Bausch Health Companies (BHC) 10-Q 28 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 22, 2015
Document and Entity Information
Entity Registrant Name	Valeant Pharmaceuticals International, Inc.
Entity Central Index Key	885,590
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		342,788,885

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 958	$ 322.6
Trade receivables, net	2,371	2,075.8
Inventories, net	1,229.5	950.6
Prepaid expenses and other current assets	1,075.3	650.8
Deferred tax assets, net	711.4	193.3
Total current assets	6,345.2	4,193.1
Property, plant and equipment, net	1,359.9	1,310.5
Intangible assets, net	23,149.7	11,255.9
Goodwill	17,233.1	9,346.4
Deferred tax assets, net	88.3	54
Other long-term assets, net	167	167.4
Total assets	48,343.2	26,327.3
Current liabilities:
Accounts payable	415.8	398
Accrued and other current liabilities	3,054.7	2,179.4
Acquisition-related contingent consideration	191.4	141.8
Current portion of long-term debt	590.9	0.9
Deferred tax liabilities, net	38.2	10.7
Total current liabilities	4,291	2,730.8
Acquisition-related contingent consideration	514.4	167
Long-term debt	30,290.2	15,228
Pension and other benefit liabilities	226.4	239.8
Liabilities for uncertain tax positions	101.2	102.6
Deferred tax liabilities, net	6,152.8	2,227.5
Other long-term liabilities	208.8	197.1
Total liabilities	$ 41,784.8	$ 20,892.8
Commitments and contingencies
Equity
Common shares, no par value, unlimited shares authorized, 342,769,031 and 334,402,964 issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 9,880.8	$ 8,349.2
Additional paid-in capital	234	243.9
Accumulated deficit	(2,387.9)	(2,365)
Accumulated other comprehensive loss	(1,291.5)	(915.9)
Total Valeant Pharmaceuticals International, Inc. shareholders’ equity	6,435.4	5,312.2
Noncontrolling interest	123	122.3
Total equity	6,558.4	5,434.5
Total liabilities and equity	$ 48,343.2	$ 26,327.3

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, no par value (in usd per share)	$ 0	$ 0
Common stock, shares issued	342,769,031	334,402,964
Common stock, shares outstanding	342,769,031	334,402,964

CONSOLIDATED STATEMENTS OF (LOS

CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Product sales	$ 2,695	$ 1,994.1	$ 4,841.9	$ 3,845.2
Other revenues	37.4	47	81.4	82.1
Total revenues	2,732.4	2,041.1	4,923.3	3,927.3
Expenses
Cost of goods sold (exclusive of amortization and impairments of finite-lived intangible assets shown separately below)	669.9	569.6	1,230.3	1,073.7
Cost of other revenues	15.2	16	29.5	30.3
Selling, general and administrative	685.5	515.7	1,259.3	997.7
Research and development	81.1	66.5	136.9	127.8
Amortization and impairments of finite-lived intangible assets	585.4	365.6	950.6	720.8
Restructuring, integration and other costs	143.4	142.1	198.4	275.7
In-process research and development impairments and other charges	12.3	8.4	12.3	20.4
Acquisition-related costs	9.5	0.6	19.3	2.1
Acquisition-related contingent consideration	11.7	1.9	18.8	10.8
Other expense (income)	176.9	(0.4)	183	(43.7)
Total expenses	2,390.9	1,686	4,038.4	3,215.6
Operating income	341.5	355.1	884.9	711.7
Interest income	0.9	1.2	1.8	3
Interest expense	(412.7)	(241.2)	(710.5)	(487.7)
Loss on extinguishment of debt	0	0	(20)	(93.7)
Foreign exchange and other	5.6	3.4	(65.5)	(10)
Gain on investments, net	0	2.5	0	2.5
(Loss) income before (recovery of) provision for income taxes	(64.7)	121	90.7	125.8
(Recovery of) provision for income taxes	(13.1)	(1)	67.8	24.1
Net (loss) income	(51.6)	122	22.9	101.7
Less: Net income (loss) attributable to noncontrolling interest	1.4	(3.8)	2.2	(1.5)
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (53)	$ 125.8	$ 20.7	$ 103.2
(Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)	$ (0.15)	$ 0.38	$ 0.06	$ 0.31
Diluted (in usd per share)	$ (0.15)	$ 0.37	$ 0.06	$ 0.30
Weighted-average common shares (in millions)
Basic (in shares)	344.4	335.3	340.5	335.1
Diluted (in shares)	344.4	341.3	347.1	341.4

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (51.6)	$ 122	$ 22.9	$ 101.7
Other comprehensive income (loss)
Foreign currency translation adjustment	36.4	13.8	(375.1)	6.4
Unrealized gain on equity method investment, net of tax	0	18.5	0	18.5
Net unrealized holding gain on available-for-sale equity securities arising in period	0	2.7	0	2.7
Pension and postretirement benefit plan adjustments	(0.5)	(0.6)	(0.9)	(1.2)
Other comprehensive income (loss)	35.9	34.4	(376)	26.4
Comprehensive (loss) income	(15.7)	156.4	(353.1)	128.1
Less: Comprehensive income (loss) attributable to noncontrolling interest	1.2	(4.7)	1.8	(3.2)
Comprehensive (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (16.9)	$ 161.1	$ (354.9)	$ 131.3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities
Net (loss) income	$ (51.6)	$ 122	$ 22.9	$ 101.7
Adjustments to reconcile net loss (income) to net cash provided by operating activities:
Depreciation and amortization, including impairments of finite-lived intangible assets	635	407.7	1,042	808.8
Amortization and write-off of debt discounts and debt issuance costs	92.7	11.3	103.2	23.5
In-process research and development impairments	12.3	0.4	12.3	0.4
Acquisition accounting adjustment on inventory sold	46	4.3	70.5	9.5
Acquisition-related contingent consideration	11.7	1.9	18.8	10.8
Allowances for losses on accounts receivable and inventories	14.6	16	26.8	35.6
Deferred income taxes	(50.1)	(21.4)	12.4	(11.4)
Additions (reductions) to accrued legal settlements	4.8	1.5	6.3	(47.3)
Payments of accrued legal settlements	(2.9)	(0.9)	(5.9)	(1)
Share-based compensation	25.9	15.6	60.9	40.4
Tax benefits from stock options exercised	(7.7)	0	(25.6)	(1.2)
Foreign exchange (gain) loss	(10.3)	(5.3)	65.6	7.3
Loss on extinguishment of debt	0	0	20	93.7
Payment of accreted interest on contingent consideration	(9.9)	(7.5)	(12.1)	(8.2)
Other	(2.7)	(3.7)	(9.9)	6.1
Changes in operating assets and liabilities:
Trade receivables	(241.8)	(53.7)	(308.8)	(83.8)
Inventories	(48.3)	(12.1)	(86.8)	(81.3)
Prepaid expenses and other current assets	(118.4)	24.8	(163.5)	29
Accounts payable, accrued and other liabilities	111.2	(124.9)	52.5	(72.3)
Net cash provided by operating activities	410.5	376	901.6	860.3
Cash Flows From Investing Activities
Acquisition of businesses, net of cash acquired	(13,090.9)	(68)	(13,885.9)	(374.3)
Acquisition of intangible assets and other assets	(9.2)	(10.4)	(58)	(31.5)
Purchases of property, plant and equipment	(46.8)	(113.5)	(112.6)	(171.6)
Proceeds from sales and maturities of short-term investments	0	0	17.7	0
Net settlement of assumed derivative contracts	184.6	0	184.6	0
Settlement of foreign currency forward exchange contracts	(26.3)	0	(26.3)	0
Purchase of equity method investment	0	(75.9)	0	(75.9)
Decrease (increase) in restricted cash and cash equivalents (Note 8)	10,343.9	0	(5.2)	0
Other	(0.5)	1.4	0	2.8
Net cash used in investing activities	(2,645.2)	(266.4)	(13,885.7)	(650.5)
Cash Flows From Financing Activities
Issuance of long-term debt, net of discount	4,921.4	49.3	16,925.8	408.4
Repayments of long-term debt	(247.9)	(120.3)	(1,358.2)	(554.2)
Repayments of convertible notes assumed	(3,122.8)	0	(3,122.8)	0
Issuance of common stock, net	0	0	1,433.7	0
Repurchases of common shares	(50)	0	(50)	0
Proceeds from exercise of stock options	7.6	3.6	22.1	7.1
Tax benefits from stock options exercised	7.7	0	25.6	1.2
Payment of employee withholding tax upon vesting of share-based awards	(45.6)	(8.8)	(61.5)	(36.5)
Payments of contingent consideration	(68.7)	(72.5)	(81)	(82.2)
Payments of financing costs	(75.1)	(0.2)	(101.7)	(8.6)
Other	(1.3)	(7.7)	(0.4)	(14.5)
Net cash provided by (used in) financing activities	1,325.3	(156.6)	13,631.6	(279.3)
Effect of exchange rate changes on cash and cash equivalents	3	1.9	(12.1)	0.4
Net (decrease) increase in cash and cash equivalents	(906.4)	(45.1)	635.4	(69.1)
Cash and cash equivalents, beginning of period	1,864.4	576.3	322.6	600.3
Cash and cash equivalents, end of period	958	531.2	958	531.2
Non-Cash Investing and Financing Activities
Acquisition of businesses, contingent and deferred consideration obligations at fair value	(387.7)	(27.4)	(674.6)	(49.1)
Acquisition of businesses, debt assumed	$ (3,123.1)	$ 0	$ (3,123.1)	$ (4)

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS The Company is a multinational, specialty pharmaceutical and medical device company, continued under the laws of the Province of British Columbia, that develops, manufactures, and markets a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter (“OTC”) products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices), which are marketed directly or indirectly in over 100 countries. On April 1, 2015, the Company acquired Salix Pharmaceuticals, Ltd. ("Salix"), pursuant to an Agreement and Plan of Merger dated February 20, 2015, as amended on March 16, 2015 (the "Merger Agreement"), with Salix surviving as a wholly owned subsidiary of Valeant Pharmaceuticals International ("Valeant"), a subsidiary of the Company (the "Salix Acquisition"). For further information regarding the Salix Acquisition, including the related financing, see Note 3, Note 8 and Note 11.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements (the “unaudited consolidated financial statements”) have been prepared by the Company in United States (“U.S.”) dollars and in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting, which do not conform in all respects to the requirements of U.S. GAAP for annual financial statements. Accordingly, these condensed notes to the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto prepared in accordance with U.S. GAAP that are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”). The unaudited consolidated financial statements have been prepared using accounting policies that are consistent with the policies used in preparing the Company’s audited consolidated financial statements for the year ended December 31, 2014. The unaudited consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position and results of operations for the interim periods presented. Reclassifications Certain reclassifications have been made to prior year amounts to conform with the current year presentation. Use of Estimates In preparing the unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the unaudited consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates and the operating results for the interim periods presented are not necessarily indicative of the results expected for the full year. On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s results of operations and financial position could be materially impacted. Adoption of New Accounting Standards In April 2015, the Financial Accounting Standards Board ("FASB") issued guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, consistent with the presentation of a debt discount. The guidance is effective for annual periods beginning after December 15, 2015, and all annual and interim periods thereafter. As permitted, the Company early-adopted this guidance in the second quarter of 2015. The adoption of this guidance, which was applied retrospectively and impacted presentation only, resulted in a reclassification of $26 million as of December 31, 2014 from Other long-term assets, net to Long-term debt (treated as a deduction to Long-term debt) on the consolidated balance sheet. There was no impact on the Company's results of operations. The Company will continue to present debt issuance costs associated with revolving-debt arrangements within Other long-term assets, net. Recently Issued Accounting Standards, Not Adopted as of June 30, 2015 In May 2014, the FASB and the International Accounting Standards Board issued converged guidance on recognizing revenue from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the revenue model to contracts within its scope, an entity will: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In addition to these provisions, the new standard provides implementation guidance on several other topics, including the accounting for certain revenue-related costs, as well as enhanced disclosure requirements. The new guidance requires entities to disclose both quantitative and qualitative information that enables users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early application is permitted but not before the annual reporting period (and interim reporting period) beginning January 1, 2017. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. The Company is evaluating the impact of adoption of this guidance on its financial position and results of operations. In August 2014, the FASB issued guidance which requires management to assess an entity’s ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new guidance, disclosures are required when conditions give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The guidance is effective for annual periods ending after December 15, 2016, and all annual and interim periods thereafter. Early application is permitted. The adoption of this guidance will not have any impact on the Company’s financial position and results of operations and, at this time, the Company does not expect any impact on its disclosures. In February 2015, the FASB issued guidance which amends certain consolidation requirements. The new guidance has the following stipulations, among others: (i) eliminates the presumption that a general partner should consolidate a limited partnership and eliminates the consolidation model specific to limited partnerships, (ii) clarifies when fees paid to a decision maker should be a factor to include in the consolidation of variable interest entities (“VIEs”), (iii) amends the guidance for assessing how relationships of related parties affect the consolidation analysis of VIEs, and (iv) reduces the number of VIE consolidation models from two to one by eliminating the indefinite deferral for certain investment funds. The guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early application is permitted. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. The Company is evaluating the impact of adoption of this guidance on its financial position and results of operations, as well as its disclosures. In July 2015, the FASB issued guidance which requires entities to measure most inventory “at the lower of cost and net realizable value (“NRV”),” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. Under the new guidance, inventory is “measured at the lower of cost and net realizable value,” which eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (NRV) or below the floor (NRV less a normal profit margin). The guidance defines NRV as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” The guidance is effective for annual periods beginning after December 15, 2016, and interim periods therein. Early application is permitted. The Company is evaluating the impact of adoption of this guidance on its financial position and results of operations.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS The Company’s business strategy involves selective acquisitions with a focus on core geographies and therapeutic classes. (a) Business combinations in 2015 included the following: Salix Description of the Transaction On April 1, 2015, the Company acquired Salix, pursuant to the Merger Agreement, among the Company, Valeant, Sun Merger Sub, Inc., a wholly owned subsidiary of Valeant (“Sun Merger Sub”), and Salix. Salix is a specialty pharmaceutical company dedicated to developing and commercializing prescription drugs and medical devices used in treatment of variety of gastrointestinal (GI) disorders with a portfolio of over 20 marketed products, including Xifaxan®, Uceris®, Apriso®, and Relistor®. In accordance with the terms of the Merger Agreement, Sun Merger Sub commenced a tender offer (the “Offer”) for all of Salix’s outstanding shares of common stock, par value $0.001 per share (the “Salix Shares”), at a purchase price of $173.00 per Salix Share, net to the holder in cash, without interest, less any applicable withholding taxes. The Offer expired on April 1, 2015, as scheduled. A sufficient number of Salix Shares were validly tendered in the Offer such that the minimum tender condition to the Offer was satisfied, and Sun Merger Sub accepted for payment all such tendered Salix Shares. Following the expiration of the Offer on April 1, 2015, Sun Merger Sub merged with and into Salix, with Salix surviving as a wholly owned subsidiary of Valeant (the “Merger”). The Merger was governed by Section 251(h) of the General Corporation Law of the State of Delaware, with no stockholder vote required to consummate the Merger. At the effective time of the Merger, each Salix Share then outstanding was converted into the right to receive $173.00 in cash, without interest, less any applicable withholding taxes, except for Salix Shares then owned by the Company or Salix or their respective wholly owned subsidiaries, which Salix Shares were cancelled for no consideration. In connection with the Merger, each unexpired and unexercised option to purchase Salix Shares (the “Salix Options”), whether or not then exercisable or vested, was cancelled and, in exchange therefor, each former holder of any such cancelled Salix Option was entitled to receive, a payment in cash (subject to any applicable withholding or other taxes required by applicable law to be withheld) of an amount equal to the product of (i) the total number of Salix Shares previously subject to such Salix Option and (ii) the excess, if any, of $173.00 over the exercise price per Salix Share previously subject to such Salix Option. Each unvested Salix Share subject to forfeiture restrictions, repurchase rights or other restrictions (the “Salix Restricted Stock”) automatically became fully vested and was cancelled and, in exchange therefor, each former holder of such cancelled Salix Restricted Stock was entitled to receive, a payment in cash (subject to any applicable withholding or other taxes required by applicable law to be withheld) equal to $173.00 per share of Salix Restricted Stock. The Salix Acquisition (including the Offer and the Merger), as well as related transactions and expenses, were funded through a combination of: (i) the proceeds from an issuance of senior unsecured notes that closed on March 27, 2015; (ii) the proceeds from incremental term loan commitments; (iii) the proceeds from a registered offering of Valeant’s common shares in the United States that closed on March 27, 2015; and (iv) cash on hand. For further information regarding the debt and equity issuances, see Note 8 and Note 11, respectively. Fair Value of Consideration Transferred The following table indicates the consideration transferred to effect the Salix Acquisition: (In millions except per share data) Conversion Calculation Fair Value Number of shares of Salix common stock outstanding as of acquisition date 64.3 Multiplied by Per Share Merger Consideration $ 173.00 $ 11,123.9 Number of outstanding stock options of Salix cancelled and exchanged for cash (a) 0.1 10.1 Number of outstanding restricted stock of Salix cancelled and exchanged for cash (a) 1.1 195.0 11,329.0 Less: Cash consideration paid for Salix’s restricted stock that was accelerated at the closing of the Salix Acquisition (a) (164.5 ) Add: Payment of Salix’s Term Loan B Credit Facility (b) 1,125.2 Add: Payment of Salix’s 6.00% Senior Notes due 2021 (b) 842.3 Total fair value of consideration transferred $ 13,132.0 ___________________________________ (a) The purchase consideration paid to holders of Salix stock options and restricted stock attributable to pre-combination services was included as a component of purchase price. Purchase consideration of $165 million paid for outstanding restricted stock that was accelerated by the Company in connection with the Salix Acquisition was excluded from purchase price and accounted for as post-combination expense within Other expense (income) in the second quarter of 2015. (b) The repayment of Salix’s Term Loan B Credit Facility has been reflected as part of the purchase consideration as the debt was repaid concurrently with the consummation of the Salix Acquisition and was not assumed by the Company as part of the acquisition. Similarly, the redemption of Salix’s 6.00% Senior Notes due 2021 has been reflected as part of the purchase consideration as the indenture governing the 6.00% Senior Notes due 2021 was satisfied and discharged concurrently with the consummation of the Salix Acquisition and was not assumed by the Company as part of the acquisition. Assets Acquired and Liabilities Assumed The transaction has been accounted for as a business combination under the acquisition method of accounting. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of acquisition date. Due to the timing of this acquisition, these amounts are provisional and subject to change. The Company will finalize these amounts as it obtains the information necessary to complete the measurement process. Any changes resulting from facts and circumstances that existed as of the acquisition date may result in retrospective adjustments to the provisional amounts recognized at the acquisition date. These changes could be significant. The Company will finalize these amounts no later than one year from the acquisition date. Amounts Recognized as of Acquisition Date Cash and cash equivalents $ 113.7 Inventories (a) 233.2 Other assets (b) 1,400.3 Property, plant and equipment, net 24.3 Identifiable intangible assets, excluding acquired IPR&D (c) 6,756.3 Acquired IPR&D (d) 5,366.8 Current liabilities (e) (1,764.2 ) Contingent consideration, including current and long-term portion (f) (327.9 ) Long-term debt, including current portion (g) (3,123.1 ) Deferred income taxes, net (h) (3,512.0 ) Other non-current liabilities (7.3 ) Total identifiable net assets 5,160.1 Goodwill (i) 7,971.9 Total fair value of consideration transferred $ 13,132.0 ________________________ (a) Includes an estimated fair value step-up adjustment to inventory of $108 million . (b) Primarily includes an estimated fair value of $1.27 billion to record the capped call transactions and convertible bond hedge transactions that were entered into by Salix prior to the Salix Acquisition in connection with its 1.5% Convertible Senior Notes due 2019 and 2.75% Convertible Senior Notes due 2015. These instruments were settled on the date of the Salix Acquisition and, as such, the fair value was based on the settlement amounts. Other current assets also includes an estimated insurance recovery of $80 million , based on estimated fair value, related to the legal matters discussed in (e) below. (c) The following table summarizes the provisional amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Date Product brands 10 $ 6,088.3 Corporate brand 20 668.0 Total identifiable intangible assets acquired 11 $ 6,756.3 (d) A multi-period excess earnings methodology (income approach) was used to determine the estimated fair values of the acquired in-process research and development (“IPR&D”) assets from a market participant perspective. The projected cash flows from these assets were adjusted for the probabilities of successful development and commercialization of each project, and the Company used risk-adjusted discount rates of 10%-11% to present value the projected cash flows. The IPR&D assets primarily relate to Xifaxan® 550 mg for the treatment of irritable bowel syndrome with diarrhea (new indication) in adults ("Xifaxan IBS-D"). In determining the fair value of Xifaxan IBS-D ( $4.79 billion as of the acquisition date), the Company assumed material cash inflows would commence in 2015. In May 2015, Xifaxan IBS-D received approval from the U.S. Food and Drug Administration (the "FDA"), and, accordingly, such asset has been reclassified to an amortizable intangible asset as of the approval date and is being amortized over a period of 10 years. Other IPR&D assets include, among others, Oral Relistor® for the treatment of opioid-induced constipation in adult patients with chronic non-cancer pain and Xifaxan® for the treatment of early decompensated liver cirrhosis. In determining the fair value of these two programs, the Company (i) estimated that it will incur development costs of approximately $90 million , in the aggregate, to complete development, and (ii) assumed material cash inflows for the Oral Relistor® and Xifaxan® programs would commence in 2017 and 2018, respectively. On June 23, 2015, the Company announced that it had submitted a New Drug Application to the FDA for Oral Relistor®. (e) Primarily includes an estimated fair value of $1.08 billion to record the warrant transactions that were entered into by Salix prior to the Salix Acquisition in connection with its 1.5% Convertible Senior Notes due 2019 (these instruments were settled on the date of the Salix Acquisition and, as such, the fair value was based on the settlement amounts), as well as accruals for (i) the estimated fair value of $336 million (exclusive of the related insurance recovery described in (b) above) for potential losses and related costs associated with legal matters relating to the legacy Salix business (See Note 15 for additional information regarding these legal matters) and (ii) product returns and rebates of $251 million . (f) The contingent consideration consists of potential payments to third parties including developmental milestone payments due upon specified regulatory achievements, commercialization milestones contingent upon achieving specified targets for net sales, and royalty-based payments. The range of potential milestone payments (excluding royalty-based payments) is from nil if none of the milestones are achieved to a maximum of up to approximately $650 million (the majority of which relates to sales-based milestones) over time if all milestones are achieved, in the aggregate, to third parties, including up to $250 million in developmental and sales-based milestones to Progenics Pharmaceuticals, Inc. related to Relistor® (including Oral Relistor®), and various other developmental and sales-based milestones. The total fair value of the contingent consideration of $328 million (including current portion of $11 million ) as of the acquisition date was determined using probability-weighted discounted cash flows. Refer to Note 5 for additional information regarding contingent consideration. (g) The following table summarizes the fair value of long-term debt assumed as of the acquisition date: Amounts Recognized as of Acquisition Date 1.5% Convertible Senior Notes due 2019 (1) $ 1,837.1 2.75% Convertible Senior Notes due 2015 (1) 1,286.0 Total long-term debt assumed $ 3,123.1 ____________________________________ (1) The Company subsequently redeemed these amounts in full in the second quarter of 2015, except for a nominal amount of the 1.5% Convertible Senior Notes due 2019. (h) Comprises deferred tax assets ( $237 million ) and deferred tax liabilities ( $3.75 billion ). (i) Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. None of the goodwill is expected to be deductible for tax purposes. The goodwill recorded represents the following: • the Company’s expectation to develop and market new product brands, product lines and technology; • cost savings and operating synergies expected to result from combining the operations of Salix with those of the Company; • the value of the continuing operations of Salix’s existing business (that is, the higher rate of return on the assembled net assets versus if the Company had acquired all of the net assets separately); and • intangible assets that do not qualify for separate recognition (for instance, Salix’s assembled workforce). The provisional amount of goodwill has been allocated to the Company’s Developed Markets segment . Acquisition-Related Costs The Company has incurred to date $13 million of transaction costs directly related to the Salix Acquisition, which includes expenditures for advisory, legal, valuation, accounting and other similar services. These costs have been expensed as acquisition-related costs. Revenue and Net Loss of Salix The revenues of Salix for the period from the acquisition date to June 30, 2015 were $313 million and net loss was $200 million . The net loss includes the effects of the acquisition accounting adjustments and acquisition-related costs. Other Business Combinations (excluding the Salix Acquisition) Description of the Transactions In the six-month period ended June 30, 2015 , the Company completed other business combinations, which included the February 23, 2015 acquisition of the assets of Dendreon Corporation ("Dendreon") and the February 10, 2015 acquisition of certain assets of Marathon Pharmaceuticals, LLC ("Marathon"), as well as other smaller acquisitions, for an aggregate purchase price of $1.07 billion . The Dendreon acquisition was completed via a "stalking horse bid" in a sales process conducted under the U.S. Bankruptcy Code for a purchase price of $415 million , net of cash received ( $495 million less cash received of $80 million ). The purchase price includes approximately $50 million in stock consideration, and such shares were issued in June 2015. The assets acquired from Dendreon included the worldwide rights to the Provenge® product (an immunotherapy treatment designed to treat men with advanced prostate cancer). The assets acquired from Marathon comprised a portfolio of hospital products, including Nitropress®, Isuprel®, Opium Tincture, Pepcid®, Seconal® Sodium, Amytal® Sodium, and Iprivask® for an aggregate purchase price of $286 million (which is net of a $64 million assumed liability owed to a third party which is reflected in the table below). The other business combinations (excluding the Salix Acquisition described earlier) completed during the six-month period ended June 30, 2015 included contingent consideration arrangements with an aggregate acquisition date fair value of $112 million , primarily driven by the contingent consideration liability assumed as part of the acquisition of certain assets of Marathon (as described further below). The smaller acquisitions not specifically identified above are not material individually or in the aggregate. The Dendreon and Marathon acquisitions, as well as the other smaller acquisitions, are included in the aggregated amounts presented below. Assets Acquired and Liabilities Assumed These transactions have been accounted for as business combinations under the acquisition method of accounting. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed related to the business combinations, in the aggregate, as of the applicable acquisition dates. The following recognized amounts related to the Dendreon and Marathon acquisition, as well as certain smaller acquisitions, are provisional and subject to change: • amounts for intangible assets, property and equipment, inventories, receivables and other working capital adjustments pending finalization of the valuation; • amounts for income tax assets and liabilities, pending finalization of estimates and assumptions in respect of certain tax aspects of the transaction; and • amount of goodwill pending the completion of the valuation of the assets acquired and liabilities assumed. The Company will finalize these amounts as it obtains the information necessary to complete the measurement processes. Any changes resulting from facts and circumstances that existed as of the acquisition dates may result in retrospective adjustments to the provisional amounts recognized at the acquisition dates. These changes could be significant. The Company will finalize these amounts no later than one year from the respective acquisition dates. Amounts Recognized as of Acquisition Dates Measurement Period Adjustments (a) Amounts Recognized as of June 30, 2015 (as adjusted) Cash $ 81.1 $ — $ 81.1 Accounts receivable (b) 25.4 — 25.4 Inventories 107.3 (0.3 ) 107.0 Other current assets 18.1 — 18.1 Property, plant and equipment 72.1 (14.3 ) 57.8 Identifiable intangible assets, excluding acquired IPR&D (c) 874.7 7.4 882.1 Acquired IPR&D 25.5 (1.5 ) 24.0 Other non-current assets 1.2 — 1.2 Deferred tax asset, net 5.8 3.2 9.0 Current liabilities (d) (92.8 ) — (92.8 ) Non-current liabilities (d) (96.0 ) — (96.0 ) Total identifiable net assets 1,022.4 (5.5 ) 1,016.9 Goodwill (e) 55.9 (0.9 ) 55.0 Total fair value of consideration transferred $ 1,078.3 $ (6.4 ) $ 1,071.9 ________________________ (a) The measurement period adjustments primarily relate to the Dendreon acquisition and reflect: (i) a reduction in the estimated fair value of property, plant and equipment driven by further assessment of the fair value of a manufacturing facility, (ii) refinements of the estimated fair value of intangible assets, and (iii) the tax impact of pre-tax measurement period adjustments. The measurement period adjustments were made to reflect facts and circumstances existing as of the acquisition date, and did not result from intervening events subsequent to the acquisition date. These adjustments did not have a significant impact on the Company’s previously reported consolidated financial statements and, therefore, the Company has not retrospectively adjusted those financial statements. (b) The gross contractual amount of trade accounts receivable acquired was $25 million , of which the Company expects a nominal amount will be uncollectible. (c) The following table summarizes the provisional amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Dates Measurement Period Adjustments Amounts Recognized as of June 30, 2015 (as adjusted) Product brands 7 $ 603.3 $ 0.5 $ 603.8 Product rights 3 42.6 0.4 43.0 Partner relationships 8 7.8 — 7.8 Technology/know-how 10 219.0 6.5 225.5 Other 6 2.0 — 2.0 Total identifiable intangible assets acquired 8 $ 874.7 $ 7.4 $ 882.1 (d) As part of the Marathon acquisition, the Company assumed a contingent consideration liability related to potential payments for Isuprel® and Nitropress®, the amounts of which are dependent on the timing of generic entrants for these products. The fair value of the liability as of the acquisition date was determined using probability-weighted projected cash flows, with $41 million classified in Current liabilities and $46 million classified in Non-current liabilities in the table above. As of June 30, 2015, the assumptions used for determining the fair value of the contingent consideration liability have not changed significantly from those used as of the acquisition date. During the second quarter of 2015, the Company made contingent consideration payments of $6 million related to the Marathon acquisition. (e) The goodwill relates primarily to the Marathon and other smaller acquisitions. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. Substantially all of the goodwill is expected to be deductible for tax purposes. The goodwill represents primarily the cost savings, operating synergies and other benefits expected to result from combining the operations with those of the Company. The provisional amount of goodwill has been allocated primarily to the Company’s Developed Markets segment. Acquisition-Related Costs The Company has incurred to date $7 million , in the aggregate, of transaction costs directly related to these business combinations, which includes expenditures for advisory, legal, valuation, accounting and other similar services. These costs have been expensed as acquisition-related costs. Revenue and Net Income The revenues of these business combinations for the period from the respective acquisition dates to June 30, 2015 were $366 million , in the aggregate, and net income was $91 million , in the aggregate. The net income includes the effects of the acquisition accounting adjustments and acquisition-related costs. (b) Business combinations in 2014 included the following: In the year ended December 31, 2014, the Company completed business combinations, which included the acquisition of the following businesses, for an aggregate purchase price of $1.42 billion . The aggregate purchase price included contingent consideration payment obligations with an aggregate acquisition date fair value of $133 million . • On July 7, 2014, the Company acquired all of the outstanding common stock of PreCision Dermatology, Inc. (“PreCision”) for an aggregate purchase price of $459 million . Under the terms of the merger agreement, the Company agreed to pay contingent consideration of $25 million upon the achievement of a sales-based milestone for 2014. The fair value of this contingent consideration was determined to be nominal as of the acquisition date, based on the sales forecast. As the sales-based milestone was not achieved, no such payment was made. The Company recognized a post-combination expense of $20 million within Other (income) expense in the third quarter of 2014 related to the acceleration of unvested stock options for PreCision employees. In connection with the acquisition of PreCision, the Company was required by the Federal Trade Commission (“FTC”) to divest the rights to PreCision’s Tretin-X® (tretinoin) cream product and PreCision’s generic tretinoin gel and cream products. PreCision develops and markets a range of medical dermatology products, treating a number of topical disease states such as acne and atopic dermatitis with products such as Locoid® and Clindagel®. • On January 23, 2014, the Company acquired all of the outstanding common stock of Solta Medical, Inc. (“Solta Medical”) for $293 million , which includes $2.92 per share in cash and $44 million for the repayment of Solta Medical’s long-term debt, including accrued interest. Solta Medical designs, develops, manufactures, and markets energy-based medical device systems for aesthetic applications, and its products include the Thermage CPT® system, the Fraxel® repair system, the Clear + Brilliant® system, and the Liposonix® system. • During the year ended December 31, 2014, the Company completed other smaller acquisitions, including the consolidation of variable interest entities, which are not material individually or in the aggregate. These acquisitions are included in the aggregated amounts presented below. Assets Acquired and Liabilities Assumed These transactions have been accounted for as business combinations under the acquisition method of accounting. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed related to the business combinations, in the aggregate, as of the applicable acquisition dates. The following recognized amounts related to certain smaller acquisitions are provisional and subject to change: • amounts for intangible assets, property and equipment, inventories, receivables and other working capital adjustments pending finalization of the valuation; • amounts for income tax assets and liabilities, pending finalization of estimates and assumptions in respect of certain tax aspects of the transaction; and • amount of goodwill pending the completion of the valuation of the assets acquired and liabilities assumed. The Company will finalize these amounts as it obtains the information necessary to complete the measurement processes. Any changes resulting from facts and circumstances that existed as of the acquisition dates may result in retrospective adjustments to the provisional amounts recognized at the acquisition dates. These changes could be significant. The Company will finalize these amounts no later than one year from the respective acquisition dates. Amounts Recognized as of Acquisition Dates Measurement Period Adjustments (a) Amounts Recognized as of June 30, 2015 (as adjusted) Cash and cash equivalents $ 33.6 $ 1.1 $ 34.7 Accounts receivable (b) 87.7 (5.9 ) 81.8 Assets held for sale (c) 125.7 (0.8 ) 124.9 Inventories 170.4 (15.8 ) 154.6 Other current assets 19.1 (4.8 ) 14.3 Property, plant and equipment, net 58.5 2.7 61.2 Identifiable intangible assets, excluding acquired IPR&D (d) 697.2 14.6 711.8 Acquired IPR&D (e) 65.8 (2.8 ) 63.0 Other non-current assets 4.0 (2.1 ) 1.9 Current liabilities (152.0 ) (21.8 ) (173.8 ) Long-term debt, including current portion (11.2 ) — (11.2 ) Deferred income taxes, net (116.0 ) 40.5 (75.5 ) Other non-current liabilities (13.4 ) (0.1 ) (13.5 ) Total identifiable net assets 969.4 4.8 974.2 Noncontrolling interest (15.0 ) 0.3 (14.7 ) Goodwill (f) 410.4 46.1 456.5 Total fair value of consideration transferred $ 1,364.8 $ 51.2 $ 1,416.0 ________________________ (a) The measurement period adjustments primarily reflect: (i) a net increase in the fair value of contingent consideration related to smaller acquisitions based on assessment of probability and timing assumptions for potential milestone payments, related to factors that existed as of the respective acquisition dates, (ii) a decrease in the net deferred tax liability primarily related to the PreCision and Solta Medical acquisitions, (iii) an increase in current liabilities primarily related to the PreCision acquisition and other smaller acquisitions, and (iii) a decrease in inventory primarily related to the Solta Medical acquisition and other smaller acquisitions. The measurement period adjustments were made to reflect facts and circumstances existing as of the acquisition date, and did not result from intervening events subsequent to the acquisition date. These adjustments did not have a significant impact on the Company’s previously reported consolidated financial statements and, therefore, the Company has not retrospectively adjusted those financial statements. (b) The fair value of trade accounts receivable acquired was $82 million , with the gross contractual amount being $88 million , of which the Company expects that $6 million will be uncollectible. (c) Assets held for sale relate to the Tretin-X® product rights and the product rights for the generic tretinoin gel and cream products acquired in the PreCision acquisition, which were subsequently divested in the third quarter of 2014. (d) The following table summarizes the provisional amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Dates Measurement Period Adjustments Amounts Recognized as of June 30, 2015 (as adjusted) Product brands 10 $ 506.0 $ (1.7 ) $ 504.3 Product rights 8 95.2 (3.3 ) 91.9 Corporate brand 15 28.9 1.7 30.6 In-licensed products 9 1.5 (0.3 ) 1.2 Partner relationships 9 37.5 4.2 41.7 Other 9 28.1 14.0 42.1 Total identifiable intangible assets acquired 10 $ 697.2 $ 14.6 $ 711.8 (e) The acquired IPR&D assets primarily relate to programs from smaller acquisitions. In addition, the Solta Medical acquisition includes a program for the development of a next generation Thermage® product. (f) The goodwill relates primarily to the PreCision and Solta Medical acquisitions. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. Substantially all of the goodwill is not expected to be deductible for tax purposes. The goodwill recorded from the PreCision and Solta Medical acquisitions represents the following: • cost savings, operating synergies and other benefits expected to result from combining the operations of PreCision and Solta Medical with those of the Company; • the Company’s expectation to develop and market new products and technology; and • intangible assets that do not qualify for separate recognition (for instance, PreCision’s and Solta Medical’s assembled workforces). The provisional amount of goodwill from the PreCision acquisition has been allocated to the Company’s Developed Markets segment ( $194 million ). The amount of goodwill from the Solta Medical acquisition has been allocated to both the Company’s Developed Markets segment ( $56 million ) and Emerging Markets segment ( $38 million ). Pro Forma Impact of Business Combinations The following table presents unaudited pro forma consolidated results of operations for the three-month and six-month periods ended June 30, 2015 and 2014 , as if the 2015 acquisitions had occurred as of January 1, 2014 and the 2014 acquisitions had occurred as of January 1, 2013. Three Months Ended Six Months Ended 2015 2014 2015 2014 Revenues $ 2,732.4 $ 2,595.7 $ 4,883.7 $ 5,055.1 Net loss attributable to Valeant Pharmaceuticals International, Inc. (24.9 ) (51.7 ) (329.6 ) (353.8 ) Loss per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (0.07 ) $ (0.15 ) $ (0.96 ) $ (1.03 ) Diluted $ (0.07 ) $ (0.15 ) $ (0.96 ) $ (1.03 ) Pro forma revenues in the three-month and six-month periods ended June 30, 2015 as compared to the three-month and six-month periods ended June 30, 2014 were impacted by the following: • growth from the existing business, including the impact of recent product launches; • negative foreign currency exchange impact; and • lower sales resulting from the July 2014 divestiture of facial aesthetic fillers and toxins. The unaudited pro forma consolidated results of operations were prepared using the acquisition method of accounting and are based on the historical financial information of the Company and the acquired businesses described above. Except to the extent realized in the three-month and six-month periods ended June 30, 2015 , the unaudited pro forma information does not reflect any cost savings, operating synergies and other benefits that the Company may achieve as a result of these acquisitions, or the costs necessary to achieve these cost savings, operating synergies and other benefits. In addition, except to the extent recognized in the three-month and six-month periods ended June 30, 2015 , the unaudited pro forma information does not reflect the costs to integrate the operations of the Company with those of the acquired businesses. The unaudited pro forma information is not necessarily indicative of what the Company’s consolidated results of operations actually would have been had the 2015 acquisitions and the 2014 acquisitions been completed on January 1, 2014 and January 1, 2013, respectively. In addition, the unaudited pro forma information does not purport to project the future results of operations of the Company. The unaudited pro forma information reflects primarily the following adjustments: • elimination of the historical intangible asset amortization expense of these acquisitions; • additional amortization expense related to the fair value of identifiable intangible assets acquired; • adjustments to depreciation expense related to fair value adjustments to property, plant and equipment acquired; • additional interest expense associated with financing obtained by the Company in connection with the Salix Acquisition; and • the exclusion from pro forma earnings in the three-month and six-month periods ended June 30, 2015 of the acquisition accounting adjustments on these acquisitions’ inventories that were sold subsequent to the acquisition date of $45 million and $3 million for the three-month

RESTRUCTURING, INTEGRATION AND

RESTRUCTURING, INTEGRATION AND OTHER COSTS	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
RESTRUCTURING, INTEGRATION AND OTHER COSTS	RESTRUCTURING, INTEGRATION AND OTHER COSTS In connection with the Salix Acquisition, the Bausch & Lomb Holdings Incorporated (“B&L”) acquisition (the "B&L Acquisition"), as well as other acquisitions, the Company has implemented cost-rationalization and integration initiatives to capture operating synergies and generate cost savings across the Company. These measures included: • workforce reductions across the Company and other organizational changes; • closing of duplicative facilities and other site rationalization actions company-wide, including research and development facilities, sales offices and corporate facilities; • leveraging research and development spend; and/or • procurement savings. Salix Acquisition-Related Cost-Rationalization and Integration Initiatives The Company estimates that it will incur total costs of approximately $300 million in connection with the cost-rationalization and integration initiatives relating to the Salix Acquisition, which we expect to substantially complete by mid 2016. Since the acquisition date, total costs of $124 million have been incurred through June 30, 2015 , including (i) $82 million of restructuring expenses, (ii) $29 million of integration expenses, and (iii) $13 million of acquisition-related costs. The estimate of total costs to be incurred primarily includes: employee termination costs payable to approximately 400 employees of the Company and Salix who have been or will be terminated as a result of the Salix Acquisition; IPR&D termination costs related to the transfer to other parties of product-development programs that do not align with our research and development model; costs to consolidate or close facilities and relocate employees; and contract termination and lease cancellation costs. Salix Restructuring Costs The following table summarizes the major components of the restructuring costs incurred in connection with the Salix Acquisition since the acquisition date through June 30, 2015 : Severance and Related Benefits IPR&D Termination Costs Contract Termination, Facility Closure and Other Costs Total Balance, January 1, 2015 $ — $ — $ — $ — Costs incurred and/or charged to expense 82.4 — — 82.4 Cash payments (25.7 ) — — (25.7 ) Non-cash adjustments 2.2 — — 2.2 Balance, June 30, 2015 $ 58.9 $ — $ — $ 58.9 Salix Integration Costs As mentioned above, the Company has incurred $29 million of integration costs related to the Salix Acquisition since the acquisition date, which related primarily to integration consulting, duplicate labor, transition service, and other costs. The Company made payments of $16 million related to Salix integration costs since the acquisition date. B&L Acquisition-Related Cost-Rationalization and Integration Initiatives The Company estimated that it will incur total costs of approximately $600 million (excluding charges of $53 million described under the table below) in connection with the cost-rationalization and integration initiatives relating to the B&L Acquisition, which were substantially completed by the end of 2014. However, restructuring and integration costs of $8 million , in the aggregate, have been incurred in 2015. Since the acquisition date, total costs of $577 million (including $52 million related to cost-rationalization measures at a contact lens manufacturing plant in Waterford, Ireland, as described below) were incurred through June 30, 2015 , including (i) $307 million of restructuring expenses, (ii) $257 million of integration expenses, and (iii) $13 million of acquisition-related costs. The estimate of total costs to be incurred primarily includes: employee termination costs payable to approximately 3,000 employees of the Company and B&L who have been or will be terminated as a result of the B&L Acquisition; IPR&D termination costs related to the transfer to other parties of product-development programs that did not align with our research and development model; costs to consolidate or close facilities and relocate employees; and contract termination and lease cancellation costs. B&L Restructuring Costs The following table summarizes the major components of the restructuring costs incurred in connection with the B&L Acquisition since the acquisition date through June 30, 2015 : Employee Termination Costs IPR&D Termination Costs Contract Termination, Facility Closure and Other Costs Severance and Related Benefits Share-Based Compensation (1) Total Balance, January 1, 2013 $ — $ — $ — $ — $ — Costs incurred and/or charged to expense 155.7 52.8 — 25.6 234.1 Cash payments (77.8 ) (52.8 ) — (7.8 ) (138.4 ) Non-cash adjustments 11.4 — — (6.8 ) 4.6 Balance, December 31, 2013 $ 89.3 $ — $ — $ 11.0 $ 100.3 Costs incurred and charged to expense 46.0 — — 23.7 69.7 Cash payments (110.7 ) — — (24.9 ) (135.6 ) Non-cash adjustments (5.7 ) — — (5.4 ) (11.1 ) Balance, December 31, 2014 (2) $ 18.9 $ — $ — $ 4.4 $ 23.3 Costs incurred and charged to expense 3.0 — — 0.9 3.9 Cash payments (12.6 ) — — (1.3 ) (13.9 ) Non-cash adjustments (1.5 ) — — (1.2 ) (2.7 ) Balance, March 31, 2015 $ 7.8 $ — $ — $ 2.8 $ 10.6 Costs incurred and charged to expense (0.5 ) — — 0.1 (0.4 ) Cash payments (3.7 ) — — (0.1 ) (3.8 ) Non-cash adjustments 0.3 — — — 0.3 Balance, June 30, 2015 $ 3.9 $ — $ — $ 2.8 $ 6.7 ___________________________________ (1) Relates to B&L’s previously cancelled performance-based options and the acceleration of unvested stock options for B&L employees as a result of the B&L Acquisition were recognized in Other expense (income). (2) In the six-month period ended June 30, 2014 , the Company recognized $52 million of restructuring charges and made payments of $82 million related to the B&L Acquisition. B&L Integration Costs As mentioned above, the Company has incurred $257 million of integration costs related to the B&L Acquisition since the acquisition date. In the six-month periods ended June 30, 2015 and 2014 , the Company incurred $8 million and $100 million , respectively, of integration costs related to the B&L Acquisition, which related primarily to integration consulting, duplicate labor, transition service, and other costs. The Company made payments of $10 million and $112 million related to B&L integration costs during the six-month periods ended June 30, 2015 and 2014 , respectively. In addition to the restructuring and integration costs described above, the Company has recognized $52 million of restructuring costs related to a contact lens manufacturing plant in Waterford, Ireland (the plant was acquired as part of the B&L Acquisition) since the acquisition date (substantially all of which were recognized in the second quarter of 2014). These costs related to employee termination costs with respect to cost-rationalization measures. A reduction of $4 million was recognized in the three-month and six-month periods ended June 30, 2015 based on revised estimates. The Company made payments of $19 million in the six-month period ended June 30, 2015 with respect to this initiative. The Company did not make any payments in the three-month period ended June 30, 2014 with respect to this initiative. Other Restructuring and Integration-Related Costs (Excluding Salix and B&L) In the six-month period ended June 30, 2015 , in addition to the restructuring and integration costs associated with the Salix Acquisition and the B&L Acquisition described above, the Company incurred an additional $79 million of other restructuring, integration-related and other costs. These costs included (i) $52 million of integration consulting, duplicate labor, transition service, and other costs, (ii) $24 million of severance costs, (iii) $2 million of facility closure costs, and (iv) $1 million of other costs. These costs primarily related to integration and restructuring costs for the Dendreon and other smaller acquisitions. The Company made payments of $54 million during the six-month period ended June 30, 2015 (in addition to the payments related to the Salix Acquisition and the B&L Acquisition described above). In the six-month period ended June 30, 2014 , in addition to the restructuring and integration costs associated with the B&L Acquisition described above, the Company incurred an additional $68 million of other restructuring, integration-related and other costs. These costs included (i) $46 million of integration consulting, duplicate labor, transition service, and other costs, (ii) $12 million of severance costs, (iii) $6 million of other costs, and (iv) $4 million of facility closure costs. These costs primarily related to (i) integration and restructuring costs for Solta Medical and other smaller acquisitions and (ii) intellectual property migration and the global consolidation of the Company’s manufacturing facilities. The Company made payments of $58 million during the six-month period ended June 30, 2014 (in addition to the payments related to the B&L Acquisition described above).

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value measurements are estimated based on valuation techniques and inputs categorized as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities; • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market activity and that are financial instruments whose values are determined using discounted cash flow methodologies, pricing models, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following fair value hierarchy table presents the components and classification of the Company’s financial assets and liabilities measured at fair value as of June 30, 2015 and December 31, 2014 : As of June 30, 2015 As of December 31, 2014 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents (1) $ 484.9 $ 481.9 $ 3.0 $ — $ 4.6 $ 2.8 $ 1.8 $ — Restricted cash and cash equivalents $ 8.1 $ 8.1 $ — $ — $ 9.1 $ 9.1 $ — $ — Liabilities: Acquisition-related contingent consideration $ (705.8 ) $ — $ — $ (705.8 ) $ (308.8 ) $ — $ — $ (308.8 ) ___________________________________ (1) Cash equivalents include highly liquid investments with an original maturity of three months or less at acquisition, primarily including money market funds, reflected in the balance sheet at carrying value, which approximates fair value due to their short-term nature. In March 2015, the Company entered into foreign currency forward-exchange contracts to sell €1.53 billion and buy U.S. Dollars in order to reduce its exposure to the variability in expected cash inflows attributable to the changes in foreign exchange rates related to the €1.50 billion aggregate principal amount and related interest of 4.50% senior unsecured notes due 2023 (the "Euro Notes") issued on March 27, 2015, the proceeds of which were used to finance the Salix Acquisition (see Note 8 on the closing of the Salix Acquisition). These derivative contracts were not designated as hedges for accounting purposes, and such contracts matured on April 1, 2015 (which coincides with the consummation of the Salix Acquisition). A foreign exchange loss of $26 million was recognized in Foreign exchange and other in the consolidated statement of income (loss) for the three-month period ended March 31, 2015. In addition to the above, the Company has time deposits valued at cost, which approximates fair value due to their short-term maturities. The carrying value of $25 million and $43 million as of June 30, 2015 and December 31, 2014 , respectively, related to these investments is classified within Prepaid expenses and other current assets in the consolidated balance sheets. These investments are Level 2. There were no transfers between Level 1 and Level 2 during the six-month period ended June 30, 2015 . Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) The fair value measurement of contingent consideration obligations arising from business combinations is determined using unobservable (Level 3) inputs. These inputs include (i) the estimated amount and timing of projected cash flows; (ii) the probability of the achievement of the factor(s) on which the contingency is based; and (iii) the risk-adjusted discount rate used to present value the probability-weighted cash flows. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3) for the six-month period ended June 30, 2015 : Balance, January 1, 2015 Issuances (a) Payments (b) Net Unrealized Loss (c) Foreign Exchange (d) Release from Restricted Cash Balance, June 30, 2015 Acquisition-related contingent consideration $ (308.8 ) $ (477.3 ) $ 93.1 $ (18.8 ) $ 2.0 $ 4.0 $ (705.8 ) ____________________________________ (a) Primarily relates to contingent consideration liabilities assumed in the Salix and Marathon acquisitions, as well as the impact of measurement period adjustments, as described in Note 3. (b) Primarily relates to payments of acquisition-related contingent consideration related to the OraPharma Topco Holdings, Inc. acquisition consummated in June 2012, the Targretin® agreement entered into with Eisai Inc. in February 2013, and the Elidel®/Xerese®/Zovirax® agreement entered into with Meda Pharma SARL in June 2011 (the "Elidel®/Xerese®/Zovirax® agreement"). (c) For the six-month period ended June 30, 2015 , a net loss of $19 million was recognized as Acquisition-related contingent consideration in the consolidated statements of (loss) income, primarily reflecting accretion for the time value of money for the Elidel®/Xerese®/Zovirax® agreement and the Salix Acquisition. (d) Included in other comprehensive income (loss). For the six-month period ended June 30, 2015 , there were no transfers into or out of Level 3. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis There were no significant assets or liabilities that were re-measured at fair value on a non-recurring basis subsequent to initial recognition in the six-month period ended June 30, 2015 .

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The components of inventories as of June 30, 2015 and December 31, 2014 were as follows: As of As of Raw materials (1) $ 260.6 $ 191.1 Work in process (1) 125.9 94.2 Finished goods (1) 843.0 665.3 $ 1,229.5 $ 950.6 ___________________________________ (1) The components of inventories shown in the table above are net of allowance for obsolescence.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL Intangible Assets The major components of intangible assets as of June 30, 2015 and December 31, 2014 were as follows: As of June 30, 2015 As of December 31, 2014 Gross Carrying Amount Accumulated Amortization, Including Impairments Net Carrying Amount Gross Carrying Amount Accumulated Amortization, Including Impairments Net Carrying Amount Finite-lived intangible assets: Product brands $ 21,591.1 $ (3,988.8 ) $ 17,602.3 $ 10,320.2 $ (3,579.8 ) $ 6,740.4 Corporate brands 1,020.5 (80.6 ) 939.9 364.2 (65.2 ) 299.0 Product rights 3,250.9 (1,473.4 ) 1,777.5 3,225.9 (1,263.8 ) 1,962.1 Partner relationships 213.4 (114.1 ) 99.3 223.1 (107.5 ) 115.6 Technology and other 518.2 (363.2 ) 155.0 275.5 (124.3 ) 151.2 Total finite-lived intangible assets 26,594.1 (6,020.1 ) 20,574.0 14,408.9 (5,140.6 ) 9,268.3 Indefinite-lived intangible assets: Acquired IPR&D (1) 878.2 — 878.2 290.1 — 290.1 Corporate brand (2) 1,697.5 — 1,697.5 1,697.5 — 1,697.5 $ 29,169.8 $ (6,020.1 ) $ 23,149.7 $ 16,396.5 $ (5,140.6 ) $ 11,255.9 ____________________________________ (1) The Company acquired certain IPR&D assets as part of the Salix Acquisition, as described further in Note 3. Also, in the second quarter of 2015, the Company wrote-off an IPR&D asset of $12 million related to the Arestin ® Peri-Implantitis development program (Developed Markets segment), resulting from analysis of Phase 3 study data. The write-off of the IPR&D asset was recognized in In-process research and development impairments and other charges in the consolidated statement of (loss) income. (2) Represents the B&L corporate trademark, which has an indefinite useful life and is therefore not amortized. Estimated aggregate amortization expense, as of June 30, 2015 , for each of the five succeeding years ending December 31 is as follows: 2015 2016 2017 2018 2019 Amortization expense (1) $ 2,218.0 $ 2,520.3 $ 2,493.7 $ 2,361.5 $ 2,223.7 ____________________________________ (1) Estimated amortization expense shown in the table above does not include potential future impairments of finite-lived intangible assets. Goodwill The changes in the carrying amount of goodwill in the six-month period ended June 30, 2015 were as follows: Developed Markets Emerging Markets Total Balance, January 1, 2015 $ 7,115.0 $ 2,231.4 $ 9,346.4 Additions (a) 8,017.5 9.4 8,026.9 Adjustments (b) 49.7 0.5 50.2 Foreign exchange and other (119.3 ) (71.1 ) (190.4 ) Balance, June 30, 2015 $ 15,062.9 $ 2,170.2 $ 17,233.1 ____________________________________ (a) Primarily relates to the Salix Acquisition (as described in Note 3). (b) Primarily reflects the impact of measurement period adjustments related to the PreCision acquisition and other smaller acquisitions. As described in Note 3, the allocations of the goodwill balance associated with the Salix Acquisition and certain other acquisitions are provisional and subject to the completion of the valuation of the assets acquired and liabilities assumed.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT A summary of the Company’s consolidated long-term debt as of June 30, 2015 and December 31, 2014 , respectively, is outlined in the table below: Maturity Date As of As of December 31, 2014 Revolving Credit Facility (1) April 2018 $ — $ 165.0 Series A-1 Tranche A Term Loan Facility (1) April 2016 139.3 139.3 Series A-2 Tranche A Term Loan Facility (1) April 2016 135.9 135.5 Series A-3 Tranche A Term Loan Facility (1) October 2018 1,876.2 1,633.8 Series A-4 Tranche A Term Loan Facility (1) April 2020 974.6 — Series D-2 Tranche B Term Loan Facility (1) February 2019 1,084.1 1,088.4 Series C-2 Tranche B Term Loan Facility (1) December 2019 832.3 835.0 Series E-1 Tranche B Term Loan Facility (1) August 2020 2,529.4 2,543.8 Series F Tranche B Term Loan Facility (1) April 2022 4,070.0 — Senior Notes: 6.875% December 2018 — 496.6 7.00% October 2020 687.7 687.5 6.75% August 2021 645.8 645.4 7.25% July 2022 541.5 540.9 6.375% October 2020 2,224.0 2,221.6 6.75% August 2018 1,586.6 1,584.5 7.50% July 2021 1,608.3 1,606.9 5.625% December 2021 892.7 891.8 5.50% March 2023 990.0 — 5.375% March 2020 1,976.5 — 5.875% May 2023 3,211.0 — 4.50% (2) May 2023 1,652.0 — 6.125% April 2025 3,210.8 — Other (3) Various 12.4 12.9 30,881.1 15,228.9 Less current portion (590.9 ) (0.9 ) Total long-term debt $ 30,290.2 $ 15,228.0 ____________________________________ (1) Together, the “Senior Secured Credit Facilities” under the Company’s Third Amended and Restated Credit and Guaranty Agreement, as amended (the “Credit Agreement”). (2) Represents the U.S. dollar equivalent of Euro-denominated debt (discussed below). (3) Relates primarily to the debentures assumed in the B&L Acquisition. The Company’s Senior Secured Credit Facilities and indentures related to its senior notes contain customary covenants, including, among other things, and subject to certain qualifications and exceptions, covenants that restrict the Company’s ability and the ability of its subsidiaries to: incur or guarantee additional indebtedness; create or permit liens on assets; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; make certain investments and other restricted payments; engage in mergers, acquisitions, consolidations and amalgamations; transfer and sell certain assets; and engage in transactions with affiliates. The Company’s Senior Secured Credit Facilities also contain specified financial covenants (consisting of a secured leverage ratio and an interest coverage ratio), various customary affirmative covenants and specified events of default. The Company’s indentures also contain certain customary affirmative covenants and specified events of default. As of June 30, 2015 , the Company was in compliance with all covenants related to the Company’s outstanding debt. The total fair value of the Company’s long-term debt, with carrying values of $30.88 billion and $15.23 billion at June 30, 2015 and December 31, 2014 , was $31.85 billion and $15.78 billion , respectively. The fair value of the Company’s long-term debt is estimated using the quoted market prices for the same or similar debt issuances (Level 2). Senior Secured Credit Facilities On January 22, 2015, the Company and certain of its subsidiaries, as guarantors, entered into joinder agreements to allow for an increase in commitments under the Revolving Credit Facility to $1.50 billion and the issuance of $250 million in incremental term loans under the Series A-3 Tranche A Term Loan Facility. The Revolving Credit Facility and the Series A-3 Tranche A Term Loan Facility terms remained unchanged. On March 5, 2015, the Company entered into an amendment to the Credit Agreement to implement certain revisions in connection with the Salix Acquisition. The amendment, among other things, permitted the Salix Acquisition and the refinancing, repayment, termination and discharge of Salix's outstanding indebtedness, as well as the issuance of senior unsecured notes to be used to fund the Salix Acquisition (as described below). The amendment also modified the interest coverage ratio financial maintenance covenant applicable to the Company through March 31, 2016. Concurrently with the Salix Acquisition on April 1, 2015, the Company obtained incremental term loan commitments in the aggregate principal amount of $5.15 billion (the "Incremental Term Loan Facilities") under its existing Credit Agreement. The Incremental Term Loan Facilities, which were fully drawn in the second quarter of 2015, consist of (1) $1.00 billion of tranche A term loans (the "Series A-4 Tranche A Term Loan Facility"), bearing interest at a rate per annum equal to, at the election of the Company, (i) the base rate plus a range between 0.75% and 1.25% or (ii) LIBO rate plus a range between 1.75% and 2.25% , in each case, depending on the Company's leverage ratio and having terms that are consistent with the Company's existing tranche A term loans, and (2) $4.15 billion of tranche B term loans (the "Series F Tranche B Term Loan Facility"), bearing interest at a rate per annum equal to, at election of the Company, (i) the base rate plus a range between 2.00% and 2.25% or (ii) LIBO rate plus a range between 3.00% and 3.25% , depending on the Company's secured leverage ratio and subject to a 1.75% base rate floor and 0.75% LIBO rate floor, and having terms that are consistent with the Company's existing tranche B term loans. In connection with the issuance of the Incremental Term Loan Facilities the Company incurred a total of approximately $85 million of costs and fees (treated as a deduction to Long-term debt), including an original issue discount of approximately $21 million . The Series A-4 Tranche A Term Loan Facility matures on April 1, 2020 and amortizes quarterly commencing June 30, 2015 at the initial annual rate of 5% . The amortization schedule under the Series A-4 Tranche A Term Loan Facility will increase to 10% annually commencing June 30, 2016 and 20% annually commencing June 30, 2017, payable in quarterly installments. The Series F Tranche B Term Loan Facility matures on April 1, 2022 and amortizes quarterly commencing June 30, 2015 at an annual rate of 1% . On May 29, 2015, the Company and certain of its subsidiaries, as guarantors, entered into Amendment No. 11 to the Credit Agreement to reprice the Series D-2 Tranche B Term Loan Facility. The applicable margins for borrowings under the Series D-2 Tranche B Term Loan Facility, as modified by the repricing, are initially 1.75% with respect to base rate borrowings and 2.75% with respect to LIBO rate borrowings, then, upon delivery of the financial statements of the Company for the fiscal quarter ending September 30, 2015, between 1.50% and 1.75% for base rate borrowings and between 2.50% and 2.75% for LIBO rate borrowings, in each case, based on the secured leverage ratio of the Company for each fiscal quarter for which financial statements are delivered as required under the Credit Agreement, subject to a 1.75% base rate floor and a 0.75% LIBO rate floor. Any prepayment of the Series D-2 Tranche B Term Loan Facility in connection with any repricings or refinancings thereof prior to November 29, 2015 will require a prepayment premium of 1.0% of such loans prepaid. Costs and fees incurred in connection with the repricing of the Series D-2 Tranche B Term Loan Facility were nominal. For the six-month period ended June 30, 2015 , the effective rate of interest on the Company’s borrowings was as follows: (i) 2.42% per annum under the Revolving Credit Facility, (ii) 2.29% per annum under both the Series A-1 Tranche A Term Loan Facility and the Series A-2 Tranche A Term Loan Facility, (iii) 2.28% per annum under the Series A-3 Tranche A Term Loan Facility, (iv) 2.44% per annum under the Series A-4 Tranche A Term Loan Facility, (v) 3.50% per annum under the Series D-2 Tranche B Term Loan Facility, the Series C-2 Tranche B Term Loan Facility, and the Series E-1 Tranche B Term Loan Facility, and (vi) 4.00% per annum under the Series F Tranche B Term Loan Facility. 5.50% Senior Notes due 2023 On January 30, 2015, the Company issued $1.00 billion aggregate principal amount of the 5.50% senior unsecured notes due 2023 ("2023 Notes") in a private placement. The 2023 Notes mature on March 1, 2023 and bear interest at the rate of 5.50% per annum, payable semi-annually in arrears, commencing on September 1, 2015. In connection with the issuance of the 2023 Notes, the Company incurred approximately $8 million in underwriting fees, which were recognized as debt issue discount and resulted in net proceeds of $992 million . The 2023 Notes are guaranteed by each of the Company’s subsidiaries that is a guarantor of the Company’s existing Senior Secured Credit Facilities. The net proceeds of the 2023 Notes offering were used to (i) redeem all of the outstanding 6.875% senior notes on February 17, 2015, as described below, (ii) repay amounts drawn under the Revolving Credit Facility, and (iii) for general corporate purposes. The indenture governing the terms of the 2023 Notes provides that at any time prior to March 1, 2018, the Company may redeem up to 40% of the aggregate principal amount of the 2023 Notes using the proceeds of certain equity offerings at a redemption price of 105.50% of the principal amount of the 2023 Notes, plus accrued and unpaid interest to the date of redemption. On or after March 1, 2018, the Company may redeem all or a portion of the 2023 Notes at the redemption prices applicable to the 2023 Notes, as set forth in the 2023 Notes indenture, plus accrued and unpaid interest to the date of redemption. If the Company experiences a change in control, the Company may be required to repurchase the 2023 Notes, in whole or in part, at a purchase price equal to 101% of the aggregate principal amount of the 2023 Notes repurchased, plus accrued and unpaid interest to, but excluding the applicable purchase date of the 2023 Notes. 6.875% Senior Notes On February 17, 2015, Valeant redeemed $500 million of the outstanding principal amount of its 6.875% senior notes due December 2018 (the "December 2018 Notes") for $524 million , including a call premium of $17 million , plus accrued and unpaid interest, and satisfied and discharged the December 2018 Notes indenture. In connection with this transaction, the Company recognized a loss on extinguishment of debt of $20 million in the three-month period ended March 31, 2015. Senior Unsecured Notes On March 27, 2015, VRX Escrow Corp. (the "Issuer"), a newly formed wholly owned Canadian subsidiary of the Company, issued $2 billion aggregate principal amount of 5.375% senior unsecured notes due 2020 (the "2020 Notes"), $3.25 billion aggregate principal amount of 5.875% senior unsecured notes due 2023 (the "May 2023 Notes"), €1.50 billion aggregate principal amount of the Euro Notes, and $3.25 billion aggregate principal amount of 6.125% senior unsecured notes due 2025 (the "2025 Notes" and, together with the 2020 Notes, the May 2023 Notes and the Euro Notes, the "Notes") in a private placement. In connection with the issuance of the Notes, the Company incurred approximately $114 million in underwriting fees, in the aggregate, which were recognized as debt issue discount in the first quarter of 2015. In addition, the Issuer entered into an escrow and security agreement (the “Escrow Agreement”) dated as of March 27, 2015, with an escrow agent. Pursuant to the Escrow Agreement, the proceeds from the issuance of the Notes, together with cash sufficient to fund certain accrued and unpaid interest on the Notes, totaling $10.34 billion in the aggregate, were deposited into escrow accounts and held as collateral security for the Issuer’s obligations until the consummation of the Salix Acquisition which occurred on April 1, 2015. At the time of the closing of the Salix Acquisition in April 2015, (1) the Issuer was voluntarily liquidated and all of its obligations were assumed by, and all of its assets were distributed to, the Company, (2) the Company assumed all of the Issuer's obligations under the Notes and the related indenture and (3) the funds previously held in escrow were released to the Company and were used to finance the Salix Acquisition (as such, the $10.34 billion referenced in the preceding paragraph was released from Restricted cash and cash equivalents in April 2015.) The net proceeds from the issuance of the Notes, together with borrowings under the Company's Incremental Term Loan Facilities (described above), equity financing (described in Note 11) and cash on hand, were used to fund (i) the transactions contemplated by the Merger Agreement, (ii) the refinancing, repayment, termination and discharge of Salix’s outstanding indebtedness, and (iii) certain transaction expenses. The 2020 Notes will mature on March 15, 2020 and bear interest at the rate of 5.375% per annum, payable semi-annually in arrears, commencing on September 15, 2015. The May 2023 Notes and the Euro Notes will mature on May 15, 2023 and bear interest at the rate of 5.875% and 4.50% per annum, respectively, payable semi-annually in arrears, commencing on November 15, 2015. The 2025 Notes will mature on April 15, 2025 and bear interest at the rate of 6.125% per annum, payable semi-annually in arrears, commencing on October 15, 2015. The Notes are guaranteed by each of the Company’s subsidiaries that is a guarantor of the Company’s existing Senior Secured Credit Facilities. The indenture governing the terms of the Notes provides that the Company may redeem up to 40% of the aggregate principal amount of each series of the Notes using the proceeds of certain equity offerings, subject to specified conditions, at any time prior to (i) March 15, 2017 with respect to the 2020 Notes and at a redemption price of 105.375% of the principal amount of the 2020 Notes, plus accrued and unpaid interest to the date of the redemption, (ii) May 15, 2018 with respect to the May 2023 Notes and at a redemption price of 105.875% of the principal amount of the May 2023 Notes, plus accrued and unpaid interest to the date of the redemption, (iii) May 15, 2018 with respect to the Euro Notes and at a redemption price of 104.50% of the principal amount of the Euro Notes, plus accrued and unpaid interest to the date of the redemption, and (iv) April 15, 2018 with respect to the 2025 Notes and at a redemption price of 106.125% of the principal amount of the 2025 Notes, plus accrued and unpaid interest to the date of the redemption. On or after March 15, 2017, May 15, 2018, May 15, 2018, and April 15, 2020, the Company may redeem all or a portion of the 2020 Notes, the May 2023 Notes, the Euro Notes, and the 2025 Notes, respectively, at the redemption prices applicable to each series of the Notes, as set forth in the indenture. If the Company experiences a change in control, the Company may be required to repurchase the Notes, as applicable, in whole or in part, at a purchase price equal to 101% of the aggregate principal amount of the applicable series of the Notes repurchased, plus accrued and unpaid interest to, but excluding the applicable purchase date of such series of the Notes. Convertible Notes The convertible notes assumed as of the acquisition date by the Company in connection with the Salix Acquisition consisted of two tranches: (i) 2.75% senior notes due May 15, 2015 (the “ 2.75% Convertible Notes”), with an outstanding principal amount of $345 million and (ii) 1.5% convertible senior notes due March 15, 2019 (the “ 1.5% Convertible Notes”), with an outstanding principal amount of $690 million . In connection with the completion of the Salix Acquisition, the Company and the trustee of each of the convertible notes entered into a supplemental indenture on April 1, 2015, providing that, at and after the effective time of the Salix Acquisition, the right to convert each $1,000 principal amount of any notes into cash, shares of common stock of Salix or a combination of cash and shares of common stock of Salix at the Company's election, has been changed to a right to convert each $1,000 principal amount of such notes into cash. During the second quarter of 2015, all of the outstanding principal amount of the 2.75% Convertible Notes were settled in cash at an average price of $3,729.46 per $1,000 principal amount of the notes, plus accrued interest, and all of the outstanding principal amount of the 1.5% Convertible Notes, except for a nominal amount, were settled in cash at an average price of $2,663.26 per $1,000 principal amount of the notes. The remaining outstanding principal amount of the 1.5% Convertible Notes will be converted at a conversion price of $2,628.68 per $1,000 principal amount of the notes when surrendered by the noteholders for conversion. Commitment Letter In connection with the Salix Acquisition (see Note 3), the Company entered into a commitment letter dated as of February 20, 2015 (as amended and restated as of March 8, 2015, the “Commitment Letter”), with a syndicate of banks, led by Deutsche Bank and HSBC. Pursuant to the Commitment Letter, commitment parties committed to provide (i) incremental term loans pursuant to the Credit Agreement of up to $5.55 billion and (ii) senior unsecured increasing rate bridge loans under a new senior unsecured bridge facility of up to $9.60 billion . Subsequently, the Company obtained $15.25 billion in debt financing comprised of a combination of the incremental term loan facilities under the Company's existing Credit Agreement in an aggregate principal amount of $5.15 billion and the issuance of the Notes in the U.S. dollar equivalent aggregate principal amount of approximately $10.1 billion , as described above. In the first quarter of 2015, the Company expensed $72 million of financing costs associated with the Commitment Letter to Interest expense in the consolidated statement of income (loss). In addition, on March 27, 2015, the Company issued new equity of approximately $1.45 billion to fund the Salix Acquisition (see Note 11 for further information regarding the equity issuance).

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION In May 2014, shareholders approved the Company’s 2014 Omnibus Incentive Plan (the “2014 Plan”) which replaced the Company’s 2011 Omnibus Incentive Plan (the “2011 Plan”) for future equity awards granted by the Company. The Company transferred the common shares available under the 2011 Plan to the 2014 Plan. The maximum number of common shares that may be issued to participants under the 2014 Plan is equal to 18,000,000 common shares, plus the number of common shares under the 2011 Plan reserved but unissued and not underlying outstanding awards, plus the number of common shares becoming available for reuse after awards are terminated, forfeited, cancelled, exchanged or surrendered under the 2011 Plan and the Company’s 2007 Equity Compensation Plan. The Company registered, in the aggregate, 20,000,000 common shares of common stock for issuance under the 2014 Plan. Approximately 14,458,169 shares were available for future grants as of June 30, 2015. The Company uses reserved and unissued common shares to satisfy its obligation under its share-based compensation plans. The following table summarizes the components and classification of share-based compensation expense related to stock options and restricted share units (“RSUs”) for the three-month and six-month periods ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended 2015 2014 2015 2014 Stock options $ 3.5 $ 4.2 $ 7.4 $ 9.3 RSUs 22.4 11.4 53.5 31.1 Share-based compensation expense $ 25.9 $ 15.6 $ 60.9 $ 40.4 Research and development expenses $ 1.5 $ 1.4 $ 3.0 $ 2.8 Selling, general and administrative expenses 24.4 14.2 57.9 37.6 Share-based compensation expense $ 25.9 $ 15.6 $ 60.9 $ 40.4 In the six-month periods ended June 30, 2015 and 2014 , the Company granted approximately 97,000 stock options with a weighted-average exercise price of $201.70 per option and approximately 261,000 stock options with a weighted-average exercise price of $117.83 per option, respectively. The weighted-average fair values of all stock options granted to employees in the six-month periods ended June 30, 2015 and 2014 were $66.81 and $62.15 , respectively. In the six-month periods ended June 30, 2015 and 2014 , the Company granted approximately 45,000 time-based RSUs with a weighted-average grant date fair value of $224.45 per RSU and approximately 91,000 time-based RSUs with a weighted-average grant date fair value of $135.42 per RSU, respectively. In the six-month periods ended June 30, 2015 and 2014 , the Company granted approximately 693,000 performance-based RSUs with a weighted-average grant date fair value of $310.56 per RSU and approximately 410,000 performance-based RSUs with a weighted-average grant date fair value of $209.72 per RSU, respectively. On June 30, 2015, an executive terminated his employment and has subsequently entered into a consulting service agreement with the Company through January 2016. As a result, the outstanding awards held by the executive were modified to allow the recipient to continue vesting in those awards as service is rendered. Share-based compensation expense previously recognized of $6 million related to the original awards was reversed in the second quarter of 2015 when such awards were deemed improbable of vesting. The modified awards will be re-measured at fair value, at each reporting period, until a performance commitment is reached or the performance is complete. The value of the modified awards will be recognized as expense over the requisite service period. As of June 30, 2015 , the total remaining unrecognized compensation expense related to non-vested stock options, time-based RSUs and performance-based RSUs amounted to $365 million , in the aggregate, which will be amortized over a weighted-average period of 3.42 years.

PENSION AND POSTRETIREMENT EMPL

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS	PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS The Company sponsors defined benefit plans and a participatory defined benefit postretirement medical and life insurance plan, which covers certain U.S. employees and employees in certain other countries. Net Periodic (Benefit) Cost The following table provides the components of net periodic (benefit) cost for the Company’s defined benefit pension plans and postretirement benefit plan for the three-month and six-month periods ended June 30, 2015 and 2014 : Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans Three Months Ended June 30, 2015 2014 2015 2014 2015 2014 Service cost $ 0.4 $ 0.1 $ 0.8 $ 1.0 $ 0.5 $ 0.4 Interest cost 2.4 2.7 1.6 2.1 0.5 0.6 Expected return on plan assets (3.6 ) (3.7 ) (2.0 ) (2.0 ) (0.1 ) (0.1 ) Amortization of prior service credit — — (0.2 ) — (0.7 ) (0.6 ) Amortization of net loss — — 0.4 — — — Net periodic (benefit) cost $ (0.8 ) $ (0.9 ) $ 0.6 $ 1.1 $ 0.2 $ 0.3 Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans Six Months Ended June 30, 2015 2014 2015 2014 2015 2014 Service cost $ 0.8 $ 0.2 $ 1.6 $ 2.0 $ 1.0 $ 0.8 Interest cost 4.8 5.4 3.2 4.3 1.0 1.2 Expected return on plan assets (7.2 ) (7.4 ) (4.0 ) (4.0 ) (0.2 ) (0.2 ) Amortization of prior service credit — — (0.3 ) — (1.3 ) (1.2 ) Amortization of net loss — — 0.7 — — — Net periodic (benefit) cost $ (1.6 ) $ (1.8 ) $ 1.2 $ 2.3 $ 0.5 $ 0.6 During the six-month period ended June 30, 2015 , the Company contributed $4 million and $3 million to the U.S. and Non-U.S. pension benefit plans, respectively. In 2015, the Company expects to contribute $10 million and $7 million to the U.S. and Non-U.S. pension benefit plans, respectively, inclusive of amounts contributed to the plans during the six-month period ended June 30, 2015 .

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY Valeant Pharmaceuticals International, Inc. Shareholders Common Shares Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Valeant Pharmaceuticals International, Inc. Shareholders’ Equity Noncontrolling Interest Total Equity Shares Amount Balance, January 1, 2014 333.0 $ 8,301.2 $ 228.8 $ (3,278.5 ) $ (132.8 ) $ 5,118.7 $ 114.6 $ 5,233.3 Common shares issued under share-based compensation plans 0.8 24.7 (17.5 ) — — 7.2 — 7.2 Settlement of stock options — — (3.1 ) — — (3.1 ) — (3.1 ) Share-based compensation — — 40.4 — — 40.4 — 40.4 Employee withholding taxes related to share-based awards — — (36.5 ) — — (36.5 ) — (36.5 ) Tax benefits from stock options exercised — — 1.2 — — 1.2 — 1.2 Acquisition of noncontrolling interest — — (1.1 ) — — (1.1 ) (2.2 ) (3.3 ) 333.8 8,325.9 212.2 (3,278.5 ) (132.8 ) 5,126.8 112.4 5,239.2 Comprehensive income: Net income (loss) — — — 103.2 — 103.2 (1.5 ) 101.7 Other comprehensive income (loss) — — — — 28.1 28.1 (1.7 ) 26.4 Total comprehensive income 131.3 (3.2 ) 128.1 Balance, June 30, 2014 333.8 $ 8,325.9 $ 212.2 $ (3,175.3 ) $ (104.7 ) $ 5,258.1 $ 109.2 $ 5,367.3 Balance, January 1, 2015 334.4 $ 8,349.2 $ 243.9 $ (2,365.0 ) $ (915.9 ) $ 5,312.2 $ 122.3 $ 5,434.5 Issuance of common stock (see below) 7.5 1,481.0 — — — 1,481.0 — 1,481.0 Common shares issued under share-based compensation plans 1.1 57.0 (34.9 ) — — 22.1 — 22.1 Repurchases of common shares (0.2 ) (6.4 ) — (43.6 ) — (50.0 ) — (50.0 ) Share-based compensation — — 60.9 — — 60.9 — 60.9 Employee withholding taxes related to share-based awards — — (61.5 ) — — (61.5 ) — (61.5 ) Tax benefits from stock options exercised — — 25.6 — — 25.6 — 25.6 Noncontrolling interest distributions — — — — — — (1.1 ) (1.1 ) 342.8 9,880.8 234.0 (2,408.6 ) (915.9 ) 6,790.3 121.2 6,911.5 Comprehensive loss: Net income (loss) — — — 20.7 — 20.7 2.2 22.9 Other comprehensive loss — — — — (375.6 ) (375.6 ) (0.4 ) (376.0 ) Total comprehensive loss (354.9 ) 1.8 (353.1 ) Balance, June 30, 2015 342.8 $ 9,880.8 $ 234.0 $ (2,387.9 ) $ (1,291.5 ) $ 6,435.4 $ 123.0 $ 6,558.4 On March 27, 2015, the Company completed, pursuant to an Underwriting Agreement dated March 17, 2015 with Deutsche Bank Securities Inc. on behalf of several underwriters, a registered offering in the United States of 7,286,432 of its common shares, no par value, at a price of $199.00 per common share, for aggregate gross proceeds of approximately $1.45 billion . In connection with the issuance of these new common shares, the Company incurred approximately $18 million of issuance costs, which has been reflected as reduction to the gross proceeds from the equity issuance. The proceeds of this offering were used to fund the Salix Acquisition. The Company granted the underwriters an option to purchase additional common shares equal to up to 15% of the common shares initially issued in the offering. This option was not exercised by the underwriters. On June 10, 2015, the Company issued 213,610 common shares, representing a portion of the consideration transferred in connection with the Dendreon acquisition. The shares had an aggregate value of approximately $50 million as of the date of issuance. See Note 3 for additional information regarding the Dendreon acquisition. On November 20, 2014, the Company announced that its Board of Directors had approved a new securities repurchase program (the "2014 Securities Repurchase Program"). In June 2015, under the 2014 Securities Repurchase Program, the Company repurchased 224,215 of its common shares for an aggregate price of $50 million . The excess of the purchase price over the carrying value of the common shares repurchased of $44 million was charged to accumulated deficit. These common shares were subsequently canceled.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss as of June 30, 2015 and 2014 , were as follows: Foreign Currency Translation Adjustment Unrealized Gain on Equity Investment Net Unrealized Holding Gain on Available-For-Sale Equity Securities Pension Adjustment Total Balance, January 1, 2014 $ (170.3 ) $ — $ — $ 37.5 $ (132.8 ) Foreign currency translation adjustment 8.1 — — — 8.1 Unrealized gain on equity method investment, net of tax (1) — 18.5 — — 18.5 Net unrealized holding gain on available-for-sale equity securities, net of tax — — 2.7 — 2.7 Pension adjustment (2) — — — (1.2 ) (1.2 ) Balance, June 30, 2014 $ (162.2 ) $ 18.5 $ 2.7 $ 36.3 $ (104.7 ) Balance, January 1, 2015 $ (886.5 ) $ — $ — $ (29.4 ) $ (915.9 ) Foreign currency translation adjustment (374.7 ) — — — (374.7 ) Pension adjustment (2) — — — (0.9 ) (0.9 ) Balance, June 30, 2015 $ (1,261.2 ) $ — $ — $ (30.3 ) $ (1,291.5 ) ____________________________________ (1) Relates to the Company's investment in PS Fund 1, LLC ("PS Fund 1"), an entity that we previously owned with Pershing Square Capital Management, L.P. ("Pershing Square"). The Company is no longer a member of PS Fund 1. (2) Reflects changes in defined benefit obligations and related plan assets of the Company’s defined benefit pension plans and the U.S. postretirement benefit plan (see Note 10). Income taxes are not provided for foreign currency translation adjustments arising on the translation of the Company’s operations having a functional currency other than the U.S. dollar. Income taxes allocated to reclassification adjustments were not material.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES In the three-month period ended June 30, 2015, the Company recognized an income tax benefit of $13 million , comprised of $13 million related to the expected tax benefit in tax jurisdictions outside of Canada and an income tax benefit of a nominal amount related to Canadian income taxes. In the six-month period ended June 30, 2015, the Company recognized an income tax expense of $68 million , comprised of $67 million related to the expected tax expense in tax jurisdictions outside of Canada and an income tax expense of $1 million related to Canadian income taxes. In the three-month and six-month periods ended June 30, 2015, the Company’s effective tax rate was different from the Company’s statutory Canadian tax rate due to tax expense generated from the Company’s annualized mix of earnings by jurisdiction and a benefit for restructurings undertaken to streamline operations in Germany. The Company records a valuation allowance against its deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized. When the Company establishes or reduces the valuation allowance against its deferred tax assets, the provision for income taxes will increase or decrease, respectively, in the period such determination is made. The valuation allowance against deferred tax assets is estimated to be $1.03 billion as of June 30, 2015 and was $859 million as of December 31, 2014. The Company will continue to assess this amount for appropriateness on a go-forward basis associated with the deferred tax assets previously established. As of June 30, 2015, the Company had $359 million of unrecognized tax benefits, which included $40 million relating to interest and penalties. Of the total unrecognized tax benefits, $102 million would reduce the Company’s effective tax rate, if recognized. The Company anticipates that a nominal amount of unrecognized tax benefits may be resolved within the next 12 months. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of June 30, 2015, the Company had accrued $33 million for interest and $7 million for penalties. The Company is currently under examination by the Canada Revenue Agency for three separate cycles: (a) years 2005 to 2006, (b) 2007 through 2009, and (c) 2010 through 2011. In February 2013, the Company received a proposed audit adjustment for the years 2005 through 2007. The Company disagrees with the adjustments and has filed a Notice of Objection. The total proposed adjustment would result in a loss of tax attributes which are subject to a full valuation allowance and would not result in material change to the provision for income taxes. The Company’s U.S. consolidated federal income tax return for the 2011 and 2012 tax years is currently under examination by the Internal Revenue Service. The Company remains under examination for various state tax audits in the U.S. for years 2002 to 2013. In addition, certain affiliates of the Company in other regions outside of Canada and the U.S. are currently under examination by relevant taxing authorities, and all necessary accruals have been recorded, including uncertain tax benefits. At this time, the Company does not expect that proposed adjustments, if any, would be material to the Company's financial statements.

(LOSS) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
(LOSS) EARNINGS PER SHARE	(LOSS) EARNINGS PER SHARE (Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc. for the three-month and six-month periods ended June 30, 2015 and 2014 were calculated as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Net (loss) income attributable to Valeant Pharmaceuticals International, Inc. $ (53.0 ) $ 125.8 $ 20.7 $ 103.2 Basic weighted-average number of common shares outstanding 344.4 335.3 340.5 335.1 Diluted effect of stock options, RSUs and other (a) — 6.0 6.6 6.3 Diluted weighted-average number of common shares outstanding 344.4 341.3 347.1 341.4 (Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (0.15 ) $ 0.38 $ 0.06 $ 0.31 Diluted $ (0.15 ) $ 0.37 $ 0.06 $ 0.30 ____________________________________ (a) In the three-month period ended June 30, 2015, all potential common shares issuable for stock options and RSUs were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive. The dilutive effect of potential common shares issuable for stock options and RSUs on the weighted-average number of common shares outstanding would have been as follows: Three Months Ended 2015 Basic weighted-average number of common shares outstanding 344.4 Diluted effect of stock options, RSUs and other 6.5 Diluted weighted-average number of common shares outstanding 350.9 In the three-month and six-month periods ended June 30, 2015 , stock options to purchase approximately 92,000 common shares in both of the corresponding periods of the Company were not included in the computation of diluted (loss) earnings per share because the effect would have been anti-dilutive under the treasury stock method, compared with 915,000 common shares in both of the corresponding periods of 2014.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	6 Months Ended
	Jun. 30, 2015
Loss Contingency, Information about Litigation Matters [Abstract]
LEGAL PROCEEDINGS	LEGAL PROCEEDINGS From time to time, the Company becomes involved in various legal and administrative proceedings, which include product liability, intellectual property, commercial, antitrust, governmental and regulatory investigations, related private litigation and ordinary course employment-related issues. From time to time, the Company also initiates actions or files counterclaims. The Company could be subject to counterclaims or other suits in response to actions it may initiate. The Company believes that the prosecution of these actions and counterclaims is important to preserve and protect the Company, its reputation and its assets. Certain of these proceedings and actions are described below. Unless otherwise indicated, the Company cannot reasonably predict the outcome of these legal proceedings, nor can it estimate the amount of loss, or range of loss, if any, that may result from these proceedings. An adverse outcome in certain of these proceedings could have a material adverse effect on the Company’s business, financial condition and results of operations, and could cause the market value of its common shares to decline. Governmental and Regulatory Inquiries Legacy Biovail Matters On May 16, 2008, Biovail Pharmaceuticals, Inc. (“BPI”), the Company’s former subsidiary, entered into a written plea agreement with the U.S. Attorney’s Office (“USAO”) for the District of Massachusetts whereby it agreed to plead guilty to violating the U.S. Anti-Kickback Statute and pay a fine of $22 million . In addition, on May 16, 2008, the Company entered into a non-prosecution agreement with the USAO whereby the USAO agreed to decline prosecution of Biovail Corporation (“Biovail”) in exchange for continuing cooperation and a civil settlement agreement and pay a civil penalty of $2 million . A hearing before the U.S. District Court in Boston took place on September 14, 2009 and the plea was approved. In addition, as part of the overall settlement, Biovail entered into a Corporate Integrity Agreement (“CIA”) with the Office of the Inspector General ("OIG") and the Department of Health and Human Services on September 11, 2009. The CIA required the Company to have a compliance program in place and to undertake a set of defined corporate integrity obligations for a five -year term which concluded on September 10, 2014. The CIA also included requirements for an annual independent review of these obligations. The Company submitted its final annual report to the OIG on February 6, 2015. Civil Investigative Demand from the U.S. Federal Trade Commission On May 2, 2012, Medicis Pharmaceutical Corporation ("Medicis") received a civil investigative demand from the FTC requiring that Medicis provide to the FTC information and documents relating to various settlement and other agreements with makers of generic SOLODYN® products following patent infringement claims and litigation, each of which was previously filed with the FTC and the Antitrust Division of the Department of Justice, and other efforts principally relating to SOLODYN®. On June 7, 2013, Medicis received an additional civil investigative demand relating to such settlements, agreements and efforts. Medicis is cooperating with this investigative process. If, at the conclusion of this process, the FTC believes that any of the agreements or efforts violates antitrust laws, it could challenge Medicis through a civil administrative or judicial proceeding. If the FTC ultimately challenges the agreements, we would expect to vigorously defend any such action. Subpoenas from the New York Office of Inspector General for the U.S. Department of Health and Human Services On June 29, 2011, B&L received a subpoena from the New York Office of Inspector General for the U.S. Department of Health and Human Services regarding payments and communications between B&L and medical professionals related to its pharmaceutical products Lotemax® and Besivance®. The government has indicated that the subpoena was issued in connection with a civil investigation, and B&L is cooperating fully with the government’s investigation. B&L has heard of no additional activity at this time, and whether the government’s investigation is ongoing or will result in further requests for information is unknown. B&L and the Company will continue to work with the Office of Inspector General regarding the scope of the subpoena and any additional specific information that may be requested. ISTA Settlement with Department of Justice On or about May 24, 2013 (prior to the Company’s acquisition of B&L in August 2013), B&L’s subsidiary, ISTA Pharmaceuticals, Inc. (“ISTA”), reached agreement with the U.S. government to resolve and conclude civil and criminal allegations against ISTA. The settlement involved conduct by ISTA that occurred between January 2006 and March 2011, prior to B&L’s acquisition of ISTA in June 2012. B&L was aware of the government investigation prior to its acquisition, and fully cooperated with the government to resolve the matter. In connection with the settlement, ISTA pled guilty to certain charges and paid approximately $34 million in civil and criminal fines, including interest and attorney’s fees. In addition, B&L agreed to maintain a specified compliance and ethics program and to annually certify compliance with this requirement to the Department of Justice for a period of three years. Failure to comply with the requirements of the settlement could result in fines. Securities Allergan Securities Litigation On August 1, 2014, Allergan Inc. ("Allergan") commenced the federal securities litigation in the U.S. District Court for the Central District of California against the Company, Valeant, Valeant’s subsidiary AGMS Inc. (“AGMS”), Pershing Square Capital Management, L.P. ("Pershing Square"), PS Management, GP, LLC, PS Fund 1, LLC (“PS Fund 1”) and William A. Ackman (Allergan, Inc. et al. v. Valeant Pharmaceuticals International, Inc., et al., Case No. 14-cv-01214-DOC). The lawsuit alleged violations of Sections 13(d), 14(a), 14(e) and 20A of the Exchange Act and rules promulgated by the SEC under those Sections. On August 19, 2014, the Company, Valeant, AGMS, PS Fund 1 and William A. Ackman filed Counterclaims against Allergan and the members of the Allergan Board of Directors alleging violations of Sections 14(a), 14(e) and 20A of the Exchange Act and rules promulgated by the SEC under those Sections. On November 4, 2014, the Court denied in part and granted in part a motion filed by plaintiffs seeking a preliminary injunction. The Court directed the defendants to make certain additional disclosures, and otherwise denied the motion. On January 28, 2015, the plaintiffs filed an amended complaint, alleging that all defendants violated Section 14(e) of the Exchange Act and SEC rules under that section. The amended complaint also asserted violations of Sections 13(d) and Schedule 13D thereunder and Section 20A of the Exchange Act against Pershing Square, PS Management, GP, LLC, PS Fund 1 and William A. Ackman. On April 9, 2015, the parties filed a stipulation providing for the voluntary dismissal of all claims. Allergan Shareholder Class Action On December 16, 2014, Anthony Basile filed a putative class action lawsuit against the Company, Valeant, AGMS, Pershing Square, PS Management, GP, LLC, PS Fund 1 and William A. Ackman in the U.S. District Court for the Central District of California (Basile v. Valeant Pharmaceuticals International, Inc., et al., Case No. 14-cv-02004-DOC). On June 26, 2015, lead plaintiffs the State Teachers Retirement System of Ohio, the Iowa Public Employees Retirement System and Patrick T. Johnson filed an amended complaint against the Company, Valeant, J. Michael Pearson, Pershing Square, PS Management, GP, LLC, PS Fund 1 and William A. Ackman. The amended complaint alleges claims on behalf of a putative class of sellers of Allergan securities between February 25, 2014 and April 21, 2014, against all defendants asserting violations of Section 14(e) of the Exchange Act and rules promulgated by the SEC thereunder and Section 20A of the Exchange Act. The amended complaint also alleges violations of Section 20(a) of the Exchange Act against Pershing Square, PS Management, GP, LLC, William A. Ackman and J. Michael Pearson. The amended complaint seeks, among other relief, money damages, equitable relief, and attorneys’ fees and costs. Defendants have not yet responded to the amended complaint. The Company is reviewing these claims and intends to vigorously defend these matters. Salix Shareholder Class Actions Following the announcement of the execution of the Merger Agreement with Salix, six purported stockholder class actions were filed challenging the Salix Acquisition. All of the actions were filed in the Delaware Court of Chancery, and alleged claims against some or all of the board of directors of Salix (the “Salix Board”), the Company, Salix, Valeant and Sun Merger Sub, Inc. (“Sun Merger Sub”). On March 17, 2015, the Court consolidated the actions under the caption Salix Pharmaceuticals, Ltd. Shareholder Litigation , Consolidated C.A. No.10721-CB, and designated the complaint in one action to be the operative complaint. The operative complaint alleges generally that the members of the Salix Board breached their fiduciary duties to stockholders, and that the other defendants aided and abetted such breaches, by seeking to sell Salix through an allegedly inadequate sales process and for allegedly inadequate consideration and by agreeing to allegedly preclusive deal protections. The complaint also alleges that the Schedule 14D-9 filed by Salix in connection with the Salix Acquisition contained inaccurate or materially misleading information about, among other things, the Salix Acquisition and the sales process leading up to the Merger Agreement. The complaint seeks, among other things, injunctive relief, including enjoining the proposed transaction, and unspecified attorneys’ and other fees and costs. On April 1, 2015, the defendants filed motions to dismiss the action. Those motions remain pending. The Company is vigorously defending this matter. Antitrust Solodyn® Antitrust Class Actions On July 22, 2013, United Food and Commercial Workers Local 1776 & Participating Employers Health and Welfare Fund, filed a civil antitrust class action complaint in the United States District Court for the Eastern District of Pennsylvania, Case No. 2:13-CV-04235-JCJ, against Medicis, the Company and various manufacturers of generic forms of Solodyn, alleging that the defendants engaged in an anticompetitive scheme to exclude competition from the market for minocycline hydrochloride extended release tablets, a prescription drug for the treatment of acne marketed by Medicis under the brand name, Solodyn. The plaintiff further alleges that the defendants orchestrated a scheme to improperly restrain trade, and maintain, extend and abuse Medicis’ alleged monopoly power in the market for minocycline hydrochloride extended release tablets to the detriment of plaintiff and the putative class of end-payor purchasers it seeks to represent, causing them to pay overcharges. Plaintiff alleges violations of Sections 1 and 2 of the Sherman Act, 15 U.S.C. §§ 1, 2, and of various state antitrust and consumer protection laws, and further alleges that defendants have been unjustly enriched through their alleged conduct. Plaintiff seeks declaratory and injunctive relief and, where applicable, treble, multiple, punitive and/or other damages, including attorneys’ fees. Additional class action complaints making similar allegations against all defendants, including Medicis and the Company have been filed in various courts by other private plaintiffs purporting to represent certain classes of similarly-situated direct or end-payor purchasers of Solodyn (Rochester Drug Co-Operative, Inc., Case No. 2:13-CV-04270-JCJ (E.D. Pa. filed July 23, 2013); Local 274 Health & Welfare Fund, Case No. 2:13-CV-4642-JCJ (E.D.Pa. filed Aug. 9, 2013); International Union of Operating Engineers Local 132 Health and Welfare Fund (N.D. Cal. filed Aug 1, 2013; voluntarily dismissed and re-filed in E.D. Pa on Aug. 30, 2013, as Case No. 2:13-cv-05108); Sheet Metal Workers Local No. 25 Health & Welfare Fund, Case No. 2:13-CV-4659-JCJ (E.D. Pa. filed Aug. 8, 2013); Fraternal Order of Police, Fort Lauderdale Lodge 31, Insurance Trust Fund, Case No. 2:13-CV-5021-JCJ (E.D. Pa. filed Aug. 27, 2013); Heather Morgan, Case No. 2:13-CV-05097 (E.D. Pa. filed Aug. 29, 2013); Plumbers & Pipefitters Local 176 Health & Welfare Trust Fund, Case No. 2:13-CV-05105 (E.D. Pa. filed Aug. 30, 2013); Ahold USA, Inc., Case No. 1:13-cv-12225 (D. Mass. filed Sept. 9, 2013); City of Providence, Rhode Island, Case No. 2:13-cv-01952 (D. Ariz. filed Sept. 24, 2013); International Union of Operating Engineers Stationary Engineers Local 39 Health & Welfare Trust Fund, Case No. 1:13-cv-12435 (D. Mass. filed Oct. 2, 2013); Painters District Council No. 30 Health and Welfare Fund et al., Case No. 1:13-cv-12517 (D. Mass. filed Oct. 7, 2013); Man-U Service Contract Trust Fund, Case No. 13-cv-06266-JCJ (E.D. Pa. filed Oct. 25, 2013); Allied Services Division Welfare Fund, Case No. 1:14-cv-10786 (D. Mass. filed Mar. 14, 2014); and NECA-IBEW Welfare Trust Fund, Case No. 1:14-cv-11015 (D. Mass. filed Mar. 19, 2014).). By order dated February 25, 2014, the Judicial Panel for Multidistrict Litigation (‘‘JPML’’) centralized the cases in the District of Massachusetts, and the Multi-District Litigation (‘‘MDL’’), captioned In re Solodyn (Minocycline Hydrochloride) Antitrust Litigation, Case No. 1:14-md-02503-DJC, is now pending before U.S. District Judge Denise Casper. On September 12, 2014, the Direct Purchaser Plaintiffs and the End-Payor Plaintiffs each filed a consolidated amended class action complaint. The Direct Purchaser Plaintiffs, with the Defendants’ consent, subsequently filed a corrected amended complaint on September 22, 2014. On November 24, 2014, the Defendants jointly moved to dismiss the Direct Purchaser Plaintiffs’ and the End Payor Plaintiffs’ complaints. Oral argument on the Defendants’ motion was held on March 12, 2015 and a decision is currently pending. On March 26, 2015, and on April 6, 2015, two additional non-class action complaints were filed against Medicis in the Middle District of Pennsylvania by purported direct purchasers of Solodyn, making similar allegations and seeking similar relief to that sought in the other direct purchaser plaintiff complaints (Walgreen Co., et al. v. Medicis Pharmaceutical Corp.. No. 1:15-cv-00611-YK (M.D. Pa. filed March 26, 2015); Rite Aid Corp., et al. v. Medicis Pharmaceutical Corp., No. 1:15-cv-00673-YK (M.D. Pa. filed April 6, 2015)). The JPML transferred the Walgreen and Rite Aid complaints to the District of Massachusetts on April 8, 2015, and May 1, 2015, respectively, where they are now included in the MDL. The Walgreen and Rite Aid cases have been stayed pending the outcome of the pending motion to dismiss the class action complaints. The Company intends to vigorously defend these actions. Intellectual Property AntiGrippin® Litigation Two suits have been brought against the Company’s subsidiary, Natur Produkt International, JSC ("Natur Produkt") seeking lost profits in connection with the registration by Natur Produkt of its AntiGrippin® trademark. The plaintiffs in these matters allege that Natur Produkt violated Russian competition law by preventing plaintiffs from producing and marketing their products under certain brand names. The first matter (Case No. A-56-23056/2013, Arbitration Court of St. Petersburg) was accepted for proceedings on June 24, 2013 and a hearing was held on November 28, 2013. In a decision dated December 4, 2013, the court found in favor of the plaintiff (AnviLab) and awarded the plaintiff lost profits in the amount of approximately RUR 1.66 billion (being approximately $50 million at the December 4, 2013 decision date). This charge was recognized in the fourth quarter of 2013 in Other (income) expense in the consolidated statements of income (loss). Natur Produkt appealed this decision, and a hearing in the appeal proceeding was held on March 16, 2014. The appeal court found in favor of Natur Produkt and dismissed the plaintiff’s claim in full. Following this decision, the Company concluded that the potential loss was no longer probable, and therefore the reserve was reversed in the first quarter of 2014 in Other (income) expense in the consolidated statements of income (loss). Anvilab appealed the appeal court’s decision to the cassation court. On June 19, 2014, the cassation court resolved that the matter is within the jurisdiction of the Intellectual Property (IP) court in this instance. The hearing before the IP court was held on July 30, 2014 and August 1, 2014. The IP court found in favor of the plaintiff and ruled to send the case for the second review to the court of the first instance, indicating that the court of the first instance should decide on the amount of damages suffered by Anvilab. Natur Produkt appealed the decision of the IP Court to the Supreme Court on September 15, 2014, but, on October 22, 2014, the Supreme Court denied that appeal and the matter was sent back to the court of first instance for the second review. The court of first instance appointed an expert to provide a report on the claimed lost profit amount, which was provided on or about March 10, 2015. Hearings before the court of first instance in this matter were held on March 12, 2015 and April 9, 2015. Following the April 9, 2015 hearing, the court of first instance ruled in favor of the plaintiff and awarded the plaintiff lost profits in the amount of approximately RUR 1.66 billion (being approximately $30 million as of June 30, 2015). Natur Produkt filed an appeal against this decision, both as to the merits and the quantum of damages, to the appeal court on May 15, 2015. The hearing before the appeal court is scheduled for July 28, 2015. At this time, the Company cannot predict the outcome of this appeal. Accordingly, the Company has not recognized a reserve as of June 30, 2015. Natur Produkt was served with a claim in the second matter (Case No. A-56-38592/2013, Arbitration Court of St. Petersburg) on July 16, 2013 by the plaintiff in that matter (ZAO Tsentr Vnedreniya PROTEK (“Protek”)). A hearing was held in this matter on September 29, 2013 and, on October 18, 2013, the court found in favor of Natur Produkt. Protek filed an appeal of the decision on November 26, 2013. A hearing in the appeal proceeding was held on January 30, 2014 and the appeal court also found in favor of Natur Produkt. Protek appealed that decision to the cassation court (Case No. A-56-38592/2013) and, on July 7, 2014, the cassation court also found in favor of Natur Produkt. Protek did not exercise its right to appeal the cassation court decision to the Supreme Court. Patent Litigation/Paragraph IV Matters The Company (and/or certain of its affiliates) is also party to certain patent infringement proceedings in the United States, including as arising from claims filed by the Company in connection with Notices of Paragraph IV Certification received from third parties respecting their pending ANDA applications for generic versions of certain products sold by or on behalf of the Company, including Prolensa®, Apriso® and Uceris®, or other similar suits. These matters are proceeding in the ordinary course. General Civil Actions Afexa Class Action On March 9, 2012, a Notice of Civil Claim was filed in the Supreme Court of British Columbia which seeks an order certifying a proposed class proceeding against the Company and a predecessor, Afexa (Case No. NEW-S-S-140954). The proposed claim asserts that Afexa and the Company made false representations respecting Cold-FX® to residents of British Columbia who purchased the product during the applicable period and that the proposed class has suffered damages as a result. On November 8, 2013, the Plaintiff served an amended notice of civil claim which sought to re-characterize the representation claims and broaden them from what was originally claimed. On December 8, 2014, the Company filed a motion to strike certain elements of the Plaintiff’s claim for failure to state a cause of action. In response, the Plaintiff proposed further amendments to its claim. The hearing on the motion to strike and the Plaintiff’s amended claim was held on February 4, 2015. The Court allowed certain amendments and a new certification hearing is expected to be held in early 2016. The Company denies the allegations being made and is vigorously defending this matter. Product Liability Matters MoistureLoc ™ Product Liability Lawsuits Currently, B&L has been served or is aware that it has been named as a defendant in approximately 321 currently active product liability lawsuits (some with multiple plaintiffs) pending in a New York State Consolidated Proceeding described below, as well as in certain other U.S. state courts, on behalf of individuals who claim they suffered personal injury as a result of using a contact lens solution with MoistureLoc™. Two consolidated cases were established to handle MoistureLoc™ claims. First, on August 14, 2006, the Federal Judicial Panel on Multidistrict Litigation created a coordinated proceeding in the Federal District Court for the District of South Carolina. Second, on January 2, 2007, the New York State Litigation Coordinating Panel ordered the consolidation of cases filed in New York State, and assigned the coordination responsibilities to the Supreme Court of the State of New York, New York County. There are approximately 320 currently active non-fusarium cases pending in the New York Consolidated Proceeding. On July 15, 2009, the New York State Supreme Court overseeing the New York Consolidated Proceeding granted B&L’s motion to exclude plaintiffs’ general causation testimony with regard to non-fusarium infections, which effectively excluded plaintiffs from testifying that MoistureLoc™ caused non-fusarium infections. On September 15, 2011, the New York State Appellate Division, First Department, affirmed the Trial Court’s ruling. On February 7, 2012, the New York Court of Appeals denied plaintiffs’ additional appeal. Plaintiffs subsequently filed a motion to renew the trial court’s ruling, and B&L cross-filed a motion for summary judgment to dismiss all remaining claims. On May 31, 2013, the Trial Court denied Plaintiffs’ motion to renew, and granted B&L’s motion for summary judgment, dismissing all remaining non-fusarium claims. On June 28, 2013, Plaintiffs filed a Notice of Appeal to the Trial Court’s ruling. The appeal was argued January 20, 2015. The Court issued its decision on February 10, 2015, denying plaintiffs’ appeal to renew and affirming the lower court’s decision granting B&L’s motion for summary judgment regarding all remaining non-fusarium claims. On March 10, 2015, the plaintiffs filed their motion for leave to appeal this decision, which was denied on May 21, 2015. Plaintiffs filed their motion for leave to appeal from that decision to the New York State Court of Appeals on July 1, 2015. B&L filed its brief in opposition on July 13, 2015 and a decision is pending. All matters under jurisdiction of the coordinated proceedings in the Federal District Court for the District of South Carolina have been dismissed, including individual actions for personal injury and a class action purporting to represent a class of consumers who suffered economic claims as a result of purchasing a contact lens solution with MoistureLoc™. Currently, B&L has settled approximately 630 cases in connection with MoistureLoc™ product liability suits. All U.S.-based fusarium claims have now been resolved and there is one active fusarium claim involving a claimant outside of the United States that remains pending. The parties in this active matter are involved in settlement discussions, and the Company currently expects that any potential settlement amounts would not be material. Salix Legal Proceedings The estimated fair values of the potential losses regarding the matters described below, along with other matters, are included as part of contingent liabilities assumed in the Salix Acquisition. Refer to Note 3 for additional information. DOJ Subpoena On February 1, 2013, Salix received a subpoena from the U.S. Attorney’s Office for the Southern District of New York requesting documents regarding sales and promotional practices for its Xifaxan®, Relistor® and Apriso® products. Salix and the Company are continuing to respond to the subpoena and are cooperating fully with the subpoena and related government investigation. Salix SEC Investigation The SEC is conducting an investigation into possible securities law violations by Salix relating to disclosures by Salix of inventory amounts in the distribution channel and related issues in press releases, on analyst calls and in Salix’s various SEC filings, as well as related accounting issues. Salix and the Company are cooperating with the SEC in its investigation, including through the production of documents to the SEC Enforcement Staff. We cannot predict the outcome or the duration of the SEC investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed on Salix or the Company arising out of the SEC investigation. Salix Securities Litigation Beginning on November 7, 2014, three putative class action lawsuits were filed by shareholders of Salix, each of which generally alleges that Salix and certain of its former officers and directors violated federal securities laws in connection with Salix’s disclosures regarding certain products, including with respect to disclosures concerning historic wholesaler inventory levels, business prospects and demand, reserves and internal controls. Two of these actions were filed in the U.S. District Court for the Southern District of New York, and are captioned: Woburn Retirement System v. Salix Pharmaceuticals, Ltd., et al. (Case No: 1:14-CV-08925 (KMW)), and Bruyn v. Salix Pharmaceuticals, Ltd., et al. (Case No. 1:14-CV-09226 (KMW)). These two actions have been consolidated and an initial schedule has been set. Salix and the Company are vigorously defending this consolidated matter. A third action was filed in the U.S. District Court for the Eastern District of North Carolina under the caption Grignon v. Salix Pharmaceuticals, Ltd. et al. (Case No. 5:14-cv-00804-D), but was subsequently voluntarily dismissed.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Reportable Segments The Company has two operating and reportable segments: (i) Developed Markets and (ii) Emerging Markets. The following is a brief description of the Company’s segments: • Developed Markets consists of (i) sales in the U.S. of pharmaceutical products, OTC products, and medical device products, as well as alliance and contract service revenues, in the areas of dermatology and podiatry, neurology, gastrointestinal disorders, eye health, oncology and urology, dentistry, and aesthetics, and (ii) pharmaceutical products, OTC products, and medical device products sold in Western Europe, Canada, Japan, Australia and New Zealand. • Emerging Markets consists of branded generic pharmaceutical products and branded pharmaceuticals, OTC products, and medical device products. Products are sold primarily in Central and Eastern Europe (primarily Poland and Russia), Asia, Latin America (Mexico, Brazil, and Argentina and exports out of Mexico to other Latin American markets), Africa and the Middle East. Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as restructuring and acquisition-related costs, other expense (income), and in-process research and development impairments and other charges, are not included in the measure of segment profit, as management excludes these items in assessing financial performance. Corporate includes the finance, treasury, tax and legal operations of the Company’s businesses and maintains and/or incurs certain assets, liabilities, expenses, gains and losses related to the overall management of the Company, which are not allocated to the other business segments. In addition, a portion of share-based compensation is considered a corporate cost, since the amount of such expense depends on Company-wide performance rather than the operating performance of any single segment. Segment Revenues and Profit Segment revenues and profit for the three-month and six-month periods ended June 30, 2015 and 2014 were as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Revenues: Developed Markets (1) $ 2,237.6 $ 1,479.7 $ 4,002.0 $ 2,901.5 Emerging Markets (2) 494.8 561.4 921.3 1,025.8 Total revenues 2,732.4 2,041.1 4,923.3 3,927.3 Segment profit: Developed Markets (3) 678.5 458.0 1,314.5 897.3 Emerging Markets (4) 78.3 96.0 132.9 164.1 Total segment profit 756.8 554.0 1,447.4 1,061.4 Corporate (5) (61.5 ) (46.3 ) (130.7 ) (84.4 ) Restructuring, integration and other costs (143.4 ) (142.1 ) (198.4 ) (275.7 ) In-process research and development impairments and other charges (12.3 ) (8.4 ) (12.3 ) (20.4 ) Acquisition-related costs (9.5 ) (0.6 ) (19.3 ) (2.1 ) Acquisition-related contingent consideration (11.7 ) (1.9 ) (18.8 ) (10.8 ) Other (expense) income (176.9 ) 0.4 (183.0 ) 43.7 Operating income 341.5 355.1 884.9 711.7 Interest income 0.9 1.2 1.8 3.0 Interest expense (412.7 ) (241.2 ) (710.5 ) (487.7 ) Loss on extinguishment of debt — — (20.0 ) (93.7 ) Foreign exchange and other 5.6 3.4 (65.5 ) (10.0 ) Gain on investments, net — 2.5 — 2.5 (Loss) income before (recovery of) provision for income taxes $ (64.7 ) $ 121.0 $ 90.7 $ 125.8 ____________________________________ (1) Developed Markets segment revenues reflect incremental product sales revenue in the three-month and six-month periods ended June 30, 2015 from 2014 and 2015 acquisitions of $546 million and $754 million , respectively, in the aggregate, primarily from the Salix, Marathon, and Dendreon acquisitions. (2) Emerging Markets segment revenues reflect incremental product sales revenue in the three-month and six-month periods ended June 30, 2015 from 2014 and 2015 acquisitions of $13 million and $25 million , respectively, in the aggregate. (3) Developed Markets segment profit in the three-month and six-month periods ended June 30, 2015 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to inventory and identifiable intangible assets of $555 million and $870 million , in the aggregate, primarily from the Salix acquisition, compared with $216 million and $441 million in the corresponding periods of 2014. (4) Emerging Markets segment profit in the three-month and six-month periods ended June 30, 2015 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to inventory and identifiable intangible assets of $76 million and $151 million , in the aggregate, compared with $79 million and $154 million in the corresponding periods of 2014. (5) Corporate reflects non-restructuring-related share-based compensation expense of $14 million and $38 million in the three-month and six-month periods ended June 30, 2015 , respectively, compared with $6 million and $21 million in the corresponding periods of 2014. Segment Assets Total assets by segment as of June 30, 2015 and December 31, 2014 were as follows: As of As of Assets: Developed Markets (1) $ 40,368.4 $ 19,093.4 Emerging Markets (1) 6,126.2 6,332.9 46,494.6 25,426.3 Corporate 1,848.6 901.0 Total assets $ 48,343.2 $ 26,327.3 ____________________________________ (1) Segment assets as of June 30, 2015 were impacted by the provisional amounts of identifiable intangible assets and goodwill of the various acquisitions in the current year. See Note 3 for additional information regarding the current year acquisitions.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 16, 2015, the Company entered into an agreement to acquire Mercury (Cayman) Holdings, the holding company of Amoun Pharmaceutical (“Amoun”) for consideration of approximately $800 million , plus contingent payments. Amoun develops and markets a wide range of pharmaceutical brands in therapeutic areas such as anti-hypertensives, broad spectrum antibiotics, and anti-diarrheals in the Middle East and North Africa.

SIGNIFICANT ACCOUNTING POLICI24

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements (the “unaudited consolidated financial statements”) have been prepared by the Company in United States (“U.S.”) dollars and in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting, which do not conform in all respects to the requirements of U.S. GAAP for annual financial statements. Accordingly, these condensed notes to the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto prepared in accordance with U.S. GAAP that are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”). The unaudited consolidated financial statements have been prepared using accounting policies that are consistent with the policies used in preparing the Company’s audited consolidated financial statements for the year ended December 31, 2014. The unaudited consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position and results of operations for the interim periods presented.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year amounts to conform with the current year presentation.
Use of Estimates	Use of Estimates In preparing the unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the unaudited consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates and the operating results for the interim periods presented are not necessarily indicative of the results expected for the full year. On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s results of operations and financial position could be materially impacted.
Adoption of and Recently Issued Accounting Standards	Adoption of New Accounting Standards In April 2015, the Financial Accounting Standards Board ("FASB") issued guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, consistent with the presentation of a debt discount. The guidance is effective for annual periods beginning after December 15, 2015, and all annual and interim periods thereafter. As permitted, the Company early-adopted this guidance in the second quarter of 2015. The adoption of this guidance, which was applied retrospectively and impacted presentation only, resulted in a reclassification of $26 million as of December 31, 2014 from Other long-term assets, net to Long-term debt (treated as a deduction to Long-term debt) on the consolidated balance sheet. There was no impact on the Company's results of operations. The Company will continue to present debt issuance costs associated with revolving-debt arrangements within Other long-term assets, net. Recently Issued Accounting Standards, Not Adopted as of June 30, 2015 In May 2014, the FASB and the International Accounting Standards Board issued converged guidance on recognizing revenue from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the revenue model to contracts within its scope, an entity will: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In addition to these provisions, the new standard provides implementation guidance on several other topics, including the accounting for certain revenue-related costs, as well as enhanced disclosure requirements. The new guidance requires entities to disclose both quantitative and qualitative information that enables users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early application is permitted but not before the annual reporting period (and interim reporting period) beginning January 1, 2017. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. The Company is evaluating the impact of adoption of this guidance on its financial position and results of operations. In August 2014, the FASB issued guidance which requires management to assess an entity’s ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new guidance, disclosures are required when conditions give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The guidance is effective for annual periods ending after December 15, 2016, and all annual and interim periods thereafter. Early application is permitted. The adoption of this guidance will not have any impact on the Company’s financial position and results of operations and, at this time, the Company does not expect any impact on its disclosures. In February 2015, the FASB issued guidance which amends certain consolidation requirements. The new guidance has the following stipulations, among others: (i) eliminates the presumption that a general partner should consolidate a limited partnership and eliminates the consolidation model specific to limited partnerships, (ii) clarifies when fees paid to a decision maker should be a factor to include in the consolidation of variable interest entities (“VIEs”), (iii) amends the guidance for assessing how relationships of related parties affect the consolidation analysis of VIEs, and (iv) reduces the number of VIE consolidation models from two to one by eliminating the indefinite deferral for certain investment funds. The guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early application is permitted. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. The Company is evaluating the impact of adoption of this guidance on its financial position and results of operations, as well as its disclosures.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Business Acquisition [Line Items]
Schedule of pro forma impact of merger and acquisition	The following table presents unaudited pro forma consolidated results of operations for the three-month and six-month periods ended June 30, 2015 and 2014 , as if the 2015 acquisitions had occurred as of January 1, 2014 and the 2014 acquisitions had occurred as of January 1, 2013. Three Months Ended Six Months Ended 2015 2014 2015 2014 Revenues $ 2,732.4 $ 2,595.7 $ 4,883.7 $ 5,055.1 Net loss attributable to Valeant Pharmaceuticals International, Inc. (24.9 ) (51.7 ) (329.6 ) (353.8 ) Loss per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (0.07 ) $ (0.15 ) $ (0.96 ) $ (1.03 ) Diluted $ (0.07 ) $ (0.15 ) $ (0.96 ) $ (1.03 )
Salix
Business Acquisition [Line Items]
Fair value of consideration transferred	The following table indicates the consideration transferred to effect the Salix Acquisition: (In millions except per share data) Conversion Calculation Fair Value Number of shares of Salix common stock outstanding as of acquisition date 64.3 Multiplied by Per Share Merger Consideration $ 173.00 $ 11,123.9 Number of outstanding stock options of Salix cancelled and exchanged for cash (a) 0.1 10.1 Number of outstanding restricted stock of Salix cancelled and exchanged for cash (a) 1.1 195.0 11,329.0 Less: Cash consideration paid for Salix’s restricted stock that was accelerated at the closing of the Salix Acquisition (a) (164.5 ) Add: Payment of Salix’s Term Loan B Credit Facility (b) 1,125.2 Add: Payment of Salix’s 6.00% Senior Notes due 2021 (b) 842.3 Total fair value of consideration transferred $ 13,132.0 ___________________________________ (a) The purchase consideration paid to holders of Salix stock options and restricted stock attributable to pre-combination services was included as a component of purchase price. Purchase consideration of $165 million paid for outstanding restricted stock that was accelerated by the Company in connection with the Salix Acquisition was excluded from purchase price and accounted for as post-combination expense within Other expense (income) in the second quarter of 2015. (b) The repayment of Salix’s Term Loan B Credit Facility has been reflected as part of the purchase consideration as the debt was repaid concurrently with the consummation of the Salix Acquisition and was not assumed by the Company as part of the acquisition. Similarly, the redemption of Salix’s 6.00% Senior Notes due 2021 has been reflected as part of the purchase consideration as the indenture governing the 6.00% Senior Notes due 2021 was satisfied and discharged concurrently with the consummation of the Salix Acquisition and was not assumed by the Company as part of the acquisition.
Schedule of estimated fair value of assets acquired and liabilities assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of acquisition date. Due to the timing of this acquisition, these amounts are provisional and subject to change. The Company will finalize these amounts as it obtains the information necessary to complete the measurement process. Any changes resulting from facts and circumstances that existed as of the acquisition date may result in retrospective adjustments to the provisional amounts recognized at the acquisition date. These changes could be significant. The Company will finalize these amounts no later than one year from the acquisition date. Amounts Recognized as of Acquisition Date Cash and cash equivalents $ 113.7 Inventories (a) 233.2 Other assets (b) 1,400.3 Property, plant and equipment, net 24.3 Identifiable intangible assets, excluding acquired IPR&D (c) 6,756.3 Acquired IPR&D (d) 5,366.8 Current liabilities (e) (1,764.2 ) Contingent consideration, including current and long-term portion (f) (327.9 ) Long-term debt, including current portion (g) (3,123.1 ) Deferred income taxes, net (h) (3,512.0 ) Other non-current liabilities (7.3 ) Total identifiable net assets 5,160.1 Goodwill (i) 7,971.9 Total fair value of consideration transferred $ 13,132.0 ________________________ (a) Includes an estimated fair value step-up adjustment to inventory of $108 million . (b) Primarily includes an estimated fair value of $1.27 billion to record the capped call transactions and convertible bond hedge transactions that were entered into by Salix prior to the Salix Acquisition in connection with its 1.5% Convertible Senior Notes due 2019 and 2.75% Convertible Senior Notes due 2015. These instruments were settled on the date of the Salix Acquisition and, as such, the fair value was based on the settlement amounts. Other current assets also includes an estimated insurance recovery of $80 million , based on estimated fair value, related to the legal matters discussed in (e) below. (c) The following table summarizes the provisional amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Date Product brands 10 $ 6,088.3 Corporate brand 20 668.0 Total identifiable intangible assets acquired 11 $ 6,756.3 (d) A multi-period excess earnings methodology (income approach) was used to determine the estimated fair values of the acquired in-process research and development (“IPR&D”) assets from a market participant perspective. The projected cash flows from these assets were adjusted for the probabilities of successful development and commercialization of each project, and the Company used risk-adjusted discount rates of 10%-11% to present value the projected cash flows. The IPR&D assets primarily relate to Xifaxan® 550 mg for the treatment of irritable bowel syndrome with diarrhea (new indication) in adults ("Xifaxan IBS-D"). In determining the fair value of Xifaxan IBS-D ( $4.79 billion as of the acquisition date), the Company assumed material cash inflows would commence in 2015. In May 2015, Xifaxan IBS-D received approval from the U.S. Food and Drug Administration (the "FDA"), and, accordingly, such asset has been reclassified to an amortizable intangible asset as of the approval date and is being amortized over a period of 10 years. Other IPR&D assets include, among others, Oral Relistor® for the treatment of opioid-induced constipation in adult patients with chronic non-cancer pain and Xifaxan® for the treatment of early decompensated liver cirrhosis. In determining the fair value of these two programs, the Company (i) estimated that it will incur development costs of approximately $90 million , in the aggregate, to complete development, and (ii) assumed material cash inflows for the Oral Relistor® and Xifaxan® programs would commence in 2017 and 2018, respectively. On June 23, 2015, the Company announced that it had submitted a New Drug Application to the FDA for Oral Relistor®. (e) Primarily includes an estimated fair value of $1.08 billion to record the warrant transactions that were entered into by Salix prior to the Salix Acquisition in connection with its 1.5% Convertible Senior Notes due 2019 (these instruments were settled on the date of the Salix Acquisition and, as such, the fair value was based on the settlement amounts), as well as accruals for (i) the estimated fair value of $336 million (exclusive of the related insurance recovery described in (b) above) for potential losses and related costs associated with legal matters relating to the legacy Salix business (See Note 15 for additional information regarding these legal matters) and (ii) product returns and rebates of $251 million . (f) The contingent consideration consists of potential payments to third parties including developmental milestone payments due upon specified regulatory achievements, commercialization milestones contingent upon achieving specified targets for net sales, and royalty-based payments. The range of potential milestone payments (excluding royalty-based payments) is from nil if none of the milestones are achieved to a maximum of up to approximately $650 million (the majority of which relates to sales-based milestones) over time if all milestones are achieved, in the aggregate, to third parties, including up to $250 million in developmental and sales-based milestones to Progenics Pharmaceuticals, Inc. related to Relistor® (including Oral Relistor®), and various other developmental and sales-based milestones. The total fair value of the contingent consideration of $328 million (including current portion of $11 million ) as of the acquisition date was determined using probability-weighted discounted cash flows. Refer to Note 5 for additional information regarding contingent consideration. (g) The following table summarizes the fair value of long-term debt assumed as of the acquisition date: Amounts Recognized as of Acquisition Date 1.5% Convertible Senior Notes due 2019 (1) $ 1,837.1 2.75% Convertible Senior Notes due 2015 (1) 1,286.0 Total long-term debt assumed $ 3,123.1 ____________________________________ (1) The Company subsequently redeemed these amounts in full in the second quarter of 2015, except for a nominal amount of the 1.5% Convertible Senior Notes due 2019. (h) Comprises deferred tax assets ( $237 million ) and deferred tax liabilities ( $3.75 billion ). (i) Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. None of the goodwill is expected to be deductible for tax purposes. The goodwill recorded represents the following: • the Company’s expectation to develop and market new product brands, product lines and technology; • cost savings and operating synergies expected to result from combining the operations of Salix with those of the Company; • the value of the continuing operations of Salix’s existing business (that is, the higher rate of return on the assembled net assets versus if the Company had acquired all of the net assets separately); and • intangible assets that do not qualify for separate recognition (for instance, Salix’s assembled workforce). The provisional amount of goodwill has been allocated to the Company’s Developed Markets segment . The following table summarizes the fair value of long-term debt assumed as of the acquisition date: Amounts Recognized as of Acquisition Date 1.5% Convertible Senior Notes due 2019 (1) $ 1,837.1 2.75% Convertible Senior Notes due 2015 (1) 1,286.0 Total long-term debt assumed $ 3,123.1 ____________________________________ (1) The Company subsequently redeemed these amounts in full in the second quarter of 2015, except for a nominal amount of the 1.5% Convertible Senior Notes due 2019.
Summary of amounts and useful lives assigned to identifiable intangible assets	The following table summarizes the provisional amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Date Product brands 10 $ 6,088.3 Corporate brand 20 668.0 Total identifiable intangible assets acquired 11 $ 6,756.3
Other 2015 Acquisitions
Business Acquisition [Line Items]
Schedule of estimated fair value of assets acquired and liabilities assumed	Amounts Recognized as of Acquisition Dates Measurement Period Adjustments (a) Amounts Recognized as of June 30, 2015 (as adjusted) Cash $ 81.1 $ — $ 81.1 Accounts receivable (b) 25.4 — 25.4 Inventories 107.3 (0.3 ) 107.0 Other current assets 18.1 — 18.1 Property, plant and equipment 72.1 (14.3 ) 57.8 Identifiable intangible assets, excluding acquired IPR&D (c) 874.7 7.4 882.1 Acquired IPR&D 25.5 (1.5 ) 24.0 Other non-current assets 1.2 — 1.2 Deferred tax asset, net 5.8 3.2 9.0 Current liabilities (d) (92.8 ) — (92.8 ) Non-current liabilities (d) (96.0 ) — (96.0 ) Total identifiable net assets 1,022.4 (5.5 ) 1,016.9 Goodwill (e) 55.9 (0.9 ) 55.0 Total fair value of consideration transferred $ 1,078.3 $ (6.4 ) $ 1,071.9 ________________________ (a) The measurement period adjustments primarily relate to the Dendreon acquisition and reflect: (i) a reduction in the estimated fair value of property, plant and equipment driven by further assessment of the fair value of a manufacturing facility, (ii) refinements of the estimated fair value of intangible assets, and (iii) the tax impact of pre-tax measurement period adjustments. The measurement period adjustments were made to reflect facts and circumstances existing as of the acquisition date, and did not result from intervening events subsequent to the acquisition date. These adjustments did not have a significant impact on the Company’s previously reported consolidated financial statements and, therefore, the Company has not retrospectively adjusted those financial statements. (b) The gross contractual amount of trade accounts receivable acquired was $25 million , of which the Company expects a nominal amount will be uncollectible. (c) The following table summarizes the provisional amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Dates Measurement Period Adjustments Amounts Recognized as of June 30, 2015 (as adjusted) Product brands 7 $ 603.3 $ 0.5 $ 603.8 Product rights 3 42.6 0.4 43.0 Partner relationships 8 7.8 — 7.8 Technology/know-how 10 219.0 6.5 225.5 Other 6 2.0 — 2.0 Total identifiable intangible assets acquired 8 $ 874.7 $ 7.4 $ 882.1 (d) As part of the Marathon acquisition, the Company assumed a contingent consideration liability related to potential payments for Isuprel® and Nitropress®, the amounts of which are dependent on the timing of generic entrants for these products. The fair value of the liability as of the acquisition date was determined using probability-weighted projected cash flows, with $41 million classified in Current liabilities and $46 million classified in Non-current liabilities in the table above. As of June 30, 2015, the assumptions used for determining the fair value of the contingent consideration liability have not changed significantly from those used as of the acquisition date. During the second quarter of 2015, the Company made contingent consideration payments of $6 million related to the Marathon acquisition. (e) The goodwill relates primarily to the Marathon and other smaller acquisitions. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. Substantially all of the goodwill is expected to be deductible for tax purposes. The goodwill represents primarily the cost savings, operating synergies and other benefits expected to result from combining the operations with those of the Company. The provisional amount of goodwill has been allocated primarily to the Company’s Developed Markets segmen
Summary of amounts and useful lives assigned to identifiable intangible assets	The following table summarizes the provisional amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Dates Measurement Period Adjustments Amounts Recognized as of June 30, 2015 (as adjusted) Product brands 7 $ 603.3 $ 0.5 $ 603.8 Product rights 3 42.6 0.4 43.0 Partner relationships 8 7.8 — 7.8 Technology/know-how 10 219.0 6.5 225.5 Other 6 2.0 — 2.0 Total identifiable intangible assets acquired 8 $ 874.7 $ 7.4 $ 882.1
2014 Acquisitions
Business Acquisition [Line Items]
Schedule of estimated fair value of assets acquired and liabilities assumed	Amounts Recognized as of Acquisition Dates Measurement Period Adjustments (a) Amounts Recognized as of June 30, 2015 (as adjusted) Cash and cash equivalents $ 33.6 $ 1.1 $ 34.7 Accounts receivable (b) 87.7 (5.9 ) 81.8 Assets held for sale (c) 125.7 (0.8 ) 124.9 Inventories 170.4 (15.8 ) 154.6 Other current assets 19.1 (4.8 ) 14.3 Property, plant and equipment, net 58.5 2.7 61.2 Identifiable intangible assets, excluding acquired IPR&D (d) 697.2 14.6 711.8 Acquired IPR&D (e) 65.8 (2.8 ) 63.0 Other non-current assets 4.0 (2.1 ) 1.9 Current liabilities (152.0 ) (21.8 ) (173.8 ) Long-term debt, including current portion (11.2 ) — (11.2 ) Deferred income taxes, net (116.0 ) 40.5 (75.5 ) Other non-current liabilities (13.4 ) (0.1 ) (13.5 ) Total identifiable net assets 969.4 4.8 974.2 Noncontrolling interest (15.0 ) 0.3 (14.7 ) Goodwill (f) 410.4 46.1 456.5 Total fair value of consideration transferred $ 1,364.8 $ 51.2 $ 1,416.0 ________________________ (a) The measurement period adjustments primarily reflect: (i) a net increase in the fair value of contingent consideration related to smaller acquisitions based on assessment of probability and timing assumptions for potential milestone payments, related to factors that existed as of the respective acquisition dates, (ii) a decrease in the net deferred tax liability primarily related to the PreCision and Solta Medical acquisitions, (iii) an increase in current liabilities primarily related to the PreCision acquisition and other smaller acquisitions, and (iii) a decrease in inventory primarily related to the Solta Medical acquisition and other smaller acquisitions. The measurement period adjustments were made to reflect facts and circumstances existing as of the acquisition date, and did not result from intervening events subsequent to the acquisition date. These adjustments did not have a significant impact on the Company’s previously reported consolidated financial statements and, therefore, the Company has not retrospectively adjusted those financial statements. (b) The fair value of trade accounts receivable acquired was $82 million , with the gross contractual amount being $88 million , of which the Company expects that $6 million will be uncollectible. (c) Assets held for sale relate to the Tretin-X® product rights and the product rights for the generic tretinoin gel and cream products acquired in the PreCision acquisition, which were subsequently divested in the third quarter of 2014. (d) The following table summarizes the provisional amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Dates Measurement Period Adjustments Amounts Recognized as of June 30, 2015 (as adjusted) Product brands 10 $ 506.0 $ (1.7 ) $ 504.3 Product rights 8 95.2 (3.3 ) 91.9 Corporate brand 15 28.9 1.7 30.6 In-licensed products 9 1.5 (0.3 ) 1.2 Partner relationships 9 37.5 4.2 41.7 Other 9 28.1 14.0 42.1 Total identifiable intangible assets acquired 10 $ 697.2 $ 14.6 $ 711.8 (e) The acquired IPR&D assets primarily relate to programs from smaller acquisitions. In addition, the Solta Medical acquisition includes a program for the development of a next generation Thermage® product. (f) The goodwill relates primarily to the PreCision and Solta Medical acquisitions. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. Substantially all of the goodwill is not expected to be deductible for tax purposes. The goodwill recorded from the PreCision and Solta Medical acquisitions represents the following: • cost savings, operating synergies and other benefits expected to result from combining the operations of PreCision and Solta Medical with those of the Company; • the Company’s expectation to develop and market new products and technology; and • intangible assets that do not qualify for separate recognition (for instance, PreCision’s and Solta Medical’s assembled workforces). The provisional amount of goodwill from the PreCision acquisition has been allocated to the Company’s Developed Markets segment ( $194 million ). The amount of goodwill from the Solta Medical acquisition has been allocated to both the Company’s Developed Markets segment ( $56 million ) and Emerging Markets segment ( $38 million ).
Summary of amounts and useful lives assigned to identifiable intangible assets	The following table summarizes the provisional amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Dates Measurement Period Adjustments Amounts Recognized as of June 30, 2015 (as adjusted) Product brands 10 $ 506.0 $ (1.7 ) $ 504.3 Product rights 8 95.2 (3.3 ) 91.9 Corporate brand 15 28.9 1.7 30.6 In-licensed products 9 1.5 (0.3 ) 1.2 Partner relationships 9 37.5 4.2 41.7 Other 9 28.1 14.0 42.1 Total identifiable intangible assets acquired 10 $ 697.2 $ 14.6 $ 711.8

RESTRUCTURING, INTEGRATION AN26

RESTRUCTURING, INTEGRATION AND OTHER COSTS (Tables)	6 Months Ended
	Jun. 30, 2015
Salix
Restructuring costs
Schedule of major components of restructuring costs incurred in connection with acquisition-related initiatives	The following table summarizes the major components of the restructuring costs incurred in connection with the Salix Acquisition since the acquisition date through June 30, 2015 : Severance and Related Benefits IPR&D Termination Costs Contract Termination, Facility Closure and Other Costs Total Balance, January 1, 2015 $ — $ — $ — $ — Costs incurred and/or charged to expense 82.4 — — 82.4 Cash payments (25.7 ) — — (25.7 ) Non-cash adjustments 2.2 — — 2.2 Balance, June 30, 2015 $ 58.9 $ — $ — $ 58.9
B&L
Restructuring costs
Schedule of major components of restructuring costs incurred in connection with acquisition-related initiatives	The following table summarizes the major components of the restructuring costs incurred in connection with the B&L Acquisition since the acquisition date through June 30, 2015 : Employee Termination Costs IPR&D Termination Costs Contract Termination, Facility Closure and Other Costs Severance and Related Benefits Share-Based Compensation (1) Total Balance, January 1, 2013 $ — $ — $ — $ — $ — Costs incurred and/or charged to expense 155.7 52.8 — 25.6 234.1 Cash payments (77.8 ) (52.8 ) — (7.8 ) (138.4 ) Non-cash adjustments 11.4 — — (6.8 ) 4.6 Balance, December 31, 2013 $ 89.3 $ — $ — $ 11.0 $ 100.3 Costs incurred and charged to expense 46.0 — — 23.7 69.7 Cash payments (110.7 ) — — (24.9 ) (135.6 ) Non-cash adjustments (5.7 ) — — (5.4 ) (11.1 ) Balance, December 31, 2014 (2) $ 18.9 $ — $ — $ 4.4 $ 23.3 Costs incurred and charged to expense 3.0 — — 0.9 3.9 Cash payments (12.6 ) — — (1.3 ) (13.9 ) Non-cash adjustments (1.5 ) — — (1.2 ) (2.7 ) Balance, March 31, 2015 $ 7.8 $ — $ — $ 2.8 $ 10.6 Costs incurred and charged to expense (0.5 ) — — 0.1 (0.4 ) Cash payments (3.7 ) — — (0.1 ) (3.8 ) Non-cash adjustments 0.3 — — — 0.3 Balance, June 30, 2015 $ 3.9 $ — $ — $ 2.8 $ 6.7 ___________________________________ (1) Relates to B&L’s previously cancelled performance-based options and the acceleration of unvested stock options for B&L employees as a result of the B&L Acquisition were recognized in Other expense (income). (2) In the six-month period ended June 30, 2014 , the Company recognized $52 million of restructuring charges and made payments of $82 million related to the B&L Acquisition.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of components and classification of financial assets and liabilities measured at fair value	The following fair value hierarchy table presents the components and classification of the Company’s financial assets and liabilities measured at fair value as of June 30, 2015 and December 31, 2014 : As of June 30, 2015 As of December 31, 2014 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents (1) $ 484.9 $ 481.9 $ 3.0 $ — $ 4.6 $ 2.8 $ 1.8 $ — Restricted cash and cash equivalents $ 8.1 $ 8.1 $ — $ — $ 9.1 $ 9.1 $ — $ — Liabilities: Acquisition-related contingent consideration $ (705.8 ) $ — $ — $ (705.8 ) $ (308.8 ) $ — $ — $ (308.8 ) ___________________________________ (1) Cash equivalents include highly liquid investments with an original maturity of three months or less at acquisition, primarily including money market funds, reflected in the balance sheet at carrying value, which approximates fair value due to their short-term nature.
Schedule of reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3)	The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3) for the six-month period ended June 30, 2015 : Balance, January 1, 2015 Issuances (a) Payments (b) Net Unrealized Loss (c) Foreign Exchange (d) Release from Restricted Cash Balance, June 30, 2015 Acquisition-related contingent consideration $ (308.8 ) $ (477.3 ) $ 93.1 $ (18.8 ) $ 2.0 $ 4.0 $ (705.8 ) ____________________________________ (a) Primarily relates to contingent consideration liabilities assumed in the Salix and Marathon acquisitions, as well as the impact of measurement period adjustments, as described in Note 3. (b) Primarily relates to payments of acquisition-related contingent consideration related to the OraPharma Topco Holdings, Inc. acquisition consummated in June 2012, the Targretin® agreement entered into with Eisai Inc. in February 2013, and the Elidel®/Xerese®/Zovirax® agreement entered into with Meda Pharma SARL in June 2011 (the "Elidel®/Xerese®/Zovirax® agreement"). (c) For the six-month period ended June 30, 2015 , a net loss of $19 million was recognized as Acquisition-related contingent consideration in the consolidated statements of (loss) income, primarily reflecting accretion for the time value of money for the Elidel®/Xerese®/Zovirax® agreement and the Salix Acquisition. (d) Included in other comprehensive income (loss).

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of the components of inventories	The components of inventories as of June 30, 2015 and December 31, 2014 were as follows: As of As of Raw materials (1) $ 260.6 $ 191.1 Work in process (1) 125.9 94.2 Finished goods (1) 843.0 665.3 $ 1,229.5 $ 950.6 ___________________________________ (1) The components of inventories shown in the table above are net of allowance for obsolescence.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of intangible assets	The major components of intangible assets as of June 30, 2015 and December 31, 2014 were as follows: As of June 30, 2015 As of December 31, 2014 Gross Carrying Amount Accumulated Amortization, Including Impairments Net Carrying Amount Gross Carrying Amount Accumulated Amortization, Including Impairments Net Carrying Amount Finite-lived intangible assets: Product brands $ 21,591.1 $ (3,988.8 ) $ 17,602.3 $ 10,320.2 $ (3,579.8 ) $ 6,740.4 Corporate brands 1,020.5 (80.6 ) 939.9 364.2 (65.2 ) 299.0 Product rights 3,250.9 (1,473.4 ) 1,777.5 3,225.9 (1,263.8 ) 1,962.1 Partner relationships 213.4 (114.1 ) 99.3 223.1 (107.5 ) 115.6 Technology and other 518.2 (363.2 ) 155.0 275.5 (124.3 ) 151.2 Total finite-lived intangible assets 26,594.1 (6,020.1 ) 20,574.0 14,408.9 (5,140.6 ) 9,268.3 Indefinite-lived intangible assets: Acquired IPR&D (1) 878.2 — 878.2 290.1 — 290.1 Corporate brand (2) 1,697.5 — 1,697.5 1,697.5 — 1,697.5 $ 29,169.8 $ (6,020.1 ) $ 23,149.7 $ 16,396.5 $ (5,140.6 ) $ 11,255.9 ____________________________________ (1) The Company acquired certain IPR&D assets as part of the Salix Acquisition, as described further in Note 3. Also, in the second quarter of 2015, the Company wrote-off an IPR&D asset of $12 million related to the Arestin ® Peri-Implantitis development program (Developed Markets segment), resulting from analysis of Phase 3 study data. The write-off of the IPR&D asset was recognized in In-process research and development impairments and other charges in the consolidated statement of (loss) income. (2) Represents the B&L corporate trademark, which has an indefinite useful life and is therefore not amortized.
Schedule of estimated aggregate amortization expense for each of the five succeeding years	Estimated aggregate amortization expense, as of June 30, 2015 , for each of the five succeeding years ending December 31 is as follows: 2015 2016 2017 2018 2019 Amortization expense (1) $ 2,218.0 $ 2,520.3 $ 2,493.7 $ 2,361.5 $ 2,223.7 ____________________________________ (1) Estimated amortization expense shown in the table above does not include potential future impairments of finite-lived intangible assets
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill in the six-month period ended June 30, 2015 were as follows: Developed Markets Emerging Markets Total Balance, January 1, 2015 $ 7,115.0 $ 2,231.4 $ 9,346.4 Additions (a) 8,017.5 9.4 8,026.9 Adjustments (b) 49.7 0.5 50.2 Foreign exchange and other (119.3 ) (71.1 ) (190.4 ) Balance, June 30, 2015 $ 15,062.9 $ 2,170.2 $ 17,233.1 ____________________________________ (a) Primarily relates to the Salix Acquisition (as described in Note 3). (b) Primarily reflects the impact of measurement period adjustments related to the PreCision acquisition and other smaller acquisitions.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt	A summary of the Company’s consolidated long-term debt as of June 30, 2015 and December 31, 2014 , respectively, is outlined in the table below: Maturity Date As of As of December 31, 2014 Revolving Credit Facility (1) April 2018 $ — $ 165.0 Series A-1 Tranche A Term Loan Facility (1) April 2016 139.3 139.3 Series A-2 Tranche A Term Loan Facility (1) April 2016 135.9 135.5 Series A-3 Tranche A Term Loan Facility (1) October 2018 1,876.2 1,633.8 Series A-4 Tranche A Term Loan Facility (1) April 2020 974.6 — Series D-2 Tranche B Term Loan Facility (1) February 2019 1,084.1 1,088.4 Series C-2 Tranche B Term Loan Facility (1) December 2019 832.3 835.0 Series E-1 Tranche B Term Loan Facility (1) August 2020 2,529.4 2,543.8 Series F Tranche B Term Loan Facility (1) April 2022 4,070.0 — Senior Notes: 6.875% December 2018 — 496.6 7.00% October 2020 687.7 687.5 6.75% August 2021 645.8 645.4 7.25% July 2022 541.5 540.9 6.375% October 2020 2,224.0 2,221.6 6.75% August 2018 1,586.6 1,584.5 7.50% July 2021 1,608.3 1,606.9 5.625% December 2021 892.7 891.8 5.50% March 2023 990.0 — 5.375% March 2020 1,976.5 — 5.875% May 2023 3,211.0 — 4.50% (2) May 2023 1,652.0 — 6.125% April 2025 3,210.8 — Other (3) Various 12.4 12.9 30,881.1 15,228.9 Less current portion (590.9 ) (0.9 ) Total long-term debt $ 30,290.2 $ 15,228.0 ____________________________________ (1) Together, the “Senior Secured Credit Facilities” under the Company’s Third Amended and Restated Credit and Guaranty Agreement, as amended (the “Credit Agreement”). (2) Represents the U.S. dollar equivalent of Euro-denominated debt (discussed below). (3) Relates primarily to the debentures assumed in the B&L Acquisition.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the components and classification of share-based compensation expense	The following table summarizes the components and classification of share-based compensation expense related to stock options and restricted share units (“RSUs”) for the three-month and six-month periods ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended 2015 2014 2015 2014 Stock options $ 3.5 $ 4.2 $ 7.4 $ 9.3 RSUs 22.4 11.4 53.5 31.1 Share-based compensation expense $ 25.9 $ 15.6 $ 60.9 $ 40.4 Research and development expenses $ 1.5 $ 1.4 $ 3.0 $ 2.8 Selling, general and administrative expenses 24.4 14.2 57.9 37.6 Share-based compensation expense $ 25.9 $ 15.6 $ 60.9 $ 40.4

PENSION AND POSTRETIREMENT EM32

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Components of net periodic benefit cost	The following table provides the components of net periodic (benefit) cost for the Company’s defined benefit pension plans and postretirement benefit plan for the three-month and six-month periods ended June 30, 2015 and 2014 : Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans Three Months Ended June 30, 2015 2014 2015 2014 2015 2014 Service cost $ 0.4 $ 0.1 $ 0.8 $ 1.0 $ 0.5 $ 0.4 Interest cost 2.4 2.7 1.6 2.1 0.5 0.6 Expected return on plan assets (3.6 ) (3.7 ) (2.0 ) (2.0 ) (0.1 ) (0.1 ) Amortization of prior service credit — — (0.2 ) — (0.7 ) (0.6 ) Amortization of net loss — — 0.4 — — — Net periodic (benefit) cost $ (0.8 ) $ (0.9 ) $ 0.6 $ 1.1 $ 0.2 $ 0.3 Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans Six Months Ended June 30, 2015 2014 2015 2014 2015 2014 Service cost $ 0.8 $ 0.2 $ 1.6 $ 2.0 $ 1.0 $ 0.8 Interest cost 4.8 5.4 3.2 4.3 1.0 1.2 Expected return on plan assets (7.2 ) (7.4 ) (4.0 ) (4.0 ) (0.2 ) (0.2 ) Amortization of prior service credit — — (0.3 ) — (1.3 ) (1.2 ) Amortization of net loss — — 0.7 — — — Net periodic (benefit) cost $ (1.6 ) $ (1.8 ) $ 1.2 $ 2.3 $ 0.5 $ 0.6

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Shareholders' equity	Valeant Pharmaceuticals International, Inc. Shareholders Common Shares Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Valeant Pharmaceuticals International, Inc. Shareholders’ Equity Noncontrolling Interest Total Equity Shares Amount Balance, January 1, 2014 333.0 $ 8,301.2 $ 228.8 $ (3,278.5 ) $ (132.8 ) $ 5,118.7 $ 114.6 $ 5,233.3 Common shares issued under share-based compensation plans 0.8 24.7 (17.5 ) — — 7.2 — 7.2 Settlement of stock options — — (3.1 ) — — (3.1 ) — (3.1 ) Share-based compensation — — 40.4 — — 40.4 — 40.4 Employee withholding taxes related to share-based awards — — (36.5 ) — — (36.5 ) — (36.5 ) Tax benefits from stock options exercised — — 1.2 — — 1.2 — 1.2 Acquisition of noncontrolling interest — — (1.1 ) — — (1.1 ) (2.2 ) (3.3 ) 333.8 8,325.9 212.2 (3,278.5 ) (132.8 ) 5,126.8 112.4 5,239.2 Comprehensive income: Net income (loss) — — — 103.2 — 103.2 (1.5 ) 101.7 Other comprehensive income (loss) — — — — 28.1 28.1 (1.7 ) 26.4 Total comprehensive income 131.3 (3.2 ) 128.1 Balance, June 30, 2014 333.8 $ 8,325.9 $ 212.2 $ (3,175.3 ) $ (104.7 ) $ 5,258.1 $ 109.2 $ 5,367.3 Balance, January 1, 2015 334.4 $ 8,349.2 $ 243.9 $ (2,365.0 ) $ (915.9 ) $ 5,312.2 $ 122.3 $ 5,434.5 Issuance of common stock (see below) 7.5 1,481.0 — — — 1,481.0 — 1,481.0 Common shares issued under share-based compensation plans 1.1 57.0 (34.9 ) — — 22.1 — 22.1 Repurchases of common shares (0.2 ) (6.4 ) — (43.6 ) — (50.0 ) — (50.0 ) Share-based compensation — — 60.9 — — 60.9 — 60.9 Employee withholding taxes related to share-based awards — — (61.5 ) — — (61.5 ) — (61.5 ) Tax benefits from stock options exercised — — 25.6 — — 25.6 — 25.6 Noncontrolling interest distributions — — — — — — (1.1 ) (1.1 ) 342.8 9,880.8 234.0 (2,408.6 ) (915.9 ) 6,790.3 121.2 6,911.5 Comprehensive loss: Net income (loss) — — — 20.7 — 20.7 2.2 22.9 Other comprehensive loss — — — — (375.6 ) (375.6 ) (0.4 ) (376.0 ) Total comprehensive loss (354.9 ) 1.8 (353.1 ) Balance, June 30, 2015 342.8 $ 9,880.8 $ 234.0 $ (2,387.9 ) $ (1,291.5 ) $ 6,435.4 $ 123.0 $ 6,558.4

ACCUMULATED OTHER COMPREHENSI34

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of the components of accumulated other comprehensive loss	The components of accumulated other comprehensive loss as of June 30, 2015 and 2014 , were as follows: Foreign Currency Translation Adjustment Unrealized Gain on Equity Investment Net Unrealized Holding Gain on Available-For-Sale Equity Securities Pension Adjustment Total Balance, January 1, 2014 $ (170.3 ) $ — $ — $ 37.5 $ (132.8 ) Foreign currency translation adjustment 8.1 — — — 8.1 Unrealized gain on equity method investment, net of tax (1) — 18.5 — — 18.5 Net unrealized holding gain on available-for-sale equity securities, net of tax — — 2.7 — 2.7 Pension adjustment (2) — — — (1.2 ) (1.2 ) Balance, June 30, 2014 $ (162.2 ) $ 18.5 $ 2.7 $ 36.3 $ (104.7 ) Balance, January 1, 2015 $ (886.5 ) $ — $ — $ (29.4 ) $ (915.9 ) Foreign currency translation adjustment (374.7 ) — — — (374.7 ) Pension adjustment (2) — — — (0.9 ) (0.9 ) Balance, June 30, 2015 $ (1,261.2 ) $ — $ — $ (30.3 ) $ (1,291.5 ) ____________________________________ (1) Relates to the Company's investment in PS Fund 1, LLC ("PS Fund 1"), an entity that we previously owned with Pershing Square Capital Management, L.P. ("Pershing Square"). The Company is no longer a member of PS Fund 1. (2) Reflects changes in defined benefit obligations and related plan assets of the Company’s defined benefit pension plans and the U.S. postretirement benefit plan (see Note 10).

(LOSS) EARNINGS PER SHARE (Tabl

(LOSS) EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of calculation of earnings per share	(Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc. for the three-month and six-month periods ended June 30, 2015 and 2014 were calculated as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Net (loss) income attributable to Valeant Pharmaceuticals International, Inc. $ (53.0 ) $ 125.8 $ 20.7 $ 103.2 Basic weighted-average number of common shares outstanding 344.4 335.3 340.5 335.1 Diluted effect of stock options, RSUs and other (a) — 6.0 6.6 6.3 Diluted weighted-average number of common shares outstanding 344.4 341.3 347.1 341.4 (Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (0.15 ) $ 0.38 $ 0.06 $ 0.31 Diluted $ (0.15 ) $ 0.37 $ 0.06 $ 0.30 ____________________________________ (a) In the three-month period ended June 30, 2015, all potential common shares issuable for stock options and RSUs were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive. The dilutive effect of potential common shares issuable for stock options and RSUs on the weighted-average number of common shares outstanding would have been as follows: Three Months Ended 2015 Basic weighted-average number of common shares outstanding 344.4 Diluted effect of stock options, RSUs and other 6.5 Diluted weighted-average number of common shares outstanding 350.9
Schedule of dilutive effect of stock options, RSUs and Convertible Notes on weighted-average number of common shares outstanding	The dilutive effect of potential common shares issuable for stock options and RSUs on the weighted-average number of common shares outstanding would have been as follows: Three Months Ended 2015 Basic weighted-average number of common shares outstanding 344.4 Diluted effect of stock options, RSUs and other 6.5 Diluted weighted-average number of common shares outstanding 350.9

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of segment revenues and profit	Segment revenues and profit for the three-month and six-month periods ended June 30, 2015 and 2014 were as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Revenues: Developed Markets (1) $ 2,237.6 $ 1,479.7 $ 4,002.0 $ 2,901.5 Emerging Markets (2) 494.8 561.4 921.3 1,025.8 Total revenues 2,732.4 2,041.1 4,923.3 3,927.3 Segment profit: Developed Markets (3) 678.5 458.0 1,314.5 897.3 Emerging Markets (4) 78.3 96.0 132.9 164.1 Total segment profit 756.8 554.0 1,447.4 1,061.4 Corporate (5) (61.5 ) (46.3 ) (130.7 ) (84.4 ) Restructuring, integration and other costs (143.4 ) (142.1 ) (198.4 ) (275.7 ) In-process research and development impairments and other charges (12.3 ) (8.4 ) (12.3 ) (20.4 ) Acquisition-related costs (9.5 ) (0.6 ) (19.3 ) (2.1 ) Acquisition-related contingent consideration (11.7 ) (1.9 ) (18.8 ) (10.8 ) Other (expense) income (176.9 ) 0.4 (183.0 ) 43.7 Operating income 341.5 355.1 884.9 711.7 Interest income 0.9 1.2 1.8 3.0 Interest expense (412.7 ) (241.2 ) (710.5 ) (487.7 ) Loss on extinguishment of debt — — (20.0 ) (93.7 ) Foreign exchange and other 5.6 3.4 (65.5 ) (10.0 ) Gain on investments, net — 2.5 — 2.5 (Loss) income before (recovery of) provision for income taxes $ (64.7 ) $ 121.0 $ 90.7 $ 125.8 ____________________________________ (1) Developed Markets segment revenues reflect incremental product sales revenue in the three-month and six-month periods ended June 30, 2015 from 2014 and 2015 acquisitions of $546 million and $754 million , respectively, in the aggregate, primarily from the Salix, Marathon, and Dendreon acquisitions. (2) Emerging Markets segment revenues reflect incremental product sales revenue in the three-month and six-month periods ended June 30, 2015 from 2014 and 2015 acquisitions of $13 million and $25 million , respectively, in the aggregate. (3) Developed Markets segment profit in the three-month and six-month periods ended June 30, 2015 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to inventory and identifiable intangible assets of $555 million and $870 million , in the aggregate, primarily from the Salix acquisition, compared with $216 million and $441 million in the corresponding periods of 2014. (4) Emerging Markets segment profit in the three-month and six-month periods ended June 30, 2015 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to inventory and identifiable intangible assets of $76 million and $151 million , in the aggregate, compared with $79 million and $154 million in the corresponding periods of 2014. (5) Corporate reflects non-restructuring-related share-based compensation expense of $14 million and $38 million in the three-month and six-month periods ended June 30, 2015 , respectively, compared with $6 million and $21 million in the corresponding periods of 2014.
Schedule of total assets by segment	Total assets by segment as of June 30, 2015 and December 31, 2014 were as follows: As of As of Assets: Developed Markets (1) $ 40,368.4 $ 19,093.4 Emerging Markets (1) 6,126.2 6,332.9 46,494.6 25,426.3 Corporate 1,848.6 901.0 Total assets $ 48,343.2 $ 26,327.3 ____________________________________ (1) Segment assets as of June 30, 2015 were impacted by the provisional amounts of identifiable intangible assets and goodwill of the various acquisitions in the current year. See Note 3 for additional information regarding the current year acquisitions.

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Jun. 30, 2015country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Countries in which Entity Operates (over 100 countries)	100

SIGNIFICANT ACCOUNTING POLICI38

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014USD ($)
Other Noncurrent Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prior period reclassification adjustment	$ 26

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details)	Apr. 01, 2015USD ($)product$ / shares	Feb. 23, 2015USD ($)	Jan. 23, 2014USD ($)$ / shares	May. 31, 2015	Jun. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2015	Feb. 10, 2015USD ($)	Jul. 07, 2014USD ($)
Business Acquisition [Line Items]
Acquisition-related contingent consideration					$ 191,400,000			$ 191,400,000		$ 141,800,000
Purchase price net of cash received					13,090,900,000		$ 68,000,000	13,885,900,000	$ 374,300,000
Acquisition of businesses, contingent and deferred consideration obligations at fair value					387,700,000		27,400,000	674,600,000	49,100,000
Acquisition-related costs					9,500,000		600,000	19,300,000	2,100,000
Pro forma acquisition accounting adjustment on inventory sold subsequent to acquisition date					45,000,000		$ 3,000,000	69,000,000	$ 8,000,000
1.5% Convertible Notes Due March 2019 | Convertible Debt
Business Acquisition [Line Items]
Estimated fair value of warrant transactions	$ 1,080,000,000
Stated interest rate on debt (as a percent)	1.50%										1.50%
2.75% Convertible Notes Due May 2015 | Convertible Debt
Business Acquisition [Line Items]
Stated interest rate on debt (as a percent)	2.75%										2.75%
Salix
Business Acquisition [Line Items]
Inventory adjustments	$ 108,000,000
Estimated fair value of derivatives	$ 1,270,000,000
Weighted- average useful lives (Years)	11 years
Estimated cost to complete development	$ 90,000,000
Accrual for potential losses and legal costs	336,000,000
Accrual for returns and rebates	251,000,000
Range of potential milestone payments, low	0
Range of potential milestone payment, high	650,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability	327,900,000
Acquisition related contingent consideration, current	$ 11,000,000
Number of products in product portfolio (more than) | product	20
Deferred tax assets	$ 237,000,000
Deferred tax liabilities	$ 3,750,000,000
Par value per share of common stock (in dollars per share) | $ / shares	$ 0.001
Aggregate purchase price	$ 13,132,000,000
Current liabilities	$ 1,764,200,000
Acquisition-related costs					13,000,000			13,000,000
Revenues of acquiree since acquisition date								313,000,000
Net earnings (loss), net of tax of acquiree since acquisition date								$ (200,000,000)
Per share consideration (in usd per share) | $ / shares	$ 173
Estimated insurance recoveries	$ 80,000,000
Salix | Xifaxan [Member]
Business Acquisition [Line Items]
IPR&D asset fair value	$ 4,790,000,000
Salix | 1.5% Convertible Notes Due March 2019 | Convertible Debt
Business Acquisition [Line Items]
Stated interest rate on debt (as a percent)	1.50%
Salix | 2.75% Convertible Notes Due May 2015 | Convertible Debt
Business Acquisition [Line Items]
Stated interest rate on debt (as a percent)	2.75%
Other 2015 Acquisitions
Business Acquisition [Line Items]
Weighted- average useful lives (Years)								8 years
Aggregate purchase price					1,071,900,000			$ 1,071,900,000
Acquisition of businesses, contingent and deferred consideration obligations at fair value								112,000,000
Current liabilities					92,800,000			92,800,000
Non-current liabilities					96,000,000			96,000,000
Acquisition-related costs								7,000,000
Revenues of acquiree since acquisition date								366,000,000
Net earnings (loss), net of tax of acquiree since acquisition date								91,000,000
Dendreon
Business Acquisition [Line Items]
Purchase price net of cash received		$ 415,000,000
Gross purchase price		495,000,000
Cash received from Acquisition		80,000,000
Stock consideration transferred		$ 50,000,000
Marathon
Business Acquisition [Line Items]
Acquisition-related contingent consideration					6,000,000			$ 6,000,000
Aggregate purchase price												$ 286,000,000
Assumed liability owed to a third party												64,000,000
Current liabilities												41,000,000
Non-current liabilities												$ 46,000,000
2014 Acquisitions
Business Acquisition [Line Items]
Weighted- average useful lives (Years)								10 years
Acquisition of businesses, contingent and deferred consideration obligations at fair value										133,000,000
Current liabilities					$ 173,800,000			$ 173,800,000
Total fair value of consideration transferred										$ 1,420,000,000
PreCision Dermatology, Inc.
Business Acquisition [Line Items]
Acquisition-related contingent consideration													$ 25,000,000
Aggregate purchase price													$ 459,000,000
PreCision Dermatology, Inc. | Other (Income) Expense
Business Acquisition [Line Items]
Post-combination expense						$ 20,000,000
Solta Medical, Inc.
Business Acquisition [Line Items]
Aggregate purchase price			$ 293,000,000
Per share consideration (in usd per share) | $ / shares			$ 2.92
Repayments of long-term debt			$ 44,000,000
Restricted Stock | Salix
Business Acquisition [Line Items]
Per share consideration (in usd per share) | $ / shares	$ 173
Development and Sales Based Milestones | Salix
Business Acquisition [Line Items]
Range of potential milestone payment, high	$ 250,000,000
Acquired IPR&D | Salix
Business Acquisition [Line Items]
Weighted- average useful lives (Years)				10 years
Acquired IPR&D | Maximum | Salix
Business Acquisition [Line Items]
Fair value discount rate								10.00%
Acquired IPR&D | Minimum | Salix
Business Acquisition [Line Items]
Fair value discount rate								11.00%

BUSINESS COMBINATIONS - Fair Va

BUSINESS COMBINATIONS - Fair Value of Consideration Transfered (Details) - Apr. 01, 2015 - Salix - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Total
Business Acquisition [Line Items]
Number of shares of Salix common stock outstanding as of acquisition date	64.3
Per share consideration (in usd per share)	$ 173
Fair value of equity consideration transfered	$ 11,329
Cash consideration paid for Salix’s restricted stock that was accelerated at the closing of the Salix Acquisition	(165)
Total fair value of consideration transferred	$ 13,132
Restricted Stock
Business Acquisition [Line Items]
Per share consideration (in usd per share)	$ 173
Term Loan B Facility
Business Acquisition [Line Items]
Payment of acquiree debt	$ 1,125.2
6.00% Senior Notes due 2021
Business Acquisition [Line Items]
Payment of acquiree debt	$ 842.3
Stated interest rate on debt (as a percent)	6.00%
Restricted Stock
Business Acquisition [Line Items]
Number of outstanding equity awards	1.1
Fair value of equity canceled and exchanged for cash	$ 195
Cash consideration paid for Salix’s restricted stock that was accelerated at the closing of the Salix Acquisition	$ (165)
Stock options
Business Acquisition [Line Items]
Number of outstanding equity awards	0.1
Fair value of equity canceled and exchanged for cash	$ 10.1
Common Shares
Business Acquisition [Line Items]
Fair value of common stock	$ 11,123.9

BUSINESS COMBINATIONS - Estimat

BUSINESS COMBINATIONS - Estimated fair values of the assets acquired and liabilities assumed (Details) - USD ($) $ in Millions	Jun. 30, 2015	Apr. 01, 2015	Dec. 31, 2014	Jul. 07, 2014	Jan. 23, 2014
Assets acquired and liabilities assumed
Goodwill	$ 17,233.1		$ 9,346.4
Salix
Assets acquired and liabilities assumed
Cash and cash equivalents		$ 113.7
Inventories		233.2
Other current assets		1,400.3
Property, plant and equipment, net		24.3
Identifiable intangible assets, excluding acquired IPR&D		6,756.3
Acquired IPR&D		5,366.8
Current liabilities		(1,764.2)
Contingent consideration, short term portion		(327.9)
Long-term debt, including current portion		(3,123.1)
Deferred income taxes, net		(3,512)
Other non-current liabilities		(7.3)
Total identifiable net assets		5,160.1
Goodwill		7,971.9
Total fair value of consideration transferred		$ 13,132
Other 2015 Acquisitions
Assets acquired and liabilities assumed
Cash and cash equivalents	81.1
Accounts receivable	25.4
Inventories	107
Other current assets	18.1
Property, plant and equipment, net	57.8
Identifiable intangible assets, excluding acquired IPR&D	882.1
Acquired IPR&D	24
Other non-current assets	1.2
Deferred tax asset, net	9
Current liabilities	(92.8)
Non-current liabilities	(96)
Total identifiable net assets	1,016.9
Goodwill	55
Total fair value of consideration transferred	1,071.9
Other 2015 Acquisitions | Amounts Recognized as of Acquisition Date (as previously reported)
Assets acquired and liabilities assumed
Cash and cash equivalents			81.1
Accounts receivable			25.4
Inventories			107.3
Other current assets			18.1
Property, plant and equipment, net			72.1
Identifiable intangible assets, excluding acquired IPR&D			874.7
Acquired IPR&D			25.5
Other non-current assets			1.2
Deferred tax asset, net			5.8
Current liabilities			(92.8)
Non-current liabilities			(96)
Total identifiable net assets			1,022.4
Goodwill			55.9
Total fair value of consideration transferred			1,078.3
Other 2015 Acquisitions | Measurement Period Adjustments
Assets acquired and liabilities assumed
Cash and cash equivalents			0
Accounts receivable			0
Inventories			(0.3)
Other current assets			0
Property, plant and equipment, net			(14.3)
Identifiable intangible assets, excluding acquired IPR&D			7.4
Acquired IPR&D			(1.5)
Other non-current assets			0
Deferred tax asset, net			3.2
Current liabilities			0
Non-current liabilities			0
Total identifiable net assets			(5.5)
Goodwill			(0.9)
Total fair value of consideration transferred			(6.4)
2014 Acquisitions
Assets acquired and liabilities assumed
Cash and cash equivalents	34.7
Accounts receivable	81.8
Assets held for sale	124.9
Inventories	154.6
Other current assets	14.3
Property, plant and equipment, net	61.2
Identifiable intangible assets, excluding acquired IPR&D	711.8
Acquired IPR&D	63
Other non-current assets	1.9
Current liabilities	(173.8)
Long-term debt, including current portion	(11.2)
Deferred income taxes, net	(75.5)
Other non-current liabilities	(13.5)
Total identifiable net assets	974.2
Noncontrolling interest	(14.7)
Goodwill	456.5
Total fair value of consideration transferred less noncontrolling interest			1,420
Gross contractual amount of trade accounts receivable acquired	88
Expected uncollectible of trade accounts receivable acquired	6
2014 Acquisitions | Amounts Recognized as of Acquisition Date (as previously reported)
Assets acquired and liabilities assumed
Cash and cash equivalents			33.6
Accounts receivable			87.7
Assets held for sale			125.7
Inventories			170.4
Other current assets			19.1
Property, plant and equipment, net			58.5
Identifiable intangible assets, excluding acquired IPR&D			697.2
Acquired IPR&D			65.8
Other non-current assets			4
Current liabilities			(152)
Long-term debt, including current portion			(11.2)
Deferred income taxes, net			(116)
Other non-current liabilities			(13.4)
Total identifiable net assets			969.4
Noncontrolling interest			(15)
Goodwill			410.4
Total fair value of consideration transferred less noncontrolling interest			1,364.8
2014 Acquisitions | Measurement Period Adjustments
Assets acquired and liabilities assumed
Cash and cash equivalents			1.1
Accounts receivable			(5.9)
Assets held for sale			(0.8)
Inventories			(15.8)
Other current assets			(4.8)
Property, plant and equipment, net			2.7
Identifiable intangible assets, excluding acquired IPR&D			14.6
Acquired IPR&D			(2.8)
Other non-current assets			(2.1)
Current liabilities			(21.8)
Long-term debt, including current portion			0
Deferred income taxes, net			40.5
Other non-current liabilities			(0.1)
Total identifiable net assets			4.8
Noncontrolling interest			0.3
Goodwill			46.1
Total fair value of consideration transferred less noncontrolling interest			51.2
PreCision Dermatology, Inc.
Assets acquired and liabilities assumed
Total fair value of consideration transferred				$ 459
Solta Medical, Inc.
Assets acquired and liabilities assumed
Total fair value of consideration transferred					$ 293
Developed Markets
Assets acquired and liabilities assumed
Goodwill	15,062.9		7,115
Developed Markets | PreCision Dermatology, Inc.
Assets acquired and liabilities assumed
Goodwill				194
Developed Markets | Solta Medical, Inc.
Assets acquired and liabilities assumed
Goodwill				56
Emerging Markets
Assets acquired and liabilities assumed
Goodwill	$ 2,170.2		$ 2,231.4
Emerging Markets | Solta Medical, Inc.
Assets acquired and liabilities assumed
Goodwill				$ 38

BUSINESS COMBINATIONS - Fair 42

BUSINESS COMBINATIONS - Fair Value of Debt Obligations (Details) - USD ($) $ in Millions	Apr. 01, 2015	Mar. 31, 2015
Convertible Debt
Debt Instrument [Line Items]
Long-term debt, amount recognized as of acquisition date	$ 3,123.1
Convertible Debt | 1.5% Convertible Notes Due March 2019
Debt Instrument [Line Items]
Long-term debt, amount recognized as of acquisition date	$ 1,837.1
Stated interest rate on debt (as a percent)	1.50%	1.50%
Convertible Debt | 2.75% Convertible Notes Due May 2015
Debt Instrument [Line Items]
Long-term debt, amount recognized as of acquisition date	$ 1,286
Stated interest rate on debt (as a percent)	2.75%	2.75%
Salix
Debt Instrument [Line Items]
Long-term debt, amount recognized as of acquisition date	$ 3,123.1
Salix | Convertible Debt | 1.5% Convertible Notes Due March 2019
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	1.50%
Salix | Convertible Debt | 2.75% Convertible Notes Due May 2015
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	2.75%

BUSINESS COMBINATIONS - Identif

BUSINESS COMBINATIONS - Identifiable intangible assets (Details) - USD ($) $ in Millions	Apr. 01, 2015	Jun. 30, 2015	Dec. 31, 2014
Salix
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)	11 years
Total identifiable intangible assets acquired	$ 6,756.3
Salix | Product brands
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)	10 years
Total identifiable intangible assets acquired	$ 6,088.3
Salix | Corporate brand
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)	20 years
Total identifiable intangible assets acquired	$ 668
2014 Acquisitions
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		10 years
Total identifiable intangible assets acquired		$ 711.8
2014 Acquisitions | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			$ 697.2
2014 Acquisitions | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			14.6
2014 Acquisitions | Product brands
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		10 years
Total identifiable intangible assets acquired		$ 504.3
2014 Acquisitions | Product brands | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			506
2014 Acquisitions | Product brands | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			(1.7)
2014 Acquisitions | Product rights
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		8 years
Total identifiable intangible assets acquired		$ 91.9
2014 Acquisitions | Product rights | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			95.2
2014 Acquisitions | Product rights | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			(3.3)
2014 Acquisitions | Corporate brand
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		15 years
Total identifiable intangible assets acquired		$ 30.6
2014 Acquisitions | Corporate brand | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			28.9
2014 Acquisitions | Corporate brand | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			1.7
2014 Acquisitions | In-licensed products
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		9 years
Total identifiable intangible assets acquired		$ 1.2
2014 Acquisitions | In-licensed products | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			1.5
2014 Acquisitions | In-licensed products | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			(0.3)
2014 Acquisitions | Partner relationships
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		9 years
Total identifiable intangible assets acquired		$ 41.7
2014 Acquisitions | Partner relationships | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			37.5
2014 Acquisitions | Partner relationships | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			4.2
2014 Acquisitions | Other
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		9 years
Total identifiable intangible assets acquired		$ 42.1
2014 Acquisitions | Other | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			28.1
2014 Acquisitions | Other | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			14
Other 2015 Acquisitions
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		8 years
Total identifiable intangible assets acquired		$ 882.1
Other 2015 Acquisitions | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			874.7
Other 2015 Acquisitions | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			7.4
Other 2015 Acquisitions | Product brands
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		7 years
Total identifiable intangible assets acquired		$ 603.8
Other 2015 Acquisitions | Product brands | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			603.3
Other 2015 Acquisitions | Product brands | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			0.5
Other 2015 Acquisitions | Product rights
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		3 years
Total identifiable intangible assets acquired		$ 43
Other 2015 Acquisitions | Product rights | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			42.6
Other 2015 Acquisitions | Product rights | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			0.4
Other 2015 Acquisitions | Partner relationships
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		8 years
Total identifiable intangible assets acquired		$ 7.8
Other 2015 Acquisitions | Partner relationships | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			7.8
Other 2015 Acquisitions | Partner relationships | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			0
Other 2015 Acquisitions | Technology/know-how
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		10 years
Total identifiable intangible assets acquired		$ 225.5
Other 2015 Acquisitions | Technology/know-how | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			219
Other 2015 Acquisitions | Technology/know-how | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			6.5
Other 2015 Acquisitions | Other
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		6 years
Total identifiable intangible assets acquired		$ 2
Other 2015 Acquisitions | Other | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			2
Other 2015 Acquisitions | Other | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			$ 0

BUSINESS COMBINATIONS - Pro for

BUSINESS COMBINATIONS - Pro forma impact of business combinations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pro forma of consolidated results of operations
Revenues	$ 2,732.4	$ 2,595.7	$ 4,883.7	$ 5,055.1
Net loss attributable to Valeant Pharmaceuticals International, Inc.	$ (24.9)	$ (51.7)	$ (329.6)	$ (353.8)
Loss per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)	$ (0.07)	$ (0.15)	$ (0.96)	$ (1.03)
Diluted (in usd per share)	$ (0.07)	$ (0.15)	$ (0.96)	$ (1.03)

RESTRUCTURING, INTEGRATION AN45

RESTRUCTURING, INTEGRATION AND OTHER COSTS - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended		23 Months Ended
	Jun. 30, 2015USD ($)employee	Mar. 31, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)employee	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jun. 30, 2015USD ($)
Cost-rationalization and integration initiatives
Acquisition-related costs	$ 9.5		$ 0.6	$ 19.3	$ 2.1
Restructuring, integration and other costs	143.4		$ 142.1	198.4	275.7
B&L
Cost-rationalization and integration initiatives
Restructuring and acquisition-related costs since acquisition date								$ 577
Restructuring expenses related to acquisition								307
Integration expenses related to acquisition				$ 8	100			257
Acquisition-related costs								13
Approximate number of employees expected to be terminated | employee				3,000
Restructuring, integration and other costs	(0.4)	$ 3.9			52	$ 69.7	$ 234.1
Payments for integration costs				$ 10	112
Restructuring and Related Cost, Incurred Cost								8
Payments for Restructuring	3.8	13.9			82	135.6	138.4
B&L | Maximum
Cost-rationalization and integration initiatives
Restructuring and acquisition-related costs since acquisition date				600
Salix
Cost-rationalization and integration initiatives
Restructuring and acquisition-related costs since acquisition date	124
Restructuring expenses related to acquisition	82
Integration expenses related to acquisition	29
Acquisition-related costs	$ 13			13
Approximate number of employees expected to be terminated | employee	400
Restructuring, integration and other costs				82.4
Payments for integration costs	$ 16
Payments for Restructuring				25.7
Salix | Maximum
Cost-rationalization and integration initiatives
Restructuring and acquisition-related costs since acquisition date				300
Employee Termination Costs - Share-Based Compensation | B&L
Cost-rationalization and integration initiatives
Restructuring, integration and other costs	0	0				0	52.8
Payments for Restructuring	0	$ 0				$ 0	$ 52.8
Other Restructuring, Integration-related and Other Costs
Cost-rationalization and integration initiatives
Restructuring costs				24	12
Restructuring and Related Cost, Incurred Cost				79	68
Restructuring Costs Integration Consulting Duplicate Labor Transition Service and Other				52	46
Business Exit Costs				2	4
Other Restructuring Costs				1	6
Payments for Restructuring				54	$ 58
Waterford, Ireland | B&L
Cost-rationalization and integration initiatives
Restructuring costs								$ 52
Restructuring cost adjustment	$ 4
Waterford, Ireland | Employee Termination Costs | B&L
Cost-rationalization and integration initiatives
Payments for integration costs				$ 19

RESTRUCTURING, INTEGRATION AN46

RESTRUCTURING, INTEGRATION AND OTHER COSTS (Details 2) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Restructuring reserve
Costs incurred and/or charged to expense	$ 143.4		$ 142.1	$ 198.4	$ 275.7
B&L
Restructuring reserve
Balance at the beginning of the period	10.6	$ 23.3		23.3	100.3	$ 100.3	$ 0
Costs incurred and/or charged to expense	(0.4)	3.9			52	69.7	234.1
Cash payments	(3.8)	(13.9)			(82)	(135.6)	(138.4)
Non-cash adjustments	0.3	(2.7)				(11.1)	4.6
Balance at the end of the period	6.7	10.6		6.7		23.3	100.3
B&L | Employee Termination Costs - Severance and Related Benefits
Restructuring reserve
Balance at the beginning of the period	7.8	18.9		18.9	89.3	89.3	0
Costs incurred and/or charged to expense	(0.5)	3				46	155.7
Cash payments	(3.7)	(12.6)				(110.7)	(77.8)
Non-cash adjustments	0.3	(1.5)				(5.7)	11.4
Balance at the end of the period	3.9	7.8		3.9		18.9	89.3
B&L | Employee Termination Costs - Share-Based Compensation
Restructuring reserve
Balance at the beginning of the period	0	0		0	0	0	0
Costs incurred and/or charged to expense	0	0				0	52.8
Cash payments	0	0				0	(52.8)
Non-cash adjustments	0	0				0	0
Balance at the end of the period	0	0		0		0	0
B&L | IPR&D Termination Costs
Restructuring reserve
Balance at the beginning of the period	0	0		0	0	0	0
Costs incurred and/or charged to expense	0	0				0	0
Cash payments	0	0				0	0
Non-cash adjustments	0	0				0	0
Balance at the end of the period	0	0		0		0	0
B&L | Contract Termination, Facility Closure and Other Costs
Restructuring reserve
Balance at the beginning of the period	2.8	4.4		4.4	$ 11	11	0
Costs incurred and/or charged to expense	0.1	0.9				23.7	25.6
Cash payments	(0.1)	(1.3)				(24.9)	(7.8)
Non-cash adjustments	0	(1.2)				(5.4)	(6.8)
Balance at the end of the period	2.8	2.8		2.8		4.4	$ 11
Salix
Restructuring reserve
Balance at the beginning of the period		0		0
Costs incurred and/or charged to expense				82.4
Cash payments				(25.7)
Non-cash adjustments				(2.2)
Balance at the end of the period	58.9			58.9		0
Salix | Employee Termination Costs - Severance and Related Benefits
Restructuring reserve
Balance at the beginning of the period		0		0
Costs incurred and/or charged to expense				82.4
Cash payments				(25.7)
Non-cash adjustments				(2.2)
Balance at the end of the period	58.9			58.9		0
Salix | IPR&D Termination Costs
Restructuring reserve
Balance at the beginning of the period		0		0
Costs incurred and/or charged to expense				0
Cash payments				0
Non-cash adjustments				0
Balance at the end of the period	0			0		0
Salix | Contract Termination, Facility Closure and Other Costs
Restructuring reserve
Balance at the beginning of the period		$ 0		0
Costs incurred and/or charged to expense				0
Cash payments				0
Non-cash adjustments				0
Balance at the end of the period	$ 0			$ 0		$ 0

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Liabilities:
Highly liquid investments, maturity period (in months)	3 months
Recurring basis
Assets:
Cash equivalents	$ 484.9	$ 4.6
Restricted cash	8.1	9.1
Liabilities:
Acquisition-related contingent consideration	(705.8)	(308.8)
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets:
Cash equivalents	481.9	2.8
Restricted cash	8.1	9.1
Liabilities:
Acquisition-related contingent consideration	0	0
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets:
Cash equivalents	3	1.8
Restricted cash	0	0
Liabilities:
Acquisition-related contingent consideration	0	0
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets:
Cash equivalents	0	0
Restricted cash	$ 0	0
Liabilities:
Acquisition-related contingent consideration		$ (308.8)

FAIR VALUE MEASUREMENTS (Deta48

FAIR VALUE MEASUREMENTS (Details 2) € in Millions	Mar. 27, 2015USD ($)	Mar. 27, 2015EUR (€)	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Assets Measured at Fair Value on a Recurring Basis
Fair Value, Assets Level 1 to Level 2 Transfers, Value				$ 0
Significant Other Observable Inputs (Level 2) | Prepaid Expenses and Other Current Assets
Assets Measured at Fair Value on a Recurring Basis
Carrying value of time deposits				$ 25,000,000	$ 43,000,000
Foreign Exchange Forward | Designated as Hedging Instrument
Assets Measured at Fair Value on a Recurring Basis
Foreign currency forward-exchange contract			$ 1,530,000,000
4.50% Senior Notes due May 2023
Assets Measured at Fair Value on a Recurring Basis
Aggregate principal amount of debt	$ 1,500,000,000	€ 1,500
Stated interest rate on debt (as a percent)	4.50%	4.50%		4.50%	4.50%
Foreign Exchange and Other | Foreign Exchange Forward
Assets Measured at Fair Value on a Recurring Basis
Foreign exchange contracts included on the Income Statement			$ 26,000,000
Acquisition-related contingent consideration
Assets Measured at Fair Value on a Recurring Basis
Transfers Into or Out of Level 3				$ 0

FAIR VALUE MEASUREMENTS (Deta49

FAIR VALUE MEASUREMENTS (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Acquisition-related contingent consideration gain (loss)	$ (11.7)	$ (1.9)	$ (18.8)	$ (10.8)
Acquisition-related contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance at the beginning of the period			(308.8)
Issuances			(477.3)
Payments			93.1
Net Unrealized Loss			(18.8)
Foreign Exchange			2
Release from Restricted Cash			4
Balance at the end of the period	$ (705.8)		(705.8)
Acquisition-related contingent consideration gain (loss)			$ (19)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 260.6	$ 191.1
Work in process	125.9	94.2
Finished goods	843	665.3
Total Inventories	$ 1,229.5	$ 950.6

INTANGIBLE ASSETS AND GOODWIL51

INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Finite-lived intangible assets:
Gross Carrying Amount	$ 26,594.1		$ 26,594.1		$ 14,408.9
Accumulated Amortization, Including Impairments	(6,020.1)		(6,020.1)		(5,140.6)
Net Carrying Amount	20,574		20,574		9,268.3
Total intangible assets
Gross Carrying Amount	29,169.8		29,169.8		16,396.5
Net Carrying Amount	23,149.7		23,149.7		11,255.9
In-process research and development impairments	12.3	$ 0.4	12.3	$ 0.4
Acquired IPR&D
Finite-lived intangible assets:
Accumulated Amortization, Including Impairments	0		0		0
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	878.2		878.2		290.1
Total intangible assets
In-process research and development impairments	12
Corporate brand
Finite-lived intangible assets:
Accumulated Amortization, Including Impairments	0		0		0
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,697.5		1,697.5		1,697.5
Product brands
Finite-lived intangible assets:
Gross Carrying Amount	21,591.1		21,591.1		10,320.2
Accumulated Amortization, Including Impairments	(3,988.8)		(3,988.8)		(3,579.8)
Net Carrying Amount	17,602.3		17,602.3		6,740.4
Corporate brand
Finite-lived intangible assets:
Gross Carrying Amount	1,020.5		1,020.5		364.2
Accumulated Amortization, Including Impairments	(80.6)		(80.6)		(65.2)
Net Carrying Amount	939.9		939.9		299
Product rights
Finite-lived intangible assets:
Gross Carrying Amount	3,250.9		3,250.9		3,225.9
Accumulated Amortization, Including Impairments	(1,473.4)		(1,473.4)		(1,263.8)
Net Carrying Amount	1,777.5		1,777.5		1,962.1
Partner relationships
Finite-lived intangible assets:
Gross Carrying Amount	213.4		213.4		223.1
Accumulated Amortization, Including Impairments	(114.1)		(114.1)		(107.5)
Net Carrying Amount	99.3		99.3		115.6
Technology and other
Finite-lived intangible assets:
Gross Carrying Amount	518.2		518.2		275.5
Accumulated Amortization, Including Impairments	(363.2)		(363.2)		(124.3)
Net Carrying Amount	$ 155		$ 155		$ 151.2

INTANGIBLE ASSETS AND GOODWIL52

INTANGIBLE ASSETS AND GOODWILL (Details 2) $ in Millions	Jun. 30, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,015	$ 2,218
2,016	2,520.3
2,017	2,493.7
2,018	2,361.5
2,019	$ 2,223.7

INTANGIBLE ASSETS AND GOODWIL53

INTANGIBLE ASSETS AND GOODWILL (Details 3) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Change in the carrying amount of goodwill
Balance at the beginning of the period	$ 9,346.4
Additions	8,026.9
Adjustments	50.2
Foreign exchange and other	(190.4)
Balance at the end of the period	17,233.1
Developed Markets
Change in the carrying amount of goodwill
Balance at the beginning of the period	7,115
Additions	8,017.5
Adjustments	49.7
Foreign exchange and other	(119.3)
Balance at the end of the period	15,062.9
Emerging Markets
Change in the carrying amount of goodwill
Balance at the beginning of the period	2,231.4
Additions	9.4
Adjustments	0.5
Foreign exchange and other	(71.1)
Balance at the end of the period	$ 2,170.2

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Millions	Jun. 30, 2015	Mar. 27, 2015	Feb. 17, 2015	Jan. 30, 2015	Dec. 31, 2014
Long-term debt, net of unamortized debt discount
Total long-term debt	$ 30,881.1				$ 15,228.9
Less current portion	(590.9)				(0.9)
Total long-term debt	30,290.2				15,228
Series A-1 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	139.3				139.3
Series A-2 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	135.9				135.5
Series A-3 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	1,876.2				1,633.8
Series A-4 Tranche Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	974.6				0
Series D-2 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	1,084.1				1,088.4
Series C-2 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	832.3				835
Series E-1 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	2,529.4				2,543.8
Series F Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	$ 4,070				$ 0
6.875% Senior Notes due in December 2018
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	6.875%		6.875%	6.875%	6.875%
Total long-term debt	$ 0				$ 496.6
7.00% Senior Notes due in October 2020
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	7.00%				7.00%
Total long-term debt	$ 687.7				$ 687.5
6.75% Senior Notes due in August 2021
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	6.75%				6.75%
Total long-term debt	$ 645.8				$ 645.4
7.25% Senior Notes due in July 2022
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	7.25%				7.25%
Total long-term debt	$ 541.5				$ 540.9
6.375% Senior Notes due in October 2020
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	6.375%				6.375%
Total long-term debt	$ 2,224				$ 2,221.6
6.75% Senior Notes due in August 2018
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	6.75%				6.75%
Total long-term debt	$ 1,586.6				$ 1,584.5
7.50% Senior Notes due in July 2021
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	7.50%				7.50%
Total long-term debt	$ 1,608.3				$ 1,606.9
5.625% Senior Notes due in December 2021
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	5.625%				5.625%
Total long-term debt	$ 892.7				$ 891.8
5.50% Senior Notes due March 2023
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	5.50%			5.50%	5.50%
Total long-term debt	$ 990				$ 0
5.375% Senior Notes due March 2020
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	5.375%	5.375%			5.375%
Total long-term debt	$ 1,976.5				$ 0
5.875% Senior Notes due May 2023
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	5.875%	5.875%			5.875%
Total long-term debt	$ 3,211				$ 0
4.50% Senior Notes due May 2023
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	4.50%	4.50%			4.50%
Total long-term debt	$ 1,652				$ 0
6.125% Senior Notes due April 2025
Long-term debt, net of unamortized debt discount
Stated interest rate on debt (as a percent)	6.125%	6.125%			6.125%
Total long-term debt	$ 3,210.8				$ 0
Other
Long-term debt, net of unamortized debt discount
Total long-term debt	12.4				12.9
Revolving Credit Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	$ 0				$ 165

LONG-TERM DEBT (Details 2)

LONG-TERM DEBT (Details 2) - USD ($) $ in Millions	May. 29, 2015	Apr. 01, 2015	Jan. 22, 2015	Jun. 30, 2015	Feb. 20, 2015	Dec. 31, 2014
Long-term debt, net of unamortized debt discount
Long-term debt				$ 30,881.1		$ 15,228.9
Total fair value of long-term debt				31,850		15,780
Series A-2 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount
Long-term debt				$ 135.9		135.5
Senior Secured Credit Facilities
Effective rate (as a percent)				2.29%
Series A-3 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount
Long-term debt				$ 1,876.2		1,633.8
Senior Secured Credit Facilities
Proceeds from Issuance of Debt			$ 250
Effective rate (as a percent)				2.28%
Series A-4 Tranche Term Loan Facility
Long-term debt, net of unamortized debt discount
Long-term debt				$ 974.6		0
Senior Secured Credit Facilities
Maximum borrowing capacity		$ 1,000
Effective rate (as a percent)				2.44%
Quarterly amortization rate, starting June 30, 2015 (as a percent)		5.00%
Quarterly amortization rate, starting June 30, 2016 (as a percent)		10.00%
Quarterly amortization rate, starting June 30, 2017 (as a percent)		20.00%
Series A-4 Tranche Term Loan Facility | Minimum | Base Rate
Senior Secured Credit Facilities
Variable rate (as a percentage)		0.75%
Series A-4 Tranche Term Loan Facility | Minimum | LIBOR
Senior Secured Credit Facilities
Variable rate (as a percentage)		1.75%
Series A-4 Tranche Term Loan Facility | Maximum | Base Rate
Senior Secured Credit Facilities
Variable rate (as a percentage)		1.25%
Series A-4 Tranche Term Loan Facility | Maximum | LIBOR
Senior Secured Credit Facilities
Variable rate (as a percentage)		2.25%
Series D-2 Tranche B Term Loan Facility and Series C-2 Tranche B Term Loan Facility
Senior Secured Credit Facilities
Effective rate (as a percent)				3.50%
Series E-1 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Long-term debt				$ 2,529.4		2,543.8
Series A-1 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount
Long-term debt				$ 139.3		139.3
Senior Secured Credit Facilities
Effective rate (as a percent)				2.29%
Series F Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Long-term debt				$ 4,070		0
Senior Secured Credit Facilities
Maximum borrowing capacity		$ 4,150
Effective rate (as a percent)				4.00%
Quarterly amortization rate, starting June 30, 2015 (as a percent)		1.00%
Series F Tranche B Term Loan Facility | Base Rate
Senior Secured Credit Facilities
Variable rate floor (as a percentage)		1.75%
Series F Tranche B Term Loan Facility | LIBOR
Senior Secured Credit Facilities
Variable rate floor (as a percentage)		0.75%
Series F Tranche B Term Loan Facility | Minimum | Base Rate
Senior Secured Credit Facilities
Variable rate (as a percentage)		2.00%
Series F Tranche B Term Loan Facility | Minimum | LIBOR
Senior Secured Credit Facilities
Variable rate (as a percentage)		3.00%
Series F Tranche B Term Loan Facility | Maximum | Base Rate
Senior Secured Credit Facilities
Variable rate (as a percentage)		2.25%
Series F Tranche B Term Loan Facility | Maximum | LIBOR
Senior Secured Credit Facilities
Variable rate (as a percentage)		3.25%
Series D-2 Tranche B Term Loan Facility
Senior Secured Credit Facilities
Prepayment premium (as a percent)	1.00%
Series D-2 Tranche B Term Loan Facility | Base Rate
Senior Secured Credit Facilities
Variable rate (as a percentage)	1.75%
Variable rate floor (as a percentage)	1.75%
Series D-2 Tranche B Term Loan Facility | LIBOR
Senior Secured Credit Facilities
Variable rate (as a percentage)	2.75%
Variable rate floor (as a percentage)	0.75%
Series D-2 Tranche B Term Loan Facility | Minimum | Base Rate
Senior Secured Credit Facilities
Variable rate, future periods (as a percentage)	1.75%
Series D-2 Tranche B Term Loan Facility | Minimum | LIBOR
Senior Secured Credit Facilities
Variable rate, future periods (as a percentage)	2.75%
Series D-2 Tranche B Term Loan Facility | Maximum | Base Rate
Senior Secured Credit Facilities
Variable rate, future periods (as a percentage)	1.50%
Series D-2 Tranche B Term Loan Facility | Maximum | LIBOR
Senior Secured Credit Facilities
Variable rate, future periods (as a percentage)	2.50%
Incremental Term Loan Facilities
Senior Secured Credit Facilities
Debt issuance costs and fees		$ 85
Original issue discount		21
Incremental Term Loan Facilities | Salix
Senior Secured Credit Facilities
Maximum borrowing capacity		$ 5,150			$ 5,150
Revolving Credit Facility
Long-term debt, net of unamortized debt discount
Long-term debt				$ 0		$ 165
Senior Secured Credit Facilities
Maximum borrowing capacity			$ 1,500
Effective rate (as a percent)				2.42%

LONG-TERM DEBT (Details 3)

LONG-TERM DEBT (Details 3) € in Millions	Mar. 27, 2015USD ($)	Mar. 27, 2015EUR (€)	Feb. 20, 2015USD ($)	Feb. 17, 2015USD ($)	Jan. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Apr. 01, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014
Debt Instrument [Line Items]
Issuance of long-term debt, net of discount							$ 4,921,400,000	$ 49,300,000	$ 16,925,800,000	$ 408,400,000
Loss on extinguishment of debt							$ 0	$ 0	20,000,000	$ 93,700,000
Issuance of common stock	$ 1,450,000,000								$ 1,481,000,000
Salix
Debt Instrument [Line Items]
Restricted cash												$ 10,340,000,000
Issuance of common stock	1,450,000,000
5.50% Senior Notes due March 2023
Debt Instrument [Line Items]
Proceeds from Issuance of Debt					$ 1,000,000,000
Stated interest rate on debt (as a percent)					5.50%		5.50%		5.50%				5.50%
Underwriting fees					$ 8,000,000
Issuance of long-term debt, net of discount					$ 992,000,000
Maximum percentage of the aggregate principal amount that may be redeemed with the net proceeds of certain equity offerings					40.00%
Redemption price, using proceeds from certain equity offerings as a percentage of the principal amount					105.50%
Redemption price as a percentage of principal amount as per the merger agreement					101.00%
6.875% Senior Notes due in December 2018
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)				6.875%	6.875%		6.875%		6.875%				6.875%
Aggregate principal amount of notes repurchased				$ 500,000,000
Repurchases of convertible debt				524,000,000
Call premium				$ 17,000,000
Loss on extinguishment of debt									$ 20,000,000
5.375% Senior Notes due March 2020
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 2,000,000,000
Stated interest rate on debt (as a percent)	5.375%	5.375%					5.375%		5.375%				5.375%
Redemption price, using proceeds from certain equity offerings as a percentage of the principal amount	105.375%	105.375%
5.875% Senior Notes due May 2023
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 3,250,000,000
Stated interest rate on debt (as a percent)	5.875%	5.875%					5.875%		5.875%				5.875%
Redemption price, using proceeds from certain equity offerings as a percentage of the principal amount	105.875%	105.875%
4.50% Senior Notes due May 2023
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 1,500,000,000	€ 1,500
Stated interest rate on debt (as a percent)	4.50%	4.50%					4.50%		4.50%				4.50%
Redemption price, using proceeds from certain equity offerings as a percentage of the principal amount	104.50%	104.50%
6.125% Senior Notes due April 2025
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 3,250,000,000
Stated interest rate on debt (as a percent)	6.125%	6.125%					6.125%		6.125%				6.125%
Redemption price, using proceeds from certain equity offerings as a percentage of the principal amount	106.125%	106.125%
5.375%, 5.875%, 4.50% and 6.125% Senior Unsecured Notes
Debt Instrument [Line Items]
Underwriting fees	$ 114,000,000
Maximum percentage of the aggregate principal amount that may be redeemed with the net proceeds of certain equity offerings	40.00%	40.00%
Redemption price as a percentage of principal amount as per the merger agreement	101.00%	101.00%
5.375%, 5.875%, 4.50% and 6.125% Senior Unsecured Notes | Salix
Debt Instrument [Line Items]
Proceeds from Issuance of Debt			$ 10,100,000,000
Senior Secured Credit Facilities | Salix
Debt Instrument [Line Items]
Maximum borrowing capacity			5,550,000,000
Senior Unsecured Bridge Facility | Salix
Debt Instrument [Line Items]
Maximum borrowing capacity			9,600,000,000
Incremental Term Loan B Facility | Salix
Debt Instrument [Line Items]
Maximum borrowing capacity			15,250,000,000
Incremental Term Loan Facilities | Salix
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 5,150,000,000								$ 5,150,000,000
Series F Tranche B Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity											4,150,000,000
Series A-4 Tranche Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 1,000,000,000
Amended and Restated Commitment Letter | Salix
Debt Instrument [Line Items]
Deferred financing costs expensed							$ 72,000,000
Convertible Debt | 2.75% Convertible Notes Due May 2015
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)											2.75%	2.75%
Convertible debt												$ 345,000,000
Average conversion price							3,729.46
Convertible Debt | 2.75% Convertible Notes Due May 2015 | Salix
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)											2.75%
Convertible Debt | 1.5% Convertible Notes Due March 2019
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)											1.50%	1.50%
Convertible debt												$ 690,000,000
Average conversion price							$ 2,663.26
Convertible Debt | 1.5% Convertible Notes Due March 2019 | Scenario, Forecast
Debt Instrument [Line Items]
Average conversion price						$ 2,628.68
Convertible Debt | 1.5% Convertible Notes Due March 2019 | Salix
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)											1.50%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components and classification of share-based compensation expense
Share-based compensation expense	$ 25.9	$ 15.6	$ 60.9	$ 40.4
Research and development expenses
Components and classification of share-based compensation expense
Share-based compensation expense	1.5	1.4	3	2.8
Selling, general and administrative expenses
Components and classification of share-based compensation expense
Share-based compensation expense	24.4	14.2	57.9	37.6
Stock options
Components and classification of share-based compensation expense
Share-based compensation expense	3.5	4.2	7.4	9.3
RSUs
Components and classification of share-based compensation expense
Share-based compensation expense	$ 22.4	$ 11.4	$ 53.5	$ 31.1

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Apr. 01, 2015
Stock option activity
Reversal of share based compensation expense	$ 6
Stock options
Stock option activity
Granted (in shares)		97,000	261,000
Weighted average exercise price (in usd per share)		$ 201.70	$ 117.83
Weighted average grant date fair value of stock options (in usd per share)		$ 66.81	$ 62.15
Time-based RSUs
Stock option activity
Granted (in shares)		45,000	91,000
Weighted average grant date fair value of stock options (in usd per share)		$ 224.45	$ 135.42
Performance-based RSUs
Stock option activity
Granted (in shares)		693,000	410,000
Weighted average grant date fair value of stock options (in usd per share)		$ 310.56	$ 209.72
RSUs
Stock option activity
Remaining unrecognized compensation expense related to non-vested awards	$ 365	$ 365
Weighted average service period over which compensation cost is expected to be recognized (in years)		3 years 5 months 1 day
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved for grant under the share based compensation plan				18,000,000
Common shares available for issuance				20,000,000
Number of shares available for future grant	14,458,169	14,458,169

PENSION AND POSTRETIREMENT EM59

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Components of net periodic benefit cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
U.S. Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.4	$ 0.1	$ 0.8	$ 0.2
Interest cost	2.4	2.7	4.8	5.4
Expected return on plan assets	(3.6)	(3.7)	(7.2)	(7.4)
Amortization of prior service credit	0	0	0	0
Amortization of net loss	0	0	0	0
Net periodic (benefit) cost	(0.8)	(0.9)	(1.6)	(1.8)
Non-U.S. Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.8	1	1.6	2
Interest cost	1.6	2.1	3.2	4.3
Expected return on plan assets	(2)	(2)	(4)	(4)
Amortization of prior service credit	(0.2)	0	(0.3)	0
Amortization of net loss	0.4	0	0.7	0
Net periodic (benefit) cost	0.6	1.1	1.2	2.3
Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.5	0.4	1	0.8
Interest cost	0.5	0.6	1	1.2
Expected return on plan assets	(0.1)	(0.1)	(0.2)	(0.2)
Amortization of prior service credit	(0.7)	(0.6)	(1.3)	(1.2)
Amortization of net loss	0	0	0	0
Net periodic (benefit) cost	$ 0.2	$ 0.3	$ 0.5	$ 0.6

PENSION AND POSTRETIREMENT EM60

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
U.S. Pension Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan contributions made	$ 4
Estimated Company contributions in current fiscal year	10
Non-U.S. Pension Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan contributions made	3
Estimated Company contributions in current fiscal year	$ 7

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Millions	Mar. 27, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Increase (Decrease) in Shareholders' Equity
Beginning Balance (in shares)				334,402,964
Beginning Balance				$ 5,434.5	$ 5,233.3
Issuance of common stock (in shares)	7,286,432
Issuance of common stock	$ 1,450			1,481
Common shares issued under share-based compensation plans				22.1	7.2
Settlement of stock options					(3.1)
Repurchases of common shares				(50)
Share-based compensation				60.9	40.4
Employee withholding taxes related to share-based awards				(61.5)	(36.5)
Tax benefits from stock options exercised				25.6	1.2
Acquisition of noncontrolling interest					(3.3)
Noncontrolling interest distributions				1.1
Total before comprehensive income (loss)		$ 6,911.5	$ 5,239.2	6,911.5	5,239.2
Comprehensive loss:
Net (loss) income		(51.6)	122	22.9	101.7
Other comprehensive loss				(376)	26.4
Comprehensive (loss) income		$ (15.7)	156.4	$ (353.1)	128.1
Ending Balance (in shares)		342,769,031		342,769,031
Ending Balance		$ 6,558.4	$ 5,367.3	$ 6,558.4	$ 5,367.3
Common Shares
Increase (Decrease) in Shareholders' Equity
Beginning Balance (in shares)				334,400,000	333,000,000
Beginning Balance				$ 8,349.2	$ 8,301.2
Issuance of common stock (in shares)				7,500,000
Issuance of common stock				$ 1,481
Common shares issued under share-based compensation plans (in shares)				1,100,000	800,000
Common shares issued under share-based compensation plans				$ 57	$ 24.7
Repurchases of common shares (in shares)				(200,000)
Repurchases of common shares				$ (6.4)
Total before comprehensive income (loss) (in shares)		342,800,000	333,800,000	342,800,000	333,800,000
Total before comprehensive income (loss)		$ 9,880.8	$ 8,325.9	$ 9,880.8	$ 8,325.9
Comprehensive loss:
Ending Balance (in shares)		342,800,000	333,800,000	342,800,000	333,800,000
Ending Balance		$ 9,880.8	$ 8,325.9	$ 9,880.8	$ 8,325.9
Additional Paid-In Capital
Increase (Decrease) in Shareholders' Equity
Beginning Balance				243.9	228.8
Common shares issued under share-based compensation plans				(34.9)	(17.5)
Settlement of stock options					(3.1)
Share-based compensation				60.9	40.4
Employee withholding taxes related to share-based awards				(61.5)	(36.5)
Tax benefits from stock options exercised				25.6	1.2
Acquisition of noncontrolling interest					(1.1)
Total before comprehensive income (loss)		234	212.2	234	212.2
Comprehensive loss:
Ending Balance		234	212.2	234	212.2
Accumulated Deficit
Increase (Decrease) in Shareholders' Equity
Beginning Balance				(2,365)	(3,278.5)
Repurchases of common shares				(43.6)
Total before comprehensive income (loss)		(2,408.6)	(3,278.5)	(2,408.6)	(3,278.5)
Comprehensive loss:
Net (loss) income				20.7	103.2
Ending Balance		(2,387.9)	(3,175.3)	(2,387.9)	(3,175.3)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Shareholders' Equity
Beginning Balance				(915.9)	(132.8)
Total before comprehensive income (loss)		(915.9)	(132.8)	(915.9)	(132.8)
Comprehensive loss:
Other comprehensive loss				(375.6)	28.1
Ending Balance		(1,291.5)	(104.7)	(1,291.5)	(104.7)
Valeant Pharmaceuticals International, Inc. Shareholders’ Equity
Increase (Decrease) in Shareholders' Equity
Beginning Balance				5,312.2	5,118.7
Issuance of common stock				1,481
Common shares issued under share-based compensation plans				22.1	7.2
Settlement of stock options					(3.1)
Repurchases of common shares				(50)
Share-based compensation				60.9	40.4
Employee withholding taxes related to share-based awards				(61.5)	(36.5)
Tax benefits from stock options exercised				25.6	1.2
Acquisition of noncontrolling interest					(1.1)
Total before comprehensive income (loss)		6,790.3	5,126.8	6,790.3	5,126.8
Comprehensive loss:
Net (loss) income				20.7	103.2
Other comprehensive loss				(375.6)	28.1
Comprehensive (loss) income				(354.9)	131.3
Ending Balance		6,435.4	5,258.1	6,435.4	5,258.1
Noncontrolling Interest
Increase (Decrease) in Shareholders' Equity
Beginning Balance				122.3	114.6
Acquisition of noncontrolling interest					(2.2)
Noncontrolling interest distributions				1.1
Total before comprehensive income (loss)		121.2	112.4	121.2	112.4
Comprehensive loss:
Net (loss) income				2.2	(1.5)
Other comprehensive loss				(0.4)	(1.7)
Comprehensive (loss) income				1.8	(3.2)
Ending Balance		$ 123	$ 109.2	$ 123	$ 109.2

SHAREHOLDERS' EQUITY - Narrativ

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 10, 2015	Mar. 27, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity [Line Items]
Issuance of common stock (in shares)		7,286,432
Price per share (in dollars per share)		$ 199
Issuance of common stock		$ 1,450				$ 1,481
Issuance costs		$ 18
Additional purchase option as a percentage of shares issued in IPO, maximum		15.00%
Common shares repurchased, aggregate value				$ 50	$ 0	$ 50	$ 0
Dendreon
Equity [Line Items]
Common shares issued	213,610
Common shares issued, aggregate value	$ 50
2014 Securities Repurchase Program
Equity [Line Items]
Common shares repurchased			224,215
Common shares repurchased, aggregate value			$ 50
Common shares repurchased, amount charged to accumulated deficit			$ 44

ACCUMULATED OTHER COMPREHENSI63

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of accumulated other comprehensive loss
Balance at the beginning of the period			$ (915.9)	$ (132.8)
Foreign currency translation adjustment			(374.7)	8.1
Unrealized gain on equity method investment, net of tax				18.5
Net unrealized holding gain on available-for-sale equity securities, net of tax	$ 0	$ 2.7	0	2.7
Pension adjustment			(0.9)	(1.2)
Balance at the end of the period	(1,291.5)	(104.7)	(1,291.5)	(104.7)
Foreign Currency Translation Adjustment
Components of accumulated other comprehensive loss
Balance at the beginning of the period			(886.5)	(170.3)
Foreign currency translation adjustment			(374.7)	8.1
Net unrealized holding gain on available-for-sale equity securities, net of tax				0
Pension adjustment			0	0
Balance at the end of the period	(1,261.2)	(162.2)	(1,261.2)	(162.2)
Pension Adjustment
Components of accumulated other comprehensive loss
Balance at the beginning of the period			(29.4)	37.5
Foreign currency translation adjustment			0	0
Pension adjustment			(0.9)	(1.2)
Balance at the end of the period	(30.3)	36.3	(30.3)	36.3
Equity Securities [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Components of accumulated other comprehensive loss
Balance at the beginning of the period			0	0
Pension adjustment				0
Balance at the end of the period	0	18.5	0	18.5
Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Components of accumulated other comprehensive loss
Balance at the beginning of the period			0	0
Net unrealized holding gain on available-for-sale equity securities, net of tax				2.7
Pension adjustment				0
Balance at the end of the period	$ 0	$ 2.7	$ 0	$ 2.7

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income tax Expense Benefit
Income tax expense (benefit)	$ 13.1	$ 1	$ (67.8)	$ (24.1)
Valuation allowance against deferred tax assets	1,030		1,030		$ 859
Unrecognized tax benefits including interest and penalties	359		359
Unrecognized tax benefits related to interest and penalties	40		40
Portion of unrecognized tax benefits, if recognized, would reduce the Company's effective tax rate	102		102
Accrued interest related to unrecognized tax benefits	33		33
Accrued penalties related to unrecognized tax benefits	7		7
Outside of Canada
Income tax Expense Benefit
Income tax expense (benefit)	$ 13		(67)
Canada
Income tax Expense Benefit
Income tax expense (benefit)			$ (1)

(LOSS) EARNINGS PER SHARE (Deta

(LOSS) EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (53)	$ 125.8	$ 20.7	$ 103.2
Basic weighted-average number of common shares outstanding	344.4	335.3	340.5	335.1
Diluted effect of stock options, RSUs and other (in shares)	0	6	6.6	6.3
Diluted weighted-average number of common shares outstanding	344.4	341.3	347.1	341.4
(Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)	$ (0.15)	$ 0.38	$ 0.06	$ 0.31
Diluted (in usd per share)	$ (0.15)	$ 0.37	$ 0.06	$ 0.30

(LOSS) EARNINGS PER SHARE (De66

(LOSS) EARNINGS PER SHARE (Details 2) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Anti-dilutive shares not included in the computation of diluted earnings per share
Basic weighted-average number of common shares outstanding	344,400	335,300	340,500	335,100
Diluted weighted-average number of common shares outstanding	350,900
Dilutive effect of stock options and RSUs
Anti-dilutive shares not included in the computation of diluted earnings per share
Dilutive effect of stock options and RSUs (in shares)	6,500
Stock options
Anti-dilutive shares not included in the computation of diluted earnings per share
Dilutive effect of stock options and RSUs (in shares)	92	915	92	915

LEGAL PROCEEDINGS (Details)

LEGAL PROCEEDINGS (Details) RUB in Millions, $ in Millions	Apr. 09, 2015USD ($)	Apr. 09, 2015RUB	Mar. 17, 2015class_action	Nov. 07, 2014class_action	Dec. 04, 2013USD ($)	Dec. 04, 2013RUB	May. 24, 2013USD ($)	Sep. 11, 2009	May. 16, 2008USD ($)	Jun. 30, 2015suitlawsuitcase
Salix
Legal proceedings and other matters
Number of suits filed | class_action			6	2
Number of putative class action cases filed | class_action				3
MoistureLoc | B&L
Legal proceedings and other matters
Currently active lawsuits/claims | lawsuit										321
Number consolidated cases										2
Number of cases settled										630
ISTA
Legal proceedings and other matters
Settlement, amount paid | $							$ 34
Litigation settlement, required compliance and ethics period (in years)							3 years
Natur Produkt | AntiGrippin Trademark
Legal proceedings and other matters
Number of suits filed | suit										2
Damages awarded to plaintiff | RUB		RUB 1,660				RUB 1,660
Natur Produkt | AntiGrippin Trademark | Other (Income) Expense
Legal proceedings and other matters
Recognized charge loss during period | $	$ 30				$ 50
Written plea agreement | Biovail Pharmaceuticals, Inc.
Legal proceedings and other matters
Civil Penalty | $									$ 22
Non-prosecution agreement | Biovail Pharmaceuticals, Inc.
Legal proceedings and other matters
Civil Penalty | $									$ 2
Corporate Integrity Agreement | Biovail Pharmaceuticals, Inc.
Legal proceedings and other matters
Obligation term (in years)								5 years
Non Fusarium Cases | MoistureLoc | B&L
Legal proceedings and other matters
Currently active lawsuits/claims										320
Outside the United States | Fusarium Claims | MoistureLoc | B&L
Legal proceedings and other matters
Currently active lawsuits/claims										1

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)
Segment reporting information
Number of operating segments | segment			2
Number of reportable segments | segment			2
Total revenues	$ 2,732.4	$ 2,041.1	$ 4,923.3	$ 3,927.3
Segment profit	(51.6)	122	22.9	101.7
Restructuring, integration and other costs	(143.4)	(142.1)	(198.4)	(275.7)
In-process research and development impairments and other charges	(12.3)	(8.4)	(12.3)	(20.4)
Acquisition-related costs	(9.5)	(0.6)	(19.3)	(2.1)
Acquisition-related contingent consideration	(11.7)	(1.9)	(18.8)	(10.8)
Other (expense) income	176.9	(0.4)	183	(43.7)
Operating income	341.5	355.1	884.9	711.7
Interest income	0.9	1.2	1.8	3
Interest expense	(412.7)	(241.2)	(710.5)	(487.7)
Loss on extinguishment of debt	0	0	(20)	(93.7)
Foreign exchange and other	5.6	3.4	(65.5)	(10)
Gain on investments, net	0	2.5	0	2.5
(Loss) income before (recovery of) provision for income taxes	(64.7)	121	90.7	125.8
Share-based compensation expense	25.9	15.6	60.9	40.4
Operating Segment
Segment reporting information
Total revenues	2,732.4	2,041.1	4,923.3	3,927.3
Segment profit	756.8	554	1,447.4	1,061.4
Corporate
Segment reporting information
Share-based compensation expense	14	6	38	21
Segment Reconciling Items [Member]
Segment reporting information
Segment profit	(61.5)	(46.3)	(130.7)	(84.4)
Restructuring, integration and other costs	(143.4)	(142.1)	(198.4)	(275.7)
In-process research and development impairments and other charges	(12.3)	(8.4)	(12.3)	(20.4)
Acquisition-related costs	(9.5)	(0.6)	(19.3)	(2.1)
Acquisition-related contingent consideration	(11.7)	(1.9)	(18.8)	(10.8)
Other (expense) income	(176.9)	0.4	(183)	43.7
Developed Markets | 2014 and 2015 Acquisitions
Segment reporting information
Total revenues	546		754
Developed Markets | Operating Segment
Segment reporting information
Total revenues	2,237.6	1,479.7	4,002	2,901.5
Segment profit	678.5	458	1,314.5	897.3
Emerging Markets | 2014 and 2015 Acquisitions
Segment reporting information
Total revenues	13		25
Emerging Markets | Operating Segment
Segment reporting information
Total revenues	494.8	561.4	921.3	1,025.8
Segment profit	78.3	96	132.9	164.1
Fair Value Adjustment to Inventory and Identifiable Intangible Assets | Developed Markets
Segment reporting information
Segment profit	555	216	870	441
Fair Value Adjustment to Inventory and Identifiable Intangible Assets | Emerging Markets
Segment reporting information
Segment profit	$ 76	$ 79	$ 151	$ 154

SEGMENT INFORMATION (Details 2)

SEGMENT INFORMATION (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 48,343.2	$ 26,327.3
Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	46,494.6	25,426.3
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,848.6	901
Developed Markets | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	40,368.4	19,093.4
Emerging Markets | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 6,126.2	$ 6,332.9

SUBSEQUENT EVENTS - (Details)

SUBSEQUENT EVENTS - (Details) $ in Millions	Jul. 16, 2015USD ($)
Subsequent Event | Mercury (Cayman) Holdings
Business Acquisition [Line Items]
Gross purchase price	$ 800