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Share-Based and Long-Term Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table summarizes stock option activity during the three months ended March 31, 2020:

	Options			Weighted Average Exercise Price		Weighted Average Contractual Term Remaining (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019		9,564,202		$	19.85		5.43	$	156,270
Exercised		(498,753	)		14.66		—		—
Forfeited		(54,098	)		15.96		—		—
Expired		(20,442	)		23.32		—		—
Outstanding as of March 31, 2020		8,990,909			20.16		5.15		85,351
Exercisable as of March 31, 2020		8,616,016		$	20.22		5.05	$	81,226

Stock options typically have a contractual term of ten years from grant date.

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the three months ended March 31, 2020:

	Number of Units			Weighted Average Grant-Date Fair Value Per Unit
Outstanding as of December 31, 2019		6,541,224		$	18.77
Granted		2,298,993			35.44
Vested		(1,963,611	)		17.91
Forfeited		(265,953	)		23.85
Outstanding as of March 31, 2020		6,610,653		$	24.62

The grant-date fair value of restricted stock units is the closing price of the Company’s ordinary shares on the date of grant.

Summary of Performance Stock Unit Awards (PSUs) Activity

The following table summarizes performance stock unit awards (“PSUs”) activity for the three months ended March 31, 2020:

	Number of Units			Weighted Average Grant-Date Fair Value Per Unit		Average Illiquidity Discount			Recorded Weighted Average Fair Value Per Unit
Outstanding as of December 31, 2019		3,558,900
Granted		587,802		$	42.38		8.1	%	$	38.94
Forfeited		(201,645	)		25.73		4.3	%		24.62
Vested		(1,380,312	)		20.85		0.0	%		20.85
Performance Based Adjustment⁽¹⁾		89,941			20.24		0.0	%		20.24
Outstanding as of March 31, 2020		2,654,686

(1)

Represents adjustment based on the net sales performance criteria meeting 119.2% of target as of December 31, 2019 for the 2019 PSUs (as defined below).

Summary of Significant Valuation Assumptions Related to 2020 PSUs

All PSUs outstanding at March 31, 2020 may vest in a range of between 0% and 200%, based on the performance metrics described above. The Company accounts for the 2019 PSUs and 2020 PSUs as equity-settled awards in accordance with ASC 718. Because the value of the 2019 Relative TSR PSUs and 2020 Relative TSR PSUs are dependent upon the attainment of a level of TSR, it requires the impact of the market condition to be considered when estimating the fair value of the 2019 Relative TSR PSUs and 2020 Relative TSR PSUs. As a result, the Monte Carlo model is applied and the most significant valuation assumptions used related to the 2020 PSUs during the three months ended March 31, 2020, include:

Valuation date stock price	$	36.10
Expected volatility		47.3	%
Risk free rate		1.5	%

Summary of Share-Based Compensation Expense

The following table summarizes share-based compensation expense included in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019 (in thousands):

	For the Three Months Ended March 31,
	2020		2019
Share-based compensation expense
Cost of goods sold	$	2,689	$	1,039
Research and development		6,376		2,636
Selling, general and administrative		47,356		23,873
Total share-based compensation expense	$	56,421	$	27,548