2.2.0.7
false
Stock and Stock Incentive Programs
0214 - Disclosure - Stock and Stock Incentive Programs
true
false
false
false
1
USD
false
false
USD
Standard
http://www.xbrl.org/2003/iso4217
USD
iso4217
0
USDEPS
Divide
http://www.xbrl.org/2003/iso4217
USD
iso4217
http://www.xbrl.org/2003/instance
shares
xbrli
0
Shares
Standard
http://www.xbrl.org/2003/instance
shares
xbrli
0
$
2
0
vrx_StockAndStockIncentiveProgramsAbstract
vrx
false
na
duration
Stock and Stock Incentive Programs.
false
false
false
false
false
true
false
false
false
false
false
false
|
1
false
false
false
false
0
0
false
false
false
|
xbrli:stringItemType
string
Stock and Stock Incentive Programs.
false
3
1
vrx_StockAndStockIncentiveProgramsTextBlock
vrx
false
na
duration
Stock and Stock Incentive Programs.
false
false
false
false
false
false
false
false
false
false
false
verboselabel
false
|
1
false
false
false
false
0
0
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 14 - vrx:StockAndStockIncentiveProgramsTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0%">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>14. Stock and Stock Incentive Programs</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>Common Stock: </i>We are authorized to issue 200 million shares of $0.01 par value common stock.
The number of shares outstanding as of June 30, 2010 and December 31, 2009 are as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>June 30,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>December 31,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">75,902</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77,350</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Shares held in treasury
</div></td>
<td> </td>
<td> </td>
<td align="right">26,993</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,466</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 4%"><i>Stock and Securities Repurchase Programs</i>: In October 2008, our board of directors authorized
us to repurchase up to $200.0 million of our outstanding securities in a 24-month period ending
October 2010, unless earlier terminated or completed. In May 2009, our board of directors increased
the authorization to $500.0 million, over a period ending in May 2011. In March 2010, our board of
directors further increased the authorization to $1.0 billion over a period ending in March 2013.
Under the program, purchases of outstanding senior notes, convertible subordinated notes or common
stock may be made from time to time on the open market, in privately negotiated transactions,
pursuant to tender offers or otherwise, including pursuant to one or more trading plans, at times
and in amounts as we see appropriate. The amount of securities to be purchased and the timing of
such purchases are subject to various factors, which may include the price of the securities,
general market conditions, corporate and regulatory requirements and alternate investment
opportunities. The securities repurchase program may be modified or discontinued at any time.
During the six months ended June 30, 2010, we purchased 2,637,545 shares of our common stock for a
total of $106.6 million. As of June 30, 2010, we have repurchased an aggregate 9,886,438 shares of
our common stock for $315.1 million under this program, in addition to the purchase of $206.1
million aggregate principal amount of our 3.0% Notes and 4.0% Notes at a purchase price of $207.3
million, including cash and warrants.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 4%"><i>Stock-based compensation</i>: During the three and six months ended June 30, 2010, we granted to
certain executives, employees and directors of the Company an aggregate of 26,436 and 160,520
time-vested restricted stock units, respectively, which vest based upon service conditions,. During
the three and six months ended June 30, 2010, we granted certain executives of the Company an
aggregate of 8,186 and 382,387 performance-based restricted stock units, respectively, which vest
based upon both service and certain stock price appreciation conditions. During the three and six
months ended June 30, 2010 we granted an aggregate of 30,725 and 1,091,725 stock options to certain
employees at weighted-average exercise prices of $48.57 and $38.76, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 4%">A summary of stock compensation expense in continuing operations for our stock incentive plans
for the three and six months ended June 30, 2010 and 2009 is presented below:
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0%">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="center" style="font-size: 8pt; margin-top: 1pt"> 
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>Six Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>June 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>June 30,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Phantom and restricted stock units
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">4,815</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,237</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,113</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,065</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Employee stock options
</div></td>
<td> </td>
<td> </td>
<td align="right">1,988</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,144</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,636</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,638</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total stock-based compensation
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">6,803</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,381</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">11,749</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">7,703</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 4%">Future stock compensation expense for restricted stock units and stock option incentive awards
outstanding as of June 30, 2010 is as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Remainder of 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">13,109</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2011
</div></td>
<td> </td>
<td> </td>
<td align="right">19,178</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2012
</div></td>
<td> </td>
<td> </td>
<td align="right">12,873</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2013
</div></td>
<td> </td>
<td> </td>
<td align="right">8,072</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2014
</div></td>
<td> </td>
<td> </td>
<td align="right">1,594</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2015
</div></td>
<td> </td>
<td> </td>
<td align="right">73</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">54,899</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note
false
false
false
|
us-types:textBlockItemType
textblock
Stock and Stock Incentive Programs.
No authoritative reference available.
false
1
2
false
UnKnown
UnKnown
UnKnown
false
true