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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Estimated Useful Life of Property, Plant and Equipment


Asset group		Term
Buildings and improvements		15 - 40 years
Furniture, fixtures and equipment		3 - 10 years
Leasehold improvements		Shorter of useful life or lease term

Schedule of Contract Assets and Contract Liabilities

Contract assets consisted of the following:


(In thousands)	Contract Assets
Contract assets at January 1, 2022	$	13,363
Additions		42,218
Transferred to receivables, net		(46,652	)
Contract assets at December 31, 2022	$	8,929
Additions		13,606
Transferred to receivables, net		(21,829	)
Contract assets at December 31, 2023	$	706

Contract liabilities consisted of the following:


(In thousands)	Contract Liabilities
Contract liabilities at January 1, 2022	$	17,830
Additions		6,769
Amounts recognized into revenue		(7,514	)
Amounts recognized into other (expense) income, net		(6,384	)
Contract liabilities at December 31, 2022	$	10,701
Reductions		(931	)
Amounts recognized into revenue		(4,995	)
Contract liabilities at December 31, 2023	$	4,775

Schedule of Revenue and Receivables From Customers Exceeding 10% of Total in Each Category

The following represents revenue and receivables from the Company’s customers exceeding 10% of the total in each category as of, and for the years ended, December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023				2022				2021
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
Janssen	23	%	31	%	*		15	%	30	%	30	%
Biogen	9	%	11	%	19	%	13	%	11	%	10	%
Cardinal Health	24	%	20	%	24	%	24	%	17	%	20	%
AmerisourceBergen	16	%	12	%	18	%	14	%	13	%	11	%
McKesson	14	%	14	%	12	%	16	%	11	%	13	%


*		Indicates the revenues or receivables for the customer did not exceed 10% of the Company’s total in each category as of or for the years ended December 31, 2023, 2022 and 2021, as noted.

Schedule of Revenues by Geographic Location, as Determined by the Location of the Customer

Company revenues by geographic location for the years ended December 31, 2023, 2022 and 2021, as determined by the location of the customer, are as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Revenue by region:
U.S.	$	1,491,939	$	931,991	$	984,235
Ireland		1,179		1,829		2,175
Rest of world		170,287		177,975		187,341

Summary of Location of the Assets

The location of the Company’s assets are as follows:


	December 31,
(In thousands)	2023		2022 (1)
Assets by region:
Current assets:
U.S.:
Assets related to discontinued operations	$	—	$	2,324
Other current assets		867,588		700,240
Ireland:
Assets held for sale	$	94,260	$	—
Other current assets		523,658		427,742
Rest of world		—		—
Long-term assets:
U.S.:
Assets related to discontinued operations	$	—	$	37,763
Other		432,870		499,038
Ireland:
Intangible assets	$	1,991	$	37,680
Assets held for sale		—		93,871
Goodwill		83,027		83,027
Other		132,829		82,293

(1)

Prior period amounts have been retrospectively adjusted to reflect assets related to discontinued operations related to the Separation and assets held for sale related to the planned sale of the Athlone Facility.

Schedule of Fair Value of Each Stock Option Granted Estimated on The Grant Date Using Weighted-average Assumptions

The fair value of each stock option granted was estimated on the grant date with the following weighted-average assumptions:


	Year Ended December 31,
	2023	2022	2021
Expected option term	5 - 8 years	5 - 8 years	5 - 7 years
Expected stock volatility	40 % - 44 %	43 % - 51 %	43 % - 54 %
Risk-free interest rate	3.34 % - 4.75 %	1.83 % - 4.26 %	0.67 % - 1.46 %
Expected annual dividend yield	—	—	—