0001593034-22-000057 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36326
Entity Registrant Name	Endo International plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	68-0683755
Entity Address, Address Line One	First Floor, Minerva House, Simmonscourt Road
Entity Address, City or Town	Ballsbridge, Dublin 4,
Entity Address, Country	IE
Entity Address, Postal Zip Code	Not Applicable
City Area Code	353
Local Phone Number	1-268-2000
Title of 12(b) Security	Ordinary shares, nominal value $0.0001 per share
Trading Symbol	ENDP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Ordinary Shares Outstanding (in shares)		235,142,889
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001593034
Current Fiscal Year End Date (Tag here for 10-Q's, and on Cover for 10-K's)	--12-31

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 1,191,572	$ 1,507,196
Restricted cash and cash equivalents	113,493	124,114
Accounts receivable, net	491,492	592,019
Inventories, net	287,756	283,552
Prepaid expenses and other current assets	97,105	200,484
Income taxes receivable	7,406	7,221
Assets held for sale (NOTE 3)	11,080	0
Total current assets	2,199,904	2,714,586
PROPERTY, PLANT AND EQUIPMENT, NET	405,749	396,712
OPERATING LEASE ASSETS	31,343	34,832
GOODWILL	1,449,011	3,197,011
OTHER INTANGIBLES, NET	2,133,955	2,362,823
DEFERRED INCOME TAXES	0	1,138
OTHER ASSETS	142,300	60,313
TOTAL ASSETS	6,362,262	8,767,415
CURRENT LIABILITIES:
Accounts payable and accrued expenses	749,873	836,898
Current portion of legal settlement accrual	390,781	580,994
Current portion of operating lease liabilities	10,870	10,992
Current portion of long-term debt	26,119	200,342
Income taxes payable	4,029	736
Total current liabilities	1,181,672	1,629,962
DEFERRED INCOME TAXES	14,902	21,628
LONG-TERM DEBT, LESS CURRENT PORTION, NET	8,039,178	8,048,980
LONG-TERM LEGAL SETTLEMENT ACCRUAL, LESS CURRENT PORTION	5,000	0
OPERATING LEASE LIABILITIES, LESS CURRENT PORTION	29,068	33,727
OTHER LIABILITIES	290,514	277,104
COMMITMENTS AND CONTINGENCIES (NOTE 14)
SHAREHOLDERS’ DEFICIT:
Euro deferred shares, $0.01 par value; 4,000,000 shares authorized and issued at both June 30, 2022 and December 31, 2021	42	45
Ordinary shares, $0.0001 par value; 1,000,000,000 shares authorized; 235,139,243 and 233,690,816 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	24	23
Additional paid-in capital	8,959,662	8,953,906
Accumulated deficit	(11,938,916)	(9,981,515)
Accumulated other comprehensive loss	(218,884)	(216,445)
Total shareholders’ deficit	(3,198,072)	(1,243,986)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$ 6,362,262	$ 8,767,415

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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)	235,139,243	233,690,816
Common stock, shares outstanding (in shares)	235,139,243	233,690,816

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
TOTAL REVENUES, NET	$ 569,114	$ 713,830	$ 1,221,373	$ 1,431,749
COSTS AND EXPENSES:
Cost of revenues	263,786	318,480	537,001	623,773
Selling, general and administrative	180,830	177,619	407,991	364,793
Research and development	29,788	29,669	65,918	59,408
Acquired in-process research and development charges	65,000	5,000	67,900	5,000
Litigation-related and other contingencies, net	208	35,195	25,362	35,832
Asset impairment charges	1,781,063	4,929	1,801,016	8,238
Acquisition-related and integration items, net	1,825	97	448	(4,925)
Interest expense, net	139,784	141,553	274,733	275,894
Loss on extinguishment of debt	0	0	0	13,753
Other (income) expense, net	(19,438)	372	(18,149)	1,284
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX	(1,873,732)	916	(1,940,847)	48,699
INCOME TAX EXPENSE	7,151	11,100	5,336	11,824
(LOSS) INCOME FROM CONTINUING OPERATIONS	(1,880,883)	(10,184)	(1,946,183)	36,875
DISCONTINUED OPERATIONS, NET OF TAX (NOTE 3)	(4,544)	(5,316)	(11,218)	(10,851)
Net (loss) income	$ (1,885,427)	$ (15,500)	$ (1,957,401)	$ 26,024
NET (LOSS) INCOME PER SHARE—BASIC:
Continuing operations (in dollars per share)	$ (8.00)	$ (0.04)	$ (8.30)	$ 0.16
Discontinued operations (in dollars per share)	(0.02)	(0.03)	(0.05)	(0.05)
Basic (in dollars per share)	(8.02)	(0.07)	(8.35)	0.11
NET (LOSS) INCOME PER SHARE—DILUTED:
Continuing operations (in dollars per share)	(8.00)	(0.04)	(8.30)	0.16
Discontinued operations (in dollars per share)	(0.02)	(0.03)	(0.05)	(0.05)
Diluted (in dollars per share)	$ (8.02)	$ (0.07)	$ (8.35)	$ 0.11
WEIGHTED AVERAGE SHARES:
Basic (in shares)	235,117	233,331	234,498	231,941
Diluted (in shares)	235,117	233,331	234,498	237,043

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (1,885,427)	$ (15,500)	$ (1,957,401)	$ 26,024
OTHER COMPREHENSIVE (LOSS) INCOME:
Net unrealized (loss) gain on foreign currency	(4,334)	2,238	(2,439)	3,930
Total other comprehensive (loss) income	(4,334)	2,238	(2,439)	3,930
COMPREHENSIVE (LOSS) INCOME	$ (1,889,761)	$ (13,262)	$ (1,959,840)	$ 29,954

- 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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
OPERATING ACTIVITIES:
Net (loss) income	$ (1,957,401)	$ 26,024
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities:
Depreciation and amortization	206,224	237,703
Share-based compensation	7,650	14,437
Amortization of debt issuance costs and discount	7,470	7,120
Deferred income taxes	(5,416)	(3,555)
Change in fair value of contingent consideration	448	(5,336)
Loss on extinguishment of debt	0	13,753
Acquired in-process research and development charges	67,900	5,000
Asset impairment charges	1,801,016	8,238
(Gain) loss on sale of business and other assets	(11,745)	91
Changes in assets and liabilities which provided (used) cash:
Accounts receivable	93,519	52,283
Inventories	(25,369)	20,406
Prepaid and other assets	120,013	17,965
Accounts payable, accrued expenses and other liabilities	(239,449)	(49,475)
Income taxes payable/receivable, net	3,043	54,162
Net cash provided by operating activities	67,903	398,816
INVESTING ACTIVITIES:
Capital expenditures, excluding capitalized interest	(47,559)	(41,345)
Capitalized interest payments	(3,140)	(2,563)
Proceeds from the U.S. Government Agreement	7,340	0
Acquisitions, including in-process research and development, net of cash and restricted cash acquired	(89,520)	0
Product acquisition costs and license fees	0	(2,485)
Proceeds from sale of business and other assets, net	21,133	1,343
Net cash used in investing activities	(111,746)	(45,050)
FINANCING ACTIVITIES:
Proceeds from issuance of notes, net	0	1,279,978
Proceeds from issuance of term loans, net	0	1,980,000
Repayments of notes	(180,342)	0
Repayments of term loans	(10,000)	(3,300,475)
Repayments of other indebtedness	(2,970)	(2,669)
Payments for debt issuance and extinguishment costs	0	(7,618)
Payments for contingent consideration	(1,744)	(1,471)
Payments of tax withholding for restricted shares	(1,894)	(14,114)
Proceeds from exercise of options	0	622
Net cash used in financing activities	(196,950)	(65,747)
Effect of foreign exchange rate	(452)	711
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	(241,245)	288,730
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	1,631,310	1,385,000
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	$ 1,390,065	$ 1,673,730

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1. BASIS OF PRESENTATION Basis of Presentation 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 unaudited Condensed Consolidated Financial Statements of Endo International plc and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying Condensed Consolidated Financial Statements of Endo International plc and its subsidiaries, which are unaudited, include all normal and recurring adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2022 and the results of its operations and its cash flows for the periods presented. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The year-end Condensed Consolidated Balance Sheet data as of December 31, 2021 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our Consolidated Financial Statements and accompanying Notes included in the Annual Report. Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassification adjustments primarily relate to changes to the presentation of certain costs and expenses in our Condensed Consolidated Statements of Operations. Specifically, effective with the First Quarter 2022 Form 10-Q, the Company has added a new financial statement line item labeled Acquired in-process research and development. Any prior period amounts of acquired in-process research and development charges presented in this report have been reclassified to this line item from the existing financial statement line item labeled Research and development. Going Concern As previously disclosed, 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 may ultimately result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. 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 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. During the second quarter of 2022, our contingency planning process continued to advance. For example, we have been working with our external advisors to explore a range of options and have been engaging in dialogue with certain financial creditors and litigation claimants, together with their advisors. While continuing these discussions and our evaluation of strategic alternatives, we elected, for certain of our senior notes, to not make certain interest payments as they became due beginning on June 30, 2022. Under each of the indentures governing these notes, we have a 30-day grace period from the respective due dates to make these interest payments before such non-payments constitute events of default with respect to such notes. As of the date of this report, these interest payments either: (i) had been paid before the end of any applicable grace periods or (ii) remained unpaid but were still within applicable grace periods. However, we remain in constructive negotiations with an ad hoc group of first lien creditors, among other parties, and, in light of the progress to date, we currently expect that these negotiations will likely result in a pre-arranged filing under Chapter 11 of the U.S. Bankruptcy Code by Endo International plc and substantially all of its subsidiaries, which could occur imminently. There can be no assurance of such an outcome. Despite a likely Chapter 11 filing, we retain substantial liquidity, with approximately $1.19 billion of unrestricted cash on our Condensed Consolidated Balance Sheets as of June 30, 2022, and we continue to meet our obligations to customers, vendors, counterparties and employees in the ordinary course of business. As we continue discussions with certain of our creditors and/or consider further actions in connection with our evaluation of strategic alternatives, we cannot predict with certainty whether the remaining unpaid interest payments referenced above will be made by the end of any applicable grace periods or whether they and/or any of our future interest payments will be made timely, or at all. If one or more events of default were to occur under any of the agreements relating to our outstanding indebtedness, including without limitation as a result of us not making interest payments by the end of any applicable grace periods and/or us issuing audited financial statements containing an audit opinion with going concern or similar qualifications or exceptions, the holders of the defaulted debt could cause all amounts outstanding with respect to that debt to become due and payable immediately, terminate all commitments to extend further credit, foreclose against assets comprising the collateral securing or otherwise supporting the debt and pursue other legal remedies. Additionally, the instruments governing our debt contain cross-default or cross-acceleration provisions that may cause all of the debt issued under such instruments to become immediately due and payable as a result of a default under an unrelated debt instrument. Our assets and cash flows may be insufficient to fully repay borrowings under our outstanding debt instruments if the obligations thereunder were accelerated upon one or more events of default. Refer to the “Covenants and Events of Default” section of Note 13. Debt for further discussion. Any of the circumstances above 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 counterparties; 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. Taken together, we believe the conditions and events described above raise substantial doubt about our ability to continue as a going concern within one year after the date of issuance of these unaudited Condensed Consolidated Financial Statements. While the accompanying unaudited Condensed Consolidated Financial Statements have been prepared under the going concern basis of accounting, we continue to evaluate plans to resolve our risks to continue to operate as a going concern. These plans, however, have not yet been finalized and are not fully within our control. As a result, management has concluded that its plans at this stage do not alleviate substantial doubt about Endo’s ability to continue as a going concern. The unaudited Condensed Consolidated Financial Statements do not include any material adjustments related to the recoverability and classification of recorded asset amounts and classification of liabilities that might result from the outcome of this uncertainty. See Note 18. Income Taxes for discussion regarding the impact of our going concern assessment on the valuation allowance related to our net deferred tax assets.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of our Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts and disclosures in our Condensed 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 further discussed in Note 1. Basis of Presentation, 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 may ultimately result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. Any such action 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. Significant Accounting Policies Added or Updated since December 31, 2021 There have been no significant changes to our significant accounting policies since December 31, 2021. For additional discussion of the Company’s significant accounting policies, see Note 2. Summary of Significant Accounting Policies in the Consolidated Financial Statements included in Part IV, Item 15 of the Annual Report.

DISCONTINUED OPERATIONS AND HELD FOR SALE

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS AND HELD FOR SALE

NOTE 3. DISCONTINUED OPERATIONS AND HELD FOR SALE

Astora

The operating results of the Company’s Astora business, which the Board of Directors (the Board) resolved to wind down in 2016, are reported as Discontinued operations, net of tax in the Condensed Consolidated Statements of Operations for all periods presented. The following table provides the operating results of Astora Discontinued operations, net of tax, for the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

Loss from discontinued operations before income taxes	$	(4,544)	$	(5,873)	$	(11,218)	$	(12,094)
Income tax benefit	—		(557)		—		(1,243)
Discontinued operations, net of tax	$	(4,544)	$	(5,316)	$	(11,218)	$	(10,851)

Loss from discontinued operations before income taxes includes 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 $11.2 million and $10.9 million for the six months ended June 30, 2022 and 2021, 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, certain of these sites were sold in 2021 as further discussed in the Annual Report. Additionally, during the second quarter of 2022, we entered into a definitive agreement to sell certain additional assets located in Chestnut Ridge, New York that supported our retail generics business to Ram Ridge Partners BH LLC (Ram Ridge Partners). As of June 30, 2022, the sale has not yet closed; it is expected to close in the third quarter of 2022.

During the second quarter of 2022, these assets, which include property, plant and equipment with a carrying amount of approximately $11 million as of June 30, 2022, met the criteria to be classified as held for sale in the Condensed Consolidated Balance Sheets. Depreciation expense is not recorded on assets held for sale. These assets, which primarily related to the Company’s Generic Pharmaceuticals segment, did not meet the requirements for treatment as a discontinued operation.

RESTRUCTURING

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

RESTRUCTURING

NOTE 4. RESTRUCTURING

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 and other sites in Irvine, California and Chestnut Ridge, New York, as well as certain sites in India. Certain of the sites have already been exited and certain products historically manufactured at these sites have been transferred to other internal and external sites within the Company’s manufacturing network.

•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.

As a result of the 2020 Restructuring Initiative, the Company’s global workforce is ultimately expected to be reduced by up to 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 $170 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. The estimated expenses consist of accelerated depreciation charges of approximately $50 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. By the end of 2022, the Company expects that substantially all of these costs will have been incurred and substantially all related cash payments will have been made.

The following pre-tax net amounts related to the 2020 Restructuring Initiative are included in the Company’s Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net restructuring (charge reversals) charges related to:
Accelerated depreciation	$	147	$	9,072	$	3,824	$	15,979

Inventory adjustments	261		745		1,027		5,794
Employee separation, continuity and other benefit-related costs	(655)		1,721		1,723		8,331
Certain other restructuring costs	108		936		682		1,794
Total	$	(139)	$	12,474	$	7,256	$	31,898

These pre-tax net amounts were primarily attributable to our Generic Pharmaceuticals segment, which incurred $0.1 million and $5.1 million of pre-tax net charges during the three and six months ended June 30, 2022, respectively, and $7.6 million and $22.5 million of pre-tax net charges during the three and six months ended June 30, 2021, respectively. The remaining amounts related to our other segments and certain corporate unallocated costs.

As of June 30, 2022, cumulative amounts incurred to date include charges related to accelerated depreciation of approximately $51.0 million, asset impairments related to certain identifiable intangible assets, operating lease assets and disposal groups totaling approximately $49.5 million, inventory adjustments of approximately $11.1 million, employee separation, continuity and other benefit-related costs, net of approximately $54.4 million and certain other restructuring costs of approximately $3.4 million. Of these amounts, approximately $133.9 million was attributable to the Generic Pharmaceuticals segment, with the remaining amounts relating to our other segments and certain corporate unallocated costs.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net restructuring (charge reversals) charges included in:
Cost of revenues	$	391	$	5,048	$	3,650	$	20,344
Selling, general and administrative	(712)		6,686		444		10,228
Research and development	182		740		3,162		1,326


Total	$	(139)	$	12,474	$	7,256	$	31,898

Changes to the liability for the 2020 Restructuring Initiative during the six months ended June 30, 2022 were as follows (in thousands):


	Employee Separation, Continuity and Other Benefit-Related Costs		Certain Other Restructuring Costs		Total



Liability balance as of December 31, 2021	$	10,979	$	205	$	11,184
Net charges	1,723		683		2,406
Cash payments	(9,966)		(888)		(10,854)
Liability balance as of June 30, 2022	$	2,736	$	—	$	2,736

Of the liability at June 30, 2022, approximately $2.5 million is classified as current and is included in Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, with the remaining amount classified as noncurrent and included in Other liabilities.

2022 Restructuring Initiative

On April 28, 2022, the Company communicated the initiation of actions to streamline and simplify certain functions, including its commercial organization, to increase its overall organizational effectiveness and better align with current and future needs (the 2022 Restructuring Initiative). These actions were initiated with the expectation of generating cost savings, with a portion to be reinvested to support the Company’s key strategic priority to expand and enhance its product portfolio.

As a result of the 2022 Restructuring Initiative, the Company’s global workforce is ultimately expected to be reduced by up to approximately 125 net full-time positions. The Company expects to realize annualized pre-tax cash savings (without giving effect to the costs described below) of approximately $55 million to $65 million by the second quarter of 2023, primarily related to reductions in Selling, general and administrative expenses.

As a result of the 2022 Restructuring Initiative, the Company expects to incur total pre-tax restructuring-related expenses of approximately $40 million to $55 million, the majority of which relates to the Branded Pharmaceuticals segment, with the remaining amounts relating to our other segments and certain corporate unallocated costs. These estimates consist of employee separation, continuity and other benefit-related costs of approximately $25 million to $35 million and certain other restructuring costs of approximately $15 million to $20 million. Cash outlays associated with the 2022 Restructuring Initiative are expected to be approximately $30 million and consist primarily of employee separation, continuity and other benefit-related costs. The Company anticipates these actions will be substantially completed by the second quarter of 2023, with substantially all cash payments made by then.

The following pre-tax net amounts related to the 2022 Restructuring Initiative are included in the Company’s Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2022 (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2022			2022
Net restructuring charges (charge reversals) related to:


Inventory adjustments	$	905		$	2,462
Employee separation, continuity and other benefit-related costs	(233)			20,087
Certain other restructuring costs	—			7,555
Total	$	672		$	30,104

These pre-tax net amounts were primarily attributable to our Branded Pharmaceuticals segment, which incurred $0.6 million and $17.0 million of pre-tax net charges during the three and six months ended June 30, 2022, respectively. The remaining amounts related to our Generic Pharmaceuticals segment and certain corporate unallocated costs.


	Three Months Ended June 30,		Six Months Ended June 30,
	2022			2022
Net restructuring charges (charge reversals) included in:
Cost of revenues	$	1,169		$	13,284
Selling, general and administrative	(907)			12,719
Research and development	410			4,101


Total	$	672		$	30,104

Changes to the liability for the 2022 Restructuring Initiative during the six months ended June 30, 2022 were as follows (in thousands):


	Employee Separation, Continuity and Other Benefit-Related Costs		Total



Liability balance as of December 31, 2021	$	—	$	—
Net charges	20,087		20,087
Cash payments	(8,950)		(8,950)
Liability balance as of June 30, 2022	$	11,137	$	11,137

Of the liability at June 30, 2022, approximately $7.3 million is classified as current and is included in Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, with the remaining amount classified as noncurrent and included in Other liabilities.

SEGMENT RESULTS

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT RESULTS

NOTE 5. 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) income from continuing operations before income tax and before acquired in-process research and development charges; 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® and EDEX®, 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 Labs Inc. (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 three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net revenues from external customers:
Branded Pharmaceuticals	$	218,952	$	228,040	$	423,813	$	434,675
Sterile Injectables	123,171		294,600		363,199		603,345
Generic Pharmaceuticals	203,377		167,272		389,321		348,145
International Pharmaceuticals (1)	23,614		23,918		45,040		45,584
Total net revenues from external customers	$	569,114	$	713,830	$	1,221,373	$	1,431,749
Segment adjusted income from continuing operations before income tax:
Branded Pharmaceuticals	$	88,613	$	101,659	$	166,279	$	195,428
Sterile Injectables	68,397		226,983		259,651		469,622
Generic Pharmaceuticals	83,337		20,922		149,719		55,026
International Pharmaceuticals	8,472		10,102		12,853		17,573
Total segment adjusted income from continuing operations before income tax	$	248,819	$	359,666	$	588,502	$	737,649

__________

(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) income 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 three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total consolidated (loss) income from continuing operations before income tax	$	(1,873,732)	$	916	$	(1,940,847)	$	48,699
Interest expense, net	139,784		141,553		274,733		275,894
Corporate unallocated costs (1)	38,388		36,500		81,669		75,974
Amortization of intangible assets	87,568		94,070		177,802		189,200

Acquired in-process research and development charges	65,000		5,000		67,900		5,000
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives (2)	37,347		15,083		94,996		38,803
Certain litigation-related and other contingencies, net (3)	208		35,195		25,362		35,832
Certain legal costs (4)	(9,462)		24,843		23,270		44,119
Asset impairment charges (5)	1,781,063		4,929		1,801,016		8,238
Acquisition-related and integration items, net (6)	1,825		97		448		(4,925)
Loss on extinguishment of debt	—		—		—		13,753

Foreign currency impact related to the remeasurement of intercompany debt instruments	(2,092)		1,355		(894)		2,502
Other, net (7)	(17,078)		125		(16,953)		4,560
Total segment adjusted income from continuing operations before income tax	$	248,819	$	359,666	$	588,502	$	737,649

__________

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

(2)Amounts for the three months ended June 30, 2022 include net employee separation, continuity and other benefit-related charges of $11.7 million, accelerated depreciation charges of $0.1 million and other net charges, including those related to strategic review initiatives, of $25.5 million. Amounts for the six months ended June 30, 2022 include net employee separation, continuity and other benefit-related charges of $44.1 million, accelerated depreciation charges of $3.8 million and other net charges, including those related to strategic review initiatives, of $47.1 million. Amounts for the three months ended June 30, 2021 include net employee separation, continuity and other benefit-related charges of $1.6 million, accelerated depreciation charges of $9.1 million and other net charges, including those related to strategic review initiatives, of $4.4 million. Amounts for the six months ended June 30, 2021 include net employee separation, continuity and other benefit-related charges of $10.1 million, accelerated depreciation charges of $16.0 million and other net charges, including those related to strategic review initiatives, of $12.7 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.

(3)Amounts include adjustments to our accruals for litigation-related settlement charges. Our material legal proceedings and other contingent matters are described in more detail in Note 14. Commitments and Contingencies.

(4)Amounts relate to opioid-related legal expenses. The amount during the second quarter of 2022 reflects the recovery of certain previously-incurred opioid-related legal expenses.

(5)Amounts primarily relate to charges to impair goodwill and intangible assets. For additional information, refer to Note 9. Goodwill and Other Intangibles.

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

(7)Amounts for the six months ended June 30, 2021 primarily relate to $3.9 million of third-party fees incurred in connection with the March 2021 Refinancing Transactions, which were accounted for as debt modification costs. Refer to Note 13. Debt for additional information. Other amounts in this row relate to gains and losses on sales of businesses and other assets and certain other items.

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 three and six months ended June 30, 2022 and 2021, 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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Branded Pharmaceuticals:
Specialty Products:
XIAFLEX®	$	120,878	$	111,487	$	220,362	$	206,757
SUPPRELIN® LA	24,739		27,568		53,569		55,596
Other Specialty (1)	18,246		28,036		38,990		48,068
Total Specialty Products	$	163,863	$	167,091	$	312,921	$	310,421
Established Products:
PERCOCET®	$	26,256	$	26,156	$	52,431	$	51,781
TESTOPEL®	10,021		9,439		18,901		20,628

Other Established (2)	18,812		25,354		39,560		51,845
Total Established Products	$	55,089	$	60,949	$	110,892	$	124,254
Total Branded Pharmaceuticals (3)	$	218,952	$	228,040	$	423,813	$	434,675
Sterile Injectables:
VASOSTRICT®	$	35,630	$	197,121	$	191,520	$	421,067
ADRENALIN®	26,774		29,977		60,597		59,414


Other Sterile Injectables (4)	60,767		67,502		111,082		122,864
Total Sterile Injectables (3)	$	123,171	$	294,600	$	363,199	$	603,345
Total Generic Pharmaceuticals (5)	$	203,377	$	167,272	$	389,321	$	348,145
Total International Pharmaceuticals (6)	$	23,614	$	23,918	$	45,040	$	45,584
Total revenues, net	$	569,114	$	713,830	$	1,221,373	$	1,431,749

__________

(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®.

(3)Individual products presented above represent the top two performing products in each product category for either the three or six months ended June 30, 2022 and/or any product having revenues in excess of $25 million during any completed quarterly period in 2022 or 2021.

(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 three and six months ended June 30, 2022, varenicline tablets (our generic version of Pfizer Inc.’s Chantix®), which launched in September 2021, made up 13% and 12%, respectively, 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.

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 6. 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 Condensed 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

The following table presents current and noncurrent restricted cash and cash equivalent balances at June 30, 2022 and December 31, 2021 (in thousands):


	Balance Sheet Line Items	June 30, 2022		December 31, 2021
Restricted cash and cash equivalents—current (1)	Restricted cash and cash equivalents	$	113,493	$	124,114
Restricted cash and cash equivalents—noncurrent (2)	Other assets	85,000		—
Total restricted cash and cash equivalents		$	198,493	$	124,114

__________

(1)Amounts at June 30, 2022 and December 31, 2021 include: (i) restricted cash and cash equivalents associated with litigation-related matters, including $68.2 million and $78.4 million, respectively, held in Qualified Settlement Funds (QSFs) for mesh- and/or opioid-related matters, and (ii) approximately $45.0 million of restricted cash and cash equivalents at both June 30, 2022 and December 31, 2021 related to certain insurance-related matters. In July 2022, the amount of restricted cash and cash equivalents associated with insurance-related matters increased by approximately $40 million to approximately $85 million, which resulted in a corresponding decrease to unrestricted cash and cash equivalents. See Note 14. Commitments and Contingencies for further information about litigation-related matters.

(2)The amount at June 30, 2022 relates to the TLC Agreement (as defined below). See Note 10. License, Collaboration and Asset Acquisition Agreements for further information about this amount.

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 June 30, 2022 and December 31, 2021 were as follows (in thousands):


	Fair Value Measurements at June 30, 2022 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds	$	13,513	$	—	$	—	$	13,513
Liabilities:
Acquisition-related contingent consideration—current	$	—	$	—	$	5,140	$	5,140
Acquisition-related contingent consideration—noncurrent	$	—	$	—	$	13,102	$	13,102


	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

At June 30, 2022 and December 31, 2021, money market funds include $13.5 million and $16.2 million, respectively, in QSFs to be disbursed to litigation claimants. Amounts in QSFs are considered restricted cash equivalents. See Note 14. Commitments and Contingencies for further discussion of our litigation. At June 30, 2022 and December 31, 2021, 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 three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Beginning of period	$	17,976	$	29,763	$	20,076	$	36,249
Amounts settled	(1,357)		(2,539)		(2,159)		(3,690)
Changes in fair value recorded in earnings	1,825		117		448		(5,336)
Effect of currency translation	(202)		106		(123)		224
End of period	$	18,242	$	27,447	$	18,242	$	27,447

At June 30, 2022, 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 10.8%, weighted based on relative fair value). Changes in fair value recorded in earnings related to acquisition-related contingent consideration are included in our Condensed 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 Condensed Consolidated Balance Sheets.

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the six months ended June 30, 2022 by acquisition (in thousands):


	Balance as of December 31, 2021		Changes in Fair Value Recorded in Earnings		Amounts Settled and Other		Balance as of June 30, 2022
Auxilium acquisition	$	9,038	$	394	$	(536)	$	8,896
Lehigh Valley Technologies, Inc. acquisitions	3,600		(284)		(416)		2,900

Other	7,438		338		(1,330)		6,446
Total	$	20,076	$	448	$	(2,282)	$	18,242

Nonrecurring Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 2022 were as follows (in thousands):


	Fair Value Measurements during the Six Months Ended June 30, 2022 (1) using:						Total Expense for the Six Months Ended June 30, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	37,898	$	(49,953)
Certain property, plant and equipment	—		—		—		(3,063)


Total	$	—	$	—	$	37,898	$	(53,016)

__________

(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)These fair value measurements were determined using risk-adjusted discount rates ranging from 9.5% to 12.0% (weighted average rate of approximately 11.6%, weighted based on relative fair value).

(3)The Company also performed fair value measurements in connection with its goodwill impairment tests. Refer to Note 9. 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

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 7. INVENTORIES

Inventories consist of the following at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Raw materials (1)	$	108,779	$	90,453
Work-in-process (1)	62,204		82,728
Finished goods (1)	116,773		110,371
Total	$	287,756	$	283,552

__________

(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 June 30, 2022 and December 31, 2021, $31.6 million and $10.7 million, respectively, of noncurrent inventory was included in Other assets in the Condensed Consolidated Balance Sheets. As of June 30, 2022 and December 31, 2021, the Company’s Condensed Consolidated Balance Sheets included approximately $10.4 million and $12.2 million, respectively, of capitalized pre-launch inventories related to products that were not yet available to be sold.

LEASES

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

LEASES

NOTE 8. LEASES

The following table presents information about the Company’s right-of-use assets and lease liabilities at June 30, 2022 and December 31, 2021 (in thousands):


	Balance Sheet Line Items	June 30, 2022		December 31, 2021
Right-of-use assets:
Operating lease right-of-use assets	Operating lease assets	$	31,343	$	34,832
Finance lease right-of-use assets	Property, plant and equipment, net	30,852		38,365
Total right-of-use assets		$	62,195	$	73,197
Operating lease liabilities:
Current operating lease liabilities	Current portion of operating lease liabilities	$	10,870	$	10,992
Noncurrent operating lease liabilities	Operating lease liabilities, less current portion	29,068		33,727
Total operating lease liabilities		$	39,938	$	44,719
Finance lease liabilities:
Current finance lease liabilities	Accounts payable and accrued expenses	$	6,704	$	6,841
Noncurrent finance lease liabilities	Other liabilities	15,160		18,374
Total finance lease liabilities		$	21,864	$	25,215

The following table presents information about lease costs and expenses and sublease income for the three and six months ended June 30, 2022 and 2021 (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
	Statement of Operations Line Items	2022		2021		2022		2021
Operating lease cost	Various (1)	$	2,311	$	3,521	$	5,037	$	7,257
Finance lease cost:
Amortization of right-of-use assets	Various (1)	$	2,120	$	2,311	$	4,431	$	4,622
Interest on lease liabilities	Interest expense, net	$	353	$	338	$	606	$	705
Other lease costs and income:
Variable lease costs (2)	Various (1)	$	2,188	$	3,042	$	4,695	$	6,064
Finance lease right-of-use asset impairment charges	Asset impairment charges	$	3,063	$	—	$	3,063	$	—

Sublease income	Various (1)	$	(1,410)	$	(947)	$	(3,250)	$	(1,880)

__________

(1)Amounts are included in the Condensed 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 three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenues	$	1,523	$	2,986	$	3,129	$	6,044
Selling, general and administrative	$	3,632	$	4,887	$	7,676	$	9,911
Research and development	$	54	$	54	$	108	$	108

(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 certain cash flow and supplemental noncash information related to our lease liabilities for the six months ended June 30, 2022 and 2021 (in thousands):


	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$	6,344	$	6,453
Operating cash payments for finance leases	$	1,063	$	1,297
Financing cash payments for finance leases	$	2,970	$	2,669

LEASES

NOTE 8. LEASES

The following table presents information about the Company’s right-of-use assets and lease liabilities at June 30, 2022 and December 31, 2021 (in thousands):


	Balance Sheet Line Items	June 30, 2022		December 31, 2021
Right-of-use assets:
Operating lease right-of-use assets	Operating lease assets	$	31,343	$	34,832
Finance lease right-of-use assets	Property, plant and equipment, net	30,852		38,365
Total right-of-use assets		$	62,195	$	73,197
Operating lease liabilities:
Current operating lease liabilities	Current portion of operating lease liabilities	$	10,870	$	10,992
Noncurrent operating lease liabilities	Operating lease liabilities, less current portion	29,068		33,727
Total operating lease liabilities		$	39,938	$	44,719
Finance lease liabilities:
Current finance lease liabilities	Accounts payable and accrued expenses	$	6,704	$	6,841
Noncurrent finance lease liabilities	Other liabilities	15,160		18,374
Total finance lease liabilities		$	21,864	$	25,215

The following table presents information about lease costs and expenses and sublease income for the three and six months ended June 30, 2022 and 2021 (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
	Statement of Operations Line Items	2022		2021		2022		2021
Operating lease cost	Various (1)	$	2,311	$	3,521	$	5,037	$	7,257
Finance lease cost:
Amortization of right-of-use assets	Various (1)	$	2,120	$	2,311	$	4,431	$	4,622
Interest on lease liabilities	Interest expense, net	$	353	$	338	$	606	$	705
Other lease costs and income:
Variable lease costs (2)	Various (1)	$	2,188	$	3,042	$	4,695	$	6,064
Finance lease right-of-use asset impairment charges	Asset impairment charges	$	3,063	$	—	$	3,063	$	—

Sublease income	Various (1)	$	(1,410)	$	(947)	$	(3,250)	$	(1,880)

__________


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenues	$	1,523	$	2,986	$	3,129	$	6,044
Selling, general and administrative	$	3,632	$	4,887	$	7,676	$	9,911
Research and development	$	54	$	54	$	108	$	108

The following table provides certain cash flow and supplemental noncash information related to our lease liabilities for the six months ended June 30, 2022 and 2021 (in thousands):


	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$	6,344	$	6,453
Operating cash payments for finance leases	$	1,063	$	1,297
Financing cash payments for finance leases	$	2,970	$	2,669

GOODWILL AND OTHER INTANGIBLES

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

NOTE 9. GOODWILL AND OTHER INTANGIBLES

Goodwill

Changes in the carrying amounts of our goodwill for the six months ended June 30, 2022 were as follows (in thousands):


	Branded Pharmaceuticals		Sterile Injectables		Generic Pharmaceuticals		International Pharmaceuticals		Total





Goodwill as of December 31, 2021	$	828,818	$	2,368,193	$	—	$	—	$	3,197,011

Goodwill impairment charges	—		(1,748,000)		—		—		(1,748,000)

Goodwill as of June 30, 2022	$	828,818	$	620,193	$	—	$	—	$	1,449,011

The carrying amounts of goodwill at June 30, 2022 and December 31, 2021 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, 2021	$	855,810	$	363,000	$	3,142,657	$	550,355	$	4,911,822
Accumulated impairment losses as of June 30, 2022	$	855,810	$	2,111,000	$	3,142,657	$	540,339	$	6,649,806

Other Intangible Assets

Changes in the amounts of other intangible assets for the six months ended June 30, 2022 are set forth in the table below (in thousands).


Cost basis:	Balance as of December 31, 2021		Acquisitions		Impairments		Effect of Currency Translation		Balance as of June 30, 2022




Licenses (weighted average life of 14 years)	$	442,107	$	—	$	—	$	—	$	442,107
Tradenames	6,409		—		—		—		6,409
Developed technology (weighted average life of 12 years)	6,226,139		—		(49,953)		(4,700)		6,171,486

Total other intangibles (weighted average life of 12 years years)	$	6,674,655	$	—	$	(49,953)	$	(4,700)	$	6,620,002

Accumulated amortization:	Balance as of December 31, 2021		Amortization		Impairments		Effect of Currency Translation		Balance as of June 30, 2022

Licenses	$	(419,932)	$	(2,288)	$	—	$	—	$	(422,220)
Tradenames	(6,409)		—		—		—		(6,409)
Developed technology	(3,885,491)		(175,514)		—		3,587		(4,057,418)
Total other intangibles	$	(4,311,832)	$	(177,802)	$	—	$	3,587	$	(4,486,047)
Net other intangibles	$	2,362,823							$	2,133,955

Amortization expense for the three and six months ended June 30, 2022 totaled $87.6 million and $177.8 million, respectively. Amortization expense for the three and six months ended June 30, 2021 totaled $94.1 million and $189.2 million, respectively. Amortization expense is included in Cost of revenues in the Condensed Consolidated Statements of Operations.

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 are determined 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 Condensed Consolidated Statements of Operations.

Beginning in May 2022, our share price and the aggregate estimated fair value of our debt experienced significant declines. We believe these declines, which persisted through the end of the second quarter of 2022, were predominantly attributable to continuing and increasing investor and analyst uncertainty with respect to: (i) ongoing opioid and other litigation matters for which we have been unable to reach a broad-based resolution of outstanding claims and (ii) speculation surrounding the possibility of a future bankruptcy filing. Further, rising inflation and interest rates unfavorably affected the cost of borrowing, which is one of several inputs used in the determination of the discount rates used in our discounted cash flow models. For example, the U.S. Federal Reserve raised its benchmark interest rate by 50 basis points in May 2022 and by an additional 75 basis points in June 2022. Taken together, we determined that these factors represented triggering events that required the performance of interim goodwill impairments tests for both our Sterile Injectables and Branded Pharmaceuticals reporting units as of June 30, 2022.

When performing these goodwill impairment tests, we estimated the fair values of our reporting units taking into consideration management’s continued commitment to Endo’s strategic plans and the corresponding projected cash flows, as well as the fact that management’s views on litigation risk have not materially changed since our annual goodwill impairment tests performed on October 1, 2021. However, when analyzing our aggregated estimated internal valuation of our reporting units as of June 30, 2022 compared to our market capitalization, we also considered the increased level of investor and analyst uncertainty described above, coupled with our belief that investors and analysts are unlikely to modify their projections or valuation models unless or until we can demonstrate significant progression on the resolution of outstanding litigation matters and/or demonstrate that the risks of potential future strategic alternatives, including the possibility of a future bankruptcy filing, are no longer applicable. After performing this analysis, we made certain adjustments to incorporate these factors into the valuations of our reporting units and determined that: (i) the estimated fair value of our Sterile Injectables reporting unit was less than its carrying amount, resulting in a pre-tax non-cash goodwill impairment charge of $1,748.0 million, and (ii) while the estimated fair value declined, there was no goodwill impairment for our Branded Pharmaceuticals reporting unit, for which the estimated fair value exceeded the carrying amount by more than 10%. The discount rates used in the June 30, 2022 goodwill tests were 13.5% and 18.5% for the Branded Pharmaceuticals and Sterile Injectables reporting units, respectively.

With respect to other intangible assets, we recorded asset impairment charges of $30.0 million and $50.0 million during the three and six months ended June 30, 2022, respectively, and $4.9 million and $7.8 million during the three and six months ended June 30, 2021, respectively. These pre-tax non-cash asset impairment charges related primarily to certain developed technology intangible assets that were tested for impairment following changes in market conditions and certain other factors impacting recoverability.

LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS	6 Months Ended
LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS	NOTE 10. LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS We have entered into certain license, collaboration and discovery agreements with third parties for product development. Generally speaking, these agreements require us to share in the development costs of such product candidates with third parties who in turn grant us marketing rights for such product candidates. Under these agreements we are generally required to: (i) make upfront payments and/or other payments upon successful completion of regulatory, sales and/or other milestones and/or (ii) pay royalties on sales of the products arising from these agreements. We have also, from time to time, entered into agreements to directly acquire certain assets from third parties. Nevakar Agreement In May 2022, we announced that our Endo Ventures Limited subsidiary had entered into an agreement to acquire six development-stage ready-to-use injectable product candidates from Nevakar Injectables, Inc., a subsidiary of Nevakar, Inc., for an upfront cash payment of $35.0 million (the Nevakar Agreement). The acquisition closed during the second quarter of 2022. The acquired set of assets and activities did not meet the definition of a business. As a result, we accounted for the transaction as an asset acquisition. Upon closing, the upfront payment was recorded as Acquired in-process research and development in the Condensed Consolidated Statements of Operations. The product candidates, which relate to our Sterile Injectables segment, are in various stages of development. The first commercial launch is expected in 2025; however, there can be no assurance this will occur within this timeframe or at all. With this acquisition, the Company will control all remaining development, regulatory, manufacturing and commercialization activities for the acquired product candidates. TLC Agreement In June 2022, we announced that our Endo Ventures Limited subsidiary had entered into an agreement with Taiwan Liposome Company, Ltd. (TLC) to commercialize TLC599 (the TLC Agreement). We are accounting for the agreement as an asset acquisition. TLC599 is an injectable compound in Phase 3 development for the treatment of osteoarthritis knee pain. The TLC Agreement provides us the opportunity to commercialize this differentiated nonsurgical product candidate to complement our Branded Pharmaceuticals segment’s current on-market and in-development orthopedic-focused opportunities. We currently expect to launch TLC599 in the U.S. in 2025; however, there can be no assurance this will occur within this timeframe or at all. Under the terms of the TLC Agreement, TLC will primarily be responsible for the development of the product and we will primarily be responsible for obtaining regulatory approval and for commercialization of the product in the U.S. Upon receipt of regulatory approval, we will have exclusive rights to manufacture, market, sell and distribute the product in the U.S. During the second quarter of 2022, we made an upfront payment of $30.0 million to TLC and recorded a corresponding charge to Acquired in-process research and development in the Condensed Consolidated Statements of Operations. TLC is also eligible to receive: (i) payments of up to an additional $110.0 million based on the achievement of certain development, regulatory and manufacturing milestones related to the initial indication for the treatment of osteoarthritis knee pain; (ii) payments of up to an additional $30.0 million based on the achievement of certain development and regulatory milestones related to certain potential future indications; (iii) payments of up to an additional $500.0 million based on the achievement of certain commercial milestones; and (iv) tiered royalties based on net sales of TLC599 in the U.S. Unless terminated earlier or extended, the term of the TLC Agreement generally extends until the 20-year anniversary of the first commercial sale of TLC599. Pursuant to the terms of the TLC Agreement, we have deposited approximately $85.0 million of cash into a bank account which may be used to fund certain future obligations under the TLC Agreement, or returned to us upon satisfaction of certain conditions. As further described in Note 6. Fair Value Measurements, this amount is considered restricted cash as of June 30, 2022 and is included in our Condensed Consolidated Balance Sheets at June 30, 2022 as Other assets.

CONTRACT ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2022

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

CONTRACT ASSETS AND LIABILITIES

NOTE 11. 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 June 30, 2022, 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):


	June 30, 2022		December 31, 2021		$ Change		% Change
Contract assets (1)	$	3,826	$	13,005	$	(9,179)	(71)	%
Contract liabilities (2)	$	4,381	$	4,663	$	(282)	(6)	%

__________

(1)At June 30, 2022 and December 31, 2021, approximately $2.2 million and $2.8 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 Condensed Consolidated Balance Sheets. The remaining amounts are classified as noncurrent and are included in Other assets. The decrease in contract assets during the six months ended June 30, 2022 primarily relates to: (i) reclassifications of certain amounts to receivables as a result of rights to consideration becoming unconditional and (ii) changes in estimates with respect to amounts of consideration expected to be received from sales of certain intellectual property rights.

(2)At June 30, 2022 and December 31, 2021, approximately $0.6 million and $0.6 million, respectively, of these contract liability amounts are classified as current and are included in Accounts payable and accrued expenses in the Company’s Condensed Consolidated Balance Sheets. The remaining amounts are classified as noncurrent and are included in Other liabilities. During the six months ended June 30, 2022, approximately $0.3 million of revenue was recognized that was included in the contract liability balance at December 31, 2021.

During the six months ended June 30, 2022, we recognized revenue of $1.9 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.

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+ Details

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 12. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses include the following at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Trade accounts payable	$	90,643	$	123,129
Returns and allowances	175,083		183,116
Rebates	134,679		150,039
Chargebacks	1,543		2,617
Other sales deductions	3,759		2,500
Accrued interest	139,616		106,735
Accrued payroll and related benefits	70,601		90,029
Accrued royalties and other distribution partner payables	33,690		58,422
Acquisition-related contingent consideration—current	5,140		5,748
Other	95,119		114,563
Total	$	749,873	$	836,898

DEBT

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

DEBT

NOTE 13. DEBT

The following table presents information about the Company’s total indebtedness at June 30, 2022 and December 31, 2021 (dollars in thousands):


	June 30, 2022						December 31, 2021
	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
5.75% Senior Notes due 2022			—		—		5.75	%	172,048		172,048
5.375% Senior Notes due 2023	5.62	%	6,127		6,119		5.62	%	6,127		6,111
6.00% Senior Notes due 2023	6.28	%	56,436		56,276		6.28	%	56,436		56,203
5.875% Senior Secured Notes due 2024	6.14	%	300,000		298,273		6.14	%	300,000		297,928
6.00% Senior Notes due 2025	6.27	%	21,578		21,437		6.27	%	21,578		21,413
7.50% Senior Secured Notes due 2027	7.70	%	2,015,479		1,999,173		7.70	%	2,015,479		1,997,777
9.50% Senior Secured Second Lien Notes due 2027	9.68	%	940,590		933,833		9.68	%	940,590		933,330
6.00% Senior Notes due 2028	6.11	%	1,260,416		1,253,160		6.11	%	1,260,416		1,252,667
6.125% Senior Secured Notes due 2029	6.34	%	1,295,000		1,279,620		6.34	%	1,295,000		1,278,718
Term Loan Facility	6.43	%	1,975,000		1,940,206		6.12	%	1,985,000		1,947,633
Revolving Credit Facility	3.56	%	277,200		277,200		2.63	%	277,200		277,200

Total (1)			$	8,147,826	$	8,065,297			$	8,338,168	$	8,249,322

__________

(1)As of June 30, 2022, $26.1 million of the carrying amount of the Company’s long-term debt is classified as a current liability and is included in the Current portion of long-term debt line in the Condensed Consolidated Balance Sheets. As of December 31, 2021, $200.3 million of the carrying amount of the Company’s long-term debt is classified as a current liability and is included in the Current portion of long-term debt line in the Condensed Consolidated Balance Sheets. Any long-term debt not classified as a current liability is included in the Long-term debt, less current portion, net line in the Condensed Consolidated Balance Sheets.

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 June 30, 2022. 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 (as defined below) 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 $4.9 billion and $8.0 billion at June 30, 2022 and December 31, 2021, 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, 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 June 30, 2022 under the Credit Facilities are set forth in the table above. As of June 30, 2022, $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 $640.1 million of remaining credit is available under the Revolving Credit Facility as of June 30, 2022. 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.

Covenants and Events of Default

As further described below and in the Annual Report, the agreements relating to our outstanding indebtedness contain certain covenants and events of default. The events of default are subject to certain grace periods, may require the administrative agent, trustee, lenders and/or holders, as applicable, to take certain action to accelerate our indebtedness and may be waived or amended in a number of circumstances.

As of June 30, 2022 and December 31, 2021, we were in compliance with all covenants contained in the Credit Agreement and the indentures governing our various senior notes and senior secured notes.

Beginning during the second quarter of 2022, we elected to not make the following interest payments on or prior to their scheduled due dates: (i) approximately $38 million that was due on June 30, 2022 with respect to our outstanding 6.00% Senior Notes due 2028; (ii) approximately $2 million that was due on July 15, 2022 with respect to our outstanding 5.375% Senior Notes due 2023 and 6.00% Senior Notes due 2023; (iii) approximately $45 million that was due on July 31, 2022 with respect to our outstanding 9.50% Senior Secured Second Lien Notes due 2027; and (iv) approximately $1 million that was due on August 1, 2022 with respect to our outstanding 6.00% Senior Notes due 2025. Under each of the indentures governing these notes, we have a 30-day grace period from the respective due dates to make these interest payments before such non-payments constitute events of default with respect to such notes. We chose to enter these grace periods while continuing discussions with certain creditors in connection with our evaluation of strategic alternatives. Our decision to enter these grace periods was not driven by liquidity constraints, as we had approximately $1.19 billion in cash as of June 30, 2022. Accordingly, our day-to-day operations are not impacted by the decision at this time. We made the $38 million interest payment that became due on June 30, 2022 with respect to our outstanding 6.00% Senior Notes due 2028 on July 28, 2022, which was prior to the end of the applicable grace period.

Additionally, as further described in Note 1. Basis of Presentation, we believe there is substantial doubt about our ability to continue as a going concern. Pursuant to the terms of the Credit Agreement, in the event we issue audited financial statements in the future that contain an audit opinion with going concern or similar qualifications or exceptions, it could result in, among other things, an event of default with respect to our Credit Facilities.

If one or more events of default were to occur under any of the agreements relating to our outstanding indebtedness, including without limitation as a result of us not making interest payments by the end of any applicable grace periods and/or us issuing audited financial statements containing an audit opinion with going concern or similar qualifications or exceptions, the holders of the defaulted debt could cause all amounts outstanding with respect to that debt to become due and payable immediately, terminate all commitments to extend further credit, foreclose against assets comprising the collateral securing or otherwise supporting the debt and pursue other legal remedies. Additionally, the instruments governing our debt contain cross-default or cross-acceleration provisions that may cause all of the debt issued under such instruments to become immediately due and payable as a result of a default under an unrelated debt instrument. Our assets and cash flows may be insufficient to fully repay borrowings under our outstanding debt instruments if the obligations thereunder were accelerated upon one or more events of default. We may need to conduct asset sales or pursue other alternatives, including proceedings under applicable insolvency laws relating to some or all of our business.

Debt Financing Transactions

Set forth below are certain disclosures relating to debt financing transactions that occurred during the six months ended June 30, 2022 or the year ended December 31, 2021. For additional disclosures relating to debt financing transactions that occurred during the year ended December 31, 2021, refer to Note 15. Debt in the Consolidated Financial Statements included in Part IV, Item 15 of the Annual Report.

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 $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 is included in the Loss on extinguishment of debt line item in the Condensed 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 is included in the Loss on extinguishment of debt line item in the Condensed 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 is included in the Selling, general and administrative expense line item in the Condensed 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 and January 2022 Senior Notes Repayments

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.

- 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.

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+ Details

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 14. COMMITMENTS AND CONTINGENCIES

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 may ultimately result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. 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 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. We have been working with our external advisors to explore a range of options and have been engaging in dialogue with certain financial creditors and litigation claimants, together with their advisors. We remain in constructive negotiations with an ad hoc group of first lien creditors, among other parties, and, in light of the progress to date, we currently expect that these negotiations will likely result in a pre-arranged filing under Chapter 11 of the U.S. Bankruptcy Code by Endo International plc and substantially all of its subsidiaries, which could occur imminently. There can be no assurance of such an outcome. Any of the circumstances above 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 counterparties; 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 June 30, 2022, our accrual for loss contingencies totaled $395.8 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 and (ii) various opioid-related matters as further described herein. 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. As of June 30, 2022, $390.8 million of our accrual for loss contingencies is classified in the Current portion of legal settlement accrual in the Condensed Consolidated Balance Sheets, with the remainder classified as Long-term legal settlement accrual, less current portion. The timing of the resolution of certain of these matters remains uncertain.

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 pelvic organ prolapse (POP) and stress urinary incontinence (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 June 30, 2022. 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 mesh-related QSFs and liability accrual balances during the six months ended June 30, 2022 (in thousands):


	Mesh Qualified Settlement Funds		Mesh Liability Accrual
Balance as of December 31, 2021	$	78,402	$	258,137

Cash received for reversionary interests, net of cash contributions to Qualified Settlement Funds	(367)		—
Cash distributions to settle disputes from Qualified Settlement Funds	(10,610)		(10,610)
Other cash distributions to settle disputes	—		(5,629)
Other (1)	30		(941)
Balance as of June 30, 2022	$	67,455	$	240,957

__________

(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 Condensed Consolidated Statements of Operations.

As of June 30, 2022, the Company has made total cumulative mesh liability payments of approximately $3.6 billion, $67.5 million of which remains in the QSFs as of June 30, 2022. 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 September 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 Endo Health Solutions Inc. (EHSI), Endo Pharmaceuticals Inc. (EPI), Par Pharmaceutical, Inc. (PPI), Par Pharmaceutical Companies, Inc. (PPCI), Endo Generics Holdings, Inc. (EGHI), Vintage Pharmaceuticals, LLC, Generics Bidco I, LLC, DAVA Pharmaceuticals, LLC, Par Sterile Products, 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 August 1, 2022, pending cases in the U.S. of which we were aware include, but are not limited to, approximately 15 cases filed by or on behalf of states; approximately 2,570 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 220 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 seek 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; however, in April 2022, the Judicial Panel on Multidistrict Litigation issued an order suggesting that, based on the progress of the MDL, it would no longer transfer new cases filed in or removed to federal court to the MDL. 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. Certain cases have been stayed pending settlement discussions; excluding such cases the next trial is currently set to begin in early 2023. 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. DFS 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 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 petition, which the court granted in June 2022. The Company’s subsidiaries, among others, appealed that ruling in July 2022.

In February 2022, the court in Dunaway, et al. v. Purdue Pharma, L.P., et al. (now known as Bedford County, et al. v. AmerisourceBergen Drug Corp., 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 sanctions order also severed EPI and EHSI from the remaining defendants and set a damages trial to begin in April 2023. In a separate order, the Dunaway court 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. In March 2022, EPI and EHSI appealed both orders. In April 2022, the Tennessee Court of Appeals, ruling on the appeal of the disqualification order, reversed the trial court’s order denying disqualification, vacated the sanctions order and remanded the case for reassignment to a different judge. It also denied the separate appeal of the sanctions order as moot.

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 include but are not limited to 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®. The settlement amount was paid during the third quarter of 2019 and there is no remaining liability accrual for this matter as of June 30, 2022.

•In January 2020, EPI and PPI executed a settlement agreement with the state of Oklahoma providing for a payment of $8.75 million. The settlement amount was paid during the first quarter of 2020 and there is no remaining liability accrual for this matter as of June 30, 2022.

•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. The settlement amount was paid during the third quarter of 2021 and there is no remaining liability accrual for this matter as of June 30, 2022.

•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. The settlement amount was paid during the third quarter of 2021 and there is no remaining liability accrual for this matter as of June 30, 2022.

•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, subject to certain participation thresholds. The settlement amount has not yet been paid; the parties dispute whether the required participation thresholds have been satisfied. In July 2022, the Alabama Attorney General filed a motion to compel payment in the Circuit Court for Montgomery County, Alabama, which the court granted before EPI and EHSI filed a response. EPI and EHSI have filed a motion to reconsider and stay enforcement of the court’s order, which remains pending, as does a motion by the Alabama Attorney General to convert the court’s order into a final judgment. The full settlement amount is included in our liability accrual as of June 30, 2022.

•In December 2021, Endo International plc, 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, subject to certain participation thresholds. The settlement amount was deposited into a QSF during the first quarter of 2022 and, as of June 30, 2022, there is no remaining liability accrual for this matter.

•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, subject to certain participation thresholds. The settlement amount was deposited into a QSF during the second quarter of 2022 and, as of June 30, 2022, the remaining liability accrual for this matter was not material.

•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, subject to certain participation thresholds. The settlement amount has not yet been paid; certain conditions for payment remain outstanding. The full settlement amount is included in our liability accrual as of June 30, 2022

•In March 2022, EPI, EHSI and PPI executed a settlement agreement with the West Virginia Attorney General’s office intended to resolve opioid-related cases and claims of the state and other West Virginia governmental persons and entities in exchange for a total payment of $26 million, subject to certain participation thresholds. The settlement amount has not yet been paid; certain conditions for payment remain outstanding. The full settlement amount is included in our liability accrual as of June 30, 2022.

•In June 2022, EPI and EHSI executed a settlement agreement with the Arkansas Attorney General’s office and certain Arkansas local governments intended to resolve opioid-related cases and claims of the state and other Arkansas governmental persons and entities in exchange for a total payment of $9.75 million, subject to certain participation thresholds. With the exception of certain amounts held back pursuant to the MDL common benefit fund order discussed below, the settlement amount was paid during the third quarter of 2022. The full settlement amount is included in our liability accrual as of June 30, 2022.

•In July 2022, EPI and EHSI executed a settlement agreement with the Mississippi Attorney General’s office intended to resolve opioid-related cases and claims of the state and other Mississippi governmental persons and entities in exchange for a total payment of $9 million, subject to certain participation thresholds. The settlement amount is not yet due and has not been paid. The full settlement amount is included in our liability accrual as of June 30, 2022.

•In July 2022, EPI, EHSI, PPI and PPCI executed a settlement agreement with the City and County of San Francisco providing for an initial payment of $5 million and subsequent payments of $500,000 a year over ten years. The settlement amount is not yet due and has not been paid. The full settlement amount is included in our liability accrual as of June 30, 2022.

While the specific terms of the agreements vary, 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. Certain agreements 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.

Some settlement agreements may be subject to a May 2022 order of the MDL court generally requiring that a percentage of certain settlement amounts be held back from payment to plaintiffs and paid into an MDL common-benefit fund. Certain plaintiffs have filed motions with the MDL court or taken other procedural steps to vacate aspects of the order, seek clarification that the order does not apply to their settlements and/or request relief from the order. Such plaintiffs do not seek an increase of any settlement amount but rather in certain instances dispute that a portion of the total amount should be held back for the MDL common-benefit fund and argue that this portion should instead be paid to the settling plaintiffs.

In some states, certain governmental entities have declined to participate in the settlements and/or actively taken steps to try to challenge the release of their claims. For example:

•The plaintiffs in Mobile County Board of Health, et al. v. Richard Sackler, et al., a case pending in the Circuit Court of Mobile County, Alabama, initially refused to dismiss their claims against our subsidiaries. In April 2022, EPI and EHSI filed a motion in State of Alabama v. Endo Health Solutions Inc., et al., filed in the Circuit Court of Montgomery County, Alabama, seeking an order enjoining the Mobile County Board of Health plaintiffs from continuing their case and directing their compliance with the Alabama settlement. The court granted this motion and the Mobile County Board of Health plaintiffs dismissed their claims in June 2022.

•In March 2022, two public hospitals in Florida filed an emergency motion to intervene in State of Florida v. Walgreen Co. to stay court approval of our subsidiaries’ settlement in Florida. In April 2022, the court denied the motion to intervene and entered a final consent judgment dismissing the state’s claims against EPI and EHSI with prejudice. Meanwhile, the Florida Attorney General commenced a separate declaratory judgment action against those same public hospitals, as well as additional public hospitals and a school board, in a different Florida state court, seeking a judicial declaration that their claims were released by the Florida Attorney General’s settlements with EPI, EHSI and other companies. The declaratory judgment action remains pending.

It is reasonably possible that other governmental persons or entities in states where we have reached settlements will bring similar challenges or otherwise continue to bring and/or litigate claims against us and our subsidiaries notwithstanding the settlements. 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.

Certain settlement agreements provide for the creation of QSFs into which settlement funds have been or 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 have been and may continue to be considered restricted cash and/or restricted cash equivalents for a period of time subsequent to the initial funding. Distribution of funds from the QSFs is conditioned upon certain criteria that vary by agreement.

We recorded total charges for opioid-related matters of $10.0 million during the six months ended June 30, 2022 and as of June 30, 2022 our corresponding accrual totaled $141.4 million. In addition to the developments described above, our accrual for opioid-related matters as of June 30, 2022 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 but not limited to 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 a 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 but not limited to California, Illinois and Pennsylvania. Neither PPI nor its subsidiaries have 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.

In July 2022, claimants who alleged certain types of injuries were “exited” from the MDL census registry. Some of these claimants subsequently filed lawsuits in various courts.

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, DAVA International, 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; three cases commenced by writ of summons in Pennsylvania state court are in deferred status. 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; 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 June 2022, the MDL court dismissed certain state attorney general claims for disgorgement.

In December 2014, our subsidiary PPI received from the Antitrust Division of the U.S. Department of Justice (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 were 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 asserted claims under Sections 1 and 2 of the Sherman Act, state antitrust and consumer protection statutes and/or state common law. Plaintiffs generally sought damages, treble damages, disgorgement of profits, restitution, injunctive relief and attorneys’ fees. In June 2021, the court certified a direct purchaser class and an end-payer class; 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 on all plaintiffs’ claims began in June 2022. In July 2022, the jury returned a verdict in favor of defendants. Later that month, plaintiffs filed a motion for judgment as a matter of law or for a new trial, which remains pending.

Beginning in February 2009, the U.S. Federal Trade Commission (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; the court granted the motion in August 2019. In March 2022, the putative class plaintiffs filed motions for class certification. In May 2022, defendants filed motions for summary judgment. The court has ordered that the cases be trial-ready by January 2023.

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. In July 2022, the court dismissed certain claims asserted under state law but otherwise denied defendants’ motions to dismiss.

Beginning in June 2020, multiple complaints were filed against Jazz Pharmaceuticals and other pharmaceutical companies, including PPI, alleging violations of state and/or 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 generally 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; a case filed by Aetna Inc. in May 2022 is pending in California state court. 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 MDL complaints that had been filed as of that time. In August 2021, the MDL court issued an order dismissing certain aspects of the plaintiffs’ claims but otherwise denying the motions to dismiss. Discovery is ongoing. In July 2022, PPI, among others, filed a motion to quash the Aetna action for lack of personal jurisdiction; the defendants also filed a demurrer, motion to strike and motion to stay Aetna’s action.

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. Trial is currently scheduled to begin in February 2023.

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). In particular, 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 asserted claims under Section 1 and Section 2 of the Sherman Act and sought 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. In February 2022, the defendants filed a motion to dismiss the amended complaint, which the court granted in part and denied in part in March 2022. The case is currently in discovery.

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) constituted unfair competition in violation of Section 5(a) of the FTC Act. The complaint generally sought injunctive and equitable monetary relief. In April 2021, the defendants filed motions to dismiss, which the court granted in March 2022. The FTC filed a notice of appeal in May 2022.

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 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. In November 2020, the plaintiffs filed an amended complaint that among other things added Matthew J. Maletta as a defendant. 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.

To the extent unresolved, we will continue to vigorously defend the foregoing matter and to explore other options as appropriate in our best interests. Similar matters may be brought by others or the foregoing matter may be expanded. We are unable to predict the outcome of this matter 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.

Other Government Investigations

In March 2022, EPI received a CID from the Texas Attorney General’s office seeking documents and information related to hormone blocker products. This followed the Texas Attorney General’s December 2021 announcement of an investigation into whether EPI and AbbVie Inc. had advertised or promoted such products, including SUPPRELIN® LA and VANTAS®, for unapproved uses. We are cooperating with the investigation.

Similar investigations may be brought by others or the foregoing matter may be expanded or result in litigation. We are unable to predict the outcome of this matter 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.

VASOSTRICT® Related Matters

Beginning in April 2018, PSP LLC and PPI received notice letters from Eagle Pharmaceuticals, Inc. (Eagle) and other companies advising of the filing by such companies of Abbreviated New Drug Applications (ANDAs)/New Drug Applications (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 (EPIC) filed lawsuits against Eagle and other generic filers 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 U.S. Food and Drug Administration (FDA) approval pursuant to the Hatch-Waxman statutory framework. We reached settlements and voluntarily dismissed the suits against many of these filers. The remaining Delaware cases against Eagle and Amneal Pharmaceuticals LLC were 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. The court made no finding regarding the validity of the patents. We appealed the ruling. The appellate argument was held in July 2022 before the Federal Circuit.

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. All of these cases have since been dismissed.

During the first quarter of 2022, multiple competitive generic alternatives to VASOSTRICT® 20 units/ml were launched, beginning with Eagle’s generic that was launched at risk and began shipping toward the end of January 2022. Since then, additional competitive alternatives have entered the market, including authorized generics. These launches began to significantly impact both Endo’s market share and product price toward the middle of the first quarter of 2022, and the effects of competition have since increased and are likely to continue 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.

In March 2022, PSP LLC, PPI and EPIC received a notice letter from Cipla Limited (Cipla) advising of its filing of an ANDA for generic versions of VASOSTRICT® (vasopressin injection) for IV use 40 units/100 ml and 60 units/100 ml. In May 2022, PSP LLC and PPI filed a complaint against Cipla in the District Court of New Jersey within the 45-day statutory period to invoke a 30-month stay of FDA approval pursuant to the Hatch-Waxman statutory framework. The 30-month stay expires in September 2024.

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 (LOSS) INCOME	6 Months Ended
OTHER COMPREHENSIVE (LOSS) INCOME	Jun. 30, 2022
Equity [Abstract]
OTHER COMPREHENSIVE (LOSS) INCOME	NOTE 15. OTHER COMPREHENSIVE (LOSS) INCOME During the three and six months ended June 30, 2022 and 2021, there were no tax effects allocated to any component of Other comprehensive (loss) income and there were no reclassifications out of Accumulated other comprehensive loss. Substantially all of the Company’s Accumulated other comprehensive loss balances at June 30, 2022 and December 31, 2021 consist of Foreign currency translation loss.

SHAREHOLDERS' DEFICIT

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

SHAREHOLDERS' DEFICIT

NOTE 16. SHAREHOLDERS’ DEFICIT

The following table presents a reconciliation of the beginning and ending balances in Total shareholders’ deficit for the three and six months ended June 30, 2022 (in thousands):


	Euro Deferred Shares		Ordinary Shares		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Shareholders’ Deficit


BALANCE, DECEMBER 31, 2021	$	45	$	23	$	8,953,906	$	(9,981,515)	$	(216,445)	$	(1,243,986)
Net loss	—		—		—		(71,974)		—		(71,974)
Other comprehensive income	—		—		—		—		1,895		1,895
Compensation related to share-based awards	—		—		4,929		—		—		4,929

Tax withholding for restricted shares	—		—		(1,863)		—		—		(1,863)
Other	(1)		1		1		—		—		1
BALANCE, MARCH 31, 2022	$	44	$	24	$	8,956,973	$	(10,053,489)	$	(214,550)	$	(1,310,998)
Net loss	—		—		—		(1,885,427)		—		(1,885,427)
Other comprehensive loss	—		—		—		—		(4,334)		(4,334)
Compensation related to share-based awards	—		—		2,721		—		—		2,721

Tax withholding for restricted shares	—		—		(31)		—		—		(31)
Other	(2)		—		(1)		—		—		(3)
BALANCE, JUNE 30, 2022	$	42	$	24	$	8,959,662	$	(11,938,916)	$	(218,884)	$	(3,198,072)

The following table presents a reconciliation of the beginning and ending balances in Total shareholders’ deficit for the three and six months ended June 30, 2021 (in thousands):


	Euro Deferred Shares		Ordinary Shares		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Shareholders’ Deficit


BALANCE, DECEMBER 31, 2020	$	49	$	23	$	8,938,012	$	(9,368,270)	$	(217,753)	$	(647,939)
Net income	—		—		—		41,524		—		41,524
Other comprehensive income	—		—		—		—		1,692		1,692
Compensation related to share-based awards	—		—		9,993		—		—		9,993
Exercise of options	—		—		622		—		—		622
Tax withholding for restricted shares	—		—		(4,863)		—		—		(4,863)
Other	(2)		—		—		—		—		(2)
BALANCE, MARCH 31, 2021	$	47	$	23	$	8,943,764	$	(9,326,746)	$	(216,061)	$	(598,973)
Net loss	—		—		—		(15,500)		—		(15,500)
Other comprehensive income	—		—		—		—		2,238		2,238
Compensation related to share-based awards	—		—		4,444		—		—		4,444

Tax withholding for restricted shares	—		—		(9,251)		—		—		(9,251)

BALANCE, JUNE 30, 2021	$	47	$	23	$	8,938,957	$	(9,342,246)	$	(213,823)	$	(617,042)

Share-Based Compensation

The Company recognized share-based compensation expense of $2.7 million and $7.7 million during the three and six months ended June 30, 2022, respectively, and $4.4 million and $14.4 million during the three and six months ended June 30, 2021, respectively. As of June 30, 2022, the total remaining unrecognized compensation cost related to non-vested share-based compensation awards amounted to $15.2 million.

As of June 30, 2022, the weighted average remaining requisite service period for non-vested restricted stock units and performance share units was 1.4 years.

- 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.

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+ Details

OTHER (INCOME) EXPENSE, NET

6 Months Ended

Jun. 30, 2022

Component of Operating Income [Abstract]

OTHER (INCOME) EXPENSE, NET

NOTE 17. OTHER (INCOME) EXPENSE, NET

The components of Other (income) expense, net for the three and six months ended June 30, 2022 and 2021 are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net (gain) loss on sale of business and other assets (1)	$	(11,880)	$	(264)	$	(11,745)	$	91
Foreign currency (gain) loss, net (2)	(2,280)		876		(568)		2,261
Net loss from our investments in the equity of other companies (3)	140		159		226		310
Other miscellaneous, net	(5,418)		(399)		(6,062)		(1,378)
Other (income) expense, net	$	(19,438)	$	372	$	(18,149)	$	1,284

__________

(1)Amounts primarily relate to the sales of certain intellectual property rights and certain other assets.

(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

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 18. INCOME TAXES

The following table displays our (Loss) income from continuing operations before income tax, Income tax expense and Effective tax rate for the three and six months ended June 30, 2022 and 2021 (dollars in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
(Loss) income from continuing operations before income tax	$	(1,873,732)		$	916		$	(1,940,847)		$	48,699
Income tax expense	$	7,151		$	11,100		$	5,336		$	11,824
Effective tax rate	(0.4)		%	1,211.8		%	(0.3)		%	24.3		%

The change in Income tax expense for the three and six months ended June 30, 2022 compared to the prior year period primarily relates to the 2021 discrete tax expense related to Canadian uncertain tax positions and changes in the geographic mix of pre-tax earnings.

As discussed in Note 1. Basis of Presentation, in the second quarter of 2022, the Company concluded that there was substantial doubt about its ability to continue as a going concern within one year after the date of issuance of the Condensed Consolidated Financial Statements. The Company considered this in determining that certain net deferred tax assets were no longer more likely than not realizable. As a result, an immaterial increase in valuation allowance on the Company’s net deferred tax assets was recorded in various jurisdictions during the second quarter of 2022.

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 June 30, 2022. 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.

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.

- 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
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+ Details

NET (LOSS) INCOME PER SHARE

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

NET (LOSS) INCOME PER SHARE

NOTE 19. 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 three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
(Loss) income from continuing operations	$	(1,880,883)	$	(10,184)	$	(1,946,183)	$	36,875


Loss from discontinued operations, net of tax	(4,544)		(5,316)		(11,218)		(10,851)
Net (loss) income	$	(1,885,427)	$	(15,500)	$	(1,957,401)	$	26,024
Denominator:
For basic per share data—weighted average shares	235,117		233,331		234,498		231,941
Dilutive effect of ordinary share equivalents	—		—		—		5,102

For diluted per share data—weighted average shares	235,117		233,331		234,498		237,043

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 three and six months ended June 30, 2022 and 2021, 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):


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Stock options	5,397	6,591	5,701	5,163
Stock awards	5,493	9,541	6,523	3,496

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Going Concern	Going Concern As previously disclosed, 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 may ultimately result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. 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 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.
Use of Estimates	Use of Estimates The preparation of our Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts and disclosures in our Condensed 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 further discussed in Note 1. Basis of Presentation, 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 may ultimately result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. Any such action 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.
Significant Accounting Policies Added or Updated	Significant Accounting Policies Added or Updated since December 31, 2021 There have been no significant changes to our significant accounting policies since December 31, 2021. For additional discussion of the Company’s significant accounting policies, see Note 2. Summary of Significant Accounting Policies in the Consolidated Financial Statements included in Part IV, Item 15 of the Annual Report.

DISCONTINUED OPERATIONS AND HELD FOR SALE (Tables)

6 Months Ended

Jun. 30, 2022

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 three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

Loss from discontinued operations before income taxes	$	(4,544)	$	(5,873)	$	(11,218)	$	(12,094)
Income tax benefit	—		(557)		—		(1,243)
Discontinued operations, net of tax	$	(4,544)	$	(5,316)	$	(11,218)	$	(10,851)

- 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)

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of restructuring and related costs


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net restructuring (charge reversals) charges related to:
Accelerated depreciation	$	147	$	9,072	$	3,824	$	15,979

Inventory adjustments	261		745		1,027		5,794
Employee separation, continuity and other benefit-related costs	(655)		1,721		1,723		8,331
Certain other restructuring costs	108		936		682		1,794
Total	$	(139)	$	12,474	$	7,256	$	31,898


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net restructuring (charge reversals) charges included in:
Cost of revenues	$	391	$	5,048	$	3,650	$	20,344
Selling, general and administrative	(712)		6,686		444		10,228
Research and development	182		740		3,162		1,326


Total	$	(139)	$	12,474	$	7,256	$	31,898


	Three Months Ended June 30,		Six Months Ended June 30,
	2022			2022
Net restructuring charges (charge reversals) related to:


Inventory adjustments	$	905		$	2,462
Employee separation, continuity and other benefit-related costs	(233)			20,087
Certain other restructuring costs	—			7,555
Total	$	672		$	30,104


	Three Months Ended June 30,		Six Months Ended June 30,
	2022			2022
Net restructuring charges (charge reversals) included in:
Cost of revenues	$	1,169		$	13,284
Selling, general and administrative	(907)			12,719
Research and development	410			4,101


Total	$	672		$	30,104

Schedule of restructuring reserve by type of cost

Changes to the liability for the 2020 Restructuring Initiative during the six months ended June 30, 2022 were as follows (in thousands):


	Employee Separation, Continuity and Other Benefit-Related Costs		Certain Other Restructuring Costs		Total



Liability balance as of December 31, 2021	$	10,979	$	205	$	11,184
Net charges	1,723		683		2,406
Cash payments	(9,966)		(888)		(10,854)
Liability balance as of June 30, 2022	$	2,736	$	—	$	2,736

Changes to the liability for the 2022 Restructuring Initiative during the six months ended June 30, 2022 were as follows (in thousands):


	Employee Separation, Continuity and Other Benefit-Related Costs		Total



Liability balance as of December 31, 2021	$	—	$	—
Net charges	20,087		20,087
Cash payments	(8,950)		(8,950)
Liability balance as of June 30, 2022	$	11,137	$	11,137

SEGMENT RESULTS (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of reportable segments information

The following represents selected information for the Company’s reportable segments for the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net revenues from external customers:
Branded Pharmaceuticals	$	218,952	$	228,040	$	423,813	$	434,675
Sterile Injectables	123,171		294,600		363,199		603,345
Generic Pharmaceuticals	203,377		167,272		389,321		348,145
International Pharmaceuticals (1)	23,614		23,918		45,040		45,584
Total net revenues from external customers	$	569,114	$	713,830	$	1,221,373	$	1,431,749
Segment adjusted income from continuing operations before income tax:
Branded Pharmaceuticals	$	88,613	$	101,659	$	166,279	$	195,428
Sterile Injectables	68,397		226,983		259,651		469,622
Generic Pharmaceuticals	83,337		20,922		149,719		55,026
International Pharmaceuticals	8,472		10,102		12,853		17,573
Total segment adjusted income from continuing operations before income tax	$	248,819	$	359,666	$	588,502	$	737,649

__________

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total consolidated (loss) income from continuing operations before income tax	$	(1,873,732)	$	916	$	(1,940,847)	$	48,699
Interest expense, net	139,784		141,553		274,733		275,894
Corporate unallocated costs (1)	38,388		36,500		81,669		75,974
Amortization of intangible assets	87,568		94,070		177,802		189,200

Acquired in-process research and development charges	65,000		5,000		67,900		5,000
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives (2)	37,347		15,083		94,996		38,803
Certain litigation-related and other contingencies, net (3)	208		35,195		25,362		35,832
Certain legal costs (4)	(9,462)		24,843		23,270		44,119
Asset impairment charges (5)	1,781,063		4,929		1,801,016		8,238
Acquisition-related and integration items, net (6)	1,825		97		448		(4,925)
Loss on extinguishment of debt	—		—		—		13,753

Foreign currency impact related to the remeasurement of intercompany debt instruments	(2,092)		1,355		(894)		2,502
Other, net (7)	(17,078)		125		(16,953)		4,560
Total segment adjusted income from continuing operations before income tax	$	248,819	$	359,666	$	588,502	$	737,649

__________

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

(4)Amounts relate to opioid-related legal expenses. The amount during the second quarter of 2022 reflects the recovery of certain previously-incurred opioid-related legal expenses.

(5)Amounts primarily relate to charges to impair goodwill and intangible assets. For additional information, refer to Note 9. Goodwill and Other Intangibles.

(6)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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Branded Pharmaceuticals:
Specialty Products:
XIAFLEX®	$	120,878	$	111,487	$	220,362	$	206,757
SUPPRELIN® LA	24,739		27,568		53,569		55,596
Other Specialty (1)	18,246		28,036		38,990		48,068
Total Specialty Products	$	163,863	$	167,091	$	312,921	$	310,421
Established Products:
PERCOCET®	$	26,256	$	26,156	$	52,431	$	51,781
TESTOPEL®	10,021		9,439		18,901		20,628

Other Established (2)	18,812		25,354		39,560		51,845
Total Established Products	$	55,089	$	60,949	$	110,892	$	124,254
Total Branded Pharmaceuticals (3)	$	218,952	$	228,040	$	423,813	$	434,675
Sterile Injectables:
VASOSTRICT®	$	35,630	$	197,121	$	191,520	$	421,067
ADRENALIN®	26,774		29,977		60,597		59,414


Other Sterile Injectables (4)	60,767		67,502		111,082		122,864
Total Sterile Injectables (3)	$	123,171	$	294,600	$	363,199	$	603,345
Total Generic Pharmaceuticals (5)	$	203,377	$	167,272	$	389,321	$	348,145
Total International Pharmaceuticals (6)	$	23,614	$	23,918	$	45,040	$	45,584
Total revenues, net	$	569,114	$	713,830	$	1,221,373	$	1,431,749

__________

(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®.

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

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of cash and cash equivalents

The following table presents current and noncurrent restricted cash and cash equivalent balances at June 30, 2022 and December 31, 2021 (in thousands):


	Balance Sheet Line Items	June 30, 2022		December 31, 2021
Restricted cash and cash equivalents—current (1)	Restricted cash and cash equivalents	$	113,493	$	124,114
Restricted cash and cash equivalents—noncurrent (2)	Other assets	85,000		—
Total restricted cash and cash equivalents		$	198,493	$	124,114

__________

(2)The amount at June 30, 2022 relates to the TLC Agreement (as defined below). See Note 10. License, Collaboration and Asset Acquisition Agreements for further information about this amount.

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 June 30, 2022 and December 31, 2021 were as follows (in thousands):


	Fair Value Measurements at June 30, 2022 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds	$	13,513	$	—	$	—	$	13,513
Liabilities:
Acquisition-related contingent consideration—current	$	—	$	—	$	5,140	$	5,140
Acquisition-related contingent consideration—noncurrent	$	—	$	—	$	13,102	$	13,102


	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

Schedule of changes to liability for acquisition-related contingent consideration


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Beginning of period	$	17,976	$	29,763	$	20,076	$	36,249
Amounts settled	(1,357)		(2,539)		(2,159)		(3,690)
Changes in fair value recorded in earnings	1,825		117		448		(5,336)
Effect of currency translation	(202)		106		(123)		224
End of period	$	18,242	$	27,447	$	18,242	$	27,447

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the six months ended June 30, 2022 by acquisition (in thousands):


	Balance as of December 31, 2021		Changes in Fair Value Recorded in Earnings		Amounts Settled and Other		Balance as of June 30, 2022
Auxilium acquisition	$	9,038	$	394	$	(536)	$	8,896
Lehigh Valley Technologies, Inc. acquisitions	3,600		(284)		(416)		2,900

Other	7,438		338		(1,330)		6,446
Total	$	20,076	$	448	$	(2,282)	$	18,242

Schedule of nonrecurring fair value measurements

The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 2022 were as follows (in thousands):


	Fair Value Measurements during the Six Months Ended June 30, 2022 (1) using:						Total Expense for the Six Months Ended June 30, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	37,898	$	(49,953)
Certain property, plant and equipment	—		—		—		(3,063)


Total	$	—	$	—	$	37,898	$	(53,016)

__________

(2)These fair value measurements were determined using risk-adjusted discount rates ranging from 9.5% to 12.0% (weighted average rate of approximately 11.6%, weighted based on relative fair value).

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of inventory

Inventories consist of the following at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Raw materials (1)	$	108,779	$	90,453
Work-in-process (1)	62,204		82,728
Finished goods (1)	116,773		110,371
Total	$	287,756	$	283,552

__________

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

LEASES (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021 (in thousands):


	Balance Sheet Line Items	June 30, 2022		December 31, 2021
Right-of-use assets:
Operating lease right-of-use assets	Operating lease assets	$	31,343	$	34,832
Finance lease right-of-use assets	Property, plant and equipment, net	30,852		38,365
Total right-of-use assets		$	62,195	$	73,197
Operating lease liabilities:
Current operating lease liabilities	Current portion of operating lease liabilities	$	10,870	$	10,992
Noncurrent operating lease liabilities	Operating lease liabilities, less current portion	29,068		33,727
Total operating lease liabilities		$	39,938	$	44,719
Finance lease liabilities:
Current finance lease liabilities	Accounts payable and accrued expenses	$	6,704	$	6,841
Noncurrent finance lease liabilities	Other liabilities	15,160		18,374
Total finance lease liabilities		$	21,864	$	25,215

Schedule of lease, cost

The following table presents information about lease costs and expenses and sublease income for the three and six months ended June 30, 2022 and 2021 (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
	Statement of Operations Line Items	2022		2021		2022		2021
Operating lease cost	Various (1)	$	2,311	$	3,521	$	5,037	$	7,257
Finance lease cost:
Amortization of right-of-use assets	Various (1)	$	2,120	$	2,311	$	4,431	$	4,622
Interest on lease liabilities	Interest expense, net	$	353	$	338	$	606	$	705
Other lease costs and income:
Variable lease costs (2)	Various (1)	$	2,188	$	3,042	$	4,695	$	6,064
Finance lease right-of-use asset impairment charges	Asset impairment charges	$	3,063	$	—	$	3,063	$	—

Sublease income	Various (1)	$	(1,410)	$	(947)	$	(3,250)	$	(1,880)

__________


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenues	$	1,523	$	2,986	$	3,129	$	6,044
Selling, general and administrative	$	3,632	$	4,887	$	7,676	$	9,911
Research and development	$	54	$	54	$	108	$	108

The following table provides certain cash flow and supplemental noncash information related to our lease liabilities for the six months ended June 30, 2022 and 2021 (in thousands):


	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$	6,344	$	6,453
Operating cash payments for finance leases	$	1,063	$	1,297
Financing cash payments for finance leases	$	2,970	$	2,669

GOODWILL AND OTHER INTANGIBLES (Tables)

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 were as follows (in thousands):


	Branded Pharmaceuticals		Sterile Injectables		Generic Pharmaceuticals		International Pharmaceuticals		Total





Goodwill as of December 31, 2021	$	828,818	$	2,368,193	$	—	$	—	$	3,197,011

Goodwill impairment charges	—		(1,748,000)		—		—		(1,748,000)

Goodwill as of June 30, 2022	$	828,818	$	620,193	$	—	$	—	$	1,449,011

The carrying amounts of goodwill at June 30, 2022 and December 31, 2021 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, 2021	$	855,810	$	363,000	$	3,142,657	$	550,355	$	4,911,822
Accumulated impairment losses as of June 30, 2022	$	855,810	$	2,111,000	$	3,142,657	$	540,339	$	6,649,806

Schedule of other intangible assets

Changes in the amounts of other intangible assets for the six months ended June 30, 2022 are set forth in the table below (in thousands).


Cost basis:	Balance as of December 31, 2021		Acquisitions		Impairments		Effect of Currency Translation		Balance as of June 30, 2022




Licenses (weighted average life of 14 years)	$	442,107	$	—	$	—	$	—	$	442,107
Tradenames	6,409		—		—		—		6,409
Developed technology (weighted average life of 12 years)	6,226,139		—		(49,953)		(4,700)		6,171,486

Total other intangibles (weighted average life of 12 years years)	$	6,674,655	$	—	$	(49,953)	$	(4,700)	$	6,620,002

Accumulated amortization:	Balance as of December 31, 2021		Amortization		Impairments		Effect of Currency Translation		Balance as of June 30, 2022

Licenses	$	(419,932)	$	(2,288)	$	—	$	—	$	(422,220)
Tradenames	(6,409)		—		—		—		(6,409)
Developed technology	(3,885,491)		(175,514)		—		3,587		(4,057,418)
Total other intangibles	$	(4,311,832)	$	(177,802)	$	—	$	3,587	$	(4,486,047)
Net other intangibles	$	2,362,823							$	2,133,955

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

CONTRACT ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2022

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):


	June 30, 2022		December 31, 2021		$ Change		% Change
Contract assets (1)	$	3,826	$	13,005	$	(9,179)	(71)	%
Contract liabilities (2)	$	4,381	$	4,663	$	(282)	(6)	%

__________

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of accounts payable and accrued liabilities

Accounts payable and accrued expenses include the following at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Trade accounts payable	$	90,643	$	123,129
Returns and allowances	175,083		183,116
Rebates	134,679		150,039
Chargebacks	1,543		2,617
Other sales deductions	3,759		2,500
Accrued interest	139,616		106,735
Accrued payroll and related benefits	70,601		90,029
Accrued royalties and other distribution partner payables	33,690		58,422
Acquisition-related contingent consideration—current	5,140		5,748
Other	95,119		114,563
Total	$	749,873	$	836,898

DEBT (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

The following table presents information about the Company’s total indebtedness at June 30, 2022 and December 31, 2021 (dollars in thousands):


	June 30, 2022						December 31, 2021
	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
5.75% Senior Notes due 2022			—		—		5.75	%	172,048		172,048
5.375% Senior Notes due 2023	5.62	%	6,127		6,119		5.62	%	6,127		6,111
6.00% Senior Notes due 2023	6.28	%	56,436		56,276		6.28	%	56,436		56,203
5.875% Senior Secured Notes due 2024	6.14	%	300,000		298,273		6.14	%	300,000		297,928
6.00% Senior Notes due 2025	6.27	%	21,578		21,437		6.27	%	21,578		21,413
7.50% Senior Secured Notes due 2027	7.70	%	2,015,479		1,999,173		7.70	%	2,015,479		1,997,777
9.50% Senior Secured Second Lien Notes due 2027	9.68	%	940,590		933,833		9.68	%	940,590		933,330
6.00% Senior Notes due 2028	6.11	%	1,260,416		1,253,160		6.11	%	1,260,416		1,252,667
6.125% Senior Secured Notes due 2029	6.34	%	1,295,000		1,279,620		6.34	%	1,295,000		1,278,718
Term Loan Facility	6.43	%	1,975,000		1,940,206		6.12	%	1,985,000		1,947,633
Revolving Credit Facility	3.56	%	277,200		277,200		2.63	%	277,200		277,200

Total (1)			$	8,147,826	$	8,065,297			$	8,338,168	$	8,249,322

__________

- 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.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2022

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 mesh-related QSFs and liability accrual balances during the six months ended June 30, 2022 (in thousands):


	Mesh Qualified Settlement Funds		Mesh Liability Accrual
Balance as of December 31, 2021	$	78,402	$	258,137

Cash received for reversionary interests, net of cash contributions to Qualified Settlement Funds	(367)		—
Cash distributions to settle disputes from Qualified Settlement Funds	(10,610)		(10,610)
Other cash distributions to settle disputes	—		(5,629)
Other (1)	30		(941)
Balance as of June 30, 2022	$	67,455	$	240,957

__________

SHAREHOLDERS' DEFICIT (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of shareholders' equity

The following table presents a reconciliation of the beginning and ending balances in Total shareholders’ deficit for the three and six months ended June 30, 2022 (in thousands):


	Euro Deferred Shares		Ordinary Shares		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Shareholders’ Deficit


BALANCE, DECEMBER 31, 2021	$	45	$	23	$	8,953,906	$	(9,981,515)	$	(216,445)	$	(1,243,986)
Net loss	—		—		—		(71,974)		—		(71,974)
Other comprehensive income	—		—		—		—		1,895		1,895
Compensation related to share-based awards	—		—		4,929		—		—		4,929

Tax withholding for restricted shares	—		—		(1,863)		—		—		(1,863)
Other	(1)		1		1		—		—		1
BALANCE, MARCH 31, 2022	$	44	$	24	$	8,956,973	$	(10,053,489)	$	(214,550)	$	(1,310,998)
Net loss	—		—		—		(1,885,427)		—		(1,885,427)
Other comprehensive loss	—		—		—		—		(4,334)		(4,334)
Compensation related to share-based awards	—		—		2,721		—		—		2,721

Tax withholding for restricted shares	—		—		(31)		—		—		(31)
Other	(2)		—		(1)		—		—		(3)
BALANCE, JUNE 30, 2022	$	42	$	24	$	8,959,662	$	(11,938,916)	$	(218,884)	$	(3,198,072)

The following table presents a reconciliation of the beginning and ending balances in Total shareholders’ deficit for the three and six months ended June 30, 2021 (in thousands):


	Euro Deferred Shares		Ordinary Shares		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Shareholders’ Deficit


BALANCE, DECEMBER 31, 2020	$	49	$	23	$	8,938,012	$	(9,368,270)	$	(217,753)	$	(647,939)
Net income	—		—		—		41,524		—		41,524
Other comprehensive income	—		—		—		—		1,692		1,692
Compensation related to share-based awards	—		—		9,993		—		—		9,993
Exercise of options	—		—		622		—		—		622
Tax withholding for restricted shares	—		—		(4,863)		—		—		(4,863)
Other	(2)		—		—		—		—		(2)
BALANCE, MARCH 31, 2021	$	47	$	23	$	8,943,764	$	(9,326,746)	$	(216,061)	$	(598,973)
Net loss	—		—		—		(15,500)		—		(15,500)
Other comprehensive income	—		—		—		—		2,238		2,238
Compensation related to share-based awards	—		—		4,444		—		—		4,444

Tax withholding for restricted shares	—		—		(9,251)		—		—		(9,251)

BALANCE, JUNE 30, 2021	$	47	$	23	$	8,938,957	$	(9,342,246)	$	(213,823)	$	(617,042)

OTHER (INCOME) EXPENSE, NET (Tables)

6 Months Ended

Jun. 30, 2022

Component of Operating Income [Abstract]

Schedule of components of other expense, net

The components of Other (income) expense, net for the three and six months ended June 30, 2022 and 2021 are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net (gain) loss on sale of business and other assets (1)	$	(11,880)	$	(264)	$	(11,745)	$	91
Foreign currency (gain) loss, net (2)	(2,280)		876		(568)		2,261
Net loss from our investments in the equity of other companies (3)	140		159		226		310
Other miscellaneous, net	(5,418)		(399)		(6,062)		(1,378)
Other (income) expense, net	$	(19,438)	$	372	$	(18,149)	$	1,284

__________

(1)Amounts primarily relate to the sales of certain intellectual property rights and certain other assets.

(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)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
(Loss) income from continuing operations before income tax	$	(1,873,732)		$	916		$	(1,940,847)		$	48,699
Income tax expense	$	7,151		$	11,100		$	5,336		$	11,824
Effective tax rate	(0.4)		%	1,211.8		%	(0.3)		%	24.3		%

NET (LOSS) INCOME PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

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

The following is a reconciliation of the numerator and denominator of basic and diluted net (loss) income per share for the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
(Loss) income from continuing operations	$	(1,880,883)	$	(10,184)	$	(1,946,183)	$	36,875


Loss from discontinued operations, net of tax	(4,544)		(5,316)		(11,218)		(10,851)
Net (loss) income	$	(1,885,427)	$	(15,500)	$	(1,957,401)	$	26,024
Denominator:
For basic per share data—weighted average shares	235,117		233,331		234,498		231,941
Dilutive effect of ordinary share equivalents	—		—		—		5,102

For diluted per share data—weighted average shares	235,117		233,331		234,498		237,043

Schedule of computation of diluted income per share amount


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Stock options	5,397	6,591	5,701	5,163
Stock awards	5,493	9,541	6,523	3,496

BASIS OF PRESENTATION (Details)	6 Months Ended
BASIS OF PRESENTATION (Details)	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest payments grace period	30 days

DISCONTINUED OPERATIONS AND HELD FOR SALE - Astora - Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, net of tax	$ (4,544)	$ (5,316)	$ (11,218)	$ (10,851)
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]
Loss from discontinued operations before income taxes	(4,544)	(5,873)	(11,218)	(12,094)
Income tax benefit	0	(557)	0	(1,243)
Discontinued operations, net of tax	$ (4,544)	$ (5,316)	$ (11,218)	$ (10,851)

- 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

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+ 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 AND HELD FOR SALE - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Loss from discontinued operations, net of tax	$ (4,544,000)	$ (5,316,000)	$ (11,218,000)	$ (10,851,000)
property, plant and equipment with carrying amount	11,000,000		11,000,000
Discontinued operations, disposed of by means other than sale, abandonment \| Astora
Restructuring Cost and Reserve [Line Items]
Loss from discontinued operations, net of tax	$ (4,544,000)	$ (5,316,000)	(11,218,000)	(10,851,000)
Cash used in investing activities			0	0
Depreciation and amortization			$ 0	$ 0

- Definition

+ References + Details

RESTRUCTURING - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		24 Months Ended
RESTRUCTURING - Narrative (Details) $ in Thousands	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) position	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation	$ 100	$ 9,100	$ 3,800	$ 16,000
Asset impairments	1,781,063	4,929	$ 1,801,016	8,238
2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected number of positions eliminated \| position			500
Restructuring charges	(139)	12,474	$ 7,256	31,898
Accelerated depreciation	147	9,072	3,824	15,979
Asset impairments					$ 50,000
Restructuring reserve, current	2,500		2,500
2020 Restructuring Initiative \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	391	5,048	3,650	20,344
2020 Restructuring Initiative \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(712)	6,686	$ 444	10,228
2022 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected number of positions eliminated \| position			125
Restructuring charges	672		$ 30,104
Restructuring reserve, current	7,300		7,300
2022 Restructuring Initiative \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,169		13,284
2022 Restructuring Initiative \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(907)		12,719
Minimum \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	85,000		85,000
Restructuring charges			170,000
Accelerated depreciation			50,000
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
Minimum \| 2022 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	55,000		55,000
Restructuring charges			40,000
Employee separation, continuity and other benefit-related costs			25,000
Payments for restructuring			30,000
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
Maximum \| 2022 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	65,000		65,000
Restructuring charges			55,000
Employee separation, continuity and other benefit-related costs			35,000
Certain Other Restructuring Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	25,500	4,400	47,100	12,700
Certain Other Restructuring Costs \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges			683
Payments for restructuring			888
Restructuring and related cost, cost incurred to date	3,400		3,400
Certain Other Restructuring Costs \| Minimum \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges			15,000
Certain Other Restructuring Costs \| Minimum \| 2022 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
Certain Other Restructuring Costs \| Maximum \| 2022 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	51,000		51,000
Asset impairments \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date	49,500		49,500
Inventory adjustments \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date	11,100		11,100
Employee Separation, Continuity and Other Benefit-Related Costs \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1,723
Payments for restructuring			9,966
Restructuring and related cost, cost incurred to date	54,400		54,400
Employee Separation, Continuity and Other Benefit-Related Costs \| 2022 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges			20,087
Payments for restructuring			8,950
Operating segments \| Generic Pharmaceuticals \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	100	$ 7,600	5,100	$ 22,500
Restructuring and related cost, cost incurred to date	133,900		133,900
Operating segments \| Generic Pharmaceuticals \| 2022 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 600		17,000
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 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net restructuring (charge reversals) charges related to:
Accelerated depreciation	$ 100	$ 9,100	$ 3,800	$ 16,000
2020 Restructuring Initiative
Net restructuring (charge reversals) charges related to:
Accelerated depreciation	147	9,072	3,824	15,979
Inventory adjustments	261	745	1,027	5,794
Employee separation, continuity and other benefit-related costs	(655)	1,721	1,723	8,331
Certain other restructuring costs	108	936	682	1,794
Total	(139)	$ 12,474	7,256	$ 31,898
2022 Restructuring Initiative
Net restructuring (charge reversals) charges related to:
Inventory adjustments	905		2,462
Employee separation, continuity and other benefit-related costs	(233)		20,087
Certain other restructuring costs	0		7,555
Total	$ 672		$ 30,104

RESTRUCTURING - Pre-tax Net Charges Included in the Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
2020 Restructuring Initiative
Net restructuring (charge reversals) charges included in:
Restructuring charges	$ (139)	$ 12,474	$ 7,256	$ 31,898
2022 Restructuring Initiative
Net restructuring (charge reversals) charges included in:
Restructuring charges	672		30,104
Cost of revenues \| 2020 Restructuring Initiative
Net restructuring (charge reversals) charges included in:
Restructuring charges	391	5,048	3,650	20,344
Cost of revenues \| 2022 Restructuring Initiative
Net restructuring (charge reversals) charges included in:
Restructuring charges	1,169		13,284
Selling, general and administrative \| 2020 Restructuring Initiative
Net restructuring (charge reversals) charges included in:
Restructuring charges	(712)	6,686	444	10,228
Selling, general and administrative \| 2022 Restructuring Initiative
Net restructuring (charge reversals) charges included in:
Restructuring charges	(907)		12,719
Research and development \| 2020 Restructuring Initiative
Net restructuring (charge reversals) charges included in:
Restructuring charges	182	$ 740	3,162	$ 1,326
Research and development \| 2022 Restructuring Initiative
Net restructuring (charge reversals) charges included in:
Restructuring charges	$ 410		$ 4,101

RESTRUCTURING - Changes to the Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
2020 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Net charges	$ (139)	$ 12,474	$ 7,256	$ 31,898
2022 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Net charges	672		30,104
Total \| 2020 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Beginning liability balance			11,184
Net charges			2,406
Cash payments			(10,854)
Ending liability balance	2,736		2,736
Total \| 2022 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Beginning liability balance			0
Net charges			20,087
Cash payments			(8,950)
Ending liability balance	11,137		11,137
Employee Separation, Continuity and Other Benefit-Related Costs \| 2020 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Beginning liability balance			10,979
Net charges			1,723
Cash payments			(9,966)
Ending liability balance	2,736		2,736
Employee Separation, Continuity and Other Benefit-Related Costs \| 2022 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Beginning liability balance			0
Net charges			20,087
Cash payments			(8,950)
Ending liability balance	11,137		11,137
Certain Other Restructuring Costs
Restructuring Reserve [Roll Forward]
Net charges	25,500	$ 4,400	47,100	$ 12,700
Certain Other Restructuring Costs \| 2020 Restructuring Initiative
Restructuring Reserve [Roll Forward]
Beginning liability balance			205
Net charges			683
Cash payments			(888)
Ending liability balance	$ 0		$ 0

SEGMENT RESULTS - Schedule of Reportable Segments Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			4
Total net revenues from external customers	$ 569,114	$ 713,830	$ 1,221,373	$ 1,431,749
Total segment adjusted income from continuing operations before income tax	248,819	359,666	588,502	737,649
Branded Pharmaceuticals
Segment Reporting Information [Line Items]
Total net revenues from external customers	218,952	228,040	423,813	434,675
Total segment adjusted income from continuing operations before income tax	88,613	101,659	166,279	195,428
Sterile Injectables
Segment Reporting Information [Line Items]
Total net revenues from external customers	123,171	294,600	363,199	603,345
Total segment adjusted income from continuing operations before income tax	68,397	226,983	259,651	469,622
Generic Pharmaceuticals
Segment Reporting Information [Line Items]
Total net revenues from external customers	203,377	167,272	389,321	348,145
Total segment adjusted income from continuing operations before income tax	83,337	20,922	149,719	55,026
International Pharmaceuticals
Segment Reporting Information [Line Items]
Total net revenues from external customers	23,614	23,918	45,040	45,584
Total segment adjusted income from continuing operations before income tax	$ 8,472	$ 10,102	$ 12,853	$ 17,573

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://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			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total consolidated (loss) income from continuing operations before income tax	$ (1,873,732)	$ 916		$ (1,940,847)	$ 48,699
Amortization of intangible assets				177,802
Acquired in-process research and development charges	65,000	5,000		67,900	5,000
Asset impairment charges	1,781,063	4,929		1,801,016	8,238
Acquisition-related and integration items, net	1,825	97		448	(4,925)
Loss on extinguishment of debt	0	0		0	13,753
Total segment adjusted income from continuing operations before income tax	248,819	359,666		588,502	737,649
Accelerated depreciation	100	9,100		3,800	16,000
6.125% Senior Secured Notes due 2029
Segment Reporting Information [Line Items]
Loss on extinguishment of debt			$ 6,000
6.125% Senior Secured Notes due 2029 \| Selling, general and administrative
Segment Reporting Information [Line Items]
Loss on extinguishment of debt			$ 3,900		3,900
Employee severance
Segment Reporting Information [Line Items]
Restructuring charges	11,700	1,600		44,100	10,100
Other restructuring charges
Segment Reporting Information [Line Items]
Restructuring charges	25,500	4,400		47,100	12,700
Segment reconciling items
Segment Reporting Information [Line Items]
Interest expense, net	139,784	141,553		274,733	275,894
Corporate unallocated costs	38,388	36,500		81,669	75,974
Amortization of intangible assets	87,568	94,070		177,802	189,200
Acquired in-process research and development charges	65,000	5,000		67,900	5,000
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives	37,347	15,083		94,996	38,803
Certain litigation-related and other contingencies, net	208	35,195		25,362	35,832
Certain legal costs	(9,462)	24,843		23,270	44,119
Asset impairment charges	1,781,063	4,929		1,801,016	8,238
Acquisition-related and integration items, net	1,825	97		448	(4,925)
Loss on extinguishment of debt	0	0		0	13,753
Foreign currency impact related to the remeasurement of intercompany debt instruments	(2,092)	1,355		(894)	2,502
Other, net	(17,078)	125		(16,953)	4,560
Operating segments
Segment Reporting Information [Line Items]
Total segment adjusted income from continuing operations before income tax	$ 248,819	$ 359,666		$ 588,502	$ 737,649

SEGMENT RESULTS - Schedule of Disaggregation of Revenues (Details) - USD ($)	3 Months Ended						6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	$ 569,114,000				$ 713,830,000		$ 1,221,373,000	$ 1,431,749,000
Product line revenue reporting threshold	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000	25,000,000	$ 25,000,000
Varenicline Tablets \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk \| Maximum
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	13.00%						12.00%
Branded Pharmaceuticals
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	$ 218,952,000				228,040,000		$ 423,813,000	434,675,000
Branded Pharmaceuticals \| Specialty Products
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	163,863,000				167,091,000		312,921,000	310,421,000
Branded Pharmaceuticals \| XIAFLEX®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	120,878,000				111,487,000		220,362,000	206,757,000
Branded Pharmaceuticals \| SUPPRELIN® LA
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	24,739,000				27,568,000		53,569,000	55,596,000
Branded Pharmaceuticals \| Other Specialty
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	18,246,000				28,036,000		38,990,000	48,068,000
Branded Pharmaceuticals \| Established Products
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	55,089,000				60,949,000		110,892,000	124,254,000
Branded Pharmaceuticals \| PERCOCET®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	26,256,000				26,156,000		52,431,000	51,781,000
Branded Pharmaceuticals \| TESTOPEL®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	10,021,000				9,439,000		18,901,000	20,628,000
Branded Pharmaceuticals \| Other Established
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	18,812,000				25,354,000		39,560,000	51,845,000
Sterile Injectables
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	123,171,000				294,600,000		363,199,000	603,345,000
Sterile Injectables \| VASOSTRICT®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	35,630,000				197,121,000		191,520,000	421,067,000
Sterile Injectables \| ADRENALIN®
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	26,774,000				29,977,000		60,597,000	59,414,000
Sterile Injectables \| Other Sterile Injectables
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	60,767,000				67,502,000		111,082,000	122,864,000
Generic Pharmaceuticals
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	203,377,000				167,272,000		389,321,000	348,145,000
International Pharmaceuticals
Disaggregation of Revenue [Line Items]
TOTAL REVENUES, NET	$ 23,614,000				$ 23,918,000		$ 45,040,000	$ 45,584,000
International Pharmaceuticals \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk \| Maximum
Disaggregation of Revenue [Line Items]
Concentration risk, percentage							5.00%	5.00%

FAIR VALUE MEASUREMENTS - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents, current		$ 113,493	$ 124,114
Restricted cash and cash equivalents, noncurrent		85,000	0
Restricted cash and cash equivalents		198,493	124,114
Subsequent event
Restricted Cash and Cash Equivalents Items [Line Items]
Corresponding decrease to unrestricted cash	$ 85,000
Restricted Cash and Cash Equivalents, Insurance Coverage
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents		45,000	45,000
Restricted Cash and Cash Equivalents, Insurance Coverage \| Subsequent event
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 40,000
Mesh related cases
Restricted Cash and Cash Equivalents Items [Line Items]
Settlement funds		$ 67,455	$ 78,402

FAIR VALUE MEASUREMENTS - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Acquisition-related contingent consideration—current
Liabilities:
Fair value of financial liabilities measured on recurring basis	$ 5,140	$ 5,748
Acquisition-related contingent consideration—noncurrent
Liabilities:
Fair value of financial liabilities measured on recurring basis	13,102	14,328
Money market funds
Assets:
Fair value of financial assets measured on recurring basis	13,513	134,847
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	13,513	134,847
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	5,140	5,748
Level 3 Inputs \| Acquisition-related contingent consideration—noncurrent
Liabilities:
Fair value of financial liabilities measured on recurring basis	13,102	14,328
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	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Opioid Related Cases and Mesh Related Cases
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Settlement funds	$ 68.2	$ 78.4
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	0.108
Money market funds \| Restricted cash and cash equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Settlement funds	$ 13.5	$ 16.2

FAIR VALUE MEASUREMENTS - Financial Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (Details) - Acquisition-related contingent consideration - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ 17,976	$ 29,763	$ 20,076	$ 36,249
Amounts settled	(1,357)	(2,539)	(2,159)	(3,690)
Changes in fair value recorded in earnings	1,825	117	448	(5,336)
Effect of currency translation	(202)	106	(123)	224
Changes in Fair Value Recorded in Earnings			448
Amounts Settled and Other			(2,282)
End of period	18,242	$ 27,447	18,242	$ 27,447
Auxilium acquisition
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period			9,038
Changes in Fair Value Recorded in Earnings			394
Amounts Settled and Other			(536)
End of period	8,896		8,896
Lehigh Valley Technologies, Inc. acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period			3,600
Changes in Fair Value Recorded in Earnings			(284)
Amounts Settled and Other			(416)
End of period	2,900		2,900
Other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period			7,438
Changes in Fair Value Recorded in Earnings			338
Amounts Settled and Other			(1,330)
End of period	$ 6,446		$ 6,446

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets Measured At Fair Value On A Nonrecurring Basis (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Assets:
Intangible assets, excluding goodwill	$ (30,000)	$ (4,900)	$ (49,953)	$ (7,800)
Total	$ (1,781,063)	$ (4,929)	(1,801,016)	$ (8,238)
Fair value, measurements, nonrecurring
Assets:
Intangible assets, excluding goodwill			(49,953)
Certain property, plant and equipment			(3,063)
Total			$ (53,016)
Fair value, measurements, nonrecurring \| Discount rate \| Minimum
Assets:
Discount rate applied	0.095		0.095
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	0.116		0.116
Level 1 Inputs \| Fair value, measurements, nonrecurring
Assets:
Intangible assets, excluding goodwill	$ 0		$ 0
Certain property, plant and equipment	0		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
Total	0		0
Level 3 Inputs \| Fair value, measurements, nonrecurring
Assets:
Intangible assets, excluding goodwill	37,898		37,898
Certain property, plant and equipment	0		0
Total	$ 37,898		$ 37,898

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 108,779	$ 90,453
Work-in-process	62,204	82,728
Finished goods	116,773	110,371
Total	287,756	283,552
Long-term inventory	31,600	10,700
Inventories not yet available for sale	$ 10,400	$ 12,200

LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Right-of-use assets:
Operating lease right-of-use assets	$ 31,343	$ 34,832
Finance lease right-of-use assets	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance lease right-of-use assets	$ 30,852	$ 38,365
Total right-of-use assets	62,195	73,197
Operating lease liabilities:
Current operating lease liabilities	10,870	10,992
Noncurrent operating lease liabilities	29,068	33,727
Total operating lease liabilities	$ 39,938	$ 44,719
Finance lease liabilities:
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Current finance lease liabilities	$ 6,704	$ 6,841
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Noncurrent finance lease liabilities	$ 15,160	$ 18,374
Total finance lease liabilities	$ 21,864	$ 25,215

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 2,311	$ 3,521	$ 5,037	$ 7,257
Finance lease cost:
Amortization of right-of-use assets	2,120	2,311	4,431	4,622
Interest on lease liabilities	353	338	606	705
Other lease costs and income:
Variable lease costs	2,188	3,042	4,695	6,064
Finance lease right-of-use asset impairment charges	3,063	0	3,063	0
Sublease income	(1,410)	(947)	(3,250)	(1,880)
Cost of revenues
Lessee, Lease, Description [Line Items]
Lease, cost	1,523	2,986	3,129	6,044
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Lease, cost	3,632	4,887	7,676	9,911
Research and development
Lessee, Lease, Description [Line Items]
Lease, cost	$ 54	$ 54	$ 108	$ 108

LEASES - Cash Flow and Supplemental Noncash Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$ 6,344	$ 6,453
Operating cash payments for finance leases	1,063	1,297
Financing cash payments for finance leases	$ 2,970	$ 2,669

GOODWILL AND OTHER INTANGIBLES - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 3,197,011
Goodwill impairment charges	(1,748,000)
Goodwill, ending balance	1,449,011
Branded Pharmaceuticals
Goodwill [Roll Forward]
Goodwill, beginning balance	828,818
Goodwill impairment charges	0
Goodwill, ending balance	828,818
Sterile Injectables
Goodwill [Roll Forward]
Goodwill, beginning balance	2,368,193
Goodwill impairment charges	(1,748,000)
Goodwill, ending balance	620,193
Generic Pharmaceuticals
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Goodwill impairment charges	0
Goodwill, ending balance	0
International Pharmaceuticals
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Goodwill impairment charges	0
Goodwill, ending balance	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND OTHER INTANGIBLES - Accumulated Impairment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Accumulated impairment losses	$ 6,649,806	$ 4,911,822
Branded Pharmaceuticals
Goodwill [Line Items]
Accumulated impairment losses	855,810	855,810
Sterile Injectables
Goodwill [Line Items]
Accumulated impairment losses	2,111,000	363,000
Generic Pharmaceuticals
Goodwill [Line Items]
Accumulated impairment losses	3,142,657	3,142,657
International Pharmaceuticals
Goodwill [Line Items]
Accumulated impairment losses	$ 540,339	$ 550,355

GOODWILL AND OTHER INTANGIBLES - Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Intangible Assets, Gross [Roll Forward]
Beginning balance			$ 6,674,655
Acquisitions			0
Impairments	$ (30,000)	$ (4,900)	(49,953)	$ (7,800)
Effect of Currency Translation			(4,700)
Ending balance	6,620,002		6,620,002
Accumulated amortization:
Beginning Balance			(4,311,832)
Amortization			(177,802)
Impairments			0
Effect of Currency Translation			3,587
Ending Balance	(4,486,047)		(4,486,047)
Net other intangibles	2,133,955		2,133,955		$ 2,362,823
Licensing
Finite-lived intangibles:
Beginning Balance			442,107
Acquisitions			0
Impairments			0
Effect of Currency Translation			0
Ending Balance	442,107		442,107
Accumulated amortization:
Beginning Balance			(419,932)
Amortization			(2,288)
Impairments			0
Effect of Currency Translation			0
Ending Balance	(422,220)		(422,220)
Tradenames
Finite-lived intangibles:
Beginning Balance			6,409
Acquisitions			0
Impairments			0
Effect of Currency Translation			0
Ending Balance	6,409		6,409
Accumulated amortization:
Beginning Balance			(6,409)
Amortization			0
Impairments			0
Effect of Currency Translation			0
Ending Balance	(6,409)		(6,409)
Developed technology
Finite-lived intangibles:
Beginning Balance			6,226,139
Acquisitions			0
Impairments			(49,953)
Effect of Currency Translation			(4,700)
Ending Balance	6,171,486		6,171,486
Accumulated amortization:
Beginning Balance			(3,885,491)
Amortization			(175,514)
Impairments			0
Effect of Currency Translation			3,587
Ending Balance	$ (4,057,418)		$ (4,057,418)
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)			12 years

GOODWILL AND OTHER INTANGIBLES - Other Intangibles (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Intangible Assets [Line Items]
Amortization of intangible assets			$ 177,802
Segment reconciling items
Other Intangible Assets [Line Items]
Amortization of intangible assets	$ 87,568	$ 94,070	$ 177,802	$ 189,200

GOODWILL AND OTHER INTANGIBLES - Impairments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Goodwill [Line Items]
Goodwill impairment charges			$ 1,748,000
Impairment of intangible assets	$ 30,000	$ 4,900	49,953	$ 7,800
Sterile Injectables
Goodwill [Line Items]
Goodwill impairment charges			$ 1,748,000
Discount rate \| Branded Pharmaceuticals
Goodwill [Line Items]
Intangible assets and goodwill, measurement input	0.135		0.135
Discount rate \| Sterile Injectables
Goodwill [Line Items]
Intangible assets and goodwill, measurement input	0.185		0.185

LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS (Details) $ in Millions		3 Months Ended
	May 01, 2022 USD ($) project	Jun. 30, 2022 USD ($)
Nevakar Injectables, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of in process research and development projects acquired \| project	6
Acquired in-process research and development	$ 35.0
TLC Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development		$ 30.0
Investment in subsidiary		110.0
Payments of additional achievement certain development and regulatory milestones		30.0
Payments of additional achievement certain commercial milestones		500.0
Cash into bank account		$ 85.0

CONTRACT ASSETS AND LIABILITIES - Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 3,826	$ 13,005
Contract assets - $ change	$ (9,179)
Contract assets - % change	(71.00%)
Contract liabilities	$ 4,381	4,663
Contract liabilities - $ change	$ (282)
Contract liabilities - % change	(6.00%)
Contract with customer, asset, after allowance for credit loss, current	$ 2,200	2,800
Contract liability amounts classified as current	600	$ 600
Increase in contract liability	$ 300

CONTRACT ASSETS AND LIABILITIES - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Performance obligation satisfied in previous period	$ 1.9

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Trade accounts payable	$ 90,643	$ 123,129
Returns and allowances	175,083	183,116
Rebates	134,679	150,039
Chargebacks	1,543	2,617
Other sales deductions	3,759	2,500
Accrued interest	139,616	106,735
Accrued payroll and related benefits	70,601	90,029
Accrued royalties and other distribution partner payables	33,690	58,422
Acquisition-related contingent consideration—current	5,140	5,748
Other	95,119	114,563
Total	$ 749,873	$ 836,898

DEBT - Components of Total Indebtedness (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Oct. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Principal amount	$ 8,147,826,000	$ 8,338,168,000
Carrying Amount	8,065,297,000	8,249,322,000
Current portion of long-term debt	$ 26,119,000	$ 200,342,000
Revolving Credit Facility
Debt Instrument [Line Items]
Effective Interest Rate (as a percent)	3.56%	2.63%
Principal amount	$ 277,200,000	$ 277,200,000
Carrying Amount	$ 277,200,000	$ 277,200,000
7.25% Senior Notes due 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	7.25%		7.25%
Effective Interest Rate (as a percent)		7.25%
Principal amount	$ 0	$ 8,294,000
Carrying Amount	$ 0	$ 8,294,000
5.75% Senior Notes due 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	5.75%		5.75%
Effective Interest Rate (as a percent)		5.75%
Principal amount	$ 0	$ 172,048,000
Carrying Amount	$ 0	$ 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	$ 6,119,000	$ 6,111,000
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	$ 56,276,000	$ 56,203,000
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	$ 298,273,000	$ 297,928,000
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	$ 21,437,000	$ 21,413,000
7.50% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate (as a percent)	7.50%
Effective Interest Rate (as a percent)	7.70%	7.70%
Principal amount	$ 2,015,479,000	$ 2,015,479,000
Carrying Amount	$ 1,999,173,000	$ 1,997,777,000
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	$ 933,833,000	$ 933,330,000
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	$ 1,253,160,000	$ 1,252,667,000
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%	6.34%
Principal amount	$ 1,295,000,000	$ 1,295,000,000		$ 1,295,000,000
Carrying Amount	$ 1,279,620,000	$ 1,278,718,000
Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate (as a percent)	6.43%	6.12%
Principal amount	$ 1,975,000,000	$ 1,985,000,000
Carrying Amount	$ 1,940,206,000	$ 1,947,633,000

DEBT - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
DEBT - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Fair value of long term debt	$ 4,900,000	$ 8,000,000
Cash and cash equivalents	$ 1,191,572	$ 1,507,196
Interest payments grace period	30 days
5.875% Senior Secured Notes due 2024
Debt Instrument [Line Items]
Interest rate (as a percent)	5.875%
7.50% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Interest rate (as a percent)	7.50%
6.125% Senior Secured Notes due 2029
Debt Instrument [Line Items]
Interest rate (as a percent)	6.125%		6.125%
9.50% Senior Secured Second Lien Notes due 2027
Debt Instrument [Line Items]
Interest rate (as a percent)	9.50%

DEBT - Credit Facility (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Principal amount	$ 8,147,826,000	$ 8,338,168,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Principal amount	277,200,000	$ 277,200,000
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	640,100,000
Term Loan Facility \| 2017 credit agreement
Line of Credit Facility [Line Items]
Principal amount	$ 2,000,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

DEBT - Covenants and Events of Default (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument, Redemption [Line Items]
Interest payments grace period	30 days
Cash and cash equivalents	$ 1,191,572	$ 1,507,196
6.00% Senior Notes due 2028
Debt Instrument, Redemption [Line Items]
Debt interest payments	$ 38,000
Interest rate (as a percent)	6.00%
5.375% Senior Notes due 2023
Debt Instrument, Redemption [Line Items]
Debt interest payments	$ 2,000
Interest rate (as a percent)	5.375%
6.00% Senior Notes due 2023
Debt Instrument, Redemption [Line Items]
Interest rate (as a percent)	6.00%
9.50% Senior Secured Second Lien Notes due 2027
Debt Instrument, Redemption [Line Items]
Interest rate (as a percent)	9.50%
6.00% Senior Notes due 2025
Debt Instrument, Redemption [Line Items]
Debt interest payments	$ 1,000
Interest rate (as a percent)	6.00%
9.50% Senior Secured Second Lien Notes due 2027
Debt Instrument, Redemption [Line Items]
Debt interest payments	$ 45,000
Interest rate (as a percent)	9.50%

DEBT - Debt Financing Transactions (Details) - USD ($)	1 Months Ended		3 Months Ended			6 Months Ended
DEBT - Debt Financing Transactions (Details) - USD ($)	Oct. 31, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Feb. 28, 2021
Debt Instrument [Line Items]
Principal amount			$ 8,147,826,000			$ 8,147,826,000		$ 8,338,168,000
Loss on extinguishment of debt			0	$ 0		0	$ 13,753,000
Debt issuance costs, gross			56,700,000			56,700,000
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	$ 1,295,000,000		1,295,000,000
Interest rate (as a percent)		6.125%	6.125%		6.125%	6.125%
Loss on extinguishment of debt					$ 6,000,000
Debt issuance costs, gross			$ 17,600,000			$ 17,600,000
6.125% Senior Secured Notes due 2029 \| Selling, general and administrative
Debt Instrument [Line Items]
Loss on extinguishment of debt					3,900,000		$ 3,900,000
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross									$ 3,295,500,000
Proceeds from issuance of debt		$ 2,000,000,000
Principal amount			1,975,000,000			1,975,000,000		1,985,000,000
Extinguishment of debt, amount						1,295,000,000
Loss on extinguishment of debt				$ 7,800,000
Debt issuance costs, gross			29,200,000			29,200,000
7.25% Senior Notes due 2022
Debt Instrument [Line Items]
Principal amount			$ 0			$ 0		8,294,000
Interest rate (as a percent)	7.25%		7.25%			7.25%
5.75% Senior Notes due 2022
Debt Instrument [Line Items]
Principal amount			$ 0			$ 0		172,048,000
Interest rate (as a percent)	5.75%		5.75%			5.75%
Senior notes
Debt Instrument [Line Items]
Long-term debt, maturity repayment deadline	91 days
Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount			$ 277,200,000			$ 277,200,000		$ 277,200,000
Debt instrument, extended maturity modification, amount		$ 675,300,000			675,300,000
Deferred debt issuance costs					2,100,000
Unamortized discount (premium) and debt issuance costs, net					$ 2,100,000
Proceeds from long-term lines of credit	$ 76,000,000
Repayments of borrowings	$ 22,800,000

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	1 Months Ended										3 Months Ended	6 Months Ended
	Jul. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) county	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) county	Aug. 31, 2021 USD ($) county municipality	Jan. 31, 2020 USD ($)	Sep. 30, 2019 USD ($) case	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) case class_action_lawsuit	Nov. 15, 2022 USD ($)	Jul. 28, 2022 case	Mar. 31, 2016 case
Loss Contingencies [Line Items]
Reserve for loss contingencies											$ 395,800	$ 395,800
Current portion of legal settlement accrual					$ 580,994						390,781	390,781
Subsequent event
Loss Contingencies [Line Items]
Payments to plaintiffs and qualified settlement funds	$ 500
Initial payment	$ 5,000
Purchase commitment, period	10 years
Mesh related cases
Loss Contingencies [Line Items]
Payments to plaintiffs and qualified settlement funds												3,600,000
Settlement funds					$ 78,402						67,455	67,455
Cash contributions												$ 367
Mesh related cases \| American Medical Systems
Loss Contingencies [Line Items]
Loss contingency, claims settled, number \| case												71,000
Opioid-related matters
Loss Contingencies [Line Items]
Reserve for loss contingencies											141,400	$ 141,400
Number of putative class actions \| class_action_lawsuit												5
Loss contingency, plaintiffs, number of counties								9		2
Settlement, amount awarded to other party							$ 50,000	$ 35,000	$ 8,750	$ 10,000
Loss contingency, number of municipalities \| municipality								18
Contingency charges												$ 10,000
Opioid-related matters \| Subsequent event
Loss Contingencies [Line Items]
Number of cases filed by states \| case														15
Pending claims, number \| case														2,570
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														220
Opioid-related matters \| Forecast
Loss Contingencies [Line Items]
Contingency settlement payment													$ 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
Opioid-related matters \| Endo International PLC
Loss Contingencies [Line Items]
Settlement, amount awarded to other party		$ 26,000	$ 7,500	$ 65,000	$ 63,000	$ 25,000					$ 9,750
Opioid-related matters \| Endo International PLC \| Subsequent event
Loss Contingencies [Line Items]
Settlement, amount awarded to other party	$ 9,000
V A S O S T R I C T Related Matters \| Par Pharmaceutical Inc.
Loss Contingencies [Line Items]
Lawsuit filing period		45 days
Stay of approval period, Hatch-Waxman Act		30 months
District Court For The Eastern District of Pennsylvania
Loss Contingencies [Line Items]
Number of cases filed by states \| case															3

COMMITMENTS AND CONTINGENCIES - Schedule of Loss Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Mesh Liability Accrual
Ending balance	$ 395,800
Mesh related cases
Mesh Qualified Settlement Funds
Beginning balance	78,402
Cash received for reversionary interests, net of cash contributions to Qualified Settlement Funds	(367)
Cash distributions to settle disputes from Qualified Settlement Funds	(10,610)
Other	30
Ending balance	67,455
Mesh Liability Accrual
Other	30
Mesh related cases \| Mesh Liability Accrual
Mesh Qualified Settlement Funds
Other	(941)
Mesh Liability Accrual
Beginning balance	258,137
Cash distributions to settle disputes from Qualified Settlement Funds	(10,610)
Other cash distributions to settle disputes	(5,629)
Other	(941)
Ending balance	$ 240,957

OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($)	3 Months Ended		6 Months Ended
OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Other comprehensive income (loss), tax, portion attributable to parent	$ 0	$ 0	$ 0	$ 0
Reclassification from AOCI	$ 0	$ 0	$ 0	$ 0

SHAREHOLDERS' DEFICIT - Schedule of Stockholders Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders' equity, beginning balance	$ (1,310,998)	$ (1,243,986)	$ (598,973)	$ (647,939)	$ (1,243,986)	$ (647,939)
Net (loss) income	(1,885,427)	(71,974)	(15,500)	41,524	(1,957,401)	26,024
Other comprehensive income (loss)	(4,334)	1,895	2,238	1,692	(2,439)	3,930
Compensation related to share-based awards	2,721	4,929	4,444	9,993	7,700	14,400
Exercise of options				622
Tax withholding for restricted shares	(31)	(1,863)	(9,251)	(4,863)
Other	(3)	1		(2)
Shareholders' equity, ending balance	(3,198,072)	(1,310,998)	(617,042)	(598,973)	(3,198,072)	(617,042)
Euro Deferred Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders' equity, beginning balance	44	45	47	49	45	49
Other	(2)	(1)		(2)
Shareholders' equity, ending balance	42	44	47	47	42	47
Ordinary Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders' equity, beginning balance	24	23	23	23	23	23
Other		1
Shareholders' equity, ending balance	24	24	23	23	24	23
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders' equity, beginning balance	8,956,973	8,953,906	8,943,764	8,938,012	8,953,906	8,938,012
Compensation related to share-based awards	2,721	4,929	4,444	9,993
Exercise of options				622
Tax withholding for restricted shares	(31)	(1,863)	(9,251)	(4,863)
Other	(1)	1
Shareholders' equity, ending balance	8,959,662	8,956,973	8,938,957	8,943,764	8,959,662	8,938,957
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders' equity, beginning balance	(10,053,489)	(9,981,515)	(9,326,746)	(9,368,270)	(9,981,515)	(9,368,270)
Net (loss) income	(1,885,427)	(71,974)	(15,500)	41,524
Shareholders' equity, ending balance	(11,938,916)	(10,053,489)	(9,342,246)	(9,326,746)	(11,938,916)	(9,342,246)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders' equity, beginning balance	(214,550)	(216,445)	(216,061)	(217,753)	(216,445)	(217,753)
Other comprehensive income (loss)	(4,334)	1,895	2,238	1,692
Shareholders' equity, ending balance	$ (218,884)	$ (214,550)	$ (213,823)	$ (216,061)	$ (218,884)	$ (213,823)

SHAREHOLDERS' DEFICIT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation related to share-based awards	$ 2,721	$ 4,929	$ 4,444	$ 9,993	$ 7,700	$ 14,400
Unrecognized compensation cost	$ 15,200				$ 15,200
Nonvested Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period					1 year 4 months 24 days

OTHER (INCOME) EXPENSE, NET - Schedule of Components of Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Component of Operating Income [Abstract]
Net (gain) loss on sale of business and other assets	$ (11,880)	$ (264)	$ (11,745)	$ 91
Foreign currency (gain) loss, net	(2,280)	876	(568)	2,261
Net loss from our investments in the equity of other companies	140	159	226	310
Other miscellaneous, net	(5,418)	(399)	(6,062)	(1,378)
Other (income) expense, net	$ (19,438)	$ 372	$ (18,149)	$ 1,284

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
(Loss) income from continuing operations before income tax	$ (1,873,732)	$ 916	$ (1,940,847)	$ 48,699
Income tax expense	$ 7,151	$ 11,100	$ 5,336	$ 11,824
Effective tax rate (as a percent)	(0.40%)	1211.80%	(0.30%)	24.30%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Narrative (Details) $ in Millions	Apr. 23, 2021 USD ($)
Minimum
Income Tax Examination [Line Items]
Net cash adjustments, excluding interest	$ 70
Maximum
Income Tax Examination [Line Items]
Net cash adjustments, excluding interest	$ 250

NET (LOSS) INCOME PER SHARE - Reconciliation of the Numerator and Denominator of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
(Loss) income from continuing operations	$ (1,880,883)		$ (10,184)		$ (1,946,183)	$ 36,875
Loss from discontinued operations, net of tax	(4,544)		(5,316)		(11,218)	(10,851)
Net (loss) income	$ (1,885,427)	$ (71,974)	$ (15,500)	$ 41,524	$ (1,957,401)	$ 26,024
Denominator:
For basic per share data—weighted average shares (in shares)	235,117		233,331		234,498	231,941
Dilutive effect of ordinary share equivalents (in shares)	0		0		0	5,102
For diluted per share data—weighted average shares (in shares)	235,117		233,331		234,498	237,043

- Definition

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

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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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,397	6,591	5,701	5,163
Stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,493	9,541	6,523	3,496