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income (loss) | $ 94,338 | $ (183,757) | $ 306,564 | $ 77,781 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 488 | (1,847) | 2,609 | (6,065) |
Unrealized (losses) gains on marketable securities | (1,910) | 135 | 1,553 | 389 |
Unrealized gains on pension obligation | 15 | 8,932 | 1,225 | 1,487 |
Unrealized (losses) gains on hedging activities, net of tax of $(8,694), $(8,011), $(46,057) and $2,998, respectively | (15,904) | (15,308) | (84,305) | 1,832 |
Other comprehensive (loss) income, net of tax | (17,311) | (8,088) | (78,918) | (2,357) |
Comprehensive income (loss) | $ 77,027 | $ (191,845) | $ 227,646 | $ 75,424 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Unrealized (losses) gains on hedging activities, net of tax | $ (8,694) | $ (8,011) | $ (46,057) | $ 2,998 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 306,564 | $ 77,781 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 295,259 | 72,863 |
Change in fair value of contingent consideration | 30,676 | 45,707 |
Share-based compensation expense | 151,209 | 160,853 |
Deferred taxes | 95,771 | 385,915 |
Change in excess tax benefit from stock options | 0 | 76,291 |
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | 10,666 | 769 |
Other | (921) | (1,837) |
Changes in operating assets and liabilities | ||
Accounts receivable | (129,875) | (90,952) |
Inventories | (72,190) | (7,368) |
Prepaid expenses and other assets | (119,897) | (80,015) |
Accounts payable, accrued expenses and other liabilities | 92,775 | (147,108) |
Deferred revenue | 43,267 | (8,557) |
Net cash provided by operating activities | 703,304 | 484,342 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (655,974) | (372,537) |
Proceeds from maturity or sale of available-for-sale securities | 485,382 | 1,092,968 |
Purchases of trading securities | (6,173) | (12,249) |
Proceeds from sale of trading securities | 2,337 | 8,287 |
Purchases of property, plant and equipment | (225,995) | (206,224) |
Payment for acquisition of business, net of cash acquired | 0 | (3,939,307) |
Other | (1,135) | 5,479 |
Net cash used in investing activities | (401,558) | (3,423,583) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | (45,492) |
Proceeds from revolving credit facility | 0 | 200,000 |
Proceeds from term loan | 0 | 3,500,000 |
Payments on revolving credit facility | 0 | (200,000) |
Payments on term loan | (175,000) | (57,500) |
Equity issuance costs for shares issued in connection with acquisition of business | 0 | (4,053) |
Change in excess tax benefit from stock options | 0 | (76,291) |
Repurchase of common stock | (399,972) | (175,383) |
Net proceeds from issuance of common stock under share-based compensation arrangements | 27,760 | 50,824 |
Payments of contingent consideration | 0 | (50,000) |
Proceeds from development related grants | 0 | 26,000 |
Other | (5,325) | (1,718) |
Net cash (used in) provided by financing activities | (552,537) | 3,166,387 |
Effect of exchange rate changes on cash | 2,669 | (7,864) |
Net change in cash and cash equivalents | (248,122) | 219,282 |
Cash and cash equivalents at beginning of period | 1,010,111 | 943,999 |
Cash and cash equivalents at end of period | 761,989 | 1,163,281 |
Supplemental cash flow disclosures from investing and financing activities: | ||
Common stock issued in acquisition of business | 0 | 4,917,810 |
Capitalization of construction costs related to facility lease obligations | 84,838 | 40,185 |
Accrued expenses for purchases of property, plant and equipment | $ 22,686 | $ 25,165 |
Business
Business | 9 Months Ended |
Sep. 30, 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, Soliris® (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 disorders resulting from chronic uncontrolled activation of the complement component of the immune system. In our metabolic franchise, we commercialize Strensiq® (asfotase alfa) for the treatment of patients with hypophosphatasia (HPP) and Kanuma® (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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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 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 from other non current assets to 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 intended to simplify certain aspects of the accounting for employee share-based payments. We elected to early adopt this standard during the third quarter of 2016. One aspect of the standard requires an entity to recognize all excess tax benefits and deficiencies associated with stock-based compensation as a reduction or increase to tax expense in the income statement. Previously, such amounts were recognized in additional paid-in capital. This aspect of the new standard was adopted prospectively, and accordingly we recorded tax benefits of $2,249 and $7,366 , respectively, within income tax expense for the three and nine months ended September 30, 2016. The amendments require recognition of excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. As a result, $237,850 associated with previously unrecognized excess tax benefits was recorded as a deferred tax asset and an increase in retained earnings as of the beginning of 2016. Furthermore, the amendment requires that excess tax benefits be classified as an operating activity in the statement of cash flows instead of a financing activity. We elected to adopt this provision of the standard prospectively and thus, prior periods have not been adjusted. We have also elected to continue to estimate the impact of forfeitures when determining the amount of compensation cost to be recognized each period rather than account for forfeitures as they occur. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 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 furthered 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 was Kanuma, an enzyme replacement therapy for patients suffering with LAL-D, a life-threatening, ultra-rare disease for which there were no approved treatments at the closing of the business combination. The U.S. Food and Drug Administration (FDA) and European Commission approved Kanuma in 2015. 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 (159,991 ) Other assets and liabilities (26,143 ) Net assets acquired 4,699,963 Goodwill 4,783,371 Total purchase price $ 9,483,334 The fair value of the assets acquired and liabilities assumed were initially based upon preliminary calculations, and our estimates and assumptions were subject to change as we obtained additional information for our estimates during the measurement period (up to one year from the acquisition date). During the nine months ended September 30, 2016 , we recorded fair value adjustments of $10,441 primarily due to tax related items. 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 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 $159,991 . This amount was primarily comprised of $602,887 of deferred tax liabilities related to the IPR&D and inventory acquired, offset by $442,896 of deferred tax assets related to net operating loss carryforwards (NOLs), tax credits, and other temporary differences, which we expect to utilize. For the three and nine months ended September 30, 2015 , we recorded $53,721 and $58,356 of pre-tax operating losses, respectively, associated with the continuing operations of Synageva in our condensed consolidated statements of operations. Pro forma financial information (unaudited) The following unaudited pro forma information presents the combined results of Alexion and Synageva as if the acquisition of Synageva had been completed on January 1, 2014, with adjustments to give effect to pro forma events that are directly attributable to the acquisition. The unaudited pro forma results do not reflect operating efficiencies or potential cost savings which may result from the consolidation of operations. Accordingly, the unaudited pro forma financial information is not necessarily indicative of the results of operations that would have had we completed the transaction on January 1, 2014. Three months ended Nine months ended September 30, 2015 September 30, 2015 Pro forma revenue $ 666,637 $ 1,905,388 Pro forma net loss (177,854 ) (47,565 ) Loss per common share Basic $ (0.79 ) $ (0.21 ) Diluted $ (0.79 ) $ (0.21 ) The unaudited pro forma consolidated results include the following pro forma adjustments related to non-recurring activity: • Alexion and Synageva expenses of $33,150 and $127,290 , respectively, associated with the accelerated vesting of stock based compensation as a result of the acquisition, were excluded from net income for the nine months ended September 30, 2015 . • Alexion and Synageva acquisition-related and restructuring costs of $49,367 and $62,071 , respectively, were excluded from income for the nine months ended September 30, 2015 . Alexion acquisition-related and restructuring costs of $9,223 were excluded from income for the three months ended September 30, 2015 . Acquisition-Related Costs Acquisition-related costs associated with our business combinations for the three and nine months ended September 30, 2016 and 2015 include the following: Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Transaction costs (1) $ — $ — $ 375 $ 26,799 Integration costs — 6,075 1,938 9,053 $ — $ 6,075 $ 2,313 $ 35,852 (1) Transaction costs include investment advisory, legal, and accounting fees For the three and nine months ended September 30, 2015 , the acquisition of Synageva resulted in $3,149 and $13,470 of restructuring related charges, respectively. Synageva restructuring related charges were not material for the three and nine months ended September 30, 2016 . See Note 18 for additional details. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2016 2015 Raw materials $ 17,005 $ 17,924 Work-in-process 192,279 180,324 Finished goods 153,774 91,626 $ 363,058 $ 289,874 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 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: September 30, 2016 December 31, 2015 Estimated Cost Accumulated Net Cost Accumulated Net Licenses 6-8 $ 28,507 $ (28,507 ) $ — $ 28,507 $ (28,504 ) $ 3 Patents 7 10,517 (10,517 ) — 10,517 (10,517 ) — Purchased technology 6-16 4,710,495 (358,769 ) 4,351,726 4,708,495 (116,584 ) 4,591,911 Acquired IPR&D Indefinite 116,000 — 116,000 116,000 — 116,000 Total $ 4,865,519 $ (397,793 ) $ 4,467,726 $ 4,863,519 $ (155,605 ) $ 4,707,914 Goodwill Indefinite $ 5,040,345 $ (2,901 ) $ 5,037,444 $ 5,050,786 $ (2,901 ) $ 5,047,885 Amortization expense for the three and nine months ended September 30, 2016 was $82,035 and $242,188 , respectively. Amortization expense for the three and nine months ended September 30, 2015 was $36,619 and $36,640 , respectively. Total estimated amortization expense for finite-lived intangible assets is $80,035 for the three 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 (10,441 ) Balance at September 30, 2016 $ 5,037,444 Indefinite-lived intangible assets, including IPR&D, are reviewed for impairment annually and whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The value of these assets may become impaired if there are changes since the acquisition date in the underlying assumptions used to estimate expected project sales, development costs and profitability. As of January 4, 2017 , we are in the process of completing our annual impairment assessment on our SBC-103 indefinite-lived intangible asset acquired from Synageva. If the results of this assessment indicate that the asset may be impaired, an impairment charge may be recorded during in the fourth quarter of 2016. |
Debt
Debt | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2016 was $2,382 and $7,278 , respectively. Amortization expense associated with deferred financing costs for the three and nine months ended September 30, 2015 was $2,513 and $3,864 , respectively. We made principal payments of $175,000 during the nine months ended September 30, 2016 . As of September 30, 2016 , we had $3,281,250 outstanding on the term loan. In December 2016, we made a principle payment of $200,000 on our term loan. As of January 4, 2017 , we had $3,081,250 outstanding on the term loan. As of September 30, 2016 , we had open letters of credit of $14,632 , and our borrowing availability under the revolving facility was $485,368 . The fair value of our long term debt, which is measured using Level 2 inputs, approximates book value. Under the Credit Agreement, we are required to deliver to the administrative agent, not later than 50 days after each fiscal quarter, our quarterly financial statements, and within 5 days thereafter, a compliance certificate. In November 2016, we obtained a waiver from the necessary lenders for this requirement and the due date for delivery of the financial statements and compliance certificate was extended to January 18, 2017. The posting of this report on Form 10-Q on our website satisfies the financial statement covenant, and we simultaneously delivered the required compliance certificate, as required by the lenders. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 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 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 and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Net income (loss) used for basic and diluted calculation $ 94,338 $ (183,757 ) $ 306,564 $ 77,781 Shares used in computing earnings per common share—basic 224,180 226,228 224,454 209,373 Weighted-average effect of dilutive securities: Stock awards 1,908 — 2,106 2,435 Shares used in computing earnings per common share—diluted 226,088 226,228 226,560 211,808 Earnings (loss) per common share: Basic $ 0.42 $ (0.81 ) $ 1.37 $ 0.37 Diluted $ 0.42 $ (0.81 ) $ 1.35 $ 0.37 We exclude from EPS the weighted-average number of securities whose effect is anti-dilutive. Excluded from the calculation of EPS for the three and nine months ended September 30, 2016 were 4,520 and 4,386 shares of common stock, respectively, because their effect was anti-dilutive. Similarly, we excluded 2,437 shares from the calculation of EPS for the nine months ended September 30, 2015 because their effect was anti-dilutive. For the three months ended September 30, 2015 , we reported a net loss; therefore, no outstanding stock awards were included in the computation of diluted net loss per share since such inclusion would have been anti-dilutive. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable securities | Marketable Securities The amortized cost, gross unrealized holding gains, gross unrealized holding losses and estimated fair value of available-for-sale investments by type of security at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Commercial paper $ 238,092 $ — $ — $ 238,092 Corporate bonds 188,009 32 (237 ) 187,804 Municipal bonds 155,421 1 (116 ) 155,306 Other government-related obligations: U.S. 30,503 — (20 ) 30,483 Foreign 133,530 4 (105 ) 133,429 Bank certificates of deposit 14,751 — — 14,751 Total available-for-sale debt securities $ 760,306 $ 37 $ (478 ) $ 759,865 Equity securities — 1,775 — 1,775 Total available-for-sale securities $ 760,306 $ 1,812 $ (478 ) $ 761,640 December 31, 2015 Amortized Cost Basis Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Commercial paper $ 254,396 $ — $ — $ 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 — (94 ) 25,150 Foreign 163,403 — (504 ) 162,899 Bank certificates of deposit 27,000 — — 27,000 Total available-for-sale securities $ 690,278 $ 24 $ (997 ) $ 689,305 The aggregate fair value of available-for-sale securities in an unrealized loss position as of September 30, 2016 and December 31, 2015 were $348,525 and $293,947 , respectively. Investments that have been in a continuous unrealized loss position for more than 12 months were not material. As of September 30, 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: September 30, 2016 December 31, 2015 Cash and cash equivalents $ 224,179 $ 323,218 Marketable securities 537,461 366,087 $ 761,640 $ 689,305 The fair values of available-for-sale debt securities at September 30, 2016 , by contractual maturity, are summarized as follows: September 30, 2016 Due in one year or less $ 508,813 Due after one year through three years 251,052 $ 759,865 As of September 30, 2016 and December 31, 2015 , the fair value of our trading securities was $13,421 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 and nine months ended September 30, 2016 and 2015 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 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 are also exposed to fluctuations in interest rates on our outstanding term loan debt. We manage these exposures 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 September 30, 2016 , we had open foreign exchange forward contracts with notional amounts totaling $1,902,227 that qualified for hedge accounting. To achieve a desired mix of floating and fixed interest rates on our term loan, we entered into two interest rate swap agreements in June 2016 that qualified for and are designated as cash flow hedges. The first agreement has a notional amount of $3,281,250 and is effective from June 30, 2016 through December 30, 2016. This agreement hedges the contractual floating interest rate of our term loan. As a result of this agreement, the interest rate for our term loan has been fixed at 0.535% , plus the borrowing spread, until December 30, 2016. The second agreement has a notional amount of $656,250 and is effective December 31, 2016 through December 31, 2019. The second agreement converts the floating rate on a portion of our term loan to a fixed rate of 0.98% , plus a borrowing spread, from December 31, 2016 through December 2019. The impact on accumulated other comprehensive income (AOCI) and earnings from derivative instruments that qualified as cash flow hedges, for the three and nine months ended September 30, 2016 and 2015 were as follows: Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Foreign Exchange Contracts: Gain (loss) recognized in AOCI, net of tax $ (10,402 ) $ 10,206 $ (50,191 ) $ 81,794 Gain reclassified from AOCI to net product sales (effective portion), net of tax $ 8,237 $ 25,842 $ 33,154 $ 78,959 Gain (loss) reclassified from AOCI to other income and expense (ineffective portion), net of tax $ — $ (328 ) $ — $ 1,003 Interest Rate Contracts: Gain (loss) recognized in AOCI, net of tax $ 2,517 $ — $ (1,178 ) $ — Loss reclassified from AOCI to interest expense, net of tax $ (218 ) $ — $ (218 ) $ — Assuming no change in foreign exchange rates or LIBOR-based interest rates from market rates at September 30, 2016 , $22,182 and $(717) of gains (losses) recognized in AOCI will be reclassified to revenue and interest expense, respectively, 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 September 30, 2016 , the notional amount of foreign exchange contracts where hedge accounting is not applied was $569,590 . We recognized a (loss) gain of $(2,528) and $2,676 , in other income and expense, for the three months ended September 30, 2016 and 2015 , respectively, and $(20,643) and $2,439 , for the nine months ended September 30, 2016 and 2015 , respectively, associated with the foreign exchange contracts not designated as hedging instruments. These amounts were largely offset by gains or losses in monetary assets and liabilities. The following tables summarize the fair value of outstanding derivatives at September 30, 2016 and December 31, 2015 : September 30, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 48,014 Other current liabilities $ 25,831 Foreign exchange forward contracts Other assets 31,122 Other liabilities 38,392 Interest rate contracts Prepaid expenses and other current assets 229 Other current liabilities 946 Interest rate contracts Other assets — Other liabilities 797 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 2,306 Other current liabilities 9,113 Total fair value of derivative instruments $ 81,671 $ 75,079 December 31, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 85,058 Other current liabilities $ 1,491 Foreign exchange forward contracts Other assets 66,309 Other liabilities 4,773 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 6,687 Other current liabilities 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 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 and interest rate contracts subject to such provisions: September 30, 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 $ 81,671 $ — $ 81,671 $ (49,423 ) $ — $ 32,248 Derivative liabilities (75,079 ) — (75,079 ) 49,423 — (25,656 ) 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 $ — $ 158,054 $ (10,421 ) $ — $ 147,633 Derivative liabilities (10,421 ) — (10,421 ) 10,421 — — |
Other Investments
Other Investments | 9 Months Ended |
Sep. 30, 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 September 30, 2016 . |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 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, for the three months ended September 30, 2016 and 2015 we repurchased 536 and 556 shares of our common stock at a cost of $69,321 and $91,820 , respectively, and during the nine months ended September 30, 2016 and 2015 , we repurchased 2,864 and 1,022 shares of our common stock at a cost of $399,972 and $175,383 , respectively. Subsequent to September 30, 2016 , we repurchased 250 shares of our common stock under our repurchase program at a cost of $30,695 . As of January 4, 2017 , there was a total of $325,197 remaining for repurchases under the repurchase program. |
Other Comprehensive Income and
Other Comprehensive Income and Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 1,003 1,893 (51,369 ) 2,609 $ (45,864 ) Amounts reclassified from other comprehensive income 222 (340 ) (32,936 ) — $ (33,054 ) Net other comprehensive income (loss) 1,225 1,553 (84,305 ) 2,609 (78,918 ) Balances, September 30, 2016 $ (8,364 ) $ 768 $ 8,365 $ (17,386 ) $ (16,617 ) 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, 2014 $ (16,570 ) $ (234 ) $ 87,308 $ (13,719 ) $ 56,785 Other comprehensive income before reclassifications 1,394 412 81,794 (6,065 ) 77,535 Amounts reclassified from other comprehensive income 93 (23 ) (79,962 ) — (79,892 ) Net other comprehensive income (loss) 1,487 389 1,832 (6,065 ) (2,357 ) Balances, September 30, 2015 $ (15,083 ) $ 155 $ 89,140 $ (19,784 ) $ 54,428 The table below provides details regarding significant reclassifications from AOCI during the three and nine months ended September 30, 2016 and 2015 : Details about Accumulated Other Comprehensive Income Components Amount Reclassified From Accumulated Other Comprehensive Income during the three months ended September 30, Amount Reclassified From Accumulated Other Comprehensive Income during the nine months ended September 30, Affected Line Item in the Condensed Consolidated Statements of Operations 2016 2015 2016 2015 Unrealized Gains (Losses) from Hedging Activity Foreign exchange contracts (effective portion) $ 12,769 $ 29,534 $ 51,254 $ 90,240 Net product sales Foreign exchange contracts (ineffective portion) — (375 ) — 1,146 Foreign currency (loss) gain Interest rate contracts (344 ) — (344 ) — Interest expense 12,425 29,159 50,910 91,386 (4,406 ) (3,645 ) (17,974 ) (11,424 ) Income tax provision $ 8,019 $ 25,514 $ 32,936 $ 79,962 Unrealized Gains (Losses) from Marketable Securities Realized gains on sale of securities $ 647 $ — $ 536 $ 35 Investment income 647 — 536 35 (237 ) — (196 ) (12 ) Income tax provision $ 410 $ — $ 340 $ 23 Defined Benefit Pension Plans Amortization of prior service costs and actuarial losses $ (117 ) $ (313 ) $ (346 ) $ (939 ) (a) Other — 821 — 821 (a) (117 ) 508 (346 ) (118 ) 42 (107 ) 124 25 Income tax provision $ (75 ) $ 401 $ (222 ) $ (93 ) (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 | 9 Months Ended |
Sep. 30, 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 September 30, 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 $ 83,864 $ — $ 83,864 $ — Cash equivalents Commercial paper $ 96,765 $ — $ 96,765 $ — Cash equivalents Corporate bonds $ 6,003 $ — $ 6,003 $ — Cash equivalents Municipal bonds $ 93,659 $ — $ 93,659 $ — Cash equivalents Bank certificates of deposit $ 1,750 $ — $ 1,750 $ — Cash equivalents Other government-related obligations $ 26,002 $ — $ 26,002 $ — Marketable securities Mutual funds $ 13,421 $ 13,421 $ — $ — Marketable securities Commercial paper $ 141,327 $ — $ 141,327 $ — Marketable securities Corporate bonds $ 181,801 $ — $ 181,801 $ — Marketable securities Municipal bonds $ 61,647 $ — $ 61,647 $ — Marketable securities Other government-related obligations $ 137,910 $ — $ 137,910 $ — Marketable securities Bank certificates of deposit $ 13,001 $ — $ 13,001 $ — Marketable securities Equity securities $ 1,775 $ 1,775 $ — $ — Prepaid expenses and other current assets Foreign exchange forward contracts $ 50,320 $ — $ 50,320 $ — Other assets Foreign exchange forward contracts $ 31,122 $ — $ 31,122 $ — Other current liabilities Foreign exchange forward contracts $ 34,944 $ — $ 34,944 $ — Other liabilities Foreign exchange forward contracts $ 38,392 $ — $ 38,392 $ — Prepaid expenses and other current assets Interest rate contracts $ 229 $ — $ 229 $ — Other current liabilities Interest rate contracts $ 946 $ — $ 946 $ — Other liabilities Interest rate contracts $ 797 $ — $ 797 $ — Current portion of contingent consideration Acquisition-related contingent consideration $ 81,848 $ — $ — $ 81,848 Contingent consideration Acquisition-related contingent consideration $ 126,056 $ — $ — $ 126,056 Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Institutional money market funds $ 179,898 $ — $ 179,898 $ — Cash equivalents Commercial paper $ 192,418 $ — $ 192,418 $ — Cash equivalents Corporate bonds $ 12,250 $ — $ 12,250 $ — Cash equivalents Municipal bonds $ 60,001 $ — $ 60,001 $ — Cash equivalents Other government-related obligations $ 31,549 $ — $ 31,549 $ — Cash equivalents Bank certificates of deposit $ 27,000 $ — $ 27,000 $ — Marketable securities Mutual funds $ 8,817 $ 8,817 $ — $ — Marketable securities Commercial paper $ 61,978 $ — $ 61,978 $ — Marketable securities Corporate bonds $ 120,499 $ — $ 120,499 $ — Marketable securities Municipal bonds $ 27,110 $ — $ 27,110 $ — Marketable securities Other government-related obligations $ 156,500 $ — $ 156,500 $ — Prepaid expenses and other current assets Foreign exchange forward contracts $ 91,745 $ — $ 91,745 $ — Other assets Foreign exchange forward contracts $ 66,309 $ — $ 66,309 $ — Other current liabilities Foreign exchange forward contracts $ 5,648 $ — $ 5,648 $ — Other liabilities Foreign exchange forward contracts $ 4,773 $ — $ 4,773 $ — Current portion of contingent consideration Acquisition-related contingent consideration $ 55,804 $ — $ — $ 55,804 Contingent consideration Acquisition-related contingent consideration $ 121,424 $ — $ — $ 121,424 There were no securities transferred between Level 1, 2 and 3 during the nine months ended September 30, 2016 . Valuation Techniques We classify mutual fund investments and equity securities, 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 and interest rate 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 counterparties’ 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 September 30, 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 counterparties’ credit risks. Contingent Consideration In connection with prior acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified development, regulatory 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. 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 September 30, 2016 , the fair value of acquisition-related contingent consideration was $207,904 . The following table represents a roll-forward of our acquisition-related contingent consideration: Nine months ended September 30, 2016 Balance at December 31, 2015 $ (177,228 ) Changes in fair value (30,676 ) Balance at September 30, 2016 $ (207,904 ) In the fourth quarter 2016, the criteria was met for the achievement of a milestone payment associated with our acquisition of Enobia Pharma Corp. In connection with this, $60,000 was paid in December 2016. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Provision for income taxes $ 63,776 $ 323,116 $ 165,113 $ 345,815 Effective tax rate 40.3 % 231.9 % 35.0 % 81.6 % The tax provision for the three and nine months ended September 30, 2016 and 2015 is attributable to the U.S. federal, state and foreign income taxes on our profitable operations. The decrease in the effective tax rate for the three and nine months ended September 30, 2016 as compared to the same period in the prior year is primarily attributable to a one-time tax charge recorded in Q3 2015 of $315,569 associated with integration of the Synageva business, partially offset by the deferred tax cost associated with a distribution of 2016 earnings from our captive foreign partnership. The partnership earnings we distributed were not previously subject to our indefinite reinvestment assertion. Tax years 2013 and 2014 are currently under review by the Examination Division of the Internal Revenue Service (IRS). As of September 30, 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 | 9 Months Ended |
Sep. 30, 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 Nine months ended September 30, September 30, 2016 2015 2016 2015 Service cost $ 2,113 $ 2,380 $ 6,211 $ 7,241 Interest cost 56 179 172 551 Expected return on plan assets (167 ) (248 ) (496 ) (756 ) Employee contributions (448 ) (442 ) (1,203 ) (1,342 ) Amortization 117 313 346 939 Other — (821 ) — (821 ) $ 1,671 $ 1,361 $ 5,030 $ 5,812 |
Facility Lease Obligations
Facility Lease Obligations | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Leases | Facility Lease Obligations New Haven Facility Lease Obligation In November 2012 we entered into a lease agreement for office and laboratory space to be constructed in New Haven, Connecticut. The term of the lease commenced in 2015 and will expire in 2030, with a renewal option of ten years. Although we do not legally own the premises, we are deemed to be the owner of the building due to the substantial improvements directly funded by us during the construction period based on applicable accounting guidance for build-to-suit leases. Accordingly, the landlord's costs of constructing the facility during the construction period 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 September 30, 2016 and December 31, 2015 , our facility lease obligation related to this facility was $135,442 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 September 30, 2016 and December 31, 2015 , we recorded a construction-in-process asset of $100,068 and $19,259 and an offsetting facility lease obligation of $89,668 and $15,229 associated with the manufacturing facility, respectively. Payments 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 incurred $49,000 of payments to Lonza under this agreement, of which $6,370 was applied against the outstanding facility lease obligation and $42,630 was recognized as a prepayment of inventory. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 $1,122,029 . 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 approximately $33,000 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 FCPA. The SEC and DOJ also seek information related to Alexion’s 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. While it is possible that a loss related to these matters may be incurred, given the ongoing nature of these investigations, management cannot reasonably estimate the potential magnitude of such loss or range of loss, if any. Several securities class action lawsuits have been filed against the Company and former officers in federal district court alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5, promulgated thereunder, alleging that defendants made misstatements and/or omissions concerning the Company’s sales of Soliris. On November 17, 2016, a shareholder filed a putative class action in the U.S. District Court for the Southern District of New York. While the litigation was in the early stages, and before defendants had responded to the complaint, on December 30, 2016 plaintiffs filed a notice of voluntary dismissal and dismissed all claims without prejudice. On December 29, 2016, a second shareholder filed a putative class action against the Company and certain former employees in the U.S. District Court for the District of Connecticut, alleging that defendants made misrepresentations and omissions about Soliris between February 10, 2014 and December 9, 2016. The litigation is in the early stages, and defendants have not yet responded to the complaint. Given the early stages of this litigation, management does not currently believe that 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. In December 2016, we received a subpoena from the U.S. Attorney’s Office for the District of Massachusetts requesting documents relating generally to our support of 501(c)(3) organizations that provide financial assistance to Medicare patients taking drugs sold by Alexion, Alexion’s provision of free drug to Medicare patients, and Alexion compliance policies and training materials concerning the anti-kickback statute or payments to any 501(c)(3) organization that provides financial assistance to Medicare patients. Other companies have disclosed similar inquiries. We are cooperating with this inquiry. 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 disclosed, the FDA issued Form 483s in August 2014 and August 2015 related to observations at ARIMF and the inspectional observations from the August 2014 and 2015 Form 483s have since been closed out by the FDA. During July 2016, the FDA completed a routine inspection at ARIMF and have since confirmed receipt of our responses to the inspectional observations included in the Form 483 received during that inspection. 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 | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring In connection with the acquisition and integration of Synageva in 2015, we recorded restructuring charges of $3,149 and $13,470 for the three and nine months ended September 30, 2015 , respectively, primarily related to employee costs. Synageva restructuring charges were not material for the three and nine months ended September 30, 2016 . In the fourth quarter 2014, we announced plans to relocate 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 and nine months ended September 30, 2016 , we incurred additional restructuring costs of $377 and $2,392 , respectively, as compared to $4,312 and $17,267 , for the three and nine months ended September 30, 2015 , respectively. 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 and nine months ended September 30, 2016 : Three months ended September 30, 2016 Nine months ended September 30, 2016 Employee Separation Costs Contract Termination Costs Other Costs Total Employee Separation Costs Contract Termination Costs Other Costs Total Liability, beginning of period $ 999 $ 1,333 $ 96 $ 2,428 $ 6,390 $ 682 $ 169 $ 7,241 Restructuring expenses — — 564 564 — 35 1,456 1,491 Cash settlements — (335 ) (495 ) (830 ) (4,343 ) (1,017 ) (1,460 ) (6,820 ) Adjustments to previous estimates — — — — (1,048 ) 1,298 — 250 Liability, end of period $ 999 $ 998 $ 165 $ 2,162 $ 999 $ 998 $ 165 $ 2,162 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
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 (159,991 ) Other assets and liabilities (26,143 ) Net assets acquired 4,699,963 Goodwill 4,783,371 Total purchase price $ 9,483,334 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information presents the combined results of Alexion and Synageva as if the acquisition of Synageva had been completed on January 1, 2014, with adjustments to give effect to pro forma events that are directly attributable to the acquisition. The unaudited pro forma results do not reflect operating efficiencies or potential cost savings which may result from the consolidation of operations. Accordingly, the unaudited pro forma financial information is not necessarily indicative of the results of operations that would have had we completed the transaction on January 1, 2014. Three months ended Nine months ended September 30, 2015 September 30, 2015 Pro forma revenue $ 666,637 $ 1,905,388 Pro forma net loss (177,854 ) (47,565 ) Loss per common share Basic $ (0.79 ) $ (0.21 ) Diluted $ (0.79 ) $ (0.21 ) |
Schedule of Acquisition Related Costs | Acquisition-related costs associated with our business combinations for the three and nine months ended September 30, 2016 and 2015 include the following: Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Transaction costs (1) $ — $ — $ 375 $ 26,799 Integration costs — 6,075 1,938 9,053 $ — $ 6,075 $ 2,313 $ 35,852 (1) Transaction costs include investment advisory, legal, and accounting fees For the three and nine months ended September 30, 2015 , the acquisition of Synageva resulted in $3,149 and $13,470 of restructuring related charges, respectively. Synageva restructuring related charges were not material for the three and nine months ended September 30, 2016 . See Note 18 for additional details. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current | The components of inventory are as follows: September 30, December 31, 2016 2015 Raw materials $ 17,005 $ 17,924 Work-in-process 192,279 180,324 Finished goods 153,774 91,626 $ 363,058 $ 289,874 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2016 December 31, 2015 Estimated Cost Accumulated Net Cost Accumulated Net Licenses 6-8 $ 28,507 $ (28,507 ) $ — $ 28,507 $ (28,504 ) $ 3 Patents 7 10,517 (10,517 ) — 10,517 (10,517 ) — Purchased technology 6-16 4,710,495 (358,769 ) 4,351,726 4,708,495 (116,584 ) 4,591,911 Acquired IPR&D Indefinite 116,000 — 116,000 116,000 — 116,000 Total $ 4,865,519 $ (397,793 ) $ 4,467,726 $ 4,863,519 $ (155,605 ) $ 4,707,914 Goodwill Indefinite $ 5,040,345 $ (2,901 ) $ 5,037,444 $ 5,050,786 $ (2,901 ) $ 5,047,885 |
Schedule of Goodwill [Table Text Block] | 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 (10,441 ) Balance at September 30, 2016 $ 5,037,444 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Net income (loss) used for basic and diluted calculation $ 94,338 $ (183,757 ) $ 306,564 $ 77,781 Shares used in computing earnings per common share—basic 224,180 226,228 224,454 209,373 Weighted-average effect of dilutive securities: Stock awards 1,908 — 2,106 2,435 Shares used in computing earnings per common share—diluted 226,088 226,228 226,560 211,808 Earnings (loss) per common share: Basic $ 0.42 $ (0.81 ) $ 1.37 $ 0.37 Diluted $ 0.42 $ (0.81 ) $ 1.35 $ 0.37 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Commercial paper $ 238,092 $ — $ — $ 238,092 Corporate bonds 188,009 32 (237 ) 187,804 Municipal bonds 155,421 1 (116 ) 155,306 Other government-related obligations: U.S. 30,503 — (20 ) 30,483 Foreign 133,530 4 (105 ) 133,429 Bank certificates of deposit 14,751 — — 14,751 Total available-for-sale debt securities $ 760,306 $ 37 $ (478 ) $ 759,865 Equity securities — 1,775 — 1,775 Total available-for-sale securities $ 760,306 $ 1,812 $ (478 ) $ 761,640 December 31, 2015 Amortized Cost Basis Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Commercial paper $ 254,396 $ — $ — $ 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 — (94 ) 25,150 Foreign 163,403 — (504 ) 162,899 Bank certificates of deposit 27,000 — — 27,000 Total available-for-sale securities $ 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: September 30, 2016 December 31, 2015 Cash and cash equivalents $ 224,179 $ 323,218 Marketable securities 537,461 366,087 $ 761,640 $ 689,305 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The fair values of available-for-sale debt securities at September 30, 2016 , by contractual maturity, are summarized as follows: September 30, 2016 Due in one year or less $ 508,813 Due after one year through three years 251,052 $ 759,865 |
Derivative Instruments and He31
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 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 derivative instruments that qualified as cash flow hedges, for the three and nine months ended September 30, 2016 and 2015 were as follows: Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Foreign Exchange Contracts: Gain (loss) recognized in AOCI, net of tax $ (10,402 ) $ 10,206 $ (50,191 ) $ 81,794 Gain reclassified from AOCI to net product sales (effective portion), net of tax $ 8,237 $ 25,842 $ 33,154 $ 78,959 Gain (loss) reclassified from AOCI to other income and expense (ineffective portion), net of tax $ — $ (328 ) $ — $ 1,003 Interest Rate Contracts: Gain (loss) recognized in AOCI, net of tax $ 2,517 $ — $ (1,178 ) $ — Loss reclassified from AOCI to interest expense, net of tax $ (218 ) $ — $ (218 ) $ — |
Schedule of Fair Value of Outstanding Derivatives | The following tables summarize the fair value of outstanding derivatives at September 30, 2016 and December 31, 2015 : September 30, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 48,014 Other current liabilities $ 25,831 Foreign exchange forward contracts Other assets 31,122 Other liabilities 38,392 Interest rate contracts Prepaid expenses and other current assets 229 Other current liabilities 946 Interest rate contracts Other assets — Other liabilities 797 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 2,306 Other current liabilities 9,113 Total fair value of derivative instruments $ 81,671 $ 75,079 December 31, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 85,058 Other current liabilities $ 1,491 Foreign exchange forward contracts Other assets 66,309 Other liabilities 4,773 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 6,687 Other current liabilities 4,157 Total fair value of derivative instruments $ 158,054 $ 10,421 |
Offsetting Assets and Liabilities | The following tables summarize the potential effect on our condensed consolidated balance sheets of offsetting our foreign exchange forward contracts and interest rate contracts subject to such provisions: September 30, 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 $ 81,671 $ — $ 81,671 $ (49,423 ) $ — $ 32,248 Derivative liabilities (75,079 ) — (75,079 ) 49,423 — (25,656 ) 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 $ — $ 158,054 $ (10,421 ) $ — $ 147,633 Derivative liabilities (10,421 ) — (10,421 ) 10,421 — — |
Other Comprehensive Income an32
Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes in AOCI, by component, for the nine months ended September 30, 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 1,003 1,893 (51,369 ) 2,609 $ (45,864 ) Amounts reclassified from other comprehensive income 222 (340 ) (32,936 ) — $ (33,054 ) Net other comprehensive income (loss) 1,225 1,553 (84,305 ) 2,609 (78,918 ) Balances, September 30, 2016 $ (8,364 ) $ 768 $ 8,365 $ (17,386 ) $ (16,617 ) 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, 2014 $ (16,570 ) $ (234 ) $ 87,308 $ (13,719 ) $ 56,785 Other comprehensive income before reclassifications 1,394 412 81,794 (6,065 ) 77,535 Amounts reclassified from other comprehensive income 93 (23 ) (79,962 ) — (79,892 ) Net other comprehensive income (loss) 1,487 389 1,832 (6,065 ) (2,357 ) Balances, September 30, 2015 $ (15,083 ) $ 155 $ 89,140 $ (19,784 ) $ 54,428 |
Reclassification out of Accumulated Other Comprehensive Income | The table below provides details regarding significant reclassifications from AOCI during the three and nine months ended September 30, 2016 and 2015 : Details about Accumulated Other Comprehensive Income Components Amount Reclassified From Accumulated Other Comprehensive Income during the three months ended September 30, Amount Reclassified From Accumulated Other Comprehensive Income during the nine months ended September 30, Affected Line Item in the Condensed Consolidated Statements of Operations 2016 2015 2016 2015 Unrealized Gains (Losses) from Hedging Activity Foreign exchange contracts (effective portion) $ 12,769 $ 29,534 $ 51,254 $ 90,240 Net product sales Foreign exchange contracts (ineffective portion) — (375 ) — 1,146 Foreign currency (loss) gain Interest rate contracts (344 ) — (344 ) — Interest expense 12,425 29,159 50,910 91,386 (4,406 ) (3,645 ) (17,974 ) (11,424 ) Income tax provision $ 8,019 $ 25,514 $ 32,936 $ 79,962 Unrealized Gains (Losses) from Marketable Securities Realized gains on sale of securities $ 647 $ — $ 536 $ 35 Investment income 647 — 536 35 (237 ) — (196 ) (12 ) Income tax provision $ 410 $ — $ 340 $ 23 Defined Benefit Pension Plans Amortization of prior service costs and actuarial losses $ (117 ) $ (313 ) $ (346 ) $ (939 ) (a) Other — 821 — 821 (a) (117 ) 508 (346 ) (118 ) 42 (107 ) 124 25 Income tax provision $ (75 ) $ 401 $ (222 ) $ (93 ) (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) | 9 Months Ended |
Sep. 30, 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 September 30, 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 $ 83,864 $ — $ 83,864 $ — Cash equivalents Commercial paper $ 96,765 $ — $ 96,765 $ — Cash equivalents Corporate bonds $ 6,003 $ — $ 6,003 $ — Cash equivalents Municipal bonds $ 93,659 $ — $ 93,659 $ — Cash equivalents Bank certificates of deposit $ 1,750 $ — $ 1,750 $ — Cash equivalents Other government-related obligations $ 26,002 $ — $ 26,002 $ — Marketable securities Mutual funds $ 13,421 $ 13,421 $ — $ — Marketable securities Commercial paper $ 141,327 $ — $ 141,327 $ — Marketable securities Corporate bonds $ 181,801 $ — $ 181,801 $ — Marketable securities Municipal bonds $ 61,647 $ — $ 61,647 $ — Marketable securities Other government-related obligations $ 137,910 $ — $ 137,910 $ — Marketable securities Bank certificates of deposit $ 13,001 $ — $ 13,001 $ — Marketable securities Equity securities $ 1,775 $ 1,775 $ — $ — Prepaid expenses and other current assets Foreign exchange forward contracts $ 50,320 $ — $ 50,320 $ — Other assets Foreign exchange forward contracts $ 31,122 $ — $ 31,122 $ — Other current liabilities Foreign exchange forward contracts $ 34,944 $ — $ 34,944 $ — Other liabilities Foreign exchange forward contracts $ 38,392 $ — $ 38,392 $ — Prepaid expenses and other current assets Interest rate contracts $ 229 $ — $ 229 $ — Other current liabilities Interest rate contracts $ 946 $ — $ 946 $ — Other liabilities Interest rate contracts $ 797 $ — $ 797 $ — Current portion of contingent consideration Acquisition-related contingent consideration $ 81,848 $ — $ — $ 81,848 Contingent consideration Acquisition-related contingent consideration $ 126,056 $ — $ — $ 126,056 Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Institutional money market funds $ 179,898 $ — $ 179,898 $ — Cash equivalents Commercial paper $ 192,418 $ — $ 192,418 $ — Cash equivalents Corporate bonds $ 12,250 $ — $ 12,250 $ — Cash equivalents Municipal bonds $ 60,001 $ — $ 60,001 $ — Cash equivalents Other government-related obligations $ 31,549 $ — $ 31,549 $ — Cash equivalents Bank certificates of deposit $ 27,000 $ — $ 27,000 $ — Marketable securities Mutual funds $ 8,817 $ 8,817 $ — $ — Marketable securities Commercial paper $ 61,978 $ — $ 61,978 $ — Marketable securities Corporate bonds $ 120,499 $ — $ 120,499 $ — Marketable securities Municipal bonds $ 27,110 $ — $ 27,110 $ — Marketable securities Other government-related obligations $ 156,500 $ — $ 156,500 $ — Prepaid expenses and other current assets Foreign exchange forward contracts $ 91,745 $ — $ 91,745 $ — Other assets Foreign exchange forward contracts $ 66,309 $ — $ 66,309 $ — Other current liabilities Foreign exchange forward contracts $ 5,648 $ — $ 5,648 $ — Other liabilities Foreign exchange forward contracts $ 4,773 $ — $ 4,773 $ — Current portion of contingent consideration Acquisition-related contingent consideration $ 55,804 $ — $ — $ 55,804 Contingent consideration Acquisition-related contingent consideration $ 121,424 $ — $ — $ 121,424 |
Schedule Of Acquisition-Related Contingent Consideration | The following table represents a roll-forward of our acquisition-related contingent consideration: Nine months ended September 30, 2016 Balance at December 31, 2015 $ (177,228 ) Changes in fair value (30,676 ) Balance at September 30, 2016 $ (207,904 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Provision for income taxes $ 63,776 $ 323,116 $ 165,113 $ 345,815 Effective tax rate 40.3 % 231.9 % 35.0 % 81.6 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 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 Nine months ended September 30, September 30, 2016 2015 2016 2015 Service cost $ 2,113 $ 2,380 $ 6,211 $ 7,241 Interest cost 56 179 172 551 Expected return on plan assets (167 ) (248 ) (496 ) (756 ) Employee contributions (448 ) (442 ) (1,203 ) (1,342 ) Amortization 117 313 346 939 Other — (821 ) — (821 ) $ 1,671 $ 1,361 $ 5,030 $ 5,812 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | 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 and nine months ended September 30, 2016 : Three months ended September 30, 2016 Nine months ended September 30, 2016 Employee Separation Costs Contract Termination Costs Other Costs Total Employee Separation Costs Contract Termination Costs Other Costs Total Liability, beginning of period $ 999 $ 1,333 $ 96 $ 2,428 $ 6,390 $ 682 $ 169 $ 7,241 Restructuring expenses — — 564 564 — 35 1,456 1,491 Cash settlements — (335 ) (495 ) (830 ) (4,343 ) (1,017 ) (1,460 ) (6,820 ) Adjustments to previous estimates — — — — (1,048 ) 1,298 — 250 Liability, end of period $ 999 $ 998 $ 165 $ 2,162 $ 999 $ 998 $ 165 $ 2,162 |
Basis of Presentation and Pri37
Basis of Presentation and Principles Of Consolidation Basis of Presentation and Principles Of Consolidation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 2,249 | $ 7,366 | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Other Current Assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred Finance Costs, Net | $ 8,635 | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Other Noncurrent Assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred Finance Costs, Net | 26,714 | ||
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred Tax Asset | 237,850 | ||
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle | $ 237,850 |
Acquisitions Total Consideratio
Acquisitions Total Consideration Transferred (Details) - USD ($) $ in Thousands | Jun. 22, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Business Acquisition [Line Items] | |||
Stock consideration | $ 0 | $ 4,917,810 | |
Synageva BioPharma Corp. | |||
Business Acquisition [Line Items] | |||
Stock consideration | $ 4,917,810 | ||
Cash consideration | 4,565,524 | ||
Total purchase price | $ 9,483,334 |
Acquisitions Purchase Price All
Acquisitions Purchase Price Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Jun. 22, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 5,037,444 | $ 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 | (159,991) | ||
Other assets and liabilities | (26,143) | ||
Net assets acquired | 4,699,963 | ||
Goodwill | 4,783,371 | ||
Total purchase price | $ 9,483,334 |
Acquisitions Pro Forma Financia
Acquisitions Pro Forma Financial Information of Combined Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Business Combinations [Abstract] | ||
Pro forma revenue | $ 666,637 | $ 1,905,388 |
Pro forma net loss | $ (177,854) | $ (47,565) |
Basic (dollars per share) | $ (0.79) | $ (0.21) |
Diluted (dollars per share) | $ (0.79) | $ (0.21) |
Acquisitions Acquisition Relate
Acquisitions Acquisition Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Business Acquisition [Line Items] | |||||
Transaction costs | [1] | $ 0 | $ 0 | $ 375 | $ 26,799 |
Integration costs | 0 | 6,075 | 1,938 | 9,053 | |
Acquisition related costs | $ 0 | $ 6,075 | $ 2,313 | $ 35,852 | |
[1] | Transaction costs include investment advisory, legal, and accounting fees |
Acquisitions Narrative (Details
Acquisitions Narrative (Details) - USD ($) | Jun. 22, 2015 | May 06, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 05, 2015 |
Business Acquisition [Line Items] | |||||||
Change in goodwill associated with prior acquisition | $ (10,441,000) | ||||||
Net income (loss) | $ 94,338,000 | $ (183,757,000) | 306,564,000 | $ 77,781,000 | |||
Restructuring Charges | $ 564,000 | $ 1,491,000 | |||||
Synageva BioPharma Corp. | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire business | $ 4,565,524,000 | ||||||
Number of 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 | ||||||
In-process research and development (IPR&D) | $ 4,236,000,000 | ||||||
Weighted Average Cost of Capital | 10.00% | ||||||
Deferred tax liabilities, net | $ 159,991,000 | ||||||
Deferred Tax Liabilities, Net | 602,887,000 | ||||||
Deferred Tax Assets, Net | $ 442,896,000 | ||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 53,721,000 | 58,356,000 | |||||
Restructuring Charges | 3,149,000 | 13,470,000 | |||||
Scenario, Previously Reported | Synageva BioPharma Corp. | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire business | $ 115 | ||||||
Number of shares | 0.6581 | ||||||
Consideration transferred, net of cash acquired | $ 8,400,000,000 | ||||||
Share price (dollars per share) | $ 168.55 | ||||||
Stock Based Compensation Expense | |||||||
Business Acquisition [Line Items] | |||||||
Net income (loss) | 33,150,000 | ||||||
Stock Based Compensation Expense | Synageva BioPharma Corp. | |||||||
Business Acquisition [Line Items] | |||||||
Net income (loss) | 127,290,000 | ||||||
Acquisition Related and Restructuring Costs | |||||||
Business Acquisition [Line Items] | |||||||
Net income (loss) | $ 9,223,000 | 49,367,000 | |||||
Acquisition Related and Restructuring Costs | Synageva BioPharma Corp. | |||||||
Business Acquisition [Line Items] | |||||||
Net income (loss) | $ 62,071,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Jun. 22, 2015 |
Inventory [Line Items] | |||
Inventory, Raw Materials | $ 17,005 | $ 17,924 | |
Inventory, Work in Process | 192,279 | 180,324 | |
Inventory, Finished Goods | 153,774 | 91,626 | |
Inventory, Net | $ 363,058 | $ 289,874 | |
Synageva BioPharma Corp. | |||
Inventory [Line Items] | |||
Inventory | $ 23,880 |
Intangible Assets and Goodwil44
Intangible Assets and Goodwill (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Cost | $ 4,865,519 | $ 4,863,519 |
Intangible Assets, Accumulated Amortization | (397,793) | (155,605) |
Goodwill, Gross | 5,040,345 | 5,050,786 |
Goodwill, Accumulated Amortization | (2,901) | (2,901) |
Intangible assets | 4,467,726 | 4,707,914 |
Goodwill | 5,037,444 | 5,047,885 |
Licensing Agreements [Member] | ||
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) |
Licenses, patents and purchased technology | $ 0 | 3 |
Licensing Agreements [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 6 years | |
Licensing Agreements [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 8 years | |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Finite-Lived Intangible Assets, Gross | $ 10,517 | 10,517 |
Finite-Lived Intangible Assets, Accumulated Amortization | (10,517) | (10,517) |
Licenses, patents and purchased technology | 0 | 0 |
Purchased Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 4,710,495 | 4,708,495 |
Finite-Lived Intangible Assets, Accumulated Amortization | (358,769) | (116,584) |
Licenses, patents and purchased technology | $ 4,351,726 | 4,591,911 |
Purchased Technology [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 6 years | |
Purchased Technology [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 16 years | |
Acquired IPRD [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets, Accumulated Amortization | $ 0 | 0 |
Acquired in-process research and development | $ 116,000 | $ 116,000 |
Intangible Assets and Goodwil45
Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 22, 2015 | |
Goodwill [Line Items] | |||||
Amortization of Intangible Assets | $ 82,035 | $ 36,619 | $ 242,188 | $ 36,640 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 80,035 | 80,035 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 320,142 | 320,142 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 320,142 | 320,142 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 320,142 | 320,142 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 320,142 | 320,142 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 320,142 | $ 320,142 | |||
Synageva BioPharma Corp. | |||||
Goodwill [Line Items] | |||||
In-process research and development (IPR&D) | $ 4,236,000 |
Intangible Assets and Goodwil46
Intangible Assets and Goodwill Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 5,047,885 |
Change in goodwill associated with prior acquisition | (10,441) |
Goodwill, ending balance | $ 5,037,444 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jan. 04, 2017 | Jun. 22, 2015 | |
Debt Instrument [Line Items] | |||||||
Amortization of Financing Costs | $ 2,382 | $ 2,513 | $ 7,278 | $ 3,864 | |||
Repayments of Long-term Debt | $ 200,000 | 175,000 | 57,500 | ||||
Proceeds from issuance of long-term debt | 0 | $ 3,500,000 | |||||
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 as a percent of total borrowings | 1.25% | ||||||
Outstanding debt | 3,281,250 | 3,281,250 | $ 3,081,250 | ||||
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 | 14,632 | 14,632 | |||||
Line of credit facility, borrowing availability | $ 485,368 | $ 485,368 | |||||
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Common Share [Abstract] | ||||
Net income used for basic and diluted calculation | $ 94,338 | $ (183,757) | $ 306,564 | $ 77,781 |
Shares used in computing earnings per common share—basic | 224,180 | 226,228 | 224,454 | 209,373 |
Stock awards | 1,908 | 0 | 2,106 | 2,435 |
Shares used in computing earnings per common share-diluted | 226,088 | 226,228 | 226,560 | 211,808 |
Earnings Per Share, Basic | $ 0.42 | $ (0.81) | $ 1.37 | $ 0.37 |
Earnings Per Share, Diluted | $ 0.42 | $ (0.81) | $ 1.35 | $ 0.37 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,520 | 4,386 | 2,437 |
Marketable Securities (Summary
Marketable Securities (Summary of Securities Held) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 760,306 | $ 690,278 |
Gross Unrealized Holding Gains | 1,812 | 24 |
Gross Unrealized Holding Losses | (478) | (997) |
Estimated Fair Value | 761,640 | 689,305 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 760,306 | |
Gross Unrealized Holding Gains | 37 | |
Gross Unrealized Holding Losses | (478) | |
Estimated Fair Value | 759,865 | |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 238,092 | 254,396 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Estimated Fair Value | 238,092 | 254,396 |
Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 188,009 | 133,062 |
Gross Unrealized Holding Gains | 32 | 23 |
Gross Unrealized Holding Losses | (237) | (336) |
Estimated Fair Value | 187,804 | 132,749 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 155,421 | 87,173 |
Gross Unrealized Holding Gains | 1 | 1 |
Gross Unrealized Holding Losses | (116) | (63) |
Estimated Fair Value | 155,306 | 87,111 |
US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 30,503 | 25,244 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | (20) | (94) |
Estimated Fair Value | 30,483 | 25,150 |
Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 133,530 | 163,403 |
Gross Unrealized Holding Gains | 4 | 0 |
Gross Unrealized Holding Losses | (105) | (504) |
Estimated Fair Value | 133,429 | 162,899 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,751 | 27,000 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Estimated Fair Value | 14,751 | $ 27,000 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | |
Gross Unrealized Holding Gains | 1,775 | |
Gross Unrealized Holding Losses | 0 | |
Estimated Fair Value | $ 1,775 |
Marketable Securities (Availabl
Marketable Securities (Available-for-sale Investments by Classification in Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 761,640 | $ 689,305 |
Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 224,179 | 323,218 |
Marketable Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 537,461 | $ 366,087 |
Marketable Securities (Availa52
Marketable Securities (Available-for-sale Debt Securities by Contractual Maturity) (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less | $ 508,813 |
Due after one year through three years | 251,052 |
Estimated Fair Value | $ 759,865 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 348,525 | $ 293,947 |
Trading securities. fair value | $ 13,421 | $ 8,817 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Foreign Exchange Forward Contracts Term | 60 months | ||||
Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Foreign Exchange Forward Contracts Term | 90 days | ||||
Gain (loss) in other income and expense | $ (2,528,000) | $ 2,676,000 | $ (20,643,000) | $ 2,439,000 | |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Notional Amount of Derivative Instruments | 1,902,227,000 | 1,902,227,000 | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Notional Amount of Derivative Instruments | 569,590,000 | 569,590,000 | |||
Derivative, fair value, net | $ 0 | ||||
Senior Secured Term Loan [Member] | Credit Agreement [Member] | Interest Rate Swap One [Member] | |||||
Derivative [Line Items] | |||||
Derivative, amount of hedged item | $ 3,281,250,000 | $ 3,281,250,000 | |||
Debt instrument, fixed rate (percent) | 0.535% | 0.535% | |||
Senior Secured Term Loan [Member] | Credit Agreement [Member] | Interest Rate Swap Two [Member] | |||||
Derivative [Line Items] | |||||
Derivative, amount of hedged item | $ 656,250,000 | $ 656,250,000 | |||
Debt instrument, fixed rate (percent) | 0.98% | 0.98% | |||
Revenue | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Estimated gains (losses) to be reclassified from other comprehenisve income in next 12 months | $ 22,182,000 | ||||
Interest Expense | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Estimated gains (losses) to be reclassified from other comprehenisve income in next 12 months | $ (717,000) |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities (Schedule Of Other Comprehensive Income And Earnings From Foreign Exchange Contracts) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Foreign Exchange Forward [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in AOCI, net of tax | $ (10,402) | $ 10,206 | $ (50,191) | $ 81,794 |
Gain (loss) reclassified from AOCI to other income and expense (ineffective portion), net of tax | 0 | (328) | 0 | 1,003 |
Foreign Exchange Forward [Member] | Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) reclassified from AOCI to income (effective portion), net of tax | 8,237 | 25,842 | 33,154 | 78,959 |
Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in AOCI, net of tax | 2,517 | 0 | (1,178) | 0 |
Interest Rate Contract [Member] | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) reclassified from AOCI to income (effective portion), net of tax | $ (218) | $ 0 | $ (218) | $ 0 |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities (Schedule Of Fair Value Of Outstanding Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Interest Rate Contract [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 946 | |
Interest Rate Contract [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 0 | |
Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 797 | |
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 229 | |
Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 81,671 | $ 158,054 |
Liability Derivatives, Fair Value | 75,079 | 10,421 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 25,831 | 1,491 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 31,122 | 66,309 |
Foreign Exchange Forward [Member] | Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 38,392 | 4,773 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 48,014 | 85,058 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 9,113 | 4,157 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 2,306 | $ 6,687 |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities (Offsetting Assets and Liabilities) (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative Asset, Fair Value, Amount Offset Against Collateral [Abstract] | ||
Gross Amounts of Recognized Assets | $ 81,671 | $ 158,054 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | 81,671 | 158,054 |
Derivative Financial Instruments | (49,423) | (10,421) |
Cash Collateral Received | 0 | 0 |
Net Amount | 32,248 | 147,633 |
Derivative Liability, Fair Value, Amount Offset Against Collateral [Abstract] | ||
Gross Amounts of Recognized Liabilities | (75,079) | (10,421) |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | (75,079) | (10,421) |
Derivative Financial Instruments | 49,423 | 10,421 |
Cash Collateral Pledged | 0 | 0 |
Net Amount | $ (25,656) | $ 0 |
Other Investments (Details)
Other Investments (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Moderna LLC [Member] | |
Investment [Line Items] | |
Investment Owned, at Cost | $ 37,500 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | Jun. 22, 2015 | Dec. 22, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 06, 2015 |
Class of Stock [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 536,000 | 556,000 | 2,864,000 | 1,022,000 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 69,321 | $ 91,820 | $ 399,972 | $ 175,383 | |||
Stock consideration | 0 | 4,917,810 | |||||
Payments of Stock Issuance Costs | $ 0 | $ 4,053 | |||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 1,000,000 | ||||||
Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 250,000 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 30,695 | ||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 325,197 | ||||||
Synageva BioPharma Corp. | |||||||
Class of Stock [Line Items] | |||||||
Number of shares | 26,125,000 | ||||||
Stock consideration | $ 4,917,810 |
Other Comprehensive Income an60
Other Comprehensive Income and Accumulated Other Comprehensive Income (Changes in AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ 62,301 | $ 56,785 | ||
Other comprehensive income before reclassifications | (45,864) | 77,535 | ||
Amounts reclassified from other comprehensive income | (33,054) | (79,892) | ||
Other comprehensive (loss) income, net of tax | $ (17,311) | $ (8,088) | (78,918) | (2,357) |
Ending Balance | (16,617) | 54,428 | (16,617) | 54,428 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (9,589) | (16,570) | ||
Other comprehensive income before reclassifications | 1,003 | 1,394 | ||
Amounts reclassified from other comprehensive income | 222 | 93 | ||
Other comprehensive (loss) income, net of tax | 1,225 | 1,487 | ||
Ending Balance | (8,364) | (15,083) | (8,364) | (15,083) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (785) | (234) | ||
Other comprehensive income before reclassifications | 1,893 | 412 | ||
Amounts reclassified from other comprehensive income | (340) | (23) | ||
Other comprehensive (loss) income, net of tax | 1,553 | 389 | ||
Ending Balance | 768 | 155 | 768 | 155 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 92,670 | 87,308 | ||
Other comprehensive income before reclassifications | (51,369) | 81,794 | ||
Amounts reclassified from other comprehensive income | (32,936) | (79,962) | ||
Other comprehensive (loss) income, net of tax | (84,305) | 1,832 | ||
Ending Balance | 8,365 | 89,140 | 8,365 | 89,140 |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (19,995) | (13,719) | ||
Other comprehensive income before reclassifications | 2,609 | (6,065) | ||
Amounts reclassified from other comprehensive income | 0 | 0 | ||
Other comprehensive (loss) income, net of tax | 2,609 | (6,065) | ||
Ending Balance | $ (17,386) | $ (19,784) | $ (17,386) | $ (19,784) |
Other Comprehensive Income an61
Other Comprehensive Income and Accumulated Other Comprehensive Income (Significant Reclassifications from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net product sales | $ 798,524 | $ 665,791 | $ 2,251,495 | $ 1,902,107 | |
Foreign currency (loss) gain | (1,011) | 2,795 | (3,740) | 1,755 | |
Interest expense | (24,807) | (19,971) | (72,490) | (24,593) | |
Investment income | 4,626 | 1,967 | 8,049 | 7,077 | |
Income before income taxes | 158,114 | 139,359 | 471,677 | 423,596 | |
Income tax provision | (63,776) | (323,116) | (165,113) | (345,815) | |
Net income (loss) | 94,338 | (183,757) | 306,564 | 77,781 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net product sales | 12,769 | 29,534 | 51,254 | 90,240 | |
Foreign currency (loss) gain | 0 | (375) | 0 | 1,146 | |
Interest expense | (344) | 0 | (344) | 0 | |
Income before income taxes | 12,425 | 29,159 | 50,910 | 91,386 | |
Income tax provision | (4,406) | (3,645) | (17,974) | (11,424) | |
Net income (loss) | 8,019 | 25,514 | 32,936 | 79,962 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Investment income | 647 | 0 | 536 | 35 | |
Income before income taxes | 647 | 0 | 536 | 35 | |
Income tax provision | (237) | 0 | (196) | (12) | |
Net income (loss) | 410 | 0 | 340 | 23 | |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of prior service costs and actuarial losses | [1] | (117) | (313) | (346) | (939) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | [1] | 0 | 821 | 0 | 821 |
Income before income taxes | (117) | 508 | (346) | (118) | |
Income tax provision | 42 | (107) | 124 | 25 | |
Net income (loss) | $ (75) | $ 401 | $ (222) | $ (93) | |
[1] | 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Acquisition Related Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 207,904 | |
Cash Equivalents [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 83,864 | $ 179,898 |
Cash Equivalents [Member] | Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Money Market Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 83,864 | 179,898 |
Cash Equivalents [Member] | Money Market Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 96,765 | 192,418 |
Cash Equivalents [Member] | Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 96,765 | 192,418 |
Cash Equivalents [Member] | Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 6,003 | 12,250 |
Cash Equivalents [Member] | Corporate Bond Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Corporate Bond Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 6,003 | 12,250 |
Cash Equivalents [Member] | Corporate Bond Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 93,659 | 60,001 |
Cash Equivalents [Member] | Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 93,659 | 60,001 |
Cash Equivalents [Member] | Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,750 | 27,000 |
Cash Equivalents [Member] | Certificates of Deposit [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Certificates of Deposit [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,750 | 27,000 |
Cash Equivalents [Member] | Certificates of Deposit [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Other Government Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 26,002 | 31,549 |
Cash Equivalents [Member] | Other Government Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Cash Equivalents [Member] | Other Government Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 26,002 | 31,549 |
Cash Equivalents [Member] | Other Government Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Marketable Securities [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 13,421 | 8,817 |
Marketable Securities [Member] | Mutual Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 13,421 | 8,817 |
Marketable Securities [Member] | Mutual Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Mutual Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 141,327 | 61,978 |
Marketable Securities [Member] | Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 141,327 | 61,978 |
Marketable Securities [Member] | Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 181,801 | 120,499 |
Marketable Securities [Member] | Corporate Bond Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Corporate Bond Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 181,801 | 120,499 |
Marketable Securities [Member] | Corporate Bond Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 61,647 | 27,110 |
Marketable Securities [Member] | Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 61,647 | 27,110 |
Marketable Securities [Member] | Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 13,001 | |
Marketable Securities [Member] | Certificates of Deposit [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Marketable Securities [Member] | Certificates of Deposit [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 13,001 | |
Marketable Securities [Member] | Certificates of Deposit [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Marketable Securities [Member] | Other Government Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 137,910 | 156,500 |
Marketable Securities [Member] | Other Government Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Other Government Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 137,910 | 156,500 |
Marketable Securities [Member] | Other Government Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Marketable Securities [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 1,775 | |
Marketable Securities [Member] | Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 1,775 | |
Marketable Securities [Member] | Equity Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Marketable Securities [Member] | Equity Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 229 | |
Prepaid Expenses and Other Current Assets [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 0 | |
Prepaid Expenses and Other Current Assets [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 229 | |
Prepaid Expenses and Other Current Assets [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 0 | |
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 50,320 | 91,745 |
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 0 | 0 |
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 50,320 | 91,745 |
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 0 | 0 |
Other Noncurrent Assets [Member] | Foreign Exchange Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 31,122 | 66,309 |
Other Noncurrent Assets [Member] | Foreign Exchange Forward [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 0 | 0 |
Other Noncurrent Assets [Member] | Foreign Exchange Forward [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 31,122 | 66,309 |
Other Noncurrent Assets [Member] | Foreign Exchange Forward [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, asset | 0 | 0 |
Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 946 | |
Other Current Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | |
Other Current Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 946 | |
Other Current Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 34,944 | 5,648 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 0 | 0 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 34,944 | 5,648 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 0 | 0 |
Other Current Liabilities [Member] | Acquisition Related Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 81,848 | 55,804 |
Other Current Liabilities [Member] | Acquisition Related Contingent Consideration [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Other Current Liabilities [Member] | Acquisition Related Contingent Consideration [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Other Current Liabilities [Member] | Acquisition Related Contingent Consideration [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 81,848 | 55,804 |
Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 797 | |
Other Noncurrent Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | |
Other Noncurrent Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 797 | |
Other Noncurrent Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | |
Other Noncurrent Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 38,392 | 4,773 |
Other Noncurrent Liabilities [Member] | Foreign Exchange Forward [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 0 | 0 |
Other Noncurrent Liabilities [Member] | Foreign Exchange Forward [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 38,392 | 4,773 |
Other Noncurrent Liabilities [Member] | Foreign Exchange Forward [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts, liability | 0 | 0 |
Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 126,056 | 121,424 |
Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Contingent Consideration [Member] | Acquisition Related Contingent Consideration [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 126,056 | $ 121,424 |
Fair Value Measurement (Sched63
Fair Value Measurement (Schedule Of Acquisition-Related Contingent Consideration) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 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 | ||
Payment for Contingent Consideration | 0 | $ 50,000 | |
Acquisition Related Contingent Consideration [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 207,904 | ||
Acquisition Related Contingent Consideration [Member] | Level 3 [Member] | |||
Acquisition-Related Contingent Consideration [Roll Forward] | |||
Balance at beginning of period | (177,228) | ||
Change in fair value | (30,676) | ||
Balance at end of period | $ (207,904) | ||
Acquisition Related Contingent Consideration [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Inputs, Cost of Debt | 5.50% | ||
Fair Value Inputs, Weighted Average Cost of Capital | 10.00% | ||
Acquisition Related Contingent Consideration [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value Inputs, Weighted Average Cost of Capital | 21.00% | ||
Subsequent Event [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Payment for Contingent Consideration | $ 60,000 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Provision and Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 63,776 | $ 323,116 | $ 165,113 | $ 345,815 |
Effective tax rate | 40.30% | 231.90% | 35.00% | 81.60% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Taxes [Line Items] | ||||
Income Tax, Book-Over-Tax Basis Change in Captive Foreign Partnership | $ 315,569 | |||
Income Tax Expense (Benefit) | $ 63,776 | $ 323,116 | $ 165,113 | $ 345,815 |
Defined Benefit Plans (Schedule
Defined Benefit Plans (Schedule of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost | $ 2,113 | $ 2,380 | $ 6,211 | $ 7,241 |
Interest cost | 56 | 179 | 172 | 551 |
Expected return on plan assets | (167) | (248) | (496) | (756) |
Employee contributions | (448) | (442) | (1,203) | (1,342) |
Amortization | 117 | 313 | 346 | 939 |
Defined Benefit Plan, Other Costs | 0 | (821) | 0 | (821) |
Total net periodic benefit cost | $ 1,671 | $ 1,361 | $ 5,030 | $ 5,812 |
Facility Lease Obligations (Det
Facility Lease Obligations (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Nov. 30, 2012 | Sep. 30, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Facility Lease Obligation, Noncurrent | $ 224,442 | $ 151,307 | |
CONNECTICUT | Construction in Progress [Member] | |||
Operating Leased Assets [Line Items] | |||
Facility Lease Obligation | 135,442 | 132,866 | |
Minimum [Member] | CONNECTICUT | Construction in Progress [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 10 years | ||
Lonza Group AG | |||
Operating Leased Assets [Line Items] | |||
Unrecorded Unconditional Purchase Obligation, Purchases | 49,000 | ||
Lonza Group AG | Construction in Progress [Member] | |||
Operating Leased Assets [Line Items] | |||
Construction-in-process asset | 100,068 | 19,259 | |
Lonza Group AG | Facility Lease Obligation [Member] | |||
Operating Leased Assets [Line Items] | |||
Facility Lease Obligation, Noncurrent | $ 89,668 | $ 15,229 | |
Facility Lease Obligation, Payment Period | 10 years | ||
Inventories [Member] | Lonza Group AG | |||
Operating Leased Assets [Line Items] | |||
Unrecorded Unconditional Purchase Obligation, Purchases | $ 42,630 | ||
Facility Lease Obligation [Member] | Lonza Group AG | |||
Operating Leased Assets [Line Items] | |||
Unrecorded Unconditional Purchase Obligation, Purchases | $ 6,370 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Lonza Group AG | |
Other Commitments [Line Items] | |
Remaining total commitments | $ 1,122,029 |
Other Third Party Manufacturers | |
Other Commitments [Line Items] | |
Remaining total commitments | $ 33,000 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 564 | $ 1,491 | ||
Relocation of European Headquarters | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Period Increase (Decrease) | 377 | $ 4,312 | 2,392 | $ 17,267 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 0 | $ 0 | ||
Synageva BioPharma Corp. | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 3,149 | $ 13,470 |
Restructuring Restructuring Res
Restructuring Restructuring Reserve Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 2,162 | $ 2,162 | $ 2,428 | $ 7,241 |
Restructuring Charges | 564 | 1,491 | ||
Payments for Restructuring | (830) | (6,820) | ||
Restructuring Reserve, Accrual Adjustment | 0 | 250 | ||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 999 | 999 | 999 | 6,390 |
Restructuring Charges | 0 | 0 | ||
Payments for Restructuring | 0 | (4,343) | ||
Restructuring Reserve, Accrual Adjustment | 0 | (1,048) | ||
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 998 | 998 | 1,333 | 682 |
Restructuring Charges | 0 | 35 | ||
Payments for Restructuring | (335) | (1,017) | ||
Restructuring Reserve, Accrual Adjustment | 0 | 1,298 | ||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 165 | 165 | $ 96 | $ 169 |
Restructuring Charges | 564 | 1,456 | ||
Payments for Restructuring | (495) | (1,460) | ||
Restructuring Reserve, Accrual Adjustment | $ 0 | $ 0 |