6-K

 FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 under

the Securities Exchange Act of 1934

For

the month ended July, 2016

ICON plc

(Registrant's name)

333-08704

(Commission file number)

South County Business Park, Leopardstown, Dublin 18, Ireland

(Address of principal executive offices)

Brendan Brennan, CFO

South County Business Park, Leopardstown, Dublin 18, Ireland.

Brendan.Brennan@iconplc.com

011-353-1-291-2000

 (Name, telephone number, email and/or facsimile number and address of Company contact person)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
	Yes___X___	No_______
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
	Yes______	No___X___
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
	Yes______	No___X___
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule12g3-2(b) under the Securities Exchange Act of 1934.
	Yes______	No___X___
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82 N/A

ICON plc

Rider A

This report on Form 6-K is hereby incorporated by reference in the registration statement on Form F-3 (Registration No. 333-133371) of ICON plc and in the prospectus contained therein, and this report on Form 6-K shall be deemed a part of such registration statement from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished by ICON plc under the Securities Act of 1933 or the Securities Exchange Act of 1934.

1

GENERAL

As used herein, “ICON”, the “Company” and “we” refer to ICON plc and its consolidated subsidiaries, unless the context requires otherwise.

Business

ICON public limited company (“ICON”) is a contract research organization (“CRO”), providing outsourced development services on a global basis to the pharmaceutical, biotechnology and medical device industries. We specialize in the strategic development, management and analysis of programs that support all stages of the clinical development process - from compound selection to Phase I-IV clinical studies.  Our vision is to be the Global CRO partner of choice for the Biopharma industry by delivering best in class information, solutions and performance in clinical and outcomes research.

We believe that we are one of a select group of CROs with the expertise and capability to conduct clinical trials in most major therapeutic areas on a global basis and have the operational flexibility to provide development services on a stand-alone basis or as part of an integrated “full service” solution. At June 30, 2016 we had approximately 12,346 employees, in 89 locations in 37 countries. During the six months ended June 30, 2016 we derived approximately 46.6%, 43.3% and 10.1%  of our net revenue in the United States, Europe and Rest of World respectively.

We began operations in 1990 and have expanded our business predominately through organic growth, together with a number of strategic acquisitions to enhance our capabilities and expertise in certain areas of the clinical development process.  We are incorporated in Ireland and our principal executive office is located at: South County Business Park, Leopardstown, Dublin 18, Republic of Ireland. The contact telephone number of this office is 353 (1) 291 2000.

Recent Developments

Acquisitions

On June 30, 2016, the Company announced that it has agreed, subject to certain closing conditions (including applicable regulatory approvals), to acquire Clinical Research Management, Inc. (ClinicalRM). ClinicalRM is a full-service Contract Research Organization specializing in preclinical through Phase IV support of clinical research and clinical trial services for biologics, drugs and devices. The organization helps customers progress their products to market faster with a wide array of research, regulatory and sponsor services within the U.S. and around the globe. ClinicalRM provide full service and functional research solutions to a broad range of US government agencies. Their extensive expertise extends across basic and applied research, infectious diseases, vaccines development and testing and the response to bio-threats. They have worked in collaboration with government and commercial customers to respond to the threat of global viral epidemics.

On December 4, 2015, Inclinix-PMG Holdings, Inc (‘PMG’) was acquired by ICON Clinical Research LLC a subsidiary of the Company, resulting in initial net cash outflows of $63.5 million (including certain payments made on behalf of PMG totalling $9.9 million). PMG is an integrated network of clinical research sites operating from 14 metropolitan areas throughout the US. PMG conducts clinical trials in all major therapeutic areas with particular experience in cardiology, dermatology, endocrinology, gastroenterology, men's health, neurology, pulmonology, rheumatology, vaccine, and women's health trials. In addition to a proprietary research database of clinical trial participants, PMG also has access to over 2 million active patient lives via electronic health records through their unique partnerships with healthcare systems and community physician practices.  The acquisition agreement provides for working capital targets to be achieved by PMG within 90 days of acquisition.  In March 2016, the Company agreed to pay an additional $1.6 million on completion of this working capital review (see note 3 Business Combinations for further information).

Share repurchase program

The Company completed a share buyback program in December 2015.  During the year ended December 31, 2015, the Company redeemed a total of 6,198,481 ordinary shares for a total consideration of $457.9 million. A resolution was passed at the Company’s Annual General Meeting ("AGM") on July 22, 2016 which authorizes the Directors to purchase (buy-back) up to 10% of the outstanding shares in the Company.

2

Financing

On December 15, 2015, ICON Investments Five Unlimited Company issued Senior Notes for aggregate gross proceeds of $350.0 million in a private placement. The Senior Notes will mature on December 15, 2020. Interest payable is fixed at 3.64%, and is payable semi-annually on the Senior Notes on each June 15 and December 15, commencing June 15, 2016. The Senior Notes are guaranteed by ICON plc.  In October 2015, the Company entered into an interest rate hedge in respect of the planned issuance of the Senior Notes in December 2015. The interest rate hedge matured in November 2015 when the interest rate on the Senior Notes was fixed. The interest rate hedge was effective in accordance with Financial Accounting Standards Board (“FASB”) ASC 815 Derivatives and Hedging.  The cash proceeds, representing the realized gain on the interest rate hedge were received on maturity in November 2015.

Changes in Board composition

In March 2016, the Company announced that Mr. Thomas Lynch, non-executive Chairman of the Board of Directors, had notified ICON that he would retire as Chairman on March 31, 2016. Mr. Lynch did not stand for re-election to the Board at the Company's AGM and retired from the Board on July 22, 2016. Mr. Lynch was a non-executive Director of ICON since 1994 and served as senior independent Director from 2010 to 2012 and as Chairman from January 2013 to March 2016. ICON's senior independent Director, Mr. Declan McKeon, continues to serve as acting Chairman from Mr. Lynch's retirement as Chairman and the Board has initiated a process to appoint a new Chairman.

New accounting pronouncements

Accounting Standards Update (‘ASU’) 2015-03 ‘Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs’ was issued in April 2015 to simplify the presentation of debt issuance costs.  The guidance requires debt issuance costs related to term loans to be presented as a direct deduction from the carrying amount of the associated debt liability.  The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years.  The new guidance is reflected in the Condensed Consolidated Financial Statements (unaudited) presented.  The new guidance is also required to be applied on a retrospective basis.  The Condensed Consolidated Balance Sheet at December 31, 2015 has therefore been restated to reflect the accounting standards update.  

3

ICON plc

CONDENSED CONSOLIDATED BALANCE SHEETS

AS AT JUNE 30, 2016 AND DECEMBER 31, 2015

	(Unaudited)			(Audited)
	June 30,			December 31,
	2016				2015	*
ASSETS	(in thousands)
Current Assets:
Cash and cash equivalents	$	168,470		$	103,911
Short term investments - available for sale		82,481			85,990
Accounts receivable, net		366,903			409,165
Unbilled revenue		190,025			173,649
Other receivables		39,097			30,935
Prepayments and other current assets		37,180			36,128
Income taxes receivable		24,832			22,961
Total current assets		908,988			862,739
Other Assets:
Property, plant and equipment, net		150,987			150,218
Goodwill		590,428			588,434
Non-current other assets		13,306			11,591
Non-current income taxes receivable		10,206			11,362
Non-current deferred tax asset		18,744			26,738
Intangible assets		57,581			66,127
Total Assets	$	1,750,240		$	1,717,209
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	6,123		$	7,021
Payments on account		257,514			318,697
Other liabilities		178,941			231,879
Income taxes payable		14,337			14,203
Total current liabilities		456,915			571,800
Other Liabilities:
Non-current bank credit lines and loan facilities		348,322			348,306
Non-current other liabilities		14,309			12,224
Non-current government grants		959			959
Non-current income taxes payable		15,655			16,180
Non-current deferred tax liability		4,111			4,644
Shareholders' Equity:
Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized,
55,459,627 shares issued and outstanding at June 30, 2016 and
54,958,912 shares issued and outstanding at December 31, 2015		4,685			4,679
Additional paid‑in capital		408,588			383,395
Capital redemption reserve		715			715
Accumulated other comprehensive income		(64,000	)		(61,636	)
Retained earnings		559,981			435,943
Total Shareholders' Equity		909,969			763,096
Total Liabilities and Shareholders' Equity	$	1,750,240		$	1,717,209

* The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of  debt issue costs.

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

ICON plc

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2016 AND JUNE 30, 2015

 (UNAUDITED)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2016			2015			2016			2015
	(in thousands except share and per share data)
Revenue:
Gross revenue	$	589,647		$	524,098		$	1,132,230		$	1,027,464
Reimbursable expenses		(179,017	)		(135,441	)		(321,078	)		(250,576	)
Net revenue		410,630			388,657			811,152			776,888
Costs and expenses:
Direct costs		237,984			224,961			466,587			453,039
Selling, general and administrative expense		80,168			81,321			160,957			160,875
Depreciation and amortization		14,457			14,244			29,577			28,169
Restructuring		4,094			-			4,094			-
Total costs and expenses		336,703			320,526			661,215			642,083
Income from operations		73,927			68,131			149,937			134,805
Interest income		359			219			693			495
Interest expense		(3,198	)		(229	)		(6,413	)		(508	)
Income before provision for income taxes		71,088			68,121			144,217			134,792
Provision for income taxes		(10,014	)		(9,537	)		(20,179	)		(20,338	)
Net income	$	61,074		$	58,584		$	124,038		$	114,454
Net income per Ordinary Share:
Basic	$	1.10		$	0.97		$	2.25		$	1.90
Diluted	$	1.08		$	0.95		$	2.20		$	1.85
Weighted average number of Ordinary Shares outstanding:
Basic		55,318,923			60,244,982			55,164,971			60,263,021
Diluted		56,580,799			61,801,687			56,427,516			61,849,326

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

ICON plc

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND JUNE 30, 2015

(UNAUDITED)

	Six Months Ended
	June 30,			June 30,
	2016			2015
	(in thousands)
Cash flows from operating activities:
Net income	$	124,038		$	114,454
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on disposal of property, plant and equipment		27			4
Depreciation expense		20,699			19,672
Amortization of intangibles		8,878			8,497
Amortization of grants		(22	)		(25	)
Accrued interest on short term investments		(422	)		-
Realised gain on sale of short term investments		(39	)		-
Share compensation expense		20,690			15,012
Amortization of gain on interest rate hedge		(458	)		-
Amortization of financing costs		276			-
Deferred taxes		7,469			2,126
Changes in assets and liabilities:
Decrease in accounts receivable		42,548			21,362
Increase in unbilled revenue		(15,892	)		(28,422	)
Increase in other receivables		(8,305	)		(4,398	)
Increase in prepayments and other current assets		(1,117	)		(9,032	)
Increase in other non-current assets		(1,505	)		(722	)
Decrease in payments on account		(61,187	)		(15,747	)
Decrease in other current liabilities		(48,168	)		(40,508	)
Increase in other non-current liabilities		2,108			2,146
(Decrease)/increase in income taxes payable		(763	)		1,980
(Decrease)/increase  in accounts payable		(868	)		2,792
Change in deferred tax liability		(4,233	)		-
Net cash provided by operating activities		83,754			89,191
Cash flows from investing activities:
Purchase of property, plant and equipment		(19,893	)		(24,088	)
Purchase of subsidiary undertakings		(1,613	)		(103,139	)
Purchase of short term investments		(10,969	)		(636	)
Sale of short term investments		15,441			13,184
Net cash used in investing activities		(17,034	)		(114,679	)
Cash flows from financing activities:
Proceeds from exercise of share options & restricted share units		2,180			11,024
Share issuance costs		(9	)		(4	)
Tax benefit from the exercise of share options		2,338			2,463
Repurchase of ordinary shares		-			(57,892	)
Share repurchase costs		-			(289	)
Drawdown of bank credit lines and loan facilities		20,000			60,000
Repayment of bank credit lines and loan facilities		(20,000	)		-
Financing costs		(6,541	)		-
Net cash used by financing activities		(2,032	)		15,302
Effect of exchange rate movements on cash		(129	)		(1,245	)
Net increase/(decrease) in cash and cash equivalents		64,559			(11,431	)
Cash and cash equivalents at beginning of period		103,911			118,900
Cash and cash equivalents at end of period	$	168,470		$	107,469

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

ICON plc

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME

(UNAUDITED)

	Shares		Amount		Additional Paid-in Capital			Capital Redemption Reserve		Accumulated Other Comprehensive Income			Retained Earnings		Total
	(dollars in thousands, except share data)
Balance at December 31, 2015		54,958,912	$	4,679	$	383,395		$	715		($61,636	)	$	435,943	$	763,096
Comprehensive Income:
Net income		-		-		-			-		-			124,038		124,038
Currency translation adjustment		-		-		-			-		(3,107	)		-		(3,107	)
Currency impact of long term funding		-		-		-			-		302			-		302
Tax on currency impact of long term funding		-		-		-			-		397			-		397
Unrealized capital gain – investments		-		-		-			-		502			-		502
Amortization of interest rate hedge		-		-		-			-		(458	)		-		(458	)
Total comprehensive income		-		-		-			-		(2,364	)		124,038		121,674
Exercise of share options		93,168		6		2,146			-		-			-		2,152
Issue of restricted share units		407,547		-		28			-		-			-		28
Share issuance costs		-		-		(9	)		-		-			-		(9	)
Non-cash stock compensation expense		-		-		20,690			-		-			-		20,690
Tax benefit on exercise of options		-		-		2,338			-		-			-		2,338
Balance at June 30, 2016		55,459,627	$	4,685	$	408,588		$	715		($64,000	)	$	559,981	$	909,969

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

ICON plc

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

June 30, 2016

1. Basis of Presentation

These condensed consolidated financial statements, which have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”), have not been audited. The condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the operating results and financial position for the periods presented. The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures in the condensed consolidated financial statements. Actual results could differ from those estimates.

The condensed consolidated financial statements should be read in conjunction with the accounting policies and notes to the consolidated financial statements included in ICON’s Form 20-F for the year ended December 31, 2015. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal period ending December 31, 2016.

2. Goodwill

	Six months ended			Year ended
	June 30,			December 31,
	2016			2015
	(in thousands)
Opening balance	$	588,434		$	463,324
Current period acquisitions (Note 3)		-			133,123
Prior period acquisitions (Note 3)		5,773			4,418
Foreign exchange movement		(3,779	)		(12,431	)
Closing balance	$	590,428		$	588,434

8

3. Business Combinations

Acquisitions - PMG

On December 4, 2015 the Company acquired PMG, resulting in an initial net cash outflow of $63.5 million, including certain payments made on behalf of PMG totaling $9.9 million.  PMG is an integrated network of 48 clinical research sites in North Carolina, South Carolina, Tennessee and Illinois.  The site network includes wholly owned facilities and dedicated clinical research sites.  PMG conducts clinical trials in all major therapeutic areas and has particular expertise in vaccine, gastroenterology, cardiovascular, neurology and endocrinology studies.  It has a proprietary database of clinical trial participants.   It also has access to in excess of 2 million active patients via electronic medical records through its partnerships with healthcare institutions and community physical practices.   The acquisition agreement provides for working capital targets to be achieved by PMG within 90 days of acquisition.  In March 2016, the Company agreed to pay an additional $1.6 million on completion of this working capital review. This amount was paid in April 2016.

The acquisition of PMG has been accounted for as a business combination in accordance with FASB ASC 805 Business Combinations.  The Company has made a provisional assessment of the fair value of assets acquired and liabilities assumed as at that date.  The table following summarizes the Company’s provisional estimates of the fair values of the assets acquired and liabilities assumed;

	December 4,
	2015
	(in thousands)
Cash	$	194
Property, plant and equipment		712
Goodwill*		46,812
Intangible assets**		10,582
Accounts receivable		12,747
Prepayments and other current assets		1,329
Accounts payable		(530	)
Other liabilities		(2,459	)
Non-current deferred tax liability		(4,233	)
Net assets acquired		65,154
Cash consideration		53,681
Other liabilities assumed		9,860
Working capital adjustment		1,613
Total cash outflows		65,154

*Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for the development of drugs, medical devices and diagnostics, with a specific focus on strategy to increase efficiency and productivity in product development.

**The Company has made an initial estimate of separate intangible assets acquired, being customer lists and order backlog, of $10.6 million.  This assessment is under review and will be finalized within 12 months of the date of acquisition.

9

Acquisitions - MediMedia Pharma Solutions

On February 27, 2015 the Company acquired MediMedia Pharma Solutions for cash consideration of $104.7 million (net of working capital adjustments of $4 million).  In addition to the cash consideration, certain payments were made on behalf of MediMedia Pharma Solutions on completion totaling $11.3 million. Headquartered in Yardley, Pennsylvania, MediMedia Pharma Solutions includes MediMedia Managed Markets and Complete Healthcare Communications. MediMedia Managed Markets is a leading provider of strategic payer-validated market access solutions. Complete Healthcare Communications is one of the leading medical and scientific communication agencies working with medical affairs, commercial and brand development teams within life science companies. The acquisition agreement also provided for certain working capital targets to be achieved by MediMedia Pharma Solutions.

The acquisition of MediMedia Pharma Solutions has been accounted for as a business combination in accordance with FASB ASC 805 Business Combinations. The following table summarizes the Company’s estimate of the fair values of the assets acquired and liabilities assumed:

	February 27,
	2015
	(in thousands)
Property, plant and equipment	$	1,049
Goodwill*		92,084
Customer lists		22,752
Order backlog		2,521
Accounts receivable		5,240
Unbilled Revenue		4,324
Prepayments and other current assets		621
Accounts payable		(749	)
Payments on account		(4,186	)
Deferred tax liability		(2,171	)
Other liabilities		(5,483	)
Net assets acquired	$	116,002
Cash consideration	$	108,717
Other liabilities assumed**		11,283
Gross cash outflows		120,000
Working capital adjustment		(3,998	)
Net cash outflows	$	116,002

* Goodwill represents the acquisition of an established workforce with experience in the provision of strategic payer-validated market access solutions while the acquisition of Complete Healthcare Communications comprises an established workforce with significant communication experience working with medical affairs, commercial and brand development teams within the life science industry.

** Payments made at acquisition date of $11.3 million were in respect of certain one-time liabilities which have subsequently been discharged.

10

Acquisitions - Aptiv Solutions

On May 7, 2014 the Company acquired 100% of the common stock of Aptiv Solutions (“Aptiv”), a global biopharmaceutical and medical device development services company and leader in adaptive clinical trials for cash consideration of $143.5 million, including certain payments to be made on behalf of the company on completion totaling $22.4 million. The acquisition agreement provided for working capital targets to be achieved.  On March 25, 2015, the Company received $2.0 million in respect of these targets on completion of the working capital review.  Aptiv offers full-service clinical trial consulting and regulatory support for drugs, medical devices and diagnostics with a specific focus on strategies to increase product development efficiency and productivity. It is a market leader in the integrated design and execution of adaptive clinical trials for exploratory and late phase development as well as being an industry leader in medical device and diagnostic development in key medical technology segments.

The acquisition of Aptiv 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:

	May 7,
	2014
	(in thousands)
Property, plant and equipment	$	6,924
Goodwill*		125,627
Customer relationships		21,400
Order backlog		7,900
Cash and cash equivalents		3,484
Accounts receivable		25,091
Unbilled revenue		21,154
Prepayments and other current assets		4,180
Non-current assets		2,911
Accounts payable		(9,565	)
Other liabilities		(29,782	)
Payments on account		(31,094	)
Non-current other liabilities		(11,303	)
Loan notes payable**		(17,790	)
Net assets acquired	$	119,137
Cash consideration	$	143,500
Working capital adjustment		(1,964	)
		141,536
Adjustments to cash consideration**		(22,399	)
Net purchase consideration	$	119,137

*Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for the development of drugs, medical devices and diagnostics, with a specific focus on strategy to increase efficiency and productivity in product development.  Goodwill related to the US portion of the business acquired is tax deductible.

**Adjustments to cash consideration represent certain one-time liabilities (including loan notes) identified at the acquisition date which have subsequently been paid.

11

4. Restructuring

Restructuring Charges

A restructuring charge of $4.1 million was recognized during the three months ended June 30, 2016 under a restructuring plan adopted following a review by the company of its operations.  The restructuring plan includes resource rationalizations in certain areas of the business to improve resource utilization.

Details of the restructuring charge recognized in the three and six months ended 30 June 2016 are as follows;

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Restructuring charges	$	4,094		-	$	4,094		-
Total	$	4,094		-	$	4,094		-

Details of the movement in the restructuring charge recognized in the three and six months ended 30 June 2016 are as follows;

	Workforce reductions
	(in thousands)
Initial restructuring charge recorded	$	4,094
Cash payments	$	(901	)
Foreign exchange movement		-
Provision at June 30, 2016	$	3,193

5. Income Taxes

Income taxes recognized during the three and six months ended June 30, 2016 comprise:

	Three Months Ended							Six Months Ended
	June 30,				June 30,			June 30,				June 30,
	2016				2015			2016				2015
	(In thousands)							(In thousands)
Provision for income taxes before restructuring and other items		$	10,526			$	9,537		$	20,691			$	20,338
Tax impact of restructuring and other items			(512	)			-			(512	)			-
Provision for income taxes after restructuring and other items		$	10,014			$	9,537		$	20,179			$	20,338

12

As at June 30, 2016 the Company maintains a $31.1 million liability (December 31, 2015: $31.4 million) for unrecognized tax benefit, which is comprised of $27.6 million (December 31, 2015: $28.1 million) related to items generating unrecognized tax benefits and $3.5 million (December 31, 2015: $3.3 million) for interest and related penalties to such items. The Company recognizes interest accrued on unrecognized tax benefits as an additional income tax expense.

The Company has analyzed filing positions in all of the significant federal, state and foreign jurisdictions where it is required to file income tax returns, as well as open tax years in these jurisdictions. The only periods subject to examination by the major tax jurisdictions where the Company does business are 2011 through 2015 tax years. The Company does not believe that the outcome of any examination will have a material impact on its financial statements.

6. 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:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
Weighted average number of ordinary shares outstanding for basic net income per ordinary share		55,318,923		60,244,982		55,164,971		60,263,021
Effect of dilutive share options  outstanding		1,261,876		1,556,705		1,262,545		1,586,305
Weighted average number of ordinary shares outstanding for diluted net income per ordinary share		56,580,799		61,801,687		56,427,516		61,849,326

7. Share-based Awards

Share Options

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 Employee Plan or the 2008 Consultants Plan (together the “2008 Option Plans”) will be an employee stock option, or Non-qualifying Stock Options (‘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.

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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 Plan.   No options may be granted under the 2008 Option Plans after July 21, 2018.

On January 17, 2003 the Company adopted the Share Option Plan 2003 (the “2003 Share Option Plan”) pursuant to which the Compensation and Organization Committee of the Board could grant options to officers and other employees of the Company or its subsidiaries for the purchase of ordinary shares.  An aggregate of 6.0 million ordinary shares were reserved under the 2003 Share Option Plan; and, in no event could the number of ordinary shares issued pursuant to options awarded under this plan exceed 10% of the outstanding shares, as defined in the 2003 Share Option Plan, at the time of the grant, unless the Board expressly determined otherwise. Further, the maximum number of ordinary shares with respect to which options could be granted under the 2003 Share Option Plan during any calendar year to any employee was 400,000 ordinary shares.  The 2003 Share Option Plan expired on January 17, 2013.  No new options may be granted under this plan.

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 June 30, 2016 is eight years.

The following table summarizes option activity for the six months ended June 30, 2016:

	Options Outstanding Number of Shares			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted  Average  Remaining Contractual Life
Outstanding at December 31, 2015		1,626,582		$	34.87	$	11.94
Granted		256,191		$	69.61	$	20.10
Exercised		(93,168	)	$	23.10	$	9.35
Forfeited		(9,765	)	$	22.48	$	9.57
Outstanding at June 30, 2016		1,779,840		$	40.55	$	13.26		4.83
Exercisable at June 30, 2016		886,188		$	28.36	$	10.41		3.50

The Company has outstanding options with fair values ranging from $5.88 to $20.78 per option or a weighted average fair value of $10.62 per option. The Company issues ordinary shares for all options exercised. The total amount of fully vested share options which remained outstanding at June 30, 2016, was 886,188. Fully vested share options at June 30, 2016, have an average remaining contractual term of 3.50 years, an average exercise price of $28.36 and a total intrinsic value of $36.9 million. The total intrinsic value of options exercised during the six months ended June 30, 2016 was $4.1 million (June 30, 2015: $12.6 million).

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The following table summarizes the movement in non-vested share options for the six months ended June 30, 2016:

	Options Outstanding Number of Shares			Weighted Average Exercise Price		Weighted Average Fair Value
Non vested outstanding at December 31, 2015		968,853		$	42.14	$	13.69
Granted		256,191		$	69.61	$	20.10
Vested		(324,315	)	$	35.35	$	12.22
Forfeited		(7,077	)	$	21.97	$	9.52
Non vested outstanding at  June 30, 2016		893,652		$	52.64	$	16.10

Fair value of Stock Options Assumptions

The weighted average fair value of options granted during the six months ended June 30, 2016 and June 30, 2015 was calculated using the Black-Scholes option pricing model.  The weighted average fair values and assumptions used were as follows:

	Six Months Ended
	June 30,			June 30,
	2016			2015
Weighted average fair value	$	20.10		$	19.75
Assumptions:
Expected volatility		30	%		30	%
Dividend yield		0	%		0	%
Risk-free interest rate		1.39	%		1.58	%
Expected life	5 years			5 years

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 the grant for periods corresponding with the expected life of the option.

Restricted Share Units and Performance Share Units

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.

On April 23, 2013 the Company adopted the 2013 Employees Restricted Share Unit and Performance Share Unit Plan (the “2013 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.  On May 11, 2015 the 2013 RSU Plan was amended and restated in order to increase the number of shares that can be issued under the RSU Plan by 2.5 million shares.  Accordingly, an aggregate of 4.1 million ordinary shares have been reserved for issuance under the 2013 RSU Plan.  The shares are awarded at par value and vest over a service period. Awards under the 2013 RSU Plan may be settled in cash or shares at the option of the Company.

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The Company has awarded RSUs and PSUs to certain key individuals of the Group. The following table summarizes RSU and PSU activity for the six months ended June 30, 2016:

	PSU Outstanding Number of Shares			PSU Weighted Average Fair Value		PSU Weighted Average Remaining Contractual Life		RSU Outstanding Number of Shares			RSU Weighted Average Fair Value		RSU Weighted Average Remaining Contractual Life
Outstanding at December 31, 2015		901,773		$	48.33		1.22		1,067,613		$	48.30		1.48
Granted		247,992		$	71.58				368,889		$	66.81
Shares vested		(253,602	)	$	32.38				(153,945	)	$	35.33
Forfeited		(436	)	$	31.49				(57,331	)	$	49.68
Outstanding at June 30, 2016		895,727		$	57.78		1.42		1,225,226		$	55.44		1.65

The fair value of RSUs vested for the six months ended June 30, 2016 totaled $5.4 million (full year 2015: $7.0 million).

The fair value of PSUs vested for the six months ended June 30, 2016 totaled $8.2 million (the fair value of PSUs vested for the full year 2015 was $0.3 million).

The PSUs vest based on service and specified EPS targets over the period 2013 – 2016, 2014 – 2017, 2015 – 2018 and 2016 - 2019. Since 2013, 482,626 PSUs (net of forfeitures) have been granted.  Depending on the actual amount of EPS from 2013 to 2019, up to an additional 413,101 PSUs may also be granted.

Non-cash stock compensation expense

Non-cash stock compensation expense for the three and six months ended June 30, 2016 has been allocated as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Direct costs	$	5,790	$	4,636	$	11,075	$	7,966
Selling, general and administrative		5,309		4,333		9,615		7,046
	$	11,099	$	8,969	$	20,690	$	15,012

Total non-cash stock compensation expense not yet recognized at June 30, 2016 amounted to $87.9 million.  The weighted average period over which this is expected to be recognized is 2.4 years.  Total tax benefit recognized in additional paid in capital related to the non-cash compensation expense amounted to $2.3 million for the six months ended June 30, 2016 (June 30, 2015: $2.5 million).

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8. Business Segment Information

The Company determines and presents operating segments based on the information that is internally provided to the Chief Executive Officer, Chief Financial Officer and Chief Operating 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 is a contract research organization (“CRO”), providing outsourced development services on a global basis to the pharmaceutical, biotechnology and medical device industries. It specializes in the strategic development, management and analysis of programs that support all stages of the clinical development process - from compound selection to Phase I-IV clinical studies.  The Company has the expertise and capability to conduct clinical trials in most major therapeutic areas on a global basis and has the operational flexibility to provide development services on a stand-alone basis or as part of an integrated “full service” solution.  The Company has expanded predominately through internal growth, together with a number of strategic acquisitions to enhance its expertise and capabilities in certain areas of the clinical development process.

The Company is generally awarded projects based upon responses to requests for proposals received from companies in the pharmaceutical, biotechnology and medical device industries or work orders executed under our strategic partnership arrangements.  Contracts with customers are generally entered into centrally, in most cases with ICON Clinical Research Limited (“ICON Ireland”), the Company’s principal operating subsidiary in Ireland.  Revenues, which consist primarily of fees earned under these contracts, are allocated to individual entities within the Group, based on where the work is performed in accordance with the Company’s global transfer pricing model.

ICON Ireland acts as the group entrepreneur under the Company’s global transfer pricing model given its role in the development and management of the group, it’s ownership of key intellectual property and customer relationships, its key role in the mitigation of risks faced by the group and its responsibility for maintaining the Company’s  global network.  As such it enters into the majority of the Company’s customer contracts.

ICON Ireland remunerates other operating entities in the ICON Group on the basis of a guaranteed cost plus mark up for the services they perform in each of their local territories.  The cost plus mark up for each ICON entity is established to ensure that each of ICON Ireland and the ICON entities that are involved in the conduct of services for customers, earn an appropriate arms-length return having regard to the assets owned, risks borne, and functions performed by each entity from these intercompany transactions. The cost plus mark-up policy is reviewed annually to ensure that it is market appropriate.

The geographic split of revenue disclosed for each region outside Ireland is the cost plus revenue attributable to these entities. The residual revenues of the Group, once each ICON entity has been paid its respective intercompany service fee, generally fall to be retained by ICON Ireland.  As such revenues and income from operations in Ireland are a function of this global transfer pricing model and comprise net revenues of the Group after deducting the cost plus revenues attributable to the activities performed outside Ireland.

The Company's areas of operation outside of Ireland include the United States, United Kingdom, France, Germany, Italy, Spain, The Netherlands, Sweden, Turkey, Poland, Czech Republic, Latvia, Russia, Ukraine, Hungary, Israel, Romania, Switzerland, Canada, Mexico, Brazil, Colombia, Argentina, Chile, Peru, India, China, South Korea, Japan, Thailand, Taiwan, Singapore, The Philippines, Australia, New Zealand, and South Africa.

Segment information as at June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and June 30, 2015 is as follows:

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a) The distribution of net revenue by geographical area was as follows:

	Three Months ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	95,653	$	105,413	$	196,488	$	219,503
Rest of Europe		79,436		78,540		155,078		162,628
U.S.		193,377		164,300		377,467		314,364
Rest of World		42,164		40,404		82,119		80,393
Total	$	410,630	$	388,657	$	811,152	$	776,888

* All sales shown for Ireland are export sales.

b) The distribution of income from operations, including restructuring, by geographical area was as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	54,597	$	49,436	$	114,148	$	97,002
Rest of Europe		4,863		3,521		8,307		10,307
U.S.		11,826		12,592		22,610		22,447
Rest of World		2,641		2,582		4,872		5,049
Total	$	73,927	$	68,131	$	149,937	$	134,805

c) The distribution of income from operations, excluding restructuring, by geographical area was as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	58,326	$	49,436	$	117,877	$	97,002
Rest of Europe		5,171		3,521		8,615		10,307
U.S.		11,826		12,592		22,610		22,447
Rest of World		2,698		2,582		4,929		5,049
Total	$	78,021	$	68,131	$	154,031	$	134,805

d) The distribution of property, plant and equipment, net, by geographical area was as follows:

	June 30,		December 31,
	2016		2015
	(in thousands)
Ireland	$	105,892	$	101,736
Rest of Europe		7,117		7,334
U.S.		31,750		34,520
Rest of World		6,228		6,628
Total	$	150,987	$	150,218

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e) The distribution of depreciation and amortization by geographical area was as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	6,654	$	4,915	$	12,558	$	9,828
Rest of Europe		1,820		1,946		3,535		4,214
U.S.		5,137		6,417		11,786		12,135
Rest of World		846		966		1,698		1,992
Total	$	14,457	$	14,244	$	29,577	$	28,169

f) The distribution of total assets by geographical area was as follows:

	June 30,		December 31,
	2016			2015	*
	(in thousands)
Ireland	$	620,924	$	663,060
Rest of Europe		421,570		343,733
U.S.		619,866		641,769
Rest of World		87,880		68,647
Total	$	1,750,240	$	1,717,209

* The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

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ICON plc

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and accompanying notes included elsewhere herein and the Consolidated Financial Statements and related notes thereto included in our  Form 20-F for the year ended December 31, 2015. The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States.

Overview

We are a contract research organization (“CRO”), providing outsourced development services on a global basis to the pharmaceutical, biotechnology and medical device industries. We specialize in the strategic development, management and analysis of programs that support all stages of the clinical development process - from compound selection to Phase I-IV clinical studies. Our vision is to be the Global CRO partner of choice in drug development by delivering best in class information, solutions and performance in clinical and outcomes research.

We believe that we are one of a select group of CROs with the expertise and capability to conduct clinical trials in most major therapeutic areas on a global basis and have the operational flexibility to provide development services on a stand-alone basis or as part of an integrated “full service” solution. At June 30, 2016, we employed approximately 12,346 employees, in 89 locations in 37 countries. During the six months ended June 30, 2016 we derived approximately 46.6%, 43.3% and 10.1% of our net revenue in the United States, Europe and Rest of World respectively.

Revenue consists primarily of fees earned under contracts with third-party clients. In most cases, a portion of the contract fee is paid at the time the study or trial is started, with the balance of the contract fee generally payable in installments over the study or trial duration, based on the achievement of certain performance targets or "milestones". Revenue from contracts is recognized on a proportional performance method based on the relationship between time incurred and the total estimated duration of the trial or on a fee-for-service basis according to the particular circumstances of the contract. As is customary in the CRO industry, we contract with third party investigators in connection with clinical trials. All investigator fees and certain other costs, where reimbursed by clients, are, in accordance with industry practice, deducted from gross revenue to arrive at net revenue. As these costs vary from contract to contract, we view net revenue as our primary measure of revenue growth.

As the nature of our business involves the management of projects having a typical duration of one to four years, the commencement or completion of projects in a fiscal year can have a material impact on revenues earned with the relevant clients in such years. In addition, as we typically work with some, but not all, divisions of a client, fluctuations in the number and status of available projects within such divisions can also have a material impact on revenues earned from such clients from year to year.

Termination or delay in the performance of an individual contract may occur for various reasons, including, but not limited to, unexpected or undesired results, production problems resulting in shortages of the drug, adverse patient reactions to the drug, the client’s decision to de-emphasize a particular trial or inadequate patient enrolment or investigator recruitment.   In the event of termination the Company is usually entitled to all sums owed for work performed through the notice of termination and certain costs associated with the termination of the study. In addition, contracts generally contain provisions for renegotiation in the event of changes in the scope, nature, duration, or volume of services of the contract.

Our backlog consists of potential net revenue yet to be earned from projects awarded by clients. At June 30, 2016 we had a backlog of approximately $4.0 billion, compared with approximately $3.9 billion at December 31, 2015. We believe that our backlog as of any date is not necessarily a meaningful predictor of future results, due to the potential for cancellation or delay of the projects underlying the backlog, and no assurances can be given on the extent to which we will be able to realize this backlog as net revenue.

Although we are domiciled in Ireland, we report our results in U.S. dollars. As a consequence the results of our non-U.S. based operations, when translated into U.S. dollars, could be materially affected by fluctuations in exchange rates between the U.S. dollar and the currencies of those operations.

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In addition to translation exposures, we are also subject to transaction exposures because the currency in which contracts are priced can be different from the currencies in which costs relating to those contracts are incurred.  Our operations in the United States are not materially exposed to such currency differences as the majority of our revenues and costs are in U.S. dollars. However, outside the United States the multinational nature of our activities means that contracts are usually priced in a single currency, most often U.S. dollars or euro, while costs arise in a number of currencies, depending, among other things, on which of our offices provide staff for the contract and the location of investigator sites. Although many such contracts benefit from some degree of natural hedging, due to the matching of contract revenues and costs in the same currency, where costs are incurred in currencies other than those in which contracts are priced, fluctuations in the relative value of those currencies could have a material effect on our results of operations. We regularly review our currency exposures and usually negotiate currency fluctuation clauses in our contracts which allow for price negotiation if changes in the relative value of those currencies exceed predetermined tolerances.

As we conduct operations on a global basis, our effective tax rate has depended and will depend on the geographic distribution of our revenue and earnings among locations with varying tax rates. Our results therefore may be affected by changes in the tax rates of the various jurisdictions. In particular, as the geographic mix of our results of operations among various tax jurisdictions changes, our effective tax rate may vary significantly from period to period.

Results of Operations

Three Months Ended June 30, 2016 compared with Three Months Ended June 30, 2015

The following table sets forth for the periods indicated certain financial data as a percentage of net revenue and the percentage change in these items compared to the prior comparable period. The trends illustrated in the following table may not be indicative of future results.

	Three Months Ended
	June 30, 2016			June 30, 2015			2016 to 2015
							Percentage
	Percentage of Net Revenue						Increase/ (Decrease)
Net revenue		100.0	%		100.0	%		5.7	%
Costs and expenses:
Direct costs		58.0	%		57.9	%		5.8	%
Selling, general and administrative		19.5	%		20.9	%		(1.4	)%
Depreciation		2.5	%		2.5	%		7.9	%
Amortization		1.0	%		1.2	%		(12.5	)%
Restructuring		1.0	%		-	%		100	%
Income from operations		18.0	%		17.5	%		8.5	%

Net revenue for the period increased by $21.9 million, or 5.7%, from $388.7 million for the three months ended June 30, 2015 to $410.6 million for the three months ended June 30, 2016. Net revenue increased by 5.2% in constant currency and by 3.0% in constant dollar organic terms. The increase in revenues in the three months ended June 30, 2016 can be explained in part by the additional net revenues from the acquisition of PMG which was acquired on December 4, 2015.  During the three months ended June 30, 2016 we derived approximately 47.1%, 42.6% and 10.3% of our net revenue in the United States, Europe and Rest of World respectively.  During the three months ended June 30, 2016 $190.0  million or 46.3% of our net revenues were derived from our top 5 customers compared to $197.8 million or 50.9% of net revenues derived from our top 5 customers during the three months ended June 30, 2015. The largest of these customers related to a Strategic Partnership with a large global pharmaceutical company.  Net revenue from this customer contributed 28.0% of net revenue for the quarter, compared to 30% of net revenue in respect of the three months ended June 30, 2015. The addition of new customer accounts, particularly mid-tier pharma customers and biotech customers continues to result in a reduction in concentration of revenues from our top five customers.

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Net revenue in Ireland decreased from $105.4 million for the three months ended June 30, 2015 to $95.7 million for the three months ended June 30, 2016. Net revenue in Ireland is principally a function of the Company’s global transfer pricing model (see note 8 Business Segmental Information for further details).Net revenue in our Rest of Europe region increased from $78.5 million for the three months ended June 30, 2015 to $79.4 million for the three months ended June 30, 2016, while net revenue in our Rest of World region increased from $40.4 million for the three months ended June 30, 2015 to $42.2 million for the three months ended June 30, 2016.  Net revenues in non-U.S. dollar operations in this region were impacted by foreign currency translation and the movement in local rates to the U.S. dollar over the comparative quarter.  Net revenue in the U.S. region increased from $164.3 million for the three months ended June 30, 2015 to $193.4 million for the three months ended June 30, 2016. Net revenues in the U.S. region for the three months ended June 30, 2016 was impacted positively by the acquisition of PMG, which was acquired on December 4, 2015.

Direct costs for the period increased by $13.0 million, or 5.8%, from $225.0 million for the three months ended June 30, 2015 to $238.0 million for the three months ended June 30, 2016. Direct costs consist primarily of compensation, associated fringe benefits and share based compensation expense for project-related employees and other direct project driven costs. The increase in direct costs during the period arose from an increase in headcount and a corresponding increase in personnel related expenditure of $11.4 million, an increase in other direct project related costs of $1.6 million and laboratory costs of $1.0 million offset, in part, by a decrease in travel related costs of $0.9 million  As a percentage of net revenue, direct costs have increased from 57.9% for the three months ended June 30, 2015 to 58.0% for the three months ended June 30, 2016.

Selling, general and administrative expenses for the period decreased by $1.2 million, or 1.4%, from $81.3 million for the three months ended June 30, 2015 to $80.2 million for the three months ended June 30, 2016. Selling, general and administrative expenses comprise primarily of compensation, related fringe benefits and share based compensation expense for non-project-related employees, recruitment expenditure, professional service costs, advertising costs and all costs related to facilities and information systems. The decrease in selling, general and administration expenses for the period arose due to an increase in personnel related expenditure of $3.1 million, a decrease in facilities and related costs expenditure of $1.4 million and a decrease in general and administrative expenses net of foreign exchange movements of $2.9 million. As a percentage of net revenue, selling, general and administrative expenses, decreased from 20.9% for the three months ended June 30, 2015 to 19.5% for the three months ended June 30, 2016.

Depreciation expense for the period increased by $0.7 million, or 7.2%, from $9.8 million for three months ended June 30, 2015 to $10.5 million for three months ended June 30, 2016. Depreciation expense arises principally from continued investment in facilities, information systems and equipment to support the Company’s growth. As a percentage of net revenue (2.5%), the depreciation expense for the three months ended 30 June 2016 remained in line with the percentage of net revenue charge for the three months ended June 30, 2015.  Amortization expense for the period decreased by $0.6 million, or 12.5%, from $4.5 million for the three months ended June 30, 2015to $3.9 million for the three months ended June 30, 2016. Amortization expense represents the amortization of intangible assets acquired on business combinations. The main reason for the decrease in the amortization expense for the period relates to the finalisation of the amortization charge for the MediMedia acquisition, this was offset in part by the additional amortization for the period related to the PMG acquisition.  As a percentage of net revenue, amortization expense decreased from 1.2% for the three months ended June 30, 2015to 1.0% for the three months ended June 30, 2016.

During the three months ended June 30, 2016, a restructuring charge of $4.1 million was recognized under a restructuring plan adopted following a review by the company of its operations.  The restructuring plan includes resource rationalizations in certain areas of the business to improve resource utilization (see note 4 Restructuring for further information). During the three months ended June 30, 2015, there was no restructuring charge incurred.

As a result of the above, income from operations for the three months increased by $5.8 million, or 8.5%, from $68.1 million  for the three months ended June 30, 2015to $73.9 million  for the three months ended June 30, 2016 ($78.0 million excluding restructuring charges). As a percentage of net revenue, income from operations increased from 17.5% of net revenues for the three months ended June 30, 2015to 18.0% of net revenues for the three months ended June 30, 2016 (19.0% excluding restructuring charges).

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Income from operations in Ireland increased from $49.4 million for the three months ended June 30, 2015to $54.6 million for the three months ended June 30, 2016 ($58.3 million excluding restructuring charges). Income from operations in Ireland is impacted by the Group’s global transfer pricing model (see note 8 Business Segmental Information for further details).  Income from operations in our Rest of Europe region increased from $3.5 million for the three months ended June 30, 2015 to $4.9 million for the three months ended June 30, 2016 ($5.2 million excluding restructuring charges), while income from operations in our Rest of world region remained unchanged at $2.6 million for the three months ended June 30, 2015 and June 30, 2016 ($2.7 million excluding restructuring charges). Income from operations in these regions was impacted by foreign currency translation and the movement in local rates to the U.S. dollar over the comparative quarter.  Income from operations in the U.S. region decreased from $12.6 million for the three months ended June 30, 2015 to $11.8 million for the three months ended June 30, 2016 ($11.8 million excluding restructuring charges).  Income from operations in this region was positively impacted by the acquisition of PMG, which was acquired on December 4, 2015. This increase was offset by the impact of bringing MediMedia Pharma Solutions within the Group's global transfer pricing model in the period.

Interest expense for the period increased by $3.0 million or 1,296.5%, from $0.2 million for the three months ended June 30, 2015 to $3.2 million for the three months ended June 30, 2016. Interest income increased by $0.2 million or 64.0%, from $0.2 million for the three months ended June 30, 2015 to $0.4 million for the three months ended June 30, 2016.

Provision for income taxes for the period increased from $9.5 million for the three months ended June 30, 2015to $10.0 million for the three months ended June 30, 2016.  The Company’s effective tax rate for the three months ended June 30, 2016 was 14.1% (14.0% excluding the impact of restructuring) compared with 14.0% for the three months ended June 30, 2015. The Company’s effective tax rate is principally a function of the distribution of pre-tax profits amongst the territories in which it operates.

Six Months Ended June 30, 2016 compared with Six Months Ended June 30, 2015

The following table sets forth for the periods indicated certain financial data as a percentage of net revenue and the percentage change in these items compared to the prior comparable period. The trends illustrated in the following table may not be indicative of future results.

	Six Months Ended
	June 30, 2016			June 30, 2015			2016 to 2015
							Percentage
	Percentage of Net Revenue						Increase/ (Decrease)
Net revenue		100.0	%		100.0	%		4.4	%
Costs and expenses:
Direct costs		57.5	%		58.3	%		3.0	%
Selling, general and administrative		19.8	%		20.7	%		0.1	%
Depreciation		2.6	%		2.5	%		5.2	%
Amortization		1.1	%		1.1	%		4.5	%
Restructuring		0.5	%		-			100	%
Income from operations		18.5	%		17.4	%		11.2	%

Net revenue for the period increased by $34.3 million, or 4.4%, from $776.9 million for the six months ended June 30, 2015 to $811.2 million for the six months ended June 30, 2016. Net revenue increased by 5.2% in constant currency and by 2.3% in constant dollar organic terms. The increase in revenues in the six months ended June 30, 2016 can be explained in part by the additional net revenues from the acquisition of MediMedia Pharma Solutions and PMG which were acquired on February 27, 2015 and December 4, 2015 respectively. During the six months ended June 30, 2016 we derived approximately 46.6%, 43.3% and 10.1%  of our net revenue in the United States, Europe and Rest of World respectively.  During the six months ended June 30, 2016 $367.7 million or 45.3% of our net revenues were derived from our top 5 customers compared to $406.8 million or 52.4% of net revenues derived from our top 5 customers during the six months ended June 30, 2015. The largest of these customers related to a Strategic Partnership with a large global pharmaceutical company.  Net revenue from this customer contributed 28.6% of net revenue for the six months ended June 30, 2016, compared to 32% of net revenue in respect of the six months ended June 30, 2015. The addition of new customer accounts, particularly mid-tier pharma customers and biotech customers continues to result in a reduction in concentration of revenues from our top five customers.

23

Net revenue in Ireland decreased from $219.5 million for the six months ended June 30, 2015 to $196.5 million for the six months ended June 30, 2016. Net revenue in Ireland is principally a function of the Company’s global transfer pricing model (see note 8 Business Segmental Information for further details). Net revenue in our Rest of Europe region decreased from $162.6 million for the six months ended June 30, 2015 to $155.1 million for the six months ended June 30, 2016, while net revenue in our Rest of World region increased from $80.4 million for the six months ended June 30, 2015 to $82.1 million for the six months ended June 30, 2016. Net revenues in non-U.S. dollar operations in this region were impacted by foreign currency translation and the movement in local rates to the U.S. dollar over the comparative quarter.  Net revenue in the U.S. region increased from $314.4 million for the six months ended June 30, 2015 to $377.5 million for the six months ended June 30, 2016. Net revenues in the U.S. region for the six months ended June 30, 2016 were impacted positively by the acquisitions of MediMedia, which was acquired on February 27, 2015 and PMG, which was acquired on December 4, 2015.

Direct costs for the period increased by $13.6 million, or 3.0%, from $453.0 million for the six months ended June 30, 2015 to $466.6 million for the six months ended June 30, 2016. Direct costs consist primarily of compensation, associated fringe benefits and share based compensation expense for project-related employees and other direct project driven costs.The increase in direct costs during the period arose from an increase in headcount with a corresponding increase in personnel related expenditure of $19.6 million, an increase in laboratory costs of $2.6 million which was offset by a decrease in other direct project related costs of $8.1 million.  As a percentage of net revenue, direct costs have decreased from 58.3% for the six months ended June 30, 2015 to 57.5% for the six months ended June 30, 2016.

Selling, general and administrative expenses for the period increased by $0.1 million, or 0.1%, from $160.9 million for the six months ended June 30, 2015 to $161.0 million for the six months ended June 30, 2016. Selling, general and administrative expenses are primarily comprised of compensation, related fringe benefits and share based compensation expense for non-project-related employees, recruitment expenditure, professional service costs, advertising costs and all costs related to facilities and information systems. The movement in selling, general and administration expenses for the period arose primarily from an increase in personnel related expenditure of $5.0 million, a decrease in facilities and related costs expenditure of $2.0 million and a decrease in general and administrative expenses net of foreign exchange movements of $2.9 million.As a percentage of net revenue, selling, general and administrative expenses, decreased from 20.7% for the six months ended June 30, 2015 to 19.8% for the six months ended June 30, 2016.

Depreciation expense for the period increased by $1.0 million, or 5.2%, from $19.7 million for the six months ended June 30, 2015 to $20.7 million for the six months ended June 30, 2016. Depreciation expense arises principally from an investment in facilities, information systems and equipment to support the Company’s growth. As a percentage of net revenue, depreciation expense increased from 2.5% for the six months ended June 30, 2015 to 2.6% for the six months ended June 30, 2016.  Amortization expense for the period increased by $0.4 million, or 4.5%, from $8.5 million for the six months ended June 30, 2015 to $8.9 million for the six months ended June 30, 2016. Amortization expense represents the amortization of intangible assets acquired on business combinations. The increase in the amortization expense for the period relates to the PMG acquisition, offset in part by the cessation of amortization on other assets.  As a percentage of net revenue, amortization expense amounted to 1.1% for the six months ended June 30, 2015 and June 30, 2016.

During the six months ended June 30, 2016 the Company implemented a restructuring plan which contains Company resource rationalizations in order to improve operating efficiencies and reduce expenses. A restructuring charge of $4.1 million was recognized during the six months ended June 30, 2016.  (See note 4 Restructuring for further information).

As a result of the above, income from operations for the six months ended June 30, 2016 increased by $15.1 million, or 11.2%, from $134.8 million for the six months ended June 30, 2015 to $149.9 million for the six months ended June 30, 2016 ($154.0 million excluding restructuring charges). As a percentage of net revenue, income from operations increased from 17.4% of net revenues for the six months ended June 30, 2015 to 18.5% of net revenues for the six months ended June 30, 2016 (19.0% excluding restructuring charges).

24

Income from operations in Ireland increased from $97.0 million for the six months ended June 30, 2015to $114.2 million for the six months ended June 30, 2016 ($117.9 million excluding restructuring charges). Income from operations in Ireland is impacted by the Group’s global transfer pricing model (see note 8 Business Segmental Information for further details). Income from operations in our Rest of Europe region decreased from $10.3 million for the six months ended June 30, 2015 to $8.3 million for the six months ended June 30, 2016 ($8.6 million excluding restructuring charges), while income from operations in our Rest of World region decreased marginally from $5.1 million for the six months ended June 30, 2015 to $4.9 million for the six months ended June 30, 2016 ($4.9 million excluding restructuring charges). Income from operations in these regions was impacted by foreign currency translation and the movement in local rates to the U.S. dollar over the comparative period.  Income from operations in the U.S. region increased from $22.5 million for the six months ended June 30, 2015 to $22.6 million for the six months ended June 30, 2016 ($22.6 million excluding restructuring charges). Income from operations in this region was impacted positively by the acquisitions of MediMedia, which was acquired on February 27, 2015 and PMG, which was acquired on December 4, 2015. This increase was offset in part by the impact of bringing MediMedia Pharma Solutions within the Group's global transfer pricing model in the period.

Interest expense for the period increased from $0.5 million for the six months ended June 30, 2015 to $6.4 million for the six months ended June 30, 2016. This increase is reflective of the drawdown of the Senior Notes issued in December 2015 and the bridge facility of $350 million in place from September 2015, which are discussed in the Liquidity and Capital Resources section below. Interest income increased from $0.5 million for the six months ended June 30, 2015 to $0.7 million for the six months ended June 30, 2016.

Provision for income taxes for the period decreased from $20.3 million for the six months ended June 30, 2015 to $20.2 million for the six months ended June 30, 2016.  The Company’s effective tax rate for the six months ended June 30, 2015 was 15.1% compared with 14.0% for the six months ended June 30, 2016. The Company’s effective tax rate is principally a function of the distribution of pre-tax profits amongst the territories in which it operates.

Liquidity and Capital Resources

The CRO industry is generally not capital intensive. The Group’s principal operating cash needs are payment of salaries, office rents, travel expenditures and payments to investigators. Investing activities primarily reflect capital expenditures for facilities and information systems enhancements, the purchase and sale of short term investments and acquisitions.

Our clinical research and development contracts are generally fixed price with some variable components and range in duration from a few weeks to several years. Revenue from contracts is generally recognized as income on the basis of the relationship between time incurred and the total estimated contract duration or on a fee-for-service basis. The cash flow from contracts typically consists of a small down payment at the time the contract is entered into, with the balance paid in installments over the contract's duration, in some cases on the achievement of certain milestones. Accordingly, cash receipts do not correspond to costs incurred and revenue recognized on contracts.

The Company’s cash and short term investment balances at June 30, 2016 amounted to $251.0 million compared with cash and short term investment balances of $189.9 million at December 31, 2015.  The Company’s cash and short term investment balances at June 30, 2016 comprised of cash and cash equivalents of $168.5 million and short-term investments of $82.5 million. The Company’s cash and short term investment balances at December 31, 2015 comprised of cash and cash equivalents of $103.9 million and short-term investments of $86.0 million.

On December 15, 2015, ICON Investments Five Unlimited Company issued Senior Notes for aggregate gross proceeds of $350.0 million in a private placement. The Senior Notes will mature on December 15, 2020. Interest payable is fixed at 3.64%, and is payable semi-annually on the Senior Notes on each June 15 and December 15, commencing June 15, 2016. The Senior Notes are guaranteed by ICON plc.  In October 2015, the Company entered into an interest rate hedge in respect of the planned issuance of the Senior Notes in December 2015. The interest rate hedge matured in November 2015 when the interest rate on the Senior Notes was fixed. The interest rate hedge was effective in accordance with Financial Accounting Standards Board (“FASB”) ASC 815 Derivatives and Hedging.  The cash proceeds, representing the realized gain on the interest rate hedge were received on maturity in November 2015.

On July 27, 2015 the Company entered into a 364 day bridge facility for $350.0 million with two financial institutions.   The facility bore interest at LIBOR plus a margin and included certain guarantees and indemnities in favor of the two financial institutions. The bridge facility was repaid in full in December 2015.

25

On June 30, 2014 the Company entered into a five year committed multi-currency Revolving Credit Facility for $100.0 million with Citibank, JP Morgan, Santander and Barclays Bank (“Revolving Credit Facility”). Each bank subject to the agreement has committed $25 million to the facility, with equal terms and conditions in place with all institutions.   In December 2015 the Revolving Credit Facility was amended to remove certain guarantees, the facility is guaranteed by ICON plc. The facility bears interest at LIBOR plus a margin.  No amounts were drawn at June 30, 2016 or at December 31, 2015 in respect of the Revolving Credit Facility.

Net cash provided by operating activities was $83.8 million for the six months ended June 30, 2016 compared with cash provided by operating activities of $89.2 million for the six months ended June 30, 2015.  The most significant influence on our operating cash flows has been an increase to revenues and underlying profitability of the Company. This was offset by an increase in revenue outstanding which comprises of accounts receivable and unbilled revenue, less payments on account. The dollar value of these balances and the related number of days revenue outstanding (i.e. revenue outstanding as a percentage of revenue for the period, multiplied by the number of days in the period) can vary over a study or trial duration. Contract fees are generally payable in installments based on the achievement of certain performance targets or “milestones” (e.g. target patient enrollment rates, clinical testing sites initiated or case report forms completed), such milestones being specific to the terms of each individual contract, while revenues on contracts are recognized as contractual obligations are performed. Days revenue outstanding can vary therefore due to, amongst others, the scheduling of contractual milestones over a study or trial duration, the achievement of a particular milestone during the period or the timing of cash receipts from customers.  A decrease in the number of days revenue outstanding during a period will result in cash inflows to the Company while an increase in days revenue outstanding will lead to cash outflows. The number of days revenue outstanding at June 30, 2016 was 46 days compared to 41 days at December 31, 2015.  The number of days revenue outstanding at June 30, 2015 was 45 days compared to 40 days at December 31, 2014.

Net cash used in investing activities was $17.0 million for the six months ended June 30, 2016 compared to net cash used in investing activities of $114.7 million for the six months ended June 30, 2015. Net cash used in the six months ended June 30, 2016 relates to capital expenditure of $19.9 million, $1.6 million for a working capital adjustment in relation to the PMG acquisition (see note 3 Business Combinations for further details) and $11.0 million for the purchase of short term investments offset by the sale of short term investments of $15.4 million.  Net cash used in the six months ended June 30, 2015 arose principally from cash paid in respect of the purchase of MediMedia Pharma Solutions of $103.1 million.

Net cash used by financing activities during the six months ended June 30, 2016 amounted to $2.0 million compared to net cash provided by financing activities of $15.3 million for the six months ended June 30, 2015.  During the six months ended June 30, 2016, $2.3 million was recognized in relation to the tax benefit from the exercise of share options.  In addition, $2.2 million was received by the Company from the exercise of share options. During the six months ended June 30, 2016, there was also $20.0 million drawn down and subsequently repaid by the Company under a one year uncommitted short term revolving credit facility for $30.0 million with  Santander UK plc.  The facility bears interest at LIBOR plus a margin.   No amounts were drawn under this facility at June 30, 2016. The Company also paid interest of $6.5 million during the six months ended June 30, 2016, on the $350.0 million private placement debt.  During the six months ended June 30, 2015, the Company received $60.0 million from the drawdown of amounts under its negotiated banking facility, together with $13.5 million from the exercise of share options.  This was offset by $58.2 million paid to repurchase ordinary shares under the Company’s share repurchase program (including $0.3 million share repurchase costs).

Inflation

We believe the effects of inflation generally do not have a material adverse impact on our operations or financial condition.

Legal Proceedings

We are not party to any litigation or other legal proceedings that we believe could reasonably be expected to have a material adverse effect on our business, results of operations and financial condition.

26

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ICON plc
	/s/ Brendan Brennan
Date: July 26, 2016	Brendan Brennan
	Chief Financial Officer

27

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2016
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Trading Symbol	ICLR
Entity Registrant Name	ICON PLC
Entity Central Index Key	0001060955
Current Fiscal Year End Date	--12-31

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	[1]
Current Assets:
Cash and cash equivalents	$ 168,470	$ 103,911
Short term investments - available for sale	82,481	85,990
Accounts receivable, net	366,903	409,165
Unbilled revenue	190,025	173,649
Other receivables	39,097	30,935
Prepayments and other current assets	37,180	36,128
Income taxes receivable	24,832	22,961
Total current assets	908,988	862,739
Other Assets:
Property, plant and equipment, net	150,987	150,218
Goodwill	590,428	588,434
Non-current other assets	13,306	11,591
Non-current income taxes receivable	10,206	11,362
Non-current deferred tax asset	18,744	26,738
Intangible assets	57,581	66,127
Total Assets	1,750,240	1,717,209
Current Liabilities:
Accounts payable	6,123	7,021
Payments on account	257,514	318,697
Other liabilities	178,941	231,879
Income taxes payable	14,337	14,203
Total current liabilities	456,915	571,800
Other Liabilities:
Non-current bank credit lines and loan facilities	348,322	348,306
Non-current other liabilities	14,309	12,224
Non-current government grants	959	959
Non-current income taxes payable	15,655	16,180
Non-current deferred tax liability	4,111	4,644
Shareholders' Equity:
Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized, 55,459,627 shares issued and outstanding at June 30, 2016 and 54,958,912 shares issued and outstanding at December 31, 2015	4,685	4,679
Additional paid-in capital	408,588	383,395
Capital redemption reserve	715	715
Accumulated other comprehensive income	(64,000)	(61,636)
Retained earnings	559,981	435,943
Total Shareholders' Equity	909,969	763,096
Total Liabilities and Shareholders' Equity	$ 1,750,240	$ 1,717,209

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

XML

Condensed Consolidated Balance Sheets (Parenthetical) - € / shares	Jun. 30, 2016	Dec. 31, 2015	[1]
Ordinary shares, par value	€ 0.06	€ 0.06
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, shares issued	55,459,627	54,958,912
Ordinary shares, shares outstanding	55,459,627	54,958,912

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue:
Gross revenue	$ 589,647	$ 524,098	$ 1,132,230	$ 1,027,464
Reimbursable expenses	(179,017)	(135,441)	(321,078)	(250,576)
Net revenue	410,630	388,657	811,152	776,888
Costs and expenses:
Direct costs	237,984	224,961	466,587	453,039
Selling, general and administrative expense	80,168	81,321	160,957	160,875
Depreciation and amortization	14,457	14,244	29,577	28,169
Restructuring	4,094		4,094
Total costs and expenses	336,703	320,526	661,215	642,083
Income from operations	73,927	68,131	149,937	134,805
Interest income	359	219	693	495
Interest expense	(3,198)	(229)	(6,413)	(508)
Income before provision for income taxes	71,088	68,121	144,217	134,792
Provision for income taxes	(10,014)	(9,537)	(20,179)	(20,338)
Net income	$ 61,074	$ 58,584	$ 124,038	$ 114,454
Net income per Ordinary Share:
Basic	$ 1.10	$ 0.97	$ 2.25	$ 1.90
Diluted	$ 1.08	$ 0.95	$ 2.20	$ 1.85
Weighted average number of Ordinary Shares outstanding:
Basic	55,318,923	60,244,982	55,164,971	60,263,021
Diluted	56,580,799	61,801,687	56,427,516	61,849,326

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 124,038		$ 114,454
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on disposal of property, plant and equipment	27		4
Depreciation expense	20,699		19,672
Amortization of intangibles	8,878		8,497
Amortization of grants	(22)		(25)
Accrued interest on short term investments	(422)
Realised gain on sale of short term investments	(39)
Share compensation expense	20,690		15,012
Amortization of gain on interest rate hedge	(458)
Amortization of financing costs	276
Deferred taxes	7,469		2,126
Changes in assets and liabilities:
Decrease in accounts receivable	42,548		21,362
Increase in unbilled revenue	(15,892)		(28,422)
Increase in other receivables	(8,305)		(4,398)
Increase in prepayments and other current assets	(1,117)		(9,032)
Increase in other non-current assets	(1,505)		(722)
Decrease in payments on account	(61,187)		(15,747)
Decrease in other current liabilities	(48,168)		(40,508)
Increase in other non-current liabilities	2,108		2,146
(Decrease)/increase in income taxes payable	(763)		1,980
(Decrease)/increase in accounts payable	(868)		2,792
Change in deferred tax liability	(4,233)
Net cash provided by operating activities	83,754		89,191
Cash flows from investing activities:
Purchase of property, plant and equipment	(19,893)		(24,088)
Purchase of subsidiary undertakings	(1,613)		(103,139)
Purchase of short term investments	(10,969)		(636)
Sale of short term investments	15,441		13,184
Net cash used in investing activities	(17,034)		(114,679)
Cash flows from financing activities:
Proceeds from exercise of share options & restricted share units	2,180		11,024
Share issuance costs	(9)		(4)
Tax benefit from the exercise of share options	2,338		2,463
Repurchase of ordinary shares			(57,892)
Share repurchase costs			(289)
Drawdown of bank credit lines and loan facilities	20,000		60,000
Repayment of bank credit lines and loan facilities	(20,000)
Financing costs	(6,541)
Net cash used by financing activities	(2,032)		15,302
Effect of exchange rate movements on cash	(129)		(1,245)
Net increase/(decrease) in cash and cash equivalents	64,559		(11,431)
Cash and cash equivalents at beginning of period	103,911	[1]	118,900
Cash and cash equivalents at end of period	$ 168,470		$ 107,469

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

XML

Condensed Consolidated Statements of Shareholders' Equity and Comprehensive Income - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total		Ordinary Shares	Additional Paid-in Capital	Capital Redemption Reserve	Accumulated Other Comprehensive Income	Retained Earnings
Balance (in shares) at Dec. 31, 2015	54,958,912	[1]	54,958,912
Balance at Dec. 31, 2015	$ 763,096	[1]	$ 4,679	$ 383,395	$ 715	$ (61,636)	$ 435,943
Comprehensive Income:
Net income	124,038						124,038
Currency translation adjustment	(3,107)					(3,107)
Currency impact of long term funding	302					302
Tax on currency impact of long term funding	397					397
Unrealized capital gain - investments	502					502
Amortization of interest rate hedge	(458)					(458)
Total comprehensive income	121,674					(2,364)	124,038
Exercise of share options (in shares)			93,168
Exercise of share options	2,152		$ 6	2,146
Issue of restricted/performance share units (in shares)			407,547
Issue of restricted/performance share units	28			28
Share issuance costs	(9)			(9)
Non-cash stock compensation expense	20,690			20,690
Tax benefit on exercise of options	$ 2,338			2,338
Balance (in shares) at Jun. 30, 2016	55,459,627		55,459,627
Balance at Jun. 30, 2016	$ 909,969		$ 4,685	$ 408,588	$ 715	$ (64,000)	$ 559,981

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

XML

Basis of Presentation

6 Months Ended

Jun. 30, 2016

Basis of Presentation

1. Basis of Presentation

These condensed consolidated financial statements, which have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”), have not been audited. The condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the operating results and financial position for the periods presented. The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures in the condensed consolidated financial statements. Actual results could differ from those estimates.

The condensed consolidated financial statements should be read in conjunction with the accounting policies and notes to the consolidated financial statements included in ICON’s Form 20-F for the year ended December 31, 2015. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal period ending December 31, 2016.

XML

Goodwill

6 Months Ended

Jun. 30, 2016

Goodwill

2. Goodwill

	Six months ended			Year ended
	June 30,			December 31,
	2016			2015
	(in thousands)
Opening balance	$	588,434		$	463,324
Current period acquisitions (Note 3)		-			133,123
Prior period acquisitions (Note 3)		5,773			4,418
Foreign exchange movement		(3,779	)		(12,431	)
Closing balance	$	590,428		$	588,434

XML

Business Combinations

6 Months Ended

Jun. 30, 2016

Business Combinations

3. Business Combinations

Acquisitions - PMG

On December 4, 2015 the Company acquired PMG, resulting in an initial net cash outflow of $63.5 million, including certain payments made on behalf of PMG totaling $9.9 million.  PMG is an integrated network of 48 clinical research sites in North Carolina, South Carolina, Tennessee and Illinois.  The site network includes wholly owned facilities and dedicated clinical research sites.  PMG conducts clinical trials in all major therapeutic areas and has particular expertise in vaccine, gastroenterology, cardiovascular, neurology and endocrinology studies.  It has a proprietary database of clinical trial participants.   It also has access to in excess of 2 million active patients via electronic medical records through its partnerships with healthcare institutions and community physical practices.   The acquisition agreement provides for working capital targets to be achieved by PMG within 90 days of acquisition.  In March 2016, the Company agreed to pay an additional $1.6 million on completion of this working capital review. This amount was paid in April 2016.

The acquisition of PMG has been accounted for as a business combination in accordance with FASB ASC 805 Business Combinations.  The Company has made a provisional assessment of the fair value of assets acquired and liabilities assumed as at that date.  The table following summarizes the Company’s provisional estimates of the fair values of the assets acquired and liabilities assumed;

	December 4,
	2015
	(in thousands)
Cash	$	194
Property, plant and equipment		712
Goodwill*		46,812
Intangible assets**		10,582
Accounts receivable		12,747
Prepayments and other current assets		1,329
Accounts payable		(530	)
Other liabilities		(2,459	)
Non-current deferred tax liability		(4,233	)
Net assets acquired		65,154
Cash consideration		53,681
Other liabilities assumed		9,860
Working capital adjustment		1,613
Total cash outflows		65,154

*Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for the development of drugs, medical devices and diagnostics, with a specific focus on strategy to increase efficiency and productivity in product development.

**The Company has made an initial estimate of separate intangible assets acquired, being customer lists and order backlog, of $10.6 million.  This assessment is under review and will be finalized within 12 months of the date of acquisition.

Acquisitions - MediMedia Pharma Solutions

On February 27, 2015 the Company acquired MediMedia Pharma Solutions for cash consideration of $104.7 million (net of working capital adjustments of $4 million).  In addition to the cash consideration, certain payments were made on behalf of MediMedia Pharma Solutions on completion totaling $11.3 million. Headquartered in Yardley, Pennsylvania, MediMedia Pharma Solutions includes MediMedia Managed Markets and Complete Healthcare Communications. MediMedia Managed Markets is a leading provider of strategic payer-validated market access solutions. Complete Healthcare Communications is one of the leading medical and scientific communication agencies working with medical affairs, commercial and brand development teams within life science companies. The acquisition agreement also provided for certain working capital targets to be achieved by MediMedia Pharma Solutions.

The acquisition of MediMedia Pharma Solutions has been accounted for as a business combination in accordance with FASB ASC 805 Business Combinations. The following table summarizes the Company’s estimate of the fair values of the assets acquired and liabilities assumed:

	February 27,
	2015
	(in thousands)
Property, plant and equipment	$	1,049
Goodwill*		92,084
Customer lists		22,752
Order backlog		2,521
Accounts receivable		5,240
Unbilled Revenue		4,324
Prepayments and other current assets		621
Accounts payable		(749	)
Payments on account		(4,186	)
Deferred tax liability		(2,171	)
Other liabilities		(5,483	)
Net assets acquired	$	116,002
Cash consideration	$	108,717
Other liabilities assumed**		11,283
Gross cash outflows		120,000
Working capital adjustment		(3,998	)
Net cash outflows	$	116,002

* Goodwill represents the acquisition of an established workforce with experience in the provision of strategic payer-validated market access solutions while the acquisition of Complete Healthcare Communications comprises an established workforce with significant communication experience working with medical affairs, commercial and brand development teams within the life science industry.

** Payments made at acquisition date of $11.3 million were in respect of certain one-time liabilities which have subsequently been discharged.

Acquisitions - Aptiv Solutions

On May 7, 2014 the Company acquired 100% of the common stock of Aptiv Solutions (“Aptiv”), a global biopharmaceutical and medical device development services company and leader in adaptive clinical trials for cash consideration of $143.5 million, including certain payments to be made on behalf of the company on completion totaling $22.4 million. The acquisition agreement provided for working capital targets to be achieved.  On March 25, 2015, the Company received $2.0 million in respect of these targets on completion of the working capital review.  Aptiv offers full-service clinical trial consulting and regulatory support for drugs, medical devices and diagnostics with a specific focus on strategies to increase product development efficiency and productivity. It is a market leader in the integrated design and execution of adaptive clinical trials for exploratory and late phase development as well as being an industry leader in medical device and diagnostic development in key medical technology segments.

The acquisition of Aptiv 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:

	May 7,
	2014
	(in thousands)
Property, plant and equipment	$	6,924
Goodwill*		125,627
Customer relationships		21,400
Order backlog		7,900
Cash and cash equivalents		3,484
Accounts receivable		25,091
Unbilled revenue		21,154
Prepayments and other current assets		4,180
Non-current assets		2,911
Accounts payable		(9,565	)
Other liabilities		(29,782	)
Payments on account		(31,094	)
Non-current other liabilities		(11,303	)
Loan notes payable**		(17,790	)
Net assets acquired	$	119,137
Cash consideration	$	143,500
Working capital adjustment		(1,964	)
		141,536
Adjustments to cash consideration**		(22,399	)
Net purchase consideration	$	119,137

*Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for the development of drugs, medical devices and diagnostics, with a specific focus on strategy to increase efficiency and productivity in product development.  Goodwill related to the US portion of the business acquired is tax deductible.

**Adjustments to cash consideration represent certain one-time liabilities (including loan notes) identified at the acquisition date which have subsequently been paid.

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Restructuring

6 Months Ended

Jun. 30, 2016

Restructuring

4. Restructuring

Restructuring Charges

A restructuring charge of $4.1 million was recognized during the three months ended June 30, 2016 under a restructuring plan adopted following a review by the company of its operations.  The restructuring plan includes resource rationalizations in certain areas of the business to improve resource utilization.

Details of the restructuring charge recognized in the three and six months ended 30 June 2016 are as follows;

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Restructuring charges	$	4,094		-	$	4,094		-
Total	$	4,094		-	$	4,094		-

Details of the movement in the restructuring charge recognized in the three and six months ended 30 June 2016 are as follows;

	Workforce reductions
	(in thousands)
Initial restructuring charge recorded	$	4,094
Cash payments	$	(901	)
Foreign exchange movement		-
Provision at June 30, 2016	$	3,193

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Income Taxes

6 Months Ended

Jun. 30, 2016

Income Taxes

5. Income Taxes

Income taxes recognized during the three and six months ended June 30, 2016 comprise:

	Three Months Ended							Six Months Ended
	June 30,				June 30,			June 30,				June 30,
	2016				2015			2016				2015
	(In thousands)							(In thousands)
Provision for income taxes before restructuring and other items		$	10,526			$	9,537		$	20,691			$	20,338
Tax impact of restructuring and other items			(512	)			-			(512	)			-
Provision for income taxes after restructuring and other items		$	10,014			$	9,537		$	20,179			$	20,338

As at June 30, 2016 the Company maintains a $31.1 million liability (December 31, 2015: $31.4 million) for unrecognized tax benefit, which is comprised of $27.6 million (December 31, 2015: $28.1 million) related to items generating unrecognized tax benefits and $3.5 million (December 31, 2015: $3.3 million) for interest and related penalties to such items. The Company recognizes interest accrued on unrecognized tax benefits as an additional income tax expense.

The Company has analyzed filing positions in all of the significant federal, state and foreign jurisdictions where it is required to file income tax returns, as well as open tax years in these jurisdictions. The only periods subject to examination by the major tax jurisdictions where the Company does business are 2011 through 2015 tax years. The Company does not believe that the outcome of any examination will have a material impact on its financial statements.

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Net income per ordinary share

6 Months Ended

Jun. 30, 2016

Net income per ordinary share

6. 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:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
Weighted average number of ordinary shares outstanding for basic net income per ordinary share		55,318,923		60,244,982		55,164,971		60,263,021
Effect of dilutive share options  outstanding		1,261,876		1,556,705		1,262,545		1,586,305
Weighted average number of ordinary shares outstanding for diluted net income per ordinary share		56,580,799		61,801,687		56,427,516		61,849,326

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Share-based Awards

6 Months Ended

Jun. 30, 2016

Share-based Awards

7. Share-based Awards

Share Options

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 Employee Plan or the 2008 Consultants Plan (together the “2008 Option Plans”) will be an employee stock option, or Non-qualifying Stock Options (‘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 Plan.   No options may be granted under the 2008 Option Plans after July 21, 2018.

On January 17, 2003 the Company adopted the Share Option Plan 2003 (the “2003 Share Option Plan”) pursuant to which the Compensation and Organization Committee of the Board could grant options to officers and other employees of the Company or its subsidiaries for the purchase of ordinary shares.  An aggregate of 6.0 million ordinary shares were reserved under the 2003 Share Option Plan; and, in no event could the number of ordinary shares issued pursuant to options awarded under this plan exceed 10% of the outstanding shares, as defined in the 2003 Share Option Plan, at the time of the grant, unless the Board expressly determined otherwise. Further, the maximum number of ordinary shares with respect to which options could be granted under the 2003 Share Option Plan during any calendar year to any employee was 400,000 ordinary shares.  The 2003 Share Option Plan expired on January 17, 2013.  No new options may be granted under this plan.

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 June 30, 2016 is eight years.

The following table summarizes option activity for the six months ended June 30, 2016:

	Options Outstanding Number of Shares			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted  Average  Remaining Contractual Life
Outstanding at December 31, 2015		1,626,582		$	34.87	$	11.94
Granted		256,191		$	69.61	$	20.10
Exercised		(93,168	)	$	23.10	$	9.35
Forfeited		(9,765	)	$	22.48	$	9.57
Outstanding at June 30, 2016		1,779,840		$	40.55	$	13.26		4.83
Exercisable at June 30, 2016		886,188		$	28.36	$	10.41		3.50

The Company has outstanding options with fair values ranging from $5.88 to $20.78 per option or a weighted average fair value of $10.62 per option. The Company issues ordinary shares for all options exercised. The total amount of fully vested share options which remained outstanding at June 30, 2016, was 886,188. Fully vested share options at June 30, 2016, have an average remaining contractual term of 3.50 years, an average exercise price of $28.36 and a total intrinsic value of $36.9 million. The total intrinsic value of options exercised during the six months ended June 30, 2016 was $4.1 million (June 30, 2015: $12.6 million).

The following table summarizes the movement in non-vested share options for the six months ended June 30, 2016:

	Options Outstanding Number of Shares			Weighted Average Exercise Price		Weighted Average Fair Value
Non vested outstanding at December 31, 2015		968,853		$	42.14	$	13.69
Granted		256,191		$	69.61	$	20.10
Vested		(324,315	)	$	35.35	$	12.22
Forfeited		(7,077	)	$	21.97	$	9.52
Non vested outstanding at  June 30, 2016		893,652		$	52.64	$	16.10

Fair value of Stock Options Assumptions

The weighted average fair value of options granted during the six months ended June 30, 2016 and June 30, 2015 was calculated using the Black-Scholes option pricing model.  The weighted average fair values and assumptions used were as follows:

	Six Months Ended
	June 30,			June 30,
	2016			2015
Weighted average fair value	$	20.10		$	19.75
Assumptions:
Expected volatility		30	%		30	%
Dividend yield		0	%		0	%
Risk-free interest rate		1.39	%		1.58	%
Expected life	5 years			5 years

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 the grant for periods corresponding with the expected life of the option.

Restricted Share Units and Performance Share Units

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.

On April 23, 2013 the Company adopted the 2013 Employees Restricted Share Unit and Performance Share Unit Plan (the “2013 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.  On May 11, 2015 the 2013 RSU Plan was amended and restated in order to increase the number of shares that can be issued under the RSU Plan by 2.5 million shares.  Accordingly, an aggregate of 4.1 million ordinary shares have been reserved for issuance under the 2013 RSU Plan.  The shares are awarded at par value and vest over a service period. Awards under the 2013 RSU Plan may be settled in cash or shares at the option of the Company.

The Company has awarded RSUs and PSUs to certain key individuals of the Group. The following table summarizes RSU and PSU activity for the six months ended June 30, 2016:

	PSU Outstanding Number of Shares			PSU Weighted Average Fair Value		PSU Weighted Average Remaining Contractual Life		RSU Outstanding Number of Shares			RSU Weighted Average Fair Value		RSU Weighted Average Remaining Contractual Life
Outstanding at December 31, 2015		901,773		$	48.33		1.22		1,067,613		$	48.30		1.48
Granted		247,992		$	71.58				368,889		$	66.81
Shares vested		(253,602	)	$	32.38				(153,945	)	$	35.33
Forfeited		(436	)	$	31.49				(57,331	)	$	49.68
Outstanding at June 30, 2016		895,727		$	57.78		1.42		1,225,226		$	55.44		1.65

The fair value of RSUs vested for the six months ended June 30, 2016 totaled $5.4 million (full year 2015: $7.0 million).

The fair value of PSUs vested for the six months ended June 30, 2016 totaled $8.2 million (the fair value of PSUs vested for the full year 2015 was $0.3 million).

The PSUs vest based on service and specified EPS targets over the period 2013 – 2016, 2014 – 2017, 2015 – 2018 and 2016 - 2019. Since 2013, 482,626 PSUs (net of forfeitures) have been granted.  Depending on the actual amount of EPS from 2013 to 2019, up to an additional 413,101 PSUs may also be granted.

Non-cash stock compensation expense

Non-cash stock compensation expense for the three and six months ended June 30, 2016 has been allocated as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Direct costs	$	5,790	$	4,636	$	11,075	$	7,966
Selling, general and administrative		5,309		4,333		9,615		7,046
	$	11,099	$	8,969	$	20,690	$	15,012

Total non-cash stock compensation expense not yet recognized at June 30, 2016 amounted to $87.9 million.  The weighted average period over which this is expected to be recognized is 2.4 years.  Total tax benefit recognized in additional paid in capital related to the non-cash compensation expense amounted to $2.3 million for the six months ended June 30, 2016 (June 30, 2015: $2.5 million).

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Business Segment Information

6 Months Ended

Jun. 30, 2016

Business Segment Information

8. Business Segment Information

The Company determines and presents operating segments based on the information that is internally provided to the Chief Executive Officer, Chief Financial Officer and Chief Operating 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 is a contract research organization (“CRO”), providing outsourced development services on a global basis to the pharmaceutical, biotechnology and medical device industries. It specializes in the strategic development, management and analysis of programs that support all stages of the clinical development process - from compound selection to Phase I-IV clinical studies.  The Company has the expertise and capability to conduct clinical trials in most major therapeutic areas on a global basis and has the operational flexibility to provide development services on a stand-alone basis or as part of an integrated “full service” solution.  The Company has expanded predominately through internal growth, together with a number of strategic acquisitions to enhance its expertise and capabilities in certain areas of the clinical development process.

The Company is generally awarded projects based upon responses to requests for proposals received from companies in the pharmaceutical, biotechnology and medical device industries or work orders executed under our strategic partnership arrangements.  Contracts with customers are generally entered into centrally, in most cases with ICON Clinical Research Limited (“ICON Ireland”), the Company’s principal operating subsidiary in Ireland.  Revenues, which consist primarily of fees earned under these contracts, are allocated to individual entities within the Group, based on where the work is performed in accordance with the Company’s global transfer pricing model.

ICON Ireland acts as the group entrepreneur under the Company’s global transfer pricing model given its role in the development and management of the group, it’s ownership of key intellectual property and customer relationships, its key role in the mitigation of risks faced by the group and its responsibility for maintaining the Company’s  global network.  As such it enters into the majority of the Company’s customer contracts.

ICON Ireland remunerates other operating entities in the ICON Group on the basis of a guaranteed cost plus mark up for the services they perform in each of their local territories.  The cost plus mark up for each ICON entity is established to ensure that each of ICON Ireland and the ICON entities that are involved in the conduct of services for customers, earn an appropriate arms-length return having regard to the assets owned, risks borne, and functions performed by each entity from these intercompany transactions. The cost plus mark-up policy is reviewed annually to ensure that it is market appropriate.

The geographic split of revenue disclosed for each region outside Ireland is the cost plus revenue attributable to these entities. The residual revenues of the Group, once each ICON entity has been paid its respective intercompany service fee, generally fall to be retained by ICON Ireland.  As such revenues and income from operations in Ireland are a function of this global transfer pricing model and comprise net revenues of the Group after deducting the cost plus revenues attributable to the activities performed outside Ireland.

The Company's areas of operation outside of Ireland include the United States, United Kingdom, France, Germany, Italy, Spain, The Netherlands, Sweden, Turkey, Poland, Czech Republic, Latvia, Russia, Ukraine, Hungary, Israel, Romania, Switzerland, Canada, Mexico, Brazil, Colombia, Argentina, Chile, Peru, India, China, South Korea, Japan, Thailand, Taiwan, Singapore, The Philippines, Australia, New Zealand, and South Africa.

Segment information as at June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and June 30, 2015 is as follows:

a) The distribution of net revenue by geographical area was as follows:

	Three Months ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	95,653	$	105,413	$	196,488	$	219,503
Rest of Europe		79,436		78,540		155,078		162,628
U.S.		193,377		164,300		377,467		314,364
Rest of World		42,164		40,404		82,119		80,393
Total	$	410,630	$	388,657	$	811,152	$	776,888

* All sales shown for Ireland are export sales.

b) The distribution of income from operations, including restructuring, by geographical area was as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	54,597	$	49,436	$	114,148	$	97,002
Rest of Europe		4,863		3,521		8,307		10,307
U.S.		11,826		12,592		22,610		22,447
Rest of World		2,641		2,582		4,872		5,049
Total	$	73,927	$	68,131	$	149,937	$	134,805

c) The distribution of income from operations, excluding restructuring, by geographical area was as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	58,326	$	49,436	$	117,877	$	97,002
Rest of Europe		5,171		3,521		8,615		10,307
U.S.		11,826		12,592		22,610		22,447
Rest of World		2,698		2,582		4,929		5,049
Total	$	78,021	$	68,131	$	154,031	$	134,805

d) The distribution of property, plant and equipment, net, by geographical area was as follows:

	June 30,		December 31,
	2016		2015
	(in thousands)
Ireland	$	105,892	$	101,736
Rest of Europe		7,117		7,334
U.S.		31,750		34,520
Rest of World		6,228		6,628
Total	$	150,987	$	150,218

e) The distribution of depreciation and amortization by geographical area was as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	6,654	$	4,915	$	12,558	$	9,828
Rest of Europe		1,820		1,946		3,535		4,214
U.S.		5,137		6,417		11,786		12,135
Rest of World		846		966		1,698		1,992
Total	$	14,457	$	14,244	$	29,577	$	28,169

f) The distribution of total assets by geographical area was as follows:

	June 30,		December 31,
	2016			2015	*
	(in thousands)
Ireland	$	620,924	$	663,060
Rest of Europe		421,570		343,733
U.S.		619,866		641,769
Rest of World		87,880		68,647
Total	$	1,750,240	$	1,717,209

* The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

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Goodwill (Tables)

6 Months Ended

Jun. 30, 2016

Goodwill

	Six months ended			Year ended
	June 30,			December 31,
	2016			2015
	(in thousands)
Opening balance	$	588,434		$	463,324
Current period acquisitions (Note 3)		-			133,123
Prior period acquisitions (Note 3)		5,773			4,418
Foreign exchange movement		(3,779	)		(12,431	)
Closing balance	$	590,428		$	588,434

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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2016

PMG

Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed

The table following summarizes the Company’s provisional estimates of the fair values of the assets acquired and liabilities assumed;

	December 4,
	2015
	(in thousands)
Cash	$	194
Property, plant and equipment		712
Goodwill*		46,812
Intangible assets**		10,582
Accounts receivable		12,747
Prepayments and other current assets		1,329
Accounts payable		(530	)
Other liabilities		(2,459	)
Non-current deferred tax liability		(4,233	)
Net assets acquired		65,154
Cash consideration		53,681
Other liabilities assumed		9,860
Working capital adjustment		1,613
Total cash outflows		65,154

*Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for the development of drugs, medical devices and diagnostics, with a specific focus on strategy to increase efficiency and productivity in product development.

**The Company has made an initial estimate of separate intangible assets acquired, being customer lists and order backlog, of $10.6 million.  This assessment is under review and will be finalized within 12 months of the date of acquisition.

MediMedia Pharma Solutions

Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the Company’s estimate of the fair values of the assets acquired and liabilities assumed:

	February 27,
	2015
	(in thousands)
Property, plant and equipment	$	1,049
Goodwill*		92,084
Customer lists		22,752
Order backlog		2,521
Accounts receivable		5,240
Unbilled Revenue		4,324
Prepayments and other current assets		621
Accounts payable		(749	)
Payments on account		(4,186	)
Deferred tax liability		(2,171	)
Other liabilities		(5,483	)
Net assets acquired	$	116,002
Cash consideration	$	108,717
Other liabilities assumed**		11,283
Gross cash outflows		120,000
Working capital adjustment		(3,998	)
Net cash outflows	$	116,002

* Goodwill represents the acquisition of an established workforce with experience in the provision of strategic payer-validated market access solutions while the acquisition of Complete Healthcare Communications comprises an established workforce with significant communication experience working with medical affairs, commercial and brand development teams within the life science industry.

** Payments made at acquisition date of $11.3 million were in respect of certain one-time liabilities which have subsequently been discharged.

Aptiv Solutions

Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and the liabilities assumed:

	May 7,
	2014
	(in thousands)
Property, plant and equipment	$	6,924
Goodwill*		125,627
Customer relationships		21,400
Order backlog		7,900
Cash and cash equivalents		3,484
Accounts receivable		25,091
Unbilled revenue		21,154
Prepayments and other current assets		4,180
Non-current assets		2,911
Accounts payable		(9,565	)
Other liabilities		(29,782	)
Payments on account		(31,094	)
Non-current other liabilities		(11,303	)
Loan notes payable**		(17,790	)
Net assets acquired	$	119,137
Cash consideration	$	143,500
Working capital adjustment		(1,964	)
		141,536
Adjustments to cash consideration**		(22,399	)
Net purchase consideration	$	119,137

*Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for the development of drugs, medical devices and diagnostics, with a specific focus on strategy to increase efficiency and productivity in product development. Goodwill related to the US portion of the business acquired is tax deductible.

**Adjustments to cash consideration represent certain one-time liabilities (including loan notes) identified at the acquisition date which have subsequently been paid.

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Restructuring (Tables)

6 Months Ended

Jun. 30, 2016

Details of restructuring charge recognized

Details of the restructuring charge recognized in the three and six months ended 30 June 2016 are as follows;

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Restructuring charges	$	4,094		-	$	4,094		-
Total	$	4,094		-	$	4,094		-

Details of Movement in Restructuring Provisions Recognized

Details of the movement in the restructuring charge recognized in the three and six months ended 30 June 2016 are as follows;

	Workforce reductions
	(in thousands)
Initial restructuring charge recorded	$	4,094
Cash payments	$	(901	)
Foreign exchange movement		-
Provision at June 30, 2016	$	3,193

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2016

Income Taxes Recognized During Period

Income taxes recognized during the three and six months ended June 30, 2016 comprise:

	Three Months Ended							Six Months Ended
	June 30,				June 30,			June 30,				June 30,
	2016				2015			2016				2015
	(In thousands)							(In thousands)
Provision for income taxes before restructuring and other items		$	10,526			$	9,537		$	20,691			$	20,338
Tax impact of restructuring and other items			(512	)			-			(512	)			-
Provision for income taxes after restructuring and other items		$	10,014			$	9,537		$	20,179			$	20,338

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Net income per ordinary share (Tables)

6 Months Ended

Jun. 30, 2016

Reconciliation of Number of Shares Used in Computation of 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:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
Weighted average number of ordinary shares outstanding for basic net income per ordinary share		55,318,923		60,244,982		55,164,971		60,263,021
Effect of dilutive share options  outstanding		1,261,876		1,556,705		1,262,545		1,586,305
Weighted average number of ordinary shares outstanding for diluted net income per ordinary share		56,580,799		61,801,687		56,427,516		61,849,326

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Share-based Awards (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Stock Option Activity

The following table summarizes option activity for the six months ended June 30, 2016:

	Options Outstanding Number of Shares			Weighted Average Exercise Price		Weighted Average Fair Value		Weighted  Average  Remaining Contractual Life
Outstanding at December 31, 2015		1,626,582		$	34.87	$	11.94
Granted		256,191		$	69.61	$	20.10
Exercised		(93,168	)	$	23.10	$	9.35
Forfeited		(9,765	)	$	22.48	$	9.57
Outstanding at June 30, 2016		1,779,840		$	40.55	$	13.26		4.83
Exercisable at June 30, 2016		886,188		$	28.36	$	10.41		3.50

Summary of Movement in Non-Vested Share Options

The following table summarizes the movement in non-vested share options for the six months ended June 30, 2016:

	Options Outstanding Number of Shares			Weighted Average Exercise Price		Weighted Average Fair Value
Non vested outstanding at December 31, 2015		968,853		$	42.14	$	13.69
Granted		256,191		$	69.61	$	20.10
Vested		(324,315	)	$	35.35	$	12.22
Forfeited		(7,077	)	$	21.97	$	9.52
Non vested outstanding at  June 30, 2016		893,652		$	52.64	$	16.10

Weighted Average Fair Values and Assumptions Used

The weighted average fair values and assumptions used were as follows:

	Six Months Ended
	June 30,			June 30,
	2016			2015
Weighted average fair value	$	20.10		$	19.75
Assumptions:
Expected volatility		30	%		30	%
Dividend yield		0	%		0	%
Risk-free interest rate		1.39	%		1.58	%
Expected life	5 years			5 years

RSU and PSU Activity

The following table summarizes RSU and PSU activity for the six months ended June 30, 2016:

	PSU Outstanding Number of Shares			PSU Weighted Average Fair Value		PSU Weighted Average Remaining Contractual Life		RSU Outstanding Number of Shares			RSU Weighted Average Fair Value		RSU Weighted Average Remaining Contractual Life
Outstanding at December 31, 2015		901,773		$	48.33		1.22		1,067,613		$	48.30		1.48
Granted		247,992		$	71.58				368,889		$	66.81
Shares vested		(253,602	)	$	32.38				(153,945	)	$	35.33
Forfeited		(436	)	$	31.49				(57,331	)	$	49.68
Outstanding at June 30, 2016		895,727		$	57.78		1.42		1,225,226		$	55.44		1.65

Schedule of Non-cash Stock Compensation Expense

Non-cash stock compensation expense for the three and six months ended June 30, 2016 has been allocated as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Direct costs	$	5,790	$	4,636	$	11,075	$	7,966
Selling, general and administrative		5,309		4,333		9,615		7,046
	$	11,099	$	8,969	$	20,690	$	15,012

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Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Distribution of Net Revenue by Geographical Area

a) The distribution of net revenue by geographical area was as follows:

	Three Months ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	95,653	$	105,413	$	196,488	$	219,503
Rest of Europe		79,436		78,540		155,078		162,628
U.S.		193,377		164,300		377,467		314,364
Rest of World		42,164		40,404		82,119		80,393
Total	$	410,630	$	388,657	$	811,152	$	776,888

* All sales shown for Ireland are export sales.

Distribution of Income from Operations by Geographical Area

b) The distribution of income from operations, including restructuring, by geographical area was as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	54,597	$	49,436	$	114,148	$	97,002
Rest of Europe		4,863		3,521		8,307		10,307
U.S.		11,826		12,592		22,610		22,447
Rest of World		2,641		2,582		4,872		5,049
Total	$	73,927	$	68,131	$	149,937	$	134,805

c) The distribution of income from operations, excluding restructuring, by geographical area was as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	58,326	$	49,436	$	117,877	$	97,002
Rest of Europe		5,171		3,521		8,615		10,307
U.S.		11,826		12,592		22,610		22,447
Rest of World		2,698		2,582		4,929		5,049
Total	$	78,021	$	68,131	$	154,031	$	134,805

Distribution of Property, Plant and Equipment, Net, by Geographical Area

d) The distribution of property, plant and equipment, net, by geographical area was as follows:

	June 30,		December 31,
	2016		2015
	(in thousands)
Ireland	$	105,892	$	101,736
Rest of Europe		7,117		7,334
U.S.		31,750		34,520
Rest of World		6,228		6,628
Total	$	150,987	$	150,218

Distribution of Depreciation and Amortization by Geographical Area

e) The distribution of depreciation and amortization by geographical area was as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Ireland	$	6,654	$	4,915	$	12,558	$	9,828
Rest of Europe		1,820		1,946		3,535		4,214
U.S.		5,137		6,417		11,786		12,135
Rest of World		846		966		1,698		1,992
Total	$	14,457	$	14,244	$	29,577	$	28,169

Distribution of Total Assets by Geographical Area

f) The distribution of total assets by geographical area was as follows:

	June 30,		December 31,
	2016			2015	*
	(in thousands)
Ireland	$	620,924	$	663,060
Rest of Europe		421,570		343,733
U.S.		619,866		641,769
Rest of World		87,880		68,647
Total	$	1,750,240	$	1,717,209

* The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

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Goodwill (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016		Dec. 31, 2015
Goodwill [Line Items]
Opening balance	$ 588,434	[1]	$ 463,324
Current period acquisitions (Note 3)			133,123
Prior period acquisitions (Note 3)	5,773		4,418
Foreign exchange movement	(3,779)		(12,431)
Closing balance	$ 590,428		$ 588,434	[1]

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

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Business Combinations - Additional Information (Detail) $ in Thousands							1 Months Ended
		Mar. 31, 2016 USD ($)	Dec. 04, 2015 USD ($) Patient Site	Mar. 25, 2015 USD ($)	Feb. 27, 2015 USD ($)	May 07, 2014 USD ($)	Apr. 30, 2016 USD ($)
PMG
Business Acquisition [Line Items]
Net cash outflow			$ 63,500
Other liabilities assumed			$ 9,860
Number of clinical research sites acquired | Site			48
Working capital targets achievement period			90 days
Working capital adjustment		$ 1,600	$ 1,613
Working capital adjustment, cash paid							$ 1,613
Cash consideration			$ 53,681
PMG | Minimum
Business Acquisition [Line Items]
Number of active patients via electronic medical records acquired | Patient			2,000,000
MediMedia Pharma Solutions
Business Acquisition [Line Items]
Net cash outflow					$ 116,002
Other liabilities assumed	[1]				11,283
Working capital adjustment					3,998
Cash consideration, net of working capital adjustment					104,700
Cash consideration					$ 108,717
Aptiv Solutions
Business Acquisition [Line Items]
Working capital adjustment				$ 2,000		$ 1,964
Percentage of common stock acquired						100.00%
Cash consideration						$ 143,500
Adjustments to cash consideration	[2]					$ 22,399

[1] Payments made at acquisition date of $11.3 million were in respect of certain one-time liabilities which have subsequently been discharged.

[2] Adjustments to cash consideration represent certain one-time liabilities (including loan notes) identified at the acquisition date which have subsequently been paid.

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Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed of PMG (Detail) - USD ($) $ in Thousands				6 Months Ended
		Mar. 31, 2016	Dec. 04, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	[1]	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill				$ 590,428		$ 588,434		$ 463,324
Total cash outflows				$ 1,613	$ 103,139
PMG
Business Acquisition [Line Items]
Cash			$ 194
Property, plant and equipment			712
Goodwill	[2]		46,812
Intangible assets	[3]		10,582
Accounts receivable			12,747
Prepayments and other current assets			1,329
Accounts payable			(530)
Other liabilities			(2,459)
Non-current deferred tax liability			(4,233)
Net assets acquired			65,154
Cash consideration			53,681
Other liabilities assumed			9,860
Working capital adjustment		$ 1,600	1,613
Total cash outflows			$ 65,154

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

[2] Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for the development of drugs, medical devices and diagnostics, with a specific focus on strategy to increase efficiency and productivity in product development.

[3] The Company has made an initial estimate of separate intangible assets acquired, being customer lists and order backlog, of $10.6 million. This assessment is under review and will be finalized within 12 months of the date of acquisition.

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Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed of PMG (Parenthetical) (Detail) - PMG $ in Thousands	Dec. 04, 2015 USD ($)
Business Acquisition [Line Items]
Intangible asset	$ 10,582	[1]
Customer Lists
Business Acquisition [Line Items]
Intangible asset	$ 10,600

[1] The Company has made an initial estimate of separate intangible assets acquired, being customer lists and order backlog, of $10.6 million. This assessment is under review and will be finalized within 12 months of the date of acquisition.

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Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed of MediMedia Pharma Solutions (Detail) - USD ($) $ in Thousands		Feb. 27, 2015	Jun. 30, 2016	Dec. 31, 2015	[1]	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill			$ 590,428	$ 588,434		$ 463,324
MediMedia Pharma Solutions
Business Acquisition [Line Items]
Property, plant and equipment		$ 1,049
Goodwill	[2]	92,084
Accounts receivable		5,240
Unbilled revenue		4,324
Prepayments and other current assets		621
Accounts payable		(749)
Payments on account		(4,186)
Deferred tax liability		(2,171)
Other liabilities		(5,483)
Net assets acquired		116,002
Cash consideration		108,717
Other liabilities assumed	[3]	11,283
Gross cash outflows		120,000
Working capital adjustment		(3,998)
Net cash outflows		116,002
MediMedia Pharma Solutions | Customer Lists
Business Acquisition [Line Items]
Intangible asset		22,752
MediMedia Pharma Solutions | Order Backlog
Business Acquisition [Line Items]
Intangible asset		$ 2,521

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

[2] Goodwill represents the acquisition of an established workforce with experience in the provision of strategic payer-validated market access solutions while the acquisition of Complete Healthcare Communications comprises an established workforce with significant communication experience working with medical affairs, commercial and brand development teams within the life science industry.

[3] Payments made at acquisition date of $11.3 million were in respect of certain one-time liabilities which have subsequently been discharged.

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Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed of MediMedia Pharma Solutions (Parenthetical) (Detail) $ in Thousands	Feb. 27, 2015 USD ($)
MediMedia Pharma Solutions
Business Acquisition [Line Items]
Other liabilities assumed	$ 11,283	[1]

[1] Payments made at acquisition date of $11.3 million were in respect of certain one-time liabilities which have subsequently been discharged.

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Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed of Aptiv Solutions (Detail) - USD ($) $ in Thousands		Mar. 25, 2015	May 07, 2014	Jun. 30, 2016	Dec. 31, 2015	[1]	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill				$ 590,428	$ 588,434		$ 463,324
Aptiv Solutions
Business Acquisition [Line Items]
Property, plant and equipment			$ 6,924
Goodwill	[2]		125,627
Cash and cash equivalents			3,484
Accounts receivable			25,091
Unbilled revenue			21,154
Prepayments and other current assets			4,180
Non-current assets			2,911
Accounts payable			(9,565)
Other liabilities			(29,782)
Payments on account			(31,094)
Non-current other liabilities			(11,303)
Loan notes payable	[3]		(17,790)
Net assets acquired			119,137
Cash consideration			143,500
Working capital adjustment		$ (2,000)	(1,964)
Gross cash outflows			141,536
Adjustments to cash consideration	[3]		(22,399)
Net assets acquired/Net purchase consideration			119,137
Aptiv Solutions | Customer Relationships
Business Acquisition [Line Items]
Intangible asset			21,400
Aptiv Solutions | Order Backlog
Business Acquisition [Line Items]
Intangible asset			$ 7,900

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

[2] Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for the development of drugs, medical devices and diagnostics, with a specific focus on strategy to increase efficiency and productivity in product development. Goodwill related to the US portion of the business acquired is tax deductible.

[3] Adjustments to cash consideration represent certain one-time liabilities (including loan notes) identified at the acquisition date which have subsequently been paid.

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Restructuring - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,094	$ 4,094

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Details of restructuring charge recognized (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,094	$ 4,094
Total	$ 4,094	$ 4,094

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Details of Movement in Restructuring Provisions Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Initial restructuring charge recorded	$ (4,094)	$ (4,094)
Workforce reduction
Restructuring Cost and Reserve [Line Items]
Initial restructuring charge recorded	4,094	4,094
Cash payments	(901)	(901)
Foreign exchange movement	0	0
Closing provision	$ 3,193	$ 3,193

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Income Taxes Recognized During Period (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reconciliation of Provision of Income Taxes [Line Items]
Provision for income taxes before restructuring and other items	$ 10,526	$ 9,537	$ 20,691	$ 20,338
Tax impact of restructuring and other items	(512)		(512)
Provision for income taxes after restructuring and other items	$ 10,014	$ 9,537	$ 20,179	$ 20,338

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Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Liability for unrecognized tax benefit	$ 31.1	$ 31.4
Items generating unrecognized tax benefits	27.6	28.1
Interest and related penalties	$ 3.5	$ 3.3
Earliest Tax Year
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Tax year subject to examination by major tax jurisdictions	2011
Latest Tax Year
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Tax year subject to examination by major tax jurisdictions	2015

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Reconciliation of Number of Shares Used in Computation of Basic and Diluted Net Income Per Ordinary Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items]
Weighted average number of ordinary shares outstanding for basic net income per ordinary share	55,318,923	60,244,982	55,164,971	60,263,021
Effect of dilutive share options outstanding	1,261,876	1,556,705	1,262,545	1,586,305
Weighted average number of ordinary shares outstanding for diluted net income per ordinary share	56,580,799	61,801,687	56,427,516	61,849,326

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Share-based Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended		12 Months Ended	39 Months Ended
	May 11, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Mar. 31, 2016
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Non-cash stock compensation expense not yet recognized		$ 87,900
Unrecognized stock-based compensation expense, weighted average period (years)		2 years 4 months 24 days
Tax benefit on exercise of options		$ 2,338	$ 2,500
Restricted Stock Units (RSUs)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Fair value of stock units vested		$ 5,400		$ 7,000
Stock units granted		368,889
Performance Share Unit (PSUs)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Fair value of stock units vested		$ 8,200		$ 300
Stock units granted		247,992
PSUs Based on Service and EPS Targets
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Stock units granted					482,626
PSUs Based on Service and EPS Targets | Minimum
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Cumulative EPS vesting period		2013
PSUs Based on Service and EPS Targets | Maximum
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Stock units to be granted					413,101
Cumulative EPS vesting period		2019
Employee Stock Plan, 2008 Plan
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Ordinary shares which have been reserved for issuance		6,000,000
Employee Stock Plan, 2008 Plan | Individual Employee
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Ordinary shares which have been reserved for issuance		400,000
Employee Stock Plan, 2008 Plan | Minimum
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Percentage of option price for fair value of ordinary share		100.00%
Employee Stock Plan, 2003 Plan
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Ordinary shares which have been reserved for issuance		6,000,000
Maximum number of award as percentage of shares outstanding		10.00%
Employee Stock Plan, 2003 Plan | Individual Employee
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Ordinary shares which have been reserved for issuance		400,000
Employee Stock Option
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Shares vesting period		5 years
Shares expiration period		8 years
Weighted average contractual term of options outstanding		4 years 9 months 29 days
Weighted average fair value per option		$ 10.62
Exercisable - number of shares		886,188
Exercisable - weighted average remaining contractual life		3 years 6 months
Exercisable - weighted average exercise price		$ 28.36
Fully vested total intrinsic value		$ 36,900
Intrinsic value of option exercised		$ 4,100	$ 12,600
Employee Stock Option | Minimum
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Options outstanding fair value		$ 5.88
Employee Stock Option | Maximum
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted average contractual term of options outstanding		8 years
Options outstanding fair value		$ 20.78
Restricted Stock Units 2008
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Ordinary shares which have been reserved for issuance		1,000,000
Restricted Stock Units 2013
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Ordinary shares which have been reserved for issuance	4,100,000
Number of additional shares authorized for issuance	2,500,000

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Summary of Stock Option Activity (Detail) - Employee Stock Option - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Options Outstanding Number of Shares
Outstanding at beginning of period	1,626,582
Granted	256,191
Exercised	(93,168)
Forfeited	(9,765)
Outstanding at end of period	1,779,840
Exercisable at end of period	886,188
Weighted Average Exercise Price
Outstanding at beginning of period	$ 34.87
Granted	69.61
Exercised	23.10
Forfeited	22.48
Outstanding at end of period	40.55
Exercisable at end of period	28.36
Weighted Average Fair Value
Outstanding at beginning of period	11.94
Granted	20.10	$ 19.75
Exercised	9.35
Forfeited	9.57
Outstanding at end of period	13.26
Exercisable at end of period	$ 10.41
Weighted Average Remaining Contractual Life
Outstanding at end of period	4 years 9 months 29 days
Exercisable at end of period	3 years 6 months

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Summary of Movement in Non-Vested Share Options (Detail) - Employee Stock Option - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Options Outstanding Number of Shares
Beginning Balance	968,853
Granted	256,191
Vested	(324,315)
Forfeited	(7,077)
Ending Balance	893,652
Weighted Average Exercise Price
Beginning balance	$ 42.14
Granted	69.61
Vested	35.35
Forfeited	21.97
Ending balance	52.64
Weighted Average Fair Value
Beginning Balance	13.69
Granted	20.10	$ 19.75
Vested	12.22
Forfeited	9.52
Ending Balance	$ 16.10

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Schedule of Weighted Average Fair Values and Assumptions Used (Detail) - Employee Stock Option - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value	$ 20.10	$ 19.75
Assumptions:
Expected volatility	30.00%	30.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate	1.39%	1.58%
Expected life	5 years	5 years

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Summary of RSU and PSU Activity (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Performance Share Unit (PSUs)
Outstanding Number of Shares
Outstanding at beginning of period	901,773
Granted	247,992
Shares vested	(253,602)
Forfeited	(436)
Outstanding at ending of period	895,727	901,773
Weighted Average Fair Value
Outstanding at beginning of period	$ 48.33
Granted	71.58
Shares vested	32.38
Forfeited	31.49
Outstanding at end of period	$ 57.78	$ 48.33
Weighted Average Remaining Contractual Life
Outstanding at end of period	1 year 5 months 1 day	1 year 2 months 19 days
Restricted Stock Units (RSUs)
Outstanding Number of Shares
Outstanding at beginning of period	1,067,613
Granted	368,889
Shares vested	(153,945)
Forfeited	(57,331)
Outstanding at ending of period	1,225,226	1,067,613
Weighted Average Fair Value
Outstanding at beginning of period	$ 48.30
Granted	66.81
Shares vested	35.33
Forfeited	49.68
Outstanding at end of period	$ 55.44	$ 48.30
Weighted Average Remaining Contractual Life
Outstanding at end of period	1 year 7 months 24 days	1 year 5 months 23 days

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Schedule of Non-cash Stock Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 11,099	$ 8,969	$ 20,690	$ 15,012
Direct costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	5,790	4,636	11,075	7,966
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,309	$ 4,333	$ 9,615	$ 7,046

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Distribution of Net Revenue by Geographical Area (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Net Revenue	$ 410,630	$ 388,657	$ 811,152	$ 776,888
Ireland
Segment Reporting Information [Line Items]
Net Revenue	95,653	105,413	196,488	219,503
Rest Of Europe
Segment Reporting Information [Line Items]
Net Revenue	79,436	78,540	155,078	162,628
United States
Segment Reporting Information [Line Items]
Net Revenue	193,377	164,300	377,467	314,364
Rest of World
Segment Reporting Information [Line Items]
Net Revenue	$ 42,164	$ 40,404	$ 82,119	$ 80,393

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Distribution of Income from operations, including Restructuring, by Geographical Are (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Income from operations	$ 73,927	$ 68,131	$ 149,937	$ 134,805
Ireland
Segment Reporting Information [Line Items]
Income from operations	54,597	49,436	114,148	97,002
Rest Of Europe
Segment Reporting Information [Line Items]
Income from operations	4,863	3,521	8,307	10,307
United States
Segment Reporting Information [Line Items]
Income from operations	11,826	12,592	22,610	22,447
Rest of World
Segment Reporting Information [Line Items]
Income from operations	$ 2,641	$ 2,582	$ 4,872	$ 5,049

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Distribution of Income from operations, excluding Restructuring, by Geographical Area (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Income from operations, excluding restructuring and other items	$ 78,021	$ 68,131	$ 154,031	$ 134,805
Ireland
Segment Reporting Information [Line Items]
Income from operations, excluding restructuring and other items	58,326	49,436	117,877	97,002
Rest Of Europe
Segment Reporting Information [Line Items]
Income from operations, excluding restructuring and other items	5,171	3,521	8,615	10,307
United States
Segment Reporting Information [Line Items]
Income from operations, excluding restructuring and other items	11,826	12,592	22,610	22,447
Rest of World
Segment Reporting Information [Line Items]
Income from operations, excluding restructuring and other items	$ 2,698	$ 2,582	$ 4,929	$ 5,049

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Distribution of Property, Plant and Equipment, Net, by Geographical Area (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 150,987	$ 150,218	[1]
Ireland
Segment Reporting Information [Line Items]
Property, plant and equipment, net	105,892	101,736
Rest Of Europe
Segment Reporting Information [Line Items]
Property, plant and equipment, net	7,117	7,334
United States
Segment Reporting Information [Line Items]
Property, plant and equipment, net	31,750	34,520
Rest of World
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 6,228	$ 6,628

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.

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Distribution of Depreciation and Amortization by Geographical Area (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 14,457	$ 14,244	$ 29,577	$ 28,169
Ireland
Segment Reporting Information [Line Items]
Depreciation and amortization	6,654	4,915	12,558	9,828
Rest Of Europe
Segment Reporting Information [Line Items]
Depreciation and amortization	1,820	1,946	3,535	4,214
United States
Segment Reporting Information [Line Items]
Depreciation and amortization	5,137	6,417	11,786	12,135
Rest of World
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 846	$ 966	$ 1,698	$ 1,992

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Distribution of Total Assets by Geographical Area (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	[1]
Segment Reporting Information [Line Items]
Assets	$ 1,750,240	$ 1,717,209
Ireland
Segment Reporting Information [Line Items]
Assets	620,924	663,060
Rest Of Europe
Segment Reporting Information [Line Items]
Assets	421,570	343,733
United States
Segment Reporting Information [Line Items]
Assets	619,866	641,769
Rest of World
Segment Reporting Information [Line Items]
Assets	$ 87,880	$ 68,647

[1] The December 31, 2015 Balance Sheet has been retrospectively restated as required to reflect the requirements of new guidance in respect of the presentation of debt issue costs.