Nature of Business and Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative effect of applying ASC 842 on the Company’s consolidated balance sheet as of January 1, 2019 was as follows:

	Balance as of						Balance as of
	December 31, 2018 ^			Adjustments			January 1, 2019
Assets	(in thousands)
Prepaid expenses and other current assets	$	140,819		$	(2,930	)	$	137,889
Property and equipment, net	812,005			(53,920		)	758,085
Deferred tax assets	1,499,672			11,236			1,510,908
Other assets	—			61,674			61,674
Total assets	$	6,245,898		$	16,060		$	6,261,958
Liabilities and Shareholders’ Equity
Capital lease obligations, current portion	$	9,817		$	(9,817	)	$	—
Other current liabilities	40,589			34,304			74,893
Capital lease obligations, excluding current portion	19,658			(19,658		)	—
Construction financing lease obligation, excluding current portion	561,892			(561,892		)	—
Long-term finance lease liabilities	—			569,487			569,487
Other long-term liabilities	26,280			43,946			70,226
Accumulated deficit	(2,989,478		)	(40,310		)	(3,029,788		)
Total liabilities and shareholders’ equity	$	6,245,898		$	16,060		$	6,261,958
^ As reported in the Company’s 2018 Annual Report on Form 10-K.

The impact of adoption on the Company’s consolidated statement of operations for the year ended December 31, 2018 was as follows:

	Year Ended December 31, 2018
	As Reported under ASC 606		Balances without Adoption of ASC 606		Effect of Change Higher/(Lower)
	(in thousands)
Product revenues, net	$	3,038,325	$	3,019,484	$	18,841
Cost of sales	409,539		402,925		6,614
Income from operations	635,150		622,923		12,227
Net income attributable to Vertex	$	2,096,896	$	2,084,669	$	12,227
Amounts per share attributable to Vertex common shareholders:
Net income:
Basic	$	8.24	$	8.20	$	0.04
Diluted	$	8.09	$	8.04	$	0.05

Schedule of Cash and Cash Equivalents

The cash, cash equivalents and restricted cash balances for the years ended December 31, 2019 through 2016, which are presented in the Company’s consolidated statements of cash flows subsequent to the adoption of ASU 2016-18, consisted of the following:

	As of December 31,
	2019		2018		2017		2016
	(in thousands)
Cash and cash equivalents	$	3,109,322	$	2,650,134	$	1,665,412	$	1,183,945
Prepaid expenses and other current assets	8,004		4,910		2,114		47,762
Other assets	3,355		3,209		—		—
Cash, cash equivalents and restricted cash per statement of cash flows	$	3,120,681	$	2,658,253	$	1,667,526	$	1,231,707