0001593034-22-000012 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,507,196	$ 1,213,437
Restricted cash and cash equivalents	124,114	171,563
Accounts receivable, net	592,019	511,262
Inventories, net	283,552	352,260
Prepaid expenses and other current assets	200,484	100,899
Income taxes receivable	7,221	63,837
Total current assets	2,714,586	2,413,258
PROPERTY, PLANT AND EQUIPMENT, NET	396,712	458,471
OPERATING LEASE ASSETS	34,832	37,030
GOODWILL	3,197,011	3,560,011
OTHER INTANGIBLES, NET	2,362,823	2,740,808
DEFERRED INCOME TAXES	1,138	1,824
OTHER ASSETS	60,313	53,235
TOTAL ASSETS	8,767,415	9,264,637
CURRENT LIABILITIES:
Accounts payable and accrued expenses	836,898	835,940
Current portion of legal settlement accrual	580,994	372,121
Current portion of operating lease liabilities	10,992	11,613
Current portion of long-term debt	200,342	34,150
Income taxes payable	736	0
Total current liabilities	1,629,962	1,253,824
DEFERRED INCOME TAXES	21,628	26,066
LONG-TERM DEBT, LESS CURRENT PORTION, NET	8,048,980	8,280,578
OPERATING LEASE LIABILITIES, LESS CURRENT PORTION	33,727	38,132
OTHER LIABILITIES	277,104	313,976
COMMITMENTS AND CONTINGENCIES (NOTE 16)
SHAREHOLDERS’ DEFICIT:
Euro deferred shares, $0.01 par value; 4,000,000 shares authorized and issued at both December 31, 2021 and December 31, 2020	45	49
Ordinary shares, $0.0001 par value; 1,000,000,000 shares authorized; 233,690,816 and 230,315,768 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	23	23
Additional paid-in capital	8,953,906	8,938,012
Accumulated deficit	(9,981,515)	(9,368,270)
Accumulated other comprehensive loss	(216,445)	(217,753)
Total shareholders’ deficit	(1,243,986)	(647,939)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$ 8,767,415	$ 9,264,637

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Euro deferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Euro deferred shares, shares authorized (in shares)	4,000,000	4,000,000
Euro deferred shares, shares issued (in shares)	4,000,000	4,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	233,690,816	230,315,768
Common stock, shares outstanding (in shares)	233,690,816	230,315,768

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
TOTAL REVENUES, NET	$ 2,993,206	$ 2,903,074	$ 2,914,364
COSTS AND EXPENSES:
Cost of revenues	1,221,064	1,442,511	1,569,338
Selling, general and administrative	861,760	698,506	632,420
Research and development	148,560	158,902	130,732
Litigation-related and other contingencies, net	345,495	(19,049)	11,211
Asset impairment charges	414,977	120,344	526,082
Acquisition-related and integration items, net	(8,379)	16,549	(46,098)
Interest expense, net	562,353	532,939	538,734
Loss (gain) on extinguishment of debt	13,753	0	(119,828)
Other (income) expense, net	(19,774)	(21,110)	16,677
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX	(546,603)	(26,518)	(344,904)
INCOME TAX EXPENSE (BENEFIT)	22,478	(273,982)	15,680
(LOSS) INCOME FROM CONTINUING OPERATIONS	(569,081)	247,464	(360,584)
DISCONTINUED OPERATIONS, NET OF TAX (NOTE 3)	(44,164)	(63,520)	(62,052)
NET (LOSS) INCOME	$ (613,245)	$ 183,944	$ (422,636)
NET (LOSS) INCOME PER SHARE—BASIC:
Continuing operations (in dollars per share)	$ (2.44)	$ 1.08	$ (1.60)
Discontinued operations (in dollars per share)	(0.19)	(0.28)	(0.27)
Basic (in dollars per share)	(2.63)	0.80	(1.87)
NET (LOSS) INCOME PER SHARE—DILUTED:
Continuing operations (in dollars per share)	(2.44)	1.06	(1.60)
Discontinued operations (in dollars per share)	(0.19)	(0.27)	(0.27)
Diluted (in dollars per share)	$ (2.63)	$ 0.79	$ (1.87)
WEIGHTED AVERAGE SHARES:
Basic (in shares)	232,785	229,314	226,050
Diluted (in shares)	232,785	233,653	226,050

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (613,245)	$ 183,944	$ (422,636)
OTHER COMPREHENSIVE INCOME:
Net unrealized gain on foreign currency	1,308	1,337	10,139
Total other comprehensive income	1,308	1,337	10,139
COMPREHENSIVE (LOSS) INCOME	$ (611,937)	$ 185,281	$ (412,497)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Ordinary Shares	Ordinary Shares Cumulative Effect, Period of Adoption, Adjusted Balance	Euro Deferred Shares	Euro Deferred Shares Cumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Cumulative Effect, Period of Adoption, Adjusted Balance
Shareholders' equity, beginning balance (in shares) at Dec. 31, 2018				224,382,791	224,382,791	4,000,000	4,000,000
Shareholders' equity, beginning balance at Dec. 31, 2018	$ (498,283)	$ (4,646)	$ (502,929)	$ 22	$ 22	$ 46	$ 46	$ 8,855,810	$ 8,855,810	$ (9,124,932)	$ (4,646)	$ (9,129,578)	$ (229,229)	$ (229,229)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(422,636)									(422,636)
Other comprehensive income (loss)	10,139												10,139
Compensation related to share-based awards	$ 59,142							59,142
Exercise of options (in shares)	557			557
Exercise of options	$ 4							4
Ordinary shares issued (in shares)				2,419,261
Tax withholding for restricted shares	(10,156)							(10,156)
Other	(108)			$ 1		$ (1)		(108)
Shareholders' equity, ending balance (in shares) at Dec. 31, 2019				226,802,609		4,000,000
Shareholders' equity, ending balance at Dec. 31, 2019	(866,544)			$ 23		$ 45		8,904,692		(9,552,214)			(219,090)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	183,944									183,944
Other comprehensive income (loss)	1,337												1,337
Compensation related to share-based awards	41,357							41,357
Ordinary shares issued (in shares)				3,513,159
Tax withholding for restricted shares	(8,036)							(8,036)
Other	3			$ 0		$ 4		(1)
Shareholders' equity, ending balance (in shares) at Dec. 31, 2020				230,315,768		4,000,000
Shareholders' equity, ending balance at Dec. 31, 2020	(647,939)			$ 23		$ 49		8,938,012		(9,368,270)			(217,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(613,245)									(613,245)
Other comprehensive income (loss)	1,308												1,308
Compensation related to share-based awards	$ 30,046							30,046
Exercise of options (in shares)	82,331			82,331
Exercise of options	$ 622							622
Ordinary shares issued (in shares)				3,292,717
Tax withholding for restricted shares	(14,774)							(14,774)
Other	(4)					$ (4)
Shareholders' equity, ending balance (in shares) at Dec. 31, 2021				233,690,816		4,000,000
Shareholders' equity, ending balance at Dec. 31, 2021	$ (1,243,986)			$ 23		$ 45		$ 8,953,906		$ (9,981,515)			$ (216,445)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES:
Net (loss) income	$ (613,245)	$ 183,944	$ (422,636)
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities:
Depreciation and amortization	457,098	518,807	612,862
Share-based compensation	30,046	41,357	59,142
Amortization of debt issuance costs and discount	14,437	15,606	18,107
Deferred income taxes	(3,157)	(163,558)	(5,561)
Change in fair value of contingent consideration	(8,793)	16,353	(46,098)
Loss (gain) on extinguishment of debt	13,753	0	(119,828)
Acquired in-process research and development charges	25,120	28,602	0
Asset impairment charges	414,977	120,344	526,082
Gain on sale of business and other assets	(4,516)	(16,353)	(6,367)
Changes in assets and liabilities which (used) provided cash:
Accounts receivable	(82,052)	(45,792)	19,158
Inventories	48,978	(8,031)	(27,139)
Prepaid and other assets	(34,002)	(27,421)	11,370
Accounts payable, accrued expenses and other liabilities	84,391	(171,366)	(525,746)
Income taxes payable/receivable, net	68,015	(95,100)	4,706
Net cash provided by operating activities	411,050	397,392	98,052
INVESTING ACTIVITIES:
Capital expenditures, excluding capitalized interest	(77,929)	(69,971)	(63,854)
Capitalized interest payments	(2,721)	(2,892)	(3,833)
Acquisitions, including in-process research and development, net of cash and restricted cash acquired	(5,000)	(649,504)	0
Proceeds from sales and maturities of investments	0	92,763	0
Product acquisition costs and license fees	(4,177)	(2,000)	0
Proceeds from sale of business and other assets, net	30,283	6,737	6,577
Other investing activities	0	0	912
Net cash used in investing activities	(59,544)	(624,867)	(60,198)
FINANCING ACTIVITIES:
Proceeds from issuance of notes, net	1,279,978	0	1,483,125
Proceeds from issuance of term loans, net	1,980,000	0	0
Repayments of notes	0	(57,649)	(1,501,788)
Repayments of term loans	(3,310,475)	(34,150)	(34,152)
Proceeds from draw of revolving debt	0	0	300,000
Repayments of revolving debt	(22,800)	0	0
Repayments of other indebtedness	(5,448)	(4,884)	(9,196)
Payments for debt issuance and extinguishment costs	(8,574)	0	(6,414)
Payments for contingent consideration	(4,010)	(3,848)	(16,822)
Payments of tax withholding for restricted shares	(14,774)	(8,036)	(10,156)
Proceeds from exercise of options	622	0	4
Net cash (used in) provided by financing activities	(105,481)	(108,567)	204,601
Effect of foreign exchange rate	285	654	1,096
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	246,310	(335,388)	243,551
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	1,385,000	1,720,388	1,476,837
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	1,631,310	1,385,000	1,720,388
SUPPLEMENTAL INFORMATION:
Cash paid for interest, excluding capitalized interest	538,424	534,529	559,528
Cash paid for income taxes, gross	10,019	11,669	14,875
Proceeds from income tax refunds	57,801	31,897	11,808
Cash paid into Qualified Settlement Funds for mesh legal settlements	670	7,215	253,520
Cash paid out of Qualified Settlement Funds for mesh legal settlements	49,287	123,803	314,266
Other cash distributions for mesh legal settlements	47,360	44,471	15,330
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Acquisitions, including in-process research and development, accrued in the period but not yet paid	$ 20,120	$ 0	$ 0

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1. DESCRIPTION OF BUSINESS Endo International plc is an Ireland-domiciled specialty pharmaceutical company that conducts business through its operating subsidiaries. Unless otherwise indicated or required by the context, references throughout to “Endo,” the “Company,” “we,” “our” or “us” refer to Endo International plc and its subsidiaries. The accompanying Consolidated Financial Statements of Endo International plc and its subsidiaries have been prepared in accordance with U.S. GAAP.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

Consolidation and Basis of Presentation. The Consolidated Financial Statements include the accounts of wholly-owned subsidiaries after the elimination of intercompany accounts and transactions.

Reclassifications. Certain prior period amounts have been reclassified to conform to the current period presentation.

Use of Estimates. The preparation of our Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts and disclosures in our Consolidated Financial Statements, including the Notes thereto, and elsewhere in this report. For example, we are required to make significant estimates and assumptions related to revenue recognition, including sales deductions, long-lived assets, goodwill, other intangible assets, income taxes, contingencies, financial instruments and share-based compensation, among others. Some of these estimates can be subjective and complex. Uncertainties related to the continued magnitude and duration of the COVID-19 pandemic, the extent to which it will impact our estimated future financial results, worldwide macroeconomic conditions including interest rates, employment rates, consumer spending, health insurance coverage, the speed of the anticipated recovery and governmental and business reactions to the pandemic, including any possible re-initiation of shutdowns or renewed restrictions, have increased the complexity of developing these estimates, including the allowance for expected credit losses and the carrying amounts of long-lived assets, goodwill and other intangible assets. Furthermore, as a result of the possibility or occurrence of an unfavorable outcome with respect to any legal proceeding, we have engaged in and, at any given time, may further engage in strategic reviews of all or a portion of our business. Any such review or contingency planning could ultimately result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. These actions could include a bankruptcy filing which could ultimately result in, among other things, asset impairment charges that may be material. Although we believe that our estimates and assumptions are reasonable, there may be other reasonable estimates or assumptions that differ significantly from ours. Further, our estimates and assumptions are based upon information available at the time they were made. Actual results may differ significantly from our estimates, including as a result of the uncertainties described in this report, those described in our other reports filed with the SEC or other uncertainties.

We regularly evaluate our estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, our estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, dramatic fluctuations in foreign currency rates and economic downturns, can increase the uncertainty already inherent in our estimates and assumptions. We also are subject to other risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in the healthcare environment, competition, litigation, legislation and regulations. We adjust our estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our Consolidated Financial Statements on a prospective basis.

Customer, Product and Supplier Concentration. We primarily sell our products to wholesalers, retail drug store chains, supermarket chains, mass merchandisers, distributors, mail order accounts, hospitals and/or government agencies. Our wholesalers and/or distributors purchase products from us and, in turn, supply products to retail drug store chains, independent pharmacies, hospitals, long-term care facilities, clinics, home infusion pharmacies, government facilities and MCOs. Net revenues from direct customers that accounted for 10% or more of our total consolidated net revenues during the years ended December 31, 2021, 2020 and 2019 are as follows:


	2021		2020		2019
AmerisourceBergen Corporation	36	%	33	%	34	%
McKesson Corporation	32	%	27	%	26	%
Cardinal Health, Inc.	22	%	24	%	25	%

Revenues from these customers are included within each of our segments.

VASOSTRICT® accounted for 30%, 27% and 18% of our 2021, 2020 and 2019 net revenues, respectively. XIAFLEX® accounted for 14%, 11% and 11% of our 2021, 2020 and 2019 net revenues, respectively. No other products accounted for 10% or more of our net revenues during the years ended December 31, 2021, 2020 or 2019.

We have agreements with certain third parties for the manufacture, supply and processing of certain of our existing pharmaceutical products. See Note 16. Commitments and Contingencies for information on any material manufacturing, supply and other service agreements.

We are subject to risks and uncertainties associated with these concentrations that could have a material adverse effect on our business, financial condition, results of operations and cash flows in future periods, including in the near term.

Revenue Recognition and Sales Deductions. With respect to contracts with commercial substance that establish payment terms and each party’s rights regarding goods or services to be transferred, we recognize revenue when (or as) we satisfy our performance obligations for such contracts by transferring control of the underlying promised goods or services to our customers, to the extent collection of substantially all of the related consideration is probable. The amount of revenue we recognize reflects our estimate of the consideration we expect to be entitled to receive, subject to certain constraints, in exchange for such goods or services. This amount is referred to as the transaction price.

Our revenue consists almost entirely of sales of our products to customers, whereby we ship products to a customer pursuant to a purchase order. For contracts such as these, revenue is recognized when our contractual performance obligations have been fulfilled and control has been transferred to the customer pursuant to the contract’s terms, which is generally upon delivery to the customer. The amount of revenue we recognize is equal to the fixed amount of the transaction price, adjusted for our estimates of a number of significant variable components including, but not limited to, estimates for chargebacks, rebates, sales incentives and allowances, DSA and other fees for services, returns and allowances, which we collectively refer to as sales deductions.

The Company utilizes the expected value method when estimating the amount of variable consideration to include in the transaction price with respect to each of the foregoing variable components and the most likely amount method when estimating the amount of variable consideration to include in the transaction price with respect to future potential milestone payments that do not qualify for the sales- and usage-based royalty exception. Variable consideration is included in the transaction price only to the extent it is probable that a significant revenue reversal will not occur when the uncertainty associated with the variable consideration is resolved. Payment terms for these types of contracts generally fall within 30 to 120 days of invoicing.

At December 31, 2021 and 2020, our reserves for sales deductions totaled $588.7 million and $605.6 million, respectively. These amounts relate primarily to our estimates of unsettled obligations for returns and allowances, rebates and chargebacks. The most significant sales deduction reserves relate to returns, wholesaler chargebacks and rebates for the Sterile Injectables and Generic Pharmaceuticals segments. Our estimates are based on factors such as our direct and indirect customers’ buying patterns and the estimated resulting contractual deduction rates, historical experience, specific known market events and estimated future trends, current contractual and statutory requirements, industry data, estimated customer inventory levels, current contract sales terms with our direct and indirect customers and other competitive factors. Significant judgment and estimation is required in developing the foregoing and other relevant assumptions. The most significant sales deductions are further described below.

Returns and Allowances—Consistent with industry practice, we maintain a return policy that allows our customers to return products within a specified period of time both subsequent to and, in certain cases, prior to the products’ expiration dates. Our return policy generally allows customers to receive credit for expired products within six months prior to expiration and within between six months and one year after expiration. Our provision for returns and allowances consists of our estimates for future product returns, pricing adjustments and delivery errors.

Rebates—Our provision for rebates, sales incentives and other allowances can generally be categorized into the following four types:

•direct rebates;

•indirect rebates;

•governmental rebates, including those for Medicaid, Medicare and TRICARE, among others; and

•managed-care rebates.

We establish contracts with wholesalers, chain stores and indirect customers that provide for rebates, sales incentives, DSA fees and other allowances. Some customers receive rebates upon attaining established sales volumes. Direct rebates are generally rebates paid to direct purchasing customers based on a percentage applied to a direct customer’s purchases from us, including fees paid to wholesalers under our DSAs, as described above. Indirect rebates are rebates paid to indirect customers that have purchased our products from a wholesaler or distributor under a contract with us.

We are subject to rebates on sales made under governmental and managed-care pricing programs based on relevant statutes with respect to governmental pricing programs and contractual sales terms with respect to managed-care providers and GPOs. For example, we are required to provide a discount on certain of our products to patients who fall within the Medicare Part D coverage gap, also referred to as the donut hole.

We participate in various federal and state government-managed programs whereby discounts and rebates are provided to participating government entities. For example, Medicaid rebates are amounts owed based upon contractual agreements or legal requirements with public sector (Medicaid) benefit providers after the final dispensing of the product by a pharmacy to a benefit plan participant.

Chargebacks—We market and sell products to both: (i) direct customers including wholesalers, distributors, warehousing pharmacy chains and other direct purchasing entities and (ii) indirect customers including independent pharmacies, non-warehousing chains, MCOs, GPOs, hospitals and other healthcare institutions and government entities. We enter into agreements with certain of our indirect customers to establish contract pricing for certain products. These indirect customers then independently select a wholesaler from which to purchase the products at these contracted prices. Alternatively, we may pre-authorize wholesalers to offer specified contract pricing to other indirect customers. Under either arrangement, we provide credit to the wholesaler for any difference between the contracted price with the indirect customer and the wholesaler’s invoice price. Such credit is called a chargeback.

Contract Assets and Contract Liabilities. Contract assets represent the Company’s right to consideration in exchange for goods or services that the Company has transferred when that right is conditioned on something other than the passage of time. The Company records revenue and a corresponding contract asset when it fulfills a contractual performance obligation, but must also fulfill one or more additional performance obligations before being entitled to payment. Once the Company’s right to consideration becomes unconditional, the contract asset amount is reclassified as Accounts receivable.

Contract liabilities represent the Company’s obligation to transfer goods or services to a customer. The Company records a contract liability generally upon receipt of consideration in advance of fulfilling one or more of its contractual performance obligations. Upon completing each performance obligation, the corresponding contract liability amount is reversed and revenue is recognized.

Contract assets and liabilities related to rights and obligations arising from a single contract, or a series of contracts combined and accounted for as a single contract, are generally presented on a net basis. Contract assets and liabilities are further described in Note 13. Contract Assets and Liabilities.

Acquisitions. We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not we have acquired inputs and processes that have the ability to create outputs, which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets.

Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill.

For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. We also evaluate which elements of a transaction should be accounted for as a part of an asset acquisition and which should be accounted for separately. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any difference between the cost of an asset acquisition and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. Assets acquired as part of an asset acquisition that are considered to be in-process research and development are immediately expensed and included in Research and development in the Consolidated Statements of Operations unless there is an alternative future use in other research and development projects.

R&D. Expenditures for R&D are expensed as incurred. Total R&D expenses include, among other things, the costs of discovery research, preclinical development, early- and late-clinical development and drug formulation, clinical trials, materials, medical support of marketed products and certain upfront and milestone payments. R&D spending also includes enterprise-wide costs which support our overall R&D infrastructure. Property, plant and equipment that are acquired or constructed for R&D activities and that have alternate future uses are capitalized and depreciated over their estimated useful lives on a straight-line basis. From time to time, the Company has entered into licensing or collaborative agreements with third parties to develop new drug candidates. Contractual upfront and milestone payments made to third parties pursuant to these types of contracts are generally: (i) expensed as incurred up to the point of regulatory approval and (ii) capitalized and amortized over the related product’s remaining useful life subsequent to regulatory approval. Amounts capitalized for such payments are included in Other intangibles, net in the Consolidated Balance Sheets.

Cash and Cash Equivalents. The Company considers all highly liquid money market instruments with an original maturities of three months or less when purchased to be cash equivalents. At December 31, 2021 and 2020, cash equivalents were deposited in financial institutions and consisted almost entirely of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with financial institutions it believes to be well-known and stable.

Restricted Cash and Cash Equivalents. Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are excluded from Cash and cash equivalents in the Consolidated Balance Sheets. For additional information see Note 7. Fair Value Measurements.

Accounts Receivable. The Company adopted Accounting Standards Codification Topic 326, Financial Instruments-Credit Losses (ASC 326) on January 1, 2020. For further discussion of the adoption, refer to the “Recent Accounting Pronouncements Adopted or Otherwise Effective as of December 31, 2021” section below. Subsequent to the adoption of ASC 326, our accounts receivable balance is stated at amortized cost less an allowance determined using the expected credit loss model. In addition, our accounts receivable balance is reduced by certain sales deduction reserves where we have the right of offset with the customer. We generally do not require collateral.

Concentrations of Credit Risk and Credit Losses. Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash equivalents, restricted cash equivalents and accounts receivable. From time to time, we invest our excess cash in high-quality, liquid money market instruments maintained by major banks and financial institutions. We have not experienced any losses on our cash equivalents.

With respect to our accounts receivable, we have no history of significant losses. Approximately 91% and 90% of our gross trade accounts receivable balances represent amounts due from three customers (Cardinal Health, Inc., McKesson Corporation and AmerisourceBergen Corporation) at December 31, 2021 and December 31, 2020, respectively. We perform ongoing credit evaluations of these and our other customers based on information available to us. We consider these and other factors, including changes in the composition and aging of our accounts receivable, in developing our allowance for expected credit losses. The estimated allowance was not material to the Company’s Consolidated Financial Statements at December 31, 2021 or December 31, 2020, nor were the changes to the allowance during any of the periods presented.

We do not currently expect our current or future exposures to credit losses to have a significant impact on us. However, our customers’ ability to pay us on a timely basis, or at all, could be affected by factors specific to their respective businesses and/or by economic conditions, including those related to the COVID-19 pandemic, the extent of which cannot be fully predicted.

Inventories. Inventories consist of raw materials, work-in-process and finished goods. Inventory that is in excess of the amount expected to be sold within one year is classified as long-term inventory and is recorded in Other assets in the Consolidated Balance Sheets. The Company capitalizes inventory costs associated with certain products prior to regulatory approval and product launch when it is reasonably certain, based on management’s judgment of future commercial use and net realizable value, that the pre-launch inventories will be saleable. The determination to capitalize is made on a product-by-product basis. The Company could be required to write down previously capitalized costs related to pre-launch inventories upon a change in such judgment, a denial or delay of approval by regulatory bodies, a delay in commercialization or other potential factors. Our inventories are stated at the lower of cost or net realizable value.

Cost is determined by the first-in, first-out method. It includes materials, direct labor and an allocation of overhead, but excludes certain period charges and unallocated overheads that are charged to expense in the period in which they are incurred. Unallocated overheads can occur as a consequence of abnormally low production or idle facilities.

Net realizable value is determined by the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. When necessary, we write-down inventories to net realizable value based on forecasted demand and market and regulatory conditions, which may differ from actual results.

Property, Plant and Equipment. Property, plant and equipment is generally stated at cost less accumulated depreciation. Major improvements are capitalized, while routine maintenance and repairs are expensed as incurred. Costs incurred during the construction or development of property, plant and equipment are capitalized as assets under construction. Once an asset has been placed into service, depreciation expense is taken on a straight-line basis over the estimated useful life of the related assets or, in the case of leasehold improvements and finance lease assets, over the shorter of the estimated useful life and the lease term. As of December 31, 2021, the useful lives of our property, plant and equipment range from 1 year to up to 30 years for buildings, 15 years for machinery and equipment, 10 years for computer equipment and software and 10 years for furniture and fixtures. Depreciation expense is not recorded on assets held for sale. Gains and losses on disposals are included in Other (income) expense, net in the Consolidated Statements of Operations. As further described below under the heading “Long-Lived Asset Impairment Testing,” our property plant and equipment assets are also subject to impairment reviews.

Computer Software. The Company capitalizes certain costs incurred in connection with obtaining or developing internal-use software, including external direct costs of material and services, and payroll costs for employees directly involved with the software development. Capitalized software costs are included in Property, plant and equipment, net in the Consolidated Balance Sheets and depreciated beginning when the software project is substantially complete and the asset is ready for its intended use. Costs incurred during the preliminary project stage and post-implementation stage, as well as maintenance and training costs, are expensed as incurred.

Lease Accounting. The Company adopted Accounting Standards Codification Topic 842, Leases (ASC 842) on January 1, 2019 using the modified retrospective approach with an effective date of January 1, 2019 for leases that existed on that date. The Company elected to apply certain practical expedients permitted under the transition guidance within ASC 842 to leases that commenced before January 1, 2019, including the package of practical expedients, as well as the practical expedient permitting the Company to not assess whether certain land easements contain leases. Due to the Company’s election of these practical expedients, the Company carried forward certain historical conclusions for existing contracts, including conclusions relating to initial direct costs and to the existence and classification of leases. ASC 842 applies to a number of arrangements to which the Company is party.

Whenever the Company enters into a new arrangement, it must determine, at the inception date, whether the arrangement is or contains a lease. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset.

If a lease exists, the Company must then determine the separate lease and nonlease components of the arrangement. Each right to use an underlying asset conveyed by a lease arrangement should generally be considered a separate lease component if it both: (i) can benefit the Company without depending on other resources not readily available to the Company and (ii) does not significantly affect and is not significantly affected by other rights of use conveyed by the lease. Aspects of a lease arrangement that transfer other goods or services to the Company but do not meet the definition of lease components are considered nonlease components. The consideration owed by the Company pursuant to a lease arrangement is generally allocated to each lease and nonlease component for accounting purposes. However, the Company has elected, for all of its leases, to not separate lease and nonlease components. Each lease component is accounted for separately from other lease components, but together with the associated nonlease components.

For each lease, the Company must then determine the lease term, the present value of lease payments and the classification of the lease as either an operating or finance lease.

The lease term is the period of the lease not cancellable by the Company, together with periods covered by: (i) renewal options the Company is reasonably certain to exercise, (ii) termination options the Company is reasonably certain not to exercise and (iii) renewal or termination options that are controlled by the lessor.

The present value of lease payments is calculated based on:

•Lease payments—Lease payments include fixed and certain variable payments, less lease incentives, together with amounts probable of being owed by the Company under residual value guarantees and, if reasonably certain of being paid, the cost of certain renewal options and early termination penalties set forth in the lease arrangement. Lease payments exclude consideration that is not related to the transfer of goods and services to the Company.

•Discount rate—The discount rate must be determined based on information available to the Company upon the commencement of a lease. Lessees are required to use the rate implicit in the lease whenever such rate is readily available; however, as the implicit rate in the Company’s leases is generally not readily determinable, the Company generally uses the hypothetical incremental borrowing rate it would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a timeframe similar to the lease term.

In making the determination of whether a lease is an operating lease or a finance lease, the Company considers the lease term in relation to the economic life of the leased asset, the present value of lease payments in relation to the fair value of the leased asset and certain other factors, including the lessee’s and lessor’s rights, obligations and economic incentives over the term of the lease.

Generally, upon the commencement of a lease, the Company will record a lease liability and a right-of-use asset. However, the Company has elected, for all underlying assets with initial lease terms of twelve months or less (known as short-term leases), to not recognize a lease liability or right-of-use asset. Lease liabilities are initially recorded at lease commencement as the present value of future lease payments. Right-of-use assets are initially recorded at lease commencement as the initial amount of the lease liability, together with the following, if applicable: (i) initial direct costs incurred by the lessee and (ii) lease payments made by the lessor, net of lease incentives received, prior to lease commencement.

Over the lease term, the Company generally increases its lease liabilities using the effective interest method and decreases its lease liabilities for lease payments made. For finance leases, amortization expense and interest expense are recognized separately in the Consolidated Statements of Operations, with amortization expense generally recorded on a straight-line basis over the lease term and interest expense recorded using the effective interest method. For operating leases, a single lease cost is generally recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term unless an impairment has been recorded with respect to a leased asset. Lease costs for short-term leases not recognized in the Consolidated Balance Sheets are recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. Variable lease costs not initially included in the lease liability and right-of-use asset impairment charges are expensed as incurred. Right-of-use assets are assessed for impairment, similar to other long-lived assets.

Prior to the adoption of ASC 842, the Company accounted for leases under Accounting Standards Codification Topic 840, Leases (ASC 840).

Cloud Computing Arrangements. The Company may from time to time incur costs in connection with hosting arrangements that are service contracts. Subsequent to the Company’s January 1, 2019 adoption of Accounting Standards Update (ASU) No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15), the Company capitalizes any such implementation costs, expenses them over the terms of the respective hosting arrangements and subjects them to impairment testing consistent with other long-lived assets.

Finite-Lived Intangible Assets. Our finite-lived intangible assets consist of license rights and developed technology. Upon acquisition, intangible assets are generally initially recorded at fair value if acquired in a business combination, or at cost if otherwise. There are several methods that can be used to determine fair value. For intangible assets, we typically use an income approach. This approach starts with our forecast of all of the expected future net cash flows. Revenues are estimated based on relevant market size and growth factors, expected industry trends, individual project life cycles and, if applicable, the life of any estimated period of marketing exclusivity, such as that granted by a patent. The pricing, margins and expense levels of similar products are considered if available. For certain licensed assets, our estimates of future cash flows consider periods covered by renewal options to the extent we have the intent and ability, at the date of the estimate, to renew the underlying license agreements. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams.

To the extent an intangible asset is deemed to have a finite life, it is then amortized over its estimated useful life using either the straight-line method or, in the case of certain developed technology assets, an accelerated amortization model. The values of these various assets are subject to continuing scientific, medical and marketplace uncertainty. Factors giving rise to our initial estimate of useful lives are subject to change. Significant changes to any of these factors may result in adjustments to the useful life of the asset and an acceleration of related amortization expense, which could cause our net income and net income per share to decrease. Amortization expense is not recorded on assets held for sale.

As further described under the heading “Long-Lived Asset Impairment Testing,” our finite-lived intangible assets are also subject to impairment reviews.

Developed Technology. Our developed technology assets subject to amortization have useful lives ranging from 4 years to 20 years, with a weighted average useful life of approximately 11 years. We determine amortization periods and methods of amortization for developed technology assets based on our assessment of various factors impacting estimated useful lives and the timing and extent of estimated cash flows of the acquired assets, including the strength of the intellectual property protection of the product (if applicable), contractual terms and various other competitive and regulatory issues.

License Rights. Our license rights subject to amortization have useful lives ranging from 7 years to 15 years, with a weighted average useful life of approximately 14 years. We determine amortization periods for licenses based on our assessment of various factors including the expected launch date of the product, the strength of the intellectual property protection of the product (if applicable), contractual terms and various other competitive, developmental and regulatory issues.

Long-Lived Asset Impairment Testing. Long-lived assets, including property, plant and equipment and finite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate the assets may not be recoverable. Recoverability of an asset that will continue to be used in our operations is measured by comparing the carrying amount of the asset to the forecasted undiscounted future cash flows related to the asset. In the event the carrying amount of the asset exceeds its undiscounted future cash flows and the carrying amount is not considered recoverable, impairment may exist. An impairment loss, if any, is measured as the excess of the asset’s carrying amount over its fair value, generally based on a discounted future cash flow method, independent appraisals or offers from prospective buyers. An impairment loss would be recognized in the Consolidated Statements of Operations in the period that the impairment occurs.

In the case of long-lived assets to be disposed of by sale or otherwise, including assets held for sale, the assets and the associated liabilities to be disposed of together as a group in a single transaction (the disposal group) are measured at the lower of their carrying amount or fair value less cost to sell. Losses are recognized for any initial or subsequent write-down to fair value less cost to sell, while gains are recognized for any subsequent increase in fair value less cost to sell, but not in excess of any cumulative losses previously recognized. Any gains or losses not previously recognized that result from the sale of a disposal group shall be recognized at the date of sale.

In-Process Research and Development Assets. In-process research and development assets acquired in an asset acquisition are immediately expensed and included in Research and development in the Consolidated Statements of Operations unless there is an alternative future use in other research and development projects. Otherwise, acquired in-process research and development assets are generally recognized as indefinite-lived intangible assets. Such assets are generally initially recorded at fair value if acquired in a business combination, or at cost if otherwise. Any indefinite-lived intangible assets are not subject to amortization. Instead, they are tested for impairment annually and when events or changes in circumstances indicate that the asset might be impaired. Our annual assessment is performed as of October 1. If the fair value of the intangible assets is less than its carrying amount, an impairment loss is recognized for the difference. Assets that receive regulatory approval are reclassified and accounted for as finite-lived intangible assets.

Goodwill. While amortization expense is not recorded on goodwill, goodwill is subject to impairment reviews. An impairment assessment is conducted as of October 1, or more frequently whenever events or changes in circumstances indicate that the asset might be impaired.

We perform the goodwill impairment test by estimating the fair value of the reporting units using an income approach that utilizes a discounted cash flow model or, where appropriate, a market approach. Any goodwill impairment charge we recognize for a reporting unit is equal to the lesser of (i) the total goodwill allocated to that reporting unit and (ii) the amount by which that reporting unit’s carrying amount exceeds its fair value.

Contingencies. The Company is subject to various patent challenges, product liability claims, government investigations and other legal proceedings in the ordinary course of business. Contingent accruals and legal settlements are recorded in the Consolidated Statements of Operations as Litigation-related and other contingencies, net (or as Discontinued operations, net of tax in the case of vaginal mesh matters) when the Company determines that a loss is both probable and reasonably estimable. Legal fees and other expenses related to litigation are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations (or as Discontinued operations, net of tax in the case of vaginal mesh matters).

Due to the fact that legal proceedings and other contingencies are inherently unpredictable, our estimates of the probability and amount of any such liabilities involve significant judgment regarding future events. The Company records receivables from its insurance carriers only when the realization of the potential claim for recovery is considered probable.

Contingent Consideration. Certain of the Company’s acquisitions involve the potential for future payment of consideration that is contingent upon the occurrence of a future event, such as (i) the achievement of specified regulatory, operational and/or commercial milestones or (ii) royalty payments, such as those relating to future product sales. Contingent consideration liabilities related to an asset acquisition are initially recorded when considered probable and reasonably estimable, which may occur subsequent to the acquisition date. Subsequent changes in the recorded amounts are generally recorded as adjustments to the cost of the acquired assets. Contingent consideration liabilities related to a business combination are initially recorded at fair value on the acquisition date using unobservable inputs. These inputs include the estimated amount and timing of projected cash flows, the probability of success (achievement of the contingent event) and the risk-adjusted discount rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period, the Company remeasures its contingent consideration liabilities to their current estimated fair values, with changes recorded in earnings. Changes to any of the inputs used in determining fair value may result in fair value adjustments that differ significantly from the actual remeasurement adjustments recognized.

Share Repurchases. The Company accounts for the repurchase of ordinary shares, if any, at par value. Under applicable Irish law, ordinary shares repurchased are retired and not displayed separately as treasury stock. Upon retirement of the ordinary shares, the Company records the difference between the weighted average cost of such ordinary shares and the par value of the ordinary shares as an adjustment to Accumulated deficit in the Consolidated Balance Sheets.

Advertising Costs. Advertising costs are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations. Advertising costs amounted to $136.8 million, $76.0 million and $63.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Cost of Revenues. Cost of revenues includes all costs directly related to bringing both purchased and manufactured products to their final selling destination. Amounts include purchasing and receiving costs, direct and indirect costs to manufacture products including direct materials, direct labor and direct overhead expenses necessary to acquire and convert purchased materials and supplies into finished goods, royalties paid or owed by Endo on certain in-licensed products, inspection costs, depreciation of certain property, plant and equipment, amortization of intangible assets, lease costs, warehousing costs, freight charges, costs to operate our equipment and other shipping and handling costs, among others.

Restructuring. Restructuring charges related to nonretirement postemployment benefits that fall under Accounting Standards Codification Topic 712, Compensation—Nonretirement Postemployment Benefits (ASC 712) are recognized when the severance liability is determined to be probable of being paid and reasonably estimable. One-time benefits related to restructurings, if any, are recognized in accordance with Accounting Standards Codification Topic 420, Exit or Disposal Cost Obligations (ASC 420) when the programs are approved, the affected employees are identified, the terms of the arrangement are established, it is determined changes to the plan are unlikely to occur and the arrangements are communicated to employees. Other restructuring costs are generally expensed as incurred.

Share-Based Compensation. The Company grants share-based compensation awards to certain employees and non-employee directors. Generally, the grant-date fair value of each award is recognized as expense over the requisite service period. However, expense recognition differs in the case of certain performance share units (PSUs) where the ultimate payout is performance-based. For these awards, at each reporting period, the Company estimates the ultimate payout and adjusts the cumulative expense based on its estimate and the percent of the requisite service period that has elapsed. Share-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs. New ordinary shares are generally issued upon the exercise of stock options or vesting of stock awards by employees and non-employee directors. Refer to Note 19. Share-based Compensation for additional discussion.

Foreign Currency. The Company operates in various jurisdictions both inside and outside of the U.S. While the Company’s reporting currency is the U.S. dollar, the Company has concluded that certain of its distinct and separable operations have functional currencies other than the U.S. dollar. Further, certain of the Company’s operations hold assets and liabilities and recognize income and expenses denominated in various local currencies, which may differ from their functional currencies.

Assets and liabilities are first remeasured from local currency to functional currency, generally using end-of-period exchange rates. Foreign currency income and expenses are generally remeasured using average exchange rates in effect during the year. In the case of nonmonetary assets and liabilities such as inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, and related income statement amounts, such as depreciation expense, historical exchange rates are used for remeasurement. The net effect of remeasurement is included in Other (income) expense, net in the Consolidated Statements of Operations.

As part of the Company’s consolidation process, assets and liabilities of entities with functional currencies other than the U.S. dollar are translated into U.S. dollars at end-of-period exchange rates. Income and expenses are translated using average exchange rates in effect during the year. The net effect of translation, as well as any foreign currency gains or losses on intercompany transactions considered to be of a long-term investment nature, are recognized as foreign currency translation, a component of Other comprehensive income. Upon the sale or liquidation of an investment in a foreign operation, the Company records a reclassification adjustment out of Other comprehensive income for the corresponding accumulated amount of foreign currency translation gain or loss.

Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including projected future taxable income, tax-planning strategies and results of recent operations. In the event that the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income tax.

The Company records unrecognized income tax positions (UTPs) on the basis of a two-step process whereby the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and then measures those tax positions that meet the more-likely-than-not recognition threshold. The Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the tax authority. The Company recognizes changes in UTPs, interest and penalties in the Income tax expense (benefit) line in the Consolidated Statements of Operations. The Company recognizes liabilities related to UTPs, including interest and penalties, in the Consolidated Balance Sheets as Accounts payable and accrued expenses (for any current portion) and/or Other liabilities (for any noncurrent portion).

Comprehensive Income. Comprehensive income or loss includes all changes in equity during a period except those that resulted from investments by or distributions to a company’s shareholders. Other comprehensive income or loss refers to revenues, expenses, gains and losses that are included in comprehensive income, but excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity.

Recent Accounting Pronouncements

Recent Accounting Pronouncements Adopted or Otherwise Effective as of December 31, 2021

In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13, together with a series of subsequently-issued related ASUs, has been codified in ASC 326. ASC 326 establishes new requirements for companies to estimate expected credit losses when measuring certain financial assets, including accounts receivable. The Company adopted ASC 326 using a modified retrospective approach with an effective date of January 1, 2020. The adoption of ASC 326 did not have a material impact on the Company’s Consolidated Financial Statements.

In November 2021, the FASB issued ASU No. 2021-10, Disclosures by Business Entities about Government Assistance (ASU 2021-10). ASU 2021-10 added Accounting Standards Codification Topic 832, Government Assistance (ASC 832), which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The Company early adopted ASC 832 during the fourth quarter of 2021 and is complying with the related disclosure requirements.

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 3. DISCONTINUED OPERATIONS

Astora

The operating results of the Company’s Astora business, which the Board resolved to wind down in 2016, are reported as Discontinued operations, net of tax in the Consolidated Statements of Operations for all periods presented. The following table provides the operating results of Astora Discontinued operations, net of tax, for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Litigation-related and other contingencies, net	$	25,000	$	41,097	$	30,400
Loss from discontinued operations before income taxes	$	(49,594)	$	(67,847)	$	(62,052)
Income tax benefit	$	(5,430)	$	(4,327)	$	—
Discontinued operations, net of tax	$	(44,164)	$	(63,520)	$	(62,052)

Loss from discontinued operations before income taxes includes Litigation-related and other contingencies, net, mesh-related legal defense costs and certain other items.

The cash flows from discontinued operating activities related to Astora included the impact of net losses of $44.2 million, $63.5 million and $62.1 million for the years ended December 31, 2021, 2020 and 2019, respectively, and the impact of cash activity related to vaginal mesh cases. During the periods presented above, there were no material net cash flows related to Astora discontinued investing activities and there was no depreciation or amortization expense related to Astora.

Certain Assets and Liabilities of Endo’s Retail Generics Business

In November 2020, we announced the initiation of several strategic actions to further optimize the Company’s operations and increase overall efficiency, which are collectively referred to as the 2020 Restructuring Initiative and are further discussed in Note 4. Restructuring. These actions include an initiative to exit certain of our manufacturing and other sites to optimize our retail generics business cost structure. As part of this initiative, during the second half of 2021, we entered into definitive agreements to sell certain assets related to our retail generics business, as well as certain associated liabilities, to subsidiaries of Strides Pharma Science Limited (Strides) and certain other entities. These sales closed in the fourth quarter of 2021. As a result of these sales, we became entitled to aggregate cash consideration of approximately $25.6 million, substantially all of which has been received as of December 31, 2021, as well as certain non-cash consideration of approximately $5.8 million. The assets sold include certain of our manufacturing facilities and related fixed assets in Chestnut Ridge, New York and Irvine, California, as well as certain U.S. retail generics products and certain related product inventory. Under the terms of the agreements, the purchasers are providing Endo with certain contract manufacturing and other services on a transitional basis and Endo provided Strides with certain transitional services, which were substantially completed by the end of February 2022.

During 2021, these assets and liabilities first met the criteria to be classified as held for sale in the Consolidated Balance Sheets, at which time we ceased depreciating the related long-lived assets. We recognized a pre-tax disposal loss of $42.2 million in 2021 to write down the carrying amount of the disposal group to fair value, less cost to sell, which we recorded in Asset impairment charges in the Consolidated Statements of Operations. Additionally, in 2021, we recognized a net pre-tax reversal of $25.4 million of expense, primarily related to avoided severance costs for employees that transitioned to the purchasers in connection with the transactions summarized above. These amounts are included in the quantitative disclosures of the 2020 Restructuring Initiative included in Note 4. Restructuring.

As of December 31, 2021, the corresponding assets and liabilities, which were primarily part of the Company’s Generic Pharmaceuticals segment, have been fully divested. These assets and liabilities did not meet the requirements for treatment as a discontinued operation.

RESTRUCTURING

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

RESTRUCTURING

NOTE 4. RESTRUCTURING

Set forth below are disclosures relating to any restructuring initiatives for which amounts recognized or cash expenditures during the years ended December 31, 2021, 2020 or 2019 were material or that had material restructuring liabilities at either December 31, 2021 or December 31, 2020.

2020 Restructuring Initiative

On November 5, 2020, the Company announced the initiation of several strategic actions to further optimize the Company’s operations and increase overall efficiency (the 2020 Restructuring Initiative). These actions were initiated with the expectation of generating significant cost savings to be reinvested, among other things, to support the Company’s key strategic priority to expand and enhance its product portfolio. These actions, which we have been progressing, include the following:

•Optimizing the Company’s retail generics business cost structure by exiting manufacturing sites in Irvine, California and Chestnut Ridge, New York, as well as active pharmaceutical ingredient manufacturing and bioequivalence study sites in India. Certain of the sites have already been exited as a result of the sale transactions that are further discussed in Note 3. Discontinued Operations and certain products historically manufactured at these sites have been transferred to other internal and external sites within the Company’s manufacturing network. The remaining sites are currently expected to be exited by the second half of 2022; however, the ultimate timing remains uncertain.

•Improving operating flexibility and reducing general and administrative costs by transferring certain transaction processing activities to third-party global business process service providers.

•Increasing organizational effectiveness by further integrating the Company’s commercial, operations and research and development functions, respectively, to support the Company’s key strategic priorities.

The amounts in this footnote related to the 2020 Restructuring Initiative include the sale transactions that are further discussed in Note 3. Discontinued Operations.

As a result of the 2020 Restructuring Initiative, the Company’s global workforce is ultimately expected to be reduced by approximately 500 net full-time positions. The Company expects to realize annualized pre-tax cash savings (without giving effect to the costs described below) of approximately $85 million to $95 million by the first half of 2023, primarily related to reductions in Cost of revenues of approximately $65 million to $70 million and other expenses, including Selling, general and administrative and Research and development expenses, of approximately $20 million to $25 million.

As a result of the 2020 Restructuring Initiative, the Company expects to incur total pre-tax restructuring-related expenses of approximately $165 million to $185 million, of which approximately $140 million to $155 million relates to the Generic Pharmaceuticals segment, with the remaining amounts relating to our other segments and certain corporate unallocated costs. These estimates, which have been updated to reflect the effects of the sale transactions that are further discussed in Note 3. Discontinued Operations, consist of accelerated depreciation charges of approximately $45 million to $55 million, asset impairment charges of approximately $50 million, employee separation, continuity and other benefit-related costs of approximately $55 million to $60 million and certain other restructuring costs of approximately $15 million to $20 million. Cash outlays associated with the 2020 Restructuring Initiative are expected to be approximately $75 million and consist primarily of employee separation, continuity and other benefit-related costs and certain other restructuring costs. The Company anticipates these actions will be substantially completed by the end of 2022, with substantially all cash payments made by then.

The following pre-tax net amounts related to the 2020 Restructuring Initiative are included in the Company’s Consolidated Statements of Operations during the years ended December 31, 2021 and 2020 (in thousands):



	2021		2020
Net restructuring charges (charge reversals) related to:
Accelerated depreciation	$	24,718	$	22,459
Asset impairments	42,155		7,391
Excess inventory reserves	6,968		3,097
Employee separation, continuity and other benefit-related costs	(7,384)		60,025
Certain other restructuring costs	2,012		664
Total	$	68,469	$	93,636

These pre-tax net amounts were primarily attributable to our Generic Pharmaceuticals segment, which incurred $49.9 million and $79.0 million of pre-tax net charges during the years ended December 31, 2021 and 2020, respectively. The remaining amounts related to our other segments and certain corporate unallocated costs.

As of December 31, 2021, cumulative amounts incurred to date include charges related to accelerated depreciation of approximately $47.2 million, asset impairments related to identifiable intangible assets, certain operating lease assets and the disposal group that is further discussed in Note 3. Discontinued Operations of approximately $49.5 million, excess inventory reserves of approximately $10.1 million, employee separation, continuity and other benefit-related costs, net of approximately $52.6 million and certain other restructuring costs of approximately $2.7 million. Of these amounts, approximately $128.8 million was attributable to the Generic Pharmaceuticals segment, with the remaining amounts relating to our other segments and certain corporate unallocated costs.



	2021		2020
Net restructuring charges (charge reversals) included in:
Cost of revenues	$	6,244	$	53,297
Selling, general and administrative	20,788		27,857
Research and development	1,367		5,091
Asset impairment charges	42,155		7,391
Other (income) expense, net	(2,085)		—
Total	$	68,469	$	93,636

Changes to the liability for the 2020 Restructuring Initiative during the years ended December 31, 2021 and 2020 were as follows (in thousands):


	Employee Separation, Continuity and Other Benefit-Related Costs		Certain Other Restructuring Costs		Total
Liability balance as of December 31, 2019	$	—	$	—	$	—
Net charges	60,025		664		60,689
Cash payments	(1,687)		—		(1,687)
Liability balance as of December 31, 2020	$	58,338	$	664	$	59,002
Net (charge reversals) charges	(7,384)		3,711		(3,673)
Cash payments	(39,975)		(4,170)		(44,145)
Liability balance as of December 31, 2021	$	10,979	$	205	$	11,184

Of the liability at December 31, 2021, approximately $10.6 million is classified as current and is included in Accounts payable and accrued expenses in the Consolidated Balance Sheets, with the remaining amount classified as noncurrent and included in Other liabilities.

ACQUISITIONS

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

NOTE 5. ACQUISITIONS

BioSpecifics Acquisition

On October 19, 2020, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with Beta Acquisition Corp., a Delaware corporation and wholly-owned indirect subsidiary of the Company (Merger Sub) and BioSpecifics. Pursuant to the Merger Agreement, and on the terms and subject to the conditions thereof, Merger Sub commenced a tender offer (the Offer) on November 2, 2020 to acquire all of BioSpecifics’ issued and outstanding shares of common stock (BioSpecifics Shares) at a purchase price of $88.50 per BioSpecifics Share (Offer Price), net to the holder thereof in cash, subject to reduction for any applicable withholding taxes and without interest.

Through the expiration of the Offer on December 1, 2020, approximately 6,159,975 BioSpecifics Shares were validly tendered and not validly withdrawn in accordance with the terms of the Offer. With all conditions to the Offer satisfied, on December 2, 2020, Merger Sub accepted for purchase all of the BioSpecifics Shares that were validly tendered and not validly withdrawn in accordance with the terms of the Offer.

Following consummation of the Offer, on December 2, 2020, Merger Sub merged with and into BioSpecifics (the Merger) in accordance with Section 251(h) of the Delaware General Corporation Law without a vote on the adoption of the Merger Agreement by BioSpecifics’ stockholders, with BioSpecifics continuing as the surviving corporation in the Merger and thereby becoming a wholly-owned, indirect subsidiary of the Company.

As a result of the Merger, the BioSpecifics Shares ceased to be traded on the Nasdaq, effective as of market open on December 2, 2020.

Prior to the Merger, BioSpecifics was a biopharmaceutical company involved in the development of injectable CCH that generated revenue primarily from its license agreement with us. We had a strategic relationship with BioSpecifics since 2004 pursuant to which BioSpecifics was, among other things, entitled to a royalty stream from us related to our collagenase-based therapies, including XIAFLEX® and QWO®. Subsequent to the acquisition, BioSpecifics became our wholly-owned consolidated subsidiary.

The operating results of BioSpecifics are included in the accompanying Consolidated Statements of Operations from December 2, 2020 and the assets and liabilities of BioSpecifics are included in the Consolidated Balance Sheets as of December 31, 2021 and 2020. Additionally, beginning in December 2020, the BioSpecifics acquisition had the effect of reducing royalty payments recognized in Cost of revenues. The BioSpecifics acquisition also eliminates certain milestones and royalties we may otherwise have been required to pay for potential future indications of products or product candidates containing CCH, including those associated with our plantar fibromatosis and adhesive capsulitis development programs.

The acquired set of BioSpecifics assets and activities did not meet the definition of a business based on our assessment that the acquired set of activities lacks substantive processes that significantly contribute to the conversion of inputs into outputs. As a result, we accounted for the transaction as an asset acquisition. The consideration transferred in the asset acquisition was measured at cost, including transaction costs, assets transferred by the Company and royalty obligations discharged by the seller. The following table represents the costs accumulated to acquire BioSpecifics (in thousands):


	December 2, 2020
Base purchase price (1)	$	650,029
Vested employee options and benefits (2)	10,280
Transaction costs	10,268
Less: royalty obligations discharged (3)	(14,909)
Total acquisition consideration	$	655,668

__________

(1)Represents cash consideration paid for 6,159,975 shares tendered and 1,184,980 remaining shares not tendered, but automatically cancelled and funded in an escrow account.

(2)In accordance with BioSpecifics’ stock plan and employment arrangements, certain unvested options and employee bonus compensation immediately vested and accelerated, with no future service requirement, upon change in control. We have accounted for the accelerated vestings as a component of consideration transferred.

(3)Represents the total reduction to the base purchase price for the pre-acquisition accrued and unpaid royalty liability discharged on the date of closing.

The following table summarizes the allocation of consideration transferred on a relative fair value basis to identifiable tangible and intangible assets and other information about the assets and liabilities acquired at the BioSpecifics acquisition date (in thousands):


	December 2, 2020
Cash and cash equivalents	$	21,073
Investments (1)	89,050
Intangible assets—developed technology	673,796
Intangible assets—in-process research and development	28,602
Other acquired assets	3,089
Deferred tax liability	(156,441)
Other assumed liabilities	(3,501)
Net identifiable assets acquired	$	655,668

__________

(1)Investments acquired primarily consisted of debt securities acquired from BioSpecifics on December 2, 2020. Investments acquired were fully liquidated prior to December 31, 2020. No material gains or losses were recognized upon liquidation.

The in-process research and development assets noted in the table above were expensed on the acquisition date and are included in Research and development in the Consolidated Statements of Operations. The Company concluded that the consideration allocable to developed technology acquired represented incremental costs associated with the Company’s existing XIAFLEX® and QWO® intangible assets (the Existing Intangible Assets). The Existing Intangible Assets were acquired by the Company as part of its acquisition of Auxilium Pharmaceuticals, Inc. (Auxilium), accounted for as a business combination at fair value during 2015. Auxilium had a pre-existing development and license agreement with BioSpecifics. The following table summarizes changes to the gross carrying amount, accumulated amortization and net book amount of the Existing Intangible Assets and the new intangible assets resulting from the BioSpecifics acquisition (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Net Book Amount
Asset balances immediately prior to BioSpecifics acquisition	$	1,580,600	$	(725,123)	$	855,477
Additional costs incurred in connection with BioSpecifics acquisition	673,796		—		673,796
Asset balances immediately following BioSpecifics acquisition	$	2,254,396	$	(725,123)	$	1,529,273

Prior to the BioSpecifics acquisition, the Company had been amortizing the Existing Intangible Assets over their respective useful lives, which are the periods over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. The BioSpecifics acquisition significantly impacted the timing and amount of estimated future cash flows from sales of XIAFLEX® and QWO® and, therefore, the Company considered the acquisition to be a triggering event to remeasure the expected useful lives of the XIAFLEX® and QWO® intangible assets. Following the BioSpecifics acquisition, the Company determined that the weighted average useful life for the XIAFLEX® and QWO® intangible assets was approximately 13.6 years from the closing date of the BioSpecifics acquisition and, accordingly, the intangible assets will be amortized prospectively on a straight-line basis over their revised useful lives, which approximate the periods of economic benefits expected to be realized from future cash flows from sales of XIAFLEX® and QWO®.

SEGMENT RESULTS

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT RESULTS

NOTE 6. SEGMENT RESULTS

The Company’s four reportable business segments are Branded Pharmaceuticals, Sterile Injectables, Generic Pharmaceuticals and International Pharmaceuticals. These segments reflect the level at which the chief operating decision maker regularly reviews financial information to assess performance and to make decisions about resources to be allocated. Each segment derives revenue from the sales or licensing of its respective products and is discussed in more detail below.

We evaluate segment performance based on Segment adjusted income from continuing operations before income tax, which we define as Loss from continuing operations before income tax and before certain upfront and milestone payments to partners; acquisition-related and integration items, including transaction costs and changes in the fair value of contingent consideration; cost reduction and integration-related initiatives such as separation benefits, continuity payments, other exit costs and certain costs associated with integrating an acquired company’s operations; certain amounts related to strategic review initiatives; asset impairment charges; amortization of intangible assets; inventory step-up recorded as part of our acquisitions; litigation-related and other contingent matters; certain legal costs; gains or losses from early termination of debt; debt modification costs; gains or losses from the sales of businesses and other assets; foreign currency gains or losses on intercompany financing arrangements; and certain other items.

Certain of the corporate expenses incurred by the Company are not directly attributable to any specific segment. Accordingly, these costs are not allocated to any of the Company’s segments and are included in the results below as “Corporate unallocated costs.” Interest income and expense are also considered corporate items and not allocated to any of the Company’s segments. The Company’s Total segment adjusted income from continuing operations before income tax is equal to the combined results of each of its segments.

Branded Pharmaceuticals

Our Branded Pharmaceuticals segment includes a variety of branded products in the areas of urology, orthopedics, endocrinology, medical aesthetics and bariatrics, among others. The products in this segment include XIAFLEX®, SUPPRELIN® LA, NASCOBAL® Nasal Spray, AVEED®, QWO®, PERCOCET®, TESTOPEL®, EDEX® and LIDODERM®, among others.

Sterile Injectables

Our Sterile Injectables segment consists primarily of branded sterile injectable products such as VASOSTRICT®, ADRENALIN® and APLISOL®, among others, and certain generic sterile injectable products, including ertapenem for injection (the authorized generic of Merck Sharp & Dohme Corp.’s (Merck) Invanz®) and ephedrine sulfate injection, among others.

Generic Pharmaceuticals

Our Generic Pharmaceuticals segment consists of a product portfolio including solid oral extended-release, solid oral immediate-release, liquids, semi-solids, patches, powders, ophthalmics and sprays and includes products that treat and manage a wide variety of medical conditions.

International Pharmaceuticals

Our International Pharmaceuticals segment includes a variety of specialty pharmaceutical products sold outside the U.S., primarily in Canada through our operating company Paladin. The key products of this segment serve various therapeutic areas, including attention deficit hyperactivity disorder, pain, women’s health, oncology and transplantation.

The following represents selected information for the Company’s reportable segments for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Net revenues from external customers:
Branded Pharmaceuticals	$	893,617	$	781,780	$	855,402
Sterile Injectables	1,266,097		1,238,847		1,063,131
Generic Pharmaceuticals	740,586		783,110		879,882
International Pharmaceuticals (1)	92,906		99,337		115,949
Total net revenues from external customers	$	2,993,206	$	2,903,074	$	2,914,364
Segment adjusted income from continuing operations before income tax:
Branded Pharmaceuticals	$	384,186	$	377,526	$	426,677
Sterile Injectables	998,453		950,145		780,799
Generic Pharmaceuticals	160,046		87,178		159,716
International Pharmaceuticals	30,325		41,022		44,758
Total segment adjusted income from continuing operations before income tax	$	1,573,010	$	1,455,871	$	1,411,950

__________

(1)Revenues generated by our International Pharmaceuticals segment are primarily attributable to external customers located in Canada.

There were no material revenues from external customers attributed to an individual country outside of the U.S. during any of the periods presented.

The table below provides reconciliations of our Total consolidated loss from continuing operations before income tax, which is determined in accordance with U.S. GAAP, to our Total segment adjusted income from continuing operations before income tax for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Total consolidated loss from continuing operations before income tax	$	(546,603)	$	(26,518)	$	(344,904)
Interest expense, net	562,353		532,939		538,734
Corporate unallocated costs (1)	180,866		157,723		168,136
Amortization of intangible assets	372,907		427,543		543,862

Upfront and milestone payments to partners (2)	26,451		35,075		6,623
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives (3)	90,912		126,282		34,598
Certain litigation-related and other contingencies, net (4)	345,495		(19,049)		11,211
Certain legal costs (5)	136,148		67,819		65,282
Asset impairment charges (6)	414,977		120,344		526,082
Acquisition-related and integration items, net (7)	(8,379)		16,549		(46,098)
Loss (gain) on extinguishment of debt	13,753		—		(119,828)

Foreign currency impact related to the remeasurement of intercompany debt instruments	797		1,919		4,362
Other, net (8)	(16,667)		15,245		23,890
Total segment adjusted income from continuing operations before income tax	$	1,573,010	$	1,455,871	$	1,411,950

__________

(1)Amounts include certain corporate overhead costs, such as headcount, facility and corporate litigation expenses and certain other income and expenses.

(2)Amounts in 2021 primarily relate to upfront payments associated with certain license agreements. Amounts in 2020 include a $28.6 million charge related to in-process research and development assets expensed in connection with the acquisition of BioSpecifics.

(3)Amounts in 2021 include net employee separation, continuity and other benefit-related charges of $8.8 million, accelerated depreciation charges of $24.7 million and other net charges, including those related to strategic review initiatives, of $57.4 million. Amounts in 2020 include net employee separation, continuity and other benefit-related charges of $86.9 million, accelerated depreciation charges of $22.5 million and other net charges, including those related to strategic review initiatives, of $16.9 million. Amounts in 2019 include net employee separation, continuity and other benefit-related charges of $23.6 million and other net charges, including those related to strategic review initiatives, of $11.0 million. These amounts relate primarily to our restructuring activities as further described in Note 4. Restructuring, certain continuity and transitional compensation arrangements, certain other cost reduction initiatives and certain strategic review initiatives.

(4)Amounts include adjustments to our accruals for litigation-related settlement charges and certain settlement proceeds related to suits filed by our subsidiaries. Our material legal proceedings and other contingent matters are described in more detail in Note 16. Commitments and Contingencies.

(5)Amounts relate to opioid-related legal expenses.

(6)Amounts primarily relate to charges to impair goodwill and intangible assets, property, plant and equipment, operating lease right-of-use assets and certain disposal group assets. For additional information, refer to Note 3. Discontinued Operations, Note 4. Restructuring, Note 7. Fair Value Measurements, Note 9. Leases, Note 10. Property, Plant and Equipment and Note 11. Goodwill and Other Intangibles.

(7)Amounts primarily relate to changes in the fair value of contingent consideration.

(8)Amounts in 2021 include gains of $15.5 million associated with the termination of certain contracts, partially offset by $3.9 million of third party fees incurred in connection with the March 2021 Refinancing Transactions, which were accounted for as debt modification costs as further discussed in Note 15. Debt. Amounts in 2020 include $31.1 million of third party fees incurred in connection with the June 2020 Refinancing Transactions, which were accounted for as debt modification costs as further discussed in Note 15. Debt. Amounts in 2019 include $17.5 million for contract termination costs incurred as a result of certain product discontinuation activities in our International Pharmaceuticals segment and $14.1 million for a premium associated with an extended reporting period endorsement on an expiring insurance program. Other amounts in this row primarily relate to gains or losses on sales of businesses and other assets, as further described in Note 20. Other (Income) Expense, Net.

Asset information is not reviewed or included within our internal management reporting. Therefore, the Company has not disclosed asset information for each reportable segment.

During the years ended December 31, 2021, 2020 and 2019, the Company disaggregated its revenue from contracts with customers into the categories included in the table below (in thousands). The Company believes these categories depict how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors.



	2021		2020		2019
Branded Pharmaceuticals:
Specialty Products:
XIAFLEX®	$	432,344	$	316,234	$	327,638
SUPPRELIN® LA	114,374		88,182		86,797
Other Specialty (1)	86,432		92,662		105,241
Total Specialty Products	$	633,150	$	497,078	$	519,676
Established Products:
PERCOCET®	$	103,788	$	110,112	$	116,012
TESTOPEL®	43,636		35,234		55,244

Other Established (2)	113,043		139,356		164,470
Total Established Products	$	260,467	$	284,702	$	335,726
Total Branded Pharmaceuticals (3)	$	893,617	$	781,780	$	855,402
Sterile Injectables:
VASOSTRICT®	$	901,735	$	785,646	$	531,737
ADRENALIN®	124,630		152,074		179,295


Other Sterile Injectables (4)	239,732		301,127		352,099
Total Sterile Injectables (3)	$	1,266,097	$	1,238,847	$	1,063,131
Total Generic Pharmaceuticals (5)	$	740,586	$	783,110	$	879,882
Total International Pharmaceuticals (6)	$	92,906	$	99,337	$	115,949
Total revenues, net	$	2,993,206	$	2,903,074	$	2,914,364

__________

(1)Products included within Other Specialty include NASCOBAL® Nasal Spray, AVEED® and QWO®.

(2)Products included within Other Established include, but are not limited to, EDEX® and LIDODERM®.

(3)Individual products presented above represent the top two performing products in each product category for the year ended December 31, 2021 and/or any product having revenues in excess of $25 million during any quarterly period in 2021 or 2020.

(4)Products included within Other Sterile Injectables include ertapenem for injection, APLISOL® and others.

(5)The Generic Pharmaceuticals segment is comprised of a portfolio of products that are generic versions of branded products, are distributed primarily through the same wholesalers, generally have no intellectual property protection and are sold within the U.S. During the year ended December 31, 2019, colchicine tablets (the authorized generic of Takeda Pharmaceuticals U.S.A., Inc.’s Colcrys®) made up 6% of consolidated total revenues. No other individual product within this segment has exceeded 5% of consolidated total revenues for the periods presented.

(6)The International Pharmaceuticals segment, which accounted for less than 5% of consolidated total revenues for each of the periods presented, includes a variety of specialty pharmaceutical products sold outside the U.S., primarily in Canada through our operating company Paladin.

The following represents depreciation expense for our reportable segments for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	2021		2020		2019

Branded Pharmaceuticals	$	10,632	$	11,758	$	12,573
Sterile Injectables	17,796		17,400		14,287
Generic Pharmaceuticals	47,343		52,614		32,689
International Pharmaceuticals	4,242		4,530		4,234
Corporate unallocated	4,178		4,962		5,217
Total depreciation expense	$	84,191	$	91,264	$	69,000

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 7. FAIR VALUE MEASUREMENTS

Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

•Level 1—Quoted prices in active markets for identical assets or liabilities.

•Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Financial Instruments

The financial instruments recorded in our Consolidated Balance Sheets include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, acquisition-related contingent consideration and debt obligations. Included in cash and cash equivalents and restricted cash and cash equivalents are money market funds representing a type of mutual fund required by law to invest in low-risk securities (for example, U.S. government bonds, U.S. Treasury Bills and commercial paper). Money market funds pay dividends that generally reflect short-term interest rates. Due to their initial maturities, the carrying amounts of non-restricted and restricted cash and cash equivalents (including money market funds), accounts receivable, accounts payable and accrued expenses approximate their fair values.

Restricted Cash and Cash Equivalents

Amounts reported as Restricted cash and cash equivalents in our Consolidated Balance Sheets primarily relate to litigation-related matters, including approximately $78.4 million and $127.0 million held in QSFs for mesh-related matters at December 31, 2021 and December 31, 2020, respectively. See Note 16. Commitments and Contingencies for further information about mesh-related and other litigation-related matters. Additionally, at December 31, 2021 and December 31, 2020, approximately $45.0 million and $25.0 million, respectively, of restricted cash and cash equivalents related to certain insurance-related matters.

Acquisition-Related Contingent Consideration

The fair value of contingent consideration liabilities is determined using unobservable inputs; hence, these instruments represent Level 3 measurements within the above-defined fair value hierarchy. These inputs include the estimated amount and timing of projected cash flows, the probability of success (achievement of the contingent event) and the risk-adjusted discount rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period, the contingent consideration liability is remeasured at current fair value with changes recorded in earnings. The estimates of fair value are uncertain and changes in any of the estimated inputs used as of the date of this report could have resulted in significant adjustments to fair value. See the “Recurring Fair Value Measurements” section below for additional information on acquisition-related contingent consideration.

Recurring Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and December 31, 2020 were as follows (in thousands):


	Fair Value Measurements at December 31, 2021 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds	$	134,847	$	—	$	—	$	134,847
Liabilities:
Acquisition-related contingent consideration—current	$	—	$	—	$	5,748	$	5,748
Acquisition-related contingent consideration—noncurrent	$	—	$	—	$	14,328	$	14,328


	Fair Value Measurements at December 31, 2020 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds	$	214,120	$	—	$	—	$	214,120
Liabilities:
Acquisition-related contingent consideration—current	$	—	$	—	$	8,566	$	8,566
Acquisition-related contingent consideration—noncurrent	$	—	$	—	$	27,683	$	27,683

At December 31, 2021 and December 31, 2020, money market funds include $16.2 million and $26.5 million, respectively, in QSFs to be disbursed to mesh-related or other product liability claimants. Amounts in QSFs are considered restricted cash equivalents. See Note 16. Commitments and Contingencies for further discussion of our product liability cases. At December 31, 2021 and December 31, 2020, the differences between the amortized cost and the fair value of our money market funds were not material, individually or in the aggregate.

Fair Value Measurements Using Significant Unobservable Inputs

The following table presents changes to the Company’s liability for acquisition-related contingent consideration, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), for the years ended December 31, 2021 and 2020 (in thousands):



	2021		2020
Beginning of period	$	36,249	$	29,657
Amounts settled	(7,449)		(9,885)
Changes in fair value recorded in earnings	(8,793)		16,353
Effect of currency translation	69		124
End of period	$	20,076	$	36,249

At December 31, 2021, the fair value measurements of the contingent consideration obligations were determined using risk-adjusted discount rates ranging from 10.0% to 15.0% (weighted average rate of approximately 10.9%, weighted based on relative fair value). Changes in fair value recorded in earnings related to acquisition-related contingent consideration are included in our Consolidated Statements of Operations as Acquisition-related and integration items, net. Amounts recorded for the current and noncurrent portions of acquisition-related contingent consideration are included in Accounts payable and accrued expenses and Other liabilities, respectively, in our Consolidated Balance Sheets.

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the year ended December 31, 2021 by acquisition (in thousands):


	Balance as of December 31, 2020		Changes in Fair Value Recorded in Earnings		Amounts Settled and Other		Balance as of December 31, 2021
Auxilium acquisition	$	14,484	$	(3,471)	$	(1,975)	$	9,038
Lehigh Valley Technologies, Inc. acquisitions	13,100		(6,061)		(3,439)		3,600

Other	8,665		739		(1,966)		7,438
Total	$	36,249	$	(8,793)	$	(7,380)	$	20,076

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the year ended December 31, 2020 by acquisition (in thousands):


	Balance as of December 31, 2019		Changes in Fair Value Recorded in Earnings		Amounts Settled and Other		Balance as of December 31, 2020
Auxilium acquisition	$	13,207	$	2,921	$	(1,644)	$	14,484
Lehigh Valley Technologies, Inc. acquisitions	6,800		12,337		(6,037)		13,100

Other	9,650		1,095		(2,080)		8,665
Total	$	29,657	$	16,353	$	(9,761)	$	36,249

Nonrecurring Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2021 and 2020 were as follows (in thousands):


	Fair Value Measurements during the Year Ended December 31, 2021 (1) using:						Total Expense for the Year Ended December 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	5,011	$	(7,811)
Certain property, plant and equipment	—		—		—		(2,011)

Total	$	—	$	—	$	5,011	$	(9,822)


	Fair Value Measurements during the Year Ended December 31, 2020 (1) using:						Total Expense for the Year Ended December 31, 2020
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	15,463	$	(79,917)
Certain property, plant and equipment	—		—		—		(1,249)
Operating lease right-of-use assets	—		—		—		(6,392)
Total	$	—	$	—	$	15,463	$	(87,558)

__________

(1)The fair value amounts are presented as of the date of the fair value measurement as these assets are not measured at fair value on a recurring basis. Such measurements generally occur in connection with our quarter-end financial reporting close procedures.

(2)For 2021, these fair value measurements were determined using risk-adjusted discount rates ranging from 10.0% to 12.0% (weighted average rate of approximately 11.1%, weighted based on relative fair value). For 2020, these fair value measurements were determined using risk-adjusted discount rates ranging from 10.0% to 12.0% (weighted average rate of approximately 11.3%, weighted based on relative fair value).

(3)The Company also performed fair value measurements in connection with its goodwill impairment tests. Refer to Note 11. Goodwill and Other Intangibles for additional information on goodwill and other intangible asset impairment tests, including information about the valuation methodologies used.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INVENTORIES

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 8. INVENTORIES

Inventories consist of the following at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Raw materials (1)	$	90,453	$	99,495
Work-in-process (1)	82,728		98,753
Finished goods (1)	110,371		154,012
Total	$	283,552	$	352,260

__________

(1)The components of inventory shown in the table above are net of allowance for obsolescence.

Inventory that is in excess of the amount expected to be sold within one year is classified as noncurrent inventory and is not included in the table above. At December 31, 2021 and December 31, 2020, $10.7 million and $13.2 million, respectively, of noncurrent inventory was included in Other assets in the Consolidated Balance Sheets. As of December 31, 2021 and December 31, 2020, the Company’s Consolidated Balance Sheets included approximately $12.2 million and $37.5 million, respectively, of capitalized pre-launch inventories related to products that were not yet available to be sold.

LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

NOTE 9. LEASES

We have entered into contracts with third parties to lease a variety of assets, including certain real estate, machinery, equipment, automobiles and other assets.

Our leases frequently allow for lease payments that could vary based on factors such as inflation or the degree of utilization of the underlying asset and the incurrence of contractual charges such as those for common area maintenance or utilities.

Renewal and/or early termination options are common in our lease arrangements, particularly with respect to our real estate leases. Our right-of-use assets and lease liabilities generally exclude periods covered by renewal options and include periods covered by early termination options (based on our conclusion that it is not reasonably certain that we will exercise such options).

Our most significant lease is for our Malvern, Pennsylvania location. The initial term of the lease is through 2024 and includes three renewal options, each for an additional 60-month period. These renewal options are not considered reasonably certain of exercise and are therefore excluded from the right-of-use asset and lease liability.

We are party to certain sublease arrangements, primarily related to our real estate leases, where we act as the lessee and intermediate lessor. For example, we sublease portions of our Malvern, Pennsylvania facility to multiple tenants through sublease arrangements ending in 2024, with certain limited renewal and early termination options.

The following table presents information about the Company’s right-of-use assets and lease liabilities at December 31, 2021 and December 31, 2020 (in thousands):


	Balance Sheet Line Items	December 31, 2021		December 31, 2020
Right-of-use assets:
Operating lease right-of-use assets	Operating lease assets	$	34,832	$	37,030
Finance lease right-of-use assets	Property, plant and equipment, net	38,365		47,549
Total right-of-use assets		$	73,197	$	84,579
Operating lease liabilities:
Current operating lease liabilities	Current portion of operating lease liabilities	$	10,992	$	11,613
Noncurrent operating lease liabilities	Operating lease liabilities, less current portion	33,727		38,132
Total operating lease liabilities		$	44,719	$	49,745
Finance lease liabilities:
Current finance lease liabilities	Accounts payable and accrued expenses	$	6,841	$	6,227
Noncurrent finance lease liabilities	Other liabilities	18,374		25,027
Total finance lease liabilities		$	25,215	$	31,254

The following table presents information about lease costs and expenses and sublease income for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	Statement of Operations Line Items	2021		2020		2019
Operating lease cost	Various (1)	$	13,892	$	14,175	$	13,648
Finance lease cost:
Amortization of right-of-use assets	Various (1)	$	9,244	$	9,244	$	9,407
Interest on lease liabilities	Interest expense, net	$	1,480	$	1,716	$	1,986
Other lease costs and income:
Variable lease costs (2)	Various (1)	$	13,202	$	10,305	$	9,653
Operating lease right-of-use asset impairment charges	Asset impairment charges	$	—	$	6,392	$	—
Sublease income	Various (1)	$	(3,793)	$	(3,803)	$	(3,689)

__________

(1)Amounts are included in the Consolidated Statements of Operations based on the function that the underlying leased asset supports. The following table presents the components of such aggregate amounts for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Cost of revenues	$	11,316	$	11,610	$	11,168
Selling, general and administrative	$	21,013	$	18,108	$	17,648
Research and development	$	216	$	203	$	203

(2)Amounts represent variable lease costs incurred that were not included in the initial measurement of the lease liability such as common area maintenance and utilities costs associated with leased real estate and certain costs associated with our automobile leases.

The following table provides the undiscounted amount of future cash flows included in our lease liabilities at December 31, 2021 for each of the five years subsequent to December 31, 2021 and thereafter, as well as a reconciliation of such undiscounted cash flows to our lease liabilities at December 31, 2021 (in thousands):


	Operating Leases		Finance Leases
2022	$	13,150	$	7,738
2023	12,217		7,892
2024	6,760		8,049
2025	5,103		907
2026	5,151		907
Thereafter	9,959		11,187
Total future lease payments	$	52,340	$	36,680
Less: amount representing interest	7,621		11,465
Present value of future lease payments (lease liability)	$	44,719	$	25,215

The following table provides the weighted average remaining lease term and weighted average discount rates for our leases as of December 31, 2021 and December 31, 2020:


	December 31, 2021		December 31, 2020
Weighted average remaining lease term (years), weighted based on lease liability balances:
Operating leases	5.1 years		5.1 years
Finance leases	9.5 years		9.5 years
Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Operating leases	5.9	%	5.9	%
Finance leases	7.6	%	5.6	%

The following table provides certain cash flow and supplemental noncash information related to our lease liabilities for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$	14,478	$	14,598	$	14,940
Operating cash payments for finance leases	$	2,256	$	2,666	$	2,000
Financing cash payments for finance leases	$	5,448	$	4,884	$	9,196
Lease liabilities arising from obtaining right-of-use assets:
Operating leases (1)	$	5,807	$	—	$	623
Finance leases	$	—	$	—	$	5,953

__________

(1)The amount in 2021 primarily relates to an increase in lease liabilities and right-of-use assets related to a lease modification.

LEASES

NOTE 9. LEASES

We have entered into contracts with third parties to lease a variety of assets, including certain real estate, machinery, equipment, automobiles and other assets.

The following table presents information about the Company’s right-of-use assets and lease liabilities at December 31, 2021 and December 31, 2020 (in thousands):


	Balance Sheet Line Items	December 31, 2021		December 31, 2020
Right-of-use assets:
Operating lease right-of-use assets	Operating lease assets	$	34,832	$	37,030
Finance lease right-of-use assets	Property, plant and equipment, net	38,365		47,549
Total right-of-use assets		$	73,197	$	84,579
Operating lease liabilities:
Current operating lease liabilities	Current portion of operating lease liabilities	$	10,992	$	11,613
Noncurrent operating lease liabilities	Operating lease liabilities, less current portion	33,727		38,132
Total operating lease liabilities		$	44,719	$	49,745
Finance lease liabilities:
Current finance lease liabilities	Accounts payable and accrued expenses	$	6,841	$	6,227
Noncurrent finance lease liabilities	Other liabilities	18,374		25,027
Total finance lease liabilities		$	25,215	$	31,254

The following table presents information about lease costs and expenses and sublease income for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	Statement of Operations Line Items	2021		2020		2019
Operating lease cost	Various (1)	$	13,892	$	14,175	$	13,648
Finance lease cost:
Amortization of right-of-use assets	Various (1)	$	9,244	$	9,244	$	9,407
Interest on lease liabilities	Interest expense, net	$	1,480	$	1,716	$	1,986
Other lease costs and income:
Variable lease costs (2)	Various (1)	$	13,202	$	10,305	$	9,653
Operating lease right-of-use asset impairment charges	Asset impairment charges	$	—	$	6,392	$	—
Sublease income	Various (1)	$	(3,793)	$	(3,803)	$	(3,689)

__________



	2021		2020		2019
Cost of revenues	$	11,316	$	11,610	$	11,168
Selling, general and administrative	$	21,013	$	18,108	$	17,648
Research and development	$	216	$	203	$	203


	Operating Leases		Finance Leases
2022	$	13,150	$	7,738
2023	12,217		7,892
2024	6,760		8,049
2025	5,103		907
2026	5,151		907
Thereafter	9,959		11,187
Total future lease payments	$	52,340	$	36,680
Less: amount representing interest	7,621		11,465
Present value of future lease payments (lease liability)	$	44,719	$	25,215

The following table provides the weighted average remaining lease term and weighted average discount rates for our leases as of December 31, 2021 and December 31, 2020:


	December 31, 2021		December 31, 2020
Weighted average remaining lease term (years), weighted based on lease liability balances:
Operating leases	5.1 years		5.1 years
Finance leases	9.5 years		9.5 years
Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Operating leases	5.9	%	5.9	%
Finance leases	7.6	%	5.6	%

The following table provides certain cash flow and supplemental noncash information related to our lease liabilities for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$	14,478	$	14,598	$	14,940
Operating cash payments for finance leases	$	2,256	$	2,666	$	2,000
Financing cash payments for finance leases	$	5,448	$	4,884	$	9,196
Lease liabilities arising from obtaining right-of-use assets:
Operating leases (1)	$	5,807	$	—	$	623
Finance leases	$	—	$	—	$	5,953

__________

(1)The amount in 2021 primarily relates to an increase in lease liabilities and right-of-use assets related to a lease modification.

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 10. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net consists of the following at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Land and buildings	$	234,219	$	291,212
Machinery and equipment	206,971		275,846
Leasehold improvements	55,020		74,506
Computer equipment and software	118,959		126,437
Furniture and fixtures	11,939		13,886
Assets under construction	120,483		84,759
Total property, plant and equipment, gross	$	747,591	$	866,646
Less: accumulated depreciation	(350,879)		(408,175)
Total property, plant and equipment, net	$	396,712	$	458,471

Depreciation expense was $84.2 million, $91.3 million and $69.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the years ended December 31, 2021, 2020 and 2019, the Company recorded property, plant and equipment impairment charges totaling $2.0 million, $1.2 million and $6.5 million, respectively. These charges are included in the Asset impairment charges line item in our Consolidated Statement of Operations and primarily reflect the write-off of certain property, plant and equipment. Additionally, the balances at December 31, 2021 reflect reductions compared to December 31, 2020 related to the sale transactions that are further discussed in Note 3. Discontinued Operations.

At December 31, 2021 and December 31, 2020, $162.1 million and $141.4 million of the Company’s Property, plant and equipment, representing net book amounts, were located in India. At December 31, 2021 and December 31, 2020, there were no other material tangible long-lived assets located outside of the U.S., individually or in the aggregate.

GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

NOTE 11. GOODWILL AND OTHER INTANGIBLES

Goodwill

Changes in the carrying amounts of our goodwill for the years ended December 31, 2021 and December 31, 2020 were as follows (in thousands):


	Branded Pharmaceuticals		Sterile Injectables		Generic Pharmaceuticals		International Pharmaceuticals		Total
Goodwill as of December 31, 2019	$	828,818	$	2,731,193	$	—	$	35,173	$	3,595,184

Effect of currency translation	—		—		—		(2,387)		(2,387)
Goodwill impairment charges	—		—		—		(32,786)		(32,786)
Goodwill as of December 31, 2020	$	828,818	$	2,731,193	$	—	$	—	$	3,560,011

Goodwill impairment charges	—		(363,000)		—		—		(363,000)
Goodwill as of December 31, 2021	$	828,818	$	2,368,193	$	—	$	—	$	3,197,011

The carrying amounts of goodwill at December 31, 2021 and December 31, 2020 are net of the following accumulated impairments (in thousands):


	Branded Pharmaceuticals		Sterile Injectables		Generic Pharmaceuticals		International Pharmaceuticals		Total
Accumulated impairment losses as of December 31, 2020	$	855,810	$	—	$	3,142,657	$	546,251	$	4,544,718
Accumulated impairment losses as of December 31, 2021	$	855,810	$	363,000	$	3,142,657	$	550,355	$	4,911,822

Other Intangible Assets

Changes in the amounts of other intangible assets for the year ended December 31, 2021 are set forth in the table below (in thousands). This table excludes changes related to assets classified as held for sale to the extent such changes occurred after the assets were classified as held for sale.


Cost basis:	Balance as of December 31, 2020		Acquisitions		Impairments		Other (1)		Effect of Currency Translation		Balance as of December 31, 2021
Indefinite-lived intangibles:
In-process research and development	$	3,000	$	—	$	—	$	(3,000)	$	—	$	—
Total indefinite-lived intangibles	$	3,000	$	—	$	—	$	(3,000)	$	—	$	—
Finite-lived intangibles:
Licenses (weighted average life of 14 years)	$	439,230	$	4,177	$	(1,300)	$	—	$	—	$	442,107
Tradenames	6,409		—		—		—		—		6,409
Developed technology (weighted average life of 11 years)	6,442,734		—		(6,511)		(212,043)		1,959		6,226,139
Total finite-lived intangibles (weighted average life of 12 years)	$	6,888,373	$	4,177	$	(7,811)	$	(212,043)	$	1,959	$	6,674,655
Total other intangibles	$	6,891,373	$	4,177	$	(7,811)	$	(215,043)	$	1,959	$	6,674,655

Accumulated amortization:	Balance as of December 31, 2020		Amortization		Impairments		Other (1)		Effect of Currency Translation		Balance as of December 31, 2021
Finite-lived intangibles:
Licenses	$	(415,193)	$	(4,739)	$	—	$	—	$	—	$	(419,932)
Tradenames	(6,409)		—		—		—		—		(6,409)
Developed technology	(3,728,963)		(368,168)		—		212,764		(1,124)		(3,885,491)
Total other intangibles	$	(4,150,565)	$	(372,907)	$	—	$	212,764	$	(1,124)	$	(4,311,832)
Net other intangibles	$	2,740,808									$	2,362,823

__________

(1)Amounts include: (i) reclassification adjustments of $3.0 million for certain developed technology intangible assets, previously classified as in-process research and development, that were placed in service during the year ended December 31, 2021; (ii) the transfer, during the third quarter of 2021, of certain developed technology intangible assets with a cost basis of $213.5 million and accumulated amortization of $211.2 million to assets held for sale, as further discussed in Note 3. Discontinued Operations; and (iii) the removal of certain fully amortized developed technology intangible assets.

Amortization expense for the years ended December 31, 2021, 2020 and 2019 totaled $372.9 million, $427.5 million and $543.9 million, respectively. Amortization expense is included in Cost of revenues in the Consolidated Statements of Operations. For intangible assets subject to amortization, estimated amortization expense for the five fiscal years subsequent to December 31, 2021 is as follows (in thousands):


2022	$	357,119
2023	$	314,955
2024	$	280,325
2025	$	258,660
2026	$	230,644

Impairments

Goodwill and, if applicable, indefinite-lived intangible assets are tested for impairment annually and when events or changes in circumstances indicate that the asset might be impaired. Our annual assessment is performed as of October 1.

As part of our goodwill and intangible asset impairment assessments, we estimate the fair values of our reporting units and our intangible assets using an income approach that utilizes a discounted cash flow model or, where appropriate, a market approach.

The discounted cash flow models are dependent upon our estimates of future cash flows and other factors including estimates of (i) future operating performance, including future sales, long-term growth rates, gross margins, operating expenses, discount rate and the probability of achieving the estimated cash flows and (ii) future economic conditions. These assumptions are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. The discount rates applied to the estimated cash flows for the Company’s October 1, 2021, 2020 and 2019 annual goodwill and indefinite-lived intangible assets impairment tests ranged from 11.0% to 14.5%, from 10.0% to 15.0% and from 9.5% to 13.5%, respectively, depending on the overall risk associated with the particular assets and other market factors. We believe the discount rates and other inputs and assumptions are consistent with those that a market participant would use. Any impairment charges resulting from annual or interim goodwill and intangible asset impairment assessments are recorded to Asset impairment charges in our Consolidated Statements of Operations.

During the years ended December 31, 2021, 2020 and 2019, the Company incurred the following goodwill and other intangible asset impairment charges (in thousands):



	2021		2020		2019
Goodwill impairment charges	$	363,000	$	32,786	$	171,908
Other intangible asset impairment charges	$	7,811	$	79,917	$	347,706

Except as described below, pre-tax non-cash asset impairment charges related primarily to certain in-process research and development and/or developed technology intangible assets that were tested for impairment following changes in market conditions and certain other factors impacting recoverability.

Annual Goodwill Impairment Tests

As a result of our annual tests performed as of October 1, 2021, the Company determined that the carrying amount of the Sterile Injectables reporting unit exceeded its estimated fair value; therefore, the Company recorded a pre-tax non-cash goodwill impairment charge of $363.0 million during the fourth quarter of 2021. The Sterile Injectables impairment was primarily a result of changes in assumptions related to competition, including assumptions related to competing generic alternatives to VASOSTRICT®, which were subsequently introduced beginning with Eagle’s at-risk launch in January 2022.

As a result of our annual tests performed as of October 1, 2019, the Company determined that the carrying amount of the Paladin reporting unit exceeded its estimated fair value; therefore, the Company recorded a pre-tax non-cash goodwill impairment charge of $20.8 million during the fourth quarter of 2019. The Paladin impairment was primarily a result of certain anticipated product discontinuation activities. The impairment also reflects the estimated impact of Canadian pricing regulations that were issued in the second half of 2019.

We did not record any other goodwill impairment charges as a result of our October 1, 2021, 2020 and 2019 annual impairment tests.

Other Impairment Tests

As a result of certain business decisions that occurred during the first quarter of 2020, we tested the goodwill of our Paladin reporting unit for impairment as of March 31, 2020. The fair value of the reporting unit was estimated using an income approach that utilized a discounted cash flow model. The discount rate utilized in this test was 9.5%. This goodwill impairment test resulted in a pre-tax non-cash goodwill impairment charge of $32.8 million during the three months ended March 31, 2020, representing the remaining carrying amount. This impairment was primarily attributable to portfolio decisions and updated market expectations during the quarter.

As a result of certain competitive events that occurred during the first quarter of 2019, we tested the goodwill of our Generic Pharmaceuticals reporting unit for impairment as of March 31, 2019. The fair value of the reporting unit was estimated using an income approach that utilized a discounted cash flow model. The discount rate utilized in this test was 10.5%. This goodwill impairment test resulted in a pre-tax non-cash goodwill impairment charge of $86.0 million during the three months ended March 31, 2019, representing the excess of this reporting unit’s carrying amount over its estimated fair value. This Generic Pharmaceuticals impairment can be primarily attributed to the impact of the competitive events referenced above and an increase in the discount rate used in the determination of fair value.

During the second quarter of 2019, unfavorable competitive and pricing events occurred that caused us to update certain assumptions from those used in our first-quarter 2019 Generic Pharmaceuticals goodwill impairment test. We considered these events, together with the fact that this reporting unit’s carrying amount equaled its fair value immediately subsequent to the first-quarter 2019 goodwill impairment charge, as part of our qualitative assessment of goodwill triggering events for the second quarter of 2019. As a result, we concluded that it was more likely than not that the fair value of this reporting unit was below its carrying amount as of June 30, 2019 and a goodwill impairment test was required. After performing this quantitative test, we determined that this reporting unit’s carrying amount exceeded its estimated fair value. The fair value of the reporting unit was estimated using an income approach that utilized a discounted cash flow model. The discount rate utilized in this test was 10.5%. Based on the excess of this reporting unit’s carrying amount over its estimated fair value, we recorded a pre-tax non-cash goodwill impairment charge of $65.1 million during the three months ended June 30, 2019, representing the entire remaining amount of this reporting unit’s goodwill.

LICENSE AND COLLABORATION AGREEMENTS	12 Months Ended
LICENSE AND COLLABORATION AGREEMENTS	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LICENSE AND COLLABORATION AGREEMENTS	NOTE 12. LICENSE AND COLLABORATION AGREEMENTS Our subsidiaries have entered into certain license, collaboration and discovery agreements with third parties for product development. These agreements require our subsidiaries to share in the development costs of such products and the third parties grant marketing rights to our subsidiaries for such products. Generally, under these agreements: (i) we are required to make upfront payments and other payments upon successful completion of regulatory or sales milestones and/or (ii) we are required to pay royalties on sales of the products arising from these agreements. BioSpecifics Until the acquisition of BioSpecifics in December 2020, the Company, through an affiliate, was party to a development and license agreement, as amended (the BioSpecifics License Agreement) with BioSpecifics. The BioSpecifics License Agreement was originally entered into in June 2004 to obtain exclusive worldwide rights to develop, market and sell certain products containing BioSpecifics’ enzyme CCH. The Company’s licensed rights concerned the development and commercialization of products, other than dermal formulations labeled for topical administration, including the indications of DC, Dupuytren’s nodules, PD, adhesive capsulitis, cellulite, plantar fibromatosis, lateral hip fat and other potential indications. Until the acquisition of BioSpecifics in December 2020, we were required to, among other things, pay BioSpecifics on a country-by-country and product-by-product basis a specified percentage within a range of 5% to 15% of net sales for products covered by the BioSpecifics License Agreement. This royalty applied to net sales by the Company and/or any of its sublicensees. In addition, the Company and its affiliates were required to pay BioSpecifics an amount equal to a specified mark-up on certain cost of goods related to supply of XIAFLEX® (which mark-up was capped at a specified percentage within the range of 5% to 15% of the cost of goods of XIAFLEX®) for products sold by the Company and its affiliates. In December 2020, we acquired BioSpecifics, which eliminated this third-party relationship. See Note 5. Acquisitions for further discussion of the BioSpecifics acquisition

CONTRACT ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2021

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

CONTRACT ASSETS AND LIABILITIES

NOTE 13. CONTRACT ASSETS AND LIABILITIES

Our revenue consists almost entirely of sales of our products to customers, whereby we ship products to a customer pursuant to a purchase order. Revenue contracts such as these do not generally give rise to contract assets or contract liabilities because: (i) the underlying contracts generally have only a single performance obligation and (ii) we do not generally receive consideration until the performance obligation is fully satisfied. At December 31, 2021, the unfulfilled performance obligations for these types of contracts relate to ordered but undelivered products. We generally expect to fulfill the performance obligations and recognize revenue within one week of entering into the underlying contract. Based on the short-term initial contract duration, additional disclosure about the remaining performance obligations is not required.

Certain of our other revenue-generating contracts, including license and collaboration agreements, may result in contract assets and/or contract liabilities. For example, we may recognize contract liabilities upon receipt of certain upfront and milestone payments from customers when there are remaining performance obligations.

The following table shows the opening and closing balances of contract assets and contract liabilities from contracts with customers (dollars in thousands):


	December 31, 2021		December 31, 2020		$ Change		% Change
Contract assets, net (1)	$	13,005	$	13,525	$	(520)	(4)	%
Contract liabilities, net (2)	$	4,663	$	6,028	$	(1,365)	(23)	%

__________

(1)At December 31, 2021 and December 31, 2020, approximately $2.8 million and $3.2 million, respectively, of these contract asset amounts are classified as current and are included in Prepaid expenses and other current assets in the Company’s Consolidated Balance Sheets. The remaining amounts are classified as noncurrent and are included in Other assets.

(2)At December 31, 2021 and December 31, 2020, approximately $0.6 million and $1.4 million, respectively, of these contract liability amounts are classified as current and are included in Accounts payable and accrued expenses in the Company’s Consolidated Balance Sheets. The remaining amounts are classified as noncurrent and are included in Other liabilities. During the year ended December 31, 2021, approximately $0.6 million of revenue was recognized that was included in the contract liability balance at December 31, 2020.

During the year ended December 31, 2021, we recognized revenue of $23.9 million relating to performance obligations satisfied, or partially satisfied, in prior periods. Such revenue generally relates to changes in estimates with respect to our variable consideration.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2021

Accounts Payable and Accrued Liabilities, Current [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 14. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses include the following at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Trade accounts payable	$	123,129	$	94,408
Returns and allowances	183,116		207,916
Rebates	150,039		126,644
Chargebacks	2,617		2,177
Other sales deductions	2,500		—
Accrued interest	106,735		98,105
Accrued payroll and related benefits	90,029		130,092
Accrued royalties and other distribution partner payables	58,422		59,745
Acquisition-related contingent consideration—current	5,748		8,566
Other	114,563		108,287
Total	$	836,898	$	835,940

DEBT

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

DEBT

NOTE 15. DEBT

The following table presents information about the Company’s total indebtedness at December 31, 2021 and December 31, 2020 (dollars in thousands):


	December 31, 2021						December 31, 2020
	Effective Interest Rate		Principal Amount		Carrying Amount		Effective Interest Rate		Principal Amount		Carrying Amount
7.25% Senior Notes due 2022	7.25	%	$	8,294	$	8,294	7.25	%	$	8,294	$	8,294
5.75% Senior Notes due 2022	5.75	%	172,048		172,048		5.75	%	172,048		172,048
5.375% Senior Notes due 2023	5.62	%	6,127		6,111		5.62	%	6,127		6,098
6.00% Senior Notes due 2023	6.28	%	56,436		56,203		6.28	%	56,436		56,063
5.875% Senior Secured Notes due 2024	6.14	%	300,000		297,928		6.14	%	300,000		297,267
6.00% Senior Notes due 2025	6.27	%	21,578		21,413		6.27	%	21,578		21,366
7.50% Senior Secured Notes due 2027	7.70	%	2,015,479		1,997,777		7.70	%	2,015,479		1,995,142
9.50% Senior Secured Second Lien Notes due 2027	9.68	%	940,590		933,330		9.68	%	940,590		932,395
6.00% Senior Notes due 2028	6.11	%	1,260,416		1,252,667		6.11	%	1,260,416		1,251,725
6.125% Senior Secured Notes due 2029	6.34	%	1,295,000		1,278,718				—		—
Term Loan Facility	6.12	%	1,985,000		1,947,633		5.21	%	3,295,475		3,274,330
Revolving Credit Facility	2.63	%	277,200		277,200		2.69	%	300,000		300,000

Total long-term debt, net			$	8,338,168	$	8,249,322			$	8,376,443	$	8,314,728
Less: current portion, net			200,342		200,342				34,150		34,150
Total long-term debt, less current portion, net			$	8,137,826	$	8,048,980			$	8,342,293	$	8,280,578

The Company and its subsidiaries, with certain customary exceptions, guarantee or serve as issuers or borrowers of the debt instruments representing substantially all of the Company’s indebtedness at December 31, 2021. The obligations under (i) the 5.875% Senior Secured Notes due 2024, (ii) the 7.50% Senior Secured Notes due 2027, (iii) the 6.125% Senior Secured Notes due 2029 and (iv) the Credit Agreement and related loan documents are secured on a pari passu basis by a first priority lien (subject to certain permitted liens) on the collateral securing such instruments, which collateral represents substantially all of the assets of the issuers or borrowers and the guarantors party thereto (subject to customary exceptions). The obligations under the 9.50% Senior Secured Second Lien Notes due 2027 are secured by a second priority lien (subject to certain permitted liens) on, and on a junior basis with respect to, the collateral securing the obligations under the Credit Agreement, the 5.875% Senior Secured Notes due 2024, the 7.50% Senior Secured Notes due 2027 and the 6.125% Senior Secured Notes due 2029 and the related guarantees. Our senior unsecured notes are unsecured and effectively subordinated in right of priority to the obligations under the Credit Agreement, the 5.875% Senior Secured Notes due 2024, the 7.50% Senior Secured Notes due 2027, the 9.50% Senior Secured Second Lien Notes due 2027 and the 6.125% Senior Secured Notes due 2029, in each case to the extent of the value of the collateral securing such instruments.

The aggregate estimated fair value of the Company’s long-term debt, which was estimated using inputs based on quoted market prices for the same or similar debt issuances, was $8.0 billion and $8.4 billion at December 31, 2021 and December 31, 2020, respectively. Based on this valuation methodology, we determined these debt instruments represent Level 2 measurements within the fair value hierarchy.

Credit Facilities

The Company and certain of its subsidiaries are party to the Credit Agreement (as defined below), which, immediately following the March 2021 Refinancing Transactions (as defined and further described below) provided for (i) a $1,000.0 million senior secured revolving credit facility (the Revolving Credit Facility) and (ii) a $2,000.0 million senior secured term loan facility (the Term Loan Facility and, together with the Revolving Credit Facility, the Credit Facilities). Current amounts outstanding as of December 31, 2021 under the Credit Facilities are set forth in the table above. As of December 31, 2021, $76.0 million of commitments under the Revolving Credit Facility have matured and $924.0 million of commitments remain outstanding under the Revolving Credit Facility. After giving effect to net borrowings under the Revolving Credit Facility and issued and outstanding letters of credit, approximately $639.9 million of remaining credit is available under the Revolving Credit Facility as of December 31, 2021. Additionally, the Company’s outstanding debt agreements contain a number of restrictive covenants, including certain limitations on the Company’s ability to incur additional indebtedness.

The Credit Agreement contains affirmative and negative covenants and events of default that the Company believes to be customary for a senior secured credit facility of this type. The negative covenants include, among other things, limitations on asset sales, mergers and acquisitions, indebtedness, liens, dividends and other restricted payments, investments and transactions with the Company’s affiliates. As of December 31, 2021 and December 31, 2020, we were in compliance with all such covenants. The events of default include, among other things, non-payment of principal or interest, breach of covenants, certain bankruptcies, cross default with respect to certain debt having a principal amount in excess of $150.0 million and the entry of certain non-appealable judgments by a court for the payment of money in excess of $150.0 million (net of amounts covered by insurance) that have not been paid or discharged within certain specified time periods and during which time execution has not been stayed. The events of default are subject to certain grace periods, may require the administrative agent or lenders to take certain action to accelerate the outstanding loans and other secured obligations under the Credit Agreement and may be waived, cured or amended in a number of circumstances.

In addition, after each fiscal year-end, the Company is required to perform a calculation of Excess Cash Flow (as defined in the Credit Agreement), which could result in certain pre-payments of the outstanding loans under the Term Loan Facility in accordance with the terms of the Credit Agreement. No such payment is required at December 31, 2021.

The remaining commitments under the Revolving Credit Facility generally mature as follows: (i) approximately $248.7 million in March 2024 and (ii) approximately $675.3 million in March 2026.

Principal payments on the Term Loan Facility equal to 0.25% of the initial $2,000.0 million principal amount are generally payable quarterly, beginning on June 30, 2021 and extending until the Term Loan Facility’s maturity date in March 2028 (which may spring to an earlier date as described below), at which time the remaining principal amount outstanding will be payable. The maturity date of the Term Loan Facility will be accelerated to: (i) December 2026, if the 7.50% Senior Secured Notes due 2027 have not been repaid or refinanced prior to the date that is 91 days prior to their April 1, 2027 maturity date and the related principal amount of such notes outstanding on such date is at least $500.0 million, or (ii) May 2027, if the 9.50% Senior Secured Second Lien Notes due 2027 have not been repaid or refinanced prior to the date that is 91 days prior to their July 31, 2027 maturity date and the related principal amount of such notes outstanding on such date is at least $500.0 million.

Borrowings under the Revolving Credit Facility bear interest, at the borrower’s election, at a rate per annum equal to (i) an applicable margin between 1.50% and 3.00% depending on the Company’s Total Net Leverage Ratio plus the Adjusted LIBO Rate (as defined in the Credit Agreement) or (ii) an applicable margin between 0.50% and 2.00% depending on the Company’s Total Net Leverage Ratio plus the Alternate Base Rate (as defined in the Credit Agreement). In addition, borrowings under our Term Loan Facility bear interest, at the borrower’s election, at a rate per annum equal to (i) 5.00% plus the Adjusted LIBO Rate, subject to a LIBOR floor of 0.75%, or (ii) 4.00% plus the Alternate Base Rate, subject to an Alternate Base Rate floor of 1.75%. Interest on these instruments is generally payable at the end of each interest period but at least every three months.

On November 29, 2021, in connection with the phase-out of LIBOR, the Company entered into a Suspension of Rights Agreement which, among other provisions, suspends the Company’s ability to make non-USD currency borrowings under the Revolving Credit Facility until LIBOR is replaced with an alternative benchmark for such non-USD currency borrowings under the Credit Agreement.

Senior Notes and Senior Secured Notes

Our various senior notes and senior secured notes outstanding as of December 31, 2021 mature between 2022 and 2029. Interest on these notes is generally payable semiannually in arrears. The indentures governing these notes generally allow for redemption prior to maturity, in whole or in part, subject to certain restrictions and limitations described therein, in the following ways:

•Until a date specified in each indenture (the Non-Call Period), the notes may be redeemed, in whole or in part, by paying the sum of: (i) 100% of the principal amount being redeemed, (ii) an applicable make-whole premium as described in each indenture and (iii) accrued and unpaid interest to, but excluding, the redemption date. As of December 31, 2021, the Non-Call Period has expired for each of our notes except for the 7.50% Senior Secured Notes due 2027 (expires April 1, 2022), the 9.50% Senior Secured Second Lien Notes due 2027 (expires July 31, 2023), the 6.00% Senior Notes due 2028 (expires June 30, 2023) and the 6.125% Senior Secured Notes due 2029 (expires April 1, 2024).

•After the Non-Call Period specified in each indenture, the notes may be redeemed, in whole or in part, at redemption prices set forth in each indenture, plus accrued and unpaid interest to, but excluding, the redemption date. The redemption prices for each of our notes vary over time and generally decrease to 100% of the principal amount of the applicable notes as the notes approach maturity pursuant to a step-down schedule.

•Until a date specified in each indenture, the notes may be redeemed, in part (up to 35% or 40% of the principal amount outstanding as specified in each indenture), with the net cash proceeds from specified equity offerings at redemption prices set forth in each indenture, plus accrued and unpaid interest to, but excluding, the redemption date. As of December 31, 2021, this clause has expired for each of our notes except for the 7.50% Senior Secured Notes due 2027, the 9.50% Senior Secured Second Lien Notes due 2027, the 6.00% Senior Notes due 2028 and the 6.125% Senior Secured Notes due 2029, for which the specified redemption premiums are price plus the coupon.

We have eliminated substantially all of the restrictive covenants and certain events of default in the indentures governing our senior unsecured notes, except for those in the indenture governing the 6.00% Senior Notes due 2028.

The indentures governing our various senior secured notes and the 6.00% Senior Notes due 2028 contain affirmative and negative covenants and events of default that the Company believes to be customary for similar indentures. Under these indentures, the negative covenants, among other things, restrict the Company’s ability and the ability of its restricted subsidiaries (as defined in the indentures) to incur certain additional indebtedness and issue preferred stock; make certain dividends, distributions, investments and other restricted payments; sell certain assets; enter into sale and leaseback transactions; agree to certain restrictions on the ability of restricted subsidiaries to make certain payments to the Company or any of its restricted subsidiaries; create certain liens; merge, consolidate or sell all or substantially all of the Company’s assets; enter into certain transactions with affiliates or designate subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of exceptions and qualifications, including the fall away or revision of certain of these covenants and release of collateral in the case of the senior secured notes, upon the notes receiving investment grade credit ratings. At December 31, 2021 and December 31, 2020, we were in compliance with all covenants contained in the indentures governing our various senior notes and senior secured notes. Under these indentures, the events of default include, among other things, non-payment of principal or interest, breach of covenants, certain bankruptcies, failure to make any required payment at maturity on certain debt having a principal amount in excess of $150.0 million, or the acceleration of such debt, and the entry of certain judgments by a court for the payment of money in excess of $150.0 million (net of amounts covered by insurance or bonded) that have not been satisfied, stayed, rescinded or annulled or subject to certain other events within certain specified time periods. The events of default are subject to certain grace periods, may require the trustee or holders to take certain action to accelerate the notes and may be waived or amended in a number of circumstances.

Debt Financing Transactions

Set forth below are certain disclosures relating to debt financing transactions that occurred during the years ended December 31, 2021, 2020 and 2019.

March 2019 Refinancing

In March 2019, the Company executed certain transactions (the March 2019 Refinancing Transactions) that included:

•entry into an amendment (the Revolving Credit Facility Amendment) to the Prior Credit Agreement (as defined below);

•issuance of $1,500.0 million of 7.50% Senior Secured Notes due 2027;

•repurchase of $1,642.2 million aggregate principal amount ($1,624.0 million aggregate carrying amount) of certain of the Company’s senior unsecured notes for $1,500.0 million in cash, excluding accrued interest (the Notes Repurchases); and

•solicitation of consents from the holders of the existing 7.25% Senior Notes due 2022 and 5.75% Senior Notes due 2022 to certain amendments to the indentures governing such notes, which eliminated substantially all of the restrictive covenants, certain events of default and other provisions contained in each such indenture.

The difference between the cash paid and the carrying amount of notes repurchased in the Notes Repurchases resulted in a $124.0 million gain. In connection with the March 2019 Refinancing Transactions, we also incurred costs and fees totaling $26.2 million, of which $4.2 million related to the Notes Repurchases, $19.1 million related to the 7.50% Senior Secured Notes due 2027 issuance and $2.9 million related to the Revolving Credit Facility Amendment. The costs incurred in connection with the Notes Repurchases were charged to expense in the first quarter of 2019 and recorded as a partial offset to the gain. The costs incurred in connection with the 7.50% Senior Secured Notes due 2027 issuance and the Revolving Credit Facility Amendment, together with previously deferred debt issuance costs associated with the Revolving Credit Facility, have been deferred to be amortized as interest expense over the terms of the respective instruments. The net gain resulting from the March 2019 Refinancing Transactions was included in the Loss (gain) on extinguishment of debt line item in the Consolidated Statements of Operations.

June 2019 Revolving Credit Facility Borrowing

In June 2019, the Company borrowed $300.0 million under the Revolving Credit Facility to be used for purposes consistent with the Company’s capital allocation priorities, including for general corporate purposes.

June 2020 Refinancing

In June 2020, the Company executed certain transactions (the June 2020 Refinancing Transactions) that included, among other things, the exchanges by certain of the Company’s wholly-owned subsidiaries of certain series of senior notes for certain newly issued senior secured notes and senior notes and $47.2 million in cash paid by the Company. The June 2020 Refinancing Transactions were accounted for as debt modifications. Following the June 2020 Refinancing Transactions, previously deferred and unamortized amounts associated with the old notes exchanged are now being amortized over the respective terms of the new notes. In connection with the June 2020 Refinancing Transactions, we incurred fees to third parties of approximately $31.1 million, substantially all of which were charged to expense during the second quarter of 2020 and were included in Selling, general and administrative expenses in the Consolidated Statements of Operations.

August 2020 Tender Offer

In August 2020, the Company repurchased and retired approximately $10 million aggregate principal of 5.75% Senior Notes due 2022 pursuant to a tender offer (the August 2020 Tender Offer).

March 2021 Refinancing

In March 2021, the Company executed certain transactions (the March 2021 Refinancing Transactions) that included:

•refinancing in full its previously-existing term loans, which had approximately $3,295.5 million of principal outstanding immediately before refinancing (the Existing Term Loans), with the proceeds from: (i) a new $2,000.0 million term loan (the Term Loan Facility) and (ii) $1,295.0 million of newly issued 6.125% Senior Secured Notes due 2029 (collectively, the Term Loan Refinancing);

•extending the maturity of approximately $675.3 million of existing revolving commitments under the Revolving Credit Facility to March 2026; and

•making certain other modifications to the credit agreement that was in effect immediately prior to the March 2021 Refinancing Transactions (the Prior Credit Agreement).

The changes to the Credit Facilities and the Prior Credit Agreement were effected pursuant to an amendment and restatement agreement entered into by the Company in March 2021 (the Restatement Agreement), which amended and restated the Prior Credit Agreement (as amended and restated by the Restatement Agreement, the Credit Agreement), among Endo International plc, certain of its subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, issuing bank and swingline lender.

The 6.125% Senior Secured Notes due 2029 were issued in March 2021 in a private offering to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) and outside the U.S. to non-U.S. persons in compliance with Regulation S under the Securities Act. These notes, along with the Company’s other first lien obligations, are secured on a pari passu basis by a first priority lien on the collateral securing these notes. They are guaranteed on a senior secured basis by the Company and its subsidiaries that also guarantee the Credit Agreement and the Company’s other senior secured notes. Interest on these notes is payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021. These notes will mature on April 1, 2029 but may be redeemed earlier, in whole or in part, subject to limitations as described in the indenture.

The $2,000.0 million portion of the Term Loan Refinancing associated with the new term loan was accounted for as a debt modification, while the $1,295.0 million portion associated with the new notes issued was accounted for as an extinguishment. During the first quarter of 2021, in connection with the Term Loan Refinancing, $7.8 million of deferred and unamortized costs associated with the Existing Term Loans, representing the portion associated with the extinguishment, was charged to expense and included in the Loss (gain) on extinguishment of debt line item in the Consolidated Statements of Operations. The Company also incurred an additional $56.7 million of new costs and fees, of which: (i) $29.2 million and $17.6 million have been deferred to be amortized as interest expense over the terms of the Term Loan Facility and the newly issued 6.125% Senior Secured Notes due 2029, respectively; (ii) $6.0 million was considered debt extinguishment costs and was charged to expense in the first quarter of 2021 and included in the Loss (gain) on extinguishment of debt line item in the Consolidated Statements of Operations; and (iii) $3.9 million was considered debt modification costs and was charged to expense in the first quarter of 2021 and included in the Selling, general and administrative expense line item in the Consolidated Statements of Operations.

During the first quarter of 2021, the Company also incurred $2.1 million of new costs and fees associated with the extension of the Revolving Credit Facility, which have been deferred and are being amortized as interest expense over the new term of the Revolving Credit Facility.

October 2021 Revolving Credit Facility Repayment

In October 2021, commitments under the Revolving Credit Facility of approximately $76.0 million matured, thereby reducing the remaining commitments outstanding under the Revolving Credit Facility. This maturity, which reduced the remaining credit available under the Revolving Credit Facility, occurred because the 7.25% Senior Notes due 2022 and the 5.75% Senior Notes due 2022 were not refinanced or repaid in full prior to the date that was 91 days prior to their January 15, 2022 maturity dates. As a result of this maturity, the Company repaid approximately $22.8 million of borrowings in October 2021, representing the amount that had been borrowed pursuant to these matured commitments. The 7.25% Senior Notes due 2022 and the 5.75% Senior Notes due 2022 were repaid in January 2022.

Maturities

The following table presents, as of December 31, 2021, the maturities on our long-term debt for each of the five fiscal years subsequent to December 31, 2021 (in thousands):


	Maturities (1)
2022	$	200,342
2023	$	82,563
2024 (2)	$	394,600
2025	$	41,578
2026 (2)	$	222,600

__________

(1)Per the terms of the Credit Agreement, certain amounts borrowed pursuant to the Credit Facilities could mature prior to their scheduled maturity date if certain of our senior notes are not refinanced or repaid prior to the date that is 91 days prior to the respective stated maturity dates thereof. Accordingly, we may seek to repay or refinance certain senior notes prior to their stated maturity dates or otherwise may be required to repay certain amounts borrowed pursuant to the Credit Facilities prior to their scheduled maturity dates. The amounts in this maturities table do not generally reflect any potential early repayments or refinancings, except for any that have already been triggered as of the date this report was issued. For additional information, refer to the discussion above under the heading “Credit Facilities.”

(2)Based on the Company’s borrowings under the Revolving Credit Facility that were outstanding at December 31, 2021, $74.6 million will mature in 2024, with the remainder maturing in 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 16. COMMITMENTS AND CONTINGENCIES

Manufacturing, Supply and Other Service Agreements

Our subsidiaries contract with various third party manufacturers, suppliers and service providers to provide raw materials used in our subsidiaries’ products and semi-finished and finished goods, as well as certain packaging, labeling services, customer service support, warehouse and distribution services. If, for any reason, we are unable to obtain sufficient quantities of any of the finished goods or raw materials or components required for our products or services needed to conduct our business, it could have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition to the manufacturing and supply agreements described above, we have agreements with various companies for clinical development and certain other services. Although we have no reason to believe that the parties to these agreements will not meet their obligations, failure by any of these third parties to honor their contractual obligations may have a material adverse effect on our business, financial condition, results of operations and cash flows.

U.S. Government Agreement

In November 2021, our PSP LLC subsidiary entered into a cooperative agreement with the U.S. government to expand our Sterile Injectables segment’s fill-finish manufacturing production capacity and capabilities at our Rochester, Michigan plant to support the U.S. government’s national defense efforts regarding production of critical medicines advancing pandemic preparation. The U.S. Government Agreement is part of the U.S. government’s efforts, authorized under the Defense Production Act, to address potential vulnerabilities in critical product supply chains and strengthen the advancement of domestic manufacturing capabilities critical to the national defense, including essential medicines production. Under the terms of the U.S. Government Agreement, our Rochester facility will establish new sterile fill-finish manufacturing assets capable of processing liquid or lyophilized products requiring Biosafety Level (BSL) 2 containment in order to establish and sustain BSL 2 sterile fill-finish production capacity to create and maintain industrial base capabilities for the national defense. Although subject to change, we currently expect that construction will begin in 2022 and that facility readiness will occur in early 2025.

Pursuant to the U.S. Government Agreement, we currently expect to incur estimated capital expenditures of approximately $120 million, of which approximately one-third is expected to be made in 2022. Because the grant is a cost reimbursement type award, the Company must generally incur the costs before subsequently seeking reimbursement of qualifying costs from the U.S. government. We currently expect that approximately $90 million will be reimbursed by the U.S. government under a cost share arrangement, generally within 30 days of us submitting requests for reimbursement. Amounts reimbursed are subject to audit and may be recaptured by the U.S. government in certain circumstances.

The new sterile fill-finish manufacturing assets will be available to support our future commercial operations, subject to the U.S. government’s conditional priority access and certain preferred pricing obligations under the U.S. Government Agreement. The U.S. government will have conditional priority access to the facility for an initial period of ten years from the completion of the expansion project, which could be extended in the future after good faith negotiation and on commercially reasonable terms and conditions. Specifically, the U.S. government (or a third-party U.S. government supporting entity) will have priority access to utilize the new sterile fill-finish manufacturing assets for the production of a medical countermeasure if a determination is made in writing by the Secretary of the U.S. Department of Health and Human Services that the priority access is needed to respond to a disease, health condition or other threat to the public health that causes a public health emergency or a credible risk of such an emergency. The U.S. Government Agreement also contemplates the establishment of separate supply agreements to be negotiated in good faith on mutually-acceptable commercially reasonable terms.

Amounts included in our Consolidated Financial Statements as of and for the year ended December 31, 2021 were not material.

Legal Proceedings and Investigations

We and certain of our subsidiaries are involved in various claims, legal proceedings and internal and governmental investigations (collectively, proceedings) arising from time to time, including, among others, those relating to product liability, intellectual property, regulatory compliance, consumer protection, tax and commercial matters. While we cannot predict the outcome of these proceedings and we intend to vigorously prosecute or defend our position as appropriate, there can be no assurance that we will be successful or obtain any requested relief. An adverse outcome in any of these proceedings could have a material adverse effect on our business, financial condition, results of operations and cash flows. We are subject to a number of matters that are not being disclosed herein because, in the opinion of our management, these matters are immaterial both individually and in the aggregate with respect to our financial position, results of operations and cash flows.

We believe that certain settlements and judgments, as well as legal defense costs, relating to certain product liability or other matters are or may be covered in whole or in part under our insurance policies with a number of insurance carriers. In certain circumstances, insurance carriers reserve their rights to contest or deny coverage. We intend to contest vigorously any disputes with our insurance carriers and to enforce our rights under the terms of our insurance policies. Accordingly, we will record receivables with respect to amounts due under these policies only when the realization of the potential claim for recovery is considered probable.

Notwithstanding the foregoing, amounts recovered under our insurance policies could be materially less than stated coverage limits and may not be adequate to cover damages, other relief and/or costs relating to claims. In addition, there is no guarantee that insurers will pay claims in the amounts we expect or that coverage will otherwise be available. We may not have and may be unable to obtain or maintain insurance on acceptable terms or with adequate coverage against potential liabilities or other losses, including costs, judgments, settlements and other liabilities incurred in connection with current or future legal proceedings, regardless of the success or failure of the claim. For example, we do not have insurance sufficient to satisfy all of the opioid claims that have been made against us and, should we suffer an adverse judgment, appeal and similar bonds may not be available in such amounts as may be necessary to further challenge all or part of such judgment. We also generally no longer have product liability insurance to cover claims in connection with the mesh-related litigation described herein. Additionally, we may be limited by the surviving insurance policies of acquired entities, which may not be adequate to cover potential liabilities or other losses. Even where claims are submitted to insurance carriers for defense and indemnity, there can be no assurance that the claims will be covered by insurance or that the indemnitors or insurers will remain financially viable or will not challenge our right to reimbursement in whole or in part. The failure to generate sufficient cash flow or to obtain other financing could affect our ability to pay the amounts due under those liabilities not covered by insurance. Additionally, the nature of our business, the legal proceedings to which we are exposed and any losses we suffer may increase the cost of insurance, which could impact our decisions regarding our insurance programs.

As a result of the possibility or occurrence of an unfavorable outcome with respect to any legal proceeding, we have engaged in and, at any given time, may further engage in strategic reviews of all or a portion of our business. Any such review or contingency planning could ultimately result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. Actions that may be evaluated or pursued could include reorganization or restructuring activities of all or a portion of our business, asset sales or other divestitures, cost-saving initiatives or other corporate realignments, seeking strategic partnerships and exiting certain product or geographic markets. Some of these actions could take significant time to implement and others may require judicial or other third-party approval. As further described below, thousands of governmental persons and entities and private plaintiffs have filed suit against us and/or certain of our subsidiaries alleging opioid-related claims. We have not been able to settle most of the opioid claims made against us and, as a result, we are exploring a wide array of potential actions as part of our contingency planning. These actions could include a bankruptcy filing which, if it were to occur, would subject us to additional risks and uncertainties that could adversely affect our business prospects and ability to continue as a going concern, including, but not limited to, by causing increased difficulty obtaining and maintaining commercial relationships on competitive terms with customers, suppliers and other counterparts; increased difficulty retaining and motivating key employees, as well as attracting new employees; diversion of management’s time and attention to dealing with bankruptcy and restructuring activities rather than focusing exclusively on business operations; incurrence of substantial costs, fees and other expenses associated with bankruptcy proceedings; and loss of ability to maintain or obtain sufficient financing sources for operations or to fund any reorganization plan and meet future obligations. We would, in that event, also be subject to risks and uncertainties caused by the actions of creditors and other third parties with interests that may be inconsistent with our plans. Certain of these risks and uncertainties could also occur if our suppliers or other third parties believe that we may pursue one or more significant corporate transactions or other remedial measures.

As of December 31, 2021, our accrual for loss contingencies totaled $581.0 million, the most significant components of which relate to: (i) product liability and related matters associated with transvaginal surgical mesh products, which we have not sold since March 2016; (ii) various opioid-related matters as further described herein; and (iii) a settlement relating to the Pelletier securities case further described herein, which has been funded by the Company’s insurers. Although we believe there is a possibility that a loss in excess of the amount recognized exists, we are unable to estimate the possible loss or range of loss in excess of the amount recognized at this time. While the timing of the resolution of certain of the matters accrued for as loss contingencies remains uncertain and could extend beyond 12 months, as of December 31, 2021, the entire liability accrual amount is classified in the Current portion of legal settlement accrual in the Consolidated Balance Sheets.

Vaginal Mesh Matters

Since 2008, we and certain of our subsidiaries, including American Medical Systems Holdings, Inc. (AMS) (subsequently converted to Astora Women’s Health Holding LLC and merged into Astora Women’s Health LLC and referred to herein as AMS and/or Astora), have been named as defendants in multiple lawsuits in various state and federal courts in the U.S., Canada, Australia and other countries, alleging personal injury resulting from the use of transvaginal surgical mesh products designed to treat POP and SUI. We have not sold such products since March 2016. Plaintiffs claim a variety of personal injuries, including chronic pain, incontinence, inability to control bowel function and permanent deformities, and seek compensatory and punitive damages, where available.

Various Master Settlement Agreements (MSAs) and other agreements have resolved approximately 71,000 filed and unfiled U.S. mesh claims as of December 31, 2021. These MSAs and other agreements were entered into at various times between June 2013 and the present, were solely by way of compromise and settlement and were not an admission of liability or fault by us or any of our subsidiaries. All MSAs are subject to a process that includes guidelines and procedures for administering the settlements and the release of funds. In certain cases, the MSAs provide for the creation of QSFs into which the settlement funds will be deposited, establish participation requirements and allow for a reduction of the total settlement payment in the event participation thresholds are not met. Funds deposited in QSFs are considered restricted cash and/or restricted cash equivalents. Distribution of funds to any individual claimant is conditioned upon the receipt of documentation substantiating product use, the dismissal of any lawsuit and the release of the claim as to us and all affiliates. Prior to receiving funds, an individual claimant must represent and warrant that liens, assignment rights or other claims identified in the claims administration process have been or will be satisfied by the individual claimant. Confidentiality provisions apply to the settlement funds, amounts allocated to individual claimants and other terms of the agreements.

The following table presents the changes in the QSFs and mesh liability accrual balances during the year ended December 31, 2021 (in thousands):


	Qualified Settlement Funds		Mesh Liability Accrual
Balance as of December 31, 2020	$	126,998	$	330,921
Additional charges	—		25,000
Cash contributions to Qualified Settlement Funds	670		—
Cash distributions to settle disputes from Qualified Settlement Funds	(49,287)		(49,287)
Cash distributions to settle disputes	—		(47,360)
Other (1)	21		(1,137)
Balance as of December 31, 2021	$	78,402	$	258,137

__________

(1)Amounts deposited in the QSFs may earn interest, which is generally used to pay administrative costs of the funds and is reflected in the table above as an increase to the QSF and Mesh Liability Accrual balances. Any interest remaining after all claims have been paid will generally be distributed to the claimants who participated in that settlement. Also included within this line are foreign currency adjustments for settlements not denominated in U.S. dollars.

Charges related to vaginal mesh liability and associated legal fees and other expenses for all periods presented are reported in Discontinued operations, net of tax in our Consolidated Statements of Operations.

As of December 31, 2021, the Company has made total cumulative mesh liability payments of approximately $3.6 billion, $78.4 million of which remains in the QSFs as of December 31, 2021. We currently expect to fund all of the remaining payments under all previously executed mesh settlement agreements within the next 12 months. As funds are disbursed out of the QSFs from time to time, the liability accrual will be reduced accordingly with a corresponding reduction to restricted cash and cash equivalents.

In addition, we may pay cash distributions to settle disputes separate from the QSFs, which will also decrease the liability accrual and decrease cash and cash equivalents.

We were contacted in October 2012 regarding a civil investigation initiated by various U.S. state attorneys general into mesh products, including transvaginal surgical mesh products designed to treat POP and SUI. In November 2013, we received a subpoena relating to this investigation from the state of California, and we subsequently received additional subpoenas from California and other states. We are cooperating with the investigations.

We will continue to vigorously defend any unresolved claims and to explore other options as appropriate in our best interests. The next trial is currently scheduled to begin in July 2022. Trials may occur earlier or later than currently scheduled, as timing remains uncertain due to the impact of COVID-19 and other factors.

Similar matters may be brought by others or the foregoing matters may be expanded. We are unable to predict the outcome of these matters or to estimate the possible range of any additional losses that could be incurred.

Although the Company believes it has appropriately estimated the probable total amount of loss associated with all mesh-related matters as of the date of this report, litigation is ongoing in certain cases that have not settled, and it is reasonably possible that further claims may be filed or asserted and that adjustments to our overall liability accrual may be required. This could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Opioid-Related Matters

Since 2014, multiple U.S. states as well as other governmental persons or entities and private plaintiffs in the U.S. and Canada have filed suit against us and/or certain of our subsidiaries, including EHSI, EPI, PPI, PPCI, Endo Generics Holdings, Inc. (EGHI), Vintage Pharmaceuticals, LLC, Generics Bidco I, LLC, DAVA Pharmaceuticals, LLC, PSP LLC and in Canada, Paladin and Endo Ventures Limited, as well as various other manufacturers, distributors, pharmacies and/or others, asserting claims relating to the defendants’ alleged sales, marketing and/or distribution practices with respect to prescription opioid medications, including certain of our products. As of February 21, 2022, filed cases in the U.S. of which we were aware include, but are not limited to, approximately 20 cases filed by or on behalf of states; approximately 2,920 cases filed by counties, cities, Native American tribes and/or other government-related persons or entities; approximately 310 cases filed by hospitals, health systems, unions, health and welfare funds or other third-party payers and approximately 210 cases filed by individuals, including but not limited to legal guardians of children born with neonatal abstinence syndrome. Certain of the U.S. cases have been filed as putative class actions; to date, however, no court has certified a litigation class. The Canadian cases include an action filed by British Columbia on behalf of a proposed class of all federal, provincial and territorial governments and agencies in Canada that paid healthcare, pharmaceutical and treatment costs related to opioids; an action filed in Alberta by the City of Grand Prairie, Alberta, and The Corporation of the City of Brantford, Ontario, on behalf of a proposed class of all local or municipal governments in Canada; an action filed in Saskatchewan by the Peter Ballantyne Cree Nation and the Lac La Ronge Indian Band, on behalf of a proposed class of all First Nations communities and local or municipal governments in Canada; and five additional putative class actions, filed in British Columbia, Manitoba, Ontario and Quebec, seeking relief on behalf of Canadian residents who were prescribed and/or consumed opioid medications.

The complaints in the cases assert a variety of claims, including but not limited to statutory claims asserting violations of public nuisance, consumer protection, unfair trade practices, racketeering, Medicaid fraud and/or drug dealer liability laws and/or common law claims for public nuisance, fraud/misrepresentation, strict liability, negligence and/or unjust enrichment. The claims are generally based on alleged misrepresentations and/or omissions in connection with the sale and marketing of prescription opioid medications and/or alleged failures to take adequate steps to identify and report suspicious orders and to prevent abuse and diversion. Plaintiffs have sought various remedies including, without limitation, declaratory and/or injunctive relief; compensatory, punitive and/or treble damages; restitution, disgorgement, civil penalties, abatement, attorneys’ fees, costs and/or other relief. The damages sought exceed our applicable insurance.

Many of the U.S. cases have been coordinated in a federal multidistrict litigation (MDL) pending in the U.S. District Court for the Northern District of Ohio; other cases are pending in various federal or state courts. A case in Superior Court in Orange County, California, People of the State of California v. Purdue Pharma L.P., et al., has been tried to verdict. The plaintiffs in the case, Orange, Santa Clara and Los Angeles Counties and the City of Oakland, asserted claims against EPI and EHSI, among others, for public nuisance, alleged violations of California’s Unfair Competition Law and alleged violations of California’s False Advertising Law. Following a bench trial on liability, the court issued a final decision in defendants’ favor on all counts in December 2021. The plaintiffs filed a notice of appeal in February 2022. Other opioid-related cases are at various stages in the litigation process. Some cases are at the pleading or discovery stage; others are approaching the trial stage. The next trial is currently set for April 2022. Trials may occur earlier or later than currently scheduled, as timing remains uncertain due to the impact of COVID-19 and other factors.

In September 2019, EPI, EHSI, PPI and PPCI received subpoenas from the New York State Department of Financial Services (DFS) seeking documents and information regarding the marketing, sale and distribution of opioid medications in New York. In June 2020, DFS commenced an administrative action against the Company, EPI, EHSI, PPI and PPCI alleging violations of the New York Insurance Law and New York Financial Services Law. In July 2021, DFS filed an amended statement of charges. The amended statement of charges alleges that fraudulent or otherwise wrongful conduct in the marketing, sale and/or distribution of opioid medications caused false claims to be submitted to insurers and seeks civil penalties for each allegedly fraudulent prescription as well as injunctive relief. In July 2021, EPI, EHSI, PPI and PPCI, among others, filed a petition for judgment in New York state court seeking to prohibit DFS from proceeding with its administrative enforcement action. In December 2021, DFS filed a motion to dismiss that proceeding; a hearing is currently scheduled for March 2022.

In February 2022, the court in Dunaway, et al. v. Purdue Pharma, L.P., et al., a case pending in the Circuit Court for Cumberland County, Tennessee, entered an order imposing certain sanctions, including a default judgment on liability, against EPI and EHSI based on alleged discovery improprieties in a different case which EPI and EHSI had settled in August 2021. Because discovery in the earlier case had also been provided to the Dunaway plaintiffs, the Dunaway court deemed the alleged discovery improprieties to have occurred in Dunaway as well. The Dunaway court also severed EPI and EHSI from the remaining defendants, set a damages trial to begin in April 2023 and denied a motion by EPI and EHSI to disqualify the judge based on, among other things, statements he made about the lawsuit to the press and on Facebook.

Since 2019, the Company and/or certain of its subsidiaries have executed a number of settlement agreements to resolve governmental opioid claims brought by certain states, counties, cities and/or other governmental entities. Certain related developments during the years ended December 31, 2021, 2020 and 2019 include but are not limited the following:

•In September 2019, EPI, EHSI, PPI and PPCI executed a settlement agreement with two Ohio counties providing for payments totaling $10 million and up to $1 million of VASOSTRICT® and/or ADRENALIN®.

•In January 2020, EPI and PPI executed a settlement agreement with the state of Oklahoma providing for a payment of $8.75 million.

•In August 2021, EPI, EHSI, nine counties in eastern Tennessee, eighteen municipalities within those counties and a minor individual executed a settlement agreement providing for a payment of $35 million.

•In September 2021, Endo International plc, EPI, EHSI, PPI and PPCI executed a settlement agreement with the state of New York and two of its counties providing for a payment of $50 million.

•In October 2021, EPI and EHSI executed a settlement agreement with the Alabama Attorney General’s office intended to resolve opioid-related cases and claims of the state and other Alabama governmental persons and entities in exchange for a total payment of $25 million.

•In December 2021, EPI, EHSI, PPI and PPCI executed a settlement agreement with the Texas Attorney General’s office and four Texas counties intended to resolve opioid-related cases and claims of the state and other Texas governmental persons and entities in exchange for a total payment of $63 million.

•In January 2022, EPI and EHSI executed a settlement agreement with the Florida Attorney General’s office intended to resolve opioid-related cases and claims of the state and other Florida governmental persons and entities in exchange for a total payment of up to $65 million.

•In February 2022, EPI and EHSI executed a settlement agreement with the Louisiana Attorney General’s office intended to resolve opioid-related cases and claims of the state and other Louisiana governmental persons and entities in exchange for a total payment of $7.5 million.

Each agreement was solely by way of compromise and settlement and was not in any way an admission of wrongdoing, fault or liability of any kind by us or any of our subsidiaries.

While the specific terms of the agreements vary, the Alabama, Florida, Louisiana and Texas settlements are each subject to participation by the state’s political subdivisions. Certain agreements also provide for injunctive relief. Some agreements provide for additional payments in the event certain conditions, such as a comprehensive resolution of government-related opioid claims, are met; Florida may also be entitled to additional payments in the event we enter into a settlement with the attorney general of a state with a smaller population than Florida for an amount greater than $65 million prior to November 15, 2022. Certain settlement agreements provide for the creation of QSFs into which the settlement funds will be deposited and/or provide for the repayment of some or all of the settlement amount under certain conditions. Depending on the terms of the respective agreements, funds deposited in QSFs may be considered restricted cash and/or restricted cash equivalents for a period of time subsequent to the initial funding. Distribution of funds from the QSF is conditioned upon certain criteria that vary by agreement. As of December 31, 2021, no amounts had been deposited into the QSFs.

We recorded total charges for opioid-related matters of $343.5 million in 2021 and, as of December 31, 2021, our corresponding accrual totaled $258.7 million. In addition to the developments described above, our accrual for opioid-related matters as of December 31, 2021 includes amounts relating to certain unresolved matters for which, based on the progress of ongoing settlement negotiations and/or certain other factors, the Company believes a loss is probable and can reasonably be estimated. As further described below, the Company may be exposed to additional losses in excess of the amounts currently accrued, which could be material.

To the extent unresolved, we will continue to vigorously defend the foregoing matters and to explore other options as appropriate in our best interests, including entering into settlement negotiations and settlements even in circumstances where we believe we have meritorious defenses. Similar matters may be brought by others or the foregoing matters may be expanded. We are unable to predict the outcome of these matters or to estimate the possible range of any losses that could be incurred. Adjustments to our overall liability accrual may be required in the future, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition to the lawsuits and administrative matters described above, the Company and/or its subsidiaries have received certain subpoenas, civil investigative demands (CIDs) and informal requests for information concerning the sale, marketing and/or distribution of prescription opioid medications, including the following:

Various state attorneys general have served subpoenas and/or CIDs on EHSI and/or EPI. We are cooperating with the investigations.

In January 2018, EPI received a federal grand jury subpoena from the U.S. District Court for the Southern District of Florida seeking documents and information related to OPANA® ER, other oxymorphone products and marketing of opioid medications. We are cooperating with the investigation.

In December 2020, the Company received an administrative subpoena issued by the U.S. Attorney’s Office for the Western District of Virginia seeking documents related to McKinsey & Company. The Company received a related subpoena in May 2021, also issued by the U.S. Attorney’s Office for the Western District of Virginia. We are cooperating with the investigation.

Similar investigations may be brought by others or the foregoing matters may be expanded or result in litigation. We are unable to predict the outcome of these matters or to estimate the possible range of any losses that could be incurred. Adjustments to our overall liability accrual may be required in the future, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Ranitidine Matters

In June 2020, an MDL pending in the U.S. District Court for the Southern District of Florida, In re Zantac (Ranitidine) Products Liability Litigation, was expanded to add PPI and numerous other manufacturers and distributors of generic ranitidine as defendants. The claims are generally based on allegations that under certain conditions the active ingredient in Zantac® and generic ranitidine medications can break down to form an alleged carcinogen known as N-Nitrosodimethylamine (NDMA). The complaints assert a variety of claims, including but not limited to various product liability, breach of warranty, fraud, negligence, statutory and unjust enrichment claims. Plaintiffs generally seek various remedies including, without limitation, compensatory, punitive and/or treble damages; restitution, disgorgement, civil penalties, abatement, attorneys’ fees and costs as well as injunctive and/or other relief. Similar complaints against various defendants, in some instances including PPI, have also been filed in certain state courts, including California, Pennsylvania and Illinois. PPI and its subsidiaries have not manufactured or sold ranitidine since 2016.

The MDL court has issued various case management orders, including orders directing the filing of “master” and short-form complaints, establishing a census registry process for potential claimants and addressing various discovery issues. In December 2020, the court dismissed the master complaints as to PPI and other defendants with leave to amend certain claims. Certain plaintiffs, including third party payers pursuing class action claims, have appealed the dismissal orders to the U.S. Court of Appeals for the Eleventh Circuit. In February 2021, various other plaintiffs filed an amended master personal injury complaint, a consolidated amended consumer economic loss class action complaint and a consolidated medical monitoring class action complaint. PPI was not named as a defendant in the consumer economic loss complaint or the medical monitoring complaint. In July 2021, the MDL court dismissed all claims in the master complaints as to PPI and other generic defendants with prejudice on federal preemption grounds. In November 2021, the MDL court issued a final judgment as to PPI and other generic defendants. Certain MDL plaintiffs have appealed the July 2021 dismissal order and/or the November 2021 judgment.

We will continue to vigorously defend the foregoing matters and to explore other options as appropriate in our best interests. Similar matters may be brought by others or the foregoing matters may be expanded. We are unable to predict the outcome of these matters or to estimate the possible range of any losses that could be incurred. Adjustments to our overall liability accrual may be required in the future, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Generic Drug Pricing Matters

Since March 2016, various private plaintiffs, state attorneys general and other governmental entities have filed cases against our subsidiary PPI and/or, in some instances, the Company, Generics Bidco I, LLC, DAVA Pharmaceuticals, LLC, EPI, EHSI and/or PPCI, as well as other pharmaceutical manufacturers and, in some instances, other corporate and/or individual defendants, alleging price-fixing and other anticompetitive conduct with respect to generic pharmaceutical products. These cases, which include proposed class actions filed on behalf of direct purchasers, end-payers and indirect purchaser resellers, as well as non-class action suits, have generally been consolidated and/or coordinated for pretrial proceedings in a federal MDL pending in the U.S. District Court for the Eastern District of Pennsylvania. There is also a proposed class action filed in the Federal Court of Canada on behalf of a proposed class of Canadian purchasers.

The various complaints and amended complaints generally assert claims under federal and/or state antitrust law, state consumer protection statutes and/or state common law, and seek damages, treble damages, civil penalties, disgorgement, declaratory and injunctive relief, costs and attorneys’ fees. Some claims are based on alleged product-specific conspiracies and other claims allege broader, multiple-product conspiracies. Under these overarching conspiracy theories, plaintiffs generally seek to hold all alleged participants in a particular conspiracy jointly and severally liable for all harms caused by the alleged conspiracy, not just harms related to the products manufactured and/or sold by a particular defendant.

The MDL court has issued various case management and substantive orders, including orders denying certain motions to dismiss, and discovery is ongoing.

In December 2014, our subsidiary PPI received from the Antitrust Division of the DOJ a federal grand jury subpoena issued by the U.S. District Court for the Eastern District of Pennsylvania addressed to “Par Pharmaceuticals.” The subpoena requested documents and information focused primarily on product and pricing information relating to the authorized generic version of Lanoxin® (digoxin) oral tablets and generic doxycycline products, and on communications with competitors and others regarding those products. We are cooperating with the investigation.

In May 2018, we and our subsidiary PPCI each received a CID from the DOJ in relation to a False Claims Act investigation concerning whether generic pharmaceutical manufacturers engaged in price-fixing and market allocation agreements, paid illegal remuneration and caused the submission of false claims. We are cooperating with the investigation.

Other Antitrust Matters

Beginning in June 2014, multiple alleged purchasers of OPANA® ER sued our subsidiaries EHSI and EPI and other pharmaceutical companies, including Impax Laboratories, LLC (formerly Impax Laboratories, Inc. and referred to herein as Impax) and Penwest Pharmaceuticals Co., which our subsidiary EPI had acquired, alleging violations of antitrust law arising out of an agreement between EPI and Impax to settle certain patent infringement litigation and EPI’s introduction of reformulated OPANA® ER. Some cases were filed on behalf of putative classes of direct and indirect purchasers, while others were filed on behalf of individual retailers or health care benefit plans. The cases have been consolidated and/or coordinated for pretrial proceedings in a federal MDL pending in the U.S. District Court for the Northern District of Illinois. The various complaints assert claims under Sections 1 and 2 of the Sherman Act, state antitrust and consumer protection statutes and/or state common law. Plaintiffs generally seek damages, treble damages, disgorgement of profits, restitution, injunctive relief and attorneys’ fees. In June 2021, the court denied defendants’ motions for summary judgment, granted in part and denied in part certain evidentiary motions filed by defendants and granted direct and indirect purchaser plaintiffs’ motions for class certification. In August 2021, following an appeal and remand from the U.S. Court of Appeals for the Seventh Circuit, the district court amended its class certification order to certify a narrower end-payer class. Trial is currently scheduled for June 2022; however, the timing of trials is uncertain due to the impact of COVID-19 and other factors.

Beginning in February 2009, the FTC and certain private plaintiffs sued our subsidiaries PPCI (since June 2016, EGHI) and/or PPI as well as other pharmaceutical companies alleging violations of antitrust law arising out of the settlement of certain patent litigation concerning the generic version of AndroGel® and seeking damages, treble damages, equitable relief and attorneys’ fees and costs. The cases were consolidated and/or coordinated for pretrial proceedings in a federal MDL pending in the U.S. District Court for the Northern District of Georgia. In May 2016, plaintiffs representing a putative class of indirect purchasers voluntarily dismissed their claims with prejudice. In February 2017, the FTC voluntarily dismissed its claims against EGHI with prejudice. In June 2018, the MDL court granted in part and denied in part various summary judgment and evidentiary motions filed by defendants. In particular, among other things, the court rejected two of the remaining plaintiffs’ causation theories and rejected damages claims related to AndroGel® 1.62%. In July 2018, the court denied certain plaintiffs’ motion for certification of a direct purchaser class. In November 2019, PPI and PPCI entered into settlement agreements with all but one of the plaintiffs remaining in the MDL; a settlement with the remaining plaintiff was reached in April 2021. The settlement agreements were solely by way of compromise and settlement and were not in any way an admission of wrongdoing, fault or liability of any kind. Separately, in August 2019, several alleged direct purchasers filed suit in the U.S. District Court for the Eastern District of Pennsylvania asserting claims substantially similar to those asserted in the MDL, as well as additional claims against other defendants relating to other alleged conduct. In January 2020, the U.S. District Court for the Eastern District of Pennsylvania denied defendants’ motion to transfer venue to the Northern District of Georgia. The case is currently in discovery.

Beginning in May 2018, multiple complaints were filed in the U.S. District Court for the Southern District of New York against PPI, EPI and/or us, as well as other pharmaceutical companies, alleging violations of antitrust law arising out of the settlement of certain patent litigation concerning the generic version of Exforge® (amlodipine/valsartan). Some cases were filed on behalf of putative classes of direct and indirect purchasers; others are non-class action suits. The various complaints assert claims under Sections 1 and 2 of the Sherman Act, state antitrust and consumer protection statutes and/or state common law. Plaintiffs generally seek damages, treble damages, equitable relief and attorneys’ fees and costs. In September 2018, the putative class plaintiffs stipulated to the dismissal without prejudice of their claims against EPI and us, and the retailer plaintiffs later did the same. PPI filed a partial motion to dismiss certain claims in September 2018, which was granted in August 2019. Trial is currently scheduled for January 2023; however, the timing of trials is uncertain due to the impact of COVID-19 and other factors.

Beginning in August 2019, multiple complaints were filed in the U.S. District Court for the Southern District of New York against PPI and other pharmaceutical companies alleging violations of antitrust law arising out the settlement of certain patent litigation concerning generic versions of Seroquel XR® (extended release quetiapine fumarate). The claims against PPI are based on allegations that PPI entered into an exclusive acquisition and license agreement with Handa Pharmaceuticals, LLC (Handa) in 2012 pursuant to which Handa assigned to PPI certain rights under a prior settlement agreement between Handa and AstraZeneca resolving certain patent litigation. Some cases were filed on behalf of putative classes of direct and indirect purchasers; others are non-class action suits. The various complaints assert claims under Sections 1 and 2 of the Sherman Act, state antitrust and consumer protection statutes and/or state common law. Plaintiffs generally seek damages, treble damages, equitable relief and attorneys’ fees and costs. In October 2019, the defendants filed various motions to dismiss and, in the alternative, moved to transfer the litigation to the U.S. District Court for the District of Delaware. In August 2020, the Southern District of New York granted the motion to transfer without ruling on the motions to dismiss. In January 2021, the defendants filed motions to dismiss in the District of Delaware, which remain pending.

Beginning in June 2020, multiple complaints were filed against Jazz Pharmaceuticals and other pharmaceutical companies, including PPI, alleging violations of state and federal antitrust laws in connection with the settlement of certain patent litigation concerning generic versions of Xyrem® (sodium oxybate). Some cases were filed on behalf of putative classes of indirect purchasers; others are non-class action suits. The cases have been consolidated and/or coordinated for pretrial proceedings in a federal MDL pending in the U.S. District Court for the Northern District of California. The various complaints allege that Jazz entered into a series of “reverse-payment” settlements, including with PPI, to delay generic competition for Xyrem® and assert claims under Sections 1 and 2 of the Sherman Act, Section 16 of the Clayton Act, state antitrust and consumer protection statutes and/or state common law. Plaintiffs generally seek damages, treble damages, equitable relief and attorneys’ fees and costs. In April 2021, the defendants moved to dismiss the complaints that had been filed as of that time. In August 2021, the court issued an order dismissing certain aspects of the plaintiffs’ claims but otherwise denying the motions to dismiss. The cases are currently in discovery.

Beginning in June 2021, multiple complaints were filed on behalf of a putative class of direct purchasers in the U.S. District Court for the District of Massachusetts against Takeda Pharmaceuticals, PPI and us, alleging violations of federal antitrust law in connection with the settlement of certain patent litigation related to generic versions of Amitiza® (lubiprostone). The complaints allege that Takeda and PPI entered into a settlement agreement that delayed the entry of generic Amitiza® and assert claims under Section 1 and Section 2 of the Sherman Act. Plaintiffs seek damages, treble damages and attorneys’ fees and costs. In September 2021, the plaintiffs voluntarily dismissed all claims against Endo International plc. In December 2021, PPI filed a motion to dismiss, which remains pending.

In August 2021, a putative class action complaint was filed in the U.S. District Court for the Eastern District of Pennsylvania against Takeda Pharmaceuticals, EPI, PPI and others, alleging violations of federal antitrust law in connection with the settlement of certain patent litigation related to generic versions of Colcrys® (colchicine). The complaint alleged, among other things, that a distribution agreement between Takeda and PPI with respect to an authorized generic was in effect an output restriction conspiracy. The plaintiff asserts claims under Section 1 and Section 2 of the Sherman Act and seeks damages, treble damages and attorneys’ fees and costs. In December 2021, the court dismissed the complaint for failure to state a claim (the plaintiff had already voluntarily dismissed all claims against EPI in November 2021). In January 2022, the plaintiff filed an amended complaint, which the defendants, including PPI, moved to dismiss in February 2022.

In January 2021, the FTC filed a lawsuit in the U.S. District Court for the District of Columbia against us, EPI, Impax Laboratories, LLC and Amneal Pharmaceuticals, Inc., generally alleging that the 2017 settlement of a contract dispute between EPI and Impax (now Amneal) constitutes unfair competition in violation of Section 5(a) of the FTC Act. The complaint generally seeks injunctive and equitable monetary relief. In April 2021, the defendants filed motions to dismiss, which remain pending.

To the extent unresolved, we will continue to vigorously defend the foregoing matters and to explore other options as appropriate in our best interests. Similar matters may be brought by others or the foregoing matters may be expanded. We are unable to predict the outcome of these matters or to estimate the possible range of any losses that could be incurred. Adjustments to our overall liability accrual may be required in the future, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Securities Litigation

In November 2017, a putative class action entitled Pelletier v. Endo International plc, Rajiv Kanishka Liyanaarchchie De Silva, Suketu P. Upadhyay and Paul V. Campanelli was filed in the U.S. District Court for the Eastern District of Pennsylvania by an individual shareholder on behalf of himself and all similarly situated shareholders. The lawsuit alleges violations of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder relating to the pricing of various generic pharmaceutical products. In September 2018, the defendants filed a motion to dismiss, which the court granted in part and denied in part in February 2020. In particular, the court granted the motion and dismissed the claims with prejudice insofar as they were based on an alleged price-fixing conspiracy; the court otherwise denied the motion to dismiss, allowing other aspects of the lead plaintiff’s claims to proceed. In May 2021, the court granted plaintiffs’ motion for class certification, and in June 2021, defendants moved for summary judgment on certain grounds. In October 2021, while the motion for summary judgment was pending, the parties entered into a settlement providing for a payment of $63.4 million to the investor class in exchange for a release of their claims. The settlement was solely by way of compromise and settlement and was not in any way an admission of wrongdoing, fault or liability of any kind. As a result of the settlement, during the third quarter of 2021, the Company recorded: (i) an increase of approximately $63.4 million to its accrual for loss contingencies and (ii) a corresponding insurance receivable of approximately $63.4 million. The insurance receivable is recorded as Prepaid expenses and other current assets in the Consolidated Balance Sheets. In February 2022, the court approved the settlement and dismissed the action with prejudice as to the plaintiffs and all class members.

In June 2020, a putative class action entitled Benoit Albiges v. Endo International plc, Paul V. Campanelli, Blaise Coleman, and Mark T. Bradley was filed in the U.S. District Court for the District of New Jersey by an individual shareholder on behalf of himself and all similarly situated shareholders. The lawsuit alleges violations of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder relating to the marketing and sale of opioid medications and the New York Department of Financial Services’ administrative action against the Company, EPI, EHSI, PPI and PPCI. In September 2020, the court appointed Curtis Laakso lead plaintiff in the action. The plaintiffs filed an amended complaint in November 2020. In January 2021, the defendants filed a motion to dismiss, which the court granted in August 2021. In November 2021, the plaintiffs filed a second amended complaint, which among other things added allegations about discovery issues in certain opioid-related lawsuits. In January 2022, the defendants moved to dismiss the second amended complaint.

VASOSTRICT® Related Matters

Beginning in April 2018, PSP LLC and PPI received notice letters from Eagle, Sandoz, Inc., Amphastar Pharmaceuticals, Inc., Amneal Pharmaceuticals LLC, American Regent, Fresenius, Dr. Reddy’s Laboratories, Inc., Aurobindo Pharma Limited and Gland Pharma Limited advising of the filing by such companies of ANDAs/NDAs for generic versions of VASOSTRICT® (vasopressin IV solution (infusion)) 20 units/ml and/or 200 units/10 ml. Beginning in May 2018, PSP LLC, PPI and Endo Par Innovation Company, LLC filed lawsuits against Eagle, Sandoz, Inc., Amphastar Pharmaceuticals, Inc., Amneal Pharmaceuticals LLC, American Regent and Fresenius in the U.S. District Court for the District of Delaware or New Jersey within the 45-day deadline to invoke a 30-month stay of FDA approval pursuant to the Hatch-Waxman legislative scheme. In December 2020, we separately filed suit against Eagle, Amneal Pharmaceuticals LLC, Dr. Reddy’s Laboratories, Inc. and Aurobindo Pharma Limited in the U.S. District Court for the District of New Jersey in connection with a newly issued VASOSTRICT® genotyping patent. Beginning in May 2020 through January 2021, we reached settlements with American Regent, Sandoz, Inc., Amphastar Pharmaceuticals, Inc., Fresenius, Aurobindo Pharma Limited and Dr. Reddy’s Laboratories, Inc. We have voluntarily dismissed all cases pending against those defendants. The remaining Delaware cases against Eagle and Amneal Pharmaceuticals LLC have been consolidated and a trial was held in July 2021. In August 2021, the court issued an opinion holding that Eagle’s proposed generic product will not infringe PPI’s asserted patent claims. We have appealed the ruling. The court made no finding regarding the validity of the patents. During the first quarter of 2022, multiple competing generic alternatives to VASOSTRICT® were launched, beginning with Eagle’s generic, which it launched at risk and began shipping toward the end of January 2022. Since then, additional competing alternatives have entered the market, including an authorized generic. We expect these launches to significantly impact both Endo’s market share and product price beginning in the first quarter of 2022, and the effects of competition are likely to increase throughout 2022 and beyond. This competition could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Other Proceedings and Investigations

Proceedings similar to those described above may also be brought in the future. Additionally, we are involved in, or have been involved in, arbitrations or various other proceedings that arise from the normal course of our business. We cannot predict the timing or outcome of these other proceedings. Currently, neither we nor our subsidiaries are involved in any other proceedings that we expect to have a material effect on our business, financial condition, results of operations and cash flows.

OTHER COMPREHENSIVE INCOME	12 Months Ended
OTHER COMPREHENSIVE INCOME	Dec. 31, 2021
Equity [Abstract]
OTHER COMPREHENSIVE INCOME	NOTE 17. OTHER COMPREHENSIVE INCOME During the years ended December 31, 2021, 2020 and 2019, there were no tax effects allocated to any component of Other comprehensive income and there were no reclassifications out of Accumulated other comprehensive loss. Substantially all of the Company’s Accumulated other comprehensive loss balances at December 31, 2021 and December 31, 2020 consist of Foreign currency translation loss.

SHAREHOLDERS' DEFICIT	12 Months Ended
SHAREHOLDERS' DEFICIT	Dec. 31, 2021
Equity [Abstract]
SHAREHOLDERS' DEFICIT	NOTE 18. SHAREHOLDERS’ DEFICIT The Company has issued 4,000,000 euro deferred shares of $0.01 each at par. The euro deferred shares are held by nominees in order to satisfy an Irish legislative requirement to maintain a minimum level of issued share capital denominated in euro and to have at least seven registered shareholders. The euro deferred shares carry no voting rights and are not entitled to receive any dividend or distribution. Effect of Change in Accounting Principle As further discussed in Note 2. Summary of Significant Accounting Policies, the Company adopted ASC 842 on January 1, 2019. This adoption resulted in a net increase of $4.6 million to the Company’s Accumulated deficit at January 1, 2019. Share Repurchase Program Pursuant to Article 11 of the Company’s Articles of Association, the Company has broad shareholder authority to conduct ordinary share repurchases by way of redemptions. The Company’s authority to repurchase ordinary shares is subject to legal limitations and the existence of sufficient distributable reserves. For example, the Companies Act requires Irish companies to have distributable reserves equal to or greater than the amount of any proposed ordinary share repurchase amount. Unless we are able to generate sufficient distributable reserves or create distributable reserves by reducing our share premium account, we will not be able to repurchase our ordinary shares. As permitted by Irish Law and the Company’s Articles of Association, any ordinary shares redeemed shall be cancelled upon redemption. The Board has approved the 2015 Share Buyback Program that authorizes the Company to redeem, in the aggregate, $2.5 billion of its outstanding ordinary shares. To date, the Company has redeemed and cancelled approximately 4.4 million of its ordinary shares under the 2015 Share Buyback Program for $250.0 million, not including related fees.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

NOTE 19. SHARE-BASED COMPENSATION

Stock Incentive Plans

In June 2015, the Company’s shareholders approved the 2015 Stock Incentive Plan (the 2015 Plan), which has subsequently been amended, as approved by the Company’s shareholders, on multiple occasions, including in 2019 and 2020. Under the 2015 Plan, stock options (including incentive stock options), stock appreciation rights, restricted stock awards, performance awards and other share- or cash-based awards may be issued at the discretion of the Compensation & Human Capital Committee of the Board from time to time. No ordinary shares are to be granted under previously approved plans, including the Company’s 2000, 2004, 2007, 2010 and Assumed Stock Incentive Plans. Any awards previously granted and outstanding under these prior plans remain subject to the terms of those prior plans.

At December 31, 2021, approximately 9.3 million ordinary shares were reserved for future grants under the 2015 Plan. As of December 31, 2021, stock options, restricted stock awards, PSUs, restricted stock units (RSUs), long-term cash incentive awards and certain other cash-based awards have been granted under the stock incentive plans.

Generally, the grant-date fair value of each award is recognized as expense over the requisite service period. However, expense recognition differs in the case of certain PSUs where the ultimate payout is performance-based. For these awards, at each reporting period, the Company estimates the ultimate payout and adjusts the cumulative expense based on its estimate and the percent of the requisite service period that has elapsed.

Presented below are the components of total share-based compensation as recorded in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019 (in thousands).


	2021		2020		2019
Selling, general and administrative expenses	$	23,400	$	32,368	$	44,159
Research and development expenses	1,378		2,504		4,501
Cost of revenues	5,268		6,485		10,482

Total share-based compensation expense	$	30,046	$	41,357	$	59,142

As of December 31, 2021, the total remaining unrecognized compensation cost related to non-vested share-based compensation awards for which a grant date has been established as of December 31, 2021 amounted to $24.7 million.

Stock Options

From time to time, the Company grants stock options to its employees as part of their annual share compensation awards and, in certain circumstances, on an ad hoc basis or upon their commencement of service with the Company.

Although we have not granted employee stock options since 2018, previous grants have generally vested ratably, in equal amounts, over a three or four-year service period. Stock options outstanding as of December 31, 2021 generally expire ten years from the grant date. We estimate the fair value of stock option grants at the date of grant using the Black-Scholes option-pricing model. This model utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield (which is assumed to be zero as the Company has not paid cash dividends to date and does not currently expect to pay cash dividends) and the expected term of the option. Expected volatilities utilized in the model are based mainly on the historical volatility of the Company’s share price over a period commensurate with the expected life of the share option as well as other factors. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. We estimate the expected term of options granted based on our historical experience with our employees’ exercise of stock options and other factors.

A summary of the activity for each of the years ended December 31, 2021, 2020 and 2019 is presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2018	8,072,718	$	20.62

Exercised	(557)	$	7.55
Forfeited	(125,739)	$	14.38
Expired	(665,883)	$	40.37
Outstanding as of December 31, 2019	7,280,539	$	18.93


Forfeited	(16,953)	$	11.81
Expired	(347,000)	$	35.56
Outstanding as of December 31, 2020	6,916,586	$	18.11

Exercised	(82,331)	$	7.55
Forfeited	(11,887)	$	13.19
Expired	(438,454)	$	40.76
Outstanding as of December 31, 2021	6,383,914	$	16.70	4.07	$	—
Vested and expected to vest as of December 31, 2021	6,383,914	$	16.70	4.07	$	—
Exercisable as of December 31, 2021	6,383,914	$	16.70	4.07	$	—

__________

(1)The intrinsic value of a stock option is the excess, if any, of the closing price of the Company’s ordinary shares on the last trading day of the fiscal year over the exercise price. The aggregate intrinsic values presented in the table above represent sum of the intrinsic values of all corresponding stock options that are “in-the-money,” if any.

The range of exercise prices for the above stock options outstanding at December 31, 2021 is from $7.55 to $86.54.

The total intrinsic values of options exercised during the years ended December 31, 2021 and 2019 were $0.1 million and less than $0.1 million, respectively. There were no material tax benefits from stock option exercises realized during the years ended December 31, 2021, 2020 and 2019.

Restricted Stock Units and Performance Share Units

From time to time, the Company grants RSUs and PSUs to its employees as part of their annual share compensation awards and, in certain circumstances, on an ad hoc basis or upon their commencement of service with the Company.

RSUs vest ratably, in equal amounts, over a three-year service period. PSUs vest in full after a three-year service period and are conditional upon the achievement of performance and/or market conditions established by the Compensation & Human Capital Committee of the Board.

PSUs awarded in 2021, 2020 and 2019 were based upon two discrete measures: relative total shareholder return (TSR) and an adjusted free cash flow performance metric (FCF), each accounting for 50% of the PSU awards upon issuance. TSR performance is measured against the three-year TSR of a custom index of companies. For PSUs awarded in 2021, 2020 and 2019, FCF performance is measured against a target covering a single three-year performance period, which is generally established at the grant date. Upon the completion of the three-year performance period, the PSUs vest and the actual number of shares awarded is adjusted to between zero and 200% of the target award amount based upon the performance criteria described above. In addition to meeting the performance conditions, grant recipients are also generally subject to being employed by the Company until the conclusion of the three-year vesting period in order to receive the awards. TSR is considered a market condition under applicable authoritative guidance, while FCF is considered performance condition.

RSUs are valued based on the closing price of Endo’s ordinary shares on the date of grant. PSUs with TSR conditions are valued using a Monte-Carlo variant valuation model, while those with FCF conditions are valued taking into consideration the probability of achieving the specified performance goal. The Monte-Carlo variant valuation model used considers a variety of potential future share prices for Endo as well as our peer companies in a selected market index.

A summary of our non-vested RSUs and PSUs for the years ended December 31, 2021, 2020 and 2019 is presented below:


	Number of Shares	Aggregate Intrinsic Value (1)
Non-vested as of December 31, 2018	11,019,472
Granted	6,687,695

Forfeited	(918,425)
Vested	(3,872,453)
Non-vested as of December 31, 2019	12,916,289
Granted	3,761,648

Forfeited	(824,299)
Vested	(5,513,359)
Non-vested as of December 31, 2020	10,340,279
Granted	4,483,385

Forfeited	(1,302,292)
Vested	(5,380,262)
Non-vested as of December 31, 2021	8,141,110	$	30,610,574
Vested and expected to vest as of December 31, 2021	7,547,762	$	28,379,585

__________

(1)The aggregate intrinsic values presented in the table above were calculated by multiplying the closing price of the Company’s ordinary shares on the last trading day of the fiscal year by the corresponding quantities above.

As of December 31, 2021, the weighted average remaining requisite service period of the units presented in the table above was 1.5 years and the corresponding total remaining unrecognized compensation cost amounted to $10.4 million in the case of RSUs and $14.3 million in the case of PSUs. The weighted average grant-date fair value of the units granted during the years ended December 31, 2021, 2020 and 2019 was $7.39, $5.54 and $7.72 per unit, respectively.

OTHER (INCOME) EXPENSE, NET

12 Months Ended

Dec. 31, 2021

Component of Operating Income [Abstract]

OTHER (INCOME) EXPENSE, NET

NOTE 20. OTHER (INCOME) EXPENSE, NET

The components of Other (income) expense, net for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):



	2021		2020		2019
Net gain on sale of business and other assets (1)	$	(4,516)	$	(16,353)	$	(6,367)
Foreign currency loss, net (2)	1,253		2,466		5,247
Net loss (gain) from our investments in the equity of other companies (3)	453		(2,160)		2,346
Other miscellaneous, net (4)	(16,964)		(5,063)		15,451
Other (income) expense, net	$	(19,774)	$	(21,110)	$	16,677

__________

(1)Amounts primarily relate to the sales of certain intellectual property rights as well as, in 2021, the sale transactions that are further discussed in Note 3. Discontinued Operations.

(2)Amounts relate to the remeasurement of the Company’s foreign currency denominated assets and liabilities.

(3)Amounts relate to the income statement impacts of our investments in the equity of other companies, including investments accounted for under the equity method.

(4)Amounts in 2021 include gains of $15.5 million associated with the termination of certain contracts. Amounts in 2019 primarily relate to $17.5 million of contract termination costs incurred as a result of certain product discontinuation activities in our International Pharmaceuticals segment.

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 21. INCOME TAXES

Loss from Continuing Operations before Income Tax

Our operations are conducted through our various subsidiaries in numerous jurisdictions throughout the world. We have provided for income taxes based upon the tax laws and rates in the jurisdictions in which our operations are conducted.

The components of our Loss from continuing operations before income tax by geography for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	2021		2020		2019
U.S.	$	4,792,852	$	(375,262)	$	(688,224)
International	(5,339,455)		348,744		343,320
Total loss from continuing operations before income tax	$	(546,603)	$	(26,518)	$	(344,904)

Income tax from continuing operations consists of the following for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	2021		2020		2019
Current:
U.S. Federal	$	13,649	$	(108,866)	$	15,317
U.S. State	1,491		(434)		(3,002)
International	10,495		(1,124)		8,926
Total current income tax	$	25,635	$	(110,424)	$	21,241
Deferred:
U.S. Federal	$	118	$	(143,411)	$	(515)
U.S. State	(564)		(11,773)		(482)
International	(2,711)		(8,374)		(4,564)
Total deferred income tax	$	(3,157)	$	(163,558)	$	(5,561)


Total income tax	$	22,478	$	(273,982)	$	15,680

Tax Rate

A reconciliation of income tax from continuing operations at the U.S. federal statutory income tax rate to the total income tax provision from continuing operations for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):


	2021		2020		2019
Notional U.S. federal income tax provision at the statutory rate	$	(114,787)	$	(5,569)	$	(72,430)
State income tax, net of federal benefit	6,750		(17,311)		(4,455)
U.S. tax reform impact	—		(129,599)		—
Uncertain tax positions	42,415		35,941		43,273
Residual tax on non-U.S. net earnings	(181,739)		(83,550)		(67,987)


Non-deductible goodwill impairment	76,230		7,490		27,493
Change in valuation allowance	495,565		(97,752)		30,123











Base erosion minimum tax	—		77,438		13,662
Non-deductible expenses	39,791		8,875		21,299
Executive compensation limitation	6,215		5,857		4,547
Equity based compensation	2,695		6,495		6,014
Financing activities (1)	(287,012)		(33,217)		—
Investment activities (2)	(68,943)		(44,964)		—
Other	5,298		(4,116)		14,141
Income tax	$	22,478	$	(273,982)	$	15,680

__________

(1)The amount in 2021 primarily relates to a net tax benefit of approximately $1.2 billion related to non-taxable intercompany cancellation of indebtedness income, which was partially offset by a net tax expense of approximately $465 million related to non-deductible bad debt expense and a net tax expense of approximately $427 million related to non-deductible intercompany interest expense. The net tax benefit is fully offset by an increase to the valuation allowance.

(2)The amount in 2021 primarily relates to tax deductible losses associated with the investment in consolidated subsidiaries. The tax benefit is fully offset by an increase to the valuation allowance.

The change in income tax expense in 2021 compared to the 2020 income tax benefit primarily relates to the 2020 tax benefit for the CARES Act as discussed in more detail below and changes in deferred tax liabilities following the BioSpecifics acquisition during 2020. The change in income tax benefit in 2020 compared to the 2019 income tax expense primarily relates to the 2020 tax benefit from the CARES Act and changes in deferred tax liabilities following the BioSpecifics acquisition.

On March 27, 2020, the CARES Act was enacted by the U.S. government in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (NOL) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. During the year ended December 31, 2020, the Company recorded a discrete tax benefit in continuing operations of $129.6 million as a result of the change in the NOL carryback period.

Deferred Tax Assets and Liabilities

Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The significant components of the net deferred income tax liability shown on the balance sheets as of December 31, 2021 and 2020 are as follows (in thousands):


	December 31, 2021		December 31, 2020
Deferred tax assets:
Accrued expenses and reserves	$	144,573	$	109,595

Deferred interest deduction	347,501		290,658
Fixed assets, intangible assets and deferred amortization	512,584		515,683
Loss on capital assets	64,503		66,159
Net operating loss carryforward	9,258,122		9,659,130
Other	50,694		54,540
Research and development and other tax credit carryforwards	8,254		15,176


Total gross deferred income tax assets	$	10,386,231	$	10,710,941
Deferred tax liabilities:

Other	$	(8,586)	$	(9,469)
Investments	(124,311)		—
Intercompany notes	(104,530)		(1,057,158)

Total gross deferred income tax liabilities	$	(237,427)	$	(1,066,627)
Valuation allowance	(10,169,294)		(9,668,556)
Net deferred income tax liability	$	(20,490)	$	(24,242)

As of December 31, 2021, the Company had significant deferred tax assets for tax credits, net operating and capital loss carryforwards, net of unrecognized tax positions, as presented below (in thousands):


Jurisdiction	Amount		Begin to Expire
Ireland	$	54,802	Indefinite
Luxembourg	$	8,981,499	2034


U.S.:
Federal-ordinary losses	$	32,726	2037
Federal-capital losses	$	41,636	2022
Federal-tax credits	$	13,339	2025
State-ordinary losses	$	237,414	2022
State-capital losses	$	28,390	2022
State-tax credits	$	3,256	2036

A valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company assesses the available positive and negative evidence to estimate whether the existing deferred tax assets will be realized.

The Company has recorded a valuation allowance against certain jurisdictional NOL carryforwards and other tax attributes. As of December 31, 2021 and 2020, the total valuation allowance was $10,169.3 million and $9,668.6 million, respectively. During the year ended December 31, 2021, the Company increased its valuation allowance by $500.7 million, which was primarily driven by taxable losses in Luxembourg related to investments in consolidated subsidiaries. During the year ended December 31, 2020, the Company decreased its valuation allowance by $160.4 million, which was primarily driven by deferred tax liabilities recognized as part of the BioSpecifics acquisition.

As of December 31, 2021, the Company had the following significant valuation allowances (in thousands):


Jurisdiction	December 31, 2021

Ireland	$	230,913
Luxembourg	$	8,736,985



U.S.	$	1,195,810

The Company maintains a full valuation allowance against the net deferred tax assets in the U.S., Luxembourg and certain other foreign tax jurisdictions as of December 31, 2021. It is possible that within the next 12 months there may be sufficient positive evidence to release a portion or all of the valuation allowance. Release of these valuation allowances would result in a benefit to income tax expense for the period the release is recorded, which could have a material impact on net earnings. The timing and amount of the potential valuation allowance release are subject to significant management judgment and prospective earnings.

We have provided for any applicable income taxes associated with current year distributions, as well as any earnings that are expected to be distributed in the future, in the calculation of the income tax provision. No additional provision has been made for Irish and non-Irish income taxes on the undistributed earnings of subsidiaries as such earnings are expected to be indefinitely reinvested. As of December 31, 2021, certain subsidiaries had approximately $119.7 million of cumulative undistributed earnings that have been deemed permanently reinvested. A liability could arise if our intention to indefinitely reinvest such earnings were to change and amounts are distributed by such subsidiaries or if such subsidiaries are ultimately disposed. The potential tax implications of unremitted earnings are driven by the facts at the time of the distribution. It is not practicable to estimate the additional income taxes related to indefinitely reinvested earnings or the basis differences related to investments in subsidiaries.

Uncertain Tax Positions

The Company and its subsidiaries are subject to income taxes in the U.S., various states and numerous foreign jurisdictions with varying statutes as to which tax years are subject to examination by the tax authorities. The Company has taken positions on its tax returns that may be challenged by various tax authorities. The Company believes it has appropriately established reserves for tax-related uncertainties. The Company endeavors to resolve matters with a tax authority at the examination level and could reach agreement with a tax authority at any time. The accruals for tax-related uncertainties are based on the Company’s best estimate of the potential tax exposures. When particular matters arise, a number of years may elapse before such matters are audited and finally resolved. The final outcome with a tax authority may result in a tax liability that is more or less than that reflected in our financial statements. Favorable resolution of such matters could be recognized as a reduction of the Company’s effective tax rate in the year of resolution, while a resolution that is not favorable could increase the effective tax rate and may require the use of cash. Uncertain tax positions are reviewed quarterly and adjusted as necessary when events occur that affect potential tax liabilities, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, identification of new issues and issuance of new legislation, regulations or case law.

As of December 31, 2021, the Company had total UTPs, including accrued interest and penalties, of $620.0 million. If recognized in future years, $241.0 million of such amounts would impact the income tax provision and effective tax rate. As of December 31, 2020, the Company had total UTPs, including accrued interest and penalties, of $576.8 million. If recognized in future years, $230.8 million of such amounts would have impacted the income tax provision and effective tax rate. The following table summarizes the activity related to UTPs during the years ended December 31, 2021, 2020 and 2019 (in thousands):


	Unrecognized Tax Positions Federal, State and Foreign Tax
UTP Balance at December 31, 2018	$	451,690
Gross additions for current year positions	35,766

Gross reductions for prior period positions	(2,377)
Gross additions for prior period positions	880
Decrease due to lapse of statute of limitations	(1,006)

Currency translation adjustment	1,528
UTP Balance at December 31, 2019	$	486,481
Gross additions for current year positions	33,402
Gross reductions for prior period positions	(577)
Gross additions for prior period positions	16,914
Decrease due to lapse of statute of limitations	(7,033)


Currency translation adjustment	588
UTP Balance at December 31, 2020	$	529,775
Gross additions for current year positions	36,662
Gross reductions for prior period positions	(702)
Gross additions for prior period positions	1,203
Decrease due to lapse of statute of limitations	(475)

Currency translation adjustment	(24)
UTP Balance at December 31, 2021	$	566,439
Accrued interest and penalties	53,569
Total UTP balance including accrued interest and penalties	$	620,008

The Company records accrued interest and penalties, where applicable, related to uncertain tax positions as part of the provision for income taxes. The cumulative accrued interest and penalties related to uncertain tax positions were $53.6 million and $47.0 million as of December 31, 2021 and 2020, respectively.

During the year ended December 31, 2021, the Company recognized net expense of $10.6 million associated with UTPs, primarily related to interest and penalties. During the year ended December 31, 2020, the Company recognized a net benefit of $78.2 million as a reduction to our net UTP liability, primarily related to the CARES Act. During the year ended December 31, 2019, the Company recognized net expense of $13.8 million associated with UTPs, primarily related to interest and penalties. The UTP liability is included in our Consolidated Balance Sheet as Other liabilities or, if and to the extent appropriate, as a reduction to Deferred tax assets.

Our subsidiaries file income tax returns in the countries in which they have operations. Generally, these countries have statutes of limitations ranging from 3 to 5 years. Certain subsidiary tax returns are currently under examination by taxing authorities, including U.S. tax returns for the 2006 through 2019 tax years by the IRS.

It is expected that the amount of UTPs will change during the next 12 months; however, the Company does not currently anticipate any adjustments that would lead to a material impact on our results of operations or our financial position.

On June 3, 2020, in connection with the IRS’s examination of our U.S. income tax return for the fiscal year ended December 31, 2015 (2015 Return), we received an acknowledgement of facts (AoF) from the IRS related to transfer pricing positions taken by Endo U.S., Inc. and its subsidiaries (Endo U.S.). The AoF asserted that Endo U.S. overpaid for certain pharmaceutical products that it purchased from certain non-U.S. related parties and proposed a specific adjustment to our 2015 U.S. income tax return position. On September 4, 2020, we received a Form 5701 Notice of Proposed Adjustment (NOPA) that is consistent with the previously disclosed AoF. We believe that the terms of the subject transactions are consistent with comparable transactions for similarly situated unrelated parties, and we intend to contest the proposed adjustment. While the NOPA is not material to our business, financial condition, results of operations or cash flows, the IRS could seek to apply its position to subsequent tax periods and propose similar adjustments. The aggregate impact of these adjustments, if sustained, could have a material adverse effect on our business, financial condition, results of operations and cash flows. Although the timing of the outcome of this matter is uncertain, it is possible any final resolution of the matter could take a number of years.

In connection with the IRS’s examination of our 2015 Return, on December 31, 2020, the IRS issued a Technical Advice Memorandum (TAM) that we previously disclosed regarding the portion of our 2015 NOL that we believe qualifies as a specified product liability loss (SLL). The TAM concurred in part with our positions on the 2015 Return but disagreed with our position that the AMS worthless stock loss qualifies as an SLL. On April 23, 2021, we received draft NOPAs from the IRS consistent with the TAM. We continue to disagree with the IRS’s position and the draft NOPAs received and, if necessary, intend to contest any additional tax determined to be owed with respect to the NOPAs. However, if we were unsuccessful in contesting the IRS’s position, we have preliminarily estimated that we would have additional cash taxes payable to the IRS of between $70 million and $250 million excluding interest. We continue to discuss this position with the IRS and the actual amount that may be owed to the IRS if we are unsuccessful may be different than our preliminary estimate. Although the timing of the outcome of this matter is uncertain, it is possible any final resolution of the matter could take a number of years.

As of December 31, 2021, we may be subject to examination in the following major tax jurisdictions:


Jurisdiction						Open Years
Canada						2015 through 2021
India						2012 through 2021
Ireland						2016 through 2021
Luxembourg						2015 through 2021
U.S. - federal, state and local						2006 through 2021

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

NET (LOSS) INCOME PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

NET (LOSS) INCOME PER SHARE

NOTE 22. NET (LOSS) INCOME PER SHARE

The following is a reconciliation of the numerator and denominator of basic and diluted net (loss) income per share for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Numerator:
(Loss) income from continuing operations	$	(569,081)	$	247,464	$	(360,584)


Loss from discontinued operations, net of tax	(44,164)		(63,520)		(62,052)
Net (loss) income	$	(613,245)	$	183,944	$	(422,636)
Denominator:
For basic per share data—weighted average shares	232,785		229,314		226,050
Dilutive effect of ordinary share equivalents	—		4,339		—

For diluted per share data—weighted average shares	232,785		233,653		226,050

Basic per share amounts are computed based on the weighted average number of ordinary shares outstanding during the period. Diluted per share amounts are computed based on the weighted average number of ordinary shares outstanding and, if there is net income from continuing operations during the period, the dilutive effect of ordinary share equivalents outstanding during the period.

The dilutive effect of ordinary share equivalents is measured using the treasury stock method. Any stock options and/or awards that have been issued but for which a grant date has not yet been established are not considered in the calculation of basic or diluted weighted average shares.

The following table presents, for the years ended December 31, 2021, 2020 and 2019, outstanding stock options and stock awards that could potentially dilute per share amounts in the future that were not included in the computation of diluted per share amounts for the periods presented because to do so would have been antidilutive (in thousands):



	2021	2020	2019
Stock options	6,584	7,073	7,681
Stock awards	9,256	5,197	13,418

SAVINGS AND INVESTMENT PLAN AND DEFERRED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
SAVINGS AND INVESTMENT PLAN AND DEFERRED COMPENSATION PLANS	NOTE 23. SAVINGS AND INVESTMENT PLAN AND DEFERRED COMPENSATION PLANS Savings and Investment Plan The Company maintains a defined contribution Savings and Investment Plan (the Endo 401(k) Plan) covering all U.S.-based eligible employees. The Company matches 100% of the first 3% of eligible cash compensation that a participant contributes to the Endo 401(k) Plan plus 50% of the next 2% for a total of up to 4%, subject to statutory limitations. The Company’s matching contributions generally vest ratably over a two-year period. Costs incurred for contributions made by the Company to the Endo 401(k) Plan amounted to $7.6 million, $7.6 million and $7.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Directors Stock Election Plan The Company maintains a directors stock election plan. The purpose of this plan is to provide non-employee directors the opportunity to have their cash retainer fees, or a portion thereof, delivered in the form of Endo ordinary shares. The amount of shares will be determined by dividing the portion of cash fees elected to be received as shares by the closing price of the shares on the day the payment would have otherwise been paid in cash.

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


	Balance at Beginning of Period		Additions, Costs and Expenses		Deductions, Write-offs		Other (1)		Balance at End of Period




Valuation Allowance For Deferred Tax Assets:
Year Ended December 31, 2019	$	9,877,617	$	299,372	$	(9,078)	$	(338,952)	$	9,828,959
Year Ended December 31, 2020	$	9,828,959	$	150,500	$	(316,474)	$	5,571	$	9,668,556
Year Ended December 31, 2021	$	9,668,556	$	504,499	$	(9)	$	(3,752)	$	10,169,294

__________

(1)Represents the remeasurement of net deferred tax assets due to changes in statutory tax rates.

All other financial statement schedules have been omitted because they are not applicable or the required information is included in the Consolidated Financial Statements or the Notes thereto.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Consolidation and Basis of Presentation	The Consolidated Financial Statements include the accounts of wholly-owned subsidiaries after the elimination of intercompany accounts and transactions.
Reclassifications	Certain prior period amounts have been reclassified to conform to the current period presentation.
Use of Estimates	The preparation of our Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts and disclosures in our Consolidated Financial Statements, including the Notes thereto, and elsewhere in this report. For example, we are required to make significant estimates and assumptions related to revenue recognition, including sales deductions, long-lived assets, goodwill, other intangible assets, income taxes, contingencies, financial instruments and share-based compensation, among others. Some of these estimates can be subjective and complex. Uncertainties related to the continued magnitude and duration of the COVID-19 pandemic, the extent to which it will impact our estimated future financial results, worldwide macroeconomic conditions including interest rates, employment rates, consumer spending, health insurance coverage, the speed of the anticipated recovery and governmental and business reactions to the pandemic, including any possible re-initiation of shutdowns or renewed restrictions, have increased the complexity of developing these estimates, including the allowance for expected credit losses and the carrying amounts of long-lived assets, goodwill and other intangible assets. Furthermore, as a result of the possibility or occurrence of an unfavorable outcome with respect to any legal proceeding, we have engaged in and, at any given time, may further engage in strategic reviews of all or a portion of our business. Any such review or contingency planning could ultimately result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. These actions could include a bankruptcy filing which could ultimately result in, among other things, asset impairment charges that may be material. Although we believe that our estimates and assumptions are reasonable, there may be other reasonable estimates or assumptions that differ significantly from ours. Further, our estimates and assumptions are based upon information available at the time they were made. Actual results may differ significantly from our estimates, including as a result of the uncertainties described in this report, those described in our other reports filed with the SEC or other uncertainties.We regularly evaluate our estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, our estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, dramatic fluctuations in foreign currency rates and economic downturns, can increase the uncertainty already inherent in our estimates and assumptions. We also are subject to other risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in the healthcare environment, competition, litigation, legislation and regulations. We adjust our estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our Consolidated Financial Statements on a prospective basis.
Customer Product and Supplier Concentration	We primarily sell our products to wholesalers, retail drug store chains, supermarket chains, mass merchandisers, distributors, mail order accounts, hospitals and/or government agencies. Our wholesalers and/or distributors purchase products from us and, in turn, supply products to retail drug store chains, independent pharmacies, hospitals, long-term care facilities, clinics, home infusion pharmacies, government facilities and MCOs.
Revenue Recognition and Sales Deductions / Contract Assets and Contract Liabilities / Cost of Revenues	With respect to contracts with commercial substance that establish payment terms and each party’s rights regarding goods or services to be transferred, we recognize revenue when (or as) we satisfy our performance obligations for such contracts by transferring control of the underlying promised goods or services to our customers, to the extent collection of substantially all of the related consideration is probable. The amount of revenue we recognize reflects our estimate of the consideration we expect to be entitled to receive, subject to certain constraints, in exchange for such goods or services. This amount is referred to as the transaction price. Our revenue consists almost entirely of sales of our products to customers, whereby we ship products to a customer pursuant to a purchase order. For contracts such as these, revenue is recognized when our contractual performance obligations have been fulfilled and control has been transferred to the customer pursuant to the contract’s terms, which is generally upon delivery to the customer. The amount of revenue we recognize is equal to the fixed amount of the transaction price, adjusted for our estimates of a number of significant variable components including, but not limited to, estimates for chargebacks, rebates, sales incentives and allowances, DSA and other fees for services, returns and allowances, which we collectively refer to as sales deductions. The Company utilizes the expected value method when estimating the amount of variable consideration to include in the transaction price with respect to each of the foregoing variable components and the most likely amount method when estimating the amount of variable consideration to include in the transaction price with respect to future potential milestone payments that do not qualify for the sales- and usage-based royalty exception. Variable consideration is included in the transaction price only to the extent it is probable that a significant revenue reversal will not occur when the uncertainty associated with the variable consideration is resolved. Payment terms for these types of contracts generally fall within 30 to 120 days of invoicing. At December 31, 2021 and 2020, our reserves for sales deductions totaled $588.7 million and $605.6 million, respectively. These amounts relate primarily to our estimates of unsettled obligations for returns and allowances, rebates and chargebacks. The most significant sales deduction reserves relate to returns, wholesaler chargebacks and rebates for the Sterile Injectables and Generic Pharmaceuticals segments. Our estimates are based on factors such as our direct and indirect customers’ buying patterns and the estimated resulting contractual deduction rates, historical experience, specific known market events and estimated future trends, current contractual and statutory requirements, industry data, estimated customer inventory levels, current contract sales terms with our direct and indirect customers and other competitive factors. Significant judgment and estimation is required in developing the foregoing and other relevant assumptions. The most significant sales deductions are further described below. Returns and Allowances—Consistent with industry practice, we maintain a return policy that allows our customers to return products within a specified period of time both subsequent to and, in certain cases, prior to the products’ expiration dates. Our return policy generally allows customers to receive credit for expired products within six months prior to expiration and within between six months and one year after expiration. Our provision for returns and allowances consists of our estimates for future product returns, pricing adjustments and delivery errors. Rebates—Our provision for rebates, sales incentives and other allowances can generally be categorized into the following four types: •direct rebates; •indirect rebates; •governmental rebates, including those for Medicaid, Medicare and TRICARE, among others; and •managed-care rebates. We establish contracts with wholesalers, chain stores and indirect customers that provide for rebates, sales incentives, DSA fees and other allowances. Some customers receive rebates upon attaining established sales volumes. Direct rebates are generally rebates paid to direct purchasing customers based on a percentage applied to a direct customer’s purchases from us, including fees paid to wholesalers under our DSAs, as described above. Indirect rebates are rebates paid to indirect customers that have purchased our products from a wholesaler or distributor under a contract with us. We are subject to rebates on sales made under governmental and managed-care pricing programs based on relevant statutes with respect to governmental pricing programs and contractual sales terms with respect to managed-care providers and GPOs. For example, we are required to provide a discount on certain of our products to patients who fall within the Medicare Part D coverage gap, also referred to as the donut hole. We participate in various federal and state government-managed programs whereby discounts and rebates are provided to participating government entities. For example, Medicaid rebates are amounts owed based upon contractual agreements or legal requirements with public sector (Medicaid) benefit providers after the final dispensing of the product by a pharmacy to a benefit plan participant. Chargebacks—We market and sell products to both: (i) direct customers including wholesalers, distributors, warehousing pharmacy chains and other direct purchasing entities and (ii) indirect customers including independent pharmacies, non-warehousing chains, MCOs, GPOs, hospitals and other healthcare institutions and government entities. We enter into agreements with certain of our indirect customers to establish contract pricing for certain products. These indirect customers then independently select a wholesaler from which to purchase the products at these contracted prices. Alternatively, we may pre-authorize wholesalers to offer specified contract pricing to other indirect customers. Under either arrangement, we provide credit to the wholesaler for any difference between the contracted price with the indirect customer and the wholesaler’s invoice price. Such credit is called a chargeback. Contract Assets and Contract Liabilities. Contract assets represent the Company’s right to consideration in exchange for goods or services that the Company has transferred when that right is conditioned on something other than the passage of time. The Company records revenue and a corresponding contract asset when it fulfills a contractual performance obligation, but must also fulfill one or more additional performance obligations before being entitled to payment. Once the Company’s right to consideration becomes unconditional, the contract asset amount is reclassified as Accounts receivable. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer. The Company records a contract liability generally upon receipt of consideration in advance of fulfilling one or more of its contractual performance obligations. Upon completing each performance obligation, the corresponding contract liability amount is reversed and revenue is recognized. Contract assets and liabilities related to rights and obligations arising from a single contract, or a series of contracts combined and accounted for as a single contract, are generally presented on a net basis.Cost of revenues includes all costs directly related to bringing both purchased and manufactured products to their final selling destination. Amounts include purchasing and receiving costs, direct and indirect costs to manufacture products including direct materials, direct labor and direct overhead expenses necessary to acquire and convert purchased materials and supplies into finished goods, royalties paid or owed by Endo on certain in-licensed products, inspection costs, depreciation of certain property, plant and equipment, amortization of intangible assets, lease costs, warehousing costs, freight charges, costs to operate our equipment and other shipping and handling costs, among others.
Acquisitions / Contingent Consideration	We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not we have acquired inputs and processes that have the ability to create outputs, which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets.Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill.Certain of the Company’s acquisitions involve the potential for future payment of consideration that is contingent upon the occurrence of a future event, such as (i) the achievement of specified regulatory, operational and/or commercial milestones or (ii) royalty payments, such as those relating to future product sales. Contingent consideration liabilities related to an asset acquisition are initially recorded when considered probable and reasonably estimable, which may occur subsequent to the acquisition date. Subsequent changes in the recorded amounts are generally recorded as adjustments to the cost of the acquired assets. Contingent consideration liabilities related to a business combination are initially recorded at fair value on the acquisition date using unobservable inputs. These inputs include the estimated amount and timing of projected cash flows, the probability of success (achievement of the contingent event) and the risk-adjusted discount rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period, the Company remeasures its contingent consideration liabilities to their current estimated fair values, with changes recorded in earnings. Changes to any of the inputs used in determining fair value may result in fair value adjustments that differ significantly from the actual remeasurement adjustments recognized.
Asset Acquisitions	For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. We also evaluate which elements of a transaction should be accounted for as a part of an asset acquisition and which should be accounted for separately. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any difference between the cost of an asset acquisition and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. Assets acquired as part of an asset acquisition that are considered to be in-process research and development are immediately expensed and included in Research and development in the Consolidated Statements of Operations unless there is an alternative future use in other research and development projects.
R&D	Expenditures for R&D are expensed as incurred. Total R&D expenses include, among other things, the costs of discovery research, preclinical development, early- and late-clinical development and drug formulation, clinical trials, materials, medical support of marketed products and certain upfront and milestone payments. R&D spending also includes enterprise-wide costs which support our overall R&D infrastructure. Property, plant and equipment that are acquired or constructed for R&D activities and that have alternate future uses are capitalized and depreciated over their estimated useful lives on a straight-line basis. From time to time, the Company has entered into licensing or collaborative agreements with third parties to develop new drug candidates. Contractual upfront and milestone payments made to third parties pursuant to these types of contracts are generally: (i) expensed as incurred up to the point of regulatory approval and (ii) capitalized and amortized over the related product’s remaining useful life subsequent to regulatory approval. Amounts capitalized for such payments are included in Other intangibles, net in the Consolidated Balance Sheets.
Cash and Cash Equivalents	The Company considers all highly liquid money market instruments with an original maturities of three months or less when purchased to be cash equivalents. At December 31, 2021 and 2020, cash equivalents were deposited in financial institutions and consisted almost entirely of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with financial institutions it believes to be well-known and stable.
Restricted Cash and Cash Equivalents	Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are excluded from Cash and cash equivalents in the Consolidated Balance Sheets. For additional information see Note 7. Fair Value Measurements.
Accounts Receivable	The Company adopted Accounting Standards Codification Topic 326, Financial Instruments-Credit Losses (ASC 326) on January 1, 2020. For further discussion of the adoption, refer to the “Recent Accounting Pronouncements Adopted or Otherwise Effective as of December 31, 2021” section below. Subsequent to the adoption of ASC 326, our accounts receivable balance is stated at amortized cost less an allowance determined using the expected credit loss model. In addition, our accounts receivable balance is reduced by certain sales deduction reserves where we have the right of offset with the customer. We generally do not require collateral.
Concentrations of Credit Risk and Credit Losses	Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash equivalents, restricted cash equivalents and accounts receivable. From time to time, we invest our excess cash in high-quality, liquid money market instruments maintained by major banks and financial institutions. We have not experienced any losses on our cash equivalents. With respect to our accounts receivable, we have no history of significant losses. Approximately 91% and 90% of our gross trade accounts receivable balances represent amounts due from three customers (Cardinal Health, Inc., McKesson Corporation and AmerisourceBergen Corporation) at December 31, 2021 and December 31, 2020, respectively. We perform ongoing credit evaluations of these and our other customers based on information available to us. We consider these and other factors, including changes in the composition and aging of our accounts receivable, in developing our allowance for expected credit losses. The estimated allowance was not material to the Company’s Consolidated Financial Statements at December 31, 2021 or December 31, 2020, nor were the changes to the allowance during any of the periods presented. We do not currently expect our current or future exposures to credit losses to have a significant impact on us. However, our customers’ ability to pay us on a timely basis, or at all, could be affected by factors specific to their respective businesses and/or by economic conditions, including those related to the COVID-19 pandemic, the extent of which cannot be fully predicted.
Inventories	Inventories consist of raw materials, work-in-process and finished goods. Inventory that is in excess of the amount expected to be sold within one year is classified as long-term inventory and is recorded in Other assets in the Consolidated Balance Sheets. The Company capitalizes inventory costs associated with certain products prior to regulatory approval and product launch when it is reasonably certain, based on management’s judgment of future commercial use and net realizable value, that the pre-launch inventories will be saleable. The determination to capitalize is made on a product-by-product basis. The Company could be required to write down previously capitalized costs related to pre-launch inventories upon a change in such judgment, a denial or delay of approval by regulatory bodies, a delay in commercialization or other potential factors. Our inventories are stated at the lower of cost or net realizable value.Cost is determined by the first-in, first-out method. It includes materials, direct labor and an allocation of overhead, but excludes certain period charges and unallocated overheads that are charged to expense in the period in which they are incurred. Unallocated overheads can occur as a consequence of abnormally low production or idle facilities.Net realizable value is determined by the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. When necessary, we write-down inventories to net realizable value based on forecasted demand and market and regulatory conditions, which may differ from actual results.
Property, Plant and Equipment	Property, plant and equipment is generally stated at cost less accumulated depreciation. Major improvements are capitalized, while routine maintenance and repairs are expensed as incurred. Costs incurred during the construction or development of property, plant and equipment are capitalized as assets under construction. Once an asset has been placed into service, depreciation expense is taken on a straight-line basis over the estimated useful life of the related assets or, in the case of leasehold improvements and finance lease assets, over the shorter of the estimated useful life and the lease term.
Computer Software	The Company capitalizes certain costs incurred in connection with obtaining or developing internal-use software, including external direct costs of material and services, and payroll costs for employees directly involved with the software development. Capitalized software costs are included in Property, plant and equipment, net in the Consolidated Balance Sheets and depreciated beginning when the software project is substantially complete and the asset is ready for its intended use. Costs incurred during the preliminary project stage and post-implementation stage, as well as maintenance and training costs, are expensed as incurred.
Lease Accounting	The Company adopted Accounting Standards Codification Topic 842, Leases (ASC 842) on January 1, 2019 using the modified retrospective approach with an effective date of January 1, 2019 for leases that existed on that date. The Company elected to apply certain practical expedients permitted under the transition guidance within ASC 842 to leases that commenced before January 1, 2019, including the package of practical expedients, as well as the practical expedient permitting the Company to not assess whether certain land easements contain leases. Due to the Company’s election of these practical expedients, the Company carried forward certain historical conclusions for existing contracts, including conclusions relating to initial direct costs and to the existence and classification of leases. ASC 842 applies to a number of arrangements to which the Company is party. Whenever the Company enters into a new arrangement, it must determine, at the inception date, whether the arrangement is or contains a lease. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. If a lease exists, the Company must then determine the separate lease and nonlease components of the arrangement. Each right to use an underlying asset conveyed by a lease arrangement should generally be considered a separate lease component if it both: (i) can benefit the Company without depending on other resources not readily available to the Company and (ii) does not significantly affect and is not significantly affected by other rights of use conveyed by the lease. Aspects of a lease arrangement that transfer other goods or services to the Company but do not meet the definition of lease components are considered nonlease components. The consideration owed by the Company pursuant to a lease arrangement is generally allocated to each lease and nonlease component for accounting purposes. However, the Company has elected, for all of its leases, to not separate lease and nonlease components. Each lease component is accounted for separately from other lease components, but together with the associated nonlease components. For each lease, the Company must then determine the lease term, the present value of lease payments and the classification of the lease as either an operating or finance lease. The lease term is the period of the lease not cancellable by the Company, together with periods covered by: (i) renewal options the Company is reasonably certain to exercise, (ii) termination options the Company is reasonably certain not to exercise and (iii) renewal or termination options that are controlled by the lessor. The present value of lease payments is calculated based on: •Lease payments—Lease payments include fixed and certain variable payments, less lease incentives, together with amounts probable of being owed by the Company under residual value guarantees and, if reasonably certain of being paid, the cost of certain renewal options and early termination penalties set forth in the lease arrangement. Lease payments exclude consideration that is not related to the transfer of goods and services to the Company. •Discount rate—The discount rate must be determined based on information available to the Company upon the commencement of a lease. Lessees are required to use the rate implicit in the lease whenever such rate is readily available; however, as the implicit rate in the Company’s leases is generally not readily determinable, the Company generally uses the hypothetical incremental borrowing rate it would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a timeframe similar to the lease term. In making the determination of whether a lease is an operating lease or a finance lease, the Company considers the lease term in relation to the economic life of the leased asset, the present value of lease payments in relation to the fair value of the leased asset and certain other factors, including the lessee’s and lessor’s rights, obligations and economic incentives over the term of the lease. Generally, upon the commencement of a lease, the Company will record a lease liability and a right-of-use asset. However, the Company has elected, for all underlying assets with initial lease terms of twelve months or less (known as short-term leases), to not recognize a lease liability or right-of-use asset. Lease liabilities are initially recorded at lease commencement as the present value of future lease payments. Right-of-use assets are initially recorded at lease commencement as the initial amount of the lease liability, together with the following, if applicable: (i) initial direct costs incurred by the lessee and (ii) lease payments made by the lessor, net of lease incentives received, prior to lease commencement. Over the lease term, the Company generally increases its lease liabilities using the effective interest method and decreases its lease liabilities for lease payments made. For finance leases, amortization expense and interest expense are recognized separately in the Consolidated Statements of Operations, with amortization expense generally recorded on a straight-line basis over the lease term and interest expense recorded using the effective interest method. For operating leases, a single lease cost is generally recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term unless an impairment has been recorded with respect to a leased asset. Lease costs for short-term leases not recognized in the Consolidated Balance Sheets are recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. Variable lease costs not initially included in the lease liability and right-of-use asset impairment charges are expensed as incurred. Right-of-use assets are assessed for impairment, similar to other long-lived assets. Prior to the adoption of ASC 842, the Company accounted for leases under Accounting Standards Codification Topic 840, Leases (ASC 840).
Cloud Computing Arrangements	The Company may from time to time incur costs in connection with hosting arrangements that are service contracts. Subsequent to the Company’s January 1, 2019 adoption of Accounting Standards Update (ASU) No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15), the Company capitalizes any such implementation costs, expenses them over the terms of the respective hosting arrangements and subjects them to impairment testing consistent with other long-lived assets.
Finite-Lived Intangible Assets / Developed Technology / License Rights	Our finite-lived intangible assets consist of license rights and developed technology. Upon acquisition, intangible assets are generally initially recorded at fair value if acquired in a business combination, or at cost if otherwise. There are several methods that can be used to determine fair value. For intangible assets, we typically use an income approach. This approach starts with our forecast of all of the expected future net cash flows. Revenues are estimated based on relevant market size and growth factors, expected industry trends, individual project life cycles and, if applicable, the life of any estimated period of marketing exclusivity, such as that granted by a patent. The pricing, margins and expense levels of similar products are considered if available. For certain licensed assets, our estimates of future cash flows consider periods covered by renewal options to the extent we have the intent and ability, at the date of the estimate, to renew the underlying license agreements. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. To the extent an intangible asset is deemed to have a finite life, it is then amortized over its estimated useful life using either the straight-line method or, in the case of certain developed technology assets, an accelerated amortization model. The values of these various assets are subject to continuing scientific, medical and marketplace uncertainty. Factors giving rise to our initial estimate of useful lives are subject to change. Significant changes to any of these factors may result in adjustments to the useful life of the asset and an acceleration of related amortization expense, which could cause our net income and net income per share to decrease. Amortization expense is not recorded on assets held for sale. As further described under the heading “Long-Lived Asset Impairment Testing,” our finite-lived intangible assets are also subject to impairment reviews. Developed Technology. Our developed technology assets subject to amortization have useful lives ranging from 4 years to 20 years, with a weighted average useful life of approximately 11 years. We determine amortization periods and methods of amortization for developed technology assets based on our assessment of various factors impacting estimated useful lives and the timing and extent of estimated cash flows of the acquired assets, including the strength of the intellectual property protection of the product (if applicable), contractual terms and various other competitive and regulatory issues. License Rights. Our license rights subject to amortization have useful lives ranging from 7 years to 15 years, with a weighted average useful life of approximately 14 years. We determine amortization periods for licenses based on our assessment of various factors including the expected launch date of the product, the strength of the intellectual property protection of the product (if applicable), contractual terms and various other competitive, developmental and regulatory issues.
Long-Lived Asset Impairment Testing	Long-lived assets, including property, plant and equipment and finite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate the assets may not be recoverable. Recoverability of an asset that will continue to be used in our operations is measured by comparing the carrying amount of the asset to the forecasted undiscounted future cash flows related to the asset. In the event the carrying amount of the asset exceeds its undiscounted future cash flows and the carrying amount is not considered recoverable, impairment may exist. An impairment loss, if any, is measured as the excess of the asset’s carrying amount over its fair value, generally based on a discounted future cash flow method, independent appraisals or offers from prospective buyers. An impairment loss would be recognized in the Consolidated Statements of Operations in the period that the impairment occurs.In the case of long-lived assets to be disposed of by sale or otherwise, including assets held for sale, the assets and the associated liabilities to be disposed of together as a group in a single transaction (the disposal group) are measured at the lower of their carrying amount or fair value less cost to sell. Losses are recognized for any initial or subsequent write-down to fair value less cost to sell, while gains are recognized for any subsequent increase in fair value less cost to sell, but not in excess of any cumulative losses previously recognized. Any gains or losses not previously recognized that result from the sale of a disposal group shall be recognized at the date of sale.
In Process Research and Development Assets	In-process research and development assets acquired in an asset acquisition are immediately expensed and included in Research and development in the Consolidated Statements of Operations unless there is an alternative future use in other research and development projects. Otherwise, acquired in-process research and development assets are generally recognized as indefinite-lived intangible assets. Such assets are generally initially recorded at fair value if acquired in a business combination, or at cost if otherwise. Any indefinite-lived intangible assets are not subject to amortization. Instead, they are tested for impairment annually and when events or changes in circumstances indicate that the asset might be impaired. Our annual assessment is performed as of October 1. If the fair value of the intangible assets is less than its carrying amount, an impairment loss is recognized for the difference. Assets that receive regulatory approval are reclassified and accounted for as finite-lived intangible assets.
Goodwill	While amortization expense is not recorded on goodwill, goodwill is subject to impairment reviews. An impairment assessment is conducted as of October 1, or more frequently whenever events or changes in circumstances indicate that the asset might be impaired.We perform the goodwill impairment test by estimating the fair value of the reporting units using an income approach that utilizes a discounted cash flow model or, where appropriate, a market approach. Any goodwill impairment charge we recognize for a reporting unit is equal to the lesser of (i) the total goodwill allocated to that reporting unit and (ii) the amount by which that reporting unit’s carrying amount exceeds its fair value.
Contingencies	The Company is subject to various patent challenges, product liability claims, government investigations and other legal proceedings in the ordinary course of business. Contingent accruals and legal settlements are recorded in the Consolidated Statements of Operations as Litigation-related and other contingencies, net (or as Discontinued operations, net of tax in the case of vaginal mesh matters) when the Company determines that a loss is both probable and reasonably estimable. Legal fees and other expenses related to litigation are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations (or as Discontinued operations, net of tax in the case of vaginal mesh matters).Due to the fact that legal proceedings and other contingencies are inherently unpredictable, our estimates of the probability and amount of any such liabilities involve significant judgment regarding future events. The Company records receivables from its insurance carriers only when the realization of the potential claim for recovery is considered probable.
Share Repurchases	The Company accounts for the repurchase of ordinary shares, if any, at par value. Under applicable Irish law, ordinary shares repurchased are retired and not displayed separately as treasury stock. Upon retirement of the ordinary shares, the Company records the difference between the weighted average cost of such ordinary shares and the par value of the ordinary shares as an adjustment to Accumulated deficit in the Consolidated Balance Sheets.
Advertising Cost	Advertising costs are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations. Advertising costs amounted to $136.8 million, $76.0 million and $63.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Restructuring	Restructuring charges related to nonretirement postemployment benefits that fall under Accounting Standards Codification Topic 712, Compensation—Nonretirement Postemployment Benefits (ASC 712) are recognized when the severance liability is determined to be probable of being paid and reasonably estimable. One-time benefits related to restructurings, if any, are recognized in accordance with Accounting Standards Codification Topic 420, Exit or Disposal Cost Obligations (ASC 420) when the programs are approved, the affected employees are identified, the terms of the arrangement are established, it is determined changes to the plan are unlikely to occur and the arrangements are communicated to employees. Other restructuring costs are generally expensed as incurred.
Share-Based Compensation	The Company grants share-based compensation awards to certain employees and non-employee directors. Generally, the grant-date fair value of each award is recognized as expense over the requisite service period. However, expense recognition differs in the case of certain performance share units (PSUs) where the ultimate payout is performance-based. For these awards, at each reporting period, the Company estimates the ultimate payout and adjusts the cumulative expense based on its estimate and the percent of the requisite service period that has elapsed. Share-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs. New ordinary shares are generally issued upon the exercise of stock options or vesting of stock awards by employees and non-employee directors. Refer to Note 19. Share-based Compensation for additional discussion.
Foreign Currency	The Company operates in various jurisdictions both inside and outside of the U.S. While the Company’s reporting currency is the U.S. dollar, the Company has concluded that certain of its distinct and separable operations have functional currencies other than the U.S. dollar. Further, certain of the Company’s operations hold assets and liabilities and recognize income and expenses denominated in various local currencies, which may differ from their functional currencies. Assets and liabilities are first remeasured from local currency to functional currency, generally using end-of-period exchange rates. Foreign currency income and expenses are generally remeasured using average exchange rates in effect during the year. In the case of nonmonetary assets and liabilities such as inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, and related income statement amounts, such as depreciation expense, historical exchange rates are used for remeasurement. The net effect of remeasurement is included in Other (income) expense, net in the Consolidated Statements of Operations. As part of the Company’s consolidation process, assets and liabilities of entities with functional currencies other than the U.S. dollar are translated into U.S. dollars at end-of-period exchange rates. Income and expenses are translated using average exchange rates in effect during the year. The net effect of translation, as well as any foreign currency gains or losses on intercompany transactions considered to be of a long-term investment nature, are recognized as foreign currency translation, a component of Other comprehensive income. Upon the sale or liquidation of an investment in a foreign operation, the Company records a reclassification adjustment out of Other comprehensive income for the corresponding accumulated amount of foreign currency translation gain or loss.
Income Taxes	The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including projected future taxable income, tax-planning strategies and results of recent operations. In the event that the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income tax.The Company records unrecognized income tax positions (UTPs) on the basis of a two-step process whereby the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and then measures those tax positions that meet the more-likely-than-not recognition threshold. The Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the tax authority. The Company recognizes changes in UTPs, interest and penalties in the Income tax expense (benefit) line in the Consolidated Statements of Operations. The Company recognizes liabilities related to UTPs, including interest and penalties, in the Consolidated Balance Sheets as Accounts payable and accrued expenses (for any current portion) and/or Other liabilities (for any noncurrent portion).
Comprehensive Income	Comprehensive income or loss includes all changes in equity during a period except those that resulted from investments by or distributions to a company’s shareholders. Other comprehensive income or loss refers to revenues, expenses, gains and losses that are included in comprehensive income, but excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted or Otherwise Effective as of December 31, 2021 In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13, together with a series of subsequently-issued related ASUs, has been codified in ASC 326. ASC 326 establishes new requirements for companies to estimate expected credit losses when measuring certain financial assets, including accounts receivable. The Company adopted ASC 326 using a modified retrospective approach with an effective date of January 1, 2020. The adoption of ASC 326 did not have a material impact on the Company’s Consolidated Financial Statements. In November 2021, the FASB issued ASU No. 2021-10, Disclosures by Business Entities about Government Assistance (ASU 2021-10). ASU 2021-10 added Accounting Standards Codification Topic 832, Government Assistance (ASC 832), which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The Company early adopted ASC 832 during the fourth quarter of 2021 and is complying with the related disclosure requirements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedules of concentration of risk, by risk factor

Net revenues from direct customers that accounted for 10% or more of our total consolidated net revenues during the years ended December 31, 2021, 2020 and 2019 are as follows:


	2021		2020		2019
AmerisourceBergen Corporation	36	%	33	%	34	%
McKesson Corporation	32	%	27	%	26	%
Cardinal Health, Inc.	22	%	24	%	25	%

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of disposal groups, including discontinued operations, operations results of Astora

The following table provides the operating results of Astora Discontinued operations, net of tax, for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Litigation-related and other contingencies, net	$	25,000	$	41,097	$	30,400
Loss from discontinued operations before income taxes	$	(49,594)	$	(67,847)	$	(62,052)
Income tax benefit	$	(5,430)	$	(4,327)	$	—
Discontinued operations, net of tax	$	(44,164)	$	(63,520)	$	(62,052)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of restructuring and related costs



	2021		2020
Net restructuring charges (charge reversals) related to:
Accelerated depreciation	$	24,718	$	22,459
Asset impairments	42,155		7,391
Excess inventory reserves	6,968		3,097
Employee separation, continuity and other benefit-related costs	(7,384)		60,025
Certain other restructuring costs	2,012		664
Total	$	68,469	$	93,636



	2021		2020
Net restructuring charges (charge reversals) included in:
Cost of revenues	$	6,244	$	53,297
Selling, general and administrative	20,788		27,857
Research and development	1,367		5,091
Asset impairment charges	42,155		7,391
Other (income) expense, net	(2,085)		—
Total	$	68,469	$	93,636

Schedule of restructuring reserve by type of cost

Changes to the liability for the 2020 Restructuring Initiative during the years ended December 31, 2021 and 2020 were as follows (in thousands):


	Employee Separation, Continuity and Other Benefit-Related Costs		Certain Other Restructuring Costs		Total
Liability balance as of December 31, 2019	$	—	$	—	$	—
Net charges	60,025		664		60,689
Cash payments	(1,687)		—		(1,687)
Liability balance as of December 31, 2020	$	58,338	$	664	$	59,002
Net (charge reversals) charges	(7,384)		3,711		(3,673)
Cash payments	(39,975)		(4,170)		(44,145)
Liability balance as of December 31, 2021	$	10,979	$	205	$	11,184

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Scheduled of asset acquisition

The following table represents the costs accumulated to acquire BioSpecifics (in thousands):


	December 2, 2020
Base purchase price (1)	$	650,029
Vested employee options and benefits (2)	10,280
Transaction costs	10,268
Less: royalty obligations discharged (3)	(14,909)
Total acquisition consideration	$	655,668

__________

(1)Represents cash consideration paid for 6,159,975 shares tendered and 1,184,980 remaining shares not tendered, but automatically cancelled and funded in an escrow account.

(3)Represents the total reduction to the base purchase price for the pre-acquisition accrued and unpaid royalty liability discharged on the date of closing.


	December 2, 2020
Cash and cash equivalents	$	21,073
Investments (1)	89,050
Intangible assets—developed technology	673,796
Intangible assets—in-process research and development	28,602
Other acquired assets	3,089
Deferred tax liability	(156,441)
Other assumed liabilities	(3,501)
Net identifiable assets acquired	$	655,668

__________

The following table summarizes changes to the gross carrying amount, accumulated amortization and net book amount of the Existing Intangible Assets and the new intangible assets resulting from the BioSpecifics acquisition (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Net Book Amount
Asset balances immediately prior to BioSpecifics acquisition	$	1,580,600	$	(725,123)	$	855,477
Additional costs incurred in connection with BioSpecifics acquisition	673,796		—		673,796
Asset balances immediately following BioSpecifics acquisition	$	2,254,396	$	(725,123)	$	1,529,273

SEGMENT RESULTS (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of reportable segments information

The following represents selected information for the Company’s reportable segments for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Net revenues from external customers:
Branded Pharmaceuticals	$	893,617	$	781,780	$	855,402
Sterile Injectables	1,266,097		1,238,847		1,063,131
Generic Pharmaceuticals	740,586		783,110		879,882
International Pharmaceuticals (1)	92,906		99,337		115,949
Total net revenues from external customers	$	2,993,206	$	2,903,074	$	2,914,364
Segment adjusted income from continuing operations before income tax:
Branded Pharmaceuticals	$	384,186	$	377,526	$	426,677
Sterile Injectables	998,453		950,145		780,799
Generic Pharmaceuticals	160,046		87,178		159,716
International Pharmaceuticals	30,325		41,022		44,758
Total segment adjusted income from continuing operations before income tax	$	1,573,010	$	1,455,871	$	1,411,950

__________

(1)Revenues generated by our International Pharmaceuticals segment are primarily attributable to external customers located in Canada.



	2021		2020		2019
Total consolidated loss from continuing operations before income tax	$	(546,603)	$	(26,518)	$	(344,904)
Interest expense, net	562,353		532,939		538,734
Corporate unallocated costs (1)	180,866		157,723		168,136
Amortization of intangible assets	372,907		427,543		543,862

Upfront and milestone payments to partners (2)	26,451		35,075		6,623
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives (3)	90,912		126,282		34,598
Certain litigation-related and other contingencies, net (4)	345,495		(19,049)		11,211
Certain legal costs (5)	136,148		67,819		65,282
Asset impairment charges (6)	414,977		120,344		526,082
Acquisition-related and integration items, net (7)	(8,379)		16,549		(46,098)
Loss (gain) on extinguishment of debt	13,753		—		(119,828)

Foreign currency impact related to the remeasurement of intercompany debt instruments	797		1,919		4,362
Other, net (8)	(16,667)		15,245		23,890
Total segment adjusted income from continuing operations before income tax	$	1,573,010	$	1,455,871	$	1,411,950

__________

(1)Amounts include certain corporate overhead costs, such as headcount, facility and corporate litigation expenses and certain other income and expenses.

(5)Amounts relate to opioid-related legal expenses.

(7)Amounts primarily relate to changes in the fair value of contingent consideration.

Schedule of disaggregation of revenue

The Company believes these categories depict how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors.



	2021		2020		2019
Branded Pharmaceuticals:
Specialty Products:
XIAFLEX®	$	432,344	$	316,234	$	327,638
SUPPRELIN® LA	114,374		88,182		86,797
Other Specialty (1)	86,432		92,662		105,241
Total Specialty Products	$	633,150	$	497,078	$	519,676
Established Products:
PERCOCET®	$	103,788	$	110,112	$	116,012
TESTOPEL®	43,636		35,234		55,244

Other Established (2)	113,043		139,356		164,470
Total Established Products	$	260,467	$	284,702	$	335,726
Total Branded Pharmaceuticals (3)	$	893,617	$	781,780	$	855,402
Sterile Injectables:
VASOSTRICT®	$	901,735	$	785,646	$	531,737
ADRENALIN®	124,630		152,074		179,295


Other Sterile Injectables (4)	239,732		301,127		352,099
Total Sterile Injectables (3)	$	1,266,097	$	1,238,847	$	1,063,131
Total Generic Pharmaceuticals (5)	$	740,586	$	783,110	$	879,882
Total International Pharmaceuticals (6)	$	92,906	$	99,337	$	115,949
Total revenues, net	$	2,993,206	$	2,903,074	$	2,914,364

__________

(1)Products included within Other Specialty include NASCOBAL® Nasal Spray, AVEED® and QWO®.

(2)Products included within Other Established include, but are not limited to, EDEX® and LIDODERM®.

(4)Products included within Other Sterile Injectables include ertapenem for injection, APLISOL® and others.

The following represents depreciation expense for our reportable segments for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	2021		2020		2019

Branded Pharmaceuticals	$	10,632	$	11,758	$	12,573
Sterile Injectables	17,796		17,400		14,287
Generic Pharmaceuticals	47,343		52,614		32,689
International Pharmaceuticals	4,242		4,530		4,234
Corporate unallocated	4,178		4,962		5,217
Total depreciation expense	$	84,191	$	91,264	$	69,000

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on recurring basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and December 31, 2020 were as follows (in thousands):


	Fair Value Measurements at December 31, 2021 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds	$	134,847	$	—	$	—	$	134,847
Liabilities:
Acquisition-related contingent consideration—current	$	—	$	—	$	5,748	$	5,748
Acquisition-related contingent consideration—noncurrent	$	—	$	—	$	14,328	$	14,328


	Fair Value Measurements at December 31, 2020 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds	$	214,120	$	—	$	—	$	214,120
Liabilities:
Acquisition-related contingent consideration—current	$	—	$	—	$	8,566	$	8,566
Acquisition-related contingent consideration—noncurrent	$	—	$	—	$	27,683	$	27,683

Schedule of changes to liability for acquisition-related contingent consideration



	2021		2020
Beginning of period	$	36,249	$	29,657
Amounts settled	(7,449)		(9,885)
Changes in fair value recorded in earnings	(8,793)		16,353
Effect of currency translation	69		124
End of period	$	20,076	$	36,249

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the year ended December 31, 2021 by acquisition (in thousands):


	Balance as of December 31, 2020		Changes in Fair Value Recorded in Earnings		Amounts Settled and Other		Balance as of December 31, 2021
Auxilium acquisition	$	14,484	$	(3,471)	$	(1,975)	$	9,038
Lehigh Valley Technologies, Inc. acquisitions	13,100		(6,061)		(3,439)		3,600

Other	8,665		739		(1,966)		7,438
Total	$	36,249	$	(8,793)	$	(7,380)	$	20,076

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the year ended December 31, 2020 by acquisition (in thousands):


	Balance as of December 31, 2019		Changes in Fair Value Recorded in Earnings		Amounts Settled and Other		Balance as of December 31, 2020
Auxilium acquisition	$	13,207	$	2,921	$	(1,644)	$	14,484
Lehigh Valley Technologies, Inc. acquisitions	6,800		12,337		(6,037)		13,100

Other	9,650		1,095		(2,080)		8,665
Total	$	29,657	$	16,353	$	(9,761)	$	36,249

Schedule of nonrecurring fair value measurements

The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2021 and 2020 were as follows (in thousands):


	Fair Value Measurements during the Year Ended December 31, 2021 (1) using:						Total Expense for the Year Ended December 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	5,011	$	(7,811)
Certain property, plant and equipment	—		—		—		(2,011)

Total	$	—	$	—	$	5,011	$	(9,822)


	Fair Value Measurements during the Year Ended December 31, 2020 (1) using:						Total Expense for the Year Ended December 31, 2020
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	15,463	$	(79,917)
Certain property, plant and equipment	—		—		—		(1,249)
Operating lease right-of-use assets	—		—		—		(6,392)
Total	$	—	$	—	$	15,463	$	(87,558)

__________

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of inventory

Inventories consist of the following at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Raw materials (1)	$	90,453	$	99,495
Work-in-process (1)	82,728		98,753
Finished goods (1)	110,371		154,012
Total	$	283,552	$	352,260

__________

(1)The components of inventory shown in the table above are net of allowance for obsolescence.

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of assets and liabilities, lessee

The following table presents information about the Company’s right-of-use assets and lease liabilities at December 31, 2021 and December 31, 2020 (in thousands):


	Balance Sheet Line Items	December 31, 2021		December 31, 2020
Right-of-use assets:
Operating lease right-of-use assets	Operating lease assets	$	34,832	$	37,030
Finance lease right-of-use assets	Property, plant and equipment, net	38,365		47,549
Total right-of-use assets		$	73,197	$	84,579
Operating lease liabilities:
Current operating lease liabilities	Current portion of operating lease liabilities	$	10,992	$	11,613
Noncurrent operating lease liabilities	Operating lease liabilities, less current portion	33,727		38,132
Total operating lease liabilities		$	44,719	$	49,745
Finance lease liabilities:
Current finance lease liabilities	Accounts payable and accrued expenses	$	6,841	$	6,227
Noncurrent finance lease liabilities	Other liabilities	18,374		25,027
Total finance lease liabilities		$	25,215	$	31,254

The following table provides the weighted average remaining lease term and weighted average discount rates for our leases as of December 31, 2021 and December 31, 2020:


	December 31, 2021		December 31, 2020
Weighted average remaining lease term (years), weighted based on lease liability balances:
Operating leases	5.1 years		5.1 years
Finance leases	9.5 years		9.5 years
Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Operating leases	5.9	%	5.9	%
Finance leases	7.6	%	5.6	%

Schedule of lease, cost

The following table presents information about lease costs and expenses and sublease income for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	Statement of Operations Line Items	2021		2020		2019
Operating lease cost	Various (1)	$	13,892	$	14,175	$	13,648
Finance lease cost:
Amortization of right-of-use assets	Various (1)	$	9,244	$	9,244	$	9,407
Interest on lease liabilities	Interest expense, net	$	1,480	$	1,716	$	1,986
Other lease costs and income:
Variable lease costs (2)	Various (1)	$	13,202	$	10,305	$	9,653
Operating lease right-of-use asset impairment charges	Asset impairment charges	$	—	$	6,392	$	—
Sublease income	Various (1)	$	(3,793)	$	(3,803)	$	(3,689)

__________



	2021		2020		2019
Cost of revenues	$	11,316	$	11,610	$	11,168
Selling, general and administrative	$	21,013	$	18,108	$	17,648
Research and development	$	216	$	203	$	203

The following table provides certain cash flow and supplemental noncash information related to our lease liabilities for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$	14,478	$	14,598	$	14,940
Operating cash payments for finance leases	$	2,256	$	2,666	$	2,000
Financing cash payments for finance leases	$	5,448	$	4,884	$	9,196
Lease liabilities arising from obtaining right-of-use assets:
Operating leases (1)	$	5,807	$	—	$	623
Finance leases	$	—	$	—	$	5,953

__________

(1)The amount in 2021 primarily relates to an increase in lease liabilities and right-of-use assets related to a lease modification.

Schedule of operating lease, liability, maturity


	Operating Leases		Finance Leases
2022	$	13,150	$	7,738
2023	12,217		7,892
2024	6,760		8,049
2025	5,103		907
2026	5,151		907
Thereafter	9,959		11,187
Total future lease payments	$	52,340	$	36,680
Less: amount representing interest	7,621		11,465
Present value of future lease payments (lease liability)	$	44,719	$	25,215

Schedule of finance lease, liability, fiscal year maturity


	Operating Leases		Finance Leases
2022	$	13,150	$	7,738
2023	12,217		7,892
2024	6,760		8,049
2025	5,103		907
2026	5,151		907
Thereafter	9,959		11,187
Total future lease payments	$	52,340	$	36,680
Less: amount representing interest	7,621		11,465
Present value of future lease payments (lease liability)	$	44,719	$	25,215

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

Property, plant and equipment, net consists of the following at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Land and buildings	$	234,219	$	291,212
Machinery and equipment	206,971		275,846
Leasehold improvements	55,020		74,506
Computer equipment and software	118,959		126,437
Furniture and fixtures	11,939		13,886
Assets under construction	120,483		84,759
Total property, plant and equipment, gross	$	747,591	$	866,646
Less: accumulated depreciation	(350,879)		(408,175)
Total property, plant and equipment, net	$	396,712	$	458,471

GOODWILL AND OTHER INTANGIBLES (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill

Changes in the carrying amounts of our goodwill for the years ended December 31, 2021 and December 31, 2020 were as follows (in thousands):


	Branded Pharmaceuticals		Sterile Injectables		Generic Pharmaceuticals		International Pharmaceuticals		Total
Goodwill as of December 31, 2019	$	828,818	$	2,731,193	$	—	$	35,173	$	3,595,184

Effect of currency translation	—		—		—		(2,387)		(2,387)
Goodwill impairment charges	—		—		—		(32,786)		(32,786)
Goodwill as of December 31, 2020	$	828,818	$	2,731,193	$	—	$	—	$	3,560,011

Goodwill impairment charges	—		(363,000)		—		—		(363,000)
Goodwill as of December 31, 2021	$	828,818	$	2,368,193	$	—	$	—	$	3,197,011

The carrying amounts of goodwill at December 31, 2021 and December 31, 2020 are net of the following accumulated impairments (in thousands):


	Branded Pharmaceuticals		Sterile Injectables		Generic Pharmaceuticals		International Pharmaceuticals		Total
Accumulated impairment losses as of December 31, 2020	$	855,810	$	—	$	3,142,657	$	546,251	$	4,544,718
Accumulated impairment losses as of December 31, 2021	$	855,810	$	363,000	$	3,142,657	$	550,355	$	4,911,822

Schedule of other intangible assets


Cost basis:	Balance as of December 31, 2020		Acquisitions		Impairments		Other (1)		Effect of Currency Translation		Balance as of December 31, 2021
Indefinite-lived intangibles:
In-process research and development	$	3,000	$	—	$	—	$	(3,000)	$	—	$	—
Total indefinite-lived intangibles	$	3,000	$	—	$	—	$	(3,000)	$	—	$	—
Finite-lived intangibles:
Licenses (weighted average life of 14 years)	$	439,230	$	4,177	$	(1,300)	$	—	$	—	$	442,107
Tradenames	6,409		—		—		—		—		6,409
Developed technology (weighted average life of 11 years)	6,442,734		—		(6,511)		(212,043)		1,959		6,226,139
Total finite-lived intangibles (weighted average life of 12 years)	$	6,888,373	$	4,177	$	(7,811)	$	(212,043)	$	1,959	$	6,674,655
Total other intangibles	$	6,891,373	$	4,177	$	(7,811)	$	(215,043)	$	1,959	$	6,674,655

Accumulated amortization:	Balance as of December 31, 2020		Amortization		Impairments		Other (1)		Effect of Currency Translation		Balance as of December 31, 2021
Finite-lived intangibles:
Licenses	$	(415,193)	$	(4,739)	$	—	$	—	$	—	$	(419,932)
Tradenames	(6,409)		—		—		—		—		(6,409)
Developed technology	(3,728,963)		(368,168)		—		212,764		(1,124)		(3,885,491)
Total other intangibles	$	(4,150,565)	$	(372,907)	$	—	$	212,764	$	(1,124)	$	(4,311,832)
Net other intangibles	$	2,740,808									$	2,362,823

__________

Schedule of future amortization expense

For intangible assets subject to amortization, estimated amortization expense for the five fiscal years subsequent to December 31, 2021 is as follows (in thousands):


2022	$	357,119
2023	$	314,955
2024	$	280,325
2025	$	258,660
2026	$	230,644

Schedule of intangible asset impairment charges including goodwill

During the years ended December 31, 2021, 2020 and 2019, the Company incurred the following goodwill and other intangible asset impairment charges (in thousands):



	2021		2020		2019
Goodwill impairment charges	$	363,000	$	32,786	$	171,908
Other intangible asset impairment charges	$	7,811	$	79,917	$	347,706

CONTRACT ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of contract assets and liabilities

The following table shows the opening and closing balances of contract assets and contract liabilities from contracts with customers (dollars in thousands):


	December 31, 2021		December 31, 2020		$ Change		% Change
Contract assets, net (1)	$	13,005	$	13,525	$	(520)	(4)	%
Contract liabilities, net (2)	$	4,663	$	6,028	$	(1,365)	(23)	%

__________

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2021

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of accounts payable and accrued liabilities

Accounts payable and accrued expenses include the following at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Trade accounts payable	$	123,129	$	94,408
Returns and allowances	183,116		207,916
Rebates	150,039		126,644
Chargebacks	2,617		2,177
Other sales deductions	2,500		—
Accrued interest	106,735		98,105
Accrued payroll and related benefits	90,029		130,092
Accrued royalties and other distribution partner payables	58,422		59,745
Acquisition-related contingent consideration—current	5,748		8,566
Other	114,563		108,287
Total	$	836,898	$	835,940

DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

The following table presents information about the Company’s total indebtedness at December 31, 2021 and December 31, 2020 (dollars in thousands):


	December 31, 2021						December 31, 2020
	Effective Interest Rate		Principal Amount		Carrying Amount		Effective Interest Rate		Principal Amount		Carrying Amount
7.25% Senior Notes due 2022	7.25	%	$	8,294	$	8,294	7.25	%	$	8,294	$	8,294
5.75% Senior Notes due 2022	5.75	%	172,048		172,048		5.75	%	172,048		172,048
5.375% Senior Notes due 2023	5.62	%	6,127		6,111		5.62	%	6,127		6,098
6.00% Senior Notes due 2023	6.28	%	56,436		56,203		6.28	%	56,436		56,063
5.875% Senior Secured Notes due 2024	6.14	%	300,000		297,928		6.14	%	300,000		297,267
6.00% Senior Notes due 2025	6.27	%	21,578		21,413		6.27	%	21,578		21,366
7.50% Senior Secured Notes due 2027	7.70	%	2,015,479		1,997,777		7.70	%	2,015,479		1,995,142
9.50% Senior Secured Second Lien Notes due 2027	9.68	%	940,590		933,330		9.68	%	940,590		932,395
6.00% Senior Notes due 2028	6.11	%	1,260,416		1,252,667		6.11	%	1,260,416		1,251,725
6.125% Senior Secured Notes due 2029	6.34	%	1,295,000		1,278,718				—		—
Term Loan Facility	6.12	%	1,985,000		1,947,633		5.21	%	3,295,475		3,274,330
Revolving Credit Facility	2.63	%	277,200		277,200		2.69	%	300,000		300,000

Total long-term debt, net			$	8,338,168	$	8,249,322			$	8,376,443	$	8,314,728
Less: current portion, net			200,342		200,342				34,150		34,150
Total long-term debt, less current portion, net			$	8,137,826	$	8,048,980			$	8,342,293	$	8,280,578

Schedule of maturities of long-term debt

The following table presents, as of December 31, 2021, the maturities on our long-term debt for each of the five fiscal years subsequent to December 31, 2021 (in thousands):


	Maturities (1)
2022	$	200,342
2023	$	82,563
2024 (2)	$	394,600
2025	$	41,578
2026 (2)	$	222,600

__________

(2)Based on the Company’s borrowings under the Revolving Credit Facility that were outstanding at December 31, 2021, $74.6 million will mature in 2024, with the remainder maturing in 2026.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of changes in qualified settlement funds accounts and product liability balance

The following table presents the changes in the QSFs and mesh liability accrual balances during the year ended December 31, 2021 (in thousands):


	Qualified Settlement Funds		Mesh Liability Accrual
Balance as of December 31, 2020	$	126,998	$	330,921
Additional charges	—		25,000
Cash contributions to Qualified Settlement Funds	670		—
Cash distributions to settle disputes from Qualified Settlement Funds	(49,287)		(49,287)
Cash distributions to settle disputes	—		(47,360)
Other (1)	21		(1,137)
Balance as of December 31, 2021	$	78,402	$	258,137

__________

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

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+ Details

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of allocation of stock-based compensation

Presented below are the components of total share-based compensation as recorded in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019 (in thousands).


	2021		2020		2019
Selling, general and administrative expenses	$	23,400	$	32,368	$	44,159
Research and development expenses	1,378		2,504		4,501
Cost of revenues	5,268		6,485		10,482

Total share-based compensation expense	$	30,046	$	41,357	$	59,142

Schedule of activity under stock incentive plans

A summary of the activity for each of the years ended December 31, 2021, 2020 and 2019 is presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2018	8,072,718	$	20.62

Exercised	(557)	$	7.55
Forfeited	(125,739)	$	14.38
Expired	(665,883)	$	40.37
Outstanding as of December 31, 2019	7,280,539	$	18.93


Forfeited	(16,953)	$	11.81
Expired	(347,000)	$	35.56
Outstanding as of December 31, 2020	6,916,586	$	18.11

Exercised	(82,331)	$	7.55
Forfeited	(11,887)	$	13.19
Expired	(438,454)	$	40.76
Outstanding as of December 31, 2021	6,383,914	$	16.70	4.07	$	—
Vested and expected to vest as of December 31, 2021	6,383,914	$	16.70	4.07	$	—
Exercisable as of December 31, 2021	6,383,914	$	16.70	4.07	$	—

__________

Schedule of restricted and performance stock units activity

A summary of our non-vested RSUs and PSUs for the years ended December 31, 2021, 2020 and 2019 is presented below:


	Number of Shares	Aggregate Intrinsic Value (1)
Non-vested as of December 31, 2018	11,019,472
Granted	6,687,695

Forfeited	(918,425)
Vested	(3,872,453)
Non-vested as of December 31, 2019	12,916,289
Granted	3,761,648

Forfeited	(824,299)
Vested	(5,513,359)
Non-vested as of December 31, 2020	10,340,279
Granted	4,483,385

Forfeited	(1,302,292)
Vested	(5,380,262)
Non-vested as of December 31, 2021	8,141,110	$	30,610,574
Vested and expected to vest as of December 31, 2021	7,547,762	$	28,379,585

__________

OTHER (INCOME) EXPENSE, NET (Tables)

12 Months Ended

Dec. 31, 2021

Component of Operating Income [Abstract]

Schedule of components of other income, net

The components of Other (income) expense, net for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):



	2021		2020		2019
Net gain on sale of business and other assets (1)	$	(4,516)	$	(16,353)	$	(6,367)
Foreign currency loss, net (2)	1,253		2,466		5,247
Net loss (gain) from our investments in the equity of other companies (3)	453		(2,160)		2,346
Other miscellaneous, net (4)	(16,964)		(5,063)		15,451
Other (income) expense, net	$	(19,774)	$	(21,110)	$	16,677

__________

(1)Amounts primarily relate to the sales of certain intellectual property rights as well as, in 2021, the sale transactions that are further discussed in Note 3. Discontinued Operations.

(2)Amounts relate to the remeasurement of the Company’s foreign currency denominated assets and liabilities.

(3)Amounts relate to the income statement impacts of our investments in the equity of other companies, including investments accounted for under the equity method.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of income (loss) before income tax, domestic and foreign

The components of our Loss from continuing operations before income tax by geography for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	2021		2020		2019
U.S.	$	4,792,852	$	(375,262)	$	(688,224)
International	(5,339,455)		348,744		343,320
Total loss from continuing operations before income tax	$	(546,603)	$	(26,518)	$	(344,904)

Schedule of components of income tax expense (benefit)

Income tax from continuing operations consists of the following for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	2021		2020		2019
Current:
U.S. Federal	$	13,649	$	(108,866)	$	15,317
U.S. State	1,491		(434)		(3,002)
International	10,495		(1,124)		8,926
Total current income tax	$	25,635	$	(110,424)	$	21,241
Deferred:
U.S. Federal	$	118	$	(143,411)	$	(515)
U.S. State	(564)		(11,773)		(482)
International	(2,711)		(8,374)		(4,564)
Total deferred income tax	$	(3,157)	$	(163,558)	$	(5,561)


Total income tax	$	22,478	$	(273,982)	$	15,680

Schedule of reconciliation of income tax


	2021		2020		2019
Notional U.S. federal income tax provision at the statutory rate	$	(114,787)	$	(5,569)	$	(72,430)
State income tax, net of federal benefit	6,750		(17,311)		(4,455)
U.S. tax reform impact	—		(129,599)		—
Uncertain tax positions	42,415		35,941		43,273
Residual tax on non-U.S. net earnings	(181,739)		(83,550)		(67,987)


Non-deductible goodwill impairment	76,230		7,490		27,493
Change in valuation allowance	495,565		(97,752)		30,123











Base erosion minimum tax	—		77,438		13,662
Non-deductible expenses	39,791		8,875		21,299
Executive compensation limitation	6,215		5,857		4,547
Equity based compensation	2,695		6,495		6,014
Financing activities (1)	(287,012)		(33,217)		—
Investment activities (2)	(68,943)		(44,964)		—
Other	5,298		(4,116)		14,141
Income tax	$	22,478	$	(273,982)	$	15,680

__________

Schedule of deferred income taxes


	December 31, 2021		December 31, 2020
Deferred tax assets:
Accrued expenses and reserves	$	144,573	$	109,595

Deferred interest deduction	347,501		290,658
Fixed assets, intangible assets and deferred amortization	512,584		515,683
Loss on capital assets	64,503		66,159
Net operating loss carryforward	9,258,122		9,659,130
Other	50,694		54,540
Research and development and other tax credit carryforwards	8,254		15,176


Total gross deferred income tax assets	$	10,386,231	$	10,710,941
Deferred tax liabilities:

Other	$	(8,586)	$	(9,469)
Investments	(124,311)		—
Intercompany notes	(104,530)		(1,057,158)

Total gross deferred income tax liabilities	$	(237,427)	$	(1,066,627)
Valuation allowance	(10,169,294)		(9,668,556)
Net deferred income tax liability	$	(20,490)	$	(24,242)

Schedule of tax credit carryforwards


Jurisdiction	Amount		Begin to Expire
Ireland	$	54,802	Indefinite
Luxembourg	$	8,981,499	2034


U.S.:
Federal-ordinary losses	$	32,726	2037
Federal-capital losses	$	41,636	2022
Federal-tax credits	$	13,339	2025
State-ordinary losses	$	237,414	2022
State-capital losses	$	28,390	2022
State-tax credits	$	3,256	2036

Schedule of valuation allowance

As of December 31, 2021, the Company had the following significant valuation allowances (in thousands):


Jurisdiction	December 31, 2021

Ireland	$	230,913
Luxembourg	$	8,736,985



U.S.	$	1,195,810

Schedule of unrecognized tax benefits roll forward

The following table summarizes the activity related to UTPs during the years ended December 31, 2021, 2020 and 2019 (in thousands):


	Unrecognized Tax Positions Federal, State and Foreign Tax
UTP Balance at December 31, 2018	$	451,690
Gross additions for current year positions	35,766

Gross reductions for prior period positions	(2,377)
Gross additions for prior period positions	880
Decrease due to lapse of statute of limitations	(1,006)

Currency translation adjustment	1,528
UTP Balance at December 31, 2019	$	486,481
Gross additions for current year positions	33,402
Gross reductions for prior period positions	(577)
Gross additions for prior period positions	16,914
Decrease due to lapse of statute of limitations	(7,033)


Currency translation adjustment	588
UTP Balance at December 31, 2020	$	529,775
Gross additions for current year positions	36,662
Gross reductions for prior period positions	(702)
Gross additions for prior period positions	1,203
Decrease due to lapse of statute of limitations	(475)

Currency translation adjustment	(24)
UTP Balance at December 31, 2021	$	566,439
Accrued interest and penalties	53,569
Total UTP balance including accrued interest and penalties	$	620,008

Schedule of income tax examinations

As of December 31, 2021, we may be subject to examination in the following major tax jurisdictions:


Jurisdiction						Open Years
Canada						2015 through 2021
India						2012 through 2021
Ireland						2016 through 2021
Luxembourg						2015 through 2021
U.S. - federal, state and local						2006 through 2021

NET (LOSS) INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of reconciliation of the numerator and denominator of basic and diluted net loss per share

The following is a reconciliation of the numerator and denominator of basic and diluted net (loss) income per share for the years ended December 31, 2021, 2020 and 2019 (in thousands):



	2021		2020		2019
Numerator:
(Loss) income from continuing operations	$	(569,081)	$	247,464	$	(360,584)


Loss from discontinued operations, net of tax	(44,164)		(63,520)		(62,052)
Net (loss) income	$	(613,245)	$	183,944	$	(422,636)
Denominator:
For basic per share data—weighted average shares	232,785		229,314		226,050
Dilutive effect of ordinary share equivalents	—		4,339		—

For diluted per share data—weighted average shares	232,785		233,653		226,050

Schedule of computation of diluted income per share amount



	2021	2020	2019
Stock options	6,584	7,073	7,681
Stock awards	9,256	5,197	13,418

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - consolidated revenue (Details) - Revenue from Contract with Customer Benchmark	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Concentration Risk \| VASOSTRICT®
Product Information [Line Items]
Concentration risk, percentage	30.00%	27.00%	18.00%
Product Concentration Risk \| XIAFLEX®
Product Information [Line Items]
Concentration risk, percentage	14.00%	11.00%	11.00%
AmerisourceBergen Corporation \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage	36.00%	33.00%	34.00%
McKesson Corporation \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage	32.00%	27.00%	26.00%
Cardinal Health, Inc. \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage	22.00%	24.00%	25.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition and Concentrations of Credit Risk and Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Product Information [Line Items]
Allowances for sales returns and allowances	$ 588.7	$ 605.6
Minimum
Product Information [Line Items]
Revenue from contract with customer, return period	6 months
Trade Accounts Receivable \| Credit Concentration Risk \| Cardinal Health, Inc.
Product Information [Line Items]
Concentration risk, percentage	91.00%	90.00%
Trade Accounts Receivable \| Credit Concentration Risk \| McKesson Corporation
Product Information [Line Items]
Concentration risk, percentage	91.00%	90.00%
Trade Accounts Receivable \| Credit Concentration Risk \| AmerisourceBergen Corporation
Product Information [Line Items]
Concentration risk, percentage	91.00%	90.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment, Developed Technology and License Rights (Details)	12 Months Ended
	Dec. 31, 2021
Machinery and equipment
Property, Plant and Equipment [Line Items]
Useful life	15 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Useful life	10 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	10 years
Minimum \| Developed technology
Property, Plant and Equipment [Line Items]
Intangible life (years)	4 years
Minimum \| Licensing
Property, Plant and Equipment [Line Items]
Intangible life (years)	7 years
Minimum \| Building
Property, Plant and Equipment [Line Items]
Useful life	1 year
Maximum \| Developed technology
Property, Plant and Equipment [Line Items]
Intangible life (years)	20 years
Maximum \| Licensing
Property, Plant and Equipment [Line Items]
Intangible life (years)	15 years
Maximum \| Building
Property, Plant and Equipment [Line Items]
Useful life	30 years
Weighted average
Property, Plant and Equipment [Line Items]
Intangible life (years)	12 years
Weighted average \| Developed technology
Property, Plant and Equipment [Line Items]
Intangible life (years)	11 years
Weighted average \| Licensing
Property, Plant and Equipment [Line Items]
Intangible life (years)	14 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Advertising expense	$ 136.8	$ 76.0	$ 63.1

DISCONTINUED OPERATIONS - Astora - Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, net of tax	$ (44,164)	$ (63,520)	$ (62,052)
Discontinued operations, disposed of by means other than sale, abandonment \| Astora
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Litigation-related and other contingencies, net	25,000	41,097	30,400
Loss from discontinued operations before income taxes	(49,594)	(67,847)	(62,052)
Income tax benefit	(5,430)	(4,327)	0
Discontinued operations, net of tax	$ (44,164)	$ (63,520)	$ (62,052)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e1012-107759

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
DISCONTINUED OPERATIONS - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Loss from discontinued operations, net of tax		$ (44,164,000)	$ (63,520,000)	$ (62,052,000)
Discontinued operations, disposed of by means other than sale, abandonment \| Astora
Restructuring Cost and Reserve [Line Items]
Loss from discontinued operations, net of tax		(44,164,000)	(63,520,000)	(62,052,000)
Cash used in investing activities		0	0	0
Depreciation and amortization		0	$ 0	$ 0
Discontinued operations, disposed of by means other than sale, abandonment \| Manufacturing facilities
Restructuring Cost and Reserve [Line Items]
Aggregate cash consideration from sale of assets	$ 25,600,000
Non-cash consideration from disposal	$ 5,800,000
Disposal Group, Held-for-sale, Not Discontinued Operations \| Endo International PLC
Restructuring Cost and Reserve [Line Items]
Expected pre-tax disposal loss		42,200,000
Pre-tax reversal of severance costs		$ 25,400,000

RESTRUCTURING - 2020 Restructuring Initiative (Narrative) (Details) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2021 USD ($) position	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation	$ 24,700	$ 22,500
Asset impairments	$ 414,977	120,344	$ 526,082
2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected number of positions eliminated \| position	500
Restructuring charges	$ 68,469	93,636
Accelerated depreciation	24,718	22,459
Asset impairments	42,155	7,391		$ 50,000
Restructuring reserve, current	10,600			10,600
2020 Restructuring Initiative \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6,244	53,297
2020 Restructuring Initiative \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	20,788	27,857
Minimum \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	85,000			85,000
Restructuring charges	165,000
Accelerated depreciation	45,000
Employee separation, continuity and other benefit-related costs	55,000
Payments for restructuring	75,000
Minimum \| 2020 Restructuring Initiative \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	65,000			65,000
Minimum \| 2020 Restructuring Initiative \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	20,000			20,000
Maximum \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	95,000			95,000
Restructuring charges	185,000
Accelerated depreciation	55,000
Employee separation, continuity and other benefit-related costs	60,000
Maximum \| 2020 Restructuring Initiative \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	70,000			70,000
Maximum \| 2020 Restructuring Initiative \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	25,000			25,000
Certain Other Restructuring Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	57,400	16,900	$ 11,000
Certain Other Restructuring Costs \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,711	664
Payments for restructuring	4,170	0
Restructuring and related cost, cost incurred to date	2,700			2,700
Certain Other Restructuring Costs \| Minimum \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	15,000
Certain Other Restructuring Costs \| Maximum \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	20,000
Accelerated depreciation \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date	47,200			47,200
Asset impairments \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date	49,500			49,500
Increase in excess inventory reserves \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date	10,100			10,100
Employee Separation, Continuity and Other Benefit-Related Costs \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(7,384)	60,025
Payments for restructuring	39,975	1,687
Restructuring and related cost, cost incurred to date	52,600			52,600
Operating segments \| Generic Pharmaceuticals \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	49,900	$ 79,000
Restructuring and related cost, cost incurred to date	128,800			$ 128,800
Operating segments \| Generic Pharmaceuticals \| Minimum \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	140,000
Operating segments \| Generic Pharmaceuticals \| Maximum \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 155,000

RESTRUCTURING - Pre-tax Net Charges Related to November 2020 Restructuring Initiative (Details) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Net restructuring charges (charge reversals) related to:
Accelerated depreciation	$ 24,700	$ 22,500
Asset impairments	414,977	120,344	$ 526,082
2020 Restructuring Initiative
Net restructuring charges (charge reversals) related to:
Accelerated depreciation	24,718	22,459
Asset impairments	42,155	7,391		$ 50,000
Excess inventory reserves	6,968	3,097
Employee separation, continuity and other benefit-related costs	(7,384)	60,025
Certain other restructuring costs	2,012	664
Total	$ 68,469	$ 93,636

RESTRUCTURING - Pre-tax Net Charges Included in the Condensed Consolidated Statement of Operations (Details) - 2020 Restructuring Initiative - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net restructuring charges (charge reversals) included in:
Restructuring charges	$ 68,469	$ 93,636
Cost of revenues
Net restructuring charges (charge reversals) included in:
Restructuring charges	6,244	53,297
Selling, general and administrative
Net restructuring charges (charge reversals) included in:
Restructuring charges	20,788	27,857
Research and development
Net restructuring charges (charge reversals) included in:
Restructuring charges	1,367	5,091
Asset impairments
Net restructuring charges (charge reversals) included in:
Restructuring charges	42,155	7,391
Other (income) expense, net
Net restructuring charges (charge reversals) included in:
Restructuring charges	$ (2,085)	$ 0

RESTRUCTURING - Changes to the Liability for November 2020 Restructuring Initiative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
2020 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Net (charge reversals) charges	$ 68,469	$ 93,636
Total \| 2020 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Beginning liability balance	59,002	0
Net (charge reversals) charges	(3,673)	60,689
Cash payments	(44,145)	(1,687)
Ending liability balance	11,184	59,002	$ 0
Employee Separation, Continuity and Other Benefit-Related Costs \| 2020 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Beginning liability balance	58,338	0
Net (charge reversals) charges	(7,384)	60,025
Cash payments	(39,975)	(1,687)
Ending liability balance	10,979	58,338	0
Certain Other Restructuring Costs
Restructuring Reserve [Roll Forward]
Net (charge reversals) charges	57,400	16,900	11,000
Certain Other Restructuring Costs \| 2020 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Beginning liability balance	664	0
Net (charge reversals) charges	3,711	664
Cash payments	(4,170)	0
Ending liability balance	$ 205	$ 664	$ 0

ACQUISITIONS - Narrative (Details) - BioSpecifics - $ / shares		12 Months Ended
	Dec. 01, 2020	Dec. 31, 2021	Oct. 19, 2020
Asset Acquisition [Line Items]
Price per share of BioSpecifics Technologies Corp acquired (in dollars per shares)			$ 88.50
Number of shares issued as a part of asset acquisition (in shares)	6,159,975
XIAFLEX and QWO
Asset Acquisition [Line Items]
Intangible life (years)		13 years 7 months 6 days

ACQUISITIONS - Costs Accumulated to Acquire Bio Specifics (Details) - BioSpecifics - USD ($) $ in Thousands	Dec. 02, 2020	Dec. 01, 2020
Asset Acquisition [Line Items]
Base purchase price	$ 650,029
Vested employee options and benefits	10,280
Transaction costs	10,268
Less: royalty obligations discharged	(14,909)
Total acquisition consideration	$ 655,668
Number of shares issued as a part of asset acquisition (in shares)		6,159,975
Business acquisition, equity interest canceled, not tendered (in shares)		1,184,980

ACQUISITIONS - Scheduled Identifiable Tangible And Intangible Assets And Other Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 02, 2020	Dec. 31, 2021
Asset Acquisition [Line Items]
Intangible assets—developed technology		$ 4,177
Intangible assets—in-process research and development		$ 0
BioSpecifics
Asset Acquisition [Line Items]
Cash and cash equivalents	$ 21,073
Investments	89,050
Intangible assets—developed technology	673,796
Intangible assets—in-process research and development	28,602
Other acquired assets	3,089
Deferred tax liability	(156,441)
Other assumed liabilities	(3,501)
Net identifiable assets acquired	$ 655,668

ACQUISITIONS - Scheduled of Changes to Existing and New Intangible Assets Related to BioSpecifics Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 03, 2020	Dec. 02, 2020	Dec. 01, 2020
Asset Acquisition [Line Items]
Gross Carrying Amount	$ 6,674,655	$ 6,888,373
Accumulated Amortization	$ (4,311,832)	$ (4,150,565)
BioSpecifics
Asset Acquisition [Line Items]
Gross Carrying Amount			$ 2,254,396	$ 673,796	$ 1,580,600
Accumulated Amortization			(725,123)	0	(725,123)
Net Book Amount			$ 1,529,273	$ 673,796	$ 855,477

SEGMENT RESULTS - Schedule of Reportable Segments Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
Total net revenues from external customers	$ 2,993,206	$ 2,903,074	$ 2,914,364
Total segment adjusted income from continuing operations before income tax	1,573,010	1,455,871	1,411,950
Branded Pharmaceuticals
Segment Reporting Information [Line Items]
Total net revenues from external customers	893,617	781,780	855,402
Total segment adjusted income from continuing operations before income tax	384,186	377,526	426,677
Sterile Injectables
Segment Reporting Information [Line Items]
Total net revenues from external customers	1,266,097	1,238,847	1,063,131
Total segment adjusted income from continuing operations before income tax	998,453	950,145	780,799
Generic Pharmaceuticals
Segment Reporting Information [Line Items]
Total net revenues from external customers	740,586	783,110	879,882
Total segment adjusted income from continuing operations before income tax	160,046	87,178	159,716
International Pharmaceuticals
Segment Reporting Information [Line Items]
Total net revenues from external customers	92,906	99,337	115,949
Total segment adjusted income from continuing operations before income tax	$ 30,325	$ 41,022	$ 44,758

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

SEGMENT RESULTS - Schedule of Reconciliations of Consolidated Adjusted Income (Loss) Before Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total consolidated loss from continuing operations before income tax		$ (546,603)	$ (26,518)	$ (344,904)
Amortization of intangible assets		372,907
Asset impairment charges		414,977	120,344	526,082
Acquisition-related and integration items, net		(8,379)	16,549	(46,098)
Loss (gain) on extinguishment of debt		13,753	0	(119,828)
Total segment adjusted income from continuing operations before income tax		1,573,010	1,455,871	1,411,950
Asset acquisition, intangible asset expense			28,600
Accelerated depreciation		24,700	22,500
Gain loss from prior contract dispute		15,500
Expired insurance premium				14,100
6.125% Senior Secured Notes due 2029
Segment Reporting Information [Line Items]
Loss (gain) on extinguishment of debt	$ 6,000
6.125% Senior Secured Notes due 2029 \| Selling, general and administrative
Segment Reporting Information [Line Items]
Loss (gain) on extinguishment of debt	$ 3,900	3,900	31,100
International Pharmaceuticals
Segment Reporting Information [Line Items]
Total segment adjusted income from continuing operations before income tax		30,325	41,022	44,758
Employee severance
Segment Reporting Information [Line Items]
Restructuring charges		8,800	86,900	23,600
Other restructuring charges
Segment Reporting Information [Line Items]
Restructuring charges		57,400	16,900	11,000
Contract termination
Segment Reporting Information [Line Items]
Restructuring charges				17,500
Contract termination \| International Pharmaceuticals
Segment Reporting Information [Line Items]
Restructuring charges				17,500
Segment reconciling items
Segment Reporting Information [Line Items]
Interest expense, net		562,353	532,939	538,734
Corporate unallocated costs		180,866	157,723	168,136
Amortization of intangible assets		372,907	427,543	543,862
Upfront and milestone payments to partners		26,451	35,075	6,623
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives		90,912	126,282	34,598
Certain litigation-related and other contingencies, net		345,495	(19,049)	11,211
Certain legal costs		136,148	67,819	65,282
Asset impairment charges		414,977	120,344	526,082
Acquisition-related and integration items, net		(8,379)	16,549	(46,098)
Loss (gain) on extinguishment of debt		13,753	0	(119,828)
Foreign currency impact related to the remeasurement of intercompany debt instruments		797	1,919	4,362
Other, net		(16,667)	15,245	23,890
Operating segments
Segment Reporting Information [Line Items]
Total segment adjusted income from continuing operations before income tax		$ 1,573,010	$ 1,455,871	$ 1,411,950

SEGMENT RESULTS - Schedule of Disaggregation of Revenues (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									$ 2,993,206,000	$ 2,903,074,000	$ 2,914,364,000
Product line revenue reporting threshold	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000
Total depreciation expense									84,191,000	91,264,000	69,000,000
Corporate unallocated
Disaggregation of Revenue [Line Items]
Total depreciation expense									$ 4,178,000	$ 4,962,000	$ 5,217,000
XIAFLEX® \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage									14.00%	11.00%	11.00%
VASOSTRICT® \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage									30.00%	27.00%	18.00%
Branded Pharmaceuticals
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									$ 893,617,000	$ 781,780,000	$ 855,402,000
Branded Pharmaceuticals \| Operating segments
Disaggregation of Revenue [Line Items]
Total depreciation expense									10,632,000	11,758,000	12,573,000
Branded Pharmaceuticals \| Specialty Products
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									633,150,000	497,078,000	519,676,000
Branded Pharmaceuticals \| XIAFLEX®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									432,344,000	316,234,000	327,638,000
Branded Pharmaceuticals \| SUPPRELIN® LA
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									114,374,000	88,182,000	86,797,000
Branded Pharmaceuticals \| Other Specialty
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									86,432,000	92,662,000	105,241,000
Branded Pharmaceuticals \| Established Products
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									260,467,000	284,702,000	335,726,000
Branded Pharmaceuticals \| PERCOCET®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									103,788,000	110,112,000	116,012,000
Branded Pharmaceuticals \| TESTOPEL®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									43,636,000	35,234,000	55,244,000
Branded Pharmaceuticals \| Other Established
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									113,043,000	139,356,000	164,470,000
Sterile Injectables
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									1,266,097,000	1,238,847,000	1,063,131,000
Sterile Injectables \| Operating segments
Disaggregation of Revenue [Line Items]
Total depreciation expense									17,796,000	17,400,000	14,287,000
Sterile Injectables \| VASOSTRICT®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									901,735,000	785,646,000	531,737,000
Sterile Injectables \| ADRENALIN®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									124,630,000	152,074,000	179,295,000
Sterile Injectables \| Other Sterile Injectables
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									239,732,000	301,127,000	352,099,000
Generic Pharmaceuticals
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									740,586,000	783,110,000	879,882,000
Generic Pharmaceuticals \| Operating segments
Disaggregation of Revenue [Line Items]
Total depreciation expense									47,343,000	52,614,000	32,689,000
International Pharmaceuticals
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET									92,906,000	99,337,000	115,949,000
International Pharmaceuticals \| Operating segments
Disaggregation of Revenue [Line Items]
Total depreciation expense									$ 4,242,000	$ 4,530,000	$ 4,234,000
International Pharmaceuticals \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk \| Maximum
Disaggregation of Revenue [Line Items]
Concentration risk, percentage									5.00%	5.00%
Colchicine Tablets \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk \| Maximum
Disaggregation of Revenue [Line Items]
Concentration risk, percentage											6.00%

FAIR VALUE MEASUREMENTS - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents, Insurance Coverage
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 45,000	$ 25,000
Mesh related cases
Restricted Cash and Cash Equivalents Items [Line Items]
Settlement funds	$ 78,402	$ 126,998

FAIR VALUE MEASUREMENTS - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Acquisition-related contingent consideration—current
Liabilities:
Fair value of financial liabilities measured on recurring basis	$ 5,748	$ 8,566
Acquisition-related contingent consideration—noncurrent
Liabilities:
Fair value of financial liabilities measured on recurring basis	14,328	27,683
Money market funds
Assets:
Fair value of financial assets measured on recurring basis	134,847	214,120
Level 1 Inputs \| Acquisition-related contingent consideration—current
Liabilities:
Fair value of financial liabilities measured on recurring basis	0	0
Level 1 Inputs \| Acquisition-related contingent consideration—noncurrent
Liabilities:
Fair value of financial liabilities measured on recurring basis	0	0
Level 1 Inputs \| Money market funds
Assets:
Fair value of financial assets measured on recurring basis	134,847	214,120
Level 2 Inputs \| Acquisition-related contingent consideration—current
Liabilities:
Fair value of financial liabilities measured on recurring basis	0	0
Level 2 Inputs \| Acquisition-related contingent consideration—noncurrent
Liabilities:
Fair value of financial liabilities measured on recurring basis	0	0
Level 2 Inputs \| Money market funds
Assets:
Fair value of financial assets measured on recurring basis	0	0
Level 3 Inputs \| Acquisition-related contingent consideration—current
Liabilities:
Fair value of financial liabilities measured on recurring basis	5,748	8,566
Level 3 Inputs \| Acquisition-related contingent consideration—noncurrent
Liabilities:
Fair value of financial liabilities measured on recurring basis	14,328	27,683
Level 3 Inputs \| Money market funds
Assets:
Fair value of financial assets measured on recurring basis	$ 0	$ 0

FAIR VALUE MEASUREMENTS - (Narrative) (Details) $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Discount rate \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rate applied	0.100
Discount rate \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rate applied	0.150
Discount rate \| Weighted average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rate applied	0.109
Money market funds \| Restricted cash and cash equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Settlement funds	$ 16.2	$ 26.5

FAIR VALUE MEASUREMENTS - Financial Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (Details) - Acquisition-related contingent consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ 36,249	$ 29,657
Amounts settled	(7,449)	(9,885)
Changes in fair value recorded in earnings	(8,793)	16,353
Effect of currency translation	69	124
Changes in Fair Value Recorded in Earnings	(8,793)	16,353
Amounts Settled and Other	(7,380)	(9,761)
End of period	20,076	36,249
Auxilium acquisition
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	14,484	13,207
Changes in Fair Value Recorded in Earnings	(3,471)	2,921
Amounts Settled and Other	(1,975)	(1,644)
End of period	9,038	14,484
Lehigh Valley Technologies, Inc. acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	13,100	6,800
Changes in Fair Value Recorded in Earnings	(6,061)	12,337
Amounts Settled and Other	(3,439)	(6,037)
End of period	3,600	13,100
Other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	8,665	9,650
Changes in Fair Value Recorded in Earnings	739	1,095
Amounts Settled and Other	(1,966)	(2,080)
End of period	$ 7,438	$ 8,665

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets Measured At Fair Value On A Nonrecurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Oct. 01, 2021	Oct. 01, 2020	Oct. 01, 2019
Assets:
Operating lease right-of-use assets	$ 34,832	$ 37,030
Intangible assets, excluding goodwill	(7,811)	(79,917)	$ (347,706)
Operating lease right-of-use asset impairment charges	0	(6,392)	0
Total	(414,977)	(120,344)	$ (526,082)
Fair value, measurements, nonrecurring
Assets:
Intangible assets, excluding goodwill	(7,811)	(79,917)
Certain property, plant and equipment	(2,011)	(1,249)
Operating lease right-of-use asset impairment charges		(6,392)
Total	$ (9,822)	$ (87,558)
Fair value, measurements, nonrecurring \| Discount rate \| Minimum
Assets:
Discount rate applied	0.100	0.100
Fair value, measurements, nonrecurring \| Discount rate \| Maximum
Assets:
Discount rate applied	0.120	0.120
Fair value, measurements, nonrecurring \| Discount rate \| Weighted average
Assets:
Discount rate applied	0.111	0.113
Level 1 Inputs \| Fair value, measurements, nonrecurring
Assets:
Intangible assets, excluding goodwill	$ 0	$ 0
Certain property, plant and equipment	0	0
Operating lease right-of-use assets		0
Total	0	0
Level 2 Inputs \| Fair value, measurements, nonrecurring
Assets:
Intangible assets, excluding goodwill	0	0
Certain property, plant and equipment	0	0
Operating lease right-of-use assets		0
Total	0	0
Level 3 Inputs \| Discount rate \| Minimum
Assets:
Discount rate applied				0.110	0.100	0.095
Level 3 Inputs \| Discount rate \| Maximum
Assets:
Discount rate applied				0.145	0.150	0.135
Level 3 Inputs \| Fair value, measurements, nonrecurring
Assets:
Intangible assets, excluding goodwill	5,011	15,463
Certain property, plant and equipment	0	0
Operating lease right-of-use assets		0
Total	$ 5,011	$ 15,463

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 90,453	$ 99,495
Work-in-process	82,728	98,753
Finished goods	110,371	154,012
Total	283,552	352,260
Long-term inventory	10,700	13,200
Inventories not yet available for sale	$ 12,200	$ 37,500

LEASES - Narrative (Details)	Dec. 31, 2021 renewal_options
Leases [Abstract]
Number of renewal options	3
Renewal term of finance lease	60 months

LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Right-of-use assets:
Operating lease right-of-use assets	$ 34,832	$ 37,030
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Finance lease right-of-use assets	$ 38,365	$ 47,549
Total right-of-use assets	73,197	84,579
Operating lease liabilities:
Current operating lease liabilities	10,992	11,613
Noncurrent operating lease liabilities	33,727	38,132
Total operating lease liabilities	$ 44,719	$ 49,745
Finance lease liabilities:
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Current finance lease liabilities	$ 6,841	$ 6,227
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Noncurrent finance lease liabilities	$ 18,374	$ 25,027
Total finance lease liabilities	$ 25,215	$ 31,254

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 13,892	$ 14,175	$ 13,648
Finance lease cost:
Amortization of right-of-use assets	9,244	9,244	9,407
Interest on lease liabilities	1,480	1,716	1,986
Other lease costs and income:
Variable lease costs	13,202	10,305	9,653
Operating lease right-of-use asset impairment charges	0	6,392	0
Sublease income	(3,793)	(3,803)	(3,689)
Cost of revenues
Lessee, Lease, Description [Line Items]
Lease, cost	11,316	11,610	11,168
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Lease, cost	21,013	18,108	17,648
Research and development
Lessee, Lease, Description [Line Items]
Lease, cost	$ 216	$ 203	$ 203

LEASES - Future Cash Flows Included In Our Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 13,150
2023	12,217
2024	6,760
2025	5,103
2026	5,151
Thereafter	9,959
Total future lease payments	52,340
Less: amount representing interest	7,621
Present value of future lease payments (lease liability)	44,719	$ 49,745
Finance Leases
2022	7,738
2023	7,892
2024	8,049
2025	907
2026	907
Thereafter	11,187
Total future lease payments	36,680
Less: amount representing interest	11,465
Present value of future lease payments (lease liability)	$ 25,215	$ 31,254

LEASES - Weighted Average Remaining Lease Term And Weighted Average Discount Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted average remaining lease term (years), weighted based on lease liability balances:
Operating leases	5 years 1 month 6 days	5 years 1 month 6 days
Finance leases	9 years 6 months	9 years 6 months
Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Operating leases	5.90%	5.90%
Finance leases	7.60%	5.60%

LEASES - Cash Flow and Supplemental Noncash Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$ 14,478	$ 14,598	$ 14,940
Operating cash payments for finance leases	2,256	2,666	2,000
Financing cash payments for finance leases	5,448	4,884	9,196
Lease liabilities arising from obtaining right-of-use assets:
Operating leases	5,807	0	623
Finance leases	$ 0	$ 0	$ 5,953

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 747,591	$ 866,646
Less: accumulated depreciation	(350,879)	(408,175)
Total property, plant and equipment, net	396,712	458,471
Land and buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	234,219	291,212
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	206,971	275,846
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	55,020	74,506
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	118,959	126,437
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	11,939	13,886
Assets under construction
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 120,483	$ 84,759

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 84,191	$ 91,264	$ 69,000
Asset impairment charges of long-lived assets	2,000	1,200	$ 6,500
India
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, net	$ 162,100	$ 141,400

GOODWILL AND OTHER INTANGIBLES - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 3,560,011	$ 3,595,184
Effect of currency translation		(2,387)
Goodwill impairment charges	(363,000)	(32,786)	$ (171,908)
Goodwill, ending balance	3,197,011	3,560,011	3,595,184
Branded Pharmaceuticals
Goodwill [Roll Forward]
Goodwill, beginning balance	828,818	828,818
Effect of currency translation		0
Goodwill impairment charges	0	0
Goodwill, ending balance	828,818	828,818	828,818
Sterile Injectables
Goodwill [Roll Forward]
Goodwill, beginning balance	2,731,193	2,731,193
Effect of currency translation		0
Goodwill impairment charges	(363,000)	0
Goodwill, ending balance	2,368,193	2,731,193	2,731,193
Generic Pharmaceuticals
Goodwill [Roll Forward]
Goodwill, beginning balance	0	0
Effect of currency translation		0
Goodwill impairment charges	0	0
Goodwill, ending balance	0	0	0
International Pharmaceuticals
Goodwill [Roll Forward]
Goodwill, beginning balance	0	35,173
Effect of currency translation		(2,387)
Goodwill impairment charges	0	(32,786)
Goodwill, ending balance	$ 0	$ 0	$ 35,173

GOODWILL AND OTHER INTANGIBLES - Accumulated Impairment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Accumulated impairment losses	$ 4,911,822	$ 4,544,718
Branded Pharmaceuticals
Goodwill [Line Items]
Accumulated impairment losses	855,810	855,810
Sterile Injectables
Goodwill [Line Items]
Accumulated impairment losses	363,000	0
Generic Pharmaceuticals
Goodwill [Line Items]
Accumulated impairment losses	3,142,657	3,142,657
International Pharmaceuticals
Goodwill [Line Items]
Accumulated impairment losses	$ 550,355	$ 546,251

GOODWILL AND OTHER INTANGIBLES - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Indefinite-lived intangibles:
Beginning Balance		$ 3,000
Acquisitions		0
Impairments		0
Other		(3,000)
Effect of Currency Translation		0
Ending Balance		0	$ 3,000
Finite-lived intangibles:
Beginning Balance		6,888,373
Acquisitions		4,177
Impairments		(7,811)
Other		(212,043)
Effect of Currency Translation		1,959
Ending Balance		6,674,655	6,888,373
Total other intangibles
Beginning balance		6,891,373
Acquisitions		4,177
Impairments		(7,811)	(79,917)	$ (347,706)
Other	$ (213,500)	(215,043)
Effect of Currency Translation		1,959
Ending balance		6,674,655	6,891,373
Accumulated amortization:
Beginning Balance		(4,150,565)
Amortization		(372,907)
Impairments		0
Other		212,764
Effect of Currency Translation		(1,124)
Ending Balance		(4,311,832)	(4,150,565)
Net other intangibles		2,362,823	2,740,808
Licensing
Finite-lived intangibles:
Beginning Balance		439,230
Acquisitions		4,177
Impairments		(1,300)
Other		0
Effect of Currency Translation		0
Ending Balance		442,107	439,230
Accumulated amortization:
Beginning Balance		(415,193)
Amortization		(4,739)
Impairments		0
Other		0
Effect of Currency Translation		0
Ending Balance		(419,932)	(415,193)
Tradenames
Finite-lived intangibles:
Beginning Balance		6,409
Acquisitions		0
Impairments		0
Other		0
Effect of Currency Translation		0
Ending Balance		6,409	6,409
Accumulated amortization:
Beginning Balance		(6,409)
Amortization		0
Impairments		0
Other		0
Effect of Currency Translation		0
Ending Balance		(6,409)	(6,409)
Developed technology
Finite-lived intangibles:
Beginning Balance		6,442,734
Acquisitions		0
Impairments		(6,511)
Other		(212,043)
Effect of Currency Translation		1,959
Ending Balance		6,226,139	6,442,734
Accumulated amortization:
Beginning Balance		(3,728,963)
Amortization		(368,168)
Impairments		0
Other	$ 211,200	212,764
Effect of Currency Translation		(1,124)
Ending Balance		(3,885,491)	(3,728,963)
In-process research and development
Indefinite-lived intangibles:
Beginning Balance		3,000
Acquisitions		0
Impairments		0
Other		(3,000)
Effect of Currency Translation		0
Ending Balance		$ 0	$ 3,000
Weighted average
Accumulated amortization:
Intangible life (years)		12 years
Weighted average \| Licensing
Accumulated amortization:
Intangible life (years)		14 years
Weighted average \| Developed technology
Accumulated amortization:
Intangible life (years)		11 years

GOODWILL AND OTHER INTANGIBLES - Other Intangibles (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Intangible Assets [Line Items]
Amortization of intangible assets	$ 372,907
Segment reconciling items
Other Intangible Assets [Line Items]
Amortization of intangible assets	$ 372,907	$ 427,543	$ 543,862

GOODWILL AND OTHER INTANGIBLES - Schedule of Estimated Amortization of Intangibles (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 357,119
2023	314,955
2024	280,325
2025	258,660
2026	$ 230,644

GOODWILL AND OTHER INTANGIBLES - Schedule of Intangible Asset Impairment Charges Including Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charges	$ 363,000	$ 32,786	$ 171,908
Other intangible asset impairment charges	$ 7,811	$ 79,917	$ 347,706

GOODWILL AND OTHER INTANGIBLES - Impairments (Narrative) (Details) $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Oct. 01, 2021	Oct. 01, 2020	Oct. 01, 2019
Goodwill [Line Items]
Goodwill impairment charges						$ 363,000	$ 32,786	$ 171,908
Sterile Injectables
Goodwill [Line Items]
Goodwill impairment charges	$ 363,000
Paladin labs inc.
Goodwill [Line Items]
Goodwill impairment charges		$ 32,800	$ 20,800
Paladin labs inc. \| Discount rate
Goodwill [Line Items]
Intangible assets and goodwill, measurement input		0.095
Generic Pharmaceuticals
Goodwill [Line Items]
Goodwill impairment charges				$ 65,100	$ 86,000
Generic Pharmaceuticals \| Discount rate
Goodwill [Line Items]
Intangible assets and goodwill, measurement input				0.105	0.105
Level 3 Inputs \| Minimum \| Discount rate
Goodwill [Line Items]
Intangible assets and goodwill, measurement input									0.110	0.100	0.095
Level 3 Inputs \| Maximum \| Discount rate
Goodwill [Line Items]
Intangible assets and goodwill, measurement input									0.145	0.150	0.135

LICENSE AND COLLABORATION AGREEMENTS (Details)	12 Months Ended
LICENSE AND COLLABORATION AGREEMENTS (Details)	Dec. 31, 2020
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty rate on net sales	5.00%
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty rate on net sales	15.00%

CONTRACT ASSETS AND LIABILITIES - Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets, net	$ 13,005	$ 13,525
Contract assets, net - $ change	$ (520)
Contract assets, net - % change	(4.00%)
Contract liabilities, net	$ 4,663	6,028
Contract liabilities, net - $ change	$ (1,365)
Contract liabilities, net - % change	(23.00%)
Contract with customer, asset, after allowance for credit loss, current	$ 2,800	3,200
Contract liability amounts classified as current	600	$ 1,400
Increase in contract liability	$ 600

CONTRACT ASSETS AND LIABILITIES - (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Performance obligation satisfied in previous period	$ 23.9

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Trade accounts payable	$ 123,129	$ 94,408
Returns and allowances	183,116	207,916
Rebates	150,039	126,644
Chargebacks	2,617	2,177
Other sales deductions	2,500	0
Accrued interest	106,735	98,105
Accrued payroll and related benefits	90,029	130,092
Accrued royalties and other distribution partner payables	58,422	59,745
Acquisition-related contingent consideration—current	5,748	8,566
Other	114,563	108,287
Total	$ 836,898	$ 835,940

DEBT - Components of Total Indebtedness (Details) - USD ($)	Dec. 31, 2021	Oct. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Principal Amount	$ 8,338,168,000			$ 8,376,443,000
Carrying Amount	8,249,322,000			8,314,728,000		$ 1,624,000,000
Less: current portion, net	200,342,000			34,150,000
Principal amount of total long-term debt, less current portion, net	8,137,826,000			8,342,293,000
Carrying amount of total long-term debt, less current portion, net	8,048,980,000			8,280,578,000
Fair value of long term debt	$ 8,000,000,000			$ 8,400,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Effective Interest Rate (as a percent)	2.63%			2.69%
Principal Amount	$ 277,200,000			$ 300,000,000
Carrying Amount	$ 277,200,000			$ 300,000,000
7.25% Senior Notes due 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	7.25%	7.25%				7.25%
Effective Interest Rate (as a percent)	7.25%			7.25%
Principal Amount	$ 8,294,000			$ 8,294,000
Carrying Amount	$ 8,294,000			$ 8,294,000
5.75% Senior Notes due 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	5.75%	5.75%			5.75%	5.75%
Effective Interest Rate (as a percent)	5.75%			5.75%
Principal Amount	$ 172,048,000			$ 172,048,000	$ 10,000,000
Carrying Amount	$ 172,048,000			$ 172,048,000
5.375% Senior Notes due 2023
Debt Instrument [Line Items]
Interest rate (as a percent)	5.375%
Effective Interest Rate (as a percent)	5.62%			5.62%
Principal Amount	$ 6,127,000			$ 6,127,000
Carrying Amount	$ 6,111,000			$ 6,098,000
6.00% Senior Notes due 2023
Debt Instrument [Line Items]
Interest rate (as a percent)	6.00%
Effective Interest Rate (as a percent)	6.28%			6.28%
Principal Amount	$ 56,436,000			$ 56,436,000
Carrying Amount	$ 56,203,000			$ 56,063,000
5.875% Senior Secured Notes due 2024
Debt Instrument [Line Items]
Interest rate (as a percent)	5.875%
Effective Interest Rate (as a percent)	6.14%			6.14%
Principal Amount	$ 300,000,000			$ 300,000,000
Carrying Amount	$ 297,928,000			$ 297,267,000
6.00% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate (as a percent)	6.00%
Effective Interest Rate (as a percent)	6.27%			6.27%
Principal Amount	$ 21,578,000			$ 21,578,000
Carrying Amount	$ 21,413,000			$ 21,366,000
7.50% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate (as a percent)	7.50%					7.50%
Effective Interest Rate (as a percent)	7.70%			7.70%
Principal Amount	$ 2,015,479,000			$ 2,015,479,000		$ 1,500,000,000
Carrying Amount	$ 1,997,777,000			$ 1,995,142,000
9.50% Senior Secured Second Lien Notes due 2027
Debt Instrument [Line Items]
Interest rate (as a percent)	9.50%
Effective Interest Rate (as a percent)	9.68%			9.68%
Principal Amount	$ 940,590,000			$ 940,590,000
Carrying Amount	$ 933,330,000			$ 932,395,000
6.00% Senior Notes due 2028
Debt Instrument [Line Items]
Interest rate (as a percent)	6.00%
Effective Interest Rate (as a percent)	6.11%			6.11%
Principal Amount	$ 1,260,416,000			$ 1,260,416,000
Carrying Amount	$ 1,252,667,000			$ 1,251,725,000
6.125% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Interest rate (as a percent)	6.125%		6.125%
Effective Interest Rate (as a percent)	6.34%
Principal Amount	$ 1,295,000,000		$ 1,295,000,000	$ 0
Carrying Amount	$ 1,278,718,000			$ 0
Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate (as a percent)	6.12%			5.21%
Principal Amount	$ 1,985,000,000			$ 3,295,475,000
Carrying Amount	$ 1,947,633,000			$ 3,274,330,000

DEBT - Credit Facility Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
DEBT - Credit Facility Narrative (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2019	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2020	Aug. 31, 2020
Line of Credit Facility [Line Items]
Principal amount			$ 8,338,168,000		$ 8,376,443,000
Repayments of debt	$ 47,200,000	$ 1,500,000,000
Minimum \| Optional Redemption Period
Line of Credit Facility [Line Items]
Interest rate (as a percent)			35.00%
Maximum \| Optional Redemption Period
Line of Credit Facility [Line Items]
Interest rate (as a percent)			40.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Principal amount			$ 277,200,000		300,000,000
Debt instrument, maturity acceleration, amount outstanding threshold			500,000,000
Revolving Credit Facility \| Redemption Period Two
Line of Credit Facility [Line Items]
Long-term debt, gross			248,700,000
Revolving Credit Facility \| Optional Redemption Period
Line of Credit Facility [Line Items]
Long-term debt, gross			$ 675,300,000
Term Loan Facility
Line of Credit Facility [Line Items]
Quarter periodic payment (as a percent)			0.25%
2017 credit agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Principal amount			$ 1,000,000,000
Commitments not extended			76,000,000
Commitments outstanding			924,000,000
Credit facility, remaining borrowing capacity			639,900,000
Debt covenant, cross default trigger of maximum principal amount of debt instrument			150,000,000
Debt covenant, trigger for non-appealable judgments for payment of money			150,000,000
7.25% Senior Notes due 2022
Line of Credit Facility [Line Items]
Principal amount			$ 8,294,000		8,294,000
Interest rate (as a percent)		7.25%	7.25%	7.25%
5.75% Senior Notes due 2022
Line of Credit Facility [Line Items]
Principal amount			$ 172,048,000		172,048,000	$ 10,000,000
Interest rate (as a percent)		5.75%	5.75%	5.75%		5.75%
7.50% Senior Secured Notes due 2027
Line of Credit Facility [Line Items]
Principal amount		$ 1,500,000,000	$ 2,015,479,000		2,015,479,000
Interest rate (as a percent)		7.50%	7.50%
9.50% Senior Secured Second Lien Notes due 2027
Line of Credit Facility [Line Items]
Principal amount			$ 940,590,000		$ 940,590,000
Interest rate (as a percent)			9.50%
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)			0.50%
Revolving Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)			1.50%
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)			2.00%
Revolving Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)			3.00%
Term Loan Facility
Line of Credit Facility [Line Items]
Principal amount			$ 2,000,000,000
Term Loan Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)			5.00%
Basis spread on variable rate, floor (as a percent)			0.75%
Term Loan Facility \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)			4.00%
Basis spread on variable rate, floor (as a percent)			1.75%
Term Loan Facility \| 2017 credit agreement
Line of Credit Facility [Line Items]
Principal amount			$ 2,000,000,000

DEBT - Senior Notes and Senior Secured Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2019
Non-Call Period
Debt Instrument, Redemption [Line Items]
Redemption price (as a percent)	100.00%
After Non-call Period
Debt Instrument, Redemption [Line Items]
Redemption price (as a percent)	100.00%
Optional Redemption Period \| Minimum
Debt Instrument, Redemption [Line Items]
Interest rate (as a percent)	35.00%
Optional Redemption Period \| Maximum
Debt Instrument, Redemption [Line Items]
Interest rate (as a percent)	40.00%
7.50% Senior Secured Notes due 2027
Debt Instrument, Redemption [Line Items]
Interest rate (as a percent)	7.50%		7.50%
9.50% Senior Secured Second Lien Notes due 2027
Debt Instrument, Redemption [Line Items]
Redemption price (as a percent)	9.50%
Interest rate (as a percent)	9.50%
6.00% Senior Notes due 2028
Debt Instrument, Redemption [Line Items]
Redemption price (as a percent)	6.00%
Interest rate (as a percent)	6.00%
Debt covenant, cross default trigger of maximum principal amount of debt instrument	$ 150.0
Debt covenant, trigger for non-appealable judgments for payment of money	$ 150.0
6.125% Senior Secured Notes due 2029
Debt Instrument, Redemption [Line Items]
Interest rate (as a percent)	6.125%	6.125%

DEBT - Debt Refinancing Transactions Narrative (Details) - USD ($)	1 Months Ended					3 Months Ended	12 Months Ended
	Oct. 31, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 28, 2021	Aug. 31, 2020
Debt Instrument [Line Items]
Principal amount							$ 8,338,168,000	$ 8,376,443,000
Repurchased face amount					$ 1,642,200,000
Aggregate carrying amount					1,624,000,000		8,249,322,000	8,314,728,000
Repayments of debt			$ 47,200,000		1,500,000,000
Gain on extinguishment of debt					124,000,000
Deferred debt issuance costs			31,100,000		26,200,000
Unamortized discount (premium) and debt issuance costs, net			$ 31,100,000		26,200,000
Loss (gain) on extinguishment of debt							13,753,000	0	$ (119,828,000)
Debt issuance costs, gross							56,700,000
7.50% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Principal amount					$ 1,500,000,000		$ 2,015,479,000	2,015,479,000
Interest rate (as a percent)					7.50%		7.50%
Aggregate carrying amount							$ 1,997,777,000	1,995,142,000
Deferred debt issuance costs					$ 19,100,000
Unamortized discount (premium) and debt issuance costs, net					$ 19,100,000
7.25% Senior Notes due 2022
Debt Instrument [Line Items]
Principal amount							$ 8,294,000	8,294,000
Interest rate (as a percent)	7.25%				7.25%		7.25%
Aggregate carrying amount							$ 8,294,000	8,294,000
5.75% Senior Notes due 2022
Debt Instrument [Line Items]
Principal amount							$ 172,048,000	172,048,000			$ 10,000,000
Interest rate (as a percent)	5.75%				5.75%		5.75%				5.75%
Aggregate carrying amount							$ 172,048,000	172,048,000
Term Loan Facility
Debt Instrument [Line Items]
Principal amount							1,985,000,000	3,295,475,000
Aggregate carrying amount							1,947,633,000	3,274,330,000
Long-term debt, gross										$ 3,295,500,000
Proceeds from issuance of debt		$ 2,000,000,000
Extinguishment of debt, amount							1,295,000,000
Loss (gain) on extinguishment of debt						$ 7,800,000
Debt issuance costs, gross							29,200,000
6.125% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Principal amount		$ 1,295,000,000				$ 1,295,000,000	$ 1,295,000,000	0
Interest rate (as a percent)		6.125%				6.125%	6.125%
Aggregate carrying amount							$ 1,278,718,000	0
Loss (gain) on extinguishment of debt						$ 6,000,000
Debt issuance costs, gross							17,600,000
6.125% Senior Secured Notes due 2029 \| Selling, general and administrative
Debt Instrument [Line Items]
Loss (gain) on extinguishment of debt						3,900,000	3,900,000	31,100,000
Senior notes
Debt Instrument [Line Items]
Long-term debt, maturity repayment deadline	91 days
Senior notes \| Note repurchases
Debt Instrument [Line Items]
Deferred debt issuance costs					$ 4,200,000
Unamortized discount (premium) and debt issuance costs, net					4,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount							277,200,000	300,000,000
Aggregate carrying amount							$ 277,200,000	$ 300,000,000
Deferred debt issuance costs					2,900,000	2,100,000
Unamortized discount (premium) and debt issuance costs, net					$ 2,900,000	2,100,000
Proceeds from long-term lines of credit	$ 76,000,000			$ 300,000,000
Debt instrument, extended maturity modification, amount		$ 675,300,000				$ 675,300,000
Repayments of borrowings	$ 22,800,000

DEBT - Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2021
Maturities
2022		$ 200,342
2023		82,563
2024		394,600
2025		41,578
2026		$ 222,600
Senior notes
Maturities
Long-term debt, maturity repayment deadline	91 days
Senior notes \| Senior notes maturing due 2022
Maturities
Long-term debt, maturity repayment deadline		91 days
Revolving Credit Facility
Maturities
2024		$ 74,600

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	1 Months Ended								12 Months Ended	36 Months Ended
	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) county	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) county	Jul. 31, 2021 USD ($) county municipality	Jan. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2021 USD ($) case class_action_lawsuit	Dec. 31, 2024 USD ($)	Nov. 15, 2022 USD ($)	Feb. 21, 2022 case	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
Initial period									10 years
Reserve for loss contingencies			$ 581,000						$ 581,000
Mesh related cases
Loss Contingencies [Line Items]
Loss contingency, claims settled, number \| case									71,000
Payments to plaintiffs and qualified settlement funds									$ 3,600,000
Settlement funds			78,402						78,402				$ 126,998
Opioid-related matters
Loss Contingencies [Line Items]
Reserve for loss contingencies			258,700						$ 258,700
Number of putative class actions \| class_action_lawsuit									5
Loss contingency, plaintiffs, number of counties						9			2
Settlement, amount awarded to other party			$ 63,000	$ 25,000	$ 50,000	$ 35,000	$ 8,750	$ 10,000
Contingency charges									$ 343,500
Loss contingency, number of municipalities \| municipality						18
Opioid-related matters \| Subsequent event
Loss Contingencies [Line Items]
Number of cases filed by states \| case												20
Pending claims, number \| case												2,920
Number of cases filed by hospitals, health systems, unions, welfare funds or other third-party \| case												310
Number of cases alleging personal injury and/or wrongful death \| case												210
Settlement, amount awarded to other party	$ 7,500	$ 65,000
Opioid-related matters \| New York
Loss Contingencies [Line Items]
Loss contingency, plaintiffs, number of counties \| county					2
Opioid-related matters \| Texas
Loss Contingencies [Line Items]
Loss contingency, plaintiffs, number of counties \| county			4
Opioid-related matters \| VASOSTRICT and/or ADRENALIN
Loss Contingencies [Line Items]
Settlement, amount awarded to other party								$ 1,000
Pelletier v. Endo International plc
Loss Contingencies [Line Items]
Reserve for loss contingencies					$ 63,400
Settlement, amount awarded to other party				$ 63,400
Insurance settlements receivable					$ 63,400
Forecast
Loss Contingencies [Line Items]
Capital expenditures										$ 120,000
Capital expenditures reimbursed										$ 90,000
Forecast \| Opioid-related matters
Loss Contingencies [Line Items]
Contingency settlement payment											$ 65,000

COMMITMENTS AND CONTINGENCIES - Schedule of Loss Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Mesh Liability Accrual
Ending balance	$ 581,000
Mesh related cases
Qualified Settlement Funds
Beginning balance	126,998
Cash contributions to Qualified Settlement Funds	670
Cash distributions to settle disputes from Qualified Settlement Funds	(49,287)
Other	21
Ending balance	78,402
Mesh Liability Accrual
Other	21
Mesh related cases \| Mesh Liability Accrual
Qualified Settlement Funds
Other	(1,137)
Mesh Liability Accrual
Beginning balance	330,921
Additional charges	25,000
Cash distributions to settle disputes from Qualified Settlement Funds	(49,287)
Cash distributions to settle disputes	(47,360)
Other	(1,137)
Ending balance	$ 258,137

OTHER COMPREHENSIVE INCOME - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Other comprehensive income (loss), tax, portion attributable to parent	$ 0	$ 0	$ 0
Reclassification from AOCI	$ 0	$ 0	$ 0

SHAREHOLDERS' DEFICIT - Narrative (Details)	12 Months Ended
SHAREHOLDERS' DEFICIT - Narrative (Details)	Dec. 31, 2021 USD ($) shareholder $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Euro deferred shares, shares issued (in shares) \| shares	4,000,000	4,000,000
Euro deferred shares, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of registered shareholders \| shareholder	7
Net increase in accumulated deficit	$ 1,243,986,000	$ 647,939,000	$ 866,544,000		$ 498,283,000
Accumulated Deficit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net increase in accumulated deficit	9,981,515,000	$ 9,368,270,000	$ 9,552,214,000		9,124,932,000
Cumulative Effect, Period of Adoption, Adjustment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net increase in accumulated deficit					4,646,000
Cumulative Effect, Period of Adoption, Adjustment \| Accumulated Deficit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net increase in accumulated deficit				$ 4,600,000	$ 4,646,000
2015 Share Buyback Program Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount	$ 2,500,000,000
Treasury stock, shares, acquired (in shares) \| shares	4,400,000
Treasury stock, value, acquired, cost method	$ 250,000,000

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 24.7
Exercise price range, lower range limit (in dollars per share)	$ 7.55
Exercise price range, upper range limit (in dollars per share)	$ 86.54
Options exercised intrinsic value	$ 0.1		$ 0.1
Tax benefit from exercise of stock options	$ 0.0	$ 0.0	$ 0.0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Dividend yield	0.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 10.4
Weighted average remaining requisite service period, non-vested restricted stock units	1 year 6 months
Restricted and performance stock units, weighted average grant date fair value (in dollars per share)	$ 7.39	$ 5.54	$ 7.72
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 14.3
Vesting period	3 years
Service period	3 years
PSU award percentage using free cash flow performance metric	50.00%
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	3 years
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Minimum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award adjustment rate	0.00%
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	4 years
Maximum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award adjustment rate	200.00%
2015 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	9,300,000
Plans Other Than 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	0

SHARE-BASED COMPENSATION - Allocation of Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 30,046	$ 41,357	$ 59,142
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	23,400	32,368	44,159
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,378	2,504	4,501
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,268	$ 6,485	$ 10,482

SHARE-BASED COMPENSATION - Activity Under Stock Incentive Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Outstanding, beginning balance (in shares)	6,916,586	7,280,539	8,072,718
Exercised (in shares)	(82,331)		(557)
Forfeited (in shares)	(11,887)	(16,953)	(125,739)
Expired (in shares)	(438,454)	(347,000)	(665,883)
Outstanding, ending balance (in shares)	6,383,914	6,916,586	7,280,539
Vested and expected to vest (in shares)	6,383,914
Exercisable (in shares)	6,383,914
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 18.11	$ 18.93	$ 20.62
Exercised (in dollars per share)	7.55		7.55
Forfeited (in dollars per share)	13.19	11.81	14.38
Expired (in dollars per share)	40.76	35.56	40.37
Outstanding, ending balance (in dollars per share)	16.70	$ 18.11	$ 18.93
Vested and expected to vest, end of period (in dollars per share)	16.70
Exercisable, end of period (in dollars per share)	$ 16.70
Weighted Average Remaining Contractual Term
Outstanding	4 years 25 days
Vested and expected to vest	4 years 25 days
Exercisable	4 years 25 days
Aggregate Intrinsic Value
Outstanding	$ 0
Vested and expected to vest	0
Exercisable	$ 0

SHARE-BASED COMPENSATION - Activity Under Stock Incentive Plans (Details) - Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Non-vested, beginning balance (in shares)	10,340,279	12,916,289	11,019,472
Granted (in shares)	4,483,385	3,761,648	6,687,695
Forfeited (in shares)	(1,302,292)	(824,299)	(918,425)
Vested (in shares)	(5,380,262)	(5,513,359)	(3,872,453)
Non-vested, ending balance (in shares)	8,141,110	10,340,279	12,916,289
Vested and expected to vest, end of period (in shares)	7,547,762
Aggregate Intrinsic Value
Outstanding, end of period	$ 30,610,574
Vested and expected to vest	$ 28,379,585

OTHER (INCOME) EXPENSE, NET - Schedule of Components of Other Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Net gain on sale of business and other assets	$ (4,516)	$ (16,353)	$ (6,367)
Foreign currency loss, net	1,253	2,466	5,247
Net loss (gain) from our investments in the equity of other companies	453	(2,160)	2,346
Other miscellaneous, net	(16,964)	(5,063)	15,451
Other (income) expense, net	(19,774)	$ (21,110)	16,677
Gain loss from prior contract dispute	$ 15,500
Contract termination
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 17,500

INCOME TAXES - Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S.	$ 4,792,852	$ (375,262)	$ (688,224)
International	(5,339,455)	348,744	343,320
Total loss from continuing operations before income tax	$ (546,603)	$ (26,518)	$ (344,904)

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
U.S. Federal	$ 13,649	$ (108,866)	$ 15,317
U.S. State	1,491	(434)	(3,002)
International	10,495	(1,124)	8,926
Total current income tax	25,635	(110,424)	21,241
Deferred:
U.S. Federal	118	(143,411)	(515)
U.S. State	(564)	(11,773)	(482)
International	(2,711)	(8,374)	(4,564)
Total deferred income tax	(3,157)	(163,558)	(5,561)
Income tax	$ 22,478	$ (273,982)	$ 15,680

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Notional U.S. federal income tax provision at the statutory rate	$ (114,787)	$ (5,569)	$ (72,430)
State income tax, net of federal benefit	6,750	(17,311)	(4,455)
U.S. tax reform impact	0	(129,599)	0
Uncertain tax positions	42,415	35,941	43,273
Residual tax on non-U.S. net earnings	(181,739)	(83,550)	(67,987)
Non-deductible goodwill impairment	76,230	7,490	27,493
Change in valuation allowance	495,565	(97,752)	30,123
Base erosion minimum tax	0	77,438	13,662
Non-deductible expenses	39,791	8,875	21,299
Executive compensation limitation	6,215	5,857	4,547
Equity based compensation	2,695	6,495	6,014
Financing activities	(287,012)	(33,217)	0
Investment activities	(68,943)	(44,964)	0
Other	5,298	(4,116)	14,141
Income tax	22,478	$ (273,982)	$ 15,680
Financing activities, non-taxable intercompany cancellation of indebtedness income	1,200,000
Financing activities, non-deductible bad debt expense	465,000
Financing activities, non-deductible intercompany interest expense	$ 427,000

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Apr. 23, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Examination [Line Items]
Federal income tax expense (benefit), continuing operations			$ 129,600
Valuation allowance		$ (10,169,294)	(9,668,556)
Increase (decrease) in valuation allowance		500,700	(160,400)
Undistributed earnings of foreign subsidiaries		119,700
Total unrecognized income tax benefits		620,008	576,800
Unrecognized tax benefits that would impact effective tax rate		241,000	230,800
Accrued interest and penalties		53,569	47,000
Uncertain tax positions		(42,415)	(35,941)	$ (43,273)
Interest and penalties		$ 10,600		$ 13,800
Minimum
Income Tax Examination [Line Items]
Statues of limitation		3 years
Net cash adjustments, excluding interest	$ 70,000
Maximum
Income Tax Examination [Line Items]
Statues of limitation		5 years
Net cash adjustments, excluding interest	$ 250,000
CARES Act
Income Tax Examination [Line Items]
Uncertain tax positions			$ 78,200

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued expenses and reserves	$ 144,573	$ 109,595
Deferred interest deduction	347,501	290,658
Fixed assets, intangible assets and deferred amortization	512,584	515,683
Loss on capital assets	64,503	66,159
Net operating loss carryforward	9,258,122	9,659,130
Other	50,694	54,540
Research and development and other tax credit carryforwards	8,254	15,176
Total gross deferred income tax assets	10,386,231	10,710,941
Deferred tax liabilities:
Other	(8,586)	(9,469)
Investments	(124,311)	0
Intercompany notes	(104,530)	(1,057,158)
Total gross deferred income tax liabilities	(237,427)	(1,066,627)
Valuation allowance	(10,169,294)	(9,668,556)
Net deferred income tax liability	$ (20,490)	$ (24,242)

INCOME TAXES - Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Foreign \| Ireland
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 54,802
Foreign \| Luxembourg
Income Tax Examination [Line Items]
Operating loss carryforwards	8,981,499
Domestic
Income Tax Examination [Line Items]
Operating loss carryforwards	32,726
Domestic \| Capital Loss Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	41,636
Domestic \| General Business Tax Credit Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	13,339
State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	237,414
State and Local Jurisdiction \| Capital Loss Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	28,390
State and Local Jurisdiction \| General Business Tax Credit Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 3,256

INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination [Line Items]
Valuation allowance	$ 10,169,294	$ 9,668,556
Foreign \| Ireland
Income Tax Examination [Line Items]
Valuation allowance	230,913
Foreign \| Luxembourg
Income Tax Examination [Line Items]
Valuation allowance	8,736,985
Domestic \| U.S.
Income Tax Examination [Line Items]
Valuation allowance	$ 1,195,810

INCOME TAXES - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 529,775	$ 486,481	$ 451,690
Gross additions for current year positions	36,662	33,402	35,766
Gross reductions for prior period positions	(702)	(577)	(2,377)
Gross additions for prior period positions	1,203	16,914	880
Decrease due to lapse of statute of limitations	(475)	(7,033)	(1,006)
Currency translation adjustment		588	1,528
Currency translation adjustment	(24)
Unrecognized tax benefits, ending balance	566,439	529,775	$ 486,481
Accrued interest and penalties	53,569	47,000
Total UTP balance including accrued interest and penalties	$ 620,008	$ 576,800

NET (LOSS) INCOME PER SHARE - Reconciliation of the Numerator and Denominator of Basic and Diluted Net Loss Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
(Loss) income from continuing operations	$ (569,081)	$ 247,464	$ (360,584)
Loss from discontinued operations, net of tax	(44,164)	(63,520)	(62,052)
NET (LOSS) INCOME	$ (613,245)	$ 183,944	$ (422,636)
Denominator:
For basic per share data—weighted average shares (in shares)	232,785	229,314	226,050
Dilutive effect of ordinary share equivalents (in shares)	0	4,339	0
For diluted per share data—weighted average shares (in shares)	232,785	233,653	226,050

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

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+ Details

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

NET (LOSS) INCOME PER SHARE - Computation of Diluted Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,584	7,073	7,681
Stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,256	5,197	13,418

SAVINGS AND INVESTMENT PLAN AND DEFERRED COMPENSATION PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Contributions towards defined contribution savings and investment plans	$ 7.6	$ 7.6	$ 7.4
Endo 401(k) Plan, Matching Tier One
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution (percent)	100.00%
Percentage of employees gross pay (percent)	3.00%
Endo 401(k) Plan, Matching Tier Two
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution (percent)	50.00%
Percentage of employees gross pay (percent)	2.00%
Endo 401(k) Plan
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contributions per employee (percent)	4.00%
Vesting period	2 years

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (Details) - Valuation Allowance for Deferred Tax Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 9,668,556	$ 9,828,959	$ 9,877,617
Additions, Costs and Expenses	504,499	150,500	299,372
Deductions, Write-offs	(9)	(316,474)	(9,078)
Other	(3,752)	5,571	(338,952)
Balance at End of Period	$ 10,169,294	$ 9,668,556	$ 9,828,959

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

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