0001593034-23-000007 | 10-K | XBRL Viewer

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COVER - USD ($)	12 Months Ended
COVER - USD ($)	Dec. 31, 2022	Feb. 27, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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
No Trading Symbol Flag	true
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 109,653,452
Entity Ordinary Shares Outstanding (in shares)		235,219,612
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001593034

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 1,018,883	$ 1,507,196
Restricted cash and cash equivalents	145,358	124,114
Accounts receivable, net	493,988	592,019
Inventories, net	274,499	283,552
Prepaid expenses and other current assets	136,923	200,484
Income taxes receivable	7,117	7,221
Total current assets	2,076,768	2,714,586
PROPERTY, PLANT AND EQUIPMENT, NET	438,314	396,712
OPERATING LEASE ASSETS	28,070	34,832
GOODWILL	1,352,011	3,197,011
OTHER INTANGIBLES, NET	1,732,935	2,362,823
DEFERRED INCOME TAXES	0	1,138
OTHER ASSETS	129,839	60,313
TOTAL ASSETS	5,757,937	8,767,415
CURRENT LIABILITIES:
Accounts payable and accrued expenses	687,183	836,898
Current portion of legal settlement accrual	0	580,994
Current portion of operating lease liabilities	903	10,992
Current portion of long-term debt	0	200,342
Income taxes payable	1,541	736
Total current liabilities	689,627	1,629,962
DEFERRED INCOME TAXES	13,825	21,628
LONG-TERM DEBT, LESS CURRENT PORTION, NET	0	8,048,980
OPERATING LEASE LIABILITIES, LESS CURRENT PORTION	5,129	33,727
OTHER LIABILITIES	42,746	277,104
LIABILITIES SUBJECT TO COMPROMISE	9,168,782	0
COMMITMENTS AND CONTINGENCIES (NOTE 16)
SHAREHOLDERS’ DEFICIT:
Euro deferred shares, $0.01 par value; 4,000,000 shares authorized and issued at both December 31, 2022 and December 31, 2021	43	45
Ordinary shares, $0.0001 par value; 1,000,000,000 shares authorized; 235,208,039 and 233,690,816 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	24	23
Additional paid-in capital	8,969,322	8,953,906
Accumulated deficit	(12,904,620)	(9,981,515)
Accumulated other comprehensive loss	(226,941)	(216,445)
Total shareholders’ deficit	(4,162,172)	(1,243,986)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$ 5,757,937	$ 8,767,415

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	235,208,039	233,690,816
Common stock, shares outstanding (in shares)	235,208,039	233,690,816

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
TOTAL REVENUES, NET	$ 2,318,875	$ 2,993,206	$ 2,903,074
COSTS AND EXPENSES:
Cost of revenues	1,092,499	1,221,064	1,442,511
Selling, general and administrative	777,169	861,760	698,506
Research and development	128,033	123,440	125,573
Acquired in-process research and development	68,700	25,120	33,329
Litigation-related and other contingencies, net	478,722	345,495	(19,049)
Asset impairment charges	2,142,746	414,977	120,344
Acquisition-related and integration items, net	408	(8,379)	16,549
Interest expense, net	349,776	562,353	532,939
Loss on extinguishment of debt	0	13,753	0
Reorganization items, net	202,978	0	0
Other income, net	(34,054)	(19,774)	(21,110)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX	(2,888,102)	(546,603)	(26,518)
INCOME TAX EXPENSE (BENEFIT)	21,516	22,478	(273,982)
(LOSS) INCOME FROM CONTINUING OPERATIONS	(2,909,618)	(569,081)	247,464
DISCONTINUED OPERATIONS, NET OF TAX (NOTE 4)	(13,487)	(44,164)	(63,520)
Net (loss) income	$ (2,923,105)	$ (613,245)	$ 183,944
NET (LOSS) INCOME PER SHARE—BASIC:
Continuing operations (in dollars per share)	$ (12.39)	$ (2.44)	$ 1.08
Discontinued operations (in dollars per share)	(0.06)	(0.19)	(0.28)
Basic (in dollars per share)	(12.45)	(2.63)	0.80
NET (LOSS) INCOME PER SHARE—DILUTED:
Continuing operations (in dollars per share)	(12.39)	(2.44)	1.06
Discontinued operations (in dollars per share)	(0.06)	(0.19)	(0.27)
Diluted (in dollars per share)	$ (12.45)	$ (2.63)	$ 0.79
WEIGHTED AVERAGE SHARES:
Basic (in shares)	234,840	232,785	229,314
Diluted (in shares)	234,840	232,785	233,653

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (2,923,105)	$ (613,245)	$ 183,944
OTHER COMPREHENSIVE (LOSS) INCOME:
Net unrealized (loss) gain on foreign currency	(10,496)	1,308	1,337
Total other comprehensive (loss) income	(10,496)	1,308	1,337
COMPREHENSIVE (LOSS) INCOME	$ (2,933,601)	$ (611,937)	$ 185,281

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT - USD ($) $ in Thousands	Total	Ordinary Shares	Euro Deferred Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Shareholders' equity, beginning balance (in shares) at Dec. 31, 2019		226,802,609
Shareholders' equity, beginning balance (in shares) at Dec. 31, 2019			4,000,000
Shareholders' equity, beginning balance at Dec. 31, 2019	$ (866,544)	$ 23	$ 45	$ 8,904,692	$ (9,552,214)	$ (219,090)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	183,944				183,944
Other comprehensive income (loss)	1,337					1,337
Compensation related to share-based awards	41,357			41,357
Ordinary shares issued (in shares)		3,513,159
Tax withholding for restricted shares	(8,036)			(8,036)
Other	3		$ 4	(1)
Shareholders' equity, ending balance (in shares) at Dec. 31, 2020			4,000,000
Shareholders' equity, ending balance (in shares) at Dec. 31, 2020		230,315,768
Shareholders' equity, ending balance at Dec. 31, 2020	(647,939)	$ 23	$ 49	8,938,012	(9,368,270)	(217,753)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(613,245)				(613,245)
Other comprehensive income (loss)	1,308					1,308
Compensation related to share-based awards	$ 30,046			30,046
Exercise of options (in shares)	82,331	82,331
Exercise of options	$ 622			622
Ordinary shares issued (in shares)		3,292,717
Tax withholding for restricted shares	(14,774)			(14,774)
Other	$ (4)		$ (4)
Shareholders' equity, ending balance (in shares) at Dec. 31, 2021			4,000,000
Shareholders' equity, ending balance (in shares) at Dec. 31, 2021	233,690,816	233,690,816
Shareholders' equity, ending balance at Dec. 31, 2021	$ (1,243,986)	$ 23	$ 45	8,953,906	(9,981,515)	(216,445)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(2,923,105)				(2,923,105)
Other comprehensive income (loss)	(10,496)					(10,496)
Compensation related to share-based awards	17,314			17,314
Ordinary shares issued	0	$ 1		(1)
Ordinary shares issued (in shares)		1,517,223
Tax withholding for restricted shares	(1,898)			(1,898)
Other	$ (1)		$ (2)	1
Shareholders' equity, ending balance (in shares) at Dec. 31, 2022			4,000,000
Shareholders' equity, ending balance (in shares) at Dec. 31, 2022	235,208,039	235,208,039
Shareholders' equity, ending balance at Dec. 31, 2022	$ (4,162,172)	$ 24	$ 43	$ 8,969,322	$ (12,904,620)	$ (226,941)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net (loss) income	$ (2,923,105)	$ (613,245)	$ 183,944
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities:
Depreciation and amortization	391,629	457,098	518,807
Share-based compensation	17,314	30,046	41,357
Amortization of debt issuance costs and discount	9,406	14,437	15,606
Deferred income taxes	(7,303)	(3,157)	(163,558)
Change in fair value of contingent consideration	408	(8,793)	16,353
Loss (gain) on extinguishment of debt	0	13,753	0
Acquired in-process research and development charges	68,700	25,120	33,329
Asset impairments	2,142,746	414,977	120,344
Non-cash reorganization items, net	89,197	0	0
Gain on sale of business and other assets	(26,183)	(4,516)	(16,353)
Other	2,776	0	0
Changes in assets and liabilities which provided (used) cash:
Accounts receivable	105,912	(82,052)	(45,792)
Inventories	(4,359)	48,978	(8,031)
Prepaid and other assets	80,350	(34,002)	(27,421)
Accounts payable, accrued expenses and other liabilities	321,055	84,391	(171,366)
Income taxes payable/receivable, net	650	68,015	(95,100)
Net cash provided by operating activities	269,193	411,050	402,119
INVESTING ACTIVITIES:
Capital expenditures, excluding capitalized interest	(99,722)	(77,929)	(69,971)
Capitalized interest payments	(3,140)	(2,721)	(2,892)
Proceeds from the U.S. Government Agreement	18,635	0	0
Acquisitions, including in-process research and development, net of cash and restricted cash acquired	(90,320)	(5,000)	(654,231)
Proceeds from sales and maturities of investments	0	0	92,763
Product acquisition costs and license fees	0	(4,177)	(2,000)
Proceeds from sale of business and other assets, net	41,400	30,283	6,737
Net cash used in investing activities	(133,147)	(59,544)	(629,594)
FINANCING ACTIVITIES:
Proceeds from issuance of notes, net	0	1,279,978	0
Proceeds from issuance of term loans, net	0	1,980,000	0
Repayments of notes	(180,342)	0	(57,649)
Repayments of term loans	(10,000)	(3,310,475)	(34,150)
Repayments of revolving debt	0	(22,800)	0
Adequate protection payments	(313,109)	0	0
Repayments of other indebtedness	(6,062)	(5,448)	(4,884)
Payments for debt issuance and extinguishment costs	0	(8,574)	0
Payments for contingent consideration	(2,462)	(4,010)	(3,848)
Payments of tax withholding for restricted shares	(1,898)	(14,774)	(8,036)
Proceeds from exercise of options	0	622	0
Net cash used in financing activities	(513,873)	(105,481)	(108,567)
Effect of foreign exchange rate	(4,242)	285	654
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	(382,069)	246,310	(335,388)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	1,631,310	1,385,000	1,720,388
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	1,249,241	1,631,310	1,385,000
SUPPLEMENTAL INFORMATION:
Cash paid for interest, excluding capitalized interest and adequate protection payments	289,664	538,424	534,529
Cash paid for income taxes, gross	14,101	10,019	11,669
Cash refunds from income taxes, gross	3,092	57,801	31,897
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Acquisitions, including in-process research and development, accrued in the period but not yet paid	$ 0	$ 20,120	$ 0

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1. DESCRIPTION OF BUSINESS Background and 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 Consolidated Financial Statements of Endo International plc and its subsidiaries have been prepared in accordance with U.S. GAAP. Going Concern As further discussed herein, thousands of governmental and private plaintiffs have filed suit against us and/or certain of our subsidiaries alleging opioid-related claims, most of which we have not been able to settle. As a result of the possibility or occurrence of an unfavorable outcome with respect to these proceedings, other legal proceedings and certain other risks and uncertainties, we have been exploring a wide array of potential actions as part of our contingency planning and, as further described in the Second-Quarter 2022 Form 10-Q, we previously concluded that the related conditions and events gave rise to substantial doubt about our ability to continue as a going concern. Subsequent to the filing of the Second-Quarter 2022 Form 10-Q, on the August 16, 2022 Petition Date, the Debtors filed voluntary petitions for relief under the Bankruptcy Code, which constituted an event of default that accelerated our obligations under substantially all of our then-outstanding debt instruments. However, section 362 of the Bankruptcy Code stays creditors from taking any action to enforce the related financial obligations and creditors’ rights of enforcement in respect of the debt instruments are subject to the applicable provisions of the Bankruptcy Code. Refer to Note 2. Bankruptcy Proceedings and Note 15. Debt for additional information. As a result of these conditions and events, management continues to believe there is substantial doubt about our ability to continue as a going concern within one year after the date of issuance of these Consolidated Financial Statements. The accompanying Consolidated Financial Statements have been prepared under the going concern basis of accounting as required by U.S. GAAP and do not include any adjustments that might be necessary should we be unable to continue as a going concern.

BANKRUPTCY PROCEEDINGS

12 Months Ended

Dec. 31, 2022

Reorganizations [Abstract]

BANKRUPTCY PROCEEDINGS

NOTE 2. BANKRUPTCY PROCEEDINGS

Chapter 11 Filing

As noted above, on the Petition Date, the Debtors filed voluntary petitions for relief under the Bankruptcy Code. The Debtors have received approval from the U.S. Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) to jointly administer their chapter 11 cases (the Chapter 11 Cases) for administrative purposes only pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure under the caption In re Endo International plc, et al. Certain entities consolidated by Endo International plc and included in these Consolidated Financial Statements are not party to the Chapter 11 Cases. These entities are collectively referred to herein as the Non-Debtor Affiliates.

The Debtors will continue to operate their businesses and manage their properties as debtors-in-possession pursuant to sections 1107 and 1108 of the Bankruptcy Code. As debtors-in-possession, the Debtors are generally permitted to continue to operate as ongoing businesses and pay debts and honor obligations arising in the ordinary course of their businesses after the Petition Date. However, the Debtors generally may not pay third-party claims or creditors on account of obligations arising before the Petition Date or engage in transactions outside the ordinary course of business without approval of the Bankruptcy Court. Under the Bankruptcy Code, third-party actions to collect pre-petition indebtedness owed by the Debtors, as well as most litigation pending against the Debtors as of the Petition Date, are generally subject to an automatic stay. However, under the Bankruptcy Code, certain legal proceedings, such as those involving the assertion of a governmental entity’s police or regulatory powers, may not be subject to the automatic stay and may continue unless otherwise ordered by the Bankruptcy Court.

Among other requirements, chapter 11 proceedings must comply with the priority scheme established by the Bankruptcy Code, under which certain post-petition and secured or “priority” pre-petition liabilities generally need to be satisfied before general unsecured creditors and shareholders are entitled to receive any distribution.

Under the Bankruptcy Code, the Debtors may assume, modify, assign or reject certain executory contracts and unexpired leases, including, without limitation, leases of real property and equipment, subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the Debtors from performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Generally, the assumption of an executory contract or unexpired lease requires the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease in this report, including, where applicable, the express termination rights thereunder or a quantification of obligations, must be read in conjunction with, and is qualified by, any overriding rejection rights the Debtors have under the Bankruptcy Code.

To ensure their ability to continue operating in the ordinary course of business, the Debtors have filed with the Bankruptcy Court a variety of motions seeking “first day” relief, including the authority to access cash collateral, continue using their cash management system, pay employee wages and benefits and pay vendors in the ordinary course of business. At a hearing held on August 18, 2022, the Bankruptcy Court generally approved the relief sought in these motions on an interim basis. Following subsequent hearings held on September 28, 2022, October 13, 2022 and October 19, 2022, the Bankruptcy Court entered orders approving substantially all of the relief sought on a final basis.

Events of Default

The August 16, 2022 bankruptcy filings by the Debtors constituted an event of default that accelerated our obligations under substantially all of our then-outstanding debt instruments. However, section 362 of the Bankruptcy Code stays creditors from taking any action to enforce the related financial obligations and creditors’ rights of enforcement in respect of the debt instruments are subject to the applicable provisions of the Bankruptcy Code. Refer to Note 15. Debt for additional information.

Restructuring Support Agreement

On August 16, 2022, we entered into a Restructuring Support Agreement (the RSA) with an ad hoc group (the Ad Hoc First Lien Group) of certain creditors holding in excess of 50% of the aggregate outstanding principal amount of Secured Debt (as defined in that certain collateral trust agreement, dated as of April 27, 2017, among Endo International plc, certain subsidiaries of Endo International plc, the other grantors from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement, and Wells Fargo Bank, National Association, as indenture trustee, and Wilmington Trust, National Association, as collateral trustee (the Collateral Trust Agreement)), pursuant to which, among other things, one or more entities formed in a manner acceptable to the Ad Hoc First Lien Group (the Stalking Horse Bidder or the Purchaser) will serve as stalking horse bidder as we seek to sell all or substantially all of our assets in a sale pursuant to section 363 of the Bankruptcy Code (the Sale).

As described in the RSA, the Stalking Horse Bidder’s bid (the Stalking Horse Bid), which is subject to higher or otherwise better bids from other parties, includes an offer to purchase substantially all of our assets for an aggregate purchase price including: (i) a credit bid in full satisfaction of the Prepetition First Lien Indebtedness (as defined in the RSA); (ii) $5 million in cash on account of certain unencumbered assets; (iii) $122 million to wind-down our operations following the Sale closing date (the Wind-Down Amount); (iv) pre-closing professional fees; and (v) the assumption of certain liabilities. As part of the Stalking Horse Bid, the Stalking Horse Bidder will also make offers of employment to all of our active employees. Pursuant to the RSA, the definitive purchase and sale agreement with respect to the Stalking Horse Bid will include customary representations and warranties and customary covenants by the parties thereto. On November 23, 2022, we filed: (i) a motion seeking Bankruptcy Court approval of bidding procedures in connection with the Sale and (ii) a motion seeking to set deadlines for all claimants to file claims against the Debtors. Although both motions were initially set to be heard by the Bankruptcy Court at a hearing on December 15, 2022, following several conferences with both the Bankruptcy Court and all major parties in interest in the Chapter 11 Cases, the hearing on both motions was adjourned to allow the Debtors and certain key parties in the Chapter 11 Cases to participate in a mediation process to attempt to resolve certain objections and contested issues relating to the Sale and other critical matters in the Chapter 11 Cases. On March 3, 2023, the Debtors announced that, as a result of the mediation process, the Ad Hoc First Lien Group (and Stalking Horse Bidder) had reached certain resolutions in principle with both the unsecured creditors’ committee and opioid claimants’ committee appointed in the Chapter 11 Cases and certain ad hoc groups of debtholders. These resolutions, which remain subject to definitive documentation, are supported by the Debtors. In connection with such resolutions, the Company agreed in principle with the Ad Hoc First Lien Group to reduce the Wind-Down Amount associated with the Stalking Horse Bid from $122 million to approximately $115 million, subject to definitive documentation. As negotiations among the mediation parties continue, the mediation has been extended and remains ongoing and the Bankruptcy Court hearing on both motions has been adjourned to an undetermined date. As a result of such adjournment, the proposed timelines and deadlines set forth in both motions are expected to be extended.

The RSA contemplates a marketing process and auction that will be conducted under the supervision of the Bankruptcy Court, during which interested parties will have an opportunity to conduct due diligence and determine whether to submit a bid to acquire the Debtors’ assets. If the Stalking Horse Bid is selected as the highest or otherwise best offer following said marketing process and auction, the Ad Hoc First Lien Group will direct the Collateral Trustee (as defined in the Collateral Trust Agreement) to assign its rights to credit bid, on behalf of the Secured Parties (as defined in the Collateral Trust Agreement), to the Stalking Horse Bidder, so as to enable the Stalking Horse Bidder to credit bid for all or substantially all of our assets in exchange for the extinguishment of the obligations to the Secured Parties. The RSA further contemplates that the Purchaser will fund one or more trusts for parties with opioid-related claims against us, as further discussed in Note 16. Commitments and Contingencies.

Pursuant to the RSA, each of the parties agreed to, among other things, take all actions as are necessary and appropriate to facilitate the implementation and consummation of the Restructuring (as defined in the RSA), negotiate in good faith certain definitive documents relating to the Restructuring and obtain required approvals. In addition, we agreed to conduct our business in the ordinary course, provide notice and certain materials relating to the Restructuring to the consenting creditors’ advisors and pay certain fees and expenses of the consenting creditors.

The RSA provides certain milestones for the Restructuring. If we fail to satisfy these milestones and such failure is not the result of a breach of the RSA by the Required Consenting First Lien Creditors (as defined in the RSA), the Required Consenting First Lien Creditors will have the right to terminate the RSA. These milestones, as modified since we entered into the RSA (and which may be further modified from time to time), include: (i) not later than 11:59 p.m. prevailing Eastern Time on October 25, 2022, the Bankruptcy Court shall have entered the Cash Collateral Order on a final basis; (ii) not later than 11:59 p.m. prevailing Eastern Time on March 16, 2023, the Bankruptcy Court shall have entered an order approving the bidding procedures; (iii) not later than 11:59 p.m. prevailing Eastern Time on September 13, 2023, the Bankruptcy Court shall have entered an order approving the Sale; and (iv) not later than 11:59 p.m. prevailing Eastern Time on September 13, 2023 (the Outside Date), the closing of the Sale shall have occurred, subject to certain extensions of the Outside Date as set forth in the RSA, including: (a) for extensions of prior milestones; (b) to close the Sale transaction with a backup bidder; and (c) for delays in obtaining regulatory or third-party approvals or consents.

Each of the parties to the RSA may terminate the agreement (and thereby their support for the Sale) under certain limited circumstances, including for material breaches and materially untrue representations and warranties by their counterparties, if a governmental agency enjoins the Sale or if the purchase and sale agreement with respect to the Sale is terminated under certain circumstances.

The Chapter 11 Proceedings

Cash Collateral

In October 2022, the Bankruptcy Court entered the Cash Collateral Order approving the Debtors’ consensual use of their secured creditors’ cash collateral. The Debtors intend to use the cash collateral to, among other things, permit the orderly continuation of their businesses, pay the costs of administration of their estates and satisfy other working capital and general corporate purposes. As described in additional detail elsewhere in this report, including in Note 15. Debt, the Cash Collateral Order obligates the Debtors to make certain adequate protection payments during the bankruptcy proceedings, establishes a budget for the Debtors’ use of cash collateral, establishes certain informational rights for the Debtors’ secured creditors and provides for the waiver of certain Bankruptcy Code provisions. The Cash Collateral Order also requires the Debtors to maintain at least $600.0 million of “liquidity,” calculated at the end of each week as unrestricted cash and cash equivalents plus certain specified amounts of restricted cash associated with the TLC Agreement, which is further discussed below in Note 12. License, Collaboration and Asset Acquisition Agreements.

Potential Claims

In November 2022, the Debtors filed with the Bankruptcy Court schedules and statements, subject to further amendment or modification, which set forth, among other things, the assets and liabilities of each of the Debtors, subject to the assumptions filed in connection therewith.

As part of the Chapter 11 Cases, persons and entities believing that they have claims or causes of action against the Debtors may file proofs of claim evidencing such claims. As noted above, the Debtors have filed a motion seeking to set a bar date (deadline) for holders of claims to file proofs of claim (including general claims and claims of governmental units), which motion has been adjourned to an undetermined date.

The Debtors have received numerous claims as of the date of this report including, in certain cases, duplicate claims across multiple Debtors. For example, the IRS has filed multiple proofs of claim against several of the Debtors, as further discussed in Note 21. Income Taxes. We expect that the Debtors may continue to receive a significant number of claims in the future. As claims are filed, they are being evaluated for validity and compared to amounts recorded in our accounting records. As of the date of this report, the amounts of certain of the claims received exceed the amounts of the corresponding liabilities, if any, that we have recorded based on our assessments of the purported liabilities underlying such claims, and it is likely this will continue to be the case in future periods. We are not aware of any claims that we currently expect will require a material adjustment to the accounts and balances as reported as of December 31, 2022.

Differences in amounts recorded and claims filed by creditors will continue to be investigated and resolved, including through the filing of objections with the Bankruptcy Court, where appropriate. The Debtors may ask the Bankruptcy Court to disallow claims that the Debtors believe are duplicative, have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. In addition, as a result of this process, the Debtors may identify additional liabilities that will need to be recorded or reclassified to Liabilities subject to compromise in the Consolidated Balance Sheets. In light of the substantial number of claims that may be filed, the claims resolution process may take considerable time to complete and may continue for the duration of the Debtors’ bankruptcy proceedings.

Subsequent Developments

The Bankruptcy Court adjourned the hearings for certain critical motions filed in November and December 2022, including: (i) our motion to establish bidding procedures in connection with the Sale; (ii) our motion to establish deadlines for creditors to file proofs of claim; and (iii) our motion to extend our exclusive periods to file and solicit a plan of reorganization, in order to allow the Debtors and certain key parties in the Chapter 11 Cases to participate in a mediation process to attempt to resolve certain objections and contested issues relating to the Sale and other critical matters. On March 3, 2023, the Debtors announced that, as a result of the mediation process, the Ad Hoc First Lien Group (and Stalking Horse Bidder) had reached certain resolutions in principle with both the unsecured creditors’ committee and opioid claimants’ committee appointed in the Chapter 11 Cases and certain ad hoc groups of debtholders. These resolutions, which remain subject to definitive documentation, are supported by the Debtors. In connection with such resolutions, the mediation has been extended and remains ongoing and the Bankruptcy Court hearing on the three motions has been adjourned to an undetermined date.

Bankruptcy Accounting

As a result of the Chapter 11 Cases, we have applied the provisions of ASC 852 in preparing the accompanying Consolidated Financial Statements. ASC 852 requires that, for periods including and after the filing of a chapter 11 petition, the Consolidated Financial Statements distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.

Accordingly, for periods beginning with the third quarter of 2022, pre-petition unsecured and undersecured claims related to the Debtors that may be impacted by the bankruptcy reorganization process have been classified as Liabilities subject to compromise in the Consolidated Balance Sheets. Liabilities subject to compromise include pre-petition liabilities for which there is uncertainty about whether such pre-petition liabilities could be impaired as a result of the Chapter 11 Cases. Liabilities subject to compromise are recorded at the expected amount of the total allowed claim, even if they may ultimately be settled for different amounts. The following table sets forth, as of December 31, 2022, information about the amounts presented as Liabilities subject to compromise in our Consolidated Balance Sheets (in thousands):


	December 31, 2022
Accounts payable	$	30,317
Accrued interest	160,617
Debt	7,834,717
Litigation accruals	820,805
Uncertain tax positions	235,176
Other (1)	87,150
Total	$	9,168,782

__________

(1)Amounts include operating and finance lease liabilities as further described in Note 9. Leases, acquisition-related contingent consideration liabilities as further described in Note 7. Fair Value Measurements and a variety of other miscellaneous liabilities.

The determination of how liabilities will ultimately be settled or treated cannot be made until approved by the Bankruptcy Court. Therefore, the amounts in the table above are preliminary and may be subject to future adjustments as a result of, among other things, the possibility or occurrence of certain Bankruptcy Court actions, further developments with respect to disputed claims, any rejection by us of executory contracts and/or any payments by us of amounts classified as Liabilities subject to compromise, which may be allowed in certain limited circumstances. Amounts are also subject to adjustments if we make changes to our assumptions or estimates related to claims as additional information becomes available to us including, without limitation, those related to the expected amounts of allowed claims, the value of any collateral securing claims and the secured status of claims. Such adjustments may be material. Additionally, as a result of our ongoing bankruptcy proceedings, we may sell or otherwise dispose of or liquidate assets or settle liabilities for amounts other than those reflected in the accompanying Consolidated Financial Statements. The possibility or occurrence of any such actions could materially impact the amounts and classifications of such assets and liabilities reported in our Consolidated Balance Sheets and could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Certain expenses, gains and losses resulting from and recognized during our bankruptcy proceedings are now being recorded in Reorganization items, net in our Consolidated Statements of Operations. The following table sets forth, for the year ended December 31, 2022, information about the amounts presented as Reorganization items, net in our Consolidated Statements of Operations (in thousands):



	2022
Professional fees	$	113,781
Debt valuation adjustments	89,197

Total	$	202,978

Since the Petition Date, our operating cash flows included net cash outflows of $53.7 million related to amounts classified or expected to be classified as Reorganization items, net, which primarily consisted of payments for professional fees.

Refer also to Note 15. Debt for information about how our bankruptcy proceedings and certain related developments have affected our debt service payments and how such payments are being reflected in our Consolidated Financial Statements.

Nasdaq Delisting

On August 17, 2022, we received a letter (the Notice) from Nasdaq stating that, in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq had determined that Endo’s ordinary shares would be delisted. In accordance with the Notice, trading of Endo’s ordinary shares was suspended at the opening of business on August 26, 2022. As a result, Endo’s ordinary shares began trading exclusively on the over-the-counter market on August 26, 2022. On the over-the-counter market, Endo’s ordinary shares, which previously traded on the Nasdaq Global Select Market under the symbol ENDP, began to trade under the symbol ENDPQ. On September 14, 2022, Nasdaq filed a Form 25-NSE with the SEC and Endo’s ordinary shares were subsequently delisted from the Nasdaq Global Select Market. On December 13, 2022, Endo’s ordinary shares were deregistered under Section 12(b) of the Exchange Act.

NOTE 23. CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION

The financial statements included in this Note represent the Condensed Combined Financial Statements of the Debtors only, which include Endo International plc and most of its wholly-owned subsidiaries, except for its Indian subsidiaries and certain subsidiaries associated with the Company’s former Astora business. These statements reflect the results of operations, financial position and cash flows of the combined Debtors, including certain amounts and activities between Debtors and Non-Debtor Affiliates of the Company that are eliminated in the Consolidated Financial Statements.





CONDENSED COMBINED BALANCE SHEETS
(Dollars in thousands)

	December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	991,901
Restricted cash and cash equivalents	59,358
Accounts receivable, net	478,889
Inventories, net	241,349
Prepaid expenses and other current assets	111,807
Income taxes receivable	7,038

Receivables from Non-Debtor Affiliates	94,608
Total current assets	$	1,984,950

PROPERTY, PLANT AND EQUIPMENT, NET	233,114
OPERATING LEASE ASSETS	23,200
GOODWILL	1,352,011
OTHER INTANGIBLES, NET	1,732,935

INVESTMENTS IN NON-DEBTOR AFFILIATES	50,001
RECEIVABLES FROM NON-DEBTOR AFFILIATES	240,002
OTHER ASSETS	126,494
TOTAL ASSETS	$	5,742,707
LIABILITIES AND DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	654,414

Current portion of operating lease liabilities	230

Income taxes payable	10

Payables to Non-Debtor Affiliates	20,162
Total current liabilities	$	674,816
DEFERRED INCOME TAXES	13,479


OPERATING LEASE LIABILITIES, LESS CURRENT PORTION	994

OTHER LIABILITIES	37,367
LIABILITIES SUBJECT TO COMPROMISE	9,168,782
TOTAL DEFICIT	(4,152,731)
TOTAL LIABILITIES AND DEFICIT	$	5,742,707





CONDENSED COMBINED STATEMENTS OF OPERATIONS
(Dollars in thousands)


	2022
TOTAL REVENUES, NET	$	2,321,426
COSTS AND EXPENSES:
Cost of revenues	1,106,855
Selling, general and administrative	764,768
Research and development	137,851
Acquired in-process research and development	68,700
Litigation-related and other contingencies, net	478,722
Asset impairment charges	2,137,107
Acquisition-related and integration items, net	408

Interest expense, net	345,593

Reorganization items, net	202,978
Other income, net	(13,409)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX	$	(2,908,147)
INCOME TAX EXPENSE	17,721
LOSS FROM CONTINUING OPERATIONS	$	(2,925,868)
DISCONTINUED OPERATIONS, NET OF TAX	(13,468)
NET LOSS ATTRIBUTABLE TO DEBTOR ENTITIES	$	(2,939,336)
EQUITY IN INCOME OF NON-DEBTOR AFFILIATES, NET OF TAX	22,671
NET LOSS	$	(2,916,665)





CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE LOSS
(Dollars in thousands)


	2022
NET LOSS	$	(2,916,665)
OTHER COMPREHENSIVE LOSS:
Net unrealized loss on foreign currency	$	(10,496)
Total other comprehensive loss	$	(10,496)
COMPREHENSIVE LOSS	$	(2,927,161)





CONDENSED COMBINED STATEMENTS OF CASH FLOWS
(Dollars in thousands)


	2022
OPERATING ACTIVITIES:
Net cash provided by operating activities (1)	$	209,523
INVESTING ACTIVITIES:
Capital expenditures, excluding capitalized interest	(43,743)
Capitalized interest payments	(3,140)
Proceeds from the U.S. Government Agreement	18,635

Acquisitions, including in-process research and development, net of cash and restricted cash acquired	(90,320)




Proceeds from sale of business and other assets, net	41,400
Proceeds from loans made to Non-Debtor Affiliates	2,355
Disbursements for loans made to Non-Debtor Affiliates	(51,486)

Net cash used in investing activities	$	(126,299)
FINANCING ACTIVITIES:


Repayments of notes	(180,342)
Repayments of term loans	(10,000)


Adequate protection payments	(313,109)
Repayments of other indebtedness	(6,062)

Payments for contingent consideration	(2,462)
Payments of tax withholding for restricted shares	(1,898)


Net cash used in financing activities	$	(513,873)
Effect of foreign exchange rate	(1,790)

NET DECREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	$	(432,439)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	1,568,698
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	$	1,136,259

__________

(1)The difference between the amount of Net cash provided by operating activities included in the table above and the amount of Net cash provided by operating activities included in the Consolidated Statements of Cash Flows for the same period primarily relates to the fact that the table above: (i) excludes the operating cash flows of our Non-Debtor Affiliates, which are included in the Consolidated Statements of Cash Flows, and (ii) includes the effects of the operating cash flows of the Debtors with the Non-Debtor Affiliates, which are eliminated in the Consolidated Statements of Cash Flows.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

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

Reclassifications. Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassification adjustments primarily relate to changes to the presentation of certain costs and expenses in our Consolidated Statements of Operations. Specifically, effective with the first quarter of 2022, 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.

Bankruptcy Accounting. Refer to Note 2. Bankruptcy Proceedings under the heading “Bankruptcy Accounting” for a discussion of accounting considerations related to our ongoing bankruptcy proceedings.

Use of Estimates. The preparation of our Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts and disclosures in our Consolidated Financial Statements, including the Notes thereto, and elsewhere in this report. For example, we are required to make significant estimates and assumptions related to revenue recognition, including sales deductions, long-lived assets, goodwill, other intangible assets, income taxes, contingencies, financial instruments, share-based compensation, liabilities subject to compromise and reorganization items, net, 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. Additionally, as a result of our ongoing bankruptcy proceedings, we may sell or otherwise dispose of or liquidate assets or settle liabilities for amounts other than those reflected in the accompanying Consolidated Financial Statements. The possibility or occurrence of any such actions could materially impact the amounts and classifications of such assets and liabilities reported in our Consolidated Balance Sheets. Furthermore, our ongoing bankruptcy proceedings and planned sale process have resulted in and are likely to continue to result in significant changes to our business, which could ultimately result in, among other things, asset impairment charges that may be material. Although we believe that our estimates and assumptions are reasonable, there may be other reasonable estimates or assumptions that differ significantly from ours. Further, our estimates and assumptions are based upon information available at the time they were made. Actual results may differ significantly from our estimates, including as a result of the uncertainties described in this report, those described in our other reports filed with the SEC or other uncertainties.

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

Customer, Product and Supplier Concentration. We primarily sell our products to wholesalers, retail drug store chains, supermarket chains, mass merchandisers, distributors, mail order accounts, hospitals and/or government agencies. Our wholesalers and/or distributors purchase products from us and, in turn, supply products to retail drug store chains, independent pharmacies, hospitals, long-term care facilities, clinics, home infusion pharmacies, government facilities and MCOs. Net revenues from direct customers that accounted for 10% or more of our total consolidated net revenues during the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
AmerisourceBergen Corporation	35	%	36	%	33	%
McKesson Corporation	26	%	32	%	27	%
Cardinal Health, Inc.	20	%	22	%	24	%

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

XIAFLEX® accounted for 19%, 14% and 11% of our 2022, 2021 and 2020 net revenues, respectively. Varenicline tablets (our generic version of Pfizer Inc.’s Chantix®) accounted for 13% of our 2022 net revenues. VASOSTRICT® accounted for 11%, 30% and 27% of our 2022, 2021 and 2020 net revenues, respectively. No other products accounted for 10% or more of our net revenues during any of the years ended December 31, 2022, 2021 and 2020.

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

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

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

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

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

At December 31, 2022 and 2021, our reserves for sales deductions totaled $600.2 million and $588.7 million, respectively. These amounts relate primarily to our estimates of unsettled obligations for returns and allowances, rebates and chargebacks. The most significant sales deduction reserves relate to returns, wholesaler chargebacks and rebates for the Sterile Injectables and Generic Pharmaceuticals segments. Our estimates are based on factors such as our direct and indirect customers’ buying patterns and the estimated resulting contractual deduction rates, historical experience, specific known market events and estimated future trends, current contractual and statutory requirements, industry data, estimated customer inventory levels, current contract sales terms with our direct and indirect customers and other competitive factors. Significant judgment and estimation is required in developing the foregoing and other relevant assumptions. The most significant sales deductions are further described below.

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

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

•direct rebates;

•indirect rebates;

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

•managed-care rebates.

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

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

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

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

Contract Assets and Contract Liabilities. Contract assets represent our right to consideration in exchange for goods or services that we have transferred when that right is conditioned on something other than the passage of time. We record income and a corresponding contract asset when we fulfill a contractual performance obligation, but must also fulfill one or more additional performance obligations before being entitled to payment. Once our right to consideration becomes unconditional, the contract asset amount is reclassified as Accounts receivable.

Contract liabilities represent our obligation to transfer goods or services to a customer. We record a contract liability generally upon receipt of consideration in advance of fulfilling one or more of our contractual performance obligations. Upon completing each performance obligation, the corresponding contract liability amount is reversed and income is recognized.

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

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

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

For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. We also evaluate which elements of a transaction should be accounted for as a part of an asset acquisition and which should be accounted for separately. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any difference between the cost of an asset acquisition and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values.

The accounting for costs associated with acquiring in-process research and development assets, including contractual upfront and milestone payments to third parties, is further discussed below.

R&D. Expenditures for R&D are expensed as incurred and included as Research and development in the Consolidated Statements of Operations. Such expenses include, among other things, the costs of discovery research, preclinical development, early- and late-clinical development and drug formulation, clinical trials, materials and medical support of marketed products. R&D spending also includes enterprise-wide costs which support our overall R&D infrastructure. Property, plant and equipment that are acquired or constructed for R&D activities and that have alternate future uses are capitalized and depreciated over their estimated useful lives on a straight-line basis. The accounting for costs associated with acquiring in-process research and development assets, including contractual upfront and milestone payments to third parties, is further discussed below.

Cash and Cash Equivalents. The Company considers all highly liquid money market instruments with an original maturities of three months or less when purchased to be cash equivalents. At December 31, 2022 and 2021, cash equivalents were deposited in financial institutions and consisted almost entirely of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with financial institutions it believes to be well-known and stable.

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

Accounts Receivable. Our accounts receivable balance is stated at amortized cost less an allowance determined using the expected credit loss model. In addition, our accounts receivable balance is reduced by certain sales deduction reserves where we have the right of offset with the customer. We generally do not require collateral.

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

With respect to our accounts receivable, we have no history of significant losses. Approximately 83% and 91% of our gross trade accounts receivable balances represent amounts due from three customers (Cardinal Health, Inc., McKesson Corporation and AmerisourceBergen Corporation) at December 31, 2022 and December 31, 2021, respectively. We perform ongoing credit evaluations of these and our other customers based on information available to us. We consider these and other factors, including changes in the composition and aging of our accounts receivable, in developing our allowance for expected credit losses. The estimated allowance was not material to the Company’s Consolidated Financial Statements at December 31, 2022 or December 31, 2021, nor were the changes to the allowance during any of the periods presented.

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

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

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

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

Property, Plant and Equipment. Property, plant and equipment is generally stated at cost less accumulated depreciation. Major improvements are capitalized, while routine maintenance and repairs are expensed as incurred. Costs incurred during the construction or development of property, plant and equipment are capitalized as assets under construction. Once an asset has been placed into service, depreciation expense is taken on a straight-line basis over the estimated useful life of the related assets or, in the case of leasehold improvements and finance lease assets, over the shorter of the estimated useful life and the lease term. As of December 31, 2022, the useful lives of our property, plant and equipment range from 1 year to up to 30 years for buildings, 15 years for machinery and equipment, 10 years for computer equipment and software and 10 years for furniture and fixtures. Depreciation expense is not recorded on assets held for sale. Gains and losses on disposals are included in Other income, net in the Consolidated Statements of Operations. As further described below under the heading “Long-Lived Asset Impairment Testing,” our property plant and equipment assets are also subject to impairment reviews.

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

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

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

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

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

The present value of lease payments is calculated based on:

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

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

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

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

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

Cloud Computing Arrangements. The Company may from time to time incur costs in connection with hosting arrangements that are service contracts. The Company capitalizes any such implementation costs, expenses them over the terms of the respective hosting arrangements and subjects them to impairment testing consistent with other long-lived assets.

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

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

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

Developed Technology. Our developed technology assets subject to amortization have useful lives ranging from 6 years to 16 years, with a weighted average useful life of approximately 12 years. We determine amortization periods and methods of amortization for developed technology assets based on our assessment of various factors impacting estimated useful lives and the timing and extent of estimated cash flows of the acquired assets, including the strength of the intellectual property protection of the product (if applicable), contractual terms and various other competitive and regulatory issues.

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

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

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

Acquired in-Process Research and Development Assets. Acquired in-process research and development charges are generally recognized in periods in which in-process research and development assets (with no alternative future use in other research and development projects) are acquired from third parties in connection with an asset acquisition, or when costs are incurred (up to the point of regulatory approval) for upfront or milestone payments to third parties associated with in-process research and development. Otherwise, acquired in-process research and development assets are generally recognized as indefinite-lived intangible assets. Such assets are generally initially recorded at fair value if acquired in a business combination, or at cost if otherwise. Any indefinite-lived intangible assets are not subject to amortization. Instead, they are tested for impairment annually, as of October 1, and when events or changes in circumstances indicate that the asset might be impaired. If the fair value of the intangible assets is less than its carrying amount, an impairment loss is recognized for the difference. Assets that receive regulatory approval are reclassified and accounted for as finite-lived intangible assets.

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

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

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

Due to the fact that legal proceedings and other contingencies are inherently unpredictable, our estimates of the probability and amount of any such liabilities involve significant judgment regarding future events.

The Company records receivables from its insurance carriers only when the realization of the potential claim for recovery is considered probable.

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

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

Advertising Costs. Advertising costs are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations. Advertising costs amounted to $130.4 million, $136.8 million and $76.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.

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

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

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

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

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

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

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

The Company records unrecognized income tax positions (UTPs) on the basis of a two-step process whereby the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and then measures those tax positions that meet the more-likely-than-not recognition threshold. The Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the tax authority. The Company generally recognizes changes in UTPs, interest and penalties in the Income tax expense line in the Consolidated Statements of Operations. Refer to Note 21. Income Taxes for information about the classification of liabilities related to UTPs, including interest and penalties, in the Consolidated Balance Sheets.

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

Government Assistance Transactions. Our PSP LLC subsidiary is party to the U.S. Government Agreement. Under the terms of the U.S. Government Agreement, our Rochester facility will establish new sterile fill-finish manufacturing assets capable of processing liquid or lyophilized products requiring Biosafety Level (BSL) 2 containment in order to establish and sustain BSL 2 sterile fill-finish production capacity to create and maintain industrial base capabilities for the national defense.

The Company has concluded that reimbursements it receives pursuant to the U.S. Government Agreement, which are further described below, are not within the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606) because the U.S. government does not meet the definition of a “customer” as defined by ASC 606. We are instead accounting for the U.S. Government Agreement under other guidance including, for elements of the contract for which there is no authoritative guidance under U.S. GAAP, by applying the relevant accounting principles contained in International Accounting Standards 20—Accounting for Government Grants and Disclosure of Government Assistance by analogy.

Under this model, reimbursements we receive from the U.S. government for qualifying capital expenditures meet the definition of grants related to assets as the primary purpose for the reimbursements is to fund the purchase and construction of capital assets to increase production capacity. We recognize these reimbursements as deferred income in the Consolidated Balance Sheets as either Accounts payable and accrued expenses (for any current portion) or Other liabilities (for any noncurrent portion) when there is reasonable assurance the conditions of the grant will be met and the grant will be received. Refer to Note 16. Commitments and Contingencies for additional discussion of this agreement.

DISCONTINUED OPERATIONS AND ASSETS SALES

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS AND ASSETS SALES

NOTE 4. DISCONTINUED OPERATIONS AND ASSET SALES

Astora

The operating results of the Company’s Astora business, which the Board resolved to wind down in 2016, are reported as Discontinued operations, net of tax in the Consolidated Statements of Operations for all periods presented. The following table provides the operating results of Astora Discontinued operations, net of tax, for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Litigation-related and other contingencies, net	$	—	$	25,000	$	41,097
Loss from discontinued operations before income taxes	$	(15,543)	$	(49,594)	$	(67,847)
Income tax benefit	$	(2,056)	$	(5,430)	$	(4,327)
Discontinued operations, net of tax	$	(13,487)	$	(44,164)	$	(63,520)

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

The cash flows from discontinued operating activities related to Astora included the impact of net losses of $13.5 million, $44.2 million and $63.5 million for the years ended December 31, 2022, 2021 and 2020, 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 (the 2020 Restructuring Initiative), which are further discussed in Note 5. Restructuring. These actions include an initiative to exit certain of our manufacturing and other sites to optimize our retail generics business cost structure.

Certain of these sites and certain corresponding assets and liabilities were sold in 2021 to subsidiaries of Strides Pharma Science Limited and certain other entities. The assets sold included certain of our manufacturing facilities and related fixed assets in Chestnut Ridge, New York and Irvine, California, as well as certain U.S. retail generics products and certain related product inventory. As a result of these sales, we became entitled to aggregate cash consideration of approximately $25.6 million, substantially all of which was received by December 31, 2021, as well as certain non-cash consideration of approximately $5.8 million. In connection with these sales, we recognized the following amounts in 2021: (i) a pre-tax disposal loss of $42.2 million to write down the carrying amount of the disposal group to fair value, less cost to sell, which we recorded in Asset impairment charges in the Consolidated Statements of Operations, and (ii) a pre-tax net reversal of $25.4 million of expense, primarily related to avoided severance costs for employees that transitioned to the purchasers in connection with these 2021 sales.

In 2022, we entered into a definitive agreement to sell certain additional assets located in Chestnut Ridge, New York to Ram Ridge Partners BH LLC. The assets primarily consisted of property, plant and equipment. In October 2022, the Bankruptcy Court approved the sale of the assets. The sale closed during the fourth quarter of 2022. As a result of this sale, we became entitled to aggregate cash consideration of approximately $18.5 million, substantially all of which was received by December 31, 2022. In connection with this sale, we recognized a pre-tax disposal gain of approximately $8.4 million in 2022, which we recorded in Other income, net in the Consolidated Statements of Operations.

The assets described in this section, which primarily related to the Company’s Generic Pharmaceuticals segment, did not meet the requirements for treatment as a discontinued operation. The amounts described in this section that were recognized in our Consolidated Statements of Operations are included in the quantitative disclosures of the 2020 Restructuring Initiative included in Note 5. Restructuring.

RESTRUCTURING

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

RESTRUCTURING

NOTE 5. RESTRUCTURING

2020 Restructuring Initiative

As noted above, in November 2020, the Company announced the initiation of several strategic actions to further optimize the Company’s operations and increase overall efficiency. These actions were initiated with the expectation of, among other things, 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 included the following:

•Optimizing the Company’s retail generics business cost structure by exiting manufacturing and other sites in Irvine, California, Chestnut Ridge, New York and India.

•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 was reduced by approximately 300 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. Future costs associated with the 2020 Restructuring Initiative are not expected to be material.

The following pre-tax net amounts related to the 2020 Restructuring Initiative are included in the Company’s Consolidated Statements of Operations during the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Net restructuring charges (charge reversals) related to:
Accelerated depreciation	$	3,773	$	24,718	$	22,459
Asset impairments	—		42,155		7,391
Inventory adjustments	1,494		6,968		3,097
Employee separation, continuity and other benefit-related costs	1,216		(7,384)		60,025
Certain other restructuring costs	795		2,012		664
Total	$	7,278	$	68,469	$	93,636

These pre-tax net amounts were primarily attributable to our Generic Pharmaceuticals segment, which incurred $5.4 million, $49.9 million and $79.0 million of pre-tax net charges during the years ended December 31, 2022, 2021 and 2020, respectively. The remaining amounts related to our other segments and certain corporate unallocated costs.

As of December 31, 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 $11.6 million, employee separation, continuity and other benefit-related costs, net of approximately $53.9 million and certain other restructuring costs of approximately $3.5 million. Of these amounts, approximately $134.3 million was attributable to the Generic Pharmaceuticals segment, with the remaining amounts relating to our other segments and certain corporate unallocated costs.



	2022		2021		2020
Net restructuring charges (charge reversals) included in:
Cost of revenues	$	3,966	$	6,244	$	53,297
Selling, general and administrative	208		20,788		27,857
Research and development	3,104		1,367		5,091
Asset impairment charges	—		42,155		7,391
Other income, net	—		(2,085)		—
Total	$	7,278	$	68,469	$	93,636

In addition to the pre-tax net amounts summarized above, as part of the 2020 Restructuring Initiative, we recognized a pre-tax disposal gain of approximately $8.4 million during the fourth quarter of 2022 as a result of the Chestnut Ridge, New York sale transaction, which is further described in Note 4. Discontinued Operations and Asset Sales. The assets sold primarily related to our Generic Pharmaceuticals segment.

Changes to the liability for the 2020 Restructuring Initiative during the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands):


	Employee Separation, Continuity and Other Benefit-Related Costs		Certain Other Restructuring Costs		Total
Liability balance as of December 31, 2019	$	—	$	—	$	—
Net charges	60,025		664		60,689
Cash payments	(1,687)		—		(1,687)
Liability balance as of December 31, 2020	$	58,338	$	664	$	59,002
Net (charge reversals) charges	(7,384)		3,711		(3,673)
Cash payments	(39,975)		(4,170)		(44,145)
Liability balance as of December 31, 2021	$	10,979	$	205	$	11,184
Net charges	1,216		796		2,012
Cash payments	(11,926)		(1,001)		(12,927)
Liability balance as of December 31, 2022	$	269	$	—	$	269

2022 Restructuring Initiative

In April 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. In December 2022, the Company announced it would be taking certain additional actions to cease the production and sale of QWO® in light of market concerns about the extent and variability of bruising following initial treatment as well as the potential for prolonged skin discoloration. These actions, which are collectively referred to herein as the 2022 Restructuring Initiative, were initiated with the expectation of, among other things, generating cost savings, with a portion to be reinvested to support the Company’s key strategic priority to expand and enhance its product portfolio. In December 2022, the Bankruptcy Court approved an order authorizing the Company to cease the production and commercialization of QWO® and granting related relief.

As a result of the 2022 Restructuring Initiative, the Company’s global workforce is ultimately expected to be reduced by up to approximately 190 net full-time positions. The Company expects to realize annualized pre-tax cash savings (without giving effect to the costs described below) of approximately $105 million to $125 million by the end of 2023, primarily related to reductions in Selling, general and administrative expenses and Cost of revenues. Future costs associated with the 2022 Restructuring Initiative are not expected to be material.

The following pre-tax net amounts related to the 2022 Restructuring Initiative are included in the Company’s Consolidated Statements of Operations during the year ended December 31, 2022 (in thousands):



	2022
Net restructuring charges related to:

Asset impairments	$	180,248
Inventory adjustments	34,870
Employee separation, continuity and other benefit-related costs	28,345
Certain other restructuring costs	8,656
Total	$	252,119

These pre-tax net amounts were primarily attributable to our Branded Pharmaceuticals segment, which incurred $238.6 million of pre-tax net charges during the year ended December 31, 2022. The remaining amounts related to our Generic Pharmaceuticals segment and certain corporate unallocated costs.



	2022
Net restructuring charges included in:
Cost of revenues	$	49,078
Selling, general and administrative	18,692
Research and development	4,101
Asset impairment charges	180,248

Total	$	252,119

Changes to the liability for the 2022 Restructuring Initiative during the year ended December 31, 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	$	—	$	—	$	—
Net charges	28,345		1,102		29,447
Cash payments	(13,348)		(1,102)		(14,450)
Liability balance as of December 31, 2022	$	14,997	$	—	$	14,997

The liability at December 31, 2022 is classified as current and is included in Accounts payable and accrued expenses in the Consolidated Balance Sheets.

SEGMENT RESULTS

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

SEGMENT RESULTS

NOTE 6. SEGMENT RESULTS

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

We evaluate segment performance based on Segment adjusted income from continuing operations before income tax, which we define as Loss from continuing operations before income tax and before 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; reorganization items, net; and certain other items.

Certain 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 and bariatrics, among others. Products in this segment include XIAFLEX®, SUPPRELIN® LA, AVEED®, NASCOBAL® Nasal Spray, 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’s Invanz®) and ephedrine sulfate injection, among others.

Generic Pharmaceuticals

Our Generic Pharmaceuticals segment consists of a product portfolio including solid oral extended-release products, solid oral immediate-release products, 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, including OTC products, sold outside the U.S., primarily in Canada through our operating company Paladin.

The following represents selected information for the Company’s reportable segments for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Net revenues from external customers:
Branded Pharmaceuticals	$	851,142	$	893,617	$	781,780
Sterile Injectables	589,633		1,266,097		1,238,847
Generic Pharmaceuticals	795,457		740,586		783,110
International Pharmaceuticals (1)	82,643		92,906		99,337
Total net revenues from external customers	$	2,318,875	$	2,993,206	$	2,903,074
Segment adjusted income from continuing operations before income tax:
Branded Pharmaceuticals	$	366,554	$	384,186	$	377,526
Sterile Injectables	349,424		998,453		950,145
Generic Pharmaceuticals	336,133		160,046		87,178
International Pharmaceuticals	19,920		30,325		41,022
Total segment adjusted income from continuing operations before income tax	$	1,072,031	$	1,573,010	$	1,455,871

__________

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

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

The table below provides reconciliations of our Total consolidated loss from continuing operations before income tax, which is determined in accordance with U.S. GAAP, to our Total segment adjusted income from continuing operations before income tax for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Total consolidated loss from continuing operations before income tax	$	(2,888,102)	$	(546,603)	$	(26,518)
Interest expense, net	349,776		562,353		532,939
Corporate unallocated costs (1)	182,335		180,866		157,723
Amortization of intangible assets	337,311		372,907		427,543

Acquired in-process research and development charges	68,700		25,120		33,329
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives (2)	198,381		90,912		126,282
Certain litigation-related and other contingencies, net (3)	478,722		345,495		(19,049)
Certain legal costs (4)	31,756		136,148		67,819
Asset impairment charges (5)	2,142,746		414,977		120,344
Acquisition-related and integration items, net (6)	408		(8,379)		16,549
Loss on extinguishment of debt	—		13,753		—

Foreign currency impact related to the remeasurement of intercompany debt instruments	(5,328)		797		1,919
Reorganization items, net (7)	202,978		—		—
Other, net (8)	(27,652)		(15,336)		16,991
Total segment adjusted income from continuing operations before income tax	$	1,072,031	$	1,573,010	$	1,455,871

__________

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

(2)Amounts in 2022 include net employee separation, continuity and other benefit-related charges of $85.6 million, accelerated depreciation charges of $3.8 million, inventory charges related to restructurings of $36.4 million and other net charges, including those related to strategic review initiatives, of $72.7 million. Amounts in 2021 include net employee separation, continuity and other benefit-related charges of $8.8 million, accelerated depreciation charges of $24.7 million and other net charges, including those related to strategic review initiatives, of $57.4 million. Amounts in 2020 include net employee separation, continuity and other benefit-related charges of $86.9 million, accelerated depreciation charges of $22.5 million and other net charges, including those related to strategic review initiatives, of $16.9 million. These amounts relate primarily to our restructuring activities as further described in Note 5. Restructuring, certain continuity and transitional compensation arrangements, certain other cost reduction initiatives and certain strategic review initiatives, including costs incurred in connection with our bankruptcy proceedings, which are included in this row until the Petition Date and in the Reorganization items, net row thereafter.

(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 16. Commitments and Contingencies.

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

(5)Amounts primarily relate to charges to impair goodwill and intangible assets, property, plant and equipment, operating lease right-of-use assets and certain disposal group assets. For additional information, refer to Note 4. Discontinued Operations and Asset Sales, Note 5. Restructuring, Note 7. Fair Value Measurements, Note 9. Leases, Note 10. Property, Plant and Equipment and Note 11. Goodwill and Other Intangibles.

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

(7)Amounts relate to the net expense or income recognized during our bankruptcy proceedings required to be presented as Reorganization items, net under ASC 852. Refer to Note 2. Bankruptcy Proceedings for further details.

(8)Amounts in 2021 include gains of $15.5 million associated with the termination of certain contracts, partially offset by $3.9 million of third-party fees incurred in connection with the March 2021 Refinancing Transactions, which were accounted for as debt modification costs as further discussed in Note 15. Debt. Amounts in 2020 include $31.1 million of third-party fees incurred in connection with the June 2020 Refinancing Transactions (as defined below), which were accounted for as debt modification costs as further discussed in Note 15. Debt. 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 years ended December 31, 2022, 2021 and 2020, 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.



	2022		2021		2020
Branded Pharmaceuticals:
Specialty Products:
XIAFLEX®	$	438,680	$	432,344	$	316,234
SUPPRELIN® LA	113,011		114,374		88,182
Other Specialty (1)	70,009		86,432		92,662
Total Specialty Products	$	621,700	$	633,150	$	497,078
Established Products:
PERCOCET®	$	103,943	$	103,788	$	110,112
TESTOPEL®	38,727		43,636		35,234

Other Established (2)	86,772		113,043		139,356
Total Established Products	$	229,442	$	260,467	$	284,702
Total Branded Pharmaceuticals (3)	$	851,142	$	893,617	$	781,780
Sterile Injectables:
VASOSTRICT®	$	253,696	$	901,735	$	785,646
ADRENALIN®	114,304		124,630		152,074


Other Sterile Injectables (4)	221,633		239,732		301,127
Total Sterile Injectables (3)	$	589,633	$	1,266,097	$	1,238,847
Total Generic Pharmaceuticals (5)	$	795,457	$	740,586	$	783,110
Total International Pharmaceuticals (6)	$	82,643	$	92,906	$	99,337
Total revenues, net	$	2,318,875	$	2,993,206	$	2,903,074

__________

(1)Products included within Other Specialty include AVEED®, NASCOBAL® Nasal Spray 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 the year ended December 31, 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 APLISOL®, ertapenem for injection 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 limited or no intellectual property protection and are sold within the U.S. During 2022, varenicline tablets (Endo’s generic version of Pfizer Inc.’s Chantix®), which launched in September 2021, made up 13% 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 Endo’s operating company Paladin.

The following represents depreciation expense for our reportable segments for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	2022		2021		2020

Branded Pharmaceuticals	$	9,862	$	10,632	$	11,758
Sterile Injectables	20,224		17,796		17,400
Generic Pharmaceuticals	16,952		47,343		52,614
International Pharmaceuticals	3,638		4,242		4,530
Corporate unallocated	3,642		4,178		4,962
Total depreciation expense	$	54,318	$	84,191	$	91,264

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 7. FAIR VALUE MEASUREMENTS

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

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

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

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

Financial Instruments

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

Restricted Cash and Cash Equivalents

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


	Balance Sheet Line Items	December 31, 2022		December 31, 2021
Restricted cash and cash equivalents—current (1)	Restricted cash and cash equivalents	$	145,358	$	124,114
Restricted cash and cash equivalents—noncurrent (2)	Other assets	85,000		—
Total restricted cash and cash equivalents		$	230,358	$	124,114

__________

(1)Amounts at December 31, 2022 and December 31, 2021 include: (i) restricted cash and cash equivalents associated with litigation-related matters, including $50.7 million and $78.4 million, respectively, held in Qualified Settlement Funds (QSFs) for mesh- and/or opioid-related matters, and (ii) approximately $86.0 million and $45.0 million, respectively, of restricted cash and cash equivalents related to certain insurance-related matters. See Note 16. Commitments and Contingencies for further information about litigation-related matters.

(2)The amount at December 31, 2022 relates to the TLC Agreement. See Note 12. 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 December 31, 2022 and December 31, 2021 were as follows (in thousands):


	Fair Value Measurements at December 31, 2022 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds (1)	$	12,226	$	—	$	—	$	12,226
Liabilities:



Acquisition-related contingent consideration (2)	$	—	$	—	$	16,571	$	16,571


	Fair Value Measurements at December 31, 2021 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds (1)	$	134,847	$	—	$	—	$	134,847
Liabilities:



Acquisition-related contingent consideration (2)	$	—	$	—	$	20,076	$	20,076

__________

(1)At December 31, 2022 and December 31, 2021, money market funds include $12.2 million and $16.2 million, respectively, in QSFs. Amounts in QSFs are considered restricted cash equivalents. See Note 16. Commitments and Contingencies for further discussion of our litigation. At December 31, 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.

(2)At December 31, 2022, the balance of the Company’s liability for acquisition-related contingent consideration, which is governed by executory contracts and recorded at the expected amount of the total allowed claim, is classified within Liabilities subject to compromise in the Consolidated Balance Sheets. At December 31, 2021, this amount is classified in the Consolidated Balance Sheets as follows: $5.7 million is classified as a current liability and included within Accounts payable and accrued expenses and $14.3 million is classified as a noncurrent liability and included within Other liabilities.

Fair Value Measurements Using Significant Unobservable Inputs

The following table presents changes to the Company’s liability for acquisition-related contingent consideration, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), for the years ended December 31, 2022 and 2021 (in thousands):



	2022		2021
Beginning of period	$	20,076	$	36,249
Amounts settled	(3,127)		(7,449)
Changes in fair value recorded in earnings	408		(8,793)
Effect of currency translation	(786)		69
End of period (1)	$	16,571	$	20,076

__________

(1)At December 31, 2022, the balance of the Company’s liability for acquisition-related contingent consideration, which is governed by executory contracts and recorded at the expected amount of the total allowed claim, is classified within Liabilities subject to compromise in the Consolidated Balance Sheets.

At December 31, 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 10.7%, weighted based on relative fair value). Changes in fair value recorded in earnings related to acquisition-related contingent consideration are included in our Consolidated Statements of Operations as Acquisition-related and integration items, net.

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the year ended December 31, 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 December 31, 2022 (1)
Auxilium acquisition	$	9,038	$	2,116	$	(536)	$	10,618
Lehigh Valley Technologies, Inc. acquisitions	3,600		(635)		(665)		2,300

Other	7,438		(1,073)		(2,712)		3,653
Total	$	20,076	$	408	$	(3,913)	$	16,571

__________

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


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

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

Nonrecurring Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2022 and 2021 were as follows (in thousands):


	Fair Value Measurements during the Year Ended December 31, 2022 (1) using:						Total Expense for the Year Ended December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	67,082	$	(288,701)
Certain property, plant and equipment	—		—		—		(9,045)


Total	$	—	$	—	$	67,082	$	(297,746)


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

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

Total	$	—	$	—	$	5,011	$	(9,822)

__________

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

(2)For 2022, these fair value measurements were determined using risk-adjusted discount rates ranging from 9.5% to 12.0% (weighted average rate of approximately 11.8%, weighted based on relative fair value). For 2021, these fair value measurements were determined using risk-adjusted discount rates ranging from 10.0% to 12.0% (weighted average rate of approximately 11.1%, weighted based on relative fair value).

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

- Definition

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

+ References + Details

INVENTORIES

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 8. INVENTORIES

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


	December 31, 2022		December 31, 2021
Raw materials (1)	$	105,975	$	90,453
Work-in-process (1)	43,057		82,728
Finished goods (1)	125,467		110,371
Total	$	274,499	$	283,552

__________

(1)The components of inventory shown in the table above are net of allowances.

Inventory in excess of the amount expected to be sold within one year is classified as noncurrent inventory and is not included in the table above. At December 31, 2022 and December 31, 2021, $23.0 million and $10.7 million, respectively, of noncurrent inventory was included in Other assets in the Consolidated Balance Sheets. As of December 31, 2022 and December 31, 2021, the Company’s Consolidated Balance Sheets included approximately $5.8 million and $12.2 million, respectively, of capitalized pre-launch inventories related to products that were not yet available to be sold.

LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

NOTE 9. LEASES

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

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

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

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

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

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


	Balance Sheet Line Items	December 31, 2022		December 31, 2021
Right-of-use assets:
Operating lease right-of-use assets	Operating lease assets	$	28,070	$	34,832
Finance lease right-of-use assets	Property, plant and equipment, net	26,761		38,365
Total right-of-use assets		$	54,831	$	73,197
Operating lease liabilities (1):
Current operating lease liabilities	Current portion of operating lease liabilities	$	903	$	10,992
Noncurrent operating lease liabilities	Operating lease liabilities, less current portion	5,129		33,727
Total operating lease liabilities		$	6,032	$	44,719
Finance lease liabilities (1):
Current finance lease liabilities	Accounts payable and accrued expenses	$	—	$	6,841
Noncurrent finance lease liabilities	Other liabilities	1,392		18,374
Total finance lease liabilities		$	1,392	$	25,215

__________

(1)Amounts at December 31, 2022 exclude operating lease liabilities of $28.4 million and finance lease liabilities of $17.1 million that are classified as Liabilities subject to compromise in the Consolidated Balance Sheets.

The following table presents information about lease costs and expenses and sublease income for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	Statement of Operations Line Items	2022		2021		2020
Operating lease cost	Various (1)	$	10,959	$	13,892	$	14,175
Finance lease cost:
Amortization of right-of-use assets	Various (1)	$	8,479	$	9,244	$	9,244
Interest on lease liabilities	Interest expense, net	$	1,127	$	1,480	$	1,716
Other lease costs and income:
Variable lease costs (2)	Various (1)	$	11,707	$	13,202	$	10,305
Finance lease right-of-use asset impairment charges	Asset impairment charges	$	3,063	$	—	$	—
Operating lease right-of-use asset impairment charges	Asset impairment charges	$	—	$	—	$	6,392
Sublease income	Various (1)	$	(6,436)	$	(3,793)	$	(3,803)

__________

(1)Amounts are included in the Consolidated Statements of Operations based on the function that the underlying leased asset supports. The following table presents the components of such aggregate amounts for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Cost of revenues	$	6,189	$	11,316	$	11,610
Selling, general and administrative	$	18,305	$	21,013	$	18,108
Research and development	$	215	$	216	$	203

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

The following table provides the undiscounted amount of future cash flows included in our lease liabilities at December 31, 2022 for each of the five years subsequent to December 31, 2022 and thereafter, as well as a reconciliation of such undiscounted cash flows to our lease liabilities at December 31, 2022 (in thousands):


	Operating Leases		Finance Leases
2023	$	11,518	$	7,881
2024	6,599		8,038
2025	5,381		896
2026	5,337		896
2027	5,345		896
Thereafter	4,630		9,303
Total future lease payments	$	38,810	$	27,910
Less: amounts representing interest	4,391		9,440
Present value of future lease payments (lease liabilities, including amounts classified as Liabilities subject to compromise)	$	34,419	$	18,470
Less: amounts classified as Liabilities subject to compromise	28,387		17,078
Lease liabilities, excluding amounts classified as Liabilities subject to compromise	$	6,032	$	1,392

The following table provides the weighted average remaining lease term and weighted average discount rates for our leases as of December 31, 2022 and December 31, 2021:


	December 31, 2022		December 31, 2021
Weighted average remaining lease term (years), weighted based on lease liability balances:
Operating leases	4.9 years		5.1 years
Finance leases	9.9 years		9.5 years
Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Operating leases	6.1	%	5.9	%
Finance leases	7.5	%	7.6	%

The following table provides certain cash flow and supplemental noncash information related to our lease liabilities for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$	13,152	$	14,478	$	14,598
Operating cash payments for finance leases	$	1,673	$	2,256	$	2,666
Financing cash payments for finance leases	$	6,062	$	5,448	$	4,884
Lease liabilities arising from obtaining right-of-use assets:
Operating leases (1)	$	1,296	$	5,807	$	—

__________

(1)The amount in 2022 primarily relates to a new lease agreement. The amount in 2021 primarily relates to an increase in lease liabilities and right-of-use assets related to a lease modification.

LEASES

NOTE 9. LEASES

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

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


	Balance Sheet Line Items	December 31, 2022		December 31, 2021
Right-of-use assets:
Operating lease right-of-use assets	Operating lease assets	$	28,070	$	34,832
Finance lease right-of-use assets	Property, plant and equipment, net	26,761		38,365
Total right-of-use assets		$	54,831	$	73,197
Operating lease liabilities (1):
Current operating lease liabilities	Current portion of operating lease liabilities	$	903	$	10,992
Noncurrent operating lease liabilities	Operating lease liabilities, less current portion	5,129		33,727
Total operating lease liabilities		$	6,032	$	44,719
Finance lease liabilities (1):
Current finance lease liabilities	Accounts payable and accrued expenses	$	—	$	6,841
Noncurrent finance lease liabilities	Other liabilities	1,392		18,374
Total finance lease liabilities		$	1,392	$	25,215

__________

The following table presents information about lease costs and expenses and sublease income for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	Statement of Operations Line Items	2022		2021		2020
Operating lease cost	Various (1)	$	10,959	$	13,892	$	14,175
Finance lease cost:
Amortization of right-of-use assets	Various (1)	$	8,479	$	9,244	$	9,244
Interest on lease liabilities	Interest expense, net	$	1,127	$	1,480	$	1,716
Other lease costs and income:
Variable lease costs (2)	Various (1)	$	11,707	$	13,202	$	10,305
Finance lease right-of-use asset impairment charges	Asset impairment charges	$	3,063	$	—	$	—
Operating lease right-of-use asset impairment charges	Asset impairment charges	$	—	$	—	$	6,392
Sublease income	Various (1)	$	(6,436)	$	(3,793)	$	(3,803)

__________



	2022		2021		2020
Cost of revenues	$	6,189	$	11,316	$	11,610
Selling, general and administrative	$	18,305	$	21,013	$	18,108
Research and development	$	215	$	216	$	203


	Operating Leases		Finance Leases
2023	$	11,518	$	7,881
2024	6,599		8,038
2025	5,381		896
2026	5,337		896
2027	5,345		896
Thereafter	4,630		9,303
Total future lease payments	$	38,810	$	27,910
Less: amounts representing interest	4,391		9,440
Present value of future lease payments (lease liabilities, including amounts classified as Liabilities subject to compromise)	$	34,419	$	18,470
Less: amounts classified as Liabilities subject to compromise	28,387		17,078
Lease liabilities, excluding amounts classified as Liabilities subject to compromise	$	6,032	$	1,392

The following table provides the weighted average remaining lease term and weighted average discount rates for our leases as of December 31, 2022 and December 31, 2021:


	December 31, 2022		December 31, 2021
Weighted average remaining lease term (years), weighted based on lease liability balances:
Operating leases	4.9 years		5.1 years
Finance leases	9.9 years		9.5 years
Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Operating leases	6.1	%	5.9	%
Finance leases	7.5	%	7.6	%

The following table provides certain cash flow and supplemental noncash information related to our lease liabilities for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$	13,152	$	14,478	$	14,598
Operating cash payments for finance leases	$	1,673	$	2,256	$	2,666
Financing cash payments for finance leases	$	6,062	$	5,448	$	4,884
Lease liabilities arising from obtaining right-of-use assets:
Operating leases (1)	$	1,296	$	5,807	$	—

__________

(1)The amount in 2022 primarily relates to a new lease agreement. The amount in 2021 primarily relates to an increase in lease liabilities and right-of-use assets related to a lease modification.

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 10. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net consists of the following at December 31, 2022 and December 31, 2021 (in thousands):


	December 31, 2022		December 31, 2021
Land and buildings	$	239,207	$	234,219
Machinery and equipment	241,930		206,971
Leasehold improvements	54,388		55,020
Computer equipment and software	92,566		118,959
Furniture and fixtures	9,129		11,939
Assets under construction	142,560		120,483
Total property, plant and equipment, gross	$	779,780	$	747,591
Less: accumulated depreciation	(341,466)		(350,879)
Total property, plant and equipment, net	$	438,314	$	396,712

Depreciation expense was $54.3 million, $84.2 million and $91.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company recorded property, plant and equipment impairment charges totaling $9.0 million, $2.0 million and $1.2 million, respectively. These charges are included in the Asset impairment charges line item in our Consolidated Statements of Operations and primarily reflect the write-off of certain property, plant and equipment.

At December 31, 2022 and December 31, 2021, $205.2 million and $162.1 million of the Company’s Property, plant and equipment, net, representing net book amounts, were located in India. At December 31, 2022 and December 31, 2021, there were no other material tangible long-lived assets located outside of the U.S., individually or in the aggregate.

GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

NOTE 11. GOODWILL AND OTHER INTANGIBLES

Goodwill

Changes in the carrying amounts of our goodwill for the years ended December 31, 2022 and December 31, 2021 were as follows (in thousands):


	Branded Pharmaceuticals		Sterile Injectables		Generic Pharmaceuticals		International Pharmaceuticals		Total
Goodwill as of December 31, 2020	$	828,818	$	2,731,193	$	—	$	—	$	3,560,011


Goodwill impairment charges	—		(363,000)		—		—		(363,000)

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

Goodwill impairment charges	—		(1,845,000)		—		—		(1,845,000)

Goodwill as of December 31, 2022	$	828,818	$	523,193	$	—	$	—	$	1,352,011

The carrying amounts of goodwill at December 31, 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 December 31, 2022	$	855,810	$	2,208,000	$	3,142,657	$	513,211	$	6,719,678

Other Intangible Assets

Changes in the amounts of other intangible assets for the year ended December 31, 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 December 31, 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		—		(288,701)		(17,417)		5,920,021

Total other intangibles (weighted average life of 12 years)	$	6,674,655	$	—	$	(288,701)	$	(17,417)	$	6,368,537

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

Licenses	$	(419,932)	$	(4,576)	$	—	$	—	$	(424,508)
Tradenames	(6,409)		—		—		—		(6,409)
Developed technology	(3,885,491)		(332,735)		—		13,541		(4,204,685)
Total other intangibles	$	(4,311,832)	$	(337,311)	$	—	$	13,541	$	(4,635,602)
Net other intangibles	$	2,362,823							$	1,732,935

Amortization expense for the years ended December 31, 2022, 2021 and 2020 totaled $337.3 million, $372.9 million and $427.5 million, respectively. Amortization expense is included in Cost of revenues in the Consolidated Statements of Operations. For intangible assets subject to amortization, estimated amortization expense for the five fiscal years subsequent to December 31, 2022 is as follows (in thousands):


2023	$	255,869
2024	$	245,751
2025	$	232,668
2026	$	209,532
2027	$	134,364

Impairments

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

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 reflect 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 rates and the probability of achieving the estimated cash flows, and (ii) future economic conditions. These assumptions are based on significant inputs and judgments not observable in the market, and thus represent Level 3 measurements within the fair value hierarchy. The discount rates used in the determination of fair value reflect our judgments regarding the risks and uncertainties inherent in the estimated future cash flows and may differ over time depending on the risk profile of the particular assets and other market factors. We believe the discount rates and other inputs and assumptions are consistent with those a market participant would use. Any impairment charges resulting from annual or interim goodwill and intangible asset impairment assessments are recorded to Asset impairment charges in our Consolidated Statements of Operations.

Annual Goodwill Impairment Tests

The Company performed its annual goodwill impairment tests as of October 1, 2022, 2021 and 2020. For the purposes of these annual tests, the Company had two reporting units with goodwill: Branded Pharmaceuticals and Sterile Injectables. The discount rates used for the Branded Pharmaceuticals reporting units in these annual tests were 15.0%, 14.5% and 15.0%, respectively, and the discount rates used for the Sterile Injectables reporting units in these annual tests were 19.5%, 11.0% and 10.0%, respectively.

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

We did not record any other goodwill impairment charges as a result of our October 1, 2022, 2021 and 2020 annual impairment tests.

First-Quarter 2020 Interim Goodwill Impairment Test

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

Second-Quarter 2022 Interim Goodwill Impairment Tests

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 had been unable to reach a broad-based resolution of outstanding claims and (ii) speculation surrounding the possibility of a 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 had 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 and the aggregate estimated fair value of our debt, we also considered the increased level of investor and analyst uncertainty described above, coupled with our belief that investors and analysts were unlikely to modify their projections or valuation models unless or until we could 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, were no longer applicable. After performing this analysis, we made certain adjustments to incorporate these factors into the valuations of our reporting units, primarily through adjustments to the discount rate resulting from an increase in the company-specific risk premium (CSRP), 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.

Third-Quarter 2022 Interim Goodwill Impairment Tests

As further described in Note 2. Bankruptcy Proceedings, during the third quarter of 2022, in connection with the Sale, we received the Stalking Horse Bid, subject to higher or otherwise better bids from other parties. The value of the bid, as well as our market capitalization and the aggregate estimated fair value of our debt, was considered when determining whether it was more likely than not that the carrying amounts of one or more of our reporting units exceeded their respective fair values. 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 75 basis points in July 2022 and by an additional 75 basis points in September 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 September 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. However, when analyzing our aggregated estimated internal valuation of our reporting units as of September 30, 2022 compared to our market capitalization and the aggregate estimated fair value of our debt, as well as the par value and fair value of the Stalking Horse Bid, we made adjustments to reflect certain risks and uncertainties, including those related to the Chapter 11 Cases and the Sale, into the valuations of our reporting units, primarily through adjustments to the discount rate resulting from an increase in the CSRP, 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 $97.0 million, and (ii) the estimated fair value of our Branded Pharmaceuticals reporting unit exceeded the carrying amount by more than 10%. The discount rates used in the September 30, 2022 goodwill tests were 15.0% and 19.5% for the Branded Pharmaceuticals and Sterile Injectables reporting units, respectively.

Fourth-Quarter 2022 Interim Goodwill Impairment Test

Beginning in late fourth-quarter 2022 and concluding in February 2023, the Company completed its annual enterprise-wide long-term strategic planning process, which resulted in updates to its projected future cash flows. Among other items, these updates primarily reflected the anticipated impacts on the Company’s projected future cash flows resulting from: (i) the discontinuation of QWO®; (ii) the disruption to XIAFLEX® revenues that occurred in the second half of 2022; (iii) routine updates to our assumptions regarding anticipated competitive events for currently marketed products, as well as probabilities of success, launch timing and the anticipated competitive landscape surrounding new product launches, including with respect to TLC599 and certain product candidates in our Sterile Injectables reporting unit pipeline; (iv) expected changes in the Company’s future manufacturing expense profile, including delays related to construction, FDA inspections and product transfers to our Sterile Injectables facility in Indore, India; and (v) changes in the Company’s future operating expense profile. Due to the extent of the changes to the projected future cash flows, coupled with the fact that we had recorded impairments for our Sterile Injectables reporting unit during the second and third quarters of 2022, we concluded that it was more likely than not that the carrying amount of our Sterile Injectables reporting unit may exceed its fair value. As a result, an interim impairment test was performed as of December 31, 2022. The updates to the projected future cash flows did not result in an interim goodwill impairment test for our Branded Pharmaceuticals reporting unit due to the significant headroom in this reporting unit.

When performing the goodwill impairment test, we estimated the fair value of our Sterile Injectables reporting unit taking into consideration management’s updated forecasts of projected cash flows, as further discussed above. The updated forecast of projected future cash flows was reduced in comparison to the prior 2022 tests. However, in reducing the cash flows, we believe the level of risk and uncertainty of the cash flows also decreased resulting in a corresponding decrease in the CSRP and, in turn, the discount rate used in the determination of fair value of our Sterile Injectables reporting unit. The discount rate used in the December 31, 2022 goodwill impairment test was 14.5%. We believe this discount rate and the other inputs and assumptions used to estimate fair value were consistent with those that a market participant would have used in light of the degree of risk associated with the updated estimated future cash flows. Consistent with the goodwill impairment tests performed earlier in 2022, we compared our aggregated estimated internal valuation of our reporting units as of December 31, 2022 to our market capitalization and the aggregate estimated fair value of our debt, as well as the par value and fair value of the Stalking Horse Bid. As a result of the December 31, 2022 test, we determined that there was no impairment of goodwill.

Other Intangible Asset Impairments

With respect to other intangible assets, we recorded asset impairment charges of $288.7 million, $7.8 million and $79.9 million during the years ended December 31, 2022, 2021 and 2020, 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. The amount recorded in 2022 included charges related to the 2022 Restructuring Initiative, as further discussed in Note 5. Restructuring.

LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS

NOTE 12. LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS

We have entered into certain license, collaboration and asset acquisition agreements with third parties. Generally, these agreements require us to share in the costs of developing, manufacturing, commercializing and/or selling product candidates and/or products with third parties, who in turn grant us marketing rights for such product candidates and/or products. 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 and/or other costs arising from these agreements. We have also, from time to time, entered into agreements to directly acquire certain assets from third parties.

BioSpecifics

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

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

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

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

The operating results of BioSpecifics are included in the accompanying Consolidated Statements of Operations from December 2, 2020 and the assets and liabilities of BioSpecifics are included in the Consolidated Balance Sheets as of December 31, 2022 and 2021.

Prior to the Merger, BioSpecifics was a biopharmaceutical company involved in the development of injectable CCH that generated revenue primarily from a license agreement with us. We had a strategic relationship with BioSpecifics since 2004 pursuant to which BioSpecifics was, among other things, entitled to a royalty stream from us related to our collagenase-based therapies, including XIAFLEX®. Specifically, we were required to, among other things, pay BioSpecifics, on a country-by-country and product-by-product basis, a specified percentage, within a range of 5% to 15% of net sales, of certain specified products. This royalty applied to net sales by us and/or any of our sublicensees. In addition, we were required to pay BioSpecifics an amount equal to a specified mark-up on certain cost of goods related to supply of XIAFLEX® (which mark-up was capped at a specified percentage within the range of 5% to 15% of the cost of goods of XIAFLEX®). Our December 2020 acquisition of BioSpecifics eliminated this third-party relationship, which had the effect of reducing royalty payments recognized in Cost of revenues. The BioSpecifics acquisition also eliminated certain milestones and royalties we may otherwise have been required to pay for potential future indications of products or product candidates containing CCH, including those associated with our plantar fibromatosis development program.

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


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

__________

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

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

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

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


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

__________

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

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


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

Prior to the BioSpecifics acquisition, the Company had been amortizing the Existing Intangible Assets over their respective useful lives, which were the periods over which the assets were expected to contribute directly or indirectly to the future cash flows of the Company. The BioSpecifics acquisition significantly impacted the timing and amount of estimated future cash flows from sales of XIAFLEX® and QWO® and, therefore, the Company considered the acquisition to be a triggering event to remeasure the expected useful lives of the XIAFLEX® and QWO® intangible assets. Immediately following the BioSpecifics acquisition, the Company determined that the weighted average useful life for the XIAFLEX® and QWO® intangible assets was approximately 13.6 years from the closing date of the BioSpecifics acquisition and, accordingly, the Company began to amortize the corresponding intangible assets prospectively on a straight-line basis over their then-anticipated useful lives, which approximated the periods of economic benefits expected to be realized from future cash flows from sales of XIAFLEX® and QWO®. The Company’s accounting for these intangible assets has since been affected by certain subsequent developments, including the Company’s plans announced in December 2022 that it would be ceasing the production and sale of QWO® in light of market concerns about the extent and variability of bruising following initial treatment as well as the potential for prolonged skin discoloration. Refer to Note 5. Restructuring for additional information.

Nevakar Agreements

In May 2022, we announced that our EVL subsidiary had entered into an agreement to acquire six development-stage RTU injectable product candidates from Nevakar Injectables, Inc., a subsidiary of Nevakar, Inc., for an upfront cash payment of $35.0 million (the 2022 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 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.

In August 2022, within the ongoing bankruptcy proceedings, EVL filed an adversary proceeding (the Nevakar Litigation) against Nevakar, Inc. and Nevakar Injectables Inc. (collectively, Nevakar) to enforce: (i) a 2018 development, license and commercialization agreement (the 2018 Nevakar Agreement) and (ii) the 2022 Nevakar Agreement. In September 2022, Nevakar filed counterclaims against EVL. In December 2022, EVL and Nevakar reached a settlement with respect to the Nevakar Litigation (the Nevakar Settlement) subject to Bankruptcy Court approval. The Nevakar Settlement provided for the amendment of the 2018 Nevakar Agreement to revoke EVL’s license of two products covered by the 2018 Nevakar Agreement, modify EVL’s license to the remaining three products covered by the 2018 Nevakar Agreement to reduce the royalty owed to Nevakar, terminate any obligations of EVL to make payments to Nevakar upon achievement of contingent milestones and eliminate Nevakar’s ability to terminate the remaining licenses for EVL’s breach or material breach. The Nevakar Settlement also provided that EVL and Nevakar would agree to a mutual release of certain claims under both the 2018 Nevakar Agreement and the 2022 Nevakar Agreement. The Nevakar Settlement was approved by the Bankruptcy Court in January 2023. The Nevakar Settlement had no effect on our Consolidated Financial Statements in 2022; we are currently evaluating how the Nevakar Settlement will be accounted for in 2023.

TLC Agreement

In June 2022, we announced that our EVL subsidiary had entered into an agreement with 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.

Under the terms of the TLC Agreement, TLC is primarily responsible for the development of the product and we are primarily responsible for obtaining regulatory approval and for commercialization of the product in the U.S. Upon receipt of regulatory approval, if obtained, 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 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 7. Fair Value Measurements, this amount is considered restricted cash as of December 31, 2022 and is included in our Consolidated Balance Sheets at December 31, 2022 as Other assets.

In September 2022, we were informed by TLC of the top-line results from TLC’s Phase 3 clinical study to evaluate the efficacy and safety of TLC599 in patients with pain from osteoarthritis of the knee. While study participants treated with TLC599 showed improvement on the primary endpoint (change from baseline to week 12 on the WOMAC pain scale) consistent with the level of improvement reported in the previously conducted TLC599 Phase 2 clinical study, the difference compared to those receiving placebo was not statistically significant. Based on these data, we are evaluating options for TLC599 with TLC.

CONTRACT ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2022

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

CONTRACT ASSETS AND LIABILITIES

NOTE 13. CONTRACT ASSETS AND LIABILITIES

Our revenue consists almost entirely of sales of our products to customers, whereby we ship products to a customer pursuant to a purchase order. Revenue contracts such as these do not generally give rise to contract assets or contract liabilities because: (i) the underlying contracts generally have only a single performance obligation and (ii) we do not generally receive consideration until the performance obligation is fully satisfied. At December 31, 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 income-generating contracts, including license and collaboration agreements, may result in contract assets and/or contract liabilities. For example, we may recognize contract liabilities upon receipt of certain upfront and milestone payments from customers when there are remaining performance obligations.

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


	December 31, 2022		December 31, 2021		$ Change		% Change
Contract assets (1)	$	8,193	$	13,005	$	(4,812)	(37)	%
Contract liabilities (2)	$	4,099	$	4,663	$	(564)	(12)	%

__________

(1)At December 31, 2022 and December 31, 2021, approximately $1.5 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 Consolidated Balance Sheets. The remaining amounts are classified as noncurrent and are included in Other assets. The net decrease in contract assets during the year ended December 31, 2022 primarily relates to: (i) reclassifications of certain amounts to receivables as a result of rights to consideration becoming unconditional and (ii) net changes in estimates with respect to amounts of consideration expected to be received from sales of certain intellectual property rights.

(2)At December 31, 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 Consolidated Balance Sheets. The remaining amounts are classified as noncurrent and are included in Other liabilities. During the year ended December 31, 2022, approximately $0.6 million of revenue was recognized that was included in the contract liability balance at December 31, 2021.

During the year ended December 31, 2022, we recognized revenue of $11.9 million relating to performance obligations satisfied, or partially satisfied, in prior periods. Such revenue generally relates to changes in estimates with respect to our variable consideration.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 14. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

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


	December 31, 2022		December 31, 2021
Trade accounts payable	$	109,033	$	123,129
Returns and allowances	160,619		183,116
Rebates	167,516		150,039
Chargebacks	920		2,617
Other sales deductions	6,197		2,500
Accrued interest	68		106,735
Accrued payroll and related benefits	95,666		90,029
Accrued royalties and other distribution partner payables	24,072		58,422
Acquisition-related contingent consideration—current	—		5,748
Other (1)	123,092		114,563
Total	$	687,183	$	836,898

__________

(1)Amounts include a wide variety of accrued expenses, the most significant of which relate to accrued legal and other professional fees.

The amounts in the table above do not include amounts classified as Liabilities subject to compromise in our Consolidated Balance Sheets. Refer to Note 2. Bankruptcy Proceedings for additional information about Liabilities subject to compromise.

DEBT

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

DEBT

NOTE 15. DEBT

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


	December 31, 2022						December 31, 2021
	Effective Interest Rate (1)		Principal Amount (2)		Carrying Amount (2)		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	5.38	%	6,127		6,127		5.62	%	6,127		6,111
6.00% Senior Notes due 2023	6.00	%	56,436		56,436		6.28	%	56,436		56,203
5.875% Senior Secured Notes due 2024	6.88	%	300,000		286,375		6.14	%	300,000		297,928
6.00% Senior Notes due 2025	6.00	%	21,578		21,578		6.27	%	21,578		21,413
7.50% Senior Secured Notes due 2027	8.50	%	2,015,479		1,894,774		7.70	%	2,015,479		1,997,777
9.50% Senior Secured Second Lien Notes due 2027	9.50	%	940,590		940,590		9.68	%	940,590		933,330
6.00% Senior Notes due 2028	6.00	%	1,260,416		1,260,416		6.11	%	1,260,416		1,252,667
6.125% Senior Secured Notes due 2029	7.13	%	1,295,000		1,230,799		6.34	%	1,295,000		1,278,718
Term Loan Facility	13.50	%	1,975,000		1,871,894		6.12	%	1,985,000		1,947,633
Revolving Credit Facility	11.00	%	277,200		265,728		2.63	%	277,200		277,200

Total (3)			$	8,147,826	$	7,834,717			$	8,338,168	$	8,249,322

__________

(1)As noted below, beginning on the Petition Date, we ceased recognition of interest expense related to all of our debt instruments and began to incur “adequate protection payments” (further discussed below) related to our First Lien Debt Instruments (representing all of our debt instruments except for our senior unsecured notes and the 9.50% Senior Secured Second Lien Notes due 2027). The December 31, 2022 “effective interest rates” included in the table above represent the rates in effect on such date used to calculate: (i) future adequate protection payments related to our First Lien Debt Instruments and (ii) future contractual interest related to our other debt instruments, notwithstanding the fact that such interest is not currently being recognized. These rates are expressed as a percentage of the contractual principal amounts outstanding as of such date and, with respect to our First Lien Debt Instruments, without consideration of any reductions related to adequate protection payments made through such date.

(2)The December 31, 2022 principal amounts represent the amount of unpaid contractual principal owed on the respective instruments. During the third quarter of 2022, in accordance with ASC 852, we adjusted the carrying amounts of all unsecured and potentially undersecured debt instruments to equal the expected amount of the allowed claim by expensing (within Reorganization items, net in the Consolidated Statements of Operations) $89.2 million of previously-deferred and unamortized costs associated with these instruments. The December 31, 2022 carrying amounts of our First Lien Debt Instruments also reflect reductions for certain adequate protection payments made since the Petition Date, as further discussed herein.

(3)As of December 31, 2022, the entire carrying amount our debt, as well as any related remaining accrued and unpaid interest that existed as of the Petition Date, is included in the Liabilities subject to compromise line in the Consolidated Balance Sheets. As of December 31, 2021, $200.3 million of the carrying amount of our debt is classified as a current liability and is included in the Current portion of long-term debt line in the Consolidated Balance Sheets. The remaining carrying amount of our debt as of December 31, 2021 is included in the Long-term debt, less current portion, net line in the Consolidated Balance Sheets.

General Information

The Company and its subsidiaries, with certain customary exceptions, guarantee or serve as issuers or borrowers of the debt instruments representing substantially all of the Company’s indebtedness at December 31, 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 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 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 December 31, 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 provided for: (i) a $1,000.0 million senior secured revolving credit facility (the Revolving Credit Facility) and (ii) a $2,000.0 million senior secured term loan facility (the Term Loan Facility and, together with the Revolving Credit Facility, the Credit Facilities).

Current amounts outstanding as of December 31, 2022 under the Credit Facilities are set forth in the table above.

Principal payments on the Term Loan Facility equal to 0.25% of the initial $2,000.0 million principal amount are generally payable quarterly, beginning on June 30, 2021 and extending until the Term Loan Facility’s maturity date in March 2028, at which time the remaining principal amount outstanding is payable. Based on the Company’s borrowings under the Revolving Credit Facility outstanding at December 31, 2022, $74.6 million generally matures in 2024, with the remainder generally maturing in 2026.

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

The foregoing summary, which does not purport to be complete, is based on the terms of the Credit Agreement. Refer to the “Covenants, Events of Default and Bankruptcy-Related Matters” section below for a discussion of the effects of the ongoing bankruptcy proceedings and the related event of default on the Credit Facilities.

Senior Notes and Senior Secured Notes

The various senior notes and senior secured notes outstanding as of December 31, 2022 generally mature between 2023 and 2029. Interest on these notes is generally payable semiannually in arrears. The indentures governing these notes generally allow for redemption prior to maturity, in whole or in part, subject to certain restrictions and limitations described therein. The foregoing summary, which does not purport to be complete, is based on the terms of the indentures governing our various senior notes and senior secured notes. Refer to the “Covenants, Events of Default and Bankruptcy-Related Matters” section below for a discussion of the effects of the ongoing bankruptcy proceedings and the related event of default on our various senior notes and senior secured notes.

Covenants, Events of Default and Bankruptcy-Related Matters

The agreements relating to our outstanding indebtedness contain certain covenants and events of default.

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 had a 30-day grace period from the respective due dates to make these interest payments before such non-payments constituted 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. We made the interest payment of approximately $38 million 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. We also made the interest payments totaling approximately $2 million that became due on July 15, 2022 with respect to our outstanding 5.375% Senior Notes due 2023 and 6.00% Senior Notes due 2023 on August 11, 2022, which was prior to the end of the applicable grace periods.

On the Petition Date, the Debtors filed voluntary petitions for relief under the Bankruptcy Code, which constituted an event of default that accelerated our obligations under substantially all of our then-outstanding debt instruments. However, section 362 of the Bankruptcy Code stays creditors from taking any action to enforce the related financial obligations and creditors’ rights of enforcement in respect of the debt instruments are subject to the applicable provisions of the Bankruptcy Code.

As a result of the Chapter 11 Cases, since the Petition Date, we have not made, and we are not currently making, any scheduled principal or interest payments on the Credit Facilities or our various senior notes and senior secured notes. We are however making certain adequate protection payments as further discussed below. Additionally, as a result of the Chapter 11 Cases, all remaining commitments under the Revolving Credit Facility have been terminated.

The transactions contemplated by the RSA are subject to approval by the Bankruptcy Court, among other conditions. Accordingly, no assurance can be given that the transactions described therein will be consummated. Because the Company has not yet obtained approval by the Bankruptcy Court regarding such transactions, there remains uncertainty with respect to the ability of our creditors, including our secured and unsecured debt holders, to recover the full amount of their claims against us. As a result, all secured and unsecured debt instruments have been classified as Liabilities subject to compromise in our Consolidated Balance Sheets as of December 31, 2022 and we ceased the recognition of interest expense related to these instruments as of the Petition Date. During 2022, we did not recognize approximately $231 million of contractual interest expense that would have been recognized if not for the Chapter 11 Cases.

As part of the RSA that is further discussed in Note 2. Bankruptcy Proceedings, the Company and the Ad Hoc First Lien Group agreed on the terms of a proposed order authorizing the Company’s use of cash collateral (as modified and entered by the Bankruptcy Court on a final (amended) basis in October 2022, the Cash Collateral Order) in connection with the Chapter 11 Cases on certain terms and conditions set forth therein.

Pursuant to the Cash Collateral Order, we are obligated to make certain adequate protection payments during our bankruptcy proceedings on each of our First Lien Debt Instruments. These adequate protection payments include the payment of amounts equal to any accrued and unpaid interest that existed as of the Petition Date by no later than eight business days after entry of the interim Cash Collateral Order, as well as the following payments, to be paid on the last business day of each calendar month, calculated based upon a rate of:

•with respect to the Revolving Credit Facility and the Term Loan Facility, 200 basis points plus: (i) if denominated in dollars, ABR plus the Applicable Rate (each as defined in the Credit Agreement), or (ii) if denominated in Canadian dollars, the Canadian Prime Rate plus the Applicable Rate (each as defined in the Credit Agreement); and

•with respect to the applicable senior secured notes, 100 basis points plus the applicable rate of interest set forth on the face of the applicable note.

The rates in the foregoing bullet points, which are used to calculate any applicable adequate protection payments, are expressed as a percentage of the contractual principal amounts outstanding without consideration of any reductions related to adequate protection payments. On a cumulative basis through December 31, 2022, we made the following adequate protection payments pursuant to the Cash Collateral Order:

•$11.5 million with respect to the Revolving Credit Facility;

•$103.1 million with respect to the Term Loan Facility; and

•$198.5 million with respect to the applicable senior secured notes.

As required by ASC 852, these adequate protection payments are recorded as a reduction of the carrying amount of the respective First Lien Debt Instruments, which are classified as Liabilities subject to compromise. This accounting treatment is due to the aforementioned uncertainties with respect to the ultimate outcome of the bankruptcy proceedings, including the proposed Sale transaction, which in turn creates uncertainties surrounding the first lien debt holders’ ability to recover in full the amount of outstanding principal associated with those instruments. Some or all of the adequate protection payments may later be recharacterized as interest expense depending upon certain developments in the Chapter 11 Cases.

In addition to the terms described above, the Cash Collateral Order, among other things, establishes a budget for the Debtors’ use of cash collateral, establishes certain informational rights for the Debtors’ secured creditors and provides for the waiver of certain Bankruptcy Code provisions. The foregoing description of the Cash Collateral Order does not purport to be complete and is qualified in its entirety by reference to the Cash Collateral Order entered by the Bankruptcy Court in the Chapter 11 Cases.

Debt Financing Transactions

Set forth below are certain disclosures relating to debt financing transactions that occurred during the years ended December 31, 2022, 2021 and 2020.

June 2020 Refinancing

In June 2020, the Company executed certain transactions (the June 2020 Refinancing Transactions) that included, among other things, the exchanges by certain of the Company’s wholly-owned subsidiaries of certain series of senior notes for certain newly issued senior secured notes and senior notes and $47.2 million in cash paid by the Company. The June 2020 Refinancing Transactions

were accounted for as debt modifications. Following the June 2020 Refinancing Transactions, previously deferred and unamortized amounts associated with the old notes exchanged began to be amortized over the respective terms of the new notes; this continued until the initiation of our bankruptcy proceedings during the third quarter of 2022, at which time the remaining unamortized costs were expensed as Reorganization items, net in the Consolidated Statements of Operations. In connection with the June 2020 Refinancing Transactions, we incurred fees to third parties of approximately $31.1 million, substantially all of which were charged to expense during the second quarter of 2020 and were included in Selling, general and administrative expenses in the Consolidated Statements of Operations.

August 2020 Tender Offer

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

March 2021 Refinancing

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

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

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

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

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

The $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 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 were initially 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 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 Consolidated Statements of Operations. The deferred amounts were being amortized as interest expense until the initiation of our bankruptcy proceedings during the third quarter of 2022, at which time the remaining unamortized costs were expensed as Reorganization items, net in the Consolidated Statements of Operations.

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

October 2021 Revolving Credit Facility Repayment 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.

Maturities

As noted above, the initiation of our bankruptcy proceedings constituted an event of default that accelerated our obligations under substantially all of our then-outstanding debt instruments. The following table presents, as of December 31, 2022, for each of the five fiscal years subsequent to December 31, 2022, the stated maturities on our long-term debt that would have been applicable if not for such acceleration (in thousands):


	Maturities (1)
2023	$	82,563
2024 (2)	$	394,600
2025	$	41,578
2026 (2)	$	222,600
2027	$	2,976,069

__________

(1)The terms of the Credit Agreement provide that certain amounts borrowed pursuant to the Credit Facilities could mature prior to their scheduled maturity date if certain of our senior notes are not refinanced or repaid prior to the date that is 91 days prior to the respective stated maturity dates thereof. The amounts in this maturities table do not reflect any potential early repayments or refinancings.

(2)Based on the Company’s borrowings under the Revolving Credit Facility that were outstanding at December 31, 2022, $74.6 million would have matured in 2024, with the remainder maturing in 2026.

As discussed above, as a result of the Chapter 11 Cases, since the Petition Date, we have not made, and we are not currently making, any scheduled principal or interest payments on the Credit Facilities or our various senior notes and senior secured notes. Therefore, the timing and amount of any future principal and interest payments is uncertain. The table above excludes $10.0 million of principal outstanding on our Term Loan Facility that, pursuant to the terms of the Credit Agreement, matured on or before December 31, 2022 but has not yet been paid as a result of the Chapter 11 Cases.

- Definition

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

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 16. COMMITMENTS AND CONTINGENCIES

Manufacturing, Supply and Other Service Agreements

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

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

U.S. Government Agreement

In November 2021, our PSP LLC subsidiary entered into a cooperative agreement with the U.S. government to expand our Sterile Injectables segment’s fill-finish manufacturing production capacity and capabilities at our Rochester, Michigan plant to support the U.S. government’s national defense efforts regarding production of critical medicines advancing pandemic preparation (the U.S. Government Agreement). The U.S. Government Agreement is part of the U.S. government’s efforts, authorized under the Defense Production Act, to address potential vulnerabilities in critical product supply chains and strengthen the advancement of domestic manufacturing capabilities critical to the national defense, including essential medicines production.

Under the terms of the U.S. Government Agreement, our Rochester facility will establish new sterile fill-finish manufacturing assets capable of processing liquid or lyophilized products requiring Biosafety Level (BSL) 2 containment in order to establish and sustain BSL 2 sterile fill-finish production capacity to create and maintain industrial base capabilities for the national defense. Certain qualifying costs are eligible for reimbursement by the U.S. government under a cost share arrangement, generally within 30 days of us submitting requests for reimbursement. The Company must generally incur the costs before subsequently seeking reimbursement of qualifying costs from the U.S. government. Amounts reimbursed are subject to audit and may be recaptured by the U.S. government in certain circumstances.

Construction is currently in progress. During the year ended December 31, 2022, we incurred approximately $39.0 million of costs associated with the U.S. Government Agreement. Additional information about such costs is included below:

•Approximately $34.9 million has been capitalized and recorded as Property, plant and equipment, net in our Consolidated Balance Sheets as of December 31, 2022. We have also recorded deferred income of approximately $26.5 million, representing the reimbursable portion of the costs incurred, which is included in Other liabilities in our Consolidated Balance Sheets as of December 31, 2022.

•Approximately $1.0 million has been charged to expense during the year ended December 31, 2022, with the majority of such expense included within Selling, general and administrative expenses and Cost of revenues in our Consolidated Statements of Operations. This amount is net of approximately $3.1 million, representing the reimbursable portion of costs incurred.

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

We currently estimate that between approximately one-quarter and one-third of our expected capital expenditures related to this agreement, as well as the corresponding reimbursements from the U.S. government, have occurred through December 31, 2022. We currently anticipate that facility readiness will occur in 2025, but there can be no assurance this will occur.

The new sterile fill-finish manufacturing assets will be available to support our future commercial operations, subject to the U.S. government’s conditional priority access and certain preferred pricing obligations under the U.S. Government Agreement. The U.S. government will have conditional priority access to the facility for an initial period of ten years from the completion of the expansion project, which could be extended in the future after good faith negotiation and on commercially reasonable terms and conditions. Specifically, the U.S. government (or a third-party U.S. government supporting entity) will have priority access to utilize the new sterile fill-finish manufacturing assets for the production of a medical countermeasure if a determination is made in writing by the Secretary of HHS that the priority access is needed to respond to a disease, health condition or other threat to the public health that causes a public health emergency or a credible risk of such an emergency. The U.S. Government Agreement also contemplates the establishment of separate supply agreements to be negotiated in good faith on mutually-acceptable commercially reasonable terms. Refer to Note 3. Summary of Significant Accounting Policies for additional information about our accounting for the U.S. Government Agreement.

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. An adverse outcome in certain proceedings described herein could have a material adverse effect on our business, financial condition, results of operations and cash flows. We are also 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.

As further discussed in Note 2. Bankruptcy Proceedings, on the Petition Date, the Debtors filed voluntary petitions for relief under the Bankruptcy Code. Under the Bankruptcy Code, third-party actions to collect pre-petition indebtedness owed by the Debtors, as well as most litigation pending against the Debtors as of the Petition Date, are generally subject to an automatic stay. However, under the Bankruptcy Code, certain legal proceedings, such as those involving the assertion of a governmental entity’s police or regulatory powers, may not be subject to the automatic stay and may continue unless otherwise ordered by the Bankruptcy Court. As a result, some proceedings may continue (or certain parties may attempt to argue that such proceedings should continue) notwithstanding the automatic stay. Where no stay is in place or expected, and in the event the stays in place were to be lifted, we intend to vigorously prosecute or defend our position as appropriate. We cannot predict the outcome of any proceeding, and there can be no assurance that we will be successful or obtain any requested relief.

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. 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. 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. 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.

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. 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. The failure to generate sufficient cash flow or to obtain other financing could affect our ability to pay 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 of December 31, 2022, our accrual for loss contingencies totaled $820.8 million, the most significant components of which relate to: (i) various opioid-related matters as further described herein and (ii) product liability and related matters associated with transvaginal surgical mesh products, which we have not sold since March 2016. 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 December 31, 2022, our entire accrual for loss contingencies is classified as Liabilities subject to compromise in the Consolidated Balance Sheets. As a result of the automatic stay under the Bankruptcy Code and the uncertain treatment of these liabilities pursuant to a chapter 11 plan or otherwise, the timing and amount of payment, if any, related to the amounts accrued for loss contingencies is uncertain.

As part of the Chapter 11 Cases, persons and entities believing that they have claims or causes of action against the Debtors, including litigants, may file proofs of claim evidencing such claims. While no bar date (deadline) for holders of claims to file proofs of claim has yet been set, the Debtors have filed a motion seeking Bankruptcy Court approval to establish such deadline. The motion has been adjourned to an undetermined date, and as a result, the proposed deadlines set forth in the motion are expected to be extended.

At the Debtors’ request, the Bankruptcy Court has appointed a future claims representative (FCR) in the Chapter 11 Cases. As further described in the applicable bankruptcy court filings, the FCR represents the rights of individuals who may in the future assert one or more claims against the Debtors or a successor of the Debtors’ businesses for personal injury based on the Debtors’ opioid, transvaginal mesh or ranitidine products, but who could not assert such claims in the Chapter 11 Cases because, among other reasons, the claimant was unaware of the alleged injury, had a latent manifestation of the alleged injury or was otherwise unable to assert or incapable of asserting the claims based on the alleged injury.

Vaginal Mesh Matters

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

At various times from June 2013 through the Petition Date, the Company and/or certain of its subsidiaries entered into various Master Settlement Agreements (MSAs) and other agreements intended to resolve approximately 71,000 filed and unfiled U.S. mesh claims. These MSAs and other agreements 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 have been subject to a process that includes guidelines and procedures for administering the settlements and the release of funds. In certain cases, the MSAs have provided for the creation of QSFs into which settlement funds are deposited, established participation requirements and allowed for a reduction of the total settlement payment in the event participation thresholds are not met. In certain circumstances, participation requirements or other conditions for payment were not satisfied prior to the Petition Date. 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 year ended December 31, 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	(28,159)		(28,159)
Other cash distributions to settle disputes	—		(6,499)
Other (1)	463		(507)
Balance as of December 31, 2022 (2)	$	50,339	$	222,972

__________

(1)Amounts deposited in the QSFs earn interest from time to time that is reflected in the table above as an increase to the QSF and Mesh Liability Accrual balances. Subject to any restrictions on making payments as a result of the Chapter 11 Cases, such interest is generally used to pay administrative costs of the funds and 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.

(2)As of December 31, 2022, this balance is classified as Liabilities subject to compromise in the Consolidated Balance Sheets.

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

As of December 31, 2022, the Company has made total cumulative mesh liability payments of approximately $3.6 billion, $50.3 million of which remains in the QSFs as of December 31, 2022. In light of the filing of petitions for relief under the Bankruptcy Code, we do not expect to make new payments under 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.

As of the Petition Date, mesh personal injury claims against AMS and Astora became subject to the automatic stay applicable under the Bankruptcy Code, and stays on mesh litigation have been obtained in the United Kingdom and Australia. In certain other countries where no stay is in place, and in the event the stays in place were to be lifted, we will continue to vigorously defend any unresolved claims and to explore other options as appropriate in our best interests.

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.

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, it is reasonably possible that adjustments to our overall liability accrual may be required. This could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Opioid-Related Matters

Since 2014, multiple U.S. states as well as other governmental persons or entities and private plaintiffs in the U.S. and Canada have filed suit against us and/or certain of our subsidiaries, including EHSI, EPI, PPI, PPCI, Endo Generics Holdings, Inc. (EGHI), Vintage Pharmaceuticals, LLC, Generics Bidco I, LLC, DAVA Pharmaceuticals, LLC, PSP LLC and in Canada, Paladin and EVL, as well as various other manufacturers, distributors, pharmacies and/or others, asserting claims relating to the defendants’ alleged sales, marketing and/or distribution practices with respect to prescription opioid medications, including certain of our products. As of February 27, 2023, 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 are putative class actions. 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 on behalf of a proposed class of all local or municipal governments in Canada; an action filed in Saskatchewan on behalf of a proposed class of all First Nations communities and local or municipal governments in Canada; and three additional putative class actions, filed in British Columbia, 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. Following the Petition Date, litigation activity against the Company and its subsidiaries ceased in nearly all pending cases as a result of the automatic stay and a November 2022 preliminary injunction order issued by the Bankruptcy Court. A similar cessation of litigation activity is in place in Canada.

In June 2020, the New York State Department of Financial Services (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. Both the appeal and the DFS administrative matter were stayed following commencement of the Chapter 11 Cases.

Between 2019 and the Petition Date, the Company and/or certain of its subsidiaries 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.

•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.

•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.

•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.

•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 was not paid as of the Petition Date and, as a result of the Chapter 11 Cases, it is not known when or if such amount will be paid.

•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.

•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.

•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 was not paid as of the Petition Date and, as a result of the Chapter 11 Cases, it is not known when or if such amount will be paid.

•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 was not paid as of the Petition Date and, as a result of the Chapter 11 Cases, it is not known when or if such amount will be paid.

•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 an MDL common benefit fund order, the settlement amount was paid during the third quarter of 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 was not paid as of the Petition Date and, as a result of the Chapter 11 Cases, it is not known when or if such amount will be paid.

•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 was not paid as of the Petition Date and, as a result of the Chapter 11 Cases, it is not known when or if such amount will be paid.

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 settlement agreements provided for the creation of QSFs, the repayment of some or all of the settlement amount under certain conditions and/or additional payments in the event certain conditions were met. 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.

Certain of the settlement agreements described above provide for injunctive relief. The RSA also provides for certain voluntary injunctive terms that bind the Debtors during the course of the bankruptcy proceedings and would apply to any purchaser of our opioid business in conjunction with the bankruptcy proceedings. The Bankruptcy Court also approved certain injunctive terms in connection with its November 2022 preliminary injunction against the continued litigation of opioid actions brought by public plaintiffs.

The Stalking Horse Bid provides for the establishment by the Purchaser of voluntary opioid trusts for the benefit of certain public, tribal and private opioid claimants in exchange for certain releases to be provided to (among others) the Purchaser and Endo International plc, its subsidiaries and affiliated entities and persons. In particular, under the RSA, the trusts would distribute up to a total of $550 million over ten years to eligible claimants that opt into the trust agreements by specified participation deadlines. Under the proposed public claimant opioid trust, states which previously reached settlement agreements and received payments from us may elect to participate in the trust. In doing so, those states would agree to return the amounts previously received, net of the amounts allocated to them in the trust agreement and would receive in return a release from any claim for the return of settlement funds under the applicable section of the Bankruptcy Code. The Company would have no obligation or liability with respect to the voluntary trusts, which would be funded exclusively by the Purchaser. As previously noted, the Stalking Horse Bid is subject to higher or otherwise better bids from other parties and therefore there is no certainty regarding whether the proposed sale transaction to the Purchaser, and the funding of the voluntary opioid trusts by the Purchaser, will actually occur.

Although the proposed voluntary opioid trusts would be funded by the Purchaser, and not by the Company or any of its subsidiaries, we previously concluded that the proposed funding amount in the Stalking Horse Bid represented the best estimate of liability relating to the contingencies associated with various opioid claims against the Company and its subsidiaries. As such, during the third quarter of 2022, we recorded charges of approximately $419 million to adjust our aggregate opioid liability accrual to approximately $550 million based on the terms summarized above. As noted above, the Company and various key stakeholders have been engaged in mediation to attempt to resolve certain critical issues in the Chapter 11 Cases, including objections relating to the Sale. On March 3, 2023, the Debtors announced that, as a result of the mediation process, the Ad Hoc First Lien Group (and Stalking Horse Bidder) had reached certain resolutions in principle with both the unsecured creditors’ committee and opioid claimants’ committee appointed in the Chapter 11 Cases and certain ad hoc groups of debtholders. These resolutions, which remain subject to definitive documentation, are supported by the Debtors. The resolutions include, among other things, a $34 million increase to the funding amounts for the proposed voluntary private opioid trust. Accordingly, during the fourth quarter of 2022, we recorded additional charges of approximately $34 million to increase our aggregate opioid liability accrual to approximately $584 million. The Company believes this modified proposed funding amount represents the best estimate of liability relating to the contingencies associated with various opioid claims against the Company and its subsidiaries. The mediation remains ongoing and could result in additional terms or transactions in the future that may result in further adjustments to our estimated aggregate opioid liability accrual.

To the extent unresolved, and in the event stays in place were to be lifted, we will continue to vigorously defend the foregoing matters and to explore other options as appropriate in our best interests, which may include 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. Some of these state attorneys general subsequently filed lawsuits against the Company and/or its subsidiaries and/or have indicated their support for the opioid trusts described above. To the extent any state attorney general investigations are continuing, we are cooperating with them.

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 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, 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 appealed the July 2021 dismissal order and/or the November 2021 judgment. In December 2022, the MDL court granted summary judgment in favor of the remaining branded manufacturer defendants, holding that plaintiffs had failed to provide sufficient evidence of causation.

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.

As of the Petition Date, the claims against PPI became subject to the automatic stay. Thereafter, PPI was voluntarily dismissed from several pending matters, including the appeal from the MDL court’s dismissal of the third-party payer class action complaint.

In the event the stays in place were to be lifted, 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 generally 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 their 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 in whole or in part, and discovery is ongoing.

As of the Petition Date, the claims against the Company and its subsidiaries in the U.S. became subject to the automatic stay. A similar cessation of litigation activity is in place in Canada. In the event the stays in place were to be lifted, 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.

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

In May 2018, we and our subsidiary PPCI each received a CID from the DOJ in relation to an FCA 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; Penwest Pharmaceuticals Co. (Penwest), which our subsidiary EPI had acquired; and Impax Laboratories, LLC (formerly Impax Laboratories, Inc. and referred to herein as Impax), alleging among other things violations of antitrust law arising out of an agreement between EPI and Impax to settle certain patent infringement litigation. Some cases were filed on behalf of putative classes of direct and indirect purchasers; others were non-class action suits. The cases were consolidated and/or coordinated 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, 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 EHSI, EPI and Penwest (Impax settled during trial). Later that month, plaintiffs filed a motion for judgment as a matter of law or in the alternative for a new trial. As of the Petition Date, the matter became subject to the automatic stay.

Beginning in February 2009, the FTC and certain private plaintiffs sued our subsidiaries PPCI (since June 2016, EGHI) and/or PPI as well as other pharmaceutical companies alleging violations of antitrust law arising out of the settlement of certain patent litigation concerning the generic version of AndroGel® and seeking damages, treble damages, equitable relief and attorneys’ fees and costs. The cases were consolidated and/or coordinated for pretrial proceedings in a federal MDL pending in the U.S. District Court for the Northern District of Georgia. In May 2016, plaintiffs representing a putative class of indirect purchasers voluntarily dismissed their claims with prejudice. In February 2017, the FTC voluntarily dismissed its claims against EGHI with prejudice. In June 2018, the MDL court granted in part and denied in part various summary judgment and evidentiary motions filed by defendants. In particular, among other things, the court rejected two of the remaining plaintiffs’ causation theories and rejected damages claims related to AndroGel® 1.62%. In July 2018, the court denied certain plaintiffs’ motion for certification of a direct purchaser class. Between November 2019 and April 2021, PPI and PPCI entered into settlement agreements with all of the plaintiffs remaining in the MDL. 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 against PPI and other pharmaceutical companies 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. As of the Petition Date, the claims against PPI became subject to the automatic stay.

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; 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. As of the Petition Date, the claims against PPI became subject to the automatic stay. In January 2023, certain direct purchaser plaintiffs dismissed their claims against PPI, EPI and us with prejudice and, in February 2023, certain indirect purchaser plaintiffs agreed to do the same.

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 August 2020, the litigation was transferred to the U.S. District Court for the District of Delaware. In July 2022, the court dismissed certain claims asserted under state law but otherwise denied defendants’ motions to dismiss. As of the Petition Date, the claims against PPI became subject to the automatic stay.

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; Aetna Inc. filed a similar case in May 2022 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. 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. As of the Petition Date, the claims against PPI became subject to the automatic stay. In December 2022, the California state court overseeing the Aetna action granted the motion to quash for lack of personal jurisdiction and, in January 2023, Aetna filed an amended complaint that did not name PPI as a defendant.

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. Briefing on the appeal has not been stayed and is expected to conclude in April 2023.

To the extent unresolved, and in the event the stays in place were to be lifted, 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 alleged 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 DFS’s 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. As of the Petition Date, the claims against the Company became subject to the automatic stay. In August 2022, the court granted the motion and dismissed the case with prejudice. The automatic stay does not apply to the individual defendants, and the plaintiffs’ time to appeal the ruling as to those defendants has run.

Similar matters may be brought by others. We are unable to predict the outcome of any such 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.

Miscellaneous 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.

Patent Matters

Beginning in April 2018, PSP LLC and PPI received notice letters from Eagle and other companies advising of the filing by such companies of ANDAs/NDAs for generic versions of VASOSTRICT® (vasopressin IV solution (infusion)) 20 units/ml and/or 200 units/10 ml. Beginning in May 2018, PSP LLC, PPI and EPIC filed lawsuits against Eagle and other generic filers in the U.S. District Court for the District of Delaware or New Jersey. 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 would not infringe PPI’s asserted patent claims. The court made no finding regarding the validity of the patents. We appealed the ruling. In August 2022, the Federal Circuit affirmed the District of Delaware’s decision: (i) that Eagle’s proposed generic product would not infringe PPI’s asserted patent claims and (ii) denying the issuance of a declaratory judgment that Eagle’s planned sale of generic product would infringe under 35 U.S.C. § 271(a) and (b).

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 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. 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 U.S. District Court for the District of New Jersey, which triggered a 30-month stay of FDA approval of Cipla’s ANDA; that stay expires in September 2024. In January 2023, PSP LLC, PPI and EPIC received another notice letter from Cipla advising of its ANDA filing for a generic version of VASOSTRICT® (vasopressin injection) for IV use 20 units/100 ml. In February 2023, PSP LLC and PPI filed a complaint against Cipla concerning this ANDA in the U.S. District Court for the District of New Jersey. The 30-month stay on FDA approval of Cipla’s 20 units/100 ml ANDA expires in July 2025.

In January 2023, PSP LLC, PPI and EPIC received a notice letter from Baxter Healthcare Corporation pursuant to 505(b)(3)(B)-(D) of the FFDCA of its NDA submitted under 21 U.S.C. §355(b)(2) seeking FDA approval for vasopressin injection products in 20 units/100 ml and 40 units/100 ml strengths.

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 in 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	12 Months Ended
OTHER COMPREHENSIVE (LOSS) INCOME	Dec. 31, 2022
Equity [Abstract]
OTHER COMPREHENSIVE (LOSS) INCOME	NOTE 17. OTHER COMPREHENSIVE (LOSS) INCOME During the years ended December 31, 2022, 2021 and 2020, 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 December 31, 2022 and December 31, 2021 consist of Foreign currency translation loss.

SHAREHOLDERS' DEFICIT	12 Months Ended
SHAREHOLDERS' DEFICIT	Dec. 31, 2022
Equity [Abstract]
SHAREHOLDERS' DEFICIT	NOTE 18. SHAREHOLDERS’ DEFICIT The Company has issued 4,000,000 euro deferred shares of $0.01 each at par. The euro deferred shares are held by nominees in order to satisfy an Irish legislative requirement to maintain a minimum level of issued share capital denominated in euro and to have at least seven registered shareholders. The euro deferred shares carry no voting rights and are not entitled to receive any dividend or distribution. Share Repurchase Program Pursuant to Article 11 of the Company’s Articles of Association, the Company has broad shareholder authority to conduct ordinary share repurchases by way of redemptions. The Company’s authority to repurchase ordinary shares is subject to legal limitations, including restrictions imposed by the Bankruptcy Code and related rules and guidelines during the pendency of the Chapter 11 Cases, and the existence of sufficient distributable reserves. For example, the Companies Act requires Irish companies to have distributable reserves equal to or greater than the amount of any proposed ordinary share repurchase amount. In addition, our existing debt instruments restrict or prevent us from conducting ordinary share repurchases. Agreements governing any future indebtedness, in addition to those governing our current indebtedness, may not permit us to conduct ordinary share repurchases. Unless we are able to generate sufficient distributable reserves or create distributable reserves by reducing our share premium account, we will not be able to repurchase our ordinary shares. As permitted by Irish Law and the Company’s Articles of Association, any ordinary shares redeemed shall be cancelled upon redemption. The Board has approved the 2015 Share Buyback Program that authorizes the Company to redeem, in the aggregate, $2.5 billion of its outstanding ordinary shares. To date, the Company has redeemed and cancelled approximately 4.4 million of its ordinary shares under the 2015 Share Buyback Program for $250.0 million, not including related fees.

- Definition

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

+ References

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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

NOTE 19. SHARE-BASED COMPENSATION

Stock Incentive Plans

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

At December 31, 2022, approximately 11.4 million ordinary shares were reserved for future grants under the 2015 Plan. As of December 31, 2022, stock options, restricted stock awards, PSUs, RSUs, long-term cash incentive awards and certain other cash-based awards have been granted under the stock incentive plans.

In February 2023, the Company filed post-effective amendments to its Form S-8 registration statements with respect to the 2015 Plan in order to deregister all remaining unissued securities.

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

Presented below are the components of total share-based compensation as recorded in our Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 (in thousands).


	2022		2021		2020
Selling, general and administrative expenses	$	16,019	$	23,400	$	32,368
Research and development expenses	1,059		1,378		2,504
Cost of revenues	1,136		5,268		6,485

Total share-based compensation expense	$	18,214	$	30,046	$	41,357

As of December 31, 2022, the total remaining unrecognized compensation cost related to non-vested share-based compensation awards for which a grant date has been established as of December 31, 2022 amounted to $10.1 million.

Stock Options

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

Although we have not granted employee stock options since 2018, previous grants have generally vested ratably, in equal amounts, over a three or four-year service period. As of December 31, 2022, stock options outstanding generally had expiration dates that extended ten years from the respective grant dates.

We estimate the fair value of stock option grants at the date of grant using the Black-Scholes option-pricing model. This model utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield (which is assumed to be zero as the Company has not paid cash dividends to date and does not currently expect to pay cash dividends) and the expected term of the option. Expected volatilities utilized in the model are based mainly on the historical volatility of the Company’s share price over a period commensurate with the expected life of the share option as well as other factors. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. We estimate the expected term of options granted based on our historical experience with our employees’ exercise of stock options and other factors.

A summary of the activity for each of the years ended December 31, 2022, 2021 and 2020 is presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2019	7,280,539	$	18.93


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

Exercised	(82,331)	$	7.55
Forfeited	(11,887)	$	13.19
Expired	(438,454)	$	40.76
Outstanding as of December 31, 2021	6,383,914	$	16.70



Expired	(1,304,602)	$	20.04
Outstanding as of December 31, 2022 (2)	5,079,312	$	15.84	2.01	$	—
Vested and expected to vest as of December 31, 2022 (2)	5,079,312	$	15.84	2.01	$	—
Exercisable as of December 31, 2022 (2)	5,079,312	$	15.84	2.01	$	—

__________

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

(2)On March 3, 2023, the Bankruptcy Court entered orders authorizing the Company to reject outstanding stock option agreements, restricted stock award agreements and performance award agreements.

The range of exercise prices for the above stock options outstanding at December 31, 2022 is from $7.55 to $86.54.

The total intrinsic value of options exercised during the year ended December 31, 2021 was $0.1 million. There were no material tax benefits from stock option exercises realized during any of the periods presented above.

Restricted Stock Units and Performance Share Units

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

As of December 31, 2022: (i) unvested RSUs were subject to three-year vesting periods, with ratable vesting on the first, second and third anniversaries of the respective grant dates, and (ii) unvested PSUs were subject to three-year service periods, after which the awards would vest in full (conditioned upon the achievement of performance and/or market conditions established by the Compensation & Human Capital Committee of the Board and certain continued employment conditions), with the actual number of shares awarded adjusted to between zero and 200% of the target award amount based upon the level of achievement of the performance criteria described below.

No PSUs were awarded in 2022. PSUs awarded in 2021 and 2020 were based upon two discrete measures: relative total shareholder return (TSR) and an adjusted free cash flow performance metric (FCF), each accounting for 50% of the PSUs upon issuance, with TSR performance being measured against the three-year TSR of a custom index of companies and FCF performance being measured against a target covering a three-year performance period. TSR is considered a market condition under applicable authoritative guidance, while FCF is considered performance condition.

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

A summary of our non-vested RSUs and PSUs for the years ended December 31, 2022, 2021 and 2020 is presented below:


	Number of Shares	Aggregate Intrinsic Value (1)
Non-vested as of December 31, 2019	12,916,289
Granted	3,761,648

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

Forfeited	(1,302,292)
Vested	(5,380,262)
Non-vested as of December 31, 2021	8,141,110
Granted	280,373

Forfeited	(1,116,960)
Vested	(2,324,696)
Non-vested as of December 31, 2022 (2)	4,979,827	$	348,588
Vested and expected to vest as of December 31, 2022 (2)	4,751,674	$	332,617

__________

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

(2)On March 3, 2023, the Bankruptcy Court entered orders authorizing the Company to reject outstanding stock option agreements, restricted stock award agreements and performance award agreements. In connection with the rejection of these agreements, the Company currently expects to recognize any remaining unrecognized compensation cost associated with these agreements during the first quarter of 2023.

As of December 31, 2022, the weighted average remaining requisite service period of the units presented in the table above was 0.8 years and the corresponding total remaining unrecognized compensation cost amounted to $3.5 million in the case of RSUs and $6.6 million in the case of PSUs.

The weighted average grant-date fair value of the units granted during the years ended December 31, 2022, 2021 and 2020 was $3.21, $7.39 and $5.54 per unit, respectively.

OTHER INCOME, NET

12 Months Ended

Dec. 31, 2022

Component of Operating Income [Abstract]

OTHER INCOME, NET

NOTE 20. OTHER INCOME, NET

The components of Other income, net for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands):



	2022		2021		2020
Net gain on sale of business and other assets (1)	$	(26,183)	$	(4,516)	$	(16,353)
Foreign currency (gain) loss, net (2)	(2,087)		1,253		2,466
Net loss (gain) from our investments in the equity of other companies (3)	378		453		(2,160)
Other miscellaneous, net (4)	(6,162)		(16,964)		(5,063)
Other income, net	$	(34,054)	$	(19,774)	$	(21,110)

__________

(1)Amounts primarily relate to the sales of certain intellectual property rights and certain other assets including, in 2022 and 2021, assets associated with the sale transactions that are further discussed in Note 4. Discontinued Operations and Asset Sales.

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

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

(4)Amounts in 2021 include gains of $15.5 million associated with the termination of certain contracts.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 21. INCOME TAXES

Loss from Continuing Operations before Income Tax

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

The components of our Loss from continuing operations before income tax by geography for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands):


	2022		2021		2020
U.S.	$	(2,429,315)	$	4,792,852	$	(375,262)
International	(458,787)		(5,339,455)		348,744
Total loss from continuing operations before income tax	$	(2,888,102)	$	(546,603)	$	(26,518)

Income tax from continuing operations consists of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	2022		2021		2020
Current:
U.S. Federal	$	21,057	$	13,649	$	(108,866)
U.S. State	1,731		1,491		(434)
International	6,031		10,495		(1,124)
Total current income tax	$	28,819	$	25,635	$	(110,424)
Deferred:
U.S. Federal	$	(622)	$	118	$	(143,411)
U.S. State	1,065		(564)		(11,773)
International	(7,746)		(2,711)		(8,374)
Total deferred income tax	$	(7,303)	$	(3,157)	$	(163,558)


Total income tax	$	21,516	$	22,478	$	(273,982)

Tax Rate

A reconciliation of income tax from continuing operations at the U.S. federal statutory income tax rate to the total income tax provision from continuing operations for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands):


	2022		2021		2020
Notional U.S. federal income tax provision at the statutory rate	$	(606,502)	$	(114,787)	$	(5,569)
State income tax, net of federal benefit	(9,517)		6,750		(17,311)
U.S. tax reform impact	—		—		(129,599)
Uncertain tax positions	21,930		42,415		35,941
Residual tax on non-U.S. net earnings	(32,257)		(181,739)		(83,550)


Non-deductible goodwill impairment	385,459		76,230		7,490
Change in valuation allowance	306,497		495,565		(97,752)











Base erosion minimum tax	—		—		77,438
Non-deductible expenses	47,221		39,791		8,875
Executive compensation limitation	5,580		6,215		5,857
Equity based compensation	3,247		2,695		6,495
Financing activities (1)	73,629		(287,012)		(33,217)
Investment activities (2)	(178,018)		(68,943)		(44,964)
Other	4,247		5,298		(4,116)
Income tax	$	21,516	$	22,478	$	(273,982)

__________

(1)The amount in 2022 primarily relates to non-deductible foreign currency adjustments on intercompany debt. The amount in 2021 primarily relates to a net tax benefit of approximately $1.2 billion related to non-taxable intercompany cancellation of indebtedness income, which was partially offset by a net tax expense of approximately $465 million related to non-deductible bad debt expense and a net tax expense of approximately $427 million related to non-deductible intercompany interest expense. The net tax benefit is fully offset by an increase to the valuation allowance.

(2)The amounts in 2022 and 2021 primarily relate to tax deductible losses associated with the investment in consolidated subsidiaries. The tax benefit is fully offset by an increase to the valuation allowance.

The change in income tax expense in 2022 compared to the 2021 income tax expense primarily relates to an increase in accrued interest on uncertain tax positions and changes in the geographic mix of pre-tax earnings. The change in income tax expense in 2021 compared to the 2020 income tax benefit primarily relates to the 2020 tax benefit for the CARES Act as discussed in more detail below and changes in deferred tax liabilities following the BioSpecifics acquisition during 2020.

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

Deferred Tax Assets and Liabilities

Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The significant components of the net deferred income tax liability shown on the balance sheets as of December 31, 2022 and 2021 are as follows (in thousands):


	December 31, 2022		December 31, 2021
Deferred tax assets:
Accrued expenses and reserves	$	220,415	$	144,573

Deferred interest deduction	421,552		347,501
Fixed assets, intangible assets and deferred amortization	560,257		512,584
Loss on capital assets	23,511		64,503
Net operating loss carryforward	9,214,688		9,258,122
Other	49,943		50,694
Research and development and other tax credit carryforwards	7,777		8,254


Total gross deferred income tax assets	$	10,498,143	$	10,386,231
Deferred tax liabilities:

Other	$	(3,156)	$	(8,586)
Investments	(107)		(124,311)
Intercompany notes	(72,286)		(104,530)

Total gross deferred income tax liabilities	$	(75,549)	$	(237,427)
Valuation allowance	(10,436,419)		(10,169,294)
Net deferred income tax liability	$	(13,825)	$	(20,490)

As of December 31, 2022, the Company had significant deferred tax assets for tax credits, net operating and capital loss carryforwards, net of unrecognized tax positions, as presented below (in thousands):


Jurisdiction	Amount		Begin to Expire
Ireland	$	79,617	Indefinite
Luxembourg	$	8,934,046	2034


U.S.:
Federal-ordinary losses	$	19,105	2037
Federal-capital losses	$	13,699	2023
Federal-tax credits	$	14,081	2025
State-ordinary losses	$	227,587	2023
State-capital losses	$	11,871	2023
State-tax credits	$	3,256	2037

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

The Company has recorded a valuation allowance against certain jurisdictional NOL carryforwards and other tax attributes. As of December 31, 2022 and 2021, the total valuation allowance was $10,436.4 million and $10,169.3 million, respectively. During the years ended December 31, 2022 and 2021, the Company increased its valuation allowance by $267.1 million and $500.7 million, respectively, which was primarily driven by taxable losses in Luxembourg related to investments in consolidated subsidiaries. As previously disclosed, 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 included in the Second-Quarter 2022 Form 10-Q. 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.

As of December 31, 2022, the Company had the following significant valuation allowances (in thousands):


Jurisdiction	December 31, 2022

Ireland	$	289,500
Luxembourg	$	8,862,060



U.S.	$	1,278,026

The Company maintains a full valuation allowance against the net deferred tax assets in the U.S., Luxembourg, Ireland and certain other foreign tax jurisdictions as of December 31, 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.

We have provided for any applicable income taxes associated with current year distributions, as well as any earnings that are expected to be distributed in the future, in the calculation of the income tax provision. As a result of the bankruptcy filing, we have reassessed our historical indefinite reinvestment assertion with respect to undistributed earnings. Based on that reassessment, we have determined that the undistributed earnings of certain subsidiaries will continue to be indefinitely reinvested. Those entities for which we will continue to assert indefinite reinvestment have an accumulated earnings deficit as of December 31, 2022. No additional provision has been made for Irish and non-Irish income taxes on those undistributed earnings that we are not asserting indefinite reinvestment as no tax is expected to be incurred with respect to those earnings. A liability could arise if our intention to indefinitely reinvest such earnings were to change and amounts are distributed by such subsidiaries or if such subsidiaries are ultimately disposed. The potential tax implications of unremitted earnings are driven by the facts at the time of the distribution. It is not practicable to estimate the additional income taxes related to indefinitely reinvested earnings or the basis differences related to investments in subsidiaries.

Uncertain Tax Positions

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

As of December 31, 2022, the Company had total UTPs, including accrued interest and penalties, of $646.4 million. If recognized in future years, $251.4 million of such amounts would impact the income tax provision and effective tax rate. As of December 31, 2021, the Company had total UTPs, including accrued interest and penalties, of $620.0 million. If recognized in future years, $241.0 million of such amounts would have impacted the income tax provision and effective tax rate. The following table summarizes the activity related to UTPs during the years ended December 31, 2022, 2021 and 2020 (in thousands):


	Unrecognized Tax Positions Federal, State and Foreign Tax
UTP Balance at December 31, 2019	$	486,481
Gross additions for current year positions	33,402

Gross reductions for prior period positions	(577)
Gross additions for prior period positions	16,914
Decrease due to lapse of statute of limitations	(7,033)

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


Currency translation adjustment	(24)
UTP Balance at December 31, 2021	$	566,439
Gross additions for current year positions	20,061


Decrease due to lapse of statute of limitations	(4,451)

Currency translation adjustment	(2,419)
UTP Balance at December 31, 2022	$	579,630
Accrued interest and penalties	66,736
Total UTP balance including accrued interest and penalties	$	646,366

The Company records accrued interest and penalties, where applicable, related to uncertain tax positions as part of the provision for income taxes. The cumulative accrued interest and penalties related to uncertain tax positions were $66.7 million and $53.6 million as of December 31, 2022 and 2021, respectively.

During the year ended December 31, 2022, the Company recognized net expense of $16.2 million associated with UTPs, primarily related to interest and penalties. During the year ended December 31, 2021, the Company recognized net expense of $10.6 million associated with UTPs, primarily related to interest and penalties. During the year ended December 31, 2020, the Company recognized a net benefit of $78.2 million as a reduction to our net UTP liability, primarily related to the CARES Act. At December 31, 2022, the Company’s UTP liability is included in the Consolidated Balance Sheets within Liabilities subject to compromise, Other liabilities and, where appropriate, as a reduction to Deferred tax assets. At December 31, 2021, the Company’s UTP liability is included in the Consolidated Balance Sheets within Other liabilities and, where appropriate, as a reduction to Deferred tax assets.

Our subsidiaries file income tax returns in the countries in which they have operations. Generally, these countries have statutes of limitations ranging from 3 to 5 years. Certain subsidiary tax returns are currently under examination by taxing authorities, including U.S. tax returns for the 2006 through 2018 tax years by the IRS.

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

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

In connection with the IRS’s examination of our 2015 Return, on December 31, 2020, the IRS issued a Technical Advice Memorandum (TAM) 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. In April 2021, we received draft NOPAs from the IRS consistent with the TAM. We continue to disagree with the IRS’s position and the draft NOPAs received and, if necessary, intend to contest any additional tax determined to be owed with respect to the NOPAs. However, if we were unsuccessful in contesting the IRS’s position, we have preliminarily estimated that we would have additional cash taxes payable to the IRS of between $70 million and $250 million excluding interest. We continue to discuss this position with the IRS and the actual amount that may be owed to the IRS if we are unsuccessful may be different than our preliminary estimate. Although the timing of the outcome of this matter is uncertain, it is possible any final resolution of the matter could take a number of years.

As of December 31, 2022, we may be subject to examination in the following major tax jurisdictions:


Jurisdiction						Open Years
Canada						2016 through 2022
India						2012 through 2022
Ireland						2016 through 2022
Luxembourg						2015 through 2022
U.S. - federal, state and local						2006 through 2022

Bankruptcy-Related Developments

In connection with our ongoing bankruptcy proceedings, the IRS has filed multiple proofs of claim against several of the Debtors. The total amount of the claims filed by the IRS, which relate to tax years ended 2006 through 2014, 2016 through 2018 and 2020 through 2021, is approximately $18.7 billion. A number of the claims are in respect of the same proposed tax liability but are filed against multiple subsidiary members of our U.S. consolidated tax groups. After excluding the repetitive claims filed to different members of our U.S. consolidated tax groups, the net claims are approximately $2.6 billion. We did not receive from the IRS calculations or support for the amount of the claims filed; however, through our discussions with the IRS following the submission of the claims, we understand that the claims primarily relate to the IRS’s challenges of our historic tax positions discussed above for certain intercompany arrangements, including the level of profit earned by our U.S. subsidiaries pursuant to such arrangements, and a product liability loss carryback claim. We disagree with the IRS’s claims and, if necessary, intend to contest any additional tax determined to be owed with respect to the claims.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

NET (LOSS) INCOME PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

NET (LOSS) INCOME PER SHARE

NOTE 22. NET (LOSS) INCOME PER SHARE

The following is a reconciliation of the numerator and denominator of basic and diluted net (loss) income per share for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Numerator:
(Loss) income from continuing operations	$	(2,909,618)	$	(569,081)	$	247,464


Income (loss) from discontinued operations, net of tax	(13,487)		(44,164)		(63,520)
Net (loss) income	$	(2,923,105)	$	(613,245)	$	183,944
Denominator:
For basic per share data—weighted average shares	234,840		232,785		229,314
Dilutive effect of ordinary share equivalents	—		—		4,339

For diluted per share data—weighted average shares	234,840		232,785		233,653

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

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

The following table presents, for the years ended December 31, 2022, 2021 and 2020, 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):



	2022	2021	2020
Stock options	5,453	6,584	7,073
Stock awards	5,789	9,256	5,197

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

Reorganizations [Abstract]

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION

NOTE 2. BANKRUPTCY PROCEEDINGS

Chapter 11 Filing

Events of Default

Restructuring Support Agreement

The Chapter 11 Proceedings

Cash Collateral

Potential Claims

Subsequent Developments

Bankruptcy Accounting


	December 31, 2022
Accounts payable	$	30,317
Accrued interest	160,617
Debt	7,834,717
Litigation accruals	820,805
Uncertain tax positions	235,176
Other (1)	87,150
Total	$	9,168,782

__________



	2022
Professional fees	$	113,781
Debt valuation adjustments	89,197

Total	$	202,978

Nasdaq Delisting

NOTE 23. CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION





CONDENSED COMBINED BALANCE SHEETS
(Dollars in thousands)

	December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	991,901
Restricted cash and cash equivalents	59,358
Accounts receivable, net	478,889
Inventories, net	241,349
Prepaid expenses and other current assets	111,807
Income taxes receivable	7,038

Receivables from Non-Debtor Affiliates	94,608
Total current assets	$	1,984,950

PROPERTY, PLANT AND EQUIPMENT, NET	233,114
OPERATING LEASE ASSETS	23,200
GOODWILL	1,352,011
OTHER INTANGIBLES, NET	1,732,935

INVESTMENTS IN NON-DEBTOR AFFILIATES	50,001
RECEIVABLES FROM NON-DEBTOR AFFILIATES	240,002
OTHER ASSETS	126,494
TOTAL ASSETS	$	5,742,707
LIABILITIES AND DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	654,414

Current portion of operating lease liabilities	230

Income taxes payable	10

Payables to Non-Debtor Affiliates	20,162
Total current liabilities	$	674,816
DEFERRED INCOME TAXES	13,479


OPERATING LEASE LIABILITIES, LESS CURRENT PORTION	994

OTHER LIABILITIES	37,367
LIABILITIES SUBJECT TO COMPROMISE	9,168,782
TOTAL DEFICIT	(4,152,731)
TOTAL LIABILITIES AND DEFICIT	$	5,742,707





CONDENSED COMBINED STATEMENTS OF OPERATIONS
(Dollars in thousands)


	2022
TOTAL REVENUES, NET	$	2,321,426
COSTS AND EXPENSES:
Cost of revenues	1,106,855
Selling, general and administrative	764,768
Research and development	137,851
Acquired in-process research and development	68,700
Litigation-related and other contingencies, net	478,722
Asset impairment charges	2,137,107
Acquisition-related and integration items, net	408

Interest expense, net	345,593

Reorganization items, net	202,978
Other income, net	(13,409)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX	$	(2,908,147)
INCOME TAX EXPENSE	17,721
LOSS FROM CONTINUING OPERATIONS	$	(2,925,868)
DISCONTINUED OPERATIONS, NET OF TAX	(13,468)
NET LOSS ATTRIBUTABLE TO DEBTOR ENTITIES	$	(2,939,336)
EQUITY IN INCOME OF NON-DEBTOR AFFILIATES, NET OF TAX	22,671
NET LOSS	$	(2,916,665)





CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE LOSS
(Dollars in thousands)


	2022
NET LOSS	$	(2,916,665)
OTHER COMPREHENSIVE LOSS:
Net unrealized loss on foreign currency	$	(10,496)
Total other comprehensive loss	$	(10,496)
COMPREHENSIVE LOSS	$	(2,927,161)





CONDENSED COMBINED STATEMENTS OF CASH FLOWS
(Dollars in thousands)


	2022
OPERATING ACTIVITIES:
Net cash provided by operating activities (1)	$	209,523
INVESTING ACTIVITIES:
Capital expenditures, excluding capitalized interest	(43,743)
Capitalized interest payments	(3,140)
Proceeds from the U.S. Government Agreement	18,635

Acquisitions, including in-process research and development, net of cash and restricted cash acquired	(90,320)




Proceeds from sale of business and other assets, net	41,400
Proceeds from loans made to Non-Debtor Affiliates	2,355
Disbursements for loans made to Non-Debtor Affiliates	(51,486)

Net cash used in investing activities	$	(126,299)
FINANCING ACTIVITIES:


Repayments of notes	(180,342)
Repayments of term loans	(10,000)


Adequate protection payments	(313,109)
Repayments of other indebtedness	(6,062)

Payments for contingent consideration	(2,462)
Payments of tax withholding for restricted shares	(1,898)


Net cash used in financing activities	$	(513,873)
Effect of foreign exchange rate	(1,790)

NET DECREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	$	(432,439)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	1,568,698
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	$	1,136,259

__________

SAVINGS AND INVESTMENT PLAN AND DEFERRED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
SAVINGS AND INVESTMENT PLAN AND DEFERRED COMPENSATION PLANS	NOTE 24. SAVINGS AND INVESTMENT PLAN AND DEFERRED COMPENSATION PLANS Savings and Investment Plan The Company maintains a defined contribution Savings and Investment Plan (the Endo 401(k) Plan) covering all U.S.-based eligible employees. The Company matches 100% of the first 3% of eligible cash compensation that a participant contributes to the Endo 401(k) Plan plus 50% of the next 2% for a total of up to 4%, subject to statutory limitations. The Company’s matching contributions generally vest ratably over a two-year period. Costs incurred for contributions made by the Company to the Endo 401(k) Plan amounted to $6.5 million, $7.6 million and $7.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2022

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

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


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




Valuation Allowance For Deferred Tax Assets:
Year Ended December 31, 2020	$	9,828,959	$	150,500	$	(316,474)	$	5,571	$	9,668,556
Year Ended December 31, 2021	$	9,668,556	$	504,499	$	(9)	$	(3,752)	$	10,169,294
Year Ended December 31, 2022	$	10,169,294	$	273,538	$	(46)	$	(6,367)	$	10,436,419

__________

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

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Going Concern	Going Concern As further discussed herein, thousands of governmental and private plaintiffs have filed suit against us and/or certain of our subsidiaries alleging opioid-related claims, most of which we have not been able to settle. As a result of the possibility or occurrence of an unfavorable outcome with respect to these proceedings, other legal proceedings and certain other risks and uncertainties, we have been exploring a wide array of potential actions as part of our contingency planning and, as further described in the Second-Quarter 2022 Form 10-Q, we previously concluded that the related conditions and events gave rise to substantial doubt about our ability to continue as a going concern. Subsequent to the filing of the Second-Quarter 2022 Form 10-Q, on the August 16, 2022 Petition Date, the Debtors filed voluntary petitions for relief under the Bankruptcy Code, which constituted an event of default that accelerated our obligations under substantially all of our then-outstanding debt instruments. However, section 362 of the Bankruptcy Code stays creditors from taking any action to enforce the related financial obligations and creditors’ rights of enforcement in respect of the debt instruments are subject to the applicable provisions of the Bankruptcy Code. Refer to Note 2. Bankruptcy Proceedings and Note 15. Debt for additional information. As a result of these conditions and events, management continues to believe there is substantial doubt about our ability to continue as a going concern within one year after the date of issuance of these Consolidated Financial Statements. The accompanying Consolidated Financial Statements have been prepared under the going concern basis of accounting as required by U.S. GAAP and do not include any adjustments that might be necessary should we be unable to continue as a going concern.
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation. The Consolidated Financial Statements include the accounts of wholly-owned subsidiaries after the elimination of intercompany accounts and transactions.
Reclassifications	Reclassifications. 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 Consolidated Statements of Operations. Specifically, effective with the first quarter of 2022, 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.
Use of Estimates	Use of Estimates. The preparation of our Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts and disclosures in our Consolidated Financial Statements, including the Notes thereto, and elsewhere in this report. For example, we are required to make significant estimates and assumptions related to revenue recognition, including sales deductions, long-lived assets, goodwill, other intangible assets, income taxes, contingencies, financial instruments, share-based compensation, liabilities subject to compromise and reorganization items, net, 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. Additionally, as a result of our ongoing bankruptcy proceedings, we may sell or otherwise dispose of or liquidate assets or settle liabilities for amounts other than those reflected in the accompanying Consolidated Financial Statements. The possibility or occurrence of any such actions could materially impact the amounts and classifications of such assets and liabilities reported in our Consolidated Balance Sheets. Furthermore, our ongoing bankruptcy proceedings and planned sale process have resulted in and are likely to continue to result in significant changes to our business, which could ultimately result in, among other things, asset impairment charges that may be material. Although we believe that our estimates and assumptions are reasonable, there may be other reasonable estimates or assumptions that differ significantly from ours. Further, our estimates and assumptions are based upon information available at the time they were made. Actual results may differ significantly from our estimates, including as a result of the uncertainties described in this report, those described in our other reports filed with the SEC or other uncertainties. We regularly evaluate our estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, our estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, dramatic fluctuations in foreign currency rates and economic downturns, can increase the uncertainty already inherent in our estimates and assumptions. We also are subject to other risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in the healthcare environment, competition, litigation, legislation and regulations. We adjust our estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our Consolidated Financial Statements on a prospective basis.
Customer Product and Supplier Concentration	Customer, Product and Supplier Concentration. We primarily sell our products to wholesalers, retail drug store chains, supermarket chains, mass merchandisers, distributors, mail order accounts, hospitals and/or government agencies. Our wholesalers and/or distributors purchase products from us and, in turn, supply products to retail drug store chains, independent pharmacies, hospitals, long-term care facilities, clinics, home infusion pharmacies, government facilities and MCOs.
Revenue Recognition and Sales Deductions / Contract Assets and Contract Liabilities / Cost of Revenues	Revenue Recognition and Sales Deductions. With respect to contracts with commercial substance that establish payment terms and each party’s rights regarding goods or services to be transferred, we recognize revenue when (or as) we satisfy our performance obligations for such contracts by transferring control of the underlying promised goods or services to our customers, to the extent collection of substantially all of the related consideration is probable. The amount of revenue we recognize reflects our estimate of the consideration we expect to be entitled to receive, subject to certain constraints, in exchange for such goods or services. This amount is referred to as the transaction price. Our revenue consists almost entirely of sales of our products to customers, whereby we ship products to a customer pursuant to a purchase order. For contracts such as these, revenue is recognized when our contractual performance obligations have been fulfilled and control has been transferred to the customer pursuant to the contract’s terms, which is generally upon delivery to the customer. The amount of revenue we recognize is equal to the fixed amount of the transaction price, adjusted for our estimates of a number of significant variable components including, but not limited to, estimates for chargebacks, rebates, sales incentives and allowances, DSA and other fees for services, returns and allowances, which we collectively refer to as sales deductions. The Company utilizes the expected value method when estimating the amount of variable consideration to include in the transaction price with respect to each of the foregoing variable components and the most likely amount method when estimating the amount of variable consideration to include in the transaction price with respect to future potential milestone payments that do not qualify for the sales- and usage-based royalty exception. Variable consideration is included in the transaction price only to the extent it is probable that a significant revenue reversal will not occur when the uncertainty associated with the variable consideration is resolved. Payment terms for these types of contracts generally fall within 30 to 120 days of invoicing. At December 31, 2022 and 2021, our reserves for sales deductions totaled $600.2 million and $588.7 million, respectively. These amounts relate primarily to our estimates of unsettled obligations for returns and allowances, rebates and chargebacks. The most significant sales deduction reserves relate to returns, wholesaler chargebacks and rebates for the Sterile Injectables and Generic Pharmaceuticals segments. Our estimates are based on factors such as our direct and indirect customers’ buying patterns and the estimated resulting contractual deduction rates, historical experience, specific known market events and estimated future trends, current contractual and statutory requirements, industry data, estimated customer inventory levels, current contract sales terms with our direct and indirect customers and other competitive factors. Significant judgment and estimation is required in developing the foregoing and other relevant assumptions. The most significant sales deductions are further described below. Returns and Allowances—Consistent with industry practice, we maintain a return policy that allows our customers to return products within a specified period of time both subsequent to and, in certain cases, prior to the products’ expiration dates. Our return policy generally allows customers to receive credit for expired products within six months prior to expiration and within between six months and one year after expiration. Our provision for returns and allowances consists of our estimates for future product returns, pricing adjustments and delivery errors. Rebates—Our provision for rebates, sales incentives and other allowances can generally be categorized into the following four types: •direct rebates; •indirect rebates; •governmental rebates, including those for Medicaid, Medicare and TRICARE, among others; and •managed-care rebates. We establish contracts with wholesalers, chain stores and indirect customers that provide for rebates, sales incentives, DSA fees and other allowances. Some customers receive rebates upon attaining established sales volumes. Direct rebates are generally rebates paid to direct purchasing customers based on a percentage applied to a direct customer’s purchases from us, including fees paid to wholesalers under our DSAs, as described above. Indirect rebates are rebates paid to indirect customers that have purchased our products from a wholesaler or distributor under a contract with us. We are subject to rebates on sales made under governmental and managed-care pricing programs based on relevant statutes with respect to governmental pricing programs and contractual sales terms with respect to managed-care providers and GPOs. For example, we are required to provide a discount on certain of our products to patients who fall within the Medicare Part D coverage gap, also referred to as the donut hole. We participate in various federal and state government-managed programs whereby discounts and rebates are provided to participating government entities. For example, Medicaid rebates are amounts owed based upon contractual agreements or legal requirements with public sector (Medicaid) benefit providers after the final dispensing of the product by a pharmacy to a benefit plan participant. Chargebacks—We market and sell products to both: (i) direct customers including wholesalers, distributors, warehousing pharmacy chains and other direct purchasing entities and (ii) indirect customers including independent pharmacies, non-warehousing chains, MCOs, GPOs, hospitals and other healthcare institutions and government entities. We enter into agreements with certain of our indirect customers to establish contract pricing for certain products. These indirect customers then independently select a wholesaler from which to purchase the products at these contracted prices. Alternatively, we may pre-authorize wholesalers to offer specified contract pricing to other indirect customers. Under either arrangement, we provide credit to the wholesaler for any difference between the contracted price with the indirect customer and the wholesaler’s invoice price. Such credit is called a chargeback. Contract Assets and Contract Liabilities. Contract assets represent our right to consideration in exchange for goods or services that we have transferred when that right is conditioned on something other than the passage of time. We record income and a corresponding contract asset when we fulfill a contractual performance obligation, but must also fulfill one or more additional performance obligations before being entitled to payment. Once our right to consideration becomes unconditional, the contract asset amount is reclassified as Accounts receivable. Contract liabilities represent our obligation to transfer goods or services to a customer. We record a contract liability generally upon receipt of consideration in advance of fulfilling one or more of our contractual performance obligations. Upon completing each performance obligation, the corresponding contract liability amount is reversed and income is recognized. Contract assets and liabilities related to rights and obligations arising from a single contract, or a series of contracts combined and accounted for as a single contract, are generally presented on a net basis.Cost of Revenues. Cost of revenues includes all costs directly related to bringing both purchased and manufactured products to their final selling destination. Amounts include purchasing and receiving costs, direct and indirect costs to manufacture products including direct materials, direct labor and direct overhead expenses necessary to acquire and convert purchased materials and supplies into finished goods, royalties paid or owed by Endo on certain in-licensed products, inspection costs, depreciation of certain property, plant and equipment, amortization of intangible assets, lease costs, warehousing costs, freight charges, costs to operate our equipment and other shipping and handling costs, among others.
Acquisitions / Contingent Consideration	Acquisitions. We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not we have acquired inputs and processes that have the ability to create outputs, which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets. Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Contingent Consideration. Certain of the Company’s acquisitions involve the potential for future payment of consideration that is contingent upon the occurrence of a future event, such as: (i) the achievement of specified regulatory, operational and/or commercial milestones or (ii) royalty payments, such as those relating to future product sales. Contingent consideration liabilities related to an asset acquisition are initially recorded when considered probable and reasonably estimable, which may occur subsequent to the acquisition date. Subsequent changes in the recorded amounts are generally recorded as adjustments to the cost of the acquired assets. Contingent consideration liabilities related to a business combination are initially recorded at fair value on the acquisition date using unobservable inputs. These inputs include the estimated amount and timing of projected cash flows, the probability of success (achievement of the contingent event) and the risk-adjusted discount rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period, the Company remeasures its contingent consideration liabilities to their current estimated fair values, with changes recorded in earnings. Changes to any of the inputs used in determining fair value may result in fair value adjustments that differ significantly from the actual remeasurement adjustments recognized.
Asset Acquisitions	For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. We also evaluate which elements of a transaction should be accounted for as a part of an asset acquisition and which should be accounted for separately. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any difference between the cost of an asset acquisition and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. The accounting for costs associated with acquiring in-process research and development assets, including contractual upfront and milestone payments to third parties, is further discussed below.
R&D	R&D. Expenditures for R&D are expensed as incurred and included as Research and development in the Consolidated Statements of Operations. Such expenses include, among other things, the costs of discovery research, preclinical development, early- and late-clinical development and drug formulation, clinical trials, materials and medical support of marketed products. R&D spending also includes enterprise-wide costs which support our overall R&D infrastructure. Property, plant and equipment that are acquired or constructed for R&D activities and that have alternate future uses are capitalized and depreciated over their estimated useful lives on a straight-line basis. The accounting for costs associated with acquiring in-process research and development assets, including contractual upfront and milestone payments to third parties, is further discussed below.
Cash and Cash Equivalents	Cash and Cash Equivalents. The Company considers all highly liquid money market instruments with an original maturities of three months or less when purchased to be cash equivalents. At December 31, 2022 and 2021, cash equivalents were deposited in financial institutions and consisted almost entirely of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with financial institutions it believes to be well-known and stable.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents. Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are excluded from Cash and cash equivalents in the Consolidated Balance Sheets. For additional information see Note 7. Fair Value Measurements.
Accounts Receivable	Accounts Receivable. Our accounts receivable balance is stated at amortized cost less an allowance determined using the expected credit loss model. In addition, our accounts receivable balance is reduced by certain sales deduction reserves where we have the right of offset with the customer. We generally do not require collateral.
Concentrations of Credit Risk and Credit Losses	Concentrations of Credit Risk and Credit Losses. Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash equivalents, restricted cash equivalents and accounts receivable. From time to time, we invest our excess cash in high-quality, liquid money market instruments maintained by major banks and financial institutions. We have not experienced any losses on our cash equivalents. With respect to our accounts receivable, we have no history of significant losses. Approximately 83% and 91% of our gross trade accounts receivable balances represent amounts due from three customers (Cardinal Health, Inc., McKesson Corporation and AmerisourceBergen Corporation) at December 31, 2022 and December 31, 2021, respectively. We perform ongoing credit evaluations of these and our other customers based on information available to us. We consider these and other factors, including changes in the composition and aging of our accounts receivable, in developing our allowance for expected credit losses. The estimated allowance was not material to the Company’s Consolidated Financial Statements at December 31, 2022 or December 31, 2021, nor were the changes to the allowance during any of the periods presented. We do not currently expect our current or future exposures to credit losses to have a significant impact on us. However, our customers’ ability to pay us on a timely basis, or at all, could be affected by factors specific to their respective businesses and/or by economic conditions, including those related to the COVID-19 pandemic, the extent of which cannot be fully predicted.
Inventories	Inventories. Inventories consist of raw materials, work-in-process and finished goods. Inventory that is in excess of the amount expected to be sold within one year is classified as long-term inventory and is recorded in Other assets in the Consolidated Balance Sheets. The Company capitalizes inventory costs associated with certain products prior to regulatory approval and product launch when it is reasonably certain, based on management’s judgment of future commercial use and net realizable value, that the pre-launch inventories will be saleable. The determination to capitalize is made on a product-by-product basis. The Company could be required to write down previously capitalized costs related to pre-launch inventories upon a change in such judgment, a denial or delay of approval by regulatory bodies, a delay in commercialization or other potential factors. Our inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. It includes materials, direct labor and an allocation of overhead, but excludes certain period charges and unallocated overheads that are charged to expense in the period in which they are incurred. Unallocated overheads can occur as a consequence of abnormally low production or idle facilities. Net realizable value is determined by the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. When necessary, we write-down inventories to net realizable value based on forecasted demand and market and regulatory conditions, which may differ from actual results.
Property, Plant and Equipment	Property, Plant and Equipment. Property, plant and equipment is generally stated at cost less accumulated depreciation. Major improvements are capitalized, while routine maintenance and repairs are expensed as incurred. Costs incurred during the construction or development of property, plant and equipment are capitalized as assets under construction. Once an asset has been placed into service, depreciation expense is taken on a straight-line basis over the estimated useful life of the related assets or, in the case of leasehold improvements and finance lease assets, over the shorter of the estimated useful life and the lease term.
Computer Software	Computer Software. The Company capitalizes certain costs incurred in connection with obtaining or developing internal-use software, including external direct costs of material and services, and payroll costs for employees directly involved with the software development. Capitalized software costs are included in Property, plant and equipment, net in the Consolidated Balance Sheets and depreciated beginning when the software project is substantially complete and the asset is ready for its intended use. Costs incurred during the preliminary project stage and post-implementation stage, as well as maintenance and training costs, are expensed as incurred.
Lease Accounting	Lease Accounting. Whenever the Company enters into a new arrangement, it must determine, at the inception date, whether the arrangement is or contains a lease. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. If a lease exists, the Company must then determine the separate lease and nonlease components of the arrangement. Each right to use an underlying asset conveyed by a lease arrangement should generally be considered a separate lease component if it both: (i) can benefit the Company without depending on other resources not readily available to the Company and (ii) does not significantly affect and is not significantly affected by other rights of use conveyed by the lease. Aspects of a lease arrangement that transfer other goods or services to the Company but do not meet the definition of lease components are considered nonlease components. The consideration owed by the Company pursuant to a lease arrangement is generally allocated to each lease and nonlease component for accounting purposes. However, the Company has elected, for all of its leases, to not separate lease and nonlease components. Each lease component is accounted for separately from other lease components, but together with the associated nonlease components. For each lease, the Company must then determine the lease term, the present value of lease payments and the classification of the lease as either an operating or finance lease. The lease term is the period of the lease not cancellable by the Company, together with periods covered by: (i) renewal options the Company is reasonably certain to exercise; (ii) termination options the Company is reasonably certain not to exercise; and (iii) renewal or termination options that are controlled by the lessor. The present value of lease payments is calculated based on: •Lease payments—Lease payments include fixed and certain variable payments, less lease incentives, together with amounts probable of being owed by the Company under residual value guarantees and, if reasonably certain of being paid, the cost of certain renewal options and early termination penalties set forth in the lease arrangement. Lease payments exclude consideration that is not related to the transfer of goods and services to the Company. •Discount rate—The discount rate must be determined based on information available to the Company upon the commencement of a lease. Lessees are required to use the rate implicit in the lease whenever such rate is readily available; however, as the implicit rate in the Company’s leases is generally not readily determinable, the Company generally uses the hypothetical incremental borrowing rate it would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a timeframe similar to the lease term. In making the determination of whether a lease is an operating lease or a finance lease, the Company considers the lease term in relation to the economic life of the leased asset, the present value of lease payments in relation to the fair value of the leased asset and certain other factors, including the lessee’s and lessor’s rights, obligations and economic incentives over the term of the lease. Generally, upon the commencement of a lease, the Company will record a lease liability and a right-of-use asset. However, the Company has elected, for all underlying assets with initial lease terms of twelve months or less (known as short-term leases), to not recognize a lease liability or right-of-use asset. Lease liabilities are initially recorded at lease commencement as the present value of future lease payments. Right-of-use assets are initially recorded at lease commencement as the initial amount of the lease liability, together with the following, if applicable: (i) initial direct costs incurred by the lessee and (ii) lease payments made by the lessor, net of lease incentives received, prior to lease commencement. Over the lease term, the Company generally increases its lease liabilities using the effective interest method and decreases its lease liabilities for lease payments made. For finance leases, amortization expense and interest expense are recognized separately in the Consolidated Statements of Operations, with amortization expense generally recorded on a straight-line basis over the lease term and interest expense recorded using the effective interest method. For operating leases, a single lease cost is generally recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term unless an impairment has been recorded with respect to a leased asset. Lease costs for short-term leases not recognized in the Consolidated Balance Sheets are recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. Variable lease costs not initially included in the lease liability and right-of-use asset impairment charges are expensed as incurred. Right-of-use assets are assessed for impairment, similar to other long-lived assets.
Cloud Computing Arrangements	Cloud Computing Arrangements. The Company may from time to time incur costs in connection with hosting arrangements that are service contracts. The Company capitalizes any such implementation costs, expenses them over the terms of the respective hosting arrangements and subjects them to impairment testing consistent with other long-lived assets.
Finite-Lived Intangible Assets / Developed Technology / License Rights	Finite-Lived Intangible Assets. Our finite-lived intangible assets consist of license rights and developed technology. Upon acquisition, intangible assets are generally initially recorded at fair value if acquired in a business combination, or at cost if otherwise. There are several methods that can be used to determine fair value. For intangible assets, we typically use an income approach. This approach starts with our forecast of all of the expected future net cash flows. Revenues are estimated based on relevant market size and growth factors, expected industry trends, individual project life cycles and, if applicable, the life of any estimated period of marketing exclusivity, such as that granted by a patent. The pricing, margins and expense levels of similar products are considered if available. For certain licensed assets, our estimates of future cash flows consider periods covered by renewal options to the extent we have the intent and ability, at the date of the estimate, to renew the underlying license agreements. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. To the extent an intangible asset is deemed to have a finite life and to be held and used, it is amortized over its estimated useful life using either the straight-line method or, in the case of certain developed technology assets, an accelerated amortization model. The values of these various assets are subject to continuing scientific, medical and marketplace uncertainty. Factors giving rise to our initial estimate of useful lives are subject to change. Significant changes to any of these factors may result in adjustments to the useful life of the asset and an acceleration of related amortization expense, which could cause our net income and net income per share to decrease. Amortization expense is not recorded on assets held for sale. As further described under the heading “Long-Lived Asset Impairment Testing,” our finite-lived intangible assets are also subject to impairment reviews. Developed Technology. Our developed technology assets subject to amortization have useful lives ranging from 6 years to 16 years, with a weighted average useful life of approximately 12 years. We determine amortization periods and methods of amortization for developed technology assets based on our assessment of various factors impacting estimated useful lives and the timing and extent of estimated cash flows of the acquired assets, including the strength of the intellectual property protection of the product (if applicable), contractual terms and various other competitive and regulatory issues. License Rights. Our license rights subject to amortization have useful lives ranging from 7 years to 15 years, with a weighted average useful life of approximately 14 years. We determine amortization periods for licenses based on our assessment of various factors including the expected launch date of the product, the strength of the intellectual property protection of the product (if applicable), contractual terms and various other competitive, developmental and regulatory issues.
Long-Lived Asset Impairment Testing	Long-Lived Asset Impairment Testing. Long-lived assets, including property, plant and equipment and finite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate the assets may not be recoverable. Recoverability of an asset that will continue to be used in our operations is measured by comparing the carrying amount of the asset to the forecasted undiscounted future cash flows related to the asset. In the event the carrying amount of the asset exceeds its undiscounted future cash flows and the carrying amount is not considered recoverable, impairment may exist. An impairment loss, if any, is measured as the excess of the asset’s carrying amount over its fair value, generally based on a discounted future cash flow method, independent appraisals or offers from prospective buyers. An impairment loss would be recognized in the Consolidated Statements of Operations in the period that the impairment occurs. In the case of long-lived assets to be disposed of by sale or otherwise, including assets held for sale, the assets and the associated liabilities to be disposed of together as a group in a single transaction (the disposal group) are measured at the lower of their carrying amount or fair value less cost to sell. Prior to disposal, losses are recognized for any initial or subsequent write-down to fair value less cost to sell, while gains are recognized for any subsequent increase in fair value less cost to sell, but not in excess of any cumulative losses previously recognized. Any gains or losses not previously recognized that result from the sale of a disposal group shall be recognized at the date of sale.
Acquired in-Process Research and Development Assets	Acquired in-Process Research and Development Assets. Acquired in-process research and development charges are generally recognized in periods in which in-process research and development assets (with no alternative future use in other research and development projects) are acquired from third parties in connection with an asset acquisition, or when costs are incurred (up to the point of regulatory approval) for upfront or milestone payments to third parties associated with in-process research and development. Otherwise, acquired in-process research and development assets are generally recognized as indefinite-lived intangible assets. Such assets are generally initially recorded at fair value if acquired in a business combination, or at cost if otherwise. Any indefinite-lived intangible assets are not subject to amortization. Instead, they are tested for impairment annually, as of October 1, and when events or changes in circumstances indicate that the asset might be impaired. If the fair value of the intangible assets is less than its carrying amount, an impairment loss is recognized for the difference. Assets that receive regulatory approval are reclassified and accounted for as finite-lived intangible assets.
Goodwill	Goodwill. While amortization expense is not recorded on goodwill, goodwill is subject to impairment reviews. An impairment assessment is conducted as of October 1, or more frequently whenever events or changes in circumstances indicate that the asset might be impaired. We perform the goodwill impairment test by estimating the fair value of the reporting units using an income approach that utilizes a discounted cash flow model or, where appropriate, a market approach. Any goodwill impairment charge we recognize for a reporting unit is equal to the lesser of: (i) the total goodwill allocated to that reporting unit and (ii) the amount by which that reporting unit’s carrying amount exceeds its fair value.
Contingencies	Contingencies. The Company is subject to various patent challenges, product liability claims, government investigations and other legal proceedings in the ordinary course of business. Contingent accruals and legal settlements are recorded in the Consolidated Statements of Operations as Litigation-related and other contingencies, net (or as Discontinued operations, net of tax in the case of vaginal mesh matters) when the Company determines that a loss is both probable and reasonably estimable. Legal fees and other expenses related to litigation are expensed as incurred and are generally included in Selling, general and administrative expenses in the Consolidated Statements of Operations (or as Discontinued operations, net of tax in the case of vaginal mesh matters). Due to the fact that legal proceedings and other contingencies are inherently unpredictable, our estimates of the probability and amount of any such liabilities involve significant judgment regarding future events. The Company records receivables from its insurance carriers only when the realization of the potential claim for recovery is considered probable.
Share Repurchases	Share Repurchases. The Company accounts for the repurchase of ordinary shares, if any, at par value. Under applicable Irish law, ordinary shares repurchased are retired and not displayed separately as treasury stock. Upon retirement of the ordinary shares, the Company records the difference between the weighted average cost of such ordinary shares and the par value of the ordinary shares as an adjustment to Accumulated deficit in the Consolidated Balance Sheets.
Advertising Costs	Advertising Costs. Advertising costs are expensed as incurred and included in Selling, general and administrative expenses in the Consolidated Statements of Operations.
Restructuring	Restructuring. Restructuring charges related to nonretirement postemployment benefits that fall under Accounting Standards Codification Topic 712, Compensation—Nonretirement Postemployment Benefits are recognized when the severance liability is determined to be probable of being paid and reasonably estimable. One-time benefits related to restructurings, if any, are recognized in accordance with Accounting Standards Codification Topic 420, Exit or Disposal Cost Obligations when the programs are approved, the affected employees are identified, the terms of the arrangement are established, it is determined changes to the plan are unlikely to occur and the arrangements are communicated to employees. Other restructuring costs are generally expensed as incurred.
Share-Based Compensation	Share-Based Compensation. From time to time, the Company grants share-based compensation awards to certain employees and non-employee directors. Generally, the grant-date fair value of each award is recognized as expense over the requisite service period. However, expense recognition differs in the case of certain PSUs where the ultimate payout is performance-based. For these awards, at each reporting period, the Company generally estimates the ultimate payout and adjusts the cumulative expense based on its estimate and the percent of the requisite service period that has elapsed. Share-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs. New ordinary shares are generally issued upon the exercise of stock options or vesting of stock awards by employees and non-employee directors. Refer to Note 19. Share-based Compensation for additional discussion.
Foreign Currency	Foreign Currency. The Company operates in various jurisdictions both inside and outside of the U.S. While the Company’s reporting currency is the U.S. dollar, the Company has concluded that certain of its distinct and separable operations have functional currencies other than the U.S. dollar. Further, certain of the Company’s operations hold assets and liabilities and recognize income and expenses denominated in various local currencies, which may differ from their functional currencies. Assets and liabilities are first remeasured from local currency to functional currency, generally using end-of-period exchange rates. Foreign currency income and expenses are generally remeasured using average exchange rates in effect during the year. In the case of nonmonetary assets and liabilities such as inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, and related income statement amounts, such as depreciation expense, historical exchange rates are used for remeasurement. The net effect of remeasurement is included in Other income, net in the Consolidated Statements of Operations. As part of the Company’s consolidation process, assets and liabilities of entities with functional currencies other than the U.S. dollar are translated into U.S. dollars at end-of-period exchange rates. Income and expenses are translated using average exchange rates in effect during the year. The net effect of translation, as well as any foreign currency gains or losses on intercompany transactions considered to be of a long-term investment nature, are recognized as foreign currency translation, a component of Other comprehensive (loss) income. Upon the sale or liquidation of an investment in a foreign operation, the Company records a reclassification adjustment out of Other comprehensive (loss) income for the corresponding accumulated amount of foreign currency translation gain or loss.
Income Taxes	Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including projected future taxable income, tax-planning strategies and results of recent operations. In the event that the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income tax. The Company records unrecognized income tax positions (UTPs) on the basis of a two-step process whereby the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and then measures those tax positions that meet the more-likely-than-not recognition threshold. The Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the tax authority. The Company generally recognizes changes in UTPs, interest and penalties in the Income tax expense line in the Consolidated Statements of Operations. Refer to Note 21. Income Taxes for information about the classification of liabilities related to UTPs, including interest and penalties, in the Consolidated Balance Sheets.
Comprehensive Income	Comprehensive Income. Comprehensive income or loss includes all changes in equity during a period except those that resulted from investments by or distributions to a company’s shareholders. Other comprehensive income or loss refers to revenues, expenses, gains and losses that are included in comprehensive income, but excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity. Government Assistance Transactions. Our PSP LLC subsidiary is party to the U.S. Government Agreement. Under the terms of the U.S. Government Agreement, our Rochester facility will establish new sterile fill-finish manufacturing assets capable of processing liquid or lyophilized products requiring Biosafety Level (BSL) 2 containment in order to establish and sustain BSL 2 sterile fill-finish production capacity to create and maintain industrial base capabilities for the national defense. The Company has concluded that reimbursements it receives pursuant to the U.S. Government Agreement, which are further described below, are not within the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606) because the U.S. government does not meet the definition of a “customer” as defined by ASC 606. We are instead accounting for the U.S. Government Agreement under other guidance including, for elements of the contract for which there is no authoritative guidance under U.S. GAAP, by applying the relevant accounting principles contained in International Accounting Standards 20—Accounting for Government Grants and Disclosure of Government Assistance by analogy. Under this model, reimbursements we receive from the U.S. government for qualifying capital expenditures meet the definition of grants related to assets as the primary purpose for the reimbursements is to fund the purchase and construction of capital assets to increase production capacity. We recognize these reimbursements as deferred income in the Consolidated Balance Sheets as either Accounts payable and accrued expenses (for any current portion) or Other liabilities (for any noncurrent portion) when there is reasonable assurance the conditions of the grant will be met and the grant will be received. Refer to Note 16. Commitments and Contingencies for additional discussion of this agreement.

BANKRUPTCY PROCEEDINGS (Tables)

12 Months Ended

Dec. 31, 2022

Reorganizations [Abstract]

Schedule of Liabilities Subject to Compromise

The following table sets forth, as of December 31, 2022, information about the amounts presented as Liabilities subject to compromise in our Consolidated Balance Sheets (in thousands):


	December 31, 2022
Accounts payable	$	30,317
Accrued interest	160,617
Debt	7,834,717
Litigation accruals	820,805
Uncertain tax positions	235,176
Other (1)	87,150
Total	$	9,168,782

__________

Schedule of Reorganisation Item in Consolidated Condensed Statements of Operations

The following table sets forth, for the year ended December 31, 2022, information about the amounts presented as Reorganization items, net in our Consolidated Statements of Operations (in thousands):



	2022
Professional fees	$	113,781
Debt valuation adjustments	89,197

Total	$	202,978

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedules of Concentration of Risk, by Risk Factor

Net revenues from direct customers that accounted for 10% or more of our total consolidated net revenues during the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
AmerisourceBergen Corporation	35	%	36	%	33	%
McKesson Corporation	26	%	32	%	27	%
Cardinal Health, Inc.	20	%	22	%	24	%

DISCONTINUED OPERATIONS AND ASSETS SALES (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Litigation-related and other contingencies, net	$	—	$	25,000	$	41,097
Loss from discontinued operations before income taxes	$	(15,543)	$	(49,594)	$	(67,847)
Income tax benefit	$	(2,056)	$	(5,430)	$	(4,327)
Discontinued operations, net of tax	$	(13,487)	$	(44,164)	$	(63,520)

- Definition

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

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+ Details

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs



	2022		2021		2020
Net restructuring charges (charge reversals) related to:
Accelerated depreciation	$	3,773	$	24,718	$	22,459
Asset impairments	—		42,155		7,391
Inventory adjustments	1,494		6,968		3,097
Employee separation, continuity and other benefit-related costs	1,216		(7,384)		60,025
Certain other restructuring costs	795		2,012		664
Total	$	7,278	$	68,469	$	93,636



	2022		2021		2020
Net restructuring charges (charge reversals) included in:
Cost of revenues	$	3,966	$	6,244	$	53,297
Selling, general and administrative	208		20,788		27,857
Research and development	3,104		1,367		5,091
Asset impairment charges	—		42,155		7,391
Other income, net	—		(2,085)		—
Total	$	7,278	$	68,469	$	93,636



	2022
Net restructuring charges related to:

Asset impairments	$	180,248
Inventory adjustments	34,870
Employee separation, continuity and other benefit-related costs	28,345
Certain other restructuring costs	8,656
Total	$	252,119



	2022
Net restructuring charges included in:
Cost of revenues	$	49,078
Selling, general and administrative	18,692
Research and development	4,101
Asset impairment charges	180,248

Total	$	252,119

Schedule of Restructuring Reserve by Type of Cost

Changes to the liability for the 2020 Restructuring Initiative during the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands):


	Employee Separation, Continuity and Other Benefit-Related Costs		Certain Other Restructuring Costs		Total
Liability balance as of December 31, 2019	$	—	$	—	$	—
Net charges	60,025		664		60,689
Cash payments	(1,687)		—		(1,687)
Liability balance as of December 31, 2020	$	58,338	$	664	$	59,002
Net (charge reversals) charges	(7,384)		3,711		(3,673)
Cash payments	(39,975)		(4,170)		(44,145)
Liability balance as of December 31, 2021	$	10,979	$	205	$	11,184
Net charges	1,216		796		2,012
Cash payments	(11,926)		(1,001)		(12,927)
Liability balance as of December 31, 2022	$	269	$	—	$	269

Changes to the liability for the 2022 Restructuring Initiative during the year ended December 31, 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	$	—	$	—	$	—
Net charges	28,345		1,102		29,447
Cash payments	(13,348)		(1,102)		(14,450)
Liability balance as of December 31, 2022	$	14,997	$	—	$	14,997

SEGMENT RESULTS (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Reportable Segments Information

The following represents selected information for the Company’s reportable segments for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Net revenues from external customers:
Branded Pharmaceuticals	$	851,142	$	893,617	$	781,780
Sterile Injectables	589,633		1,266,097		1,238,847
Generic Pharmaceuticals	795,457		740,586		783,110
International Pharmaceuticals (1)	82,643		92,906		99,337
Total net revenues from external customers	$	2,318,875	$	2,993,206	$	2,903,074
Segment adjusted income from continuing operations before income tax:
Branded Pharmaceuticals	$	366,554	$	384,186	$	377,526
Sterile Injectables	349,424		998,453		950,145
Generic Pharmaceuticals	336,133		160,046		87,178
International Pharmaceuticals	19,920		30,325		41,022
Total segment adjusted income from continuing operations before income tax	$	1,072,031	$	1,573,010	$	1,455,871

__________

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



	2022		2021		2020
Total consolidated loss from continuing operations before income tax	$	(2,888,102)	$	(546,603)	$	(26,518)
Interest expense, net	349,776		562,353		532,939
Corporate unallocated costs (1)	182,335		180,866		157,723
Amortization of intangible assets	337,311		372,907		427,543

Acquired in-process research and development charges	68,700		25,120		33,329
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives (2)	198,381		90,912		126,282
Certain litigation-related and other contingencies, net (3)	478,722		345,495		(19,049)
Certain legal costs (4)	31,756		136,148		67,819
Asset impairment charges (5)	2,142,746		414,977		120,344
Acquisition-related and integration items, net (6)	408		(8,379)		16,549
Loss on extinguishment of debt	—		13,753		—

Foreign currency impact related to the remeasurement of intercompany debt instruments	(5,328)		797		1,919
Reorganization items, net (7)	202,978		—		—
Other, net (8)	(27,652)		(15,336)		16,991
Total segment adjusted income from continuing operations before income tax	$	1,072,031	$	1,573,010	$	1,455,871

__________

(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 in 2022 reflects the recovery of certain previously-incurred opioid-related legal expenses.

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

The following represents depreciation expense for our reportable segments for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	2022		2021		2020

Branded Pharmaceuticals	$	9,862	$	10,632	$	11,758
Sterile Injectables	20,224		17,796		17,400
Generic Pharmaceuticals	16,952		47,343		52,614
International Pharmaceuticals	3,638		4,242		4,530
Corporate unallocated	3,642		4,178		4,962
Total depreciation expense	$	54,318	$	84,191	$	91,264

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.



	2022		2021		2020
Branded Pharmaceuticals:
Specialty Products:
XIAFLEX®	$	438,680	$	432,344	$	316,234
SUPPRELIN® LA	113,011		114,374		88,182
Other Specialty (1)	70,009		86,432		92,662
Total Specialty Products	$	621,700	$	633,150	$	497,078
Established Products:
PERCOCET®	$	103,943	$	103,788	$	110,112
TESTOPEL®	38,727		43,636		35,234

Other Established (2)	86,772		113,043		139,356
Total Established Products	$	229,442	$	260,467	$	284,702
Total Branded Pharmaceuticals (3)	$	851,142	$	893,617	$	781,780
Sterile Injectables:
VASOSTRICT®	$	253,696	$	901,735	$	785,646
ADRENALIN®	114,304		124,630		152,074


Other Sterile Injectables (4)	221,633		239,732		301,127
Total Sterile Injectables (3)	$	589,633	$	1,266,097	$	1,238,847
Total Generic Pharmaceuticals (5)	$	795,457	$	740,586	$	783,110
Total International Pharmaceuticals (6)	$	82,643	$	92,906	$	99,337
Total revenues, net	$	2,318,875	$	2,993,206	$	2,903,074

__________

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

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

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

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Restricted Cash and Cash Equivalents

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


	Balance Sheet Line Items	December 31, 2022		December 31, 2021
Restricted cash and cash equivalents—current (1)	Restricted cash and cash equivalents	$	145,358	$	124,114
Restricted cash and cash equivalents—noncurrent (2)	Other assets	85,000		—
Total restricted cash and cash equivalents		$	230,358	$	124,114

__________

(2)The amount at December 31, 2022 relates to the TLC Agreement. See Note 12. 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 December 31, 2022 and December 31, 2021 were as follows (in thousands):


	Fair Value Measurements at December 31, 2022 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds (1)	$	12,226	$	—	$	—	$	12,226
Liabilities:



Acquisition-related contingent consideration (2)	$	—	$	—	$	16,571	$	16,571


	Fair Value Measurements at December 31, 2021 using:
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Money market funds (1)	$	134,847	$	—	$	—	$	134,847
Liabilities:



Acquisition-related contingent consideration (2)	$	—	$	—	$	20,076	$	20,076

__________

Schedule of Changes to Liability for Acquisition-Related Contingent Consideration



	2022		2021
Beginning of period	$	20,076	$	36,249
Amounts settled	(3,127)		(7,449)
Changes in fair value recorded in earnings	408		(8,793)
Effect of currency translation	(786)		69
End of period (1)	$	16,571	$	20,076

__________

The following table presents changes to the Company’s liability for acquisition-related contingent consideration during the year ended December 31, 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 December 31, 2022 (1)
Auxilium acquisition	$	9,038	$	2,116	$	(536)	$	10,618
Lehigh Valley Technologies, Inc. acquisitions	3,600		(635)		(665)		2,300

Other	7,438		(1,073)		(2,712)		3,653
Total	$	20,076	$	408	$	(3,913)	$	16,571

__________

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


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

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

Schedule of Nonrecurring Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2022 and 2021 were as follows (in thousands):


	Fair Value Measurements during the Year Ended December 31, 2022 (1) using:						Total Expense for the Year Ended December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs

Intangible assets, excluding goodwill (2)(3)	$	—	$	—	$	67,082	$	(288,701)
Certain property, plant and equipment	—		—		—		(9,045)


Total	$	—	$	—	$	67,082	$	(297,746)


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

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

Total	$	—	$	—	$	5,011	$	(9,822)

__________

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	December 31, 2022		December 31, 2021
Raw materials (1)	$	105,975	$	90,453
Work-in-process (1)	43,057		82,728
Finished goods (1)	125,467		110,371
Total	$	274,499	$	283,552

__________

(1)The components of inventory shown in the table above are net of allowances.

LEASES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022 and December 31, 2021 (in thousands):


	Balance Sheet Line Items	December 31, 2022		December 31, 2021
Right-of-use assets:
Operating lease right-of-use assets	Operating lease assets	$	28,070	$	34,832
Finance lease right-of-use assets	Property, plant and equipment, net	26,761		38,365
Total right-of-use assets		$	54,831	$	73,197
Operating lease liabilities (1):
Current operating lease liabilities	Current portion of operating lease liabilities	$	903	$	10,992
Noncurrent operating lease liabilities	Operating lease liabilities, less current portion	5,129		33,727
Total operating lease liabilities		$	6,032	$	44,719
Finance lease liabilities (1):
Current finance lease liabilities	Accounts payable and accrued expenses	$	—	$	6,841
Noncurrent finance lease liabilities	Other liabilities	1,392		18,374
Total finance lease liabilities		$	1,392	$	25,215

__________

Schedule of Lease, Cost

The following table presents information about lease costs and expenses and sublease income for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	Statement of Operations Line Items	2022		2021		2020
Operating lease cost	Various (1)	$	10,959	$	13,892	$	14,175
Finance lease cost:
Amortization of right-of-use assets	Various (1)	$	8,479	$	9,244	$	9,244
Interest on lease liabilities	Interest expense, net	$	1,127	$	1,480	$	1,716
Other lease costs and income:
Variable lease costs (2)	Various (1)	$	11,707	$	13,202	$	10,305
Finance lease right-of-use asset impairment charges	Asset impairment charges	$	3,063	$	—	$	—
Operating lease right-of-use asset impairment charges	Asset impairment charges	$	—	$	—	$	6,392
Sublease income	Various (1)	$	(6,436)	$	(3,793)	$	(3,803)

__________



	2022		2021		2020
Cost of revenues	$	6,189	$	11,316	$	11,610
Selling, general and administrative	$	18,305	$	21,013	$	18,108
Research and development	$	215	$	216	$	203


	Operating Leases		Finance Leases
2023	$	11,518	$	7,881
2024	6,599		8,038
2025	5,381		896
2026	5,337		896
2027	5,345		896
Thereafter	4,630		9,303
Total future lease payments	$	38,810	$	27,910
Less: amounts representing interest	4,391		9,440
Present value of future lease payments (lease liabilities, including amounts classified as Liabilities subject to compromise)	$	34,419	$	18,470
Less: amounts classified as Liabilities subject to compromise	28,387		17,078
Lease liabilities, excluding amounts classified as Liabilities subject to compromise	$	6,032	$	1,392

The following table provides the weighted average remaining lease term and weighted average discount rates for our leases as of December 31, 2022 and December 31, 2021:


	December 31, 2022		December 31, 2021
Weighted average remaining lease term (years), weighted based on lease liability balances:
Operating leases	4.9 years		5.1 years
Finance leases	9.9 years		9.5 years
Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Operating leases	6.1	%	5.9	%
Finance leases	7.5	%	7.6	%

The following table provides certain cash flow and supplemental noncash information related to our lease liabilities for the years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$	13,152	$	14,478	$	14,598
Operating cash payments for finance leases	$	1,673	$	2,256	$	2,666
Financing cash payments for finance leases	$	6,062	$	5,448	$	4,884
Lease liabilities arising from obtaining right-of-use assets:
Operating leases (1)	$	1,296	$	5,807	$	—

__________

(1)The amount in 2022 primarily relates to a new lease agreement. The amount in 2021 primarily relates to an increase in lease liabilities and right-of-use assets related to a lease modification.

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment, net consists of the following at December 31, 2022 and December 31, 2021 (in thousands):


	December 31, 2022		December 31, 2021
Land and buildings	$	239,207	$	234,219
Machinery and equipment	241,930		206,971
Leasehold improvements	54,388		55,020
Computer equipment and software	92,566		118,959
Furniture and fixtures	9,129		11,939
Assets under construction	142,560		120,483
Total property, plant and equipment, gross	$	779,780	$	747,591
Less: accumulated depreciation	(341,466)		(350,879)
Total property, plant and equipment, net	$	438,314	$	396,712

GOODWILL AND OTHER INTANGIBLES (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2022 and December 31, 2021 were as follows (in thousands):


	Branded Pharmaceuticals		Sterile Injectables		Generic Pharmaceuticals		International Pharmaceuticals		Total
Goodwill as of December 31, 2020	$	828,818	$	2,731,193	$	—	$	—	$	3,560,011


Goodwill impairment charges	—		(363,000)		—		—		(363,000)

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

Goodwill impairment charges	—		(1,845,000)		—		—		(1,845,000)

Goodwill as of December 31, 2022	$	828,818	$	523,193	$	—	$	—	$	1,352,011

The carrying amounts of goodwill at December 31, 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 December 31, 2022	$	855,810	$	2,208,000	$	3,142,657	$	513,211	$	6,719,678

Schedule of Other Intangible Assets

Changes in the amounts of other intangible assets for the year ended December 31, 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 December 31, 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		—		(288,701)		(17,417)		5,920,021

Total other intangibles (weighted average life of 12 years)	$	6,674,655	$	—	$	(288,701)	$	(17,417)	$	6,368,537

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

Licenses	$	(419,932)	$	(4,576)	$	—	$	—	$	(424,508)
Tradenames	(6,409)		—		—		—		(6,409)
Developed technology	(3,885,491)		(332,735)		—		13,541		(4,204,685)
Total other intangibles	$	(4,311,832)	$	(337,311)	$	—	$	13,541	$	(4,635,602)
Net other intangibles	$	2,362,823							$	1,732,935

Schedule of Future Amortization Expense

For intangible assets subject to amortization, estimated amortization expense for the five fiscal years subsequent to December 31, 2022 is as follows (in thousands):


2023	$	255,869
2024	$	245,751
2025	$	232,668
2026	$	209,532
2027	$	134,364

- Definition

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

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+ Details

LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Scheduled of Asset Acquisition

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


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

__________

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

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


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

__________

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


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

CONTRACT ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2022		December 31, 2021		$ Change		% Change
Contract assets (1)	$	8,193	$	13,005	$	(4,812)	(37)	%
Contract liabilities (2)	$	4,099	$	4,663	$	(564)	(12)	%

__________

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2022

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

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


	December 31, 2022		December 31, 2021
Trade accounts payable	$	109,033	$	123,129
Returns and allowances	160,619		183,116
Rebates	167,516		150,039
Chargebacks	920		2,617
Other sales deductions	6,197		2,500
Accrued interest	68		106,735
Accrued payroll and related benefits	95,666		90,029
Accrued royalties and other distribution partner payables	24,072		58,422
Acquisition-related contingent consideration—current	—		5,748
Other (1)	123,092		114,563
Total	$	687,183	$	836,898

__________

(1)Amounts include a wide variety of accrued expenses, the most significant of which relate to accrued legal and other professional fees.

DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

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


	December 31, 2022						December 31, 2021
	Effective Interest Rate (1)		Principal Amount (2)		Carrying Amount (2)		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	5.38	%	6,127		6,127		5.62	%	6,127		6,111
6.00% Senior Notes due 2023	6.00	%	56,436		56,436		6.28	%	56,436		56,203
5.875% Senior Secured Notes due 2024	6.88	%	300,000		286,375		6.14	%	300,000		297,928
6.00% Senior Notes due 2025	6.00	%	21,578		21,578		6.27	%	21,578		21,413
7.50% Senior Secured Notes due 2027	8.50	%	2,015,479		1,894,774		7.70	%	2,015,479		1,997,777
9.50% Senior Secured Second Lien Notes due 2027	9.50	%	940,590		940,590		9.68	%	940,590		933,330
6.00% Senior Notes due 2028	6.00	%	1,260,416		1,260,416		6.11	%	1,260,416		1,252,667
6.125% Senior Secured Notes due 2029	7.13	%	1,295,000		1,230,799		6.34	%	1,295,000		1,278,718
Term Loan Facility	13.50	%	1,975,000		1,871,894		6.12	%	1,985,000		1,947,633
Revolving Credit Facility	11.00	%	277,200		265,728		2.63	%	277,200		277,200

Total (3)			$	8,147,826	$	7,834,717			$	8,338,168	$	8,249,322

__________

Schedule of Maturities of Long-Term Debt

The following table presents, as of December 31, 2022, for each of the five fiscal years subsequent to December 31, 2022, the stated maturities on our long-term debt that would have been applicable if not for such acceleration (in thousands):


	Maturities (1)
2023	$	82,563
2024 (2)	$	394,600
2025	$	41,578
2026 (2)	$	222,600
2027	$	2,976,069

__________

(2)Based on the Company’s borrowings under the Revolving Credit Facility that were outstanding at December 31, 2022, $74.6 million would have matured in 2024, with the remainder maturing in 2026.

- Definition

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

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 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	(28,159)		(28,159)
Other cash distributions to settle disputes	—		(6,499)
Other (1)	463		(507)
Balance as of December 31, 2022 (2)	$	50,339	$	222,972

__________

(2)As of December 31, 2022, this balance is classified as Liabilities subject to compromise in the Consolidated Balance Sheets.

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Allocation of Stock-Based Compensation

Presented below are the components of total share-based compensation as recorded in our Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 (in thousands).


	2022		2021		2020
Selling, general and administrative expenses	$	16,019	$	23,400	$	32,368
Research and development expenses	1,059		1,378		2,504
Cost of revenues	1,136		5,268		6,485

Total share-based compensation expense	$	18,214	$	30,046	$	41,357

Schedule of Activity Under Stock Incentive Plans

A summary of the activity for each of the years ended December 31, 2022, 2021 and 2020 is presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2019	7,280,539	$	18.93


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

Exercised	(82,331)	$	7.55
Forfeited	(11,887)	$	13.19
Expired	(438,454)	$	40.76
Outstanding as of December 31, 2021	6,383,914	$	16.70



Expired	(1,304,602)	$	20.04
Outstanding as of December 31, 2022 (2)	5,079,312	$	15.84	2.01	$	—
Vested and expected to vest as of December 31, 2022 (2)	5,079,312	$	15.84	2.01	$	—
Exercisable as of December 31, 2022 (2)	5,079,312	$	15.84	2.01	$	—

__________

(2)On March 3, 2023, the Bankruptcy Court entered orders authorizing the Company to reject outstanding stock option agreements, restricted stock award agreements and performance award agreements.

Schedule of Non-vested RSUs and PSUs

A summary of our non-vested RSUs and PSUs for the years ended December 31, 2022, 2021 and 2020 is presented below:


	Number of Shares	Aggregate Intrinsic Value (1)
Non-vested as of December 31, 2019	12,916,289
Granted	3,761,648

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

Forfeited	(1,302,292)
Vested	(5,380,262)
Non-vested as of December 31, 2021	8,141,110
Granted	280,373

Forfeited	(1,116,960)
Vested	(2,324,696)
Non-vested as of December 31, 2022 (2)	4,979,827	$	348,588
Vested and expected to vest as of December 31, 2022 (2)	4,751,674	$	332,617

__________

OTHER INCOME, NET (Tables)

12 Months Ended

Dec. 31, 2022

Component of Operating Income [Abstract]

Schedule of Components of Other Expense, Net

The components of Other income, net for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands):



	2022		2021		2020
Net gain on sale of business and other assets (1)	$	(26,183)	$	(4,516)	$	(16,353)
Foreign currency (gain) loss, net (2)	(2,087)		1,253		2,466
Net loss (gain) from our investments in the equity of other companies (3)	378		453		(2,160)
Other miscellaneous, net (4)	(6,162)		(16,964)		(5,063)
Other income, net	$	(34,054)	$	(19,774)	$	(21,110)

__________

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

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

(4)Amounts in 2021 include gains of $15.5 million associated with the termination of certain contracts.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Loss from Continuing Operations

The components of our Loss from continuing operations before income tax by geography for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands):


	2022		2021		2020
U.S.	$	(2,429,315)	$	4,792,852	$	(375,262)
International	(458,787)		(5,339,455)		348,744
Total loss from continuing operations before income tax	$	(2,888,102)	$	(546,603)	$	(26,518)

Schedule of Components of Income Tax Expense (Benefit)

Income tax from continuing operations consists of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	2022		2021		2020
Current:
U.S. Federal	$	21,057	$	13,649	$	(108,866)
U.S. State	1,731		1,491		(434)
International	6,031		10,495		(1,124)
Total current income tax	$	28,819	$	25,635	$	(110,424)
Deferred:
U.S. Federal	$	(622)	$	118	$	(143,411)
U.S. State	1,065		(564)		(11,773)
International	(7,746)		(2,711)		(8,374)
Total deferred income tax	$	(7,303)	$	(3,157)	$	(163,558)


Total income tax	$	21,516	$	22,478	$	(273,982)

Schedule of Reconciliation of Income Tax


	2022		2021		2020
Notional U.S. federal income tax provision at the statutory rate	$	(606,502)	$	(114,787)	$	(5,569)
State income tax, net of federal benefit	(9,517)		6,750		(17,311)
U.S. tax reform impact	—		—		(129,599)
Uncertain tax positions	21,930		42,415		35,941
Residual tax on non-U.S. net earnings	(32,257)		(181,739)		(83,550)


Non-deductible goodwill impairment	385,459		76,230		7,490
Change in valuation allowance	306,497		495,565		(97,752)











Base erosion minimum tax	—		—		77,438
Non-deductible expenses	47,221		39,791		8,875
Executive compensation limitation	5,580		6,215		5,857
Equity based compensation	3,247		2,695		6,495
Financing activities (1)	73,629		(287,012)		(33,217)
Investment activities (2)	(178,018)		(68,943)		(44,964)
Other	4,247		5,298		(4,116)
Income tax	$	21,516	$	22,478	$	(273,982)

__________

Schedule of Deferred Income Taxes


	December 31, 2022		December 31, 2021
Deferred tax assets:
Accrued expenses and reserves	$	220,415	$	144,573

Deferred interest deduction	421,552		347,501
Fixed assets, intangible assets and deferred amortization	560,257		512,584
Loss on capital assets	23,511		64,503
Net operating loss carryforward	9,214,688		9,258,122
Other	49,943		50,694
Research and development and other tax credit carryforwards	7,777		8,254


Total gross deferred income tax assets	$	10,498,143	$	10,386,231
Deferred tax liabilities:

Other	$	(3,156)	$	(8,586)
Investments	(107)		(124,311)
Intercompany notes	(72,286)		(104,530)

Total gross deferred income tax liabilities	$	(75,549)	$	(237,427)
Valuation allowance	(10,436,419)		(10,169,294)
Net deferred income tax liability	$	(13,825)	$	(20,490)

Schedule of Tax Credit Carryforwards


Jurisdiction	Amount		Begin to Expire
Ireland	$	79,617	Indefinite
Luxembourg	$	8,934,046	2034


U.S.:
Federal-ordinary losses	$	19,105	2037
Federal-capital losses	$	13,699	2023
Federal-tax credits	$	14,081	2025
State-ordinary losses	$	227,587	2023
State-capital losses	$	11,871	2023
State-tax credits	$	3,256	2037

Schedule of Valuation Allowance

As of December 31, 2022, the Company had the following significant valuation allowances (in thousands):


Jurisdiction	December 31, 2022

Ireland	$	289,500
Luxembourg	$	8,862,060



U.S.	$	1,278,026

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to UTPs during the years ended December 31, 2022, 2021 and 2020 (in thousands):


	Unrecognized Tax Positions Federal, State and Foreign Tax
UTP Balance at December 31, 2019	$	486,481
Gross additions for current year positions	33,402

Gross reductions for prior period positions	(577)
Gross additions for prior period positions	16,914
Decrease due to lapse of statute of limitations	(7,033)

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


Currency translation adjustment	(24)
UTP Balance at December 31, 2021	$	566,439
Gross additions for current year positions	20,061


Decrease due to lapse of statute of limitations	(4,451)

Currency translation adjustment	(2,419)
UTP Balance at December 31, 2022	$	579,630
Accrued interest and penalties	66,736
Total UTP balance including accrued interest and penalties	$	646,366

Schedule of Income Tax Examinations

As of December 31, 2022, we may be subject to examination in the following major tax jurisdictions:


Jurisdiction						Open Years
Canada						2016 through 2022
India						2012 through 2022
Ireland						2016 through 2022
Luxembourg						2015 through 2022
U.S. - federal, state and local						2006 through 2022

NET (LOSS) INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2022, 2021 and 2020 (in thousands):



	2022		2021		2020
Numerator:
(Loss) income from continuing operations	$	(2,909,618)	$	(569,081)	$	247,464


Income (loss) from discontinued operations, net of tax	(13,487)		(44,164)		(63,520)
Net (loss) income	$	(2,923,105)	$	(613,245)	$	183,944
Denominator:
For basic per share data—weighted average shares	234,840		232,785		229,314
Dilutive effect of ordinary share equivalents	—		—		4,339

For diluted per share data—weighted average shares	234,840		232,785		233,653

Schedule of Computation of Diluted Income Per Share Amount



	2022	2021	2020
Stock options	5,453	6,584	7,073
Stock awards	5,789	9,256	5,197

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Reorganizations [Abstract]

Schedule of Condensed Combined Financial Statements of the Debtors





CONDENSED COMBINED BALANCE SHEETS
(Dollars in thousands)

	December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	991,901
Restricted cash and cash equivalents	59,358
Accounts receivable, net	478,889
Inventories, net	241,349
Prepaid expenses and other current assets	111,807
Income taxes receivable	7,038

Receivables from Non-Debtor Affiliates	94,608
Total current assets	$	1,984,950

PROPERTY, PLANT AND EQUIPMENT, NET	233,114
OPERATING LEASE ASSETS	23,200
GOODWILL	1,352,011
OTHER INTANGIBLES, NET	1,732,935

INVESTMENTS IN NON-DEBTOR AFFILIATES	50,001
RECEIVABLES FROM NON-DEBTOR AFFILIATES	240,002
OTHER ASSETS	126,494
TOTAL ASSETS	$	5,742,707
LIABILITIES AND DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	654,414

Current portion of operating lease liabilities	230

Income taxes payable	10

Payables to Non-Debtor Affiliates	20,162
Total current liabilities	$	674,816
DEFERRED INCOME TAXES	13,479


OPERATING LEASE LIABILITIES, LESS CURRENT PORTION	994

OTHER LIABILITIES	37,367
LIABILITIES SUBJECT TO COMPROMISE	9,168,782
TOTAL DEFICIT	(4,152,731)
TOTAL LIABILITIES AND DEFICIT	$	5,742,707





CONDENSED COMBINED STATEMENTS OF OPERATIONS
(Dollars in thousands)


	2022
TOTAL REVENUES, NET	$	2,321,426
COSTS AND EXPENSES:
Cost of revenues	1,106,855
Selling, general and administrative	764,768
Research and development	137,851
Acquired in-process research and development	68,700
Litigation-related and other contingencies, net	478,722
Asset impairment charges	2,137,107
Acquisition-related and integration items, net	408

Interest expense, net	345,593

Reorganization items, net	202,978
Other income, net	(13,409)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX	$	(2,908,147)
INCOME TAX EXPENSE	17,721
LOSS FROM CONTINUING OPERATIONS	$	(2,925,868)
DISCONTINUED OPERATIONS, NET OF TAX	(13,468)
NET LOSS ATTRIBUTABLE TO DEBTOR ENTITIES	$	(2,939,336)
EQUITY IN INCOME OF NON-DEBTOR AFFILIATES, NET OF TAX	22,671
NET LOSS	$	(2,916,665)





CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE LOSS
(Dollars in thousands)


	2022
NET LOSS	$	(2,916,665)
OTHER COMPREHENSIVE LOSS:
Net unrealized loss on foreign currency	$	(10,496)
Total other comprehensive loss	$	(10,496)
COMPREHENSIVE LOSS	$	(2,927,161)





CONDENSED COMBINED STATEMENTS OF CASH FLOWS
(Dollars in thousands)


	2022
OPERATING ACTIVITIES:
Net cash provided by operating activities (1)	$	209,523
INVESTING ACTIVITIES:
Capital expenditures, excluding capitalized interest	(43,743)
Capitalized interest payments	(3,140)
Proceeds from the U.S. Government Agreement	18,635

Acquisitions, including in-process research and development, net of cash and restricted cash acquired	(90,320)




Proceeds from sale of business and other assets, net	41,400
Proceeds from loans made to Non-Debtor Affiliates	2,355
Disbursements for loans made to Non-Debtor Affiliates	(51,486)

Net cash used in investing activities	$	(126,299)
FINANCING ACTIVITIES:


Repayments of notes	(180,342)
Repayments of term loans	(10,000)


Adequate protection payments	(313,109)
Repayments of other indebtedness	(6,062)

Payments for contingent consideration	(2,462)
Payments of tax withholding for restricted shares	(1,898)


Net cash used in financing activities	$	(513,873)
Effect of foreign exchange rate	(1,790)

NET DECREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	$	(432,439)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	1,568,698
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	$	1,136,259

__________

BANKRUPTCY PROCEEDINGS (Details) - USD ($) $ in Millions			4 Months Ended
BANKRUPTCY PROCEEDINGS (Details) - USD ($) $ in Millions	Aug. 17, 2022	Aug. 16, 2022	Dec. 31, 2022	Oct. 31, 2022
Reorganization
Liquidity requirement				$ 600.0
Reorganisation items, net			$ 53.7
Staling Horse Bid
Reorganization
Potential proceeds from settlement of unencumbered assets		$ 5.0
Potential reimbursement closing cost	$ 115.0	$ 122.0
Restructuring Support Agreement
Reorganization
Outstanding principal amount of secured debt, percentage		50.00%

BANKRUPTCY PROCEEDINGS - Liabilities Subject to Compromise (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Reorganizations [Abstract]
Accounts payable	$ 30,317
Accrued interest	160,617
Debt	7,834,717
Litigation accruals	820,805
Uncertain tax positions	235,176
Other	87,150
Total	$ 9,168,782	$ 0

BANKRUPTCY PROCEEDINGS - Reorganization Items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reorganizations [Abstract]
Professional fees	$ 113,781
Debt valuation adjustments	89,197	$ 0	$ 0
Total	$ 202,978	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidated Revenue (Details) - Revenue from Contract with Customer Benchmark	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Product Concentration Risk \| XIAFLEX®
Product Information
Concentration risk, percentage	19.00%	14.00%	11.00%
Product Concentration Risk \| Varenicline Tablets \| Maximum
Product Information
Concentration risk, percentage	13.00%
Product Concentration Risk \| VASOSTRICT®
Product Information
Concentration risk, percentage	11.00%	30.00%	27.00%
AmerisourceBergen Corporation \| Customer Concentration Risk
Product Information
Concentration risk, percentage	35.00%	36.00%	33.00%
McKesson Corporation \| Customer Concentration Risk
Product Information
Concentration risk, percentage	26.00%	32.00%	27.00%
Cardinal Health, Inc. \| Customer Concentration Risk
Product Information
Concentration risk, percentage	20.00%	22.00%	24.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition and Concentrations of Credit Risk and Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Product Information
Allowances for sales returns and allowances	$ 600.2	$ 588.7
Minimum
Product Information
Revenue from contract with customer, return period	6 months
Trade Accounts Receivable \| Credit Concentration Risk \| Cardinal Health, Inc.
Product Information
Concentration risk, percentage	83.00%	91.00%
Trade Accounts Receivable \| Credit Concentration Risk \| McKesson Corporation
Product Information
Concentration risk, percentage	83.00%	91.00%
Trade Accounts Receivable \| Credit Concentration Risk \| AmerisourceBergen Corporation
Product Information
Concentration risk, percentage	83.00%	91.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment, Developed Technology and License Rights (Details)	12 Months Ended
	Dec. 31, 2022
Machinery and equipment
Property, Plant and Equipment
Useful life (year)	15 years
Computer equipment and software
Property, Plant and Equipment
Useful life (year)	10 years
Furniture and fixtures
Property, Plant and Equipment
Useful life (year)	10 years
Minimum \| Developed technology
Property, Plant and Equipment
Intangible life (years)	6 years
Minimum \| Licensing
Property, Plant and Equipment
Intangible life (years)	7 years
Minimum \| Building
Property, Plant and Equipment
Useful life (year)	1 year
Maximum \| Developed technology
Property, Plant and Equipment
Intangible life (years)	16 years
Maximum \| Licensing
Property, Plant and Equipment
Intangible life (years)	15 years
Maximum \| Building
Property, Plant and Equipment
Useful life (year)	30 years
Weighted average \| Developed technology
Property, Plant and Equipment
Intangible life (years)	12 years
Weighted average \| Licensing
Property, Plant and Equipment
Intangible life (years)	14 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Advertising expense	$ 130.4	$ 136.8	$ 76.0

DISCONTINUED OPERATIONS AND ASSETS SALES - Astora - Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, net of tax	$ (13,487)	$ (44,164)	$ (63,520)
Discontinued operations, disposed of by means other than sale, abandonment \| Astora
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Litigation-related and other contingencies, net	0	25,000	41,097
Loss from discontinued operations before income taxes	(15,543)	(49,594)	(67,847)
Income tax benefit	(2,056)	(5,430)	(4,327)
Discontinued operations, net of tax	$ (13,487)	$ (44,164)	$ (63,520)

- Definition

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

+ References + Details

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

- Definition

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

+ References + Details

DISCONTINUED OPERATIONS AND ASSETS SALES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Income (loss) from discontinued operations, net of tax		$ (13,487)	$ (44,164)	$ (63,520)
Asset impairments		2,142,746	414,977	120,344
2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Asset impairments		0	42,155	7,391
Pre-tax reversal of severance costs		(1,216)	7,384	(60,025)
Discontinued operations, disposed of by means other than sale, abandonment \| Astora
Restructuring Cost and Reserve [Line Items]
Income (loss) from discontinued operations, net of tax		$ (13,487)	(44,164)	$ (63,520)
Disposal group, disposed of by sale, not discontinued operations \| Manufacturing facilities
Restructuring Cost and Reserve [Line Items]
Aggregate cash consideration from sale of assets	$ 18,500		25,600
Non-cash consideration from disposal			5,800
Disposal group, disposed of by sale, not discontinued operations \| Manufacturing facilities \| 2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Asset impairments	$ 8,400
Disposal group, disposed of by sale, not discontinued operations \| Endo International PLC
Restructuring Cost and Reserve [Line Items]
Asset impairments			42,200
Pre-tax reversal of severance costs			$ 25,400

RESTRUCTURING - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
RESTRUCTURING - Narrative (Details) $ in Thousands	Apr. 30, 2022 USD ($) position	Nov. 30, 2020 USD ($) position	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Asset impairments				$ 2,142,746	$ 414,977	$ 120,344
2020 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected number of positions eliminated \| position		300
Restructuring charges				7,278	68,469	93,636
Asset impairments				0	42,155	7,391
2020 Restructuring Initiative \| Disposal group, disposed of by sale, not discontinued operations \| Manufacturing facilities
Restructuring Cost and Reserve [Line Items]
Asset impairments			$ 8,400
2020 Restructuring Initiative \| Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date			51,000	51,000
2020 Restructuring Initiative \| Asset impairments
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date			49,500	49,500
2020 Restructuring Initiative \| Inventory adjustments
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date			11,600	11,600
2020 Restructuring Initiative \| Employee Separation, Continuity and Other Benefit-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1,216	(7,384)	60,025
Restructuring and related cost, cost incurred to date			53,900	53,900
2020 Restructuring Initiative \| Other restructuring charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges				796	3,711	664
Restructuring and related cost, cost incurred to date			3,500	3,500
2020 Restructuring Initiative \| Operating segments \| Generic Pharmaceuticals
Restructuring Cost and Reserve [Line Items]
Restructuring charges				5,400	49,900	79,000
Restructuring and related cost, cost incurred to date			$ 134,300	134,300
2020 Restructuring Initiative \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges				3,966	$ 6,244	$ 53,297
2020 Restructuring Initiative \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings		$ 85,000
2020 Restructuring Initiative \| Minimum \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings		65,000
2020 Restructuring Initiative \| Minimum \| Other expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings		20,000
2020 Restructuring Initiative \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings		95,000
2020 Restructuring Initiative \| Maximum \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings		70,000
2020 Restructuring Initiative \| Maximum \| Other expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings		$ 25,000
April, 2022 Restructuring Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected number of positions eliminated \| position	190
Restructuring charges				252,119
April, 2022 Restructuring Initiative \| Employee Separation, Continuity and Other Benefit-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges				28,345
April, 2022 Restructuring Initiative \| Other restructuring charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1,102
April, 2022 Restructuring Initiative \| Operating segments \| Generic Pharmaceuticals
Restructuring Cost and Reserve [Line Items]
Restructuring charges				238,600
April, 2022 Restructuring Initiative \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 49,078
April, 2022 Restructuring Initiative \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	$ 105,000
April, 2022 Restructuring Initiative \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs, expected cost savings	$ 125,000

RESTRUCTURING - Pre-tax Net Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net restructuring charges (charge reversals) related to:
Accelerated depreciation	$ 180,248
Asset impairments	2,142,746	$ 414,977	$ 120,344
2020 Restructuring Initiative
Net restructuring charges (charge reversals) related to:
Accelerated depreciation	3,773	24,718	22,459
Asset impairments	0	42,155	7,391
Inventory adjustments	1,494	6,968	3,097
Employee separation, continuity and other benefit-related costs	1,216	(7,384)	60,025
Certain other restructuring costs	795	2,012	664
Total	7,278	$ 68,469	$ 93,636
April, 2022 Restructuring Initiative
Net restructuring charges (charge reversals) related to:
Inventory adjustments	34,870
Employee separation, continuity and other benefit-related costs	28,345
Certain other restructuring costs	8,656
Total	$ 252,119

RESTRUCTURING - Pre-tax Net Charges Included in the Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2020 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	$ 7,278	$ 68,469	$ 93,636
April, 2022 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	252,119
Cost of revenues \| 2020 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	3,966	6,244	53,297
Cost of revenues \| April, 2022 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	49,078
Selling, general and administrative \| 2020 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	208	20,788	27,857
Selling, general and administrative \| April, 2022 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	18,692
Research and development \| 2020 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	3,104	1,367	5,091
Research and development \| April, 2022 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	4,101
Asset impairments \| 2020 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	0	42,155	7,391
Asset impairments \| April, 2022 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	180,248
Other income, net \| 2020 Restructuring Initiative
Net restructuring charges (charge reversals) included in:
Restructuring charges	$ 0	$ (2,085)	$ 0

RESTRUCTURING - Changes to the Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2020 Restructuring Initiative
Restructuring Reserve
Net charges	$ 7,278	$ 68,469	$ 93,636
April, 2022 Restructuring Initiative
Restructuring Reserve
Net charges	252,119
Total \| 2020 Restructuring Initiative
Restructuring Reserve
Beginning liability balance	11,184	59,002	0
Net charges	2,012	(3,673)	60,689
Cash payments	(12,927)	(44,145)	(1,687)
Ending liability balance	269	11,184	59,002
Total \| April, 2022 Restructuring Initiative
Restructuring Reserve
Beginning liability balance	0
Net charges	29,447
Cash payments	(14,450)
Ending liability balance	14,997	0
Employee Separation, Continuity and Other Benefit-Related Costs \| 2020 Restructuring Initiative
Restructuring Reserve
Beginning liability balance	10,979	58,338	0
Net charges	1,216	(7,384)	60,025
Cash payments	(11,926)	(39,975)	(1,687)
Ending liability balance	269	10,979	58,338
Employee Separation, Continuity and Other Benefit-Related Costs \| April, 2022 Restructuring Initiative
Restructuring Reserve
Beginning liability balance	0
Net charges	28,345
Cash payments	(13,348)
Ending liability balance	14,997	0
Certain Other Restructuring Costs \| 2020 Restructuring Initiative
Restructuring Reserve
Beginning liability balance	205	664	0
Net charges	796	3,711	664
Cash payments	(1,001)	(4,170)	0
Ending liability balance	0	205	$ 664
Certain Other Restructuring Costs \| April, 2022 Restructuring Initiative
Restructuring Reserve
Beginning liability balance	0
Net charges	1,102
Cash payments	(1,102)
Ending liability balance	$ 0	$ 0

SEGMENT RESULTS - Schedule of Reportable Segments Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	4
Segment Reporting Information
Total net revenues from external customers	$ 2,318,875	$ 2,993,206	$ 2,903,074
Total segment adjusted income from continuing operations before income tax	1,072,031	1,573,010	1,455,871
Branded Pharmaceuticals
Segment Reporting Information
Total net revenues from external customers	851,142	893,617	781,780
Total segment adjusted income from continuing operations before income tax	366,554	384,186	377,526
Sterile Injectables
Segment Reporting Information
Total net revenues from external customers	589,633	1,266,097	1,238,847
Total segment adjusted income from continuing operations before income tax	349,424	998,453	950,145
Generic Pharmaceuticals
Segment Reporting Information
Total net revenues from external customers	795,457	740,586	783,110
Total segment adjusted income from continuing operations before income tax	336,133	160,046	87,178
International Pharmaceuticals
Segment Reporting Information
Total net revenues from external customers	82,643	92,906	99,337
Total segment adjusted income from continuing operations before income tax	$ 19,920	$ 30,325	$ 41,022

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI 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 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI 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	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Total consolidated loss from continuing operations before income tax		$ (2,888,102)	$ (546,603)	$ (26,518)
Amortization of intangible assets		337,311
Acquired in-process research and development charges		68,700	25,120	33,329
Asset impairment charges		2,142,746	414,977	120,344
Acquisition-related and integration items, net		408	(8,379)	16,549
Loss on extinguishment of debt		0	13,753	0
Reorganization items, net		202,978	0	0
Total segment adjusted income from continuing operations before income tax		1,072,031	1,573,010	1,455,871
Accelerated depreciation		180,248
Gain (loss) from prior contract dispute			15,500
Cost Reduction
Segment Reporting Information
Accelerated depreciation		3,800	24,700	22,500
6.125% Senior Secured Notes due 2029
Segment Reporting Information
Loss on extinguishment of debt	$ 6,000
6.125% Senior Secured Notes due 2029 \| Selling, general and administrative
Segment Reporting Information
Loss on extinguishment of debt	$ 3,900
Debt modification costs			3,900	31,100
Employee severance \| Cost Reduction
Segment Reporting Information
Restructuring charges		85,600	8,800	86,900
Other restructuring charges \| Cost Reduction
Segment Reporting Information
Restructuring charges		72,700	57,400	16,900
Inventory adjustments \| Cost Reduction
Segment Reporting Information
Restructuring charges		36,400
Segment reconciling items
Segment Reporting Information
Interest expense, net		349,776	562,353	532,939
Corporate unallocated costs		182,335	180,866	157,723
Amortization of intangible assets		337,311	372,907	427,543
Acquired in-process research and development charges		68,700	25,120	33,329
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives		198,381	90,912	126,282
Certain litigation-related and other contingencies, net		478,722	345,495	(19,049)
Certain legal costs		31,756	136,148	67,819
Asset impairment charges		2,142,746	414,977	120,344
Acquisition-related and integration items, net		408	(8,379)	16,549
Loss on extinguishment of debt		0	13,753	0
Foreign currency impact related to the remeasurement of intercompany debt instruments		(5,328)	797	1,919
Reorganization items, net		202,978	0	0
Other, net		(27,652)	(15,336)	16,991
Operating segments
Segment Reporting Information
Total segment adjusted income from continuing operations before income tax		$ 1,072,031	$ 1,573,010	$ 1,455,871

SEGMENT RESULTS - Schedule of Disaggregation of Revenues (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue
TOTAL REVENUES, NET	$ 2,318,875,000	$ 2,993,206,000	$ 2,903,074,000
Product line revenue reporting threshold	$ 25,000,000	$ 25,000,000
XIAFLEX® \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue
Concentration risk, percentage	19.00%	14.00%	11.00%
VASOSTRICT® \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue
Concentration risk, percentage	11.00%	30.00%	27.00%
Varenicline Tablets \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk \| Maximum
Disaggregation of Revenue
Concentration risk, percentage	13.00%
Branded Pharmaceuticals
Disaggregation of Revenue
TOTAL REVENUES, NET	$ 851,142,000	$ 893,617,000	$ 781,780,000
Branded Pharmaceuticals \| Specialty Products
Disaggregation of Revenue
TOTAL REVENUES, NET	621,700,000	633,150,000	497,078,000
Branded Pharmaceuticals \| XIAFLEX®
Disaggregation of Revenue
TOTAL REVENUES, NET	438,680,000	432,344,000	316,234,000
Branded Pharmaceuticals \| SUPPRELIN® LA
Disaggregation of Revenue
TOTAL REVENUES, NET	113,011,000	114,374,000	88,182,000
Branded Pharmaceuticals \| Other Specialty
Disaggregation of Revenue
TOTAL REVENUES, NET	70,009,000	86,432,000	92,662,000
Branded Pharmaceuticals \| Established Products
Disaggregation of Revenue
TOTAL REVENUES, NET	229,442,000	260,467,000	284,702,000
Branded Pharmaceuticals \| PERCOCET®
Disaggregation of Revenue
TOTAL REVENUES, NET	103,943,000	103,788,000	110,112,000
Branded Pharmaceuticals \| TESTOPEL®
Disaggregation of Revenue
TOTAL REVENUES, NET	38,727,000	43,636,000	35,234,000
Branded Pharmaceuticals \| Other Established
Disaggregation of Revenue
TOTAL REVENUES, NET	86,772,000	113,043,000	139,356,000
Sterile Injectables
Disaggregation of Revenue
TOTAL REVENUES, NET	589,633,000	1,266,097,000	1,238,847,000
Sterile Injectables \| VASOSTRICT®
Disaggregation of Revenue
TOTAL REVENUES, NET	253,696,000	901,735,000	785,646,000
Sterile Injectables \| ADRENALIN®
Disaggregation of Revenue
TOTAL REVENUES, NET	114,304,000	124,630,000	152,074,000
Sterile Injectables \| Other Sterile Injectables
Disaggregation of Revenue
TOTAL REVENUES, NET	221,633,000	239,732,000	301,127,000
Generic Pharmaceuticals
Disaggregation of Revenue
TOTAL REVENUES, NET	795,457,000	740,586,000	783,110,000
International Pharmaceuticals
Disaggregation of Revenue
TOTAL REVENUES, NET	$ 82,643,000	$ 92,906,000	$ 99,337,000
International Pharmaceuticals \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk \| Maximum
Disaggregation of Revenue
Concentration risk, percentage	5.00%	5.00%

SEGMENT RESULTS- Schedule of Depreciation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Total depreciation expense	$ 54,318	$ 84,191	$ 91,264
Operating segments \| Branded Pharmaceuticals
Segment Reporting Information
Total depreciation expense	9,862	10,632	11,758
Operating segments \| Sterile Injectables
Segment Reporting Information
Total depreciation expense	20,224	17,796	17,400
Operating segments \| Generic Pharmaceuticals
Segment Reporting Information
Total depreciation expense	16,952	47,343	52,614
Operating segments \| International Pharmaceuticals
Segment Reporting Information
Total depreciation expense	3,638	4,242	4,530
Corporate unallocated
Segment Reporting Information
Total depreciation expense	$ 3,642	$ 4,178	$ 4,962

FAIR VALUE MEASUREMENTS - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents, current	$ 145,358	$ 124,114
Restricted cash and cash equivalents, noncurrent	85,000	0
Total restricted cash and cash equivalents	230,358	124,114
Restricted Cash and Cash Equivalents, Insurance Coverage
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents, current	86,000	45,000
Opioid Related Cases and Mesh Related Cases
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents, current	$ 50,700	$ 78,400

FAIR VALUE MEASUREMENTS - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Acquisition-related contingent consideration \| Accounts payable and accrued expenses
Liabilities:
Fair value of financial liabilities measured on recurring basis		$ 5,700
Acquisition-related contingent consideration \| Other Liabilities
Liabilities:
Fair value of financial liabilities measured on recurring basis		14,300
Money Market Funds \| Restricted cash and cash equivalents
Assets:
Fair value of financial assets measured on recurring basis	$ 12,200	16,200
Fair value, measurements, recurring \| Acquisition-related contingent consideration
Liabilities:
Fair value of financial liabilities measured on recurring basis	16,571	20,076
Fair value, measurements, recurring \| Money Market Funds
Assets:
Fair value of financial assets measured on recurring basis	12,226	134,847
Fair value, measurements, recurring \| Level 1 Inputs \| Acquisition-related contingent consideration
Liabilities:
Fair value of financial liabilities measured on recurring basis	0	0
Fair value, measurements, recurring \| Level 1 Inputs \| Money Market Funds
Assets:
Fair value of financial assets measured on recurring basis	12,226	134,847
Fair value, measurements, recurring \| Level 2 Inputs \| Acquisition-related contingent consideration
Liabilities:
Fair value of financial liabilities measured on recurring basis	0	0
Fair value, measurements, recurring \| Level 2 Inputs \| Money Market Funds
Assets:
Fair value of financial assets measured on recurring basis	0	0
Fair value, measurements, recurring \| Level 3 Inputs \| Acquisition-related contingent consideration
Liabilities:
Fair value of financial liabilities measured on recurring basis	16,571	20,076
Fair value, measurements, recurring \| Level 3 Inputs \| Money Market Funds
Assets:
Fair value of financial assets measured on recurring basis	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narrative (Details) - Discount rate	Dec. 31, 2022
Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rate applied	0.100
Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rate applied	0.150
Weighted average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rate applied	0.107

FAIR VALUE MEASUREMENTS - Financial Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (Details) - Acquisition-related contingent consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ 20,076	$ 36,249
Amounts settled	(3,127)	(7,449)
Changes in fair value recorded in earnings	408	(8,793)
Effect of currency translation	(786)	69
Changes in Fair Value Recorded in Earnings	408	(8,793)
Amounts Settled and Other	(3,913)	(7,380)
End of period	$ 16,571	$ 20,076
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Acquisition-related and integration items, net	Acquisition-related and integration items, net
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Acquisition-related and integration items, net	Acquisition-related and integration items, net
Auxilium acquisition
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ 9,038	$ 14,484
Changes in Fair Value Recorded in Earnings	2,116	(3,471)
Amounts Settled and Other	(536)	(1,975)
End of period	10,618	9,038
Lehigh Valley Technologies, Inc. acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	3,600	13,100
Changes in Fair Value Recorded in Earnings	(635)	(6,061)
Amounts Settled and Other	(665)	(3,439)
End of period	2,300	3,600
Other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	7,438	8,665
Changes in Fair Value Recorded in Earnings	(1,073)	739
Amounts Settled and Other	(2,712)	(1,966)
End of period	$ 3,653	$ 7,438

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets Measured At Fair Value On A Nonrecurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Assets:
Intangible assets, excluding goodwill	$ (288,701)	$ (7,800)	$ (79,900)
Total	(2,142,746)	(414,977)	$ (120,344)
Fair value, measurements, nonrecurring
Assets:
Intangible assets, excluding goodwill	(288,701)	(7,811)
Certain property, plant and equipment	(9,045)	(2,011)
Total	$ (297,746)	$ (9,822)
Fair value, measurements, nonrecurring \| Discount rate \| Minimum
Assets:
Discount rate applied	0.095	0.100
Fair value, measurements, nonrecurring \| Discount rate \| Maximum
Assets:
Discount rate applied	0.120	0.120
Fair value, measurements, nonrecurring \| Discount rate \| Weighted average
Assets:
Discount rate applied	0.118	0.111
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	67,082	5,011
Certain property, plant and equipment	0	0
Total	$ 67,082	$ 5,011

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 105,975	$ 90,453
Work-in-process	43,057	82,728
Finished goods	125,467	110,371
Total	274,499	283,552
Long-term inventory	23,000	10,700
Inventories not yet available for sale	$ 5,800	$ 12,200

LEASES - Narrative (Details)	Dec. 31, 2022 renewal_options
Leases [Abstract]
Number of renewal options	3
Renewal term of finance lease	60 months

LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Right-of-use assets:
Operating lease right-of-use assets	$ 28,070	$ 34,832
Finance lease right-of-use assets	26,761	38,365
Total right-of-use assets	$ 54,831	$ 73,197
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	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
Operating lease liabilities
Current operating lease liabilities	$ 903	$ 10,992
Noncurrent operating lease liabilities	5,129	33,727
Total operating lease liabilities	$ 6,032	$ 44,719
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current operating lease liabilities	Current operating lease liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Noncurrent operating lease liabilities	Noncurrent operating lease liabilities
Finance lease liabilities
Current finance lease liabilities	$ 0	$ 6,841
Noncurrent finance lease liabilities	1,392	18,374
Total finance lease liabilities	$ 1,392	$ 25,215
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Less: amounts classified as Liabilities subject to compromise	$ 28,387
Less: amounts classified as Liabilities subject to compromise	$ 17,078

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 10,959	$ 13,892	$ 14,175
Finance lease cost:
Amortization of right-of-use assets	8,479	9,244	9,244
Interest on lease liabilities	1,127	1,480	1,716
Other lease costs and income:
Variable lease costs	11,707	13,202	10,305
Finance lease right-of-use asset impairment charges	3,063	0	0
Operating lease right-of-use asset impairment charges	0	0	6,392
Sublease income	(6,436)	(3,793)	(3,803)
Cost of revenues
Lessee, Lease, Description
Lease, cost	6,189	11,316	11,610
Selling, general and administrative
Lessee, Lease, Description
Lease, cost	18,305	21,013	18,108
Research and development
Lessee, Lease, Description
Lease, cost	$ 215	$ 216	$ 203

LEASES - Future Cash Flows Included In Our Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 11,518
2024	6,599
2025	5,381
2026	5,337
2027	5,345
Thereafter	4,630
Total future lease payments	38,810
Less: amounts representing interest	4,391
Total operating lease liabilities	34,419
Less: amounts classified as Liabilities subject to compromise	28,387
Present value of future lease payments (lease liabilities, including amounts classified as Liabilities subject to compromise)	6,032	$ 44,719
Finance Leases
2023	7,881
2024	8,038
2025	896
2026	896
2027	896
Thereafter	9,303
Total future lease payments	27,910
Less: amounts representing interest	9,440
Total finance lease liabilities	18,470
Less: amounts classified as Liabilities subject to compromise	17,078
Present value of future lease payments (lease liabilities, including amounts classified as Liabilities subject to compromise)	$ 1,392	$ 25,215

LEASES - Weighted Average Remaining Lease Term And Weighted Average Discount Rates (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted average remaining lease term (years), weighted based on lease liability balances:
Operating leases	4 years 10 months 24 days	5 years 1 month 6 days
Finance leases	9 years 10 months 24 days	9 years 6 months
Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Operating leases	6.10%	5.90%
Finance leases	7.50%	7.60%

LEASES - Cash Flow and Supplemental Noncash Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	$ 13,152	$ 14,478	$ 14,598
Operating cash payments for finance leases	1,673	2,256	2,666
Financing cash payments for finance leases	6,062	5,448	4,884
Operating lease	$ 1,296	$ 5,807	$ 0

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment
Total property, plant and equipment, gross	$ 779,780	$ 747,591
Less: accumulated depreciation	(341,466)	(350,879)
Total property, plant and equipment, net	438,314	396,712
Land and buildings
Property, Plant and Equipment
Total property, plant and equipment, gross	239,207	234,219
Machinery and equipment
Property, Plant and Equipment
Total property, plant and equipment, gross	241,930	206,971
Leasehold improvements
Property, Plant and Equipment
Total property, plant and equipment, gross	54,388	55,020
Computer equipment and software
Property, Plant and Equipment
Total property, plant and equipment, gross	92,566	118,959
Furniture and fixtures
Property, Plant and Equipment
Total property, plant and equipment, gross	9,129	11,939
Assets under construction
Property, Plant and Equipment
Total property, plant and equipment, gross	$ 142,560	$ 120,483

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Total depreciation expense	$ 54,318	$ 84,191	$ 91,264
Asset impairment charges of long-lived assets	$ 9,000	2,000	$ 1,200
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairments
India
Property, Plant and Equipment
Total property, plant and equipment, net	$ 205,200	$ 162,100

GOODWILL AND OTHER INTANGIBLES - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Goodwill, beginning balance	$ 3,197,011	$ 3,560,011
Goodwill impairment charges	(1,845,000)	(363,000)
Goodwill, ending balance	1,352,011	3,197,011
Branded Pharmaceuticals
Goodwill
Goodwill, beginning balance	828,818	828,818
Goodwill impairment charges	0	0
Goodwill, ending balance	828,818	828,818
Sterile Injectables
Goodwill
Goodwill, beginning balance	2,368,193	2,731,193
Goodwill impairment charges	(1,845,000)	(363,000)
Goodwill, ending balance	523,193	2,368,193
Generic Pharmaceuticals
Goodwill
Goodwill, beginning balance	0	0
Goodwill impairment charges	0	0
Goodwill, ending balance	0	0
International Pharmaceuticals
Goodwill
Goodwill, beginning balance	0	0
Goodwill impairment charges	0	0
Goodwill, ending balance	$ 0	$ 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	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Accumulated impairment losses	$ 6,719,678	$ 4,911,822
Branded Pharmaceuticals
Goodwill
Accumulated impairment losses	855,810	855,810
Sterile Injectables
Goodwill
Accumulated impairment losses	2,208,000	363,000
Generic Pharmaceuticals
Goodwill
Accumulated impairment losses	3,142,657	3,142,657
International Pharmaceuticals
Goodwill
Accumulated impairment losses	$ 513,211	$ 550,355

GOODWILL AND OTHER INTANGIBLES - Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets, Gross
Beginning balance	$ 6,674,655
Acquisitions	0
Impairments	(288,701)	$ (7,800)	$ (79,900)
Effect of Currency Translation	(17,417)
Ending balance	6,368,537	6,674,655
Accumulated amortization:
Beginning Balance	(4,311,832)
Amortization	(337,311)
Impairments	0
Effect of Currency Translation	13,541
Ending Balance	(4,635,602)	(4,311,832)
Net other intangibles	1,732,935	2,362,823
Licenses
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	(4,576)
Impairments	0
Effect of Currency Translation	0
Ending Balance	(424,508)	(419,932)
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	(288,701)
Effect of Currency Translation	(17,417)
Ending Balance	5,920,021	6,226,139
Accumulated amortization:
Beginning Balance	(3,885,491)
Amortization	(332,735)
Impairments	0
Effect of Currency Translation	13,541
Ending Balance	$ (4,204,685)	$ (3,885,491)
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairments
Weighted average
Accumulated amortization:
Intangible life (years)	12 years
Weighted average \| Licenses
Accumulated amortization:
Intangible life (years)	14 years
Weighted average \| Developed technology
Accumulated amortization:
Intangible life (years)	12 years

GOODWILL AND OTHER INTANGIBLES - Narrative (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 01, 2022	Oct. 01, 2021	Oct. 01, 2020
Goodwill
Amortization expense					$ 337,311
Impairment of intangible assets					288,701	$ 7,800	$ 79,900
Goodwill impairment charges					1,845,000	363,000
Sterile Injectables
Goodwill
Goodwill impairment charges	$ 97,000	$ 1,748,000
Sterile Injectables
Goodwill
Impairment of intangible assets			$ 363,000
Paladin labs inc.
Goodwill
Impairment of intangible assets				$ 32,800
Discount rate \| Branded Pharmaceuticals
Goodwill
Intangible assets and goodwill, measurement input	0.150	0.135						0.150	0.145	0.150
Goodwill impairment charges	$ 0
Discount rate \| Sterile Injectables
Goodwill
Intangible assets and goodwill, measurement input	0.195	0.185						0.195	0.110	0.100
Discount rate \| Paladin labs inc.
Goodwill
Intangible assets and goodwill, measurement input				0.095
Segment reconciling items
Goodwill
Amortization expense					$ 337,311	$ 372,907	$ 427,543

GOODWILL AND OTHER INTANGIBLES - Schedule of Estimated Amortization of Intangibles (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 255,869
2024	245,751
2025	232,668
2026	209,532
2027	$ 134,364

LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 01, 2020 shares	May 31, 2022 USD ($) project	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Oct. 19, 2020 $ / shares
Nevakar Injectables, Inc
Collaborative Arrangement and Arrangement Other than Collaborative
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
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
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative
Royalty rate on net sales	5.00%
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative
Royalty rate on net sales	15.00%
BioSpecifics
Collaborative Arrangement and Arrangement Other than Collaborative
Price per share of BioSpecifics Technologies Corp acquired (in dollars per shares) \| $ / shares					$ 88.50
Number of shares issued as a part of asset acquisition (in shares) \| shares	6,159,975
BioSpecifics \| XIAFLEX and QWO
Collaborative Arrangement and Arrangement Other than Collaborative
Intangible life (years)				13 years 7 months 6 days

LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS - Schedule of Costs Accumulated to Acquire Biospecifics (Details) - BioSpecifics - USD ($) $ in Thousands	Dec. 02, 2020	Dec. 01, 2020
Collaborative Arrangement and Arrangement Other than Collaborative
Base purchase price	$ 650,029
Vested employee options and benefits	10,280
Transaction costs	10,268
Less: royalty obligations discharged	(14,909)
Total acquisition consideration	$ 655,668
Number of shares issued as a part of asset acquisition (in shares)		6,159,975
Business acquisition, equity interest canceled, not tendered (in shares)		1,184,980

LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS - Summarizes of Allocation of Consideration Transferred (Details) - BioSpecifics $ in Thousands	Dec. 02, 2020 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative
Cash and cash equivalents	$ 21,073
Investments	89,050
Acquisitions	673,796
Acquisitions	28,602
Other acquired assets	3,089
Deferred tax liability	(156,441)
Other assumed liabilities	(3,501)
Net identifiable assets acquired	$ 655,668

LICENSE, COLLABORATION AND ASSET ACQUISITION AGREEMENTS - Summary of Changes to the Gross Carrying Amount, Accumulated Amortization and Net Book Amount (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 03, 2020	Dec. 02, 2020	Dec. 01, 2020
Collaborative Arrangement and Arrangement Other than Collaborative
Accumulated Amortization	$ (4,635,602)	$ (4,311,832)
BioSpecifics
Collaborative Arrangement and Arrangement Other than Collaborative
Gross Carrying Amount			$ 2,254,396	$ 673,796	$ 1,580,600
Accumulated Amortization			(725,123)	0	(725,123)
Net Book Amount			$ 1,529,273	$ 673,796	$ 855,477

CONTRACT ASSETS AND LIABILITIES - Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 8,193	$ 13,005
Contract assets - $ change	$ (4,812)
Contract assets - % change	(37.00%)
Contract liabilities	$ 4,099	4,663
Contract liabilities - $ change	$ (564)
Contract liabilities - % change	(12.00%)
Contract with customer, asset, after allowance for credit loss, current	$ 1,500	2,800
Contract liability amounts classified as current	600	$ 600
Increase in contract liability	$ 600

CONTRACT ASSETS AND LIABILITIES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Performance obligation satisfied in previous period	$ 11.9

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Trade accounts payable	$ 109,033	$ 123,129
Returns and allowances	160,619	183,116
Rebates	167,516	150,039
Chargebacks	920	2,617
Other sales deductions	6,197	2,500
Accrued interest	68	106,735
Accrued payroll and related benefits	95,666	90,029
Accrued royalties and other distribution partner payables	24,072	58,422
Acquisition-related contingent consideration—current	0	5,748
Other	123,092	114,563
Total	$ 687,183	$ 836,898

DEBT - Components of Total Indebtedness (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Oct. 31, 2021	Mar. 31, 2021	Aug. 31, 2020
Debt Instrument
Principal amount		$ 8,147,826,000		$ 8,338,168,000
Carrying Amount		7,834,717,000		8,249,322,000
Amortization of debt issuance cost	$ 89,200,000
Current portion of long-term debt		$ 0		$ 200,342,000
Revolving Credit Facility
Debt Instrument
Interest rate (as a percent)		2.00%
Effective Interest Rate (as a percent)		11.00%		2.63%
Principal amount		$ 277,200,000		$ 277,200,000
Carrying Amount		$ 265,728,000		$ 277,200,000
7.25% Senior Notes due 2022
Debt Instrument
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
Interest rate (as a percent)		5.75%			5.75%		5.75%
Effective Interest Rate (as a percent)				5.75%
Principal amount		$ 0		$ 172,048,000			$ 10,000,000
Carrying Amount		$ 0		$ 172,048,000
5.375% Senior Notes due 2023
Debt Instrument
Interest rate (as a percent)			5.375%
Effective Interest Rate (as a percent)		5.38%		5.62%
Principal amount		$ 6,127,000		$ 6,127,000
Carrying Amount		$ 6,127,000		$ 6,111,000
6.00% Senior Notes due 2023
Debt Instrument
Interest rate (as a percent)			6.00%
Effective Interest Rate (as a percent)		6.00%		6.28%
Principal amount		$ 56,436,000		$ 56,436,000
Carrying Amount		$ 56,436,000		$ 56,203,000
5.875% Senior Secured Notes due 2024
Debt Instrument
Interest rate (as a percent)		5.875%
Effective Interest Rate (as a percent)		6.88%		6.14%
Principal amount		$ 300,000,000		$ 300,000,000
Carrying Amount		$ 286,375,000		$ 297,928,000
6.00% Senior Notes due 2025
Debt Instrument
Interest rate (as a percent)			6.00%
Effective Interest Rate (as a percent)		6.00%		6.27%
Principal amount		$ 21,578,000		$ 21,578,000
Carrying Amount		$ 21,578,000		$ 21,413,000
7.50% Senior Secured Notes due 2027
Debt Instrument
Interest rate (as a percent)		7.50%
Effective Interest Rate (as a percent)		8.50%		7.70%
Principal amount		$ 2,015,479,000		$ 2,015,479,000
Carrying Amount		$ 1,894,774,000		$ 1,997,777,000
9.50% Senior Secured Second Lien Notes due 2027
Debt Instrument
Interest rate (as a percent)		9.50%	9.50%
Effective Interest Rate (as a percent)		9.50%		9.68%
Principal amount		$ 940,590,000		$ 940,590,000
Carrying Amount		$ 940,590,000		$ 933,330,000
6.00% Senior Notes due 2028
Debt Instrument
Interest rate (as a percent)			6.00%
Effective Interest Rate (as a percent)		6.00%		6.11%
Principal amount		$ 1,260,416,000		$ 1,260,416,000
Carrying Amount		$ 1,260,416,000		$ 1,252,667,000
6.125% Senior Secured Notes due 2029
Debt Instrument
Interest rate (as a percent)		6.125%				6.125%
Effective Interest Rate (as a percent)		7.13%		6.34%
Principal amount		$ 1,295,000,000		$ 1,295,000,000		$ 1,295,000,000
Carrying Amount		$ 1,230,799,000		$ 1,278,718,000
Term Loan Facility
Debt Instrument
Interest rate (as a percent)		2.00%
Effective Interest Rate (as a percent)		13.50%		6.12%
Principal amount		$ 1,975,000,000		$ 1,985,000,000
Carrying Amount		$ 1,871,894,000		$ 1,947,633,000

DEBT - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Mar. 31, 2021	Feb. 28, 2021
Debt Instrument
Fair value of long term debt	$ 4,900.0		$ 8,000.0
5.875% Senior Secured Notes due 2024
Debt Instrument
Interest rate (as a percent)	5.875%
7.50% Senior Secured Notes due 2027
Debt Instrument
Interest rate (as a percent)	7.50%
6.125% Senior Secured Notes due 2029
Debt Instrument
Interest rate (as a percent)	6.125%			6.125%
9.50% Senior Secured Second Lien Notes due 2027
Debt Instrument
Interest rate (as a percent)	9.50%	9.50%
Term Loan Facility
Debt Instrument
Interest rate (as a percent)	2.00%
Long-term debt, gross	$ 10.0				$ 3,295.5

DEBT - Credit Facility (Details) - USD ($)	12 Months Ended
DEBT - Credit Facility (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility
Principal amount	$ 8,147,826,000	$ 8,338,168,000
Revolving Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility
Basis spread on variable rate (as a percent)	1.50%
Revolving Credit Facility \| Minimum \| Base Rate
Line of Credit Facility
Basis spread on variable rate (as a percent)	0.50%
Revolving Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility
Basis spread on variable rate (as a percent)	3.00%
Revolving Credit Facility \| Maximum \| Base Rate
Line of Credit Facility
Basis spread on variable rate (as a percent)	2.00%
Term Loan Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility
Basis spread on variable rate (as a percent)	5.00%
Basis spread on variable rate (as a percent)	0.75%
Term Loan Facility \| Base Rate
Line of Credit Facility
Basis spread on variable rate (as a percent)	4.00%
Basis spread on variable rate (as a percent)	1.75%
2017 credit agreement \| Term Loan Facility
Line of Credit Facility
Principal amount	$ 2,000,000,000
Revolving Credit Facility
Line of Credit Facility
Principal amount	277,200,000	$ 277,200,000
Revolving Credit Facility \| 2017 credit agreement
Line of Credit Facility
Principal amount	1,000,000,000
Term Loan Facility
Line of Credit Facility
Principal amount	$ 2,000,000,000
Quarter periodic payment (as a percent)	0.25%
Long-term debt, gross	$ 74,600,000

DEBT - Covenants and Events of Default (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument, Redemption [Line Items]
Interest expense, debt	$ 231,000
Interest payments grace period		30 days	8 days
Adequate protection payments			$ 313,109	$ 0	$ 0
Senior notes
Debt Instrument, Redemption [Line Items]
Interest rate (as a percent)	1.00%		1.00%
Adequate protection payments			$ 198,500
Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Interest rate (as a percent)	2.00%		2.00%
Adequate protection payments			$ 11,500
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]
Debt interest payments		$ 2,000
Interest rate (as a percent)		6.00%
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%	9.50%	9.50%
Term Loan Facility
Debt Instrument, Redemption [Line Items]
Interest rate (as a percent)	2.00%		2.00%
Adequate protection payments			$ 103,100

DEBT - Debt Financing Transactions (Details) - USD ($)	1 Months Ended			3 Months Ended		12 Months Ended
DEBT - Debt Financing Transactions (Details) - USD ($)	Oct. 31, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2021	Aug. 31, 2020
Debt Instrument
Repayments of debt			$ 47,200,000
Deferred debt issuance costs					$ 31,100,000
Principal amount						$ 8,147,826,000	$ 8,338,168,000
Loss on extinguishment of debt						0	13,753,000	$ 0
Debt issuance costs, gross						$ 56,700,000
Senior notes
Debt Instrument
Interest rate (as a percent)						1.00%
Long-term debt, maturity repayment deadline	91 days
Revolving Credit Facility
Debt Instrument
Deferred debt issuance costs				$ 2,100,000
Principal amount						$ 277,200,000	277,200,000
Interest rate (as a percent)						2.00%
Debt instrument, extended maturity modification, amount		$ 675,300,000		675,300,000
Proceeds from long-term lines of credit	$ 76,000,000
Repayments of borrowings	$ 22,800,000
5.75% Senior Notes due 2022
Debt Instrument
Principal amount						$ 0	172,048,000			$ 10,000,000
Interest rate (as a percent)	5.75%					5.75%				5.75%
Term Loan Facility
Debt Instrument
Principal amount						$ 1,975,000,000	1,985,000,000
Interest rate (as a percent)						2.00%
Long-term debt, gross						$ 10,000,000			$ 3,295,500,000
Proceeds from issuance of debt		2,000,000,000
Extinguishment of debt, amount		1,295,000,000
Loss on extinguishment of debt				7,800,000
Debt Modification Expense		29,200,000
6.125% Senior Secured Notes due 2029
Debt Instrument
Principal amount		$ 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%
Loss on extinguishment of debt				$ 6,000,000
Debt issuance costs, gross						$ 17,600,000
6.125% Senior Secured Notes due 2029 \| Selling, general and administrative
Debt Instrument
Loss on extinguishment of debt				$ 3,900,000
2017 credit agreement \| Term Loan Facility
Debt Instrument
Principal amount						2,000,000,000
2017 credit agreement \| Revolving Credit Facility
Debt Instrument
Principal amount						1,000,000,000
7.25% Senior Notes due 2022
Debt Instrument
Principal amount						$ 0	$ 8,294,000
Interest rate (as a percent)	7.25%					7.25%

DEBT - Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Maturities
2023	$ 82,563
2024	394,600
2025	41,578
2026	222,600
2027	2,976,069
Revolving Credit Facility
Maturities
2024	$ 74,600

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands		1 Months Ended											3 Months Ended		12 Months Ended
	Aug. 16, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 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	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) case lawsuit	Mar. 03, 2023 USD ($)	Feb. 27, 2023 case	Mar. 31, 2016 case
Loss Contingencies
Cost incurred in relation to U.S government agreement															$ 39,000
Reimburseable portion															$ 3,100
Initial period															10 years
Reserve for loss contingencies													$ 820,800		$ 820,800
Opioid-related matters
Loss Contingencies
Number of putative class actions \| lawsuit															3
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
Opioid-related matters \| Endo International PLC
Loss Contingencies
Settlement, amount awarded to other party		$ 9,000	$ 9,750	$ 26,000	$ 7,500	$ 65,000	$ 63,000	$ 25,000
Opioid-related matters \| Ad Hoc First Lien Group
Loss Contingencies
Reserve for loss contingencies	$ 550,000												584,000	$ 550,000	$ 584,000
Accrual payment period (years)	10 years
Contingency charges													34,000	$ 419,000
Opioid-related matters \| New York
Loss Contingencies
Loss contingency, plaintiffs, number of counties \| county									2
Opioid-related matters \| Texas
Loss Contingencies
Loss contingency, plaintiffs, number of counties \| county							4
Opioid-related matters \| San Francisco
Loss Contingencies
Initial settlement payments		5,000
Subsequent settlement payments		$ 500
Accrual payment period (years)		10 years
Opioid-related matters \| VASOSTRICT and/or ADRENALIN
Loss Contingencies
Settlement, amount awarded to other party												$ 1,000
Opioid-related matters \| Subsequent event
Loss Contingencies
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 \| Subsequent event \| Ad Hoc First Lien Group
Loss Contingencies
Funding commitment related to settlement																$ 34,000
District Court For The Eastern District of Pennsylvania
Loss Contingencies
Number of cases filed by states \| case																		3
V A S O S T R I C T Related Matters \| Par Pharmaceutical Inc.
Loss Contingencies
Stay of approval period, Hatch-Waxman Act				30 months
Mesh related cases
Loss Contingencies
Payments to plaintiffs and qualified settlement funds															3,600,000
Settlement funds							$ 78,402						$ 50,339		$ 50,339
Mesh related cases \| American Medical Systems
Loss Contingencies
Loss contingency, claims settled, number \| case															71,000
Selling, General And Administrative Expenses And Cost Of Revenues
Loss Contingencies
Expenses charged															$ 1,000
Property, Plant And Equipments
Loss Contingencies
Capital expenditures															34,900
Other Liabilities
Loss Contingencies
Defered revenues															$ 26,500

COMMITMENTS AND CONTINGENCIES - Schedule of Loss Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Mesh Liability Accrual
Ending balance	$ 820,800
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	(28,159)
Other	463
Ending balance	50,339
Mesh Liability Accrual
Other	463
Mesh related cases \| Mesh Liability Accrual
Mesh Qualified Settlement Funds
Other	(507)
Mesh Liability Accrual
Beginning balance	258,137
Cash distributions to settle disputes from Qualified Settlement Funds	(28,159)
Other cash distributions to settle disputes	(6,499)
Other	(507)
Ending balance	$ 222,972

OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($)	12 Months Ended
OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Other comprehensive income (loss), tax, portion attributable to parent	$ 0	$ 0	$ 0
Reclassification from AOCI	$ 0	$ 0	$ 0

SHAREHOLDERS' DEFICIT - Narrative (Details)	12 Months Ended
SHAREHOLDERS' DEFICIT - Narrative (Details)	Dec. 31, 2022 USD ($) shareholder $ / shares shares	Dec. 31, 2021 $ / shares shares
Schedule Of Stockholders' Equity [Line Items]
Euro deferred shares, shares issued (in shares) \| shares	4,000,000	4,000,000
Euro deferred shares, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of registered shareholders \| shareholder	7
2015 Share Buyback Program Member
Schedule Of Stockholders' Equity [Line Items]
Stock repurchase program, authorized amount \| $	$ 2,500,000,000
Treasury stock, shares, acquired (in shares) \| shares	4,400,000
Treasury stock, value, acquired, cost method \| $	$ 250,000,000

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost	$ 10.1
Exercise price range, lower range limit (in dollars per share)	$ 7.55
Exercise price range, upper range limit (in dollars per share)	$ 86.54
Options exercised intrinsic value	$ 0.1
Tax benefit from exercise of stock options	$ 0.0	$ 0.0	$ 0.0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Expiration period	10 years
Dividend yield	0.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost	$ 3.5
Weighted average remaining requisite service period, non-vested restricted stock units	9 months 18 days
Restricted and performance stock units, weighted average grant date fair value (in dollars per share)	$ 3.21	$ 7.39	$ 5.54
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost	$ 6.6
Service period	3 years
PSU award percentage using free cash flow performance metric	50.00%
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Expiration period	3 years
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
Minimum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Award adjustment rate	0.00%
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Expiration period	4 years
Maximum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Award adjustment rate	200.00%
2015 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	11,400,000
Plans Other Than 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	0

SHARE-BASED COMPENSATION - Allocation of Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 18,214	$ 30,046	$ 41,357
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	16,019	23,400	32,368
Research and development
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	1,059	1,378	2,504
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 1,136	$ 5,268	$ 6,485

SHARE-BASED COMPENSATION - Activity Under Stock Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Outstanding, beginning balance (in shares)	6,383,914	6,916,586	7,280,539
Exercised (in shares)		(82,331)
Forfeited (in shares)		(11,887)	(16,953)
Expired (in shares)	(1,304,602)	(438,454)	(347,000)
Outstanding, ending balance (in shares)	5,079,312	6,383,914	6,916,586
Vested and expected to vest (in shares)	5,079,312
Exercisable (in shares)	5,079,312
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 16.70	$ 18.11	$ 18.93
Exercised (in dollars per share)		7.55
Forfeited (in dollars per share)		13.19	11.81
Expired (in dollars per share)	20.04	40.76	35.56
Outstanding, ending balance (in dollars per share)	15.84	$ 16.70	$ 18.11
Vested and expected to vest, end of period (in dollars per share)	15.84
Exercisable, end of period (in dollars per share)	$ 15.84
Weighted Average Remaining Contractual Term
Outstanding	2 years 3 days
Vested and expected to vest	2 years 3 days
Exercisable	2 years 3 days
Aggregate Intrinsic Value
Outstanding	$ 0
Vested and expected to vest	0
Exercisable	$ 0

SHARE-BASED COMPENSATION - Activity Under Stock Incentive Plans (Details) - Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Non-vested, beginning balance (in shares)	8,141,110	10,340,279	12,916,289
Granted (in shares)	280,373	4,483,385	3,761,648
Forfeited (in shares)	(1,116,960)	(1,302,292)	(824,299)
Vested (in shares)	(2,324,696)	(5,380,262)	(5,513,359)
Non-vested, ending balance (in shares)	4,979,827	8,141,110	10,340,279
Vested and expected to vest, end of period (in shares)	4,751,674
Aggregate Intrinsic Value
Outstanding, end of period	$ 348,588
Vested and expected to vest	$ 332,617

OTHER INCOME, NET - Schedule of Components of Other Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Component of Operating Income [Abstract]
Net loss (gain) on sale of business and other assets	$ (26,183)	$ (4,516)	$ (16,353)
Foreign currency (gain) loss, net	(2,087)	1,253	2,466
Net loss from our investments in the equity of other companies	378	453	(2,160)
Other miscellaneous, net	(6,162)	(16,964)	(5,063)
Other income, net	$ (34,054)	(19,774)	$ (21,110)
Gain from prior contract dispute		$ 15,500

INCOME TAXES - Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S.	$ (2,429,315)	$ 4,792,852	$ (375,262)
International	(458,787)	(5,339,455)	348,744
Total loss from continuing operations before income tax	$ (2,888,102)	$ (546,603)	$ (26,518)

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
U.S. Federal	$ 21,057	$ 13,649	$ (108,866)
U.S. State	1,731	1,491	(434)
International	6,031	10,495	(1,124)
Total current income tax	28,819	25,635	(110,424)
Deferred:
U.S. Federal	(622)	118	(143,411)
U.S. State	1,065	(564)	(11,773)
International	(7,746)	(2,711)	(8,374)
Total deferred income tax	(7,303)	(3,157)	(163,558)
Income tax	$ 21,516	$ 22,478	$ (273,982)

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Notional U.S. federal income tax provision at the statutory rate	$ (606,502)	$ (114,787)	$ (5,569)
State income tax, net of federal benefit	(9,517)	6,750	(17,311)
U.S. tax reform impact	0	0	(129,599)
Uncertain tax positions	21,930	42,415	35,941
Residual tax on non-U.S. net earnings	(32,257)	(181,739)	(83,550)
Non-deductible goodwill impairment	385,459	76,230	7,490
Change in valuation allowance	306,497	495,565	(97,752)
Base erosion minimum tax	0	0	77,438
Non-deductible expenses	47,221	39,791	8,875
Executive compensation limitation	5,580	6,215	5,857
Equity based compensation	3,247	2,695	6,495
Financing activities	73,629	(287,012)	(33,217)
Investment activities	(178,018)	(68,943)	(44,964)
Other	4,247	5,298	(4,116)
Income tax	$ 21,516	22,478	$ (273,982)
Financing activities, non-taxable intercompany cancellation of indebtedness income		1,200,000
Financing activities, non-deductible bad debt expense		465,000
Financing activities, non-deductible intercompany interest expense		$ 427,000

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination
Federal income tax expense (benefit), continuing operations				$ 129,600
Valuation allowance		$ (10,436,419)	$ (10,169,294)
Increase (decrease) in valuation allowance		267,100	500,700
Total unrecognized income tax benefits		646,366	620,000
Unrecognized tax benefits that would impact effective tax rate		251,400	241,000
Accrued interest and penalties		66,736	53,600
Interest and penalties			10,600
Uncertain tax positions		(21,930)	$ (42,415)	(35,941)
Amount of claims filed		18,700,000
Amount of claims filed excluding repetitive claims		$ 2,600,000
Minimum
Income Tax Examination
Statues of limitation		3 years
Minimum \| Scenario, Plan
Income Tax Examination
Net cash adjustments, excluding interest	$ 70,000
Maximum
Income Tax Examination
Statues of limitation		5 years
Maximum \| Scenario, Plan
Income Tax Examination
Net cash adjustments, excluding interest	$ 250,000
CARES Act
Income Tax Examination
Uncertain tax positions		$ 16,200		$ 78,200

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Accrued expenses and reserves	$ 220,415	$ 144,573
Deferred interest deduction	421,552	347,501
Fixed assets, intangible assets and deferred amortization	560,257	512,584
Loss on capital assets	23,511	64,503
Net operating loss carryforward	9,214,688	9,258,122
Other	49,943	50,694
Research and development and other tax credit carryforwards	7,777	8,254
Total gross deferred income tax assets	10,498,143	10,386,231
Deferred tax liabilities:
Other	(3,156)	(8,586)
Investments	(107)	(124,311)
Intercompany notes	(72,286)	(104,530)
Total gross deferred income tax liabilities	(75,549)	(237,427)
Valuation allowance	(10,436,419)	(10,169,294)
Net deferred income tax liability	$ (13,825)	$ (20,490)

INCOME TAXES - Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Foreign \| Ireland
Income Tax Examination
Operating loss carryforwards	$ 79,617
Foreign \| Luxembourg
Income Tax Examination
Operating loss carryforwards	8,934,046
Domestic
Income Tax Examination
Operating loss carryforwards	19,105
Domestic \| Capital Loss Carryforward
Income Tax Examination
Operating loss carryforwards	13,699
Domestic \| General Business Tax Credit Carryforward
Income Tax Examination
Operating loss carryforwards	14,081
State and Local Jurisdiction
Income Tax Examination
Operating loss carryforwards	227,587
State and Local Jurisdiction \| Capital Loss Carryforward
Income Tax Examination
Operating loss carryforwards	11,871
State and Local Jurisdiction \| General Business Tax Credit Carryforward
Income Tax Examination
Operating loss carryforwards	$ 3,256

INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination
Valuation allowance	$ 10,436,419	$ 10,169,294
Foreign \| Ireland
Income Tax Examination
Valuation allowance	289,500
Foreign \| Luxembourg
Income Tax Examination
Valuation allowance	8,862,060
Domestic \| U.S.
Income Tax Examination
Valuation allowance	$ 1,278,026

INCOME TAXES - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 566,439	$ 529,775	$ 486,481
Gross additions for current year positions	20,061	36,662	33,402
Gross reductions for prior period positions		(702)	(577)
Gross additions for prior period positions		1,203	16,914
Decrease due to lapse of statute of limitations	(4,451)	(475)	(7,033)
Currency translation adjustment			588
Currency translation adjustment	(2,419)	(24)
Unrecognized tax benefits, ending balance	579,630	566,439	$ 529,775
Accrued interest and penalties	66,736	53,600
Total UTP balance including accrued interest and penalties	$ 646,366	$ 620,000

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
(Loss) income from continuing operations	$ (2,909,618)	$ (569,081)	$ 247,464
Income (loss) from discontinued operations, net of tax	(13,487)	(44,164)	(63,520)
Net (loss) income	$ (2,923,105)	$ (613,245)	$ 183,944
Denominator:
For basic per share data—weighted average shares (in shares)	234,840	232,785	229,314
Dilutive effect of ordinary share equivalents (in shares)	0	0	4,339
For diluted per share data—weighted average shares (in shares)	234,840	232,785	233,653

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4613673-111683

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.13)
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

+ Details

- Definition

+ References + Details

- Definition

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

+ References

+ Details

NET (LOSS) INCOME PER SHARE - Computation of Diluted Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	5,453	6,584	7,073
Stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	5,789	9,256	5,197

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION- CONDENSED COMBINED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 1,018,883	$ 1,507,196
Restricted cash and cash equivalents	145,358	124,114
Accounts receivable, net	493,988	592,019
Inventories, net	274,499	283,552
Prepaid expenses and other current assets	136,923	200,484
Income taxes receivable	7,117	7,221
Total current assets	2,076,768	2,714,586
PROPERTY, PLANT AND EQUIPMENT, NET	438,314	396,712
OPERATING LEASE ASSETS	28,070	34,832
GOODWILL	1,352,011	3,197,011	$ 3,560,011
OTHER INTANGIBLES, NET	1,732,935	2,362,823
OTHER ASSETS	129,839	60,313
TOTAL ASSETS	5,757,937	8,767,415
CURRENT LIABILITIES:
Accounts payable and accrued expenses	687,183	836,898
Current portion of operating lease liabilities	903	10,992
Income taxes payable	1,541	736
Total current liabilities	689,627	1,629,962
DEFERRED INCOME TAXES	13,825	21,628
OPERATING LEASE LIABILITIES, LESS CURRENT PORTION	5,129	33,727
OTHER LIABILITIES	42,746	277,104
LIABILITIES SUBJECT TO COMPROMISE	9,168,782	0
Total shareholders’ deficit	(4,162,172)	(1,243,986)	$ (647,939)	$ (866,544)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	5,757,937	$ 8,767,415
Debtor-in-Possession
CURRENT ASSETS:
Cash and cash equivalents	991,901
Restricted cash and cash equivalents	59,358
Accounts receivable, net	478,889
Inventories, net	241,349
Prepaid expenses and other current assets	111,807
Income taxes receivable	7,038
Receivables from Non-Debtor Affiliates	94,608
Total current assets	1,984,950
PROPERTY, PLANT AND EQUIPMENT, NET	233,114
OPERATING LEASE ASSETS	23,200
GOODWILL	1,352,011
OTHER INTANGIBLES, NET	1,732,935
INVESTMENTS IN NON-DEBTOR AFFILIATES	50,001
RECEIVABLES FROM NON-DEBTOR AFFILIATES	240,002
OTHER ASSETS	126,494
TOTAL ASSETS	5,742,707
CURRENT LIABILITIES:
Accounts payable and accrued expenses	654,414
Current portion of operating lease liabilities	230
Income taxes payable	10
Payables to Non-Debtor Affiliates	20,162
Total current liabilities	674,816
DEFERRED INCOME TAXES	13,479
OPERATING LEASE LIABILITIES, LESS CURRENT PORTION	994
OTHER LIABILITIES	37,367
LIABILITIES SUBJECT TO COMPROMISE	9,168,782
Total shareholders’ deficit	(4,152,731)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$ 5,742,707

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION - CONDENSED COMBINED STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
TOTAL REVENUES, NET	$ 2,318,875	$ 2,993,206	$ 2,903,074
COSTS AND EXPENSES:
Cost of revenues	1,092,499	1,221,064	1,442,511
Selling, general and administrative	777,169	861,760	698,506
Research and development	128,033	123,440	125,573
Acquired in-process research and development charges	68,700	25,120	33,329
Litigation-related and other contingencies, net	478,722	345,495	(19,049)
Asset impairment charges	2,142,746	414,977	120,344
Acquisition-related and integration items, net	408	(8,379)	16,549
Interest expense, net	349,776	562,353	532,939
Reorganization items, net	202,978	0	0
Other income, net	(34,054)	(19,774)	(21,110)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX	(2,888,102)	(546,603)	(26,518)
INCOME TAX EXPENSE (BENEFIT)	21,516	22,478	(273,982)
(LOSS) INCOME FROM CONTINUING OPERATIONS	(2,909,618)	(569,081)	247,464
DISCONTINUED OPERATIONS, NET OF TAX	(13,487)	(44,164)	(63,520)
Total loss from continuing operations before income tax	(2,888,102)	(546,603)	(26,518)
EQUITY IN INCOME OF NON-DEBTOR AFFILIATES, NET OF TAX	(378)	(453)	2,160
Net (loss) income	(2,923,105)	$ (613,245)	$ 183,944
Debtor-in-Possession
Income Statement [Abstract]
TOTAL REVENUES, NET	2,321,426
COSTS AND EXPENSES:
Cost of revenues	1,106,855
Selling, general and administrative	764,768
Research and development	137,851
Acquired in-process research and development charges	68,700
Litigation-related and other contingencies, net	478,722
Asset impairment charges	2,137,107
Acquisition-related and integration items, net	408
Interest expense, net	345,593
Reorganization items, net	202,978
Other income, net	(13,409)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX	(2,908,147)
INCOME TAX EXPENSE (BENEFIT)	17,721
(LOSS) INCOME FROM CONTINUING OPERATIONS	(2,925,868)
DISCONTINUED OPERATIONS, NET OF TAX	(13,468)
NET LOSS ATTRIBUTABLE TO DEBTOR ENTITIES	(2,939,336)
EQUITY IN INCOME OF NON-DEBTOR AFFILIATES, NET OF TAX	22,671
Net (loss) income	$ (2,916,665)

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION-CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
NET LOSS	$ (2,923,105)	$ (613,245)	$ 183,944
OTHER COMPREHENSIVE (LOSS) INCOME:
Net unrealized loss on foreign currency	(10,496)	1,308	1,337
Total other comprehensive (loss) income	(10,496)	1,308	1,337
COMPREHENSIVE (LOSS) INCOME	(2,933,601)	$ (611,937)	$ 185,281
Debtor-in-Possession
Statement of Comprehensive Income [Abstract]
NET LOSS	(2,916,665)
OTHER COMPREHENSIVE (LOSS) INCOME:
Net unrealized loss on foreign currency	(10,496)
Total other comprehensive (loss) income	(10,496)
COMPREHENSIVE (LOSS) INCOME	$ (2,927,161)

- Definition

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

+ References

+ Details

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION-CONDENSED COMBINED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net cash provided by operating activities	$ 269,193	$ 411,050	$ 402,119
INVESTING ACTIVITIES:
Capital expenditures, excluding capitalized interest	(99,722)	(77,929)	(69,971)
Capitalized interest payments	(3,140)	(2,721)	(2,892)
Proceeds from the U.S. Government Agreement	18,635	0	0
Acquisitions, including in-process research and development, net of cash and restricted cash acquired	(90,320)	(5,000)	(654,231)
Proceeds from sale of business and other assets, net	41,400	30,283	6,737
Net cash used in investing activities	(133,147)	(59,544)	(629,594)
FINANCING ACTIVITIES:
Repayments of notes	(180,342)	0	(57,649)
Repayments of term loans	(10,000)	(3,310,475)	(34,150)
Adequate protection payments	(313,109)	0	0
Repayments of other indebtedness	(6,062)	(5,448)	(4,884)
Payments for contingent consideration	(2,462)	(4,010)	(3,848)
Payments of tax withholding for restricted shares	(1,898)	(14,774)	(8,036)
Net cash used in financing activities	(513,873)	(105,481)	(108,567)
Effect of foreign exchange rate	(4,242)	285	654
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	(382,069)	246,310	(335,388)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	1,631,310	1,385,000	1,720,388
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	1,249,241	1,631,310	$ 1,385,000
Debtor-in-Possession
OPERATING ACTIVITIES:
Net cash provided by operating activities	209,523
INVESTING ACTIVITIES:
Capital expenditures, excluding capitalized interest	(43,743)
Capitalized interest payments	(3,140)
Proceeds from the U.S. Government Agreement	18,635
Acquisitions, including in-process research and development, net of cash and restricted cash acquired	(90,320)
Proceeds from sale of business and other assets, net	41,400
Proceeds from loans made to Non-Debtor Affiliates	2,355
Disbursements for loans made to Non-Debtor Affiliates	(51,486)
Net cash used in investing activities	(126,299)
FINANCING ACTIVITIES:
Repayments of notes	(180,342)
Repayments of term loans	(10,000)
Adequate protection payments	(313,109)
Repayments of other indebtedness	(6,062)
Payments for contingent consideration	(2,462)
Payments of tax withholding for restricted shares	(1,898)
Net cash used in financing activities	(513,873)
Effect of foreign exchange rate	(1,790)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	(432,439)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	1,568,698
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	$ 1,136,259	$ 1,568,698

SAVINGS AND INVESTMENT PLAN AND DEFERRED COMPENSATION PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure
Contributions towards defined contribution savings and investment plans	$ 6.5	$ 7.6	$ 7.6
Endo 401(k) Plan, Matching Tier One
Defined Benefit Plan Disclosure
Employer matching contribution (percent)	100.00%
Percentage of employees gross pay (percent)	3.00%
Endo 401(k) Plan, Matching Tier Two
Defined Benefit Plan Disclosure
Employer matching contribution (percent)	50.00%
Percentage of employees gross pay (percent)	2.00%
Endo 401(k) Plan
Defined Benefit Plan Disclosure
Maximum annual contributions per employee (percent)	4.00%
Vesting period	2 years

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (Details) - Valuation Allowance for Deferred Tax Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation Allowance For Deferred Tax Assets:
Balance at Beginning of Period	$ 10,169,294	$ 9,668,556	$ 9,828,959
Additions, Costs and Expenses	273,538	504,499	150,500
Deductions, Write-offs	(46)	(9)	(316,474)
Other	(6,367)	(3,752)	5,571
Balance at End of Period	$ 10,436,419	$ 10,169,294	$ 9,668,556