SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION

SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION

Supplemental Balance Sheet Information

Inventory consisted of the following:

	March 31, 2023		December 31, 2022
Raw materials	$	138,933	$	131,071
Work-in-process	437,109		410,656
Finished goods	342,879		352,356
Total inventory	$	918,921	$	894,083

Property, Plant and Equipment, Net consisted of the following:

	March 31, 2023		December 31, 2022
Property, plant and equipment, gross	$	1,875,086	$	1,875,511
Accumulated depreciation	(806,944)		(802,145)
Total property, plant and equipment, net	$	1,068,142	$	1,073,366

Depreciation expense, net of amounts capitalized into inventory, for the three months ended March 31, 2023 and 2022 was $10.3 million and $11.7 million, respectively.

Intangible Assets, Net consisted of the following:

	March 31, 2023		December 31, 2022
Finite-lived intangible assets	$	693,356	$	690,871
Accumulated amortization	(367,367)		(352,302)
Net carrying value	$	325,989	$	338,569

    

Accounts Payable and Accrued Liabilities consisted of the following:

	March 31, 2023		December 31, 2022
Accounts payable and accrued operating expenses	$	264,778	$	231,238
Accrued compensation expense	134,372		207,573
Accrued rebates payable	87,761		72,654
Accrued short-term loss contingency	39,000		—
Accrued income taxes	22,387		16,213
Foreign currency exchange forward contracts	15,956		12,601
Accrued royalties payable	14,797		13,306
Lease liabilities	9,251		10,375
Other	9,929		8,999
Total accounts payable and accrued liabilities	$	598,231	$	572,959

Reorganization Plan

On October 6, 2022, the Company announced a plan to simplify its organization that included a planned reduction in force of approximately 120 employees (representing approximately 4% of our global workforce), which was substantially completed as of December 31, 2022. The Company recorded costs of $23.0 million in 2022 and an additional $2.1 million in the first quarter of 2023 related to one-time termination severance and employee termination benefits within Selling, General and Administrative in the

Company’s Condensed Consolidated Statements of Comprehensive Income. As of March 31, 2023, $19.3 million has been paid to date, of which $7.5 million was paid in 2023. The Company does not expect to incur significant incremental costs in future periods. The unpaid balance at March 31, 2023 was recorded to Accounts Payable and Accrued Liabilities on the Company’s Condensed Consolidated Balance Sheet and is expected to be paid in 2023.