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Document and Entity Information
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12 Months Ended |
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Dec. 31, 2010
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| Document Information | |
| Document Type | 20-F |
| Amendment Flag | false |
| Document Period End Date | Dec. 31, 2010 |
| Document Fiscal Year Focus | 2010 |
| Document Fiscal Period Focus | FY |
| Entity Information | |
| Entity Registrant Name | ICON PLC /ADR/ |
| Entity Central Index Key | 0001060955 |
| Entity Current Reporting Status | Yes |
| Entity Voluntary Filers | No |
| Current Fiscal Year End Date | --12-31 |
| Entity Filer Category | Large Accelerated Filer |
| Entity Well-known Seasoned Issuer | Yes |
| Entity Common Stock, Shares Outstanding | 60,247,092 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Details
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Details
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition
Noncurrent capital government grants, which are amortized and recognized in earnings over the grant period. No definition available.
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- Definition
The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all domestic and foreign income tax obligations due beyond one year or the operating cycle, whichever is longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Definition
Total of debt securities categorized neither as held-to-maturity nor trading which are intended be sold or mature within one year from the balance sheet date or the normal operating cycle, whichever is longer. Such securities are reported at fair value; unrealized gains and losses of such securities are excluded from earnings and included in other comprehensive income, a separate component of shareholders' equity, unless the Available-for-sale Security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain or loss of an Available-for-sale Security that is designated as being hedged in a fair value hedge shall be recognized in earnings during the period of the hedge, as should other than temporary declines in fair value below costs basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the current portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A current taxable temporary difference is a difference between the tax basis and the carrying amount of a current asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate sum of gross carrying value of a major finite-lived intangible asset class, less accumulated amortization and any impairment charges. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount due after one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Definition
The sum of amounts currently receivable other than from customers. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current obligations not separately disclosed in the balance sheet due to materiality considerations. Current liabilities are expected to be paid within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Unbilled amounts due for services rendered or to be rendered, actions taken or to be taken, or a promise to refrain from taking certain actions in accordance with the terms of a legally binding agreement between the entity and, at a minimum, one other party. An example would be amounts associated with contracts or programs where the recognized revenue for performance thereunder exceeds the amounts billed under the terms thereof as of the date of the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (EUR €)
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Dec. 31, 2010
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Dec. 31, 2009
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| Ordinary shares, par value (in euros per share) | € 0.06 | € 0.06 | ||||
| Ordinary shares, shares authorized | 100,000,000 | 100,000,000 | ||||
| Ordinary shares, shares issued | 60,247,092 | [1] | 59,007,565 | [1] | ||
| Ordinary shares, shares outstanding | 60,247,092 | [1] | 59,007,565 | [1] | ||
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | |||||||
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Dec. 31, 2010
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Dec. 31, 2009
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Dec. 31, 2008
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| Revenue: | ||||||||
| Gross revenue | $ 1,263,147 | $ 1,258,227 | $ 1,209,451 | |||||
| Reimbursable expenses | (363,103) | (370,615) | (344,203) | |||||
| Net revenue | 900,044 | 887,612 | 865,248 | |||||
| Costs and expenses: | ||||||||
| Direct costs | 541,388 | 507,783 | 489,238 | |||||
| Selling, general and administrative | 232,688 | 230,910 | 248,778 | |||||
| Depreciation and amortization | 33,873 | 32,659 | 27,728 | |||||
| One-time net charges (Note 13) | 8,808 | |||||||
| Total costs and expenses | 807,949 | 780,160 | 765,744 | |||||
| Income from operations | 92,095 | 107,452 | 99,504 | |||||
| Interest income | 1,761 | 752 | 2,881 | |||||
| Interest expense | (1,132) | (3,530) | (4,105) | |||||
| Income before provision for income taxes | 92,724 | 104,674 | 98,280 | |||||
| Provision for income taxes (Note 12) | (5,653) | (10,375) | (19,967) | |||||
| Non - controlling interest | (193) | |||||||
| Net income | $ 87,071 | $ 94,299 | $ 78,120 | |||||
| Net income per ordinary share: | ||||||||
| Basic (in dollars per share) | $ 1.46 | $ 1.61 | $ 1.34 | |||||
| Diluted (in dollars per share) | $ 1.44 | $ 1.57 | $ 1.30 | |||||
| Weighted average number of ordinary shares outstanding: | ||||||||
| Basic (Note 2) (in shares) | 59,718,934 | [1] | 58,636,878 | [1] | 58,245,240 | [1] | ||
| Diluted (Note 2) (in shares) | 60,637,103 | [1] | 59,900,504 | [1] | 60,221,587 | [1] | ||
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- Definition
The net result for the period of one time charges related to research and development incentives received by the company offset by the amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Revenue earned during the period arising from products sold or services provided under the terms of a contract, not elsewhere specified in the taxonomy. May include government contracts, construction contracts, and any other contract related to a particular project or product. No definition available.
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| X | ||||||||||
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- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cost associated with reimbursable income. This occurs when a services entity incurs expenses on behalf of the client and passes through the cost of reimbursable expenses to a client. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Total costs of sales and operating expenses for the period. No definition available.
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| X | ||||||||||
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Details
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| X | ||||||||||
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of dilutive potential common shares used in the calculation of the diluted per-share computation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Share data, unless otherwise specified |
Total
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Ordinary Shares
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Additional Paid-In Capital
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Accumulated Other Comprehensive Income
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Retained Earnings
|
|||
|---|---|---|---|---|---|---|---|---|
| Balance at, value at Dec. 31, 2007 | $ 388,400 | $ 4,843 | [1] | $ 143,639 | $ 31,828 | $ 208,090 | ||
| Balance at, shares at Dec. 31, 2007 | [1] | 57,670,488 | ||||||
| Comprehensive Income: | ||||||||
| Net income | 78,120 | 78,120 | ||||||
| Currency translation adjustment | (30,582) | (30,582) | ||||||
| Currency impact on long-term funding (net of tax) | 2,976 | 2,976 | ||||||
| Actuarial loss on defined benefit pension plan (net of nil taxation) | (1,044) | (1,044) | ||||||
| Total comprehensive income | 49,470 | |||||||
| Exercise of share options, shares | 847,707 | |||||||
| Exercise of share options, value | 8,516 | 78 | 8,438 | |||||
| Share based compensation expense | 6,058 | 6,058 | ||||||
| Share issue costs | (138) | (138) | ||||||
| Tax benefit on exercise of options | 4,060 | 4,060 | ||||||
| Balance at, value at Dec. 31, 2008 | 456,366 | 4,921 | [1] | 162,057 | 3,178 | 286,210 | ||
| Balance at, shares at Dec. 31, 2008 | [1] | 58,518,195 | ||||||
| Comprehensive Income: | ||||||||
| Net income | 94,299 | 94,299 | ||||||
| Currency translation adjustment | 7,797 | 7,797 | ||||||
| Currency impact on long-term funding (net of tax) | 2,251 | 2,251 | ||||||
| Actuarial loss on defined benefit pension plan (net of nil taxation) | (642) | (642) | ||||||
| Total comprehensive income | 103,705 | |||||||
| Exercise of share options, shares | 489,370 | |||||||
| Exercise of share options, value | 4,419 | 44 | 4,375 | |||||
| Share based compensation expense | 7,353 | 7,353 | ||||||
| Share issue costs | (84) | (84) | ||||||
| Tax benefit on exercise of options | 487 | 487 | ||||||
| Balance at, value at Dec. 31, 2009 | 572,246 | 4,965 | [1] | 174,188 | 12,584 | 380,509 | ||
| Balance at, shares at Dec. 31, 2009 | [1] | 59,007,565 | ||||||
| Comprehensive Income: | ||||||||
| Net income | 87,071 | 87,071 | ||||||
| Currency translation adjustment | (9,701) | (9,701) | ||||||
| Currency impact on long-term funding (net of tax) | (1,278) | (1,278) | ||||||
| Actuarial loss on defined benefit pension plan (net of nil taxation) | (1,209) | (1,209) | ||||||
| Total comprehensive income | 74,883 | |||||||
| Exercise of share options, shares | 1,237,015 | |||||||
| Exercise of share options, value | 13,168 | 98 | 13,070 | |||||
| Issue of restricted share units | 2,512 | |||||||
| Share based compensation expense | 7,408 | 7,408 | ||||||
| Share issue costs | (51) | (51) | ||||||
| Tax benefit on exercise of options | 2,345 | 2,345 | ||||||
| Balance at, value at Dec. 31, 2010 | $ 669,999 | $ 5,063 | [1] | $ 196,960 | $ 396 | $ 467,580 | ||
| Balance at, shares at Dec. 31, 2010 | [1] | 60,247,092 | ||||||
|
||||||||
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating the impact of long-term funding into the functional currency of the reporting entity, net of tax No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the amount of recognized share-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Direct costs (e.g., legal and accounting fees) associated with issuing stock that is deducted from additional paid in capital. Also includes any direct costs associated with stock issues under a shelf registration. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax benefit associated with any share-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The adjustment out of other comprehensive income for actuarial gains (losses) recognized as a component of net periodic benefit cost during the period, after tax Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. No definition available.
|
| X | ||||||||||
|
- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (Parenthetical) (USD $)
|
12 Months Ended |
|---|---|
|
Dec. 31, 2010
|
|
| Actuarial gain loss on defined benefit pension plan, tax |
| X | ||||||||||
|
- Definition
For each annual statement of income presented, the tax effect of the net gain or loss recognized in other comprehensive income that is a reclassification adjustment of other comprehensive income as a result of being recognized as a component of net periodic benefit cost for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
|
| Cash flows from operating activities: | |||
| Net income | $ 87,071 | $ 94,299 | $ 78,120 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Loss on disposal of property, plant and equipment | 136 | 264 | 254 |
| Depreciation and amortization | 33,873 | 32,659 | 27,728 |
| Amortization Of Government Grants | (220) | (149) | (126) |
| Stock compensation expense | 7,408 | 7,353 | 6,058 |
| Deferred taxes | 2,334 | (3,399) | 2,909 |
| Non-controlling interest | 193 | ||
| Changes in assets and liabilities: | |||
| (Increase)/decrease in accounts receivable | 18,267 | 25,804 | (83,816) |
| Decrease/(increase) in unbilled revenue | (4,887) | 47,898 | 2,168 |
| (Increase)/decrease in other receivables | 469 | (1,490) | (10,175) |
| Decrease/(increase) in prepayments and other current assets | (783) | 5,552 | (9,444) |
| Increase in other non current assets | (1,271) | (903) | (39) |
| Increase/(decrease) in payments on account | (29,191) | 43,474 | 26,404 |
| Increase/(decrease) in other current liabilities | (13,848) | 11,924 | 41,849 |
| Increase in other non current liabilities | 999 | 1,261 | 17 |
| Decrease in income taxes payable | (13,576) | (3,836) | (3,968) |
| (Decrease)/increase in accounts payable | 647 | (5,641) | 3,150 |
| Net cash provided by operating activities | 87,428 | 255,070 | 81,282 |
| Cash flows from investing activities: | |||
| Purchase of property, plant and equipment | (30,952) | (33,792) | (67,882) |
| Purchase of subsidiary undertakings and acquisition costs | (3,693) | (25,932) | (49,540) |
| Cash acquired with subsidiary undertaking | 32 | 549 | |
| Grant received | 501 | 400 | |
| Sale of short term investments | 79,487 | 17,544 | 14,026 |
| Purchase of short term investments | (30,260) | (24,045) | (15,000) |
| Net cash (used in)/provided by investing activities | 14,582 | (65,692) | (117,447) |
| Cash flows from financing activities: | |||
| Drawdown of bank credit lines and loan facilities | 17,400 | 58,925 | |
| Repayment of bank credit lines and loan facilities | (126,969) | (48,927) | |
| Proceeds from the exercise of share options | 13,168 | 4,419 | 8,516 |
| Share issuance costs | (51) | (84) | (138) |
| Tax benefit from the exercise of share options | 2,345 | 487 | 4,060 |
| Repayment of other liabilities and finance lease obligations | (166) | (311) | (99) |
| Net cash (used in)/provided by financing activities | 15,296 | (105,058) | 22,337 |
| Effect of exchange rate movements on cash | (6,401) | 2,103 | (4,675) |
| Net (decrease)/increase in cash and cash equivalents | 110,905 | 86,423 | (18,503) |
| Cash and cash equivalents at beginning of year | 144,801 | 58,378 | 76,881 |
| Cash and cash equivalents at end of year | $ 255,706 | $ 144,801 | $ 58,378 |
| X | ||||||||||
|
- Definition
The amortization of capital government grants which are amortized and recognized in earnings over the grant period. No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the value of other current liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the value of other noncurrent assets. No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the value of other noncurrent liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the value of prepaid and other current assets. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of business, inclusive of acquisition costs, during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Proceeds from capital government grants. No definition available.
|
| X | ||||||||||
|
- Definition
Element represents the sum of a) The net cash inflow (outflow) from other financing activities, and b) The cash outflow for the obligation for lease meeting the criteria for capitalization (with maturities exceeding one year or beyond the operating cycle of the entity, if longer). No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the acquisition of business during the period (for example, cash that was held by the acquired business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in other amounts due to the reporting entity, which are not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period the amount of revenue for work performed for which the billing milestone has not occurred, net of uncollectible accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for securities or other assets acquired with excess cash, having ready marketability, which qualify for treatment as an investing activity based on management's intention and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from securities or other assets sold, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Description of business
|
12 Months Ended |
|---|---|
|
Dec. 31, 2010
|
|
| Description of business [Abstract] | |
| Description of business |
ICON
plc and its subsidiaries (“the Company” or “ICON”) is a contract
research organization (“CRO”), providing outsourced development
services on a global basis to the pharmaceutical, biotechnology and
medical device industries. The Company specializes in the strategic
development, management and analysis of programs that support Clinical
Development - from compound selection to Phase I-IV clinical studies.
In
a highly fragmented industry, we are one of a select group of
companies with the capability and expertise to conduct clinical trials
in all major therapeutic areas on a global basis. At December 31, 2010
the Company had 7,735 employees, in 73 locations, in 39 countries,
providing Phase I - IV Clinical Trial Management, Drug Development
Support Services, Data Management, Biostatistics, Central Laboratory,
Imaging and Staff Contracting services. The Company has the
operational flexibility to provide development services on a
stand-alone basis or as part of an integrated “full service” solution.
Headquartered
in Dublin, Ireland, we began operations in 1990 and have expanded our
business through internal growth and strategic acquisitions. For the
year ended December 31, 2010 we derived approximately 42.3%, 46.9 %
and 10.8 % of our net revenue in the United States, Europe and Rest of
World, respectively.
On
July 21, 2008 the Company’s shareholders approved a bonus issue of
ordinary shares (the “Bonus Issue”) to shareholders of record as of
the close of business on August 8, 2008 (the “Record Date”). The
Bonus Issue provided for each shareholder to receive one bonus
ordinary share for each ordinary share held as of the Record Date,
effecting the equivalent of a 2-for-1 stock split. The Bonus shares
were issued on August 11, 2008, to Ordinary Shareholders and on August
12, 2008 to holders of American Depositary Shares (“ADSs”). The
trading price of the Company’s ADSs was adjusted on NASDAQ to effect
the Bonus Issue prior to the opening of trading on August 13,
2008. All outstanding ordinary share amounts referenced in the
consolidated financial statements and the notes thereto have been
retrospectively restated to give effect to the Bonus Issue as if it
had occurred as of the date referenced.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Description of the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Disclosures about the nature of operations need not be quantified; relative importance could be conveyed by use of terms such as "predominately", "about equally", or "major and other". This element is also referred to as "Business Description". No definition available.
|
|
Significant Accounting Policies
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2010
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies |
The
accounting policies noted below were applied in the preparation of the
accompanying financial statements of the Company and are in conformity
with accounting principles generally accepted in the United States.
(a) Basis
of consolidation
The
consolidated financial statements include the financial statements of
the Company and all of its subsidiaries. All significant intercompany
profits, transactions and account balances have been eliminated. The
results of subsidiary undertakings acquired in the period are included
in the consolidated statement of operations from the date of
acquisition.
(b) Use
of estimates
The
preparation of financial statements in conformity with generally
accepted accounting principles in the United States requires
management to make estimates and judgments that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reported period.
Actual results could differ from those estimates.
(c) Revenue
recognition
The
Company primarily earns revenues by providing a number of different
services to its customers. These services include clinical trials
management, biometric activities, consulting, laboratory, imaging and
contract staffing services. Contracts range in duration from a number
of months to several years.
Revenue
for services, as rendered, is recognized only after persuasive
evidence of an arrangement exists, the sales price is fixed or
determinable and collectability is reasonably assured.
Clinical
trials management revenue is recognized on a proportional performance
method. Depending on the contractual terms revenue is either
recognized on the percentage of completion method based on the
relationship between hours incurred and the total estimated hours of
the trial or on the unit of delivery method. Contract costs equate to
the product of labor hours incurred and compensation rates. For the
percentage of completion method, the input (effort expended) method
has been used to measure progress towards completion as there is a
direct relationship between input and productivity. Contract revenue
is the product of the aggregated labor hours required to complete the
specified contract tasks at the agreed contract rates. The Company
regularly reviews the estimate of total contract time to ensure such
estimates remain appropriate taking into account actual contract stage
of completion, remaining time to complete and any identified changes
to the contract scope. Remaining time to complete depends on the
specific contract tasks and the complexity of the contract and can
include geographical site selection and initiation, patient enrolment,
patient testing and level of results analysis required. While the
Company may routinely adjust time estimates, the Company’s estimates
and assumptions historically have been accurate in all material
respects in the aggregate. Where revenue is recognized on the unit of
delivery method, the basis applied is the number of units completed as
a percentage of the total number of contractual units.
Biometrics
revenue is recognised on a fee-for-service method as each unit of data
is prepared recognizing revenue on the basis of the number of units
completed in a period as a percentage of the total number of
contracted units. Imaging revenue is recognised on a fee-for-service
basis recognizing revenue for each image completed. Consulting revenue
is recognised on a fee-for-service basis as each hour of the related
service is performed. Contract
staffing revenue is recognized on a fee-for-service basis, over the
time the related service is performed, or in the case of permanent
placement, once the candidate has been placed with the client. Laboratory
service revenue is recognised on a fee-for-service basis. The Company
accounts for laboratory service contracts as multiple element
arrangements, with contractual elements comprising laboratory kits and
laboratory testing, each of which can be sold separately. Sales prices
for contractual elements are determined by reference to objective and
reliable evidence of their sales price. Revenues for contractual
elements are recognised on the basis of the number of deliverable
units completed in the period.
Contracts
generally contain provisions for renegotiation in the event of changes
in the scope, nature, duration, or volume of services of the
contract. Renegotiated amounts are recognised as revenue by revision
to the total contract value arising as a result of an authorised
customer change order.
The
difference between the amount of revenue recognised and the amount
billed on a particular contract is included in the balance sheet as
unbilled revenue. Normally, amounts become billable upon the
achievement of certain milestones, for example, target patient
enrollment rates, clinical testing sites initiated or case report
forms completed. Once the milestone target is reached, amounts become
billable in accordance with pre-agreed payment schedules included in
the contract or on submission of appropriate billing detail. Such cash
payments are not representative of revenue earned on the contract as
revenues are recognised over the period in which the specified
contractual obligations are fulfilled. Amounts included in unbilled
revenue are expected to be collected within one year and are included
within current assets. Advance billings to customers, for which
revenue has not been recognised, are recognised as payments on account
within current liabilities.
In
the event of contract termination, if the value of work performed and
recognised as revenue is greater than aggregate milestone billings at
the date of termination, cancellation clauses ensure that the Company
is paid for all work performed to the termination date.
(d) Reimbursable
expenses
Reimbursable
expenses comprise investigator payments and certain other costs which
are reimbursed by clients under terms specific to each contract and
are deducted from gross revenue in arriving at net revenue.
Investigator payments are accrued based on patient enrollment over the
life of the contract. Investigator payments are made based on
predetermined contractual arrangements, which may differ from the
accrual of the expense. Payments to investigators in excess of the
accrued expense are classified as prepaid expenses and accrued expense
in excess of amounts paid are classified as accounts payable.
(e) Direct
costs
Direct
costs consist of compensation, associated employee benefits and
share-based payments for project-related employees and other direct
project-related costs.
(f) Advertising
costs
All
costs associated with advertising and promotion are expensed as
incurred. The advertising and promotion expense was $3,467,000,
$2,548,000 and $3,431,000 for the years ended December 31, 2008,
December 31, 2009 and December 31, 2010 respectively.
(g) Foreign
currencies and translation of subsidiaries
The
Company's financial statements are prepared in United States dollars.
Transactions in currencies other than United States dollars are
recorded at the rate ruling at the date of the transactions. Monetary
assets and liabilities denominated in currencies other than United
States dollars are translated into United States dollars at exchange
rates prevailing at the balance sheet date. Adjustments resulting from
these translations are charged or credited to income. Amounts
credited or charged to the statement of operations for the years ended
December 31, 2008, December 31, 2009 and December 31, 2010 were as
follows:
The
financial statements of subsidiaries with other functional currencies
are translated at period end rates for the balance sheet and average
rates for the statement of operations. Translation gains and losses
arising are reported as a movement on accumulated other comprehensive
income.
(h) Disclosure
about fair value of financial instruments
The
following methods and assumptions were used to estimate the fair value
of each material class of financial instrument:
Cash,
cash equivalents, unbilled revenue, other receivables, short term
investments, prepayments and other current assets, accounts
receivable, accounts payable, investigator payments, payments received
on account, accrued liabilities, accrued bonuses, bank overdraft and
taxes payable have carrying amounts that approximate fair value due to
the short term maturities of these instruments.
Other
liabilities’ carrying amounts approximate fair value based on net
present value of estimated future cash flows
(i) Goodwill
and Impairment
Goodwill
represents the excess of the cost of acquired entities over the net
amounts assigned to assets acquired and liabilities assumed. Goodwill
primarily comprises acquired workforce in place which does not qualify
for recognition as an asset apart from goodwill. Goodwill is stated
net of any provision for impairment. The Company tests goodwill
annually for any impairments or whenever events occur which may
indicate impairment. The first step is to compare the carrying amount
of the reporting unit’s assets to the fair value of the reporting
unit. If the carrying amount exceeds the fair value then a second step
is completed which involves the fair value of the reporting unit being
allocated to each asset and liability with the excess being implied
goodwill. The impairment loss is the amount by which the recorded
goodwill exceeds the implied goodwill. No impairment was recognized as
a result of the impairment testing carried out for the years ended
December 31, 2008, December 31, 2009 and December 31, 2010.
(j) Intangible
assets
Intangible
assets are amortized on a straight line basis over their estimated
useful life.
(k) Cash
and cash equivalents
Cash
and cash equivalents include cash and highly liquid investments with
initial maturities of three months or less and are stated at cost,
which approximates market value.
(l) Short
term investments - available for sale
The
Company classifies short-term investments as available for sale in
accordance with the terms of FASB ASC 320, Investments
– Debt and Equity Securities. Realized
gains and losses are determined using specific identification. The
investments are reported at fair value, with unrealized gains or
losses reported in a separate component of shareholders’ equity. Any
differences between the cost and fair value of the investments are
represented by accrued interest.
(m) Inventory
Inventory
is valued at the lower of cost and net market value and after
provisions for obsolescence. Cost of raw materials comprises the
purchase price and attributable costs, less trade discounts. At
December 31, 2010 the carrying value of inventory, included within
prepayments and other current assets on the balance sheet, was $3.8
million (2009: $3.6 million).
(n) Property,
plant and equipment
Property,
plant and equipment is stated at cost less accumulated depreciation.
Depreciation of property, plant and equipment is computed using the
straight line method based on the estimated useful lives of the assets
as listed below:
Leasehold
improvements are amortized using the straight-line method over the
estimated useful life of the asset or the lease term, whichever is
shorter.
(o) Leased
Assets
Costs
in respect of operating leases are charged to the statement of
operations on a straight line basis over the lease term.
Assets
acquired under capital finance leases are included in the balance
sheet at the present value of the future minimum lease payments and
are depreciated over the shorter of the lease term and their remaining
useful lives. The corresponding liabilities are recorded in the
balance sheet and the interest element of the capital lease rental is
charged to interest expense.
(p) Income
taxes
The
Company applies FASB ASC 740, Income
Taxes,
which requires the asset and liability method of accounting for income
taxes. Under the asset and liability method of ASC 740, deferred tax
assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax
bases, and operating loss and tax credit carryforwards. Deferred tax
assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which these temporary
differences are expected to be recovered or settled. The effect on
deferred tax assets and liabilities of a change in tax rates is
recognized in income in the period that includes the enactment
date. The Company adopted the provisions of FASB Interpretation No.
48 Accounting
for Uncertain Income Taxes (“FIN
48”),
(included in FASB ASC Topic 740, Income Taxes), as of January 1,
2007. FIN 48 requires that the Company recognizes the largest amount
of tax benefit that is greater than 50% likely of being realized upon
effective settlement when considering uncertain tax positions.
(q) Government
grants
Government
grants received relating to capital expenditure are shown as deferred
income and credited to income on a basis consistent with the
depreciation policy of the relevant assets. Grants relating to
categories of operating expenditures are credited to income in the
period in which the expenditure to which they relate is charged.
Under
the grant agreements amounts received may become repayable in full
should certain circumstances specified within the grant agreements
occur, including downsizing by the Company, disposing of the related
assets, ceasing to carry on its business or the appointment of a
receiver over any of its assets. The Company has not recognized any
loss contingency having assessed as remote the likelihood of these
events arising.
(r) Research
and development credits
Research
and development credits are available to the Company under the tax
laws in certain jurisdictions, based on qualifying research and
development spend as defined under those tax laws. Research and
development credits are generally recognized as a reduction of income
tax expense. However, certain tax jurisdictions provide refundable
credits that are not wholly dependent on the Company’s ongoing income
tax status or income tax position. In these circumstances the benefit
of these credits is not recorded as a reduction to income tax expense,
but rather as a reduction of the operating expenditure to which the
credits relate.
(s) Pension
costs
The
Company contributes to defined contribution plans covering all
eligible employees. The Company contributes to these plans based upon
various fixed percentages of employee compensation and such
contributions are expensed as incurred.
The
Company operates, through a subsidiary, a defined benefit plan for
certain of its United Kingdom employees. The Company accounts for the
costs of this plan using actuarial models required by FASB ASC 715-30
and the plan is presented in accordance with the requirements of FASB
ASC 715-60 Defined
Benefit Plans – Other Postretirement
(t) Net
income per ordinary share
Basic
net income per ordinary share has been computed by dividing net income
available to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period. Diluted net income per
ordinary share is computed by adjusting the weighted average number of
ordinary shares outstanding during the period for all potentially
dilutive ordinary shares outstanding during the period and adjusting
net income for any changes in income or loss that would result from
the conversion of such potential ordinary shares.
There
is no difference in net income used for basic and diluted net income
per ordinary share. The reconciliation of the number of shares used in
the computation of basic and diluted net income per ordinary share is
as follows:
(u) Share-based
compensation
The
Company accounts for its share options in accordance with the
provisions of FASB ASC 718, Compensation
– Stock Compensation. Share-based
compensation expense for equity-settled awards made to employees and
directors is measured and recognized based on estimated grant date
fair values. These awards include employee stock options.
Share-based
compensation expense for stock options awarded to employees and
directors is estimated at the grant date based on each option’s fair
value as calculated using the Black-Scholes option-pricing model. The
value of awards expected to vest is recognized as an expense over the
requisite service periods.
Estimating
the fair value of share-based awards as of the grant date using an
option-pricing model, such as the Black-Scholes model, is affected by
the Company’s share price as well as assumptions regarding a number of
complex variables. These variables include, but are not limited to,
the expected share price volatility over the term of the awards,
risk-free interest rates, and the expected term of the awards.
(v) Impairment
of long-lived assets
Long
lived assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be
recoverable. Recoverability of assets to be held and used is measured
by a comparison of the carrying amount of an asset to future
undiscounted net cash flows expected to be generated by the asset. If
such assets are considered to be impaired, the impairment to be
recognized is measured by the amount by which the carrying amount of
the assets exceeds the fair value of the assets. Assets to be disposed
of are reported at the lower of the carrying amount or fair value less
selling costs.
(w) Reclassifications
Certain
amounts in the consolidated financial statements have been
reclassified where necessary to conform to the current year
presentation.
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This element may be used to describe all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Short term investments - available for sale
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12 Months Ended |
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Dec. 31, 2010
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| Short term investments - available for sale [Abstract] | |
| Short term investments - available for sale |
The Company actively manages its available cash resources to
try to ensure optimum returns. During the year
ended December 31, 2010 the Company reinvested its investment
portfolio in cash and cash equivalents. The Company had
previously classified its investment portfolio as available
for sale. The investments were reported at fair value, with
unrealized gains or losses reported in a separate component
of shareholders' equity. During the years ended
December 31, 2008, December 31, 2009 and December 31, 2010,
no unrealized gains or losses arose. Any
differences between the cost and fair value of the
investments were represented by accrued interest.
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- Definition
This item represents the entire disclosure related to Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill
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Dec. 31, 2010
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| Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill |
Goodwill
represents the excess of the cost of acquired entities over the net
amounts assigned to assets acquired and liabilities assumed. Goodwill
primarily comprises acquired workforce in place which does not qualify
for recognition as an asset apart from goodwill. The Company tests
goodwill annually for any impairments or whenever events occur which
may indicate impairment. The results of the Company’s goodwill
impairment testing during the year ended December 31, 2010 indicated
the existence of sufficient headroom such that a reasonably possible
change to the key assumptions used would be unlikely to result in an
impairment of the related goodwill.
On
May 17, 2010 the Company acquired Timaq Medical Imaging (“Timaq”), a
European provider of advanced imaging services to the pharmaceutical
and biotechnology industry, located in Zurich, Switzerland for an
initial cash consideration of CHF 1.3 million ($1.2 million). Certain
performance milestones were built into the acquisition agreement
requiring potential additional consideration of up to CHF 2.9 million
($3.1 million) if these milestones are achieved during the years ended
December 31, 2010 to December 31, 2013. On December 31, 2010 CHF 0.3
million ($0.3 million) was paid to the former shareholders in respect
of certain milestones for the year ended December 31, 2010. CHF 2.6
million ($2.7 million) has been accrued in relation to the remaining
milestones at December 31, 2010.
The
acquisition of Timaq has been accounted for as a business combination
in accordance with FASB ASC 805 Business
Combinations. The
following table summarizes the fair values of the assets acquired and
the liabilities assumed:
Goodwill
represents the acquisition of an established workforce with experience
in the provision of advanced imaging services to pharmaceutical and
biotechnology customers in the European market.
The
proforma effect of the Timaq Medical Imaging acquisition if completed
on January 1, 2009 would have resulted in net revenue, net income and
earnings per share for the fiscal years ended December 31, 2009 and
December 31, 2010 as follows:
During
the year ended December 31, 2009 the Company completed the
acquisitions of Qualia Clinical Services, Inc, a provider of Phase I
clinical trial services, located in Omaha, Nebraska and Veeda
Laboratories Limited, a specialist provider of biomarker laboratory
services, located in Oxford, United Kingdom, neither of which were
considered individually significant. In aggregate, the total purchase
price for these acquisitions was approximately $2.2 million. The
excess of the consideration paid over the carrying value of the assets
acquired of $0.6 million, has been recorded as goodwill of $1.6
million.
The
acquisitions of Qualia Clinical Services Inc. and Veeda Laboratories
Ltd. have been accounted for as a business combination in accordance
with FASB ASC 805 Business
Combinations which
is effective for all acquisitions which have taken place since January
1, 2009. The
following table summarizes the fair values of the assets acquired and
the liabilities assumed.
Goodwill
represents the acquisition of an established workforce with experience
in the provision of Phase I clinical trial management and biomarker
laboratory services to pharmaceutical and biotechnology companies.
The
proforma effect of the Qualia Clinical Services Inc. and Veeda
Laboratories Ltd. acquisitions if completed on January 1, 2008 would
have resulted in net revenue, net income and earnings per share for
the years ended December 31, 2008 and December 31, 2009 as follows:
(c)
Prior Period Acquisitions - Acquisition of Healthcare Discoveries Inc.
On
February 11, 2008 the Company acquired 100% of the common stock of
Healthcare Discoveries Inc. for an initial cash consideration of $11.1
million, excluding costs of acquisition. Healthcare Discoveries,
located in San Antonio, Texas, is engaged in the provision of Phase I
clinical trial services. Certain performance milestones were built
into the acquisition agreement requiring payment of additional
consideration of up to $10.0 million if these milestones were achieved
during the year ended December 31, 2008. On September 3, 2010 $2.2
million was paid to the former shareholders of Healthcare Discoveries
Inc. in full and final settlement of the outstanding consideration
payable.
The
acquisition of Healthcare Discoveries has been accounted for as a
business combination in accordance with FASB Statement No. 141. The
following table summarizes the fair values of the assets acquired and
the liabilities assumed at the date of acquisition.
Goodwill
represents the acquisition of an established workforce with experience
in the provision of Phase I clinical trial management services to
pharmaceutical and biotechnology companies.
(d)
Acquisition of Prevalere Life Sciences Inc.
On
November 14, 2008 the Company acquired 100% of the common stock of
Prevalere Life Sciences Inc. (“Prevalere”), for an initial cash
consideration of $37.6 million, excluding costs of
acquisition. Prevalere, located in Whitesboro, New York, is a leading
provider of bioanalytical and immunoassay services to pharmaceutical
and biotechnology companies. Certain performance milestones were
built into the acquisition agreement requiring potential additional
consideration of up to $8.2 million if these milestones were achieved
during the years ended December 31, 2008 and December 31, 2009. On
April 30, 2009 $5.0 million was paid in respect of the milestones for
the year ended December 31, 2008. At December 31, 2009 no
amounts were accrued in respect of the potential additional
consideration, as the milestones were not achieved.
The
acquisition of Prevalere has been accounted for as a business
combination in accordance with FASB Statement No. 141. The following
table summarizes the fair values of the assets acquired and the
liabilities assumed at the date of acquisition.
Goodwill
represents the acquisition of an established workforce with experience
in the provision of bioanalytical and immunoassay services to
pharmaceutical and biotechnology companies and allows the Company to
participate in a growing market for these services.
(e)
Acquisition of remaining 30% interest in Beacon Biosciences Inc.
On
July 1, 2004 the Company acquired 70% of the common stock of Beacon
Biosciences Inc. (“Beacon”), a leading specialist CRO, which provides
a range of medical imaging services to the pharmaceutical,
biotechnology and medical device industries, for an initial cash
consideration of $9.9 million, excluding costs of acquisition. On
December 31, 2008 the remaining 30% of the common stock was acquired
by the Company for $17.4 million, excluding costs of
acquisition. Certain performance milestones were built into the
acquisition agreement for the remaining 30% of Beacon requiring
potential additional consideration of up to $3.0 million if these
milestones were achieved during the year ended December 31, 2009. At
December 31, 2009 no amounts were accrued in respect of the additional
consideration payable as these milestones were not achieved.
The
acquisition of Beacon has been accounted for as a business combination
in accordance with FASB Statement No. 141 Business
Combinations (“SFAS
141”). The following table summarizes the fair values of the assets
acquired and the liabilities assumed at the date of acquisition.
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- Definition
Element represents the sum of a) The carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill during the period in total and for each reportable segment. At least annually, an Entity must evaluate its goodwill for impairment and b) Schedule of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This schedule does not include leveraged buyouts. No definition available.
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Intangible Assets
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Dec. 31, 2010
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| Intangible Assets |
On May 17, 2010 the Company acquired Timaq Medical Imaging, a
European provider of advanced imaging
services. The value of certain client
relationships identified of $0.8 million is being amortized
over approximately 3 years, the estimated period of
benefit. $160,000 has been amortized in the period
since the date of acquisition.
During the year ended December 31, 2009 the Company completed
the acquisitions of Qualia Clinical Services Inc, a US
provider of Phase I clinical trial services and Veeda
Laboratories Limited, a specialist provider of biomarker
laboratory services. The value of certain client
relationships identified of $0.4 million is being amortized
over approximately 3 years, the estimated period of
benefit. $210,000 has been amortized in the period
since the date of acquisition.
On July 1, 2004 the Company acquired 70% of the common stock
of Beacon Biosciences Inc, a US provider of advanced imaging
services. On December 31, 2008 the remaining 30%
of the common stock was acquired by the
Company. The value of certain customer
relationships and order backlog identified of $0.2 million
and $1.5 million respectively are being amortized over
approximately 3 years, the estimated period of
benefit. $1,151,000 has been amortized in the
period since the date of acquisition.
On February 11, 2008 the Company acquired Healthcare
Discoveries, a US provider of Phase I clinical trial
services. The value of certain client
relationships identified of $1.6 million is being amortized
over periods ranging from approximately 2 to 9 years, the
estimated periods of benefit. The value of certain
volunteer lists identified of $1.3 million is being amortized
over approximately 6 years, the estimated period of
benefit. $1,571,000 has been amortized in the
period since the date of acquisition.
On November 14, 2008 the Company acquired Prevalere Life
Sciences, a US provider of
bioanalytical and immunoassay laboratory
services. The value of certain customer
relationships identified of $7.4 million is being amortized
over periods ranging from approximately 7 to 11 years, the
estimated period of the benefit. $1,717,000 has
been amortized in the period since the date of acquisition.
On July 12, 2007 the Company acquired DOCS International, a
European based clinical research staffing
organization. The value of certain customer
relationships identified of $2.1 million were amortized over
approximately 3 years, the estimated period of the benefit.
Future intangible asset amortization expense for the years
ended December 31, 2011 to December 31, 2015 is as follows:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Disclosure of amortizable intangibles assets, in total and by major class, including the gross carrying amount and accumulated amortization. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Property, Plant and Equipment, net
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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| Property, Plant and Equipment, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment, net |
Total cost at December 31, 2010 includes $825,000 (2009:
$907,000) which relates to assets held under capital finance
leases. Related accumulated depreciation amounted to $518,000
(2009: $357,000).
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- Details
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| X | ||||||||||
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- Definition
Disclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, building and production equipment. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. This element may be used as a single block of text to include the entire PPE disclosure, including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Liabilities
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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| Other Liability [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities |
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
This element may be used as a single block of text to encapsulate the entire disclosure for other liabilities including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Employee Benefits
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Dec. 31, 2010
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| Employee Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits |
Certain
Company employees are eligible to participate in a defined
contribution plan (the "Plan"). Participants in the Plan may elect to
defer a portion of their pre-tax earnings into a pension plan, which
is run by an independent party. The Company matches participant's
contributions typically at 6% of the participant's annual
compensation. Contributions to this plan are recorded, as an expense
in the Consolidated Statement of Operations. Contributions for the
years ended December 31, 2008, December 31, 2009 and December 31, 2010
were $10,372,000, $14,241,000 and $14,206,000 respectively.
The
Company's United States operations maintain a retirement plan (the
"U.S. Plan") that qualifies as a deferred salary arrangement under
Section 401(k) of the Internal Revenue Code. Participants in the U.S.
Plan may elect to defer a portion of their pre-tax earnings, up to the
Internal Revenue Service annual contribution limit. The Company
matches 50% of each participant's contributions; each participant can
contribute up to 6% of their annual compensation. Contributions to
this U.S. Plan are recorded, in the year contributed, as an expense in
the Consolidated Statement of Operations. Contributions for the years
ended December 31, 2008, December 31, 2009 and December 31, 2010 were
$4,499,000, $5,189,000 and $6,603,000 respectively.
One
of the Company’s subsidiaries which was acquired during the 2003
fiscal year, ICON Development Solutions Limited, operates a defined
benefit pension plan in the United Kingdom for its employees. The plan
is managed externally and the related pension costs and liabilities
are assessed in accordance with the advice of a professionally
qualified actuary. Plan assets at December 31, 2008, December 31, 2009
and December 31, 2010, consist of units held in independently
administered funds. The pension costs of this plan are presented in
the following tables in accordance with the requirements of ASC
715-60, Defined
Benefit Plans – Other Postretirement.
The plan has been closed to new entrants with effect from July 1, 2003.
The
fair values of the assets above do not include any of the Company’s
own financial instruments, property occupied by, or other assets used
by, the Company.
The
following assumptions were used in determining the net periodic
pension benefit cost/(credit):
The
estimated net gain and prior service cost for the defined benefit
pension plan that will be amortized from accumulated other
comprehensive income into net periodic benefit cost over the next year
are $nil and $nil respectively
Amounts
recognized in accumulated other comprehensive income that has not yet
been recognized as components of net periodic benefit cost are as
follows:
Benefit
Obligation
The
following assumptions were used in determining the benefit
obligation at December 31, 2010:
The
discount rate is determined by reference to UK long dated government
and corporate bond yields at the balance sheet date. This is
represented by the iboxx AA 15 year plus return.
Plan
Assets
The
assets of the scheme are invested in the Legal and General Global
Equity and Fixed Index Fund. The aim of this fund is to capture the
returns on UK and overseas equity markets with a more even investment
in UK and overseas equities than would be provided by reference to
market capitalization or consensus weights.
The
expected long-term rate of return on assets at December 31, 2010 of
7.1% was calculated as the value of the fund after application of a
market value reduction factor.
At
December 31, 2010 UK gilts were yielding around 4.2% per annum. This
is often referred to as the risk free rate of return as UK gilts have
a negligible risk of default and the income payments and capital on
redemption are guaranteed by the UK Government. The long-term
expected return on equities has been determined by setting appropriate
risk premiums above the yield on UK gilts. A long term equity
“risk-premium” of 3.1% per annum has been assumed, this being the
expected long-term out-performance of equities over UK gilts. The
long-term expected return on bonds is determined by reference to UK
long dated government and corporate bond yields at the balance sheet
date. This is represented by the iboxx AA 15 year plus return.
The
expected long term rates of return on different asset classes over the
long term are as follows:
The
underlying asset split of the fund is shown below.
Applying
the above expected long term rates of return to the asset distribution
at December 31, 2010 gives rise to an expected overall rate of return
of scheme assets of approximately 7.1% per annum.
Plan
Asset Fair Value Measurements
Cash
Flows
The
Company expects to contribute $0.3 million to its pension fund in the
year ending December 31, 2011.
The
following annual benefit payments, which reflect expected future
service, as appropriate, are expected to be paid.
The
expected cash flows are estimated figures based on the members
expected to retire over the next 10 years assuming no early
retirements plus an additional amount in respect of recent average
withdrawal experience. At the present time it is not clear whether
annuities will be purchased when members reach retirement or whether
pensions will be paid each month out of scheme assets. The cash flows
above have been estimated on the assumption that pensions will be paid
monthly out of scheme assets. If annuities are purchased, then the
expected benefit payments will be significantly different from those
shown above.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Description containing the entire pension and other postretirement benefits disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share Options and Stock Compensation Charges
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Dec. 31, 2010
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| Share Options and Stock Compensation Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Options and Stock Compensation Charges |
On
July 21, 2008 the Company adopted the Employee Share Option Plan 2008
(the “2008 Employee Plan”) pursuant to which the Compensation and
Organization Committee of the Company’s Board of Directors may grant
options to any employee, or any director holding a salaried office or
employment with the Company or a Subsidiary for the purchase of
ordinary shares. On the same date, the Company also adopted the
Consultants Share Option Plan 2008 (the “2008 Consultants Plan”),
pursuant to which the Compensation and Organization Committee of the
Company’s Board of Directors may grant options to any consultant,
adviser or non-executive director retained by the Company or any
Subsidiary for the purchase of ordinary shares.
Each
option granted under the 2008 Employees Plan or the 2008 Consultants
Plan (together the “2008 Option Plans”) will be an employee stock
option, or NSO, as described in Section 422 or 423 of the Internal
Revenue Code. Each grant of an option under the 2008 Options Plans
will be evidenced by a Stock Option Agreement between the optionee and
the Company. The exercise price will be specified in each Stock Option
Agreement, however option prices will not be less than 100% of the
fair market value of an ordinary share on the date the option is
granted.
An
aggregate of 6.0 million ordinary shares have been reserved under the
2008 Employee Plan as reduced by any shares issued or to be issued
pursuant to options granted under the 2008 Consultants Plan, under
which a limit of 400,000 shares applies. Further, the maximum number
of ordinary shares with respect to which options may be granted under
the 2008 Employee Option Plan, during any calendar year to any
employee shall be 400,000 ordinary shares. There is no individual
limit under the 2008 Consultants Option Plan. No options may be
granted under the plans after July 21, 2018.
On
July 21, 2008 the Company adopted the 2008 Employees Restricted Share
Unit Plan (the “2008 RSU Plan”) pursuant to which the Compensation and
Organization Committee of the Company’s Board of Directors may select
any employee, or any director holding a salaried office or employment
with the Company or a Subsidiary to receive an award under the
plan. An aggregate of 1.0 million ordinary shares have been reserved
for issuance under the 2008 RSU Plan. Awards under the 2008 RSU may
be settled in cash or shares.
On
January 17, 2003 the Company adopted the Share Option Plan 2003 (the
“2003 Plan”) pursuant to which the Compensation and Organization
Committee of the Board may grant options to officers and other
employees of the Company or its subsidiaries for the purchase of
ordinary shares. Each grant of an option under the 2003 Plan will be
evidenced by a Stock Option Agreement between the employee and the
Company. The exercise price will be specified in each Stock Option
Agreement.
An
aggregate of 6.0 million ordinary shares have been reserved under the
2003 Plan; and, in no event will the number of ordinary shares that
may be issued pursuant to options awarded under the 2003 Plan exceed
10% of the outstanding shares, as defined in the 2003 Plan, at the
time of the grant, unless the Board expressly determines otherwise.
Further, the maximum number of ordinary shares with respect to which
options may be granted under the 2003 Plan during any calendar year to
any employee shall be 400,000 ordinary shares. No options can be
granted after January 17, 2013.
Share
option awards are granted with an exercise price equal to the market
price of the Company’s shares at date of grant. Share options
typically vest over a period of five years from date of grant and
expire eight years from date of grant. The maximum contractual term
of options outstanding at December 31, 2010 is eight years.
The
following table summarizes the transactions for the Company’s share
option plans for the years ended December 31, 2008, December 31, 2009
and December 31, 2010:
*
Comparative figures have been amended to reflect the Bonus Issue,
(Stock Split) which took place with an effective date August 8, 2008.
The
weighted average remaining contractual life of options outstanding and
options exercisable at December 31, 2010, was 4.84 years and 3.53
years respectively. 962,069 options are expected to vest during the
year ended December 31, 2011.
The
intrinsic value of options exercised during the year ended December
31, 2010 amounted to $13.9 million. The intrinsic value of options
outstanding and options exercisable at December 31, 2010 amounted to
$16.5 million and $13.8 million respectively. Intrinsic value is
calculated based on the market value of the Company’s shares at
December 31, 2010.
Non
vested shares outstanding as at December 31, 2010 are as follows:
Outstanding
and exercisable share options:
The
following table summarizes information concerning outstanding and
exercisable share options as of December 31, 2010:
Options granted at exercise prices ranging from $7.00 to $10.42 have fully vested at December 31, 2010. Substantially all options vest over a five year period from the date of grant.
Fair
value of Stock Options Assumptions
The
weighted average fair value of options granted during the years ended
December 31, 2008, December 31, 2009 and December 31, 2010 was
calculated using the Black-Scholes option pricing model. The weighted
average fair values and assumptions were as follows:
Expected
volatility is based on the historical volatility of our common stock
over a period equal to the expected term of the options; the expected
life represents the weighted average period of time that options
granted are expected to be outstanding given consideration to vesting
schedules, and our historical experience of past vesting and
termination patterns. The risk-free rate is based on the U.S.
government zero-coupon bonds yield curve in effect at time of
grant for periods corresponding with the expected life of the option.
Restricted
Share Units
On
August 7, 2008 the Company awarded 6,280 restricted share units
(“RSU’s”) to certain employees of the Group. Ordinary shares related
to these RSU’s may be issued by the Company over periods ranging from
February 26, 2009 to February 26, 2011. The market value of the
Company’s shares on date of award was $41.95. On August 16, 2010
2,512 ordinary shares were issued by the Company relating to certain
of the RSU awards.
Non-cash
stock compensation expense
Income
from operations for the year ended December 31, 2010 is stated after
charging $7.4 million in respect of non-cash stock compensation
expense. Non-cash stock compensation expense for the year ended
December 31, 2010 has been allocated to direct costs and selling,
general and administrative expenses as follows:
Total
non-cash stock compensation expense not yet recognized at December 31,
2010 amounted to $16.2 million. The weighted average period over
which this is expected to be recognized is 3.0 years. Total tax
benefit recognized in additional paid in capital related to the
non-cash compensation expense amounted to $2.3 million for the year
ended December 31, 2010 (2009: $0.5 million, 2008: $4.1 million).
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Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Government Grants |
Capital grants received may be refundable in full if certain
events occur. Such events, as set out in the related grant
agreements, include sale of the related asset, liquidation of
the Company or failure to comply with other conditions of the
grant agreements. No loss contingency has been
recognized as the likelihood of such events arising has been
assessed as remote.
Government grants amortized to the profit and loss account
amounted to $149,000 and $220,000 for the years ended
December 31, 2009 and December 31, 2010
respectively. As at December 31, 2010 the
Company had $1.36 million in restricted retained earnings,
pursuant to the terms of grant agreements.
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Share Capital
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| Share Capital [Abstract] | |
| Share Capital |
Holders of ordinary shares will be entitled to receive such
dividends as may be recommended by the board of directors of
the Company and approved by the shareholders and/or such
interim dividends as the board of directors of the Company
may decide. On liquidation or a winding up of the Company,
the par value of the ordinary shares will be repaid out of
the assets available for distribution among the holders of
the ordinary shares of the Company. Holders of ordinary
shares have no conversion or redemption rights. On a show of
hands, every holder of an ordinary share present in person or
proxy at a general meeting of shareholders shall have one
vote for each ordinary share held, with no individual having
more than one vote.
During the year ended December 31, 2008 847,707 options were
exercised by employees at an average exercise price of
$10.05 per share for total proceeds of $8.5 million.
During the year ended December 31, 2009 489,370 options were
exercised by employees at an average exercise price of $9.03
per share for total proceeds of $4.4 million.
During the year ended December 31, 2010 1,237,015 options
were exercised by employees at an average exercise price of
$10.64 per share for total proceeds of $13.2
million. During the year ended December 31, 2010
2,512 ordinary shares were issued in respect of certain RSU's
previously awarded by the Company.
On July 21, 2008 the Company's shareholders approved a bonus
issue of ordinary shares (the "Bonus Issue") to shareholders
of record as of the close of business on August 8, 2008 (the
"Record Date"). The Bonus Issue provided for each
shareholder to receive one bonus ordinary share for each
ordinary share held as of the Record Date, effecting the
equivalent of a 2-for-1 stock split. The Bonus
shares were issued on August 11, 2008 to Ordinary
Shareholders and on August 12, 2008 to holders of American
Depositary Shares ("ADSs"). The trading price of
the Company's ADSs was adjusted on NASDAQ to effect the Bonus
Issue prior to the opening of trading on August 13,
2008. All outstanding ordinary share amounts
referenced in the consolidated financial statements and the
notes thereto have been retrospectively restated to give
effect to the Bonus Issue as if it had occurred as of the
date referenced.
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- Definition
Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Dec. 31, 2010
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| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes |
The
Company’s United States and Irish based subsidiaries file tax returns
in the United States and Ireland respectively. Other foreign
subsidiaries are taxed separately under the laws of their respective
countries.
The
components of income before provision for income tax expense are as
follows:
The
components of total income tax expense are as follows:
Ireland’s
statutory income tax rate is 12.5%. The Company’s consolidated
effective tax rate differed from the statutory rate as set forth below;
The
tax effects of temporary differences that give rise to significant
portions of deferred tax assets and deferred tax liabilities are
presented below:
$10.0
million (2009:$6.9 million) of the deferred tax asset of $16.7 million
(2009:$17.6 million) above is non-current. $13.9 million (2009:$12.7
million) of the deferred tax liability of $15.9 million (2009:$ 14.5
million) is non-current.
At
December 31, 2010 non-U.S subsidiaries had operating loss carry
forwards for income tax purposes that may be carried forward
indefinitely, available to offset against future taxable income, if
any, of approximately $43.3 million (2009: $34.8 million).
At
December 31, 2010 ICON Central Laboratories Inc., a U.S. subsidiary,
had U.S. Federal and State net operating loss carry forwards of
approximately $10.2 million and $11.4 million, respectively. These net
operating losses are available for offset against future taxable
income and expire between 2011 and 2030. Of the $10.2 million U.S.
Federal and $11.4 million State net operating losses, approximately
$9.1 million and $10.2 million are
currently available for offset against future U.S. Federal and State
taxable income respectively. The subsidiary’s ability to use the
remaining U.S. Federal and State net operating loss (“NOL”) carry
forwards of $1.1 million and $1.2 million, respectively is limited to
$113,000 per
year due to the subsidiary experiencing a change of ownership in 2000,
as defined by Section 382 of the Internal Revenue Code of 1986, as
amended.
The
expected expiry dates of these losses are as follows:
In addition, ICON Central Laboratories Inc has alternative minimum tax credit carry forwards of approximately $0.2 million that are available to reduce future U.S. federal regular income taxes, over an indefinite period. It also has general business credit carry forwards of approximately $0.3 million that are available to offset future U.S. federal income taxes.
At
December 31, 2010 ICON Clinical Research Inc. and its U.S.
subsidiaries had combined U.S. State net operating loss carry forwards
of approximately $5.2 million and $13.9 million respectively. These
net operating losses are available for offset against future, or in
some cases prior, taxable income in the relevant state and generally
expire between 2019 and 2030.
The
expected expiry dates of these losses are as follows:
ICON Clinical Research, Inc. has tax credit carry forwards of approximately U.S. $0.3 million that are available to reduce future income taxes, if any. Of these, $0.1 million begin to expire in 2012 and are subject to an annual limitation that will prevent full utilization before expiration. The remaining $0.2 million is composed of alternative minimum tax credits and general business tax credits that are available to offset future regular income taxes over an indefinite period and 20 years, respectively.
The
valuation allowance at December 31, 2010 was approximately $12.3
million. The valuation allowance for deferred tax assets as of
December 31, 2009 and December 31, 2008 was $10.4 million and $5.9
million respectively. The net change in the total valuation allowance
was an increase of $1.9 million during 2010 and an increase of $4.5
million during 2009.
The
valuation allowances at December 31, 2010 and December 31, 2009 were
primarily related to tax losses and tax credits carried forward that,
in the judgment of management, are not more likely than not to be
realized. In assessing the realizability of deferred tax assets,
management considers whether it is more likely than not that some
portion or all of the deferred tax assets will not be realized. The
ultimate realization of deferred tax assets is dependent upon the
generation of future taxable income during the periods in which those
temporary differences become deductible. Management considers the
scheduled reversal of deferred tax liabilities, projected future
taxable income, and tax planning strategies in making this assessment.
The
Company has not recognized a deferred tax liability for the
undistributed earnings of foreign subsidiaries that arose in 2010 and
prior years as the Company considers these earnings to be indefinitely
reinvested.
A
reconciliation of the beginning and ending amount of total
unrecognized tax benefits is as follows:
The
Company does not anticipate that the amount of unrecognized tax
benefits at December 31, 2010 will significantly change in the coming
year.
Included
in the balance of total unrecognized tax benefits at December 31, 2010
there were net potential benefits of $8.1 million, which if
recognized, would affect the effective rate on income tax from
continuing operations. The balance of total unrecognized tax benefits
at December 31, 2009 and December 31, 2008 included net potential
benefits which, if recognized, would affect the effective rate of
income tax from continuing operations of $15.4 million and $8.8
million respectively.
Interest
and penalties recognized as an expense during the year ended December
31, 2010 amounted to $1.8 million (2009: $1.2 million) and are
included within the provision for income taxes. Total accrued
interest and penalties as of December 31, 2010 and December 31, 2009
were $1.7 million and $3.5 million respectively and are included in
the closing income tax liabilities at those dates.
Our
major tax jurisdictions are the United States and Ireland. We may
potentially be subjected to tax audits in our major jurisdictions. In
the United States tax periods open to audit include the years ended
December 31, 2007, December 31, 2008, December 31, 2009 and December 31,
2010. In Ireland tax periods open to audit include the years ended
December 31, 2006, December 31, 2007, December 31, 2008, December 31,
2009 and December 31, 2010. During such audits, local tax authorities
may challenge the positions taken by us.
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- Definition
Description containing the entire income tax disclosure. Examples 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. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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One-time net charges
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Dec. 31, 2010
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| One-time net charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One-time net charges |
One-time net charges recognized during the year ended
December 31, 2010 comprise:
Restructuring Charge
In response to the globalization of clinical studies and its
attendant impact on resources in existing and emerging
markets, the Company conducted a review of its existing
infrastructure during the three months ended June 30, 2009 to
better align its resources with the needs of its
clients. This realignment resulted in resource
rationalizations in certain more mature markets in which the
Company operates. A restructuring charge of $13.3
million was recognized during the three months ended June 30,
2009 comprising $8.4 million in respect of office
consolidations and $4.9 million is respect of workforce
reductions.
Details of restructuring provisions recognized are as
follows:
Research and Development Tax Incentives
During the year ended December 31, 2009 the Company received
research and development incentives in certain jurisdictions
in which it operates. Research and development
credits are available to the Company under the tax laws in
certain jurisdictions, based on qualifying research and
development spend as defined under those tax laws. Research
and development credits are generally recognized as a
reduction of income tax expense. However, certain tax
jurisdictions provide refundable credits that are not wholly
dependent on the Company's ongoing income tax status or
income tax position. In these circumstances the benefit of
these credits is not recorded as a reduction to income tax
expense, but rather as a reduction of the operating
expenditure to which the credits relate. Income of $4.5
million was recognized during the year ended December 31,
2009 in respect of these incentives.
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- Definition
No authoritative reference available. No definition available.
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Significant Concentrations
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Dec. 31, 2010
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| Significant Concentrations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Concentrations |
The Company does business with most major international
pharmaceutical companies. Provision for doubtful debts at
December 31, 2010 comprises:
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| X | ||||||||||
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- Definition
Description of any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. The entity should inform financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. Disclosure of any financial instrument credit risk concentration also should indicate the maximum amount of loss that would be incurred upon complete failure of the counterparty to perform and the entity's collateral policies or other policies that limit the loss exposure. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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Dec. 31, 2010
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| Commitments And Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies |
The
Company is not party to any litigation or other legal proceedings that
the Company believes could reasonably be expected to have a material
adverse effect on the Company's business, results of operations and
financial condition.
The
Company has several non-cancelable operating leases, primarily for
facilities, that expire over the next 12 years. These leases generally
contain renewal options and require the Company to pay all executory
costs such as maintenance and insurance. The Company recognized $45.6
million, $45.2 million and $46.0 million in rental expense for the
years ended December 31, 2008, December 31, 2009 and December 31, 2010
respectively. Future minimum rental commitments for operating leases
with non-cancelable terms in excess of one year are as follows:
The
Company has a number of capital leases, primarily over furniture and
equipment, which expire during 2011. Future
commitments are as follows:
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- Details
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| X | ||||||||||
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- Definition
Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Business Segment Information
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Dec. 31, 2010
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| Business Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segment Information |
The
Company determines and presents operating segments based on the
information that is internally provided to the Chief Executive Officer
and Chief Financial Officer, who together are considered the Company’s
chief operating decision maker, in accordance with FASB ASC 280-10
Disclosures about Segments of an Enterprises and Related Information.
The
Company operates predominantly in the contract clinical research
industry providing a broad range of clinical research and integrated
product development services on a global basis for the pharmaceutical
and biotechnology industries. Historically, the Group organized,
operated and assessed its business in two segments, the clinical
research segment and the central laboratory segment, which includes
the Company’s central laboratories located in Dublin, New York, India,
Singapore and China. During 2009 management determined that its
clinical research and central laboratory businesses operate in the
same clinical research market, have a similar customer profile, are
subject to the same regulatory environment, support the development of
new clinical therapies and are so economically similar, reporting
their results on an aggregated basis would be more useful to users of
the Company’s financial statements. In addition, the central
laboratory division did not reach the thresholds of net revenue,
income from operations and total assets as a requirement for being
reported as a separate segment. Accordingly, in 2009 the Company
consolidated and reclassified the results of the former central
laboratory segment into the clinical research segment for the years
ended December 31, 2009 and December 31, 2008.
During
the year ended December 31, 2010 the Company incurred losses in its
central laboratory business, which in accordance with FASB ASC 280-10 Disclosures
about Segments of an Enterprises and Related Information
requires it to be reported as a separate segment. Accordingly the
Company has disclosed two reportable segments for the year ended
December 31, 2010. The Company has reclassified the results of the
central laboratory segment from the clinical research segment for the
year ended December 31, 2008 and December 31, 2009.
The
Company's areas of operation outside of Ireland principally include
the United States, United Kingdom, France, Germany, Italy, Spain, The
Netherlands, Sweden, Finland, Switzerland, Poland, Czech Republic,
Lithuania, Latvia, Russia, Ukraine, Hungary, Israel, Romania, Canada,
Mexico, Brazil, Colombia, Argentina, Chile, Peru, India, China, Hong
Kong, South Korea, Japan, Thailand, Taiwan, Singapore, The
Philippines, Australia, New Zealand, and South Africa. Segment
information as at December 31, 2010 and December 31, 2009 and for the
years ended December 31, 2008, December 31, 2009 and December 31, 2010
is as follows:
a)
The distribution of net revenue by geographical area was as follows:
b) The
distribution of net revenue by business segment was as follows:
c)
The distribution of income from operations by geographical area was
as follows:
d)
The distribution of income from operations by business segment was
as follows:
e)
The distribution of property, plant and equipment, net, by
geographical area was as follows:
f)
The distribution of property, plant and equipment, net, by business
segment was as follows:
g) The
distribution of depreciation and amortization by geographical area was
as follows:
h) The
distribution of depreciation and amortization by business segment was
as follows:
i) The
distribution of total assets by geographical area was as follows:
j)
The distribution of total assets by business segment was as follows:
k)
The distribution of capital expenditures by geographical area was as
follows:
l)
The distribution of capital expenditures by business segment was as
follows:
m)
The following table sets forth the clients which represented 10% or
more of the Company's net revenue in each of the periods set out below.
n)
The distribution of interest income by geographical area was as
follows:
o)
The distribution of interest income by business segment was as follows:
p)
The distribution of the tax charge by geographical area was as follows:
q)
The distribution of the tax charge by business segment was as follows:
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
This element may be used to capture the complete disclosure of 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% 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Supplemental Disclosure of Cash Flow Information
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
|
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| Supplemental Disclosure of Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information |
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|
- Definition
Designated to encapsulate the entire footnote disclosure that provides information on the supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Accumulated Other Comprehensive Income
|
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Dec. 31, 2010
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| Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income |
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| X | ||||||||||
|
- Definition
Disclosure of the components of accumulated other comprehensive income (loss). No definition available.
|
|
Impact of New Accounting Pronouncements
|
12 Months Ended |
|---|---|
|
Dec. 31, 2010
|
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| Impact of New Accounting Pronouncements [Abstract] | |
| Impact of New Accounting Pronouncements |
In December 2010 the FASB issued ASU No. 2010-29
Business Combinations (Topic 805): Disclosure of
supplementary pro-forma information for Business
Combinations, a consensus of the FASB Emerging Issues
Task Force ("EITF"). ASU 2010-29 requires that the
pro forma information be presented as if the business
combination occurred at the beginning of the prior annual
reporting period for purposes of calculating both the current
reporting period and the prior reporting period pro-forma
financial information. The ASU also requires that this
disclosure be accompanied by a narrative description of the
amount and nature of material nonrecurring pro forma
adjustments. The amendments in the ASU are
effective for fiscal years beginning on or after December 15,
2010. The Company does not expect the adoption of
ASU 2010-09 to have a material impact on the financial
statements.
In December 2010 the FASB issued ASU No. 2010-28
Intangibles - Goodwill and Other (Topic 350): When to perform
Step 2 of the Goodwill Impairment test for reporting units
with zero or negative carrying amounts, a consensus of
the FASB Emerging Issues Task Force ("EITF"). ASU
2010-28 modifies Step 1 of the goodwill impairment test for
reporting units with zero or negative carrying
amounts. For those reporting units, an entity is
required to perform Step 2 of the goodwill impairment test if
it is more likely than not that a goodwill impairment
exists. ASU 2010-28 is effective for fiscal years
beginning after December 15, 2010. The Company
does not expect the adoption of ASU 2010-28 to have a
material impact on the financial statements.
In April 2010 the FASB issued ASU No. 2010-13
Compensation-Stock Compensation (Topic 718): Effect of
denominating exercise price of a share-based payment award in
the currency of the market in which the underlying equity
security trades, a consensus of the FASB Emerging
Issues Task Force ("EITF"). ASU 2010-13 amends
FASB ASC Topic 718, Compensation-Stock Compensation , to
clarify that an employee share-based payment award with an
exercise price denominated in the currency of a market in
which a substantial portion of the equity securities trades
should not be considered to contain a condition that is not a
market, performance, or service condition. Therefore, an
entity would not classify an award with such a feature as a
liability if it otherwise qualifies as equity. The amendments
should be applied by recording a cumulative effect adjustment
to the opening balance of retained earnings. The
amendments in the ASU are effective for fiscal years
beginning on or after December 15, 2010. The
Company does not expect the adoption of ASU 2010-13 to have a
material impact on the financial statements.
In January 2010 the FASB issued ASU No. 2010-06 Fair
Value Measurements and Disclosures (Topic 820): Improving
disclosures about Fair Value Measurements, a consensus
of the FASB Emerging Issues Task Force
("EITF"). ASU 2010-06 amends FASB ASC Topic 820 to
require new disclosures and to clarify certain existing
disclosures relating to fair value
measurements. The new disclosures about purchases,
sales, issuances, and settlements in the roll forward
activity for Level 3 fair-value measurements are effective
for fiscal years beginning after December 15, 2010.
In October 2009, the FASB issued ASU No. 2009-13 Revenue
Recognition (Topic 605): Multiple-Deliverable
Revenue Arrangements - a consensus of the FASB
Emerging Issues Task Force, which amends the revenue
recognition guidance for arrangements with multiple
deliverables. The amendments to FASB ASC 605-25 allow vendors
to account for products and services separately rather than
as a combined unit. ASU 2009-13 is effective prospectively
for revenue arrangements entered into or materially modified
in fiscal years beginning on or after June 15, 2010. The
Company does not expect the adoption of ASU 2009-13 to have a
material impact on the financial statements.
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- Definition
Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Related Parties
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12 Months Ended |
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Dec. 31, 2010
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| Related Parties [Abstract] | |
| Related Parties |
Year
ended December 31, 2010
On
December 31, 2009 Dr. John Climax retired as Chairman of the Board of
the Company. From January 2010 he has held the position as an outside
director of the Company. The Company has entered into a three year
agreement with Rotrua Limited, a company controlled by Dr. Climax, for
the provision of consultancy services at an agreed fee of €262,500
($348,968) per annum. The consultancy agreement provides that the
Company will provide during the term of the agreement permanent
disability and life insurance cover for Dr. Climax and medical
insurance cover for himself and his dependants.
Year
ended December 31, 2009
Mr
Edward Roberts, who resigned as a Director of the Company in April
2010, previously served as Chairman of Merz GmbH. Merz is an
independent German pharmaceutical company focused on the development
of drugs for the treatment of illnesses in the fields of neurology and
psychiatry. ICON Clinical Research Limited, a wholly owned
subsidiary of the Company, has entered into a number of contracts with
Merz for the provision of consulting and clinical trial related
activities. The total potential value of these contracts is $43.5
million. During the year ended December 31, 2009 the Company
recognized a total of $9.8 million of revenue in relation to these
activities. At December 31, 2009 $1.2 million was outstanding to be
received from Merz GmbH.
Dr.
Bruce Given previously served as Acting Chief Medical Officer of
Sembiosys Genetics Inc. (“Sembiosys”). Sembiosys is a plant
biotechnology company specializing in the production of high-value
pharmaceutical and non-pharmaceutical products. During the year
ending December 31, 2008 Sembiosys engaged ICON Development Solutions,
a wholly owned subsidiary of ICON, in consulting and clinical trial
related activities. The total potential value of this study was $0.8
million. During the year ending December 31, 2009 ICON recognized a
total of $0.3 million of revenue in relation to these
activities. There were no amounts outstanding as at December 31, 2009.
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- Definition
This element may be used for the entire related party transactions disclosure as a single block of text. Disclosure may include: the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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12 Months Ended |
|---|---|
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Dec. 31, 2010
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| Subsequent Events [Abstract] | |
| Subsequent Events |
On January 14, 2011 the Company acquired approximately 80% of
the common stock of Oxford Outcomes Limited, a leading
international health outcomes consultancy business,
headquartered in Oxford, United Kingdom, and with offices in
the USA and Canada, for an initial cash consideration of
£17.8 million ($28.4 million). Oxford
Outcomes provides specialist services in the areas of patient
reported outcomes (PRO), health economics, epidemiology and
translation and linguistic validation. The Company
holds an option to acquire the remaining 20% of the common
stock of Oxford Outcomes Limited during the year ended
December 31, 2011 for cash consideration of £3.8
million ($6.1 million). Further consideration of
up to £8.0 million ($12.8 million), including
£1.5 million ($2.4 million) relating to the remaining
20% of the common stock of Oxford Outcomes, may become
payable during the period to March 31, 2012 if certain
performance milestones are achieved.
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- Definition
Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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