Bausch Health Companies (BHC) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		347,669,858

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 658.5	$ 597.3
Trade receivables, net	2,708.4	2,686.9
Inventories, net	1,300.1	1,256.6
Prepaid expenses and other current assets	1,006.8	966.4
Total current assets	5,673.8	5,507.2
Property, plant and equipment, net	1,462	1,441.8
Intangible assets, net	20,509.4	23,083
Goodwill	17,450.1	18,552.8
Deferred tax assets, net	452.3	156
Other long-term assets, net	213.6	223.7
Total assets	45,761.2	48,964.5
Current liabilities:
Accounts payable	358.7	433.7
Accrued and other current liabilities	3,391.8	3,859.1
Acquisition-related contingent consideration	87.3	196.8
Current portion of long-term debt	59	823
Total current liabilities	3,896.8	5,312.6
Acquisition-related contingent consideration	898	959.1
Long-term debt	30,386.2	30,265.4
Pension and other benefit liabilities	190.3	190.4
Liabilities for uncertain tax positions	112.3	120.2
Deferred tax liabilities, net	5,839	5,902.4
Other long-term liabilities	165	184.6
Total liabilities	41,487.6	42,934.7
Commitments and contingencies
Equity
Common shares, no par value, unlimited shares authorized, 347,669,423 and 342,926,531 issued and outstanding at September 30, 2016 and December 31, 2015, respectively	10,034.4	9,897.4
Additional paid-in capital	325.9	304.9
Accumulated deficit	(4,614.1)	(2,749.7)
Accumulated other comprehensive loss	(1,578.9)	(1,541.6)
Total Valeant Pharmaceuticals International, Inc. shareholders’ equity	4,167.3	5,911
Noncontrolling interest	106.3	118.8
Total equity	4,273.6	6,029.8
Total liabilities and equity	$ 45,761.2	$ 48,964.5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, no par value (in usd per share)	$ 0	$ 0
Common stock, shares issued (in shares)	347,669,423	342,926,531
Common stock, shares outstanding (in shares)	347,669,423	342,926,531

CONSOLIDATED STATEMENTS OF (LOS

CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) shares in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Revenues
Product sales	$ 2,443,600,000	$ 2,748,200,000	$ 7,168,400,000	$ 7,569,300,000
Other revenues	36,000,000	38,600,000	103,000,000	120,000,000
Total revenues	2,479,600,000	2,786,800,000	7,271,400,000	7,689,300,000
Operating Expenses
Cost of goods sold (exclusive of amortization and impairments of finite-lived intangible assets shown separately below)	649,200,000	634,600,000	1,916,700,000	1,812,400,000
Cost of other revenues	8,800,000	13,600,000	29,000,000	43,100,000
Selling, general and administrative	660,900,000	697,600,000	2,145,000,000	1,956,900,000
Research and development	100,800,000	101,600,000	328,200,000	238,500,000
Amortization and impairments of finite-lived intangible assets	807,100,000	679,200,000	2,389,200,000	1,629,800,000
Goodwill impairment	1,049,000,000	0	1,049,000,000	0	$ 0
Restructuring and integration costs	20,700,000	75,600,000	78,200,000	274,000,000
In-process research and development impairments and other charges	36,000,000	95,800,000	53,900,000	108,100,000
Acquisition-related costs	0	7,000,000	1,800,000	30,400,000
Acquisition-related contingent consideration	9,000,000	3,800,000	18,300,000	22,600,000
Other expense (income)	1,100,000	30,200,000	(21,600,000)	213,200,000
Total expenses	3,342,600,000	2,339,000,000	7,987,700,000	6,329,000,000
Operating (loss) income	(863,000,000)	447,800,000	(716,300,000)	1,360,300,000
Interest income	2,500,000	700,000	5,500,000	2,500,000
Interest expense	(469,600,000)	(420,200,000)	(1,368,700,000)	(1,130,700,000)
Loss on extinguishment of debt	0	0	0	(20,000,000)
Foreign exchange (loss) gain and other	(2,300,000)	(34,000,000)	4,600,000	(99,500,000)
(Loss) income before (recovery of) provision for income taxes	(1,332,400,000)	(5,700,000)	(2,074,900,000)	112,600,000
(Recovery of) provision for income taxes	(113,300,000)	(57,400,000)	(178,900,000)	14,000,000
Net (loss) income	(1,219,100,000)	51,700,000	(1,896,000,000)	98,600,000
Less: Net (loss) income attributable to noncontrolling interest	(700,000)	2,200,000	(1,600,000)	4,400,000
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (1,218,400,000)	$ 49,500,000	$ (1,894,400,000)	$ 94,200,000
(Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)	$ (3.49)	$ 0.14	$ (5.47)	$ 0.28
Diluted (in usd per share)	$ (3.49)	$ 0.14	$ (5.47)	$ 0.27
Weighted-average common shares outstanding (in millions)
Basic (in shares)	349.5	344.9	346.5	340.8
Diluted (in shares)	349.5	351	346.5	347.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,219.1)	$ 51.7	$ (1,896)	$ 98.6
Other comprehensive loss
Foreign currency translation adjustment	(4.8)	(173.2)	(37.5)	(548.3)
Pension and postretirement benefit plan adjustments	(0.6)	(0.5)	(1.6)	(1.4)
Other comprehensive loss	(5.4)	(173.7)	(39.1)	(549.7)
Comprehensive loss	(1,224.5)	(122)	(1,935.1)	(451.1)
Less: Comprehensive (loss) income attributable to noncontrolling interest	(0.9)	0.4	(3.4)	2.2
Comprehensive loss attributable to Valeant Pharmaceuticals International, Inc.	$ (1,223.6)	$ (122.4)	$ (1,931.7)	$ (453.3)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities
Net (loss) income	$ (1,896,000,000)	$ 98,600,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including impairments of finite-lived intangible assets	2,532,500,000	1,768,400,000
Amortization and write-off of debt discounts and debt issuance costs	89,200,000	123,700,000
In-process research and development impairments	20,000,000	108,100,000
Acquisition accounting adjustment on inventory sold	38,100,000	97,700,000
(Gain) loss on disposals of assets and businesses, net	(11,000,000)	9,200,000
Acquisition-related contingent consideration	18,300,000	22,600,000
Allowances for losses on accounts receivable and inventories	95,900,000	46,400,000
Deferred income tax benefit	(310,300,000)	(61,100,000)
(Reductions) additions to accrued legal settlements	(32,100,000)	31,900,000
Payments of accrued legal settlements	(67,800,000)	(32,100,000)
Goodwill impairment	1,049,000,000	0
Loss on deconsolidation	18,400,000	0
Share-based compensation	134,000,000	111,400,000
Foreign exchange (gain) loss	(14,600,000)	96,600,000
Loss on extinguishment of debt	0	20,000,000
Payment of contingent consideration adjustments, including accretion	(26,600,000)	(19,800,000)
Other	(12,200,000)	(13,600,000)
Changes in operating assets and liabilities:
Trade receivables	(30,900,000)	(656,000,000)
Inventories	(166,300,000)	(184,900,000)
Prepaid expenses and other current assets	117,700,000	(252,000,000)
Accounts payable, accrued and other liabilities	29,200,000	344,700,000
Net cash provided by operating activities	1,574,500,000	1,659,800,000
Cash Flows From Investing Activities
Acquisition of businesses, net of cash acquired	(18,500,000)	(14,001,700,000)
Acquisition of intangible assets and other assets	(48,100,000)	(58,100,000)
Purchases of property, plant and equipment	(181,100,000)	(163,700,000)
Reduction of cash due to deconsolidation	(30,200,000)	0
Proceeds from sales and maturities of short-term investments	0	50,200,000
Net settlement of assumed derivative contracts	0	184,600,000
Settlement of foreign currency forward exchange contracts	0	(26,300,000)
Purchases of marketable securities	(1,400,000)	(24,500,000)
Proceeds from sale of marketable securities	16,500,000	0
Proceeds from sale of assets and businesses, net of costs to sell	131,400,000	2,800,000
Increase in restricted cash and cash equivalents	0	(5,200,000)
Net cash used in investing activities	(131,400,000)	(14,041,900,000)
Cash Flows From Financing Activities
Issuance of long-term debt, net of discount	1,219,900,000	16,925,800,000
Repayments of long-term debt	(1,917,100,000)	(1,387,200,000)
Short-term debt borrowings	2,700,000	6,900,000
Short-term debt repayments	(2,800,000)	(7,100,000)
Repayments of convertible notes assumed	0	(3,122,800,000)
Issuance of common stock, net	0	1,433,700,000
Repurchases of common shares	0	(50,000,000)
Proceeds from exercise of stock options	33,100,000	29,100,000
Payment of employee withholding tax upon vesting of share-based awards	(9,100,000)	(85,800,000)
Payments of contingent consideration	(93,900,000)	(129,400,000)
Payments of deferred consideration	(516,600,000)	0
Payments of financing costs	(96,400,000)	(101,700,000)
Other	(8,100,000)	(10,000,000)
Net cash (used in) provided by financing activities	(1,388,300,000)	13,501,500,000
Effect of exchange rate changes on cash and cash equivalents	6,400,000	(22,000,000)
Net increase in cash and cash equivalents	61,200,000	1,097,400,000
Cash and cash equivalents, beginning of period	597,300,000	322,600,000
Cash and cash equivalents, end of period	658,500,000	1,420,000,000
Non-Cash Investing and Financing Activities
Acquisition of businesses, contingent and deferred consideration obligations at fair value (Restated)	0	(744,500,000)
Acquisition of businesses, debt assumed	$ 0	$ (3,129,200,000)

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Valeant Pharmaceuticals International, Inc. (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.

RESTATEMENT OF PREVIOUSLY ISSUE

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS This footnote discloses the nature of the restatement matters described below and shows the impact of the restatement matters on the Company's consolidated financial statements for the nine months ended September 30, 2015. As described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (the “2015 Form 10-K”), the Company has restated its consolidated financial statements for the year ended December 31, 2014 (including the financial information for the three months ended December 31, 2014), the three months ended March 31, 2015, six months ended June 30, 2015 and nine months ended September 30, 2015. The Company filed the 2015 Form 10-K on April 29, 2016. Additional information regarding the restatement is contained in that filing. Prior period financial information in this Form 10-Q has been amended where necessary to reflect the restatement. Therefore, this Form 10-Q should be read in conjunction with the Company’s 2015 Form 10-K. On December 15, 2014, the Company entered into a purchase option agreement with Philidor Rx Services, LLC (“Philidor”) and its members in which the Company received an exclusive option to acquire 100% of the equity interest in Philidor, and as of which time Philidor was consolidated with the Company for accounting purposes as a variable interest entity for which the Company was the primary beneficiary. Prior to consolidation, revenue on sales to Philidor was recognized by the Company on a sell-in basis (i.e., recorded when the Company delivered product to Philidor). The Company determined that certain sales transactions for deliveries to Philidor in the second half of 2014 leading up to the execution of the purchase option agreement were not executed in the normal course of business under applicable accounting standards and included actions taken by the Company (including fulfillment of unusually large orders with extended payment terms and increased pricing, an emphasis on delivering product prior to the execution of the purchase option agreement and seeking and filling a substitute order of equivalent value for an unavailable product) in contemplation of the purchase option agreement. As a result of these actions, revenue for certain transactions completed prior to entry into the purchase option agreement should have been recognized on a sell-through basis (i.e., record revenue when Philidor dispensed the products to patients) rather than incorrectly recognized on the sell-in basis utilized by the Company. Additionally, related to these and certain earlier transactions, the Company has since concluded that collectability was not reasonably assured at the time the revenue was originally recognized, and, thus, these transactions should have been recognized at a later date (when collectability was reasonably assured which the Company determined coincides with when the inventory is sold through to the end customer) instead of on a sell-in basis. Following the consolidation of Philidor on the date of entry into the purchase option agreement, the Company began recognizing revenue as Philidor dispensed product to patients. The restatement of previously issued financial statements, primarily for these Philidor-related adjustments, reduced revenue for the three months ended March 31, 2015 by approximately $21 million and increased the Company's net income attributable to Valeant Pharmaceuticals International, Inc. and diluted earnings per share for the three months ended March 31, 2015 by approximately $24 million or $0.07 per share. Due to the fact that the first quarter 2015 results are included within the financial statements for the six months ended June 30, 2015 and the financial statements for the nine months ended September 30, 2015, those financial statements have also been restated. The following tables summarize the Consolidated Statement of Income and the Consolidated Statement of Cash Flows for the nine months ended September 30, 2015, as reported on the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 , filed on October 26, 2015, compared to the restated financial statements. The individual restatement matters that underlie the restatement adjustments are described below and are reflected and quantified, as applicable, in the footnotes to the below tables. (a) Philidor revenue recognition adjustments - The correction of the misstatement from recognizing revenue related to sales to Philidor from a sell-in to sell-through basis had the effect of eliminating certain revenue recorded in 2014 prior to the date that Philidor was consolidated as a variable interest entity. The revenue that was eliminated from 2014 did not result in an increase to revenue in subsequent periods as a result of the Company having previously recognized that revenue, subsequent to the consolidation of Philidor, when Philidor dispensed the product to patients. Under the sell-in method previously utilized by the Company with respect to sales to Philidor prior to its consolidation in December 2014, revenue was recognized upon delivery of the products to Philidor. At the date of consolidation, certain of that previously sold inventory was still held by Philidor. Subsequent to the consolidation, Philidor recognized revenue on that inventory when it dispensed products to patients, and that revenue was consolidated into the Company’s results. As long as those pre-consolidation sales transactions were in the normal course of business under applicable accounting standards and not entered into in contemplation of the purchase option agreement, the Company’s historical accounting for this revenue was in accordance with U.S. GAAP. The Company has since determined that certain sales transactions for deliveries to Philidor, leading up to the purchase option agreement, were not executed in the normal course of business under applicable accounting standards and included actions taken by the Company (including fulfillment of unusually large orders with extended payment terms and increased pricing, an emphasis on delivering product prior to the execution of the purchase option agreement and seeking and filling a substitute order of equivalent value for an unavailable product) in contemplation of the purchase option agreement. As such, revenue, net of managed care rebates, of $58 million previously recorded in 2014 was corrected. However, because that revenue was also recorded by Philidor subsequent to consolidation, upon dispensing of products to patients, the elimination of this revenue in 2014, prior to consolidation, did not result in additional revenue being recorded in 2015. Additionally, provisions for managed care rebates of $21 million previously recorded in 2014 are now recognized against that revenue in the first quarter of 2015. At the time of the consolidation of Philidor in December 2014, under the acquisition method of accounting, the Company recorded the fair value of the inventory on hand at Philidor at the net price the Company previously sold the inventory to Philidor, exclusive of the impact of managed care rebates. The restatement adjustments to eliminate the revenue for certain sales transactions between the Company and Philidor prior to consolidation, resulted in a reduction, for accounting purposes, to the amount of inventory that the Company acquired from Philidor. Eliminating the pre-consolidation sales described above had the effect of reducing pre-tax profit that was recognized in 2014 by $39 million . The majority of this profit is now recognized in 2015 as a reduction to previously recorded Cost of Goods Sold as the restated carrying amount of this inventory does not include the stepped up value resulting from the Company's consolidation of Philidor. (b) Accrued liability adjustment - Unrelated to Philidor, the Company recorded an accrual for previously unrecorded professional fees related to acquisition-related costs. (c) Tax effect of restatement adjustments - The Company calculated the tax effect of the adjustments noted above. (d) Philidor measurement period adjustments - Related to the consolidation of Philidor, the Company previously recorded certain measurement period adjustments during the second and third quarters of 2015 when known, which should be retroactively recorded as of the date Philidor was consolidated (December 2014). These measurement period adjustments primarily resulted in (1) an increase to acquisition-related contingent consideration as a result of further valuation analysis around the probability and timing of certain milestone payments; (2) increases in the fair value of certain intangible assets resulting from the higher sales forecast; and (3) a net increase in goodwill as a result of (1) and (2) above. The measurement period adjustments were previously determined to be immaterial to the Company’s consolidated financial statements, but were recorded in the fourth quarter of 2014 in connection with the other restatement adjustments related to Philidor. CONSOLIDATED STATEMENT OF INCOME (Unaudited) Nine Months Ended September 30, 2015 (As Previously Reported) Restatement Adjustments 2015 (Restated) Restatement Ref Revenues Product sales $ 7,590.1 $ (20.8 ) $ 7,569.3 (a) Other revenues 120.0 — 120.0 7,710.1 (20.8 ) 7,689.3 Expenses Cost of goods sold (exclusive of amortization and impairments of finite-lived intangible assets shown separately below) 1,864.9 (52.5 ) 1,812.4 (a) Cost of other revenues 43.1 — 43.1 Selling, general and administrative 1,956.9 — 1,956.9 Research and development 238.5 — 238.5 Amortization and impairment of finite-lived intangible assets 1,629.8 — 1,629.8 Restructuring and integration costs 274.0 — 274.0 In-process research and development impairments and other changes 108.1 — 108.1 Acquisition-related costs 26.3 4.1 30.4 (b) Acquisition-related contingent consideration 22.6 — 22.6 Other expense 213.2 — 213.2 6,377.4 (48.4 ) 6,329.0 Operating income 1,332.7 27.6 1,360.3 Interest income 2.5 — 2.5 Interest expense (1,130.7 ) — (1,130.7 ) Loss on extinguishment of debt (20.0 ) — (20.0 ) Foreign exchange loss and other (99.5 ) — (99.5 ) Income before provision for income taxes 85.0 27.6 112.6 Provision for income taxes 10.4 3.6 14.0 (c) Net income 74.6 24.0 98.6 Less: Net income attributable to noncontrolling interest 4.4 — 4.4 Net income attributable to Valeant Pharmaceuticals International, Inc. $ 70.2 $ 24.0 $ 94.2 Earnings per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ 0.21 $ 0.07 $ 0.28 Diluted $ 0.20 $ 0.07 $ 0.27 Weighted-average common shares (in millions) Basic 340.8 340.8 Diluted 347.2 347.2 There was no net impact of the 2015 restatement adjustments on net cash provided by operating activities, net cash used in investing activities and net cash provided by financing activities in the Consolidated Statement of Cash Flows. The adjustments only had an impact on certain captions within cash flows from operating activities. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2015 (As Previously Reported) Restatement Adjustments 2015 (Restated) Restatement Ref Cash Flow From Operating Activities Net income $ 74.6 $ 24.0 $ 98.6 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including impairments of finite-lived intangible assets 1,768.4 — 1,768.4 Amortization and write-off of debt discounts and debt issuance costs 123.7 — 123.7 In-process research and development impairments 108.1 — 108.1 Acquisition accounting adjustment on inventory sold 97.7 — 97.7 Acquisition-related contingent consideration 22.6 — 22.6 Allowances for losses on accounts receivable and inventories 46.4 — 46.4 Deferred income taxes (1) (64.7 ) 3.6 (61.1 ) (c) Loss on disposal of assets and liabilities 9.2 — 9.2 Additions to accrued legal settlements 31.9 — 31.9 Payments of accrued legal settlements (32.1 ) — (32.1 ) Share-based compensation 111.4 — 111.4 Foreign exchange loss 96.6 — 96.6 Loss on extinguishment of debt 20.0 — 20.0 Payment of contingent consideration adjustments, including accretion (19.8 ) — (19.8 ) Other (13.6 ) — (13.6 ) Changes in operating assets and liabilities: Trade receivables (656.0 ) — (656.0 ) Inventories (132.4 ) (52.5 ) (184.9 ) (a) Prepaid expenses and other current assets (252.0 ) — (252.0 ) Accounts payable, accrued and other liabilities (1) 319.8 24.9 344.7 (a), (b) Net cash provided by operating activities 1,659.8 — 1,659.8 Net cash used in investing activities (14,041.9 ) — (14,041.9 ) Net cash provided by financing activities 13,501.5 — 13,501.5 Effect of exchange rate changes on cash and cash equivalents (22.0 ) — (22.0 ) Net increase in cash and cash equivalents 1,097.4 — 1,097.4 Cash and cash equivalents, beginning of period 322.6 — 322.6 Cash and cash equivalents, end of period $ 1,420.0 $ — $ 1,420.0 Non- Cash Investing and Financing Activities Acquisition of businesses, contingent consideration at fair value $ (783.3 ) $ 38.8 $ (744.5 ) (d) Acquisition of businesses, debt assumed (3,129.2 ) — (3,129.2 ) ________________________ (1) As described in Note 3, the Consolidated Statement of Cash Flows reflects a reclassification of $14 million related to a change in income taxes payable which increased deferred income taxes and decreased accounts payable, accrued and other liabilities within the cash flow from operating activities.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
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 2015 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, 2015, except for those policies affected by the adoption of the new accounting guidance on employee share-based payment transactions as described below. The unaudited consolidated financial statements reflect all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods. During the third quarter of 2016, the Company changed its reportable segments to (i) Bausch + Lomb / International, (ii) Branded Rx, and (iii) U.S. Diversified Products. As a result, the prior period presentation has been recast to conform to the current segment reporting structure. Refer to Note 18 for additional information. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. Such amounts include a reclassification of $14 million related to a change in income taxes payable that increased deferred income taxes and decreased accounts payable, accrued and other liabilities within changes in operating assets and liabilities within cash flow from operating activities of the Consolidated Statements of Cash Flows for the nine-month period ended September 30, 2015 . 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 date 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 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 was effective for annual reporting periods (including interim reporting periods within those annual periods) beginning after December 15, 2015. The Company adopted this standard as of January 1, 2016 using the modified retrospective approach, as permitted, and, as such, prior periods were not retrospectively adjusted. The adoption of this standard did not have a material impact on the presentation of the Company's results of operations, cash flows or financial position. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for employee share-based payment transactions. The areas for simplification include the accounting for income tax consequences, classification of awards as either equity or liabilities, accounting for forfeitures, and classification on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company elected to early adopt this guidance in the third quarter of 2016 with January 1, 2016 being the effective date of adoption pursuant to the transition requirement of this new guidance. The impact of the adoption of this guidance is as follows: • Excess tax benefits and tax deficiencies, representing the realized tax effect on the difference between share-based compensation costs deductible for tax purposes and for accounting purposes, are recognized prospectively in the provision for income taxes instead of additional paid-in capital. As a result of the adoption, a cumulative-effect adjustment of $30 million was recorded to deferred tax asset and accumulated deficit as of January 1, 2016 for the previously unrecognized excess tax benefits. The Company is required to apply this aspect of the guidance retrospectively as if the adoption is effective as of January 1, 2016. However, given the adoption impact for the six months ended June 30, 2016 was insignificant (less than $2 million for the three months ended March 31, 2016 and less than $1 million for the three months ended June 30, 2016), the Company recorded the cumulative adoption impact for the six months ended June 30, 2016 in the three months ended September 30, 2016; • Excess tax benefits are classified as operating cash flows instead of financing cash flows effective January 1, 2016 and the Company has elected to apply this requirement on a retrospective basis. As a result of the adoption, cash flows provided by operating activities decreased by $1 million for the three months ended March 31, 2016 and for the six months ended June 30, 2016 and cash flows provided by (used in) financing activities increased by $1 million for the three months ended March 31, 2016 and decreased by $1 million for the six months ended June 30, 2016. The adoption impact on the corresponding comparative periods in 2015 includes an increase in cash flows provided by operating activities of $18 million , $26 million and $22 million for three months ended March 31, 2015, for the six months ended June 30, 2015 and for the nine months ended September 30, 2015, respectively, with a corresponding decrease in cash flows provided by financing activities of the same amounts in the respective periods; • The calculation of diluted weighted-average number of common shares excludes excess tax benefits and tax deficiencies in the calculation of assumed proceeds under the treasury stock method prospectively effective January 1, 2016. Accordingly, the diluted weighted-average number of common shares outstanding increased by 0.6 million for the three months ended March 31, 2016, decreased by 0.1 million for the three months ended June 30, 2016, and increased by 0.2 million for the six months ended June 30, 2016. The adoption of this aspect of the guidance did not have an effect on the Company's previously reported diluted earnings per share for the three months ended March 31, 2016 and June 30, 2016 as well as for the six months ended June 30, 2016 given the Company reported a net loss for each of those periods; and • The Company elected to continue its current policy of estimating forfeitures rather than recognizing forfeitures when they occur. Recently Issued Accounting Standards, Not Adopted as of September 30, 2016 In May 2014, the FASB issued 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. In March 2016, the FASB issued an amendment to clarify the implementation guidance around considerations of whether an entity is a principal or an agent, impacting whether an entity reports revenue on a gross or net basis. In April 2016, the FASB issued an amendment to clarify guidance on identifying performance obligations and the implementation guidance on licensing. In May 2016, the FASB issued amendments to certain aspects of the new revenue guidance (including transition, collectability, noncash consideration and the presentation of sales and other similar taxes) and provided certain practical expedients. 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 Company is evaluating the impact of adoption of this guidance on its financial position, results of operations and 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 within those annual periods. Early application is permitted. The Company is evaluating the impact of adoption of this guidance on its financial position and results of operations. In January 2016, the FASB issued guidance which amends the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured under the fair value option. The guidance also amends certain disclosure requirements associated with the fair value of financial instruments. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early application is permitted. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations and disclosures. In February 2016, the FASB issued new guidance on leases. The new guidance will increase transparency and comparability among organizations that lease buildings, equipment, and other assets by recognizing the assets and liabilities that arise from lease transactions. Current off-balance sheet leasing activities will be required to be reflected on balance sheets so that investors and other users of financial statements can more readily and accurately understand the rights and obligations associated with these transactions. Consistent with the current lease standard, the new guidance addresses two types of leases: finance leases and operating leases. Finance leases will be accounted for in substantially the same manner as capital leases are accounted for under current GAAP. Operating leases will be accounted for (both in the income statement and statement of cash flows) in a manner consistent with operating leases under existing GAAP. However, as it relates to the balance sheet, lessees will recognize lease liabilities based upon the present value of remaining lease payments and corresponding lease assets for operating leases with limited exception. The new guidance will also require lessees and lessors to provide additional qualitative and quantitative disclosures to help financial statement users assess the amount, timing, and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an organization’s leasing activities. The new guidance is effective for annual reporting periods (including interim reporting periods within those annual periods) beginning after December 15, 2018. Early application is permitted. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations, the statement of cash flows and disclosures. In June 2016, the FASB issued new guidance on the impairment of financial instruments requiring an impairment model based on expected losses rather than incurred losses. Under this guidance, an entity recognizes as an allowance its estimate of expected credit losses. The guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations and the statement of cash flows. In August 2016, the FASB issued new guidance which adds or clarifies the classification of certain cash receipts and payments in the statement of cash flows (including debt prepayment or debt extinguishment costs, contingent consideration payment after a business combination, and distributions received from equity method investees). The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact of adoption of this guidance on the statement of cash flows. In October 2016, the FASB issued new guidance which removes the prohibition against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations, the statement of cash flows and disclosures. In October 2016, the FASB issued new guidance which amends consolidation guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations, the statement of cash flows and disclosures.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS The Company completed an immaterial business combination in the first quarter of 2016. No business combinations or asset acquisitions were completed in the second or third quarter of 2016. Business combinations in 2015 included the following: Amoun Description of the Transaction On October 19, 2015, the Company acquired Mercury (Cayman) Holdings, the holding company of Amoun Pharmaceutical Company S.A.E. (“Amoun”), for consideration of approximately $906 million , including contingent payments (the “Amoun Acquisition”). Amoun develops and markets a wide range of pharmaceutical brands in therapeutic areas such as anti-hypertensives, broad spectrum antibiotics, and anti-diarrheals primarily in North Africa and the Middle East. Fair Value of Consideration Transferred The fair value of consideration transferred to effect the Amoun Acquisition consisted of $847 million in cash, plus contingent consideration based upon the achievement of specified sales-based milestones. The range of potential milestone payments as of the acquisition date is from nil, if none of the milestones are achieved, to a maximum of up to approximately $75 million over time, if all milestones are achieved, in the aggregate. The total fair value of the contingent consideration of $59 million as of the acquisition date was determined using probability-weighted discounted cash flows. Refer to Note 7 for additional information regarding contingent consideration. The Company recognized a post-combination expense of $12 million within Other expense (income) in the fourth quarter of 2015 related to cash bonuses paid to Amoun employees. 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 the acquisition date. Amounts Recognized as of Acquisition Date (as previously reported) (a) Measurement Period Adjustments Amounts Recognized as of September 30, 2016 (as adjusted) Cash $ 43.5 $ — $ 43.5 Accounts receivable (b) 64.2 — 64.2 Inventories 37.9 — 37.9 Other current assets 12.2 — 12.2 Property, plant and equipment 96.4 (1.0 ) 95.4 Identifiable intangible assets, excluding acquired in-process research and development ("IPR&D") (c) 528.0 (7.8 ) 520.2 Acquired IPR&D 18.5 1.0 19.5 Other non-current assets 0.1 — 0.1 Current liabilities (30.8 ) (1.2 ) (32.0 ) Deferred tax liability, net (d) (130.5 ) (0.4 ) (130.9 ) Other non-current liabilities (11.2 ) 4.0 (7.2 ) Total identifiable net assets 628.3 (5.4 ) 622.9 Goodwill (e) 282.0 1.5 283.5 Total fair value of consideration transferred $ 910.3 $ (3.9 ) $ 906.4 ________________________ (a) As previously reported in the Company’s 2015 Form 10-K. (b) The fair value of trade accounts receivable acquired was $64 million , with the gross contractual amount being $66 million , of which the Company expects that $2 million will be uncollectible. (c) The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Date (as previously reported) Measurement Period Adjustments Amounts Recognized as of September 30, 2016 (as adjusted) Product brands 9 $ 490.8 $ (11.0 ) $ 479.8 Corporate brand 17 37.2 3.2 40.4 Total identifiable intangible assets acquired 10 $ 528.0 $ (7.8 ) $ 520.2 (d) Comprised of deferred tax liabilities partially offset by nominal deferred tax assets. (e) 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 products and expand its business to new geographic markets; • the value of the continuing operations of Amoun'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, Amoun's assembled workforce). Goodwill has been allocated to the Company’s Bausch + Lomb / International segment. Sprout Description of the Transaction On October 1, 2015, the Company acquired Sprout Pharmaceuticals, Inc. (“Sprout”), pursuant to the merger agreement, among Sprout, the Company, Valeant Pharmaceuticals International (“Valeant”), Miranda Acquisition Sub, Inc., a wholly owned subsidiary of Valeant, and Shareholder Representative Services LLC, as stockholder representative, on a debt-free basis (the “Sprout Acquisition”), for an aggregate purchase price of $1.45 billion , which includes cash plus contingent consideration. Sprout has focused solely on the delivery of a treatment option for the unmet need of pre-menopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD) as characterized by low sexual desire that causes marked distress or interpersonal difficulty and is not due to a co-existing medical or psychiatric condition, problems within the relationship, or the effects of a medication or other drug substance. In August 2015, Sprout received approval from the U.S. Food and Drug Administration ("FDA") on its New Drug Application ("NDA") for flibanserin, which is being marketed as Addyi® in the U.S. (launched in the U.S. in October 2015). Sprout also has global rights to flibanserin. In connection with the acquisition of Sprout, the Company has a contractual obligation to make or cause to be made expenditures of no less than $200 million with respect to Addyi® for selling, general and administrative, marketing and research and development expenses during the period commencing January 1, 2016 through to June 30, 2017. Fair Value of Consideration Transferred The Company paid approximately $530 million , inclusive of customary purchase price adjustments, upon closing of the transaction in October 2015, and an additional payment in the amount of $500 million (acquisition date fair value of $495 million ), included in accrued and other current liabilities as of December 31, 2015, was paid in the first quarter of 2016. In addition, the transaction includes contingent consideration representing payments to the former shareholders and former holders of vested stock appreciation rights of Sprout for a share of future profits. The share of future profits with the former shareholders and former holders of vested stock appreciation rights of Sprout is uncapped and commences on the date that the earlier of the following events occurs (a) net cumulative worldwide sales of flibanserin products (plus any amounts received from sublicenses on the sale of flibanserin products) exceed $1 billion or (b) July 1, 2017, and continues until December 31, 2030. The total fair value of the contingent consideration of $422 million as of the acquisition date was determined using a Monte Carlo Simulation. Refer to Note 7 for additional information regarding contingent consideration. 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 the acquisition date. Amounts Recognized as of Acquisition Date (as previously reported) (a) Cash and cash equivalents $ 26.6 Inventories 11.0 Other assets 1.6 Identifiable intangible assets (b) 993.7 Current liabilities (4.4 ) Deferred income taxes, net (351.9 ) Total identifiable net assets 676.6 Goodwill (c) 769.9 Total fair value of consideration transferred $ 1,446.5 ________________________ (a) As previously reported in the Company’s 2015 Form 10-K. (b) Consists of product rights with a weighted-average useful life of 11 years. (c) 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 potential ability to develop and market the product to additional types of patients/indications and launch the product in a variety of new geographies; • the value of the continuing operations of Sprout'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, Sprout's assembled workforce). Goodwill has been allocated to the Company’s Branded Rx segment. Salix Description of the Transaction 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 (“Salix Merger Agreement”), among the Company, Valeant, Sun Merger Sub, Inc., a wholly owned subsidiary of Valeant (“Sun Merger Sub”), and Salix (the “Salix Acquisition”). 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®, Glumetza®, and Relistor®. In accordance with the terms of the Salix 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 Options 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 Options and (ii) the excess, if any, of $173.00 over the exercise price per Salix Share previously subject to such Salix Options. 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 the Company’s common shares in the United States that closed on March 27, 2015; and (iv) cash on hand. 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 the 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 the 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 the acquisition date. Amounts Recognized as of Acquisition Date (as previously reported) (a) Measurement Period Adjustments (b) Amounts Recognized as of December 31, 2015 (as adjusted) Cash and cash equivalents $ 113.7 $ — $ 113.7 Inventories (c) 233.2 (0.6 ) 232.6 Other assets (d) 1,400.3 10.1 1,410.4 Property, plant and equipment, net 24.3 — 24.3 Identifiable intangible assets, excluding acquired IPR&D (e) 6,756.3 — 6,756.3 Acquired IPR&D (f) 5,366.8 (183.9 ) 5,182.9 Current liabilities (g) (1,764.2 ) (175.0 ) (1,939.2 ) Contingent consideration, including current and long-term portion (h) (327.9 ) (6.2 ) (334.1 ) Long-term debt, including current portion (i) (3,123.1 ) — (3,123.1 ) Deferred income taxes, net (j) (3,512.0 ) 84.1 (3,427.9 ) Other non-current liabilities (7.3 ) (36.0 ) (43.3 ) Total identifiable net assets 5,160.1 (307.5 ) 4,852.6 Goodwill (k) 7,971.9 307.5 8,279.4 Total fair value of consideration transferred $ 13,132.0 $ — $ 13,132.0 ________________________ (a) As previously reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. (b) The measurement period adjustments primarily reflect: (i) a reduction in acquired IPR&D assets, specifically for the Oral Relistor® (as defined below) program based mainly on refinement of the pricing assumptions and cost projections (see further discussion of IPR&D programs in (f) below) and (ii) the tax impact of pre-tax measurement period adjustments, as well as reclassifications of certain tax balances impacting current liabilities. 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 consolidated financial statements. As the measurement period for the Salix Acquisition closed in the fourth quarter of 2015, there were no measurement period adjustments recorded in subsequent periods. (c) Includes an estimated fair value step-up adjustment to inventory of $108 million . (d) 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 assets also includes an estimated insurance recovery of $80 million , based on estimated fair value, related to the legal matters discussed in (g) below. (e) The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Date (as previously reported) Measurement Period Adjustments Amounts Recognized as of December 31, 2015 (as adjusted) Product brands 10 $ 6,088.3 $ 1.3 $ 6,089.6 Corporate brand 20 668.0 (1.3 ) 666.7 Total identifiable intangible assets acquired 11 $ 6,756.3 $ — $ 6,756.3 (f) A multi-period excess earnings methodology (income approach) was used to determine the estimated fair values of the acquired 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 9.5% - 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 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, Relistor® tablets ("Oral Relistor®"), for the treatment of opioid-induced constipation in adult patients with chronic non-cancer pain, and Rifaximin soluble solid dispersion ("SSD") tablets, for the treatment of early decompensated liver cirrhosis. In September 2015, the Company announced that the FDA accepted for review the Company's NDA for Oral Relistor®, and the FDA assigned a Prescription Drug User Fee Act (PDUFA) action date of April 19, 2016. In April 2016, the Company announced that the FDA had extended the PDUFA action date for Oral Relistor® to July 19, 2016 to allow time for a full review of the Company's responses to certain information requests from the FDA. On July 19, 2016, the FDA approved Oral Relistor® for the treatment of opioid-induced constipation in adults with chronic non-cancer pain. The associated IPR&D asset ( $304 million as of the acquisition date) has been reclassified to an amortizable intangible as of the approval date and is being amortized over a period of 12 years. In the third quarter of 2015, the Company terminated the Rifaximin SSD IPR&D program and recognized an impairment charge as described in Note 9. (g) 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 (d) above) for potential losses and related costs associated with legal matters relating to the legacy Salix business (See Note 17 for additional information regarding these legal matters) and (ii) product returns and rebates of $375 million . (h) 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. As of the acquisition date, 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. This amount includes up to $250 million in developmental and sales-based milestones to Progenics Pharmaceuticals, Inc. related to Relistor® (including Oral Relistor®), of which $50 million was paid in the third quarter of 2016 in connection with the FDA's approval of Oral Relistor®, and various other developmental and sales-based milestones. The total fair value of the contingent consideration of $334 million as of the acquisition date was determined using probability-weighted discounted cash flows. Refer to Note 7 for additional information regarding the contingent consideration. (i) 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 which remains outstanding. (j) Comprises deferred tax assets ( $303 million ) and deferred tax liabilities ( $3.73 billion ). (k) 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). Goodwill has been allocated to the Company’s Branded Rx segment . Other 2015 Business Combinations (excluding the Amoun Acquisition, the Sprout Acquisition, and the Salix Acquisition) Description of the Transactions In the year ended December 31, 2015, the Company completed other business combinations (excluding the Amoun Acquisition, the Sprout Acquisition, and the Salix Acquisition), which included the acquisition of the following businesses, for an aggregate purchase price of $1.41 billion . The other business combinations completed during the year ended December 31, 2015 included contingent consideration arrangements with an aggregate acquisition date fair value of $186 million , primarily related to the acquisition of certain assets of Marathon Pharmaceuticals, LLC ("Marathon") (see below), as well as milestone payments and royalties related to other smaller acquisitions. Refer to Note 7 for additional information regarding contingent consideration. • On February 23, 2015, the Company, completed via a "stalking horse bid" in a sales process conducted under the U.S. Bankruptcy Code, the acquisition of certain assets of Dendreon Corporation ("Dendreon") for a purchase price of $415 million , net of cash received ( $495 million less cash received of $80 million ). The purchase price included approximately $50 million in stock consideration, and the Company issued such common shares 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). • On February 10, 2015, the Company acquired certain assets of Marathon. 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). Also, as part of this acquisition, the Company assumed a contingent consideration liability as described further below. • In the year ended December 31, 2015, the Company completed other smaller acquisitions 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. Amounts Recognized as of Acquisition Dates (as previously reported) Measurement Period Adjustments (a) Amounts Recognized as of September 30, 2016 (as adjusted) Cash $ 92.2 $ — $ 92.2 Accounts receivable (b) 49.5 (3.0 ) 46.5 Inventories 142.9 (2.6 ) 140.3 Other current assets 20.2 (0.5 ) 19.7 Property, plant and equipment 94.6 (15.1 ) 79.5 Identifiable intangible assets, excluding acquired IPR&D (c) 1,121.6 (43.2 ) 1,078.4 Acquired IPR&D 57.5 (3.7 ) 53.8 Other non-current assets 2.9 — 2.9 Deferred tax (liability) asset, net (54.7 ) 61.1 6.4 Current liabilities (d) (123.9 ) (4.5 ) (128.4 ) Long-term debt (6.1 ) — (6.1 ) Non-current liabilities (d) (117.4 ) 0.2 (117.2 ) Total identifiable net assets 1,279.3 (11.3 ) 1,268.0 Goodwill (e) 141.9 (3.1 ) 138.8 Total fair value of consideration transferred $ 1,421.2 $ (14.4 ) $ 1,406.8 ________________________ (a) The measurement period adjustments primarily relate to the acquisition of certain assets of Dendreon and reflect: (i) an increase to the deferred tax assets based on further assessment of the Dendreon net operating losses ("NOLs") available to the Company post-acquisition, (ii) a reduction in the estimated fair value of intangible assets based on further assessment of assumptions related to the probability-weighted cash flows, (iii) a reduction in the estimated fair value of property, plant and equipment driven by further assessment of the fair value of a manufacturing facility, and (iv) 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. The adjustments recorded in the current period did not have a significant impact on the Company’s consolidated financial statements. (b) The fair value of trade accounts receivable acquired was $47 million , with the gross contractual amount being $51 million , of which the Company expects that $4 million 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 (as previously reported) Measurement Period Adjustments Amounts Recognized as of September 30, 2016 (as adjusted) Product brands 7 $ 741.2 $ (6.0 ) $ 735.2 Product rights 3 42.7 (0.7 ) 42.0 Corporate brands 16 6.6 — 6.6 Partner relationships 8 7.8 — 7.8 Technology/know-how 10 321.3 (36.5 ) 284.8 Other 6 2.0 — 2.0 Total identifiable intangible assets acquired 8 $ 1,121.6 $ (43.2 ) $ 1,078.4 (d) As part of the acquisition of certain assets of Marathon, the Company assumed a contingent consideration liability related to potential payments, in the aggregate, of up to approximately $200 million as of the acquisition date, 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 September 30, 2016 , 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. The Company made contingent consideration payments related to the Marathon acquisition of $35 million during 2015 and an additional $5 million and $32 million during the three-month and nine-month periods ended September 30, 2016 , respectively. (e) The goodwill relates primarily to certain smaller acquisitions and the acquisition of certain assets of Marathon. 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. The majority of the goodwill is not 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. Goodwill has been allocated primarily to the Company’s Bausch + Lomb / International segment. Pro Forma Impact of Business Combinations The following table presents unaudited pro forma consolidated results of operations for the three-month and nine-month periods ended September 30, 2015 , as if the 2015 acquisitions had occurred as of January 1, 2014 . Three Months Ended 2015 Nine Months Ended 2015 Revenues $ 2,862.1 $ 7,938.3 Net income (loss) attributable to Valeant Pharmaceuticals International, Inc. 56.2 (243.7 ) Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ 0.16 $ (0.71 ) Diluted $ 0.16 $ (0.71 ) 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 nine-month period ended September 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 nine-month period ended September 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 been completed on January 1, 2014. 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 historical intangible asset amortization expense of these acquisitions; • additional amortization expense related to the fair value of identifiable intangible assets acquired; • additional depreciation expense related to fair value adjustment to property, plant and equipment acquired; • additional interest expense associated with the financing obtained by the Company in connection with the Salix Acquisition; and • the exclusion from pro forma earnings in the three-month and nine-month periods ended September 30, 2015 of the acquisition accounting adju

DIVESTITURES

DIVESTITURES	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES Ruconest® On August 9, 2016, the Company entered into a definitive agreement to divest all North American commercialization rights to Ruconest® (recombinant human C1 esterase inhibitor) to Pharming Group N.V. ("Pharming"). These assets were included in the Company’s Branded Rx segment. Under the terms of the agreement, Pharming will pay Valeant aggregate consideration of up to $125 million , including an upfront fee of $60 million payable upon closing and certain sales-based milestone payments of up to $65 million . The transaction is subject to customary closing conditions, in addition to Pharming obtaining certain financing. The carrying values of the assets being sold, including the associated goodwill, were written down to fair value less costs to sell and were classified as assets held for sale, within Prepaid expenses and other current assets in the Consolidated balance sheet, commencing June 30, 2016. A loss of $199 million was recorded in Amortization and impairments of finite-lived intangible assets for the three months ended June 30, 2016. Upon consummation of the divestiture, the Company expects to incur an additional loss of approximately $22 million , representing the estimated fair value of the contingent consideration, which is not included in the determination of gain or loss from divestiture pursuant to the Company's accounting policy, pursuant to which the Company does not recognize contingent payments until such amounts are realizable. Portfolio of Neurology Medical Device Products On April 1, 2016, the Company sold a portfolio of neurology medical device products, including product rights and related fixed assets, to Stryker Corporation for an upfront purchase price and certain future milestone payments. These assets were included in the Company’s Bausch + Lomb / International segment. As a result of this transaction, the Company recognized a nominal loss on sale in the second quarter of 2016, due in part to the Company's accounting policy to not recognize contingent payments until such amounts are realizable. The loss on sale was included within Other (income) expense in the Consolidated statement of (loss) income. Other Divestitures The Company has classified a number of small businesses as held for sale as of September 30, 2016 as it expects to consummate the divestiture of these businesses within the next twelve months. The assets related to these businesses were included in the Company’s Bausch + Lomb / International segment. As a result, the carrying values of the assets related to these businesses, including the associated goodwill, were written down to fair value less costs to sell and a loss of $88 million , in the aggregate, was recognized in Amortization and impairments of finite-lived intangible assets for the three months ended September 30, 2016. The assets and liabilities related to these businesses have been classified as held for sale and are presented in Prepaid expenses and other current assets and Accrued and other current liabilities, respectively, in the Consolidated balance sheet.

RESTRUCTURING AND INTEGRATION C

RESTRUCTURING AND INTEGRATION COSTS	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND INTEGRATION COSTS	RESTRUCTURING AND INTEGRATION COSTS In connection with the Salix 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 had estimated that it would incur total costs of approximately $300 million in connection with the cost-rationalization and integration initiatives relating to the Salix Acquisition, which were substantially completed by mid-2016. Since the acquisition date, total costs of $241 million have been incurred through September 30, 2016 , including (i) $127 million of integration expenses, (ii) $99 million of restructuring expenses, and (iii) $15 million of acquisition-related costs. The estimate of total costs to be incurred primarily includes: employee termination costs payable to approximately 475 employees of the Company and Salix who have been terminated as a result of the Salix Acquisition; potential IPR&D termination costs related to the transfer to other parties of product-development programs that do not align with the Company's 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 September 30, 2016 : Severance and Related Benefits Contract Termination, Facility Closure and Other Costs Total Balance, January 1, 2015 $ — $ — $ — Costs incurred and/or charged to expense 90.6 0.9 91.5 Cash payments (57.8 ) (0.3 ) (58.1 ) Non-cash adjustments 2.2 — 2.2 Balance, December 31, 2015 (1) $ 35.0 $ 0.6 $ 35.6 Costs incurred and/or charged to expense 0.7 7.7 8.4 Cash payments (11.1 ) (0.3 ) (11.4 ) Balance, March 31, 2016 $ 24.6 $ 8.0 $ 32.6 Costs incurred and/or charged to expense (1.2 ) 0.9 (0.3 ) Cash payments (10.2 ) (1.2 ) (11.4 ) Balance, June 30, 2016 $ 13.2 $ 7.7 $ 20.9 Costs incurred and/or charged to expense (1.6 ) 0.9 (0.7 ) Cash payments (4.6 ) (1.2 ) (5.8 ) Balance, September 30, 2016 $ 7.0 $ 7.4 $ 14.4 ___________________________________ (1) In the nine-month period ended September 30, 2015 , the Company recognized $88 million of restructuring charges and made payments of $47 million related to the Salix Acquisition. Salix Integration Costs As mentioned above, the Company has incurred $127 million of integration costs related to the Salix Acquisition since the acquisition date. In the nine-month periods ended September 30, 2016 and 2015 , the Company incurred $17 million and $79 million , respectively, of integration costs related to the Salix Acquisition, which related primarily to integration consulting, duplicate labor, transition service, and other costs. The Company made payments of $21 million and $63 million related to Salix integration costs during the nine-month periods ended September 30, 2016 and 2015 , respectively. Other Restructuring and Integration-Related Costs (Excluding Salix) In the nine-month period ended September 30, 2016 , in addition to the restructuring and integration costs associated with the Salix Acquisition described above, the Company incurred an additional $54 million of other restructuring and integration-related costs. These costs included (i) $37 million of integration consulting, duplicate labor, transition service, and other costs, (ii) $8 million of facility closure costs, (iii) $8 million of severance costs, and (iv) $1 million of other costs. These costs primarily related to restructuring and integration costs for other smaller acquisitions. The Company made payments of $52 million during the nine-month period ended September 30, 2016 (in addition to the payments related to the Salix Acquisition described above). In the nine-month period ended September 30, 2015 , in addition to the restructuring and integration costs associated with the Salix Acquisition described above, the Company incurred an additional $106 million of other restructuring and integration-related costs. These costs included (i) $74 million of integration consulting, duplicate labor, transition service, and other costs, (ii) $26 million of severance costs, (iii) $5 million of facility closure costs, and (iv) $1 million of other costs. These costs primarily related to restructuring and integration costs for the acquired assets of Dendreon and other smaller acquisitions. The Company made payments of $150 million during the nine-month period ended September 30, 2015 (in addition to the payments related to the Salix Acquisition described above).

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2016
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 on a recurring basis as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 As of December 31, 2015 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) $ 296.6 $ 208.5 $ 88.1 $ — $ 167.2 $ 156.1 $ 11.1 $ — Liabilities: Acquisition-related contingent consideration $ (985.3 ) $ — $ — $ (985.3 ) $ (1,155.9 ) $ — $ — $ (1,155.9 ) ___________________________________ (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. These derivative contracts were not designated as hedges for accounting purposes, and such contracts matured on April 1, 2015 (which coincided with the consummation of the Salix Acquisition). A foreign exchange loss of $26 million was recognized in Foreign exchange loss and other in the Consolidated statement of (loss) income 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 $1 million and $16 million as of September 30, 2016 and December 31, 2015 , 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 nine-month period ended September 30, 2016 . 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 via a probability-weighted discounted cash flow analysis or Monte Carlo Simulation, using unobservable (Level 3) inputs. These inputs may 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; (iii) the risk-adjusted discount rate used to present value the probability-weighted cash flows; and (iv) volatility of projected performance (Monte Carlo Simulation). 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 nine-month period ended September 30, 2016 : Balance, January 1, 2016 Payments/ Settlements (a) Net Unrealized Loss Foreign Exchange (b) Adjustments (c) Balance, Acquisition-related contingent consideration $ (1,155.9 ) $ 144.8 $ (18.3 ) $ 7.8 $ 36.3 $ (985.3 ) ____________________________________ (a) Primarily relates to payments of acquisition-related contingent consideration related to Salix, the acquisition of certain assets of Marathon, the settlement of contingent consideration obligation in connection with the termination of the arrangements with and relating to Philidor, and payments of acquisition-related contingent consideration related to the Elidel®/Xerese®/Zovirax® agreement entered into with Meda Pharma SARL in June 2011 (the "Elidel®/Xerese®/Zovirax® agreement"), and other smaller acquisitions. (b) Included in other comprehensive loss. (c) Primarily relates to $26 million of contingent consideration reclassified to a liability held for sale. See Note 5 for further detail. There were no transfers into or out of Level 3 during the nine-month period ended September 30, 2016 . Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The following fair value hierarchy table presents the Company’s assets measured at fair value on a non-recurring basis as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 As of December 31, 2015 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: Prepaid expenses and other current assets $ 181.4 $ — $ — $ 181.4 $ — $ — $ — $ — As of September 30, 2016 , certain assets, included in Prepaid expenses and other current assets, have been measured at fair value: • an asset held for sale within the Company's Branded Rx segment, related to the Company's North American commercialization rights to Ruconest®. The Company recognized an impairment charge of $199 million in Amortization and impairments of finite-lived intangible assets for the nine months ended September 30, 2016 in the Consolidated statement of loss. The adjusted carrying amount of Ruconest® of $82 million represents the estimated fair value less costs to sell, determined using a discounted cash flow analysis approach which utilized Level 3 unobservable inputs; and • assets held for sale related to a number of small businesses within the Company’s Bausch + Lomb / International segment. The Company recognized an aggregate impairment charge of $88 million in Amortization and impairments of finite-lived intangible assets for the three and nine months ended September 30, 2016 in the Consolidated statement of loss. The adjusted carrying amount of $99 million , in the aggregate, represents the estimated fair values of these assets less costs to sell, determined using a discounted cash flow analysis approach which utilized Level 3 unobservable inputs. There were no other significant assets or liabilities that were re-measured at fair value on a non-recurring basis subsequent to initial recognition in the nine-month period ended September 30, 2016 . For further information regarding asset impairment charges, see Note 9.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The components of inventories as of September 30, 2016 and December 31, 2015 were as follows: As of As of Raw materials (1) $ 351.4 $ 289.3 Work in process (1) 131.8 152.7 Finished goods (1) 816.9 814.6 $ 1,300.1 $ 1,256.6 ___________________________________ (1) The components of inventories shown in the table above are net of allowance for obsolescence.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL Intangible Assets The major components of intangible assets as of September 30, 2016 and December 31, 2015 were as follows: As of September 30, 2016 As of December 31, 2015 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 $ 21,959.0 $ (6,831.2 ) $ 15,127.8 $ 22,082.8 $ (5,236.4 ) $ 16,846.4 Corporate brands 1,030.4 (138.8 ) 891.6 1,066.1 (107.1 ) 959.0 Product rights/patents 4,302.4 (2,061.0 ) 2,241.4 4,339.9 (1,711.7 ) 2,628.2 Partner relationships 164.6 (133.0 ) 31.6 217.6 (170.3 ) 47.3 Technology and other 443.1 (186.2 ) 256.9 480.3 (186.1 ) 294.2 Total finite-lived intangible assets (1) 27,899.5 (9,350.2 ) 18,549.3 28,186.7 (7,411.6 ) 20,775.1 Indefinite-lived intangible assets: Acquired IPR&D (2) 262.6 — 262.6 610.4 — 610.4 Corporate brand (3) 1,697.5 — 1,697.5 1,697.5 — 1,697.5 $ 29,859.6 $ (9,350.2 ) $ 20,509.4 $ 30,494.6 $ (7,411.6 ) $ 23,083.0 ____________________________________ The Company continues to monitor the recoverability of its finite-lived intangible assets and tests the intangible assets for impairment if indicators of impairment are present. (1) In the third quarter of 2016, the Company recognized impairment charges of $142 million , primarily due to (i) an impairment charge of $88 million recognized upon classification of assets associated with a number of small businesses as held for sale (refer to Note 5 for further details) and (ii) an impairment charge of $25 million related to IBS Chek ™ (U.S. Diversified Products segment), resulting from a decline in sales trends. The remaining impairment charges relate to a number of individually immaterial intangible assets. In the second quarter of 2016, the Company recognized impairment charges of $215 million , primarily due to $199 million recognized as a result of the intangible assets related to Ruconest® (Branded Rx segment), inclusive of goodwill of $37 million , being classified as assets held for sale commencing June 30, 2016. Refer to Note 5 for further details. In the first quarter of 2016, the Company recognized impairment charges of $16 million for a number of individually immaterial intangible assets. In the fourth quarter of 2015, the Company recognized impairment charges of $79 million related to the write-off of intangible assets and $23 million related to the write-off of property, plant and equipment, in connection with the termination (announced in October 2015) of the arrangements with and relating to Philidor (Branded Rx segment). In addition, in the fourth quarter of 2015, the Company recognized an impairment charge of $27 million related to the write-off of ezogabine/retigabine (immediate-release formulation) (U.S. Diversified Products segment) resulting from further analysis of commercialization strategy and projections. GlaxoSmithKline plc (‘‘GSK’’) controls all sales force promotion for ezogabine/retigabine. In the third quarter of 2015, the Company recognized an impairment charge of $26 million related to Zelapar® (U.S. Diversified Products segment), resulting from declining sales trends. These impairment charges were recognized in Amortization and impairments of finite-lived intangible assets in the Consolidated statements of (loss) income for the respective periods. (2) The Company acquired certain IPR&D assets as part of the Salix Acquisition, as described further in Note 4. In the second quarter of 2016, the Company wrote off an IPR&D asset of $14 million related to the termination of the development program for Cirle 3-dimensional surgical navigation technology (Bausch + Lomb / International segment), resulting from a feasibility analysis. In the fourth quarter of 2015, the Company wrote off an IPR&D asset of $28 million related to the Emerade® development program in the U.S. (Bausch + Lomb / International segment) based on analysis of feedback received from the FDA, and such program was terminated in the U.S. In the third quarter of 2015, the Company wrote off an IPR&D asset of $90 million related to the Rifaximin SSD development program (Branded Rx segment) based on analysis of Phase 2 study data, and the program was subsequently terminated. 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 (Branded Rx segment), resulting from analysis of Phase 3 study data. The write-offs of the IPR&D assets were recognized in In-process research and development impairments and other charges in the Consolidated statements of (loss) income for the respective periods. (3) Represents the corporate trademark, related to the acquisition of Bausch & Lomb Holdings Incorporated (‘‘B&L’’) in August 2013, which has an indefinite useful life and is therefore not amortized. During the third quarter of 2016, Acquired IPR&D was reduced by $304 million due to the reclassification of the intangible asset relating to Oral Relistor® to finite-lived intangible assets upon receipt of regulatory approval. Estimated aggregate amortization expense, as of September 30, 2016 , for each of the five succeeding years ending December 31 is as follows: 2016 2017 2018 2019 2020 Amortization expense (1) $ 2,672.8 $ 2,597.1 $ 2,468.1 $ 2,341.4 $ 2,133.9 ____________________________________ (1) Estimated amortization expense shown in the table above does not include potential future impairments of finite-lived intangible assets, if any. Goodwill The changes in the carrying amount of goodwill in the nine-month period ended September 30, 2016 were as follows: Developed Markets Emerging Markets Bausch + Lomb / International Branded Rx U.S. Diversified Products Total Balance, January 1, 2016 $ 16,141.3 $ 2,411.5 $ — $ — $ — $ 18,552.8 Additions 0.7 — — — — 0.7 Divestitures (1) (36.2 ) — — — — (36.2 ) Allocations to assets held for sale (2) (37.1 ) — — — — (37.1 ) Foreign exchange and other 47.3 (12.1 ) — — — 35.2 Impairment (4) (837.9 ) — — — — (837.9 ) Realignment of goodwill (3) (15,278.1 ) (2,399.4 ) 6,498.2 8,026.8 3,152.5 — Impairment (4) — — — (211.1 ) — (211.1 ) Allocations to assets held for sale (2) — — (29.8 ) — — (29.8 ) Foreign exchange and other — — 13.9 (0.4 ) — 13.5 Balance, September 30, 2016 $ — $ — $ 6,482.3 $ 7,815.3 $ 3,152.5 $ 17,450.1 ____________________________________ (1) See Note 5 for additional information regarding the divestiture of a portfolio of neurology medical device products to Stryker Corporation. (2) Relates to the reclassification of goodwill to assets held for sale as of September 30, 2016 related to Ruconest® and a number of smaller businesses which the Company expects to divest within one year. Refer to Note 5 for further details. (3) Effective in the third quarter of 2016, the Company has three reportable segments: (i) Bausch + Lomb / International, (ii) Branded Rx, and (iii) U.S. Diversified Products. Accordingly, goodwill previously reported in the former Developed Markets and Emerging Markets segments have been reallocated to the new reportable segments using a relative fair value approach. For additional information on the Company's operating and reportable segments, see Note 18. (4) During the third quarter of 2016, the Company recognized an aggregate goodwill impairment charge of $1.05 billion , consisting of $838 million of goodwill impairment charge related to its former U.S. reporting unit within the Development Markets segment and $211 million of goodwill impairment charge related to the Salix reporting unit within the Branded Rx reportable segment. Refer to "Realignment of segment structure" below for additional information. Goodwill is not amortized but is tested for impairment at least annually at the reporting unit level. A reporting unit is the same as, or one level below, an operating segment. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants. Prior to the change in operating segments in the third quarter of 2016 (as further described in Note 18), the Company operated in two operating and reportable segments: Developed Markets and Emerging Markets. The Developed Markets segment consisted of four reporting units based on geography, namely (i) U.S., (ii) Canada and Australia, (iii) Western Europe, and (iv) Japan. The Emerging Markets segment consisted of three reporting units based on geography, namely (i) Central and Eastern Europe, Middle East and Africa, (ii) Latin America, and (iii) Asia. The Company conducted its annual goodwill impairment test in the fourth quarter of 2015 which resulted in no goodwill impairment under the then-current organizational structure. Given the challenges faced by the Company in certain businesses, primarily in dermatology and GI, management, under the direction of the Company's new Chief Executive Officer, performed a review of the Company's then-current forecast for fiscal year 2016 (the “2016 forecast”) in connection with the preparation of the Company's Consolidated financial statements as of and for the three months ended March 31, 2016, which resulted in a reduction in the 2016 forecast. The Company considered this reduction in its 2016 forecast to constitute a triggering event requiring the performance of an updated goodwill impairment analysis as of March 31, 2016. The Company estimated the fair values of its reporting units using a discounted cash flow analysis approach which utilized Level 3 unobservable inputs. These calculations contain uncertainties as they require management to make assumptions about future cash flows, the appropriate discount rate and growth rate to reflect the risk inherent in the future cash flows. A change in any of these estimates and assumptions could produce a different fair value, which could have a material impact on the Company's results of operations. As a result of this goodwill impairment analysis, despite a decline in the estimated fair value of the U.S. reporting unit, the Company determined that none of the goodwill associated with its reporting units was impaired as of March 31, 2016. The estimated fair value of each reporting unit exceeded its carrying value at the date of testing. The Company applied a hypothetical 15% decrease to the fair value of each reporting unit, which, at such date, would not have triggered additional impairment testing and analysis. Realignment of segment structure Commencing in the third quarter of 2016, the Company operates in three operating segments: (i) Bausch + Lomb / International, (ii) Branded Rx, and (iii) U.S. Diversified Products. Refer to Note 18 for further details. The realignment of the segment structure resulted in changes in the Company’s reporting units. The Bausch + Lomb / International segment consists of the following reporting units: (i) U.S. Bausch + Lomb and (ii) International. The Branded Rx segment consists of the following reporting units: (i) Salix, (ii) Dermatology, (iii) Canada, and (iv) Branded Rx Other. The U.S. Diversified Products segment consists of the following reporting units: (i) Neurology and other, and (ii) Generics. As a result of the change, goodwill was reassigned to each of the aforementioned reporting units by using a relative fair value approach. Goodwill previously reported in the former U.S. reporting unit, after adjustment of impairment as described below, was reassigned, using a relative fair value approach, to the U.S. Bausch + Lomb, Salix, Dermatology, Branded Rx Other, Neurology and other, and Generics reporting units. Similarly, goodwill previously reported in the former Canada and Australia reporting unit was reassigned to the Canada and International reporting units using a relative fair value approach. Finally, goodwill previously reported in the remaining former reporting units were reassigned to the International reporting unit. Due to the change in the reporting units, the Company conducted goodwill impairment analyses under the former reporting unit structure immediately prior to the change, as well as under the current reporting unit structure subsequent to the change. The Company estimated the fair value of each of its reporting units using a discounted cash flow analysis approach, which utilized Level 3 unobservable inputs. These calculations contain uncertainties as they require management to make assumptions about future cash flows, the appropriate discount rate and growth rate to reflect the risk inherent in the future cash flows. The estimated future cash flows reflect management's latest assumptions of the revenue projections based on current and anticipated competitive landscape, timing of patent or regulatory exclusivity and estimated timing of generic entries, and product profitability based on historical trends. A change in any of these estimates and assumptions could produce a different fair value, which could have a material impact on the Company's results of operations. As a result of the analyses, the Company determined that goodwill associated with its former U.S. reporting unit was impaired and the goodwill associated with the Salix reporting unit under the current reporting unit structure was also determined to be impaired. Consequently, an estimated goodwill impairment charge of $1.05 billion , in the aggregate, was recognized in the three months ended September 30, 2016: • The results of the impairment analysis under the former reporting unit structure indicated that the fair values of all former reporting units exceeded their respective carrying values by more than 15% except for the former U.S. reporting unit. With respect to the former U.S. reporting unit, the carrying value exceeded the fair value by 1% . As a result, Step 2 of the goodwill impairment test was carried out by comparing the implied fair value of the goodwill associated with the former U.S. reporting unit to the carrying value of such goodwill. Based on this analysis, it was determined that the carrying value exceeded the implied fair value of the goodwill; accordingly, an estimated goodwill impairment charge of $838 million , representing the excess of the carrying value of goodwill over its implied fair value, was recognized in the three months ended September 30, 2016. The goodwill impairment was primarily driven by the change in forecast which resulted in a lower fair value of the US businesses, mainly the Salix business. • With respect to the impairment analysis conducted under the current reporting unit structure, the fair values exceeded the carrying values by more than 15% for all current reporting units except for the Salix reporting unit. The carrying value of the Salix reporting unit exceeded its fair value by 38% . As a result, the Company performed Step 2 of the goodwill impairment test for the Salix reporting unit. Based on this analysis, it was determined that the carrying value exceeded the implied fair value of the goodwill. Accordingly, an estimated goodwill impairment charge of $211 million , representing the excess of the carrying value of goodwill over its implied fair value, was recognized in the three months ended September 30, 2016. The goodwill impairment was attributable to the change in forecast which resulted in a lower fair value of the Salix business. The carrying value of the goodwill associated with the Salix reporting unit, after adjustment of impairment, is $5.13 billion , and the fair value and the carrying value, after adjustment of impairment, of the Salix reporting unit was $10.41 billion and $14.15 billion , respectively, as of the date on which the impairment analysis was conducted. The assumptions and estimates used in determining the fair value of the Salix reporting unit are uncertain, and therefore there is potential for other events and/or circumstances that could have a negative effect on the key assumptions that may result in a future impairment. Due to the time necessary to complete the analysis, the Company expects to finalize Step 2 of the goodwill impairment test in the fourth quarter of 2016 and will record any adjustments to the estimated impairment charges at such time.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT A summary of the Company’s consolidated long-term debt as of September 30, 2016 and December 31, 2015 is outlined in the table below: Maturity Date As of As of Revolving Credit Facility (1) April 2018 $ 1,100.0 $ 250.0 Series A-1 Tranche A Term Loan Facility (1) April 2016 — 140.4 Series A-2 Tranche A Term Loan Facility (1) April 2016 — 137.3 Series A-3 Tranche A Term Loan Facility (1) October 2018 1,129.0 1,881.5 Series A-4 Tranche A Term Loan Facility (1) April 2020 763.0 951.3 Series D-2 Tranche B Term Loan Facility (1) February 2019 1,052.7 1,087.5 Series C-2 Tranche B Term Loan Facility (1) December 2019 808.2 835.1 Series E-1 Tranche B Term Loan Facility (1) August 2020 2,441.3 2,531.2 Series F Tranche B Term Loan Facility (1) April 2022 3,853.4 4,055.8 Senior Notes: 7.00% October 2020 688.3 688.0 6.75% August 2021 646.6 646.1 7.25% July 2022 543.0 542.1 6.375% October 2020 2,230.1 2,226.5 6.75% August 2018 1,592.0 1,588.8 7.50% July 2021 1,611.8 1,609.7 5.625% December 2021 894.1 893.2 5.50% March 2023 991.6 990.6 5.375% March 2020 1,983.4 1,979.9 5.875% May 2023 3,218.5 3,215.0 4.50% (2) May 2023 1,668.8 1,611.8 6.125% April 2025 3,217.1 3,214.3 Other (3) Various 12.3 12.3 30,445.2 31,088.4 Less current portion (59.0 ) (823.0 ) Total long-term debt $ 30,386.2 $ 30,265.4 ____________________________________ (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 acquisition of B&L. The Company’s Senior Secured Credit Facilities and indentures governing its senior notes contain customary affirmative and negative 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 indentures relating to the senior notes issued by the Company’s subsidiary Valeant contain similar covenants. The Company’s Senior Secured Credit Facilities also contain specified financial maintenance covenants (consisting of a secured leverage ratio and an interest coverage ratio) and specified events of default. The Company’s and Valeant’s senior note indentures also contain certain specified events of default. As of September 30, 2016 , 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 $30.45 billion and $31.09 billion at September 30, 2016 and December 31, 2015 , was $28.85 billion and $29.60 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). In the nine-month period ended September 30, 2016 , the Company made long-term debt repayments of $1.92 billion , in the aggregate. Of this amount, $1.55 billion of term loan facilities was repaid, which consisted of (i) payments of the scheduled March, June, and September 2016 term loan amortization payments, resulting in an aggregate principal reduction of $419 million ; (ii) final repayment of the maturities of the Series A-1 and Series A-2 Tranche A Term Loan Facilities, resulting in an aggregate principal reduction of $260 million ; (iii) voluntary prepayments of the scheduled December 2016 and March and June 2017 term loan amortization payments, as well as the scheduled September 2017 loan amortization payment of the Series A-3 Tranche A Term Loan Facility, resulting in an aggregate principal reduction of $530 million ; (iv) $62 million of prepayments of term loans from asset sale proceeds; and (v) additional voluntary prepayments of $275 million , in the aggregate, that were applied pro rata across the Company's term loans (of which $125 million represented an estimate of the mandatory excess cash flow payment for the fiscal year ended December 31, 2015 based on preliminary 2015 results at the time). During the nine-month period ended September 30, 2016 , the net borrowings under the Company's revolving credit facility were $850 million . The Company did not repay any senior notes in the nine-month period ended September 30, 2016 . August 2016 Credit Agreement Amendment On August 23, 2016, the Company entered into an amendment to its Credit Agreement (the “August 2016 amendment”). The August 2016 amendment reduces the minimum interest coverage maintenance covenant under the Credit Agreement to 2.00 to 1.00 for all fiscal quarters ending on or after September 30, 2016. Prior to the effectiveness of the August 2016 amendment, the minimum interest coverage maintenance covenant was 2.75 to 1.00 for any fiscal quarter ending June 30, 2016 through March 31, 2017 and 3.00 to 1.00 for any fiscal quarter ending thereafter. In addition, the August 2016 amendment permits the issuance of secured notes with shorter maturities and the incurrence of other indebtedness, in each case to repay term loans under the Credit Agreement. The August 2016 amendment also provides additional flexibility to sell assets, provided the proceeds of such asset sales are used to prepay loans under the Credit Agreement in accordance with its terms. The August 2016 amendment increases each of the applicable interest rate margins under the Credit Agreement by 0.50% , which will apply until delivery of the Company’s financial statements for the fiscal quarter ending June 30, 2017. Thereafter, each of the applicable interest rate margins will be determined on the basis of a pricing grid tied to the Company’s secured leverage ratio, which has also been increased by 0.50% across the grid. The August 2016 amendment was accounted for as a debt modification. As a result, payments to the lenders were recognized as additional debt discounts and are being amortized over the remaining term of each term loan. April 2016 Credit Agreement Amendment On April 11, 2016, the Company obtained an amendment and waiver to its Credit Agreement (the “April 2016 amendment”). Pursuant to the April 2016 amendment, the Company obtained an extension to the deadline for filing (i) the Company's 2015 Form 10-K to May 31, 2016 and (ii) the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (the “March 31, 2016 Form 10-Q”) to July 31, 2016. The April 2016 amendment also waived, among other things, the cross-default under the Credit Agreement to the Company's and Valeant's senior note indentures that arose when the 2015 Form 10-K was not filed by March 15, 2016, any cross default under the Credit Agreement that may have arisen under the Company's other indebtedness from the failure to timely deliver the 2015 Form 10-K, and the cross default under the Credit Agreement to the Company's and Valeant's senior note indentures that arose when the March 31, 2016 Form 10-Q was not filed by May 16, 2016 or any cross default under the Credit Agreement to the Company’s other indebtedness as a result of the delay in filing the March 31, 2016 Form 10-Q. The April 2016 amendment modified, among other things, the interest coverage financial maintenance covenant from 3.00 to 1.00 to 2.75 to 1.00 from the fiscal quarter ending June 30, 2016 through the fiscal quarter ending March 31, 2017. Certain financial definitions were also amended, including the definition of “Consolidated Adjusted EBITDA” which has been modified to add back fees and expenses in connection with any amendment or modification of the Credit Agreement or any other indebtedness, and to permit up to $175 million to be added back in connection with costs, fees and expenses relating to, among other things, Philidor-related matters and/or product pricing-related matters and any review by the Board and the Company’s ad hoc committee of independent directors (the “Ad Hoc Committee”) related to such matters. The April 2016 amendment also modified certain existing add-backs to Consolidated Adjusted EBITDA under the Credit Agreement, including increasing the add-back for (i) restructuring charges in any twelve-month period to $200 million from $125 million and (ii) fees and expenses in connection with any proposed or actual issuance of debt, equity, acquisitions, investments, assets sales or divestitures to $150 million from $75 million for any twelve month period ending on or prior to March 31, 2017. The terms of the April 2016 amendment impose a number of restrictions on the Company and its subsidiaries until the time that (i) the Company delivers the 2015 Form 10-K (which was filed on April 29, 2016) and the March 31, 2016 Form 10-Q (which was filed on June 7, 2016) (such requirements, the "Financial Reporting Requirements") and (ii) the leverage ratio of the Company and its subsidiaries (being the ratio, as of the last day of any fiscal quarter, of Consolidated Total Debt (as defined in the Credit Agreement) as of such day to Consolidated Adjusted EBITDA (as defined in the Credit Agreement) for the four fiscal quarter period ending on such date) is less than 4.50 to 1.00, including imposing (i) a $250 million aggregate cap (the "Transaction Cap") on acquisitions (although the Transaction Cap does not apply to any portion of acquisition consideration paid for by either the issuance of the Company’s equity or the proceeds of any such equity issuance), (ii) a restriction on the incurrence of debt to finance such acquisitions and (iii) a requirement that the net proceeds from certain asset sales be used to repay the term loans under the Credit Agreement, instead of investing such net proceeds in real estate, equipment, other tangible assets or intellectual property useful in the business. In addition, the Company's ability to make investments, dividends, distributions, share repurchases and other restricted payments is also restricted and subject to the Transaction Cap until such time as the Financial Reporting Requirements are satisfied and the leverage ratio of the Company and its subsidiaries is less than 4.00 to 1.00 (unless such investments or restricted payments can fit within other existing exceptions set out in the Credit Agreement). The April 2016 amendment also increased the interest rate applicable to the Company's loans under the Credit Agreement by 1.00% until delivery of the Company's financial statements for the fiscal quarter ending June 30, 2017. Thereafter, the interest rate applicable to the loans will be determined on the basis of a pricing grid tied to the Company's secured leverage ratio. With the filing of the March 31, 2016 Form 10-Q on June 7, 2016, the Financial Reporting Requirements were satisfied in all respects. The April 2016 amendment was accounted for as a debt modification. As a result, payments to the lenders were recognized as additional debt discounts and are being amortized over the remaining term of each term loan. Notices of Default Under Senior Note Indentures The Company's delay in filing the 2015 Form 10-K resulted in a violation of covenants contained in the Company's Credit Agreement and senior note indentures. On April 12, 2016, the Company received a notice of default from certain holders of its 5.50% Senior Notes due 2023 and, on April 22, 2016, the Company received additional notices of default from the trustee under the respective indentures governing the Company’s 5.375% Senior Notes due 2020 and 7.50% Senior Notes due 2021 and Valeant's 6.375% Senior Notes due 2020 and 7.250% Senior Notes due 2022. All defaults under the Credit Agreement resulting from the failure to timely deliver the 2015 Form 10-K were waived by the requisite lenders under the Credit Agreement by the April 2016 amendment, and the 2015 Form 10-K was filed within the extended timeframe granted to the Company as part of that amendment and waiver. The filing of the 2015 Form 10-K on April 29, 2016 cured in all respects the default under the Company’s senior note indentures triggered by the failure to timely file the 2015 Form 10-K. The Company's delay in filing the March 31, 2016 Form 10-Q resulted in a violation of covenants contained in the Company's senior note indentures. On May 19, 2016, the Company received a notice of default from the trustee under the indenture governing the Company’s 5.50% Notes due 2023 and, on June 2, 2016, the Company received an additional notice of default from the trustee under the respective indentures governing the Company’s 7.50% Senior Notes due 2021 and Valeant's 7.250% Senior Notes due 2022. All defaults under the Credit Agreement resulting from the failure to timely deliver the March 31, 2016 Form 10-Q were waived by the requisite lenders under the Credit Agreement by the April 2016 amendment and the March 31, 2016 Form 10-Q was filed within the extended timeframe granted to the Company as part of that amendment and waiver. The filing of the March 31, 2016 Form 10-Q on June 7, 2016 cured in all respects the default under the Company’s and Valeant's senior note indentures triggered by the failure to timely file the March 31, 2016 Form 10-Q. Senior Secured Credit Facilities The effective rates of interest for the nine-month period ended September 30, 2016 and the applicable margins available as of September 30, 2016 on the Company's borrowings under the Senior Secured Credit Facilities were as follows: Margins Effective Interest Rate Base Rate Borrowings LIBO Rate Borrowings Revolving Credit Facility 3.60 % 2.75 % 3.75 % Series A-1 Tranche A Term Loan Facility (1) 2.68 % 2.75 % 3.75 % Series A-2 Tranche A Term Loan Facility (1) 2.68 % 2.75 % 3.75 % Series A-3 Tranche A Term Loan Facility 3.41 % 2.75 % 3.75 % Series A-4 Tranche A Term Loan Facility 3.56 % 2.75 % 3.75 % Series D-2 Tranche B Term Loan Facility (2) 4.28 % 3.25 % 4.25 % Series C-2 Tranche B Term Loan Facility (2) 4.53 % 3.50 % 4.50 % Series E-1 Tranche B Term Loan Facility (2) 4.45 % 3.50 % 4.50 % Series F Tranche B Term Loan Facility (2) 4.69 % 3.75 % 4.75 % ____________________________________ (1) Fully repaid in the three-month period ended March 31, 2016. (2) Subject to a 1.75% base rate floor and a 0.75% LIBO rate floor.

PENSION AND POSTRETIREMENT EMPL

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2016
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 nine-month periods ended September 30, 2016 and 2015 : Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans Three Months Ended September 30, 2016 2015 2016 2015 2016 2015 Service cost $ 0.5 $ 0.4 $ 0.7 $ 0.8 $ 0.2 $ 0.5 Interest cost 2.0 2.4 1.4 1.6 0.4 0.5 Expected return on plan assets (3.3 ) (3.6 ) (1.8 ) (2.0 ) — (0.1 ) Amortization of prior service credit — — (0.1 ) (0.2 ) (0.7 ) (0.7 ) Amortization of net loss — — 0.1 0.4 — — Net periodic (benefit) cost $ (0.8 ) $ (0.8 ) $ 0.3 $ 0.6 $ (0.1 ) $ 0.2 Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans Nine Months Ended September 30, 2016 2015 2016 2015 2016 2015 Service cost $ 1.6 $ 1.2 $ 2.0 $ 2.4 $ 0.5 $ 1.5 Interest cost 5.9 7.2 4.1 4.8 1.3 1.5 Expected return on plan assets (9.8 ) (10.8 ) (5.2 ) (6.0 ) — (0.3 ) Amortization of prior service credit — — (0.4 ) (0.6 ) (1.9 ) (2.0 ) Amortization of net loss — — 0.4 1.2 — — Net periodic (benefit) cost $ (2.3 ) $ (2.4 ) $ 0.9 $ 1.8 $ (0.1 ) $ 0.7 During the nine-month period ended September 30, 2016 , the Company contributed $6 million to the non-U.S. pension benefit plans. In 2016 , the Company does not expect to make contributions to the U.S. pension benefit plan. The Company expects to contribute $8 million to the non-U.S. pension benefit plans in 2016 , in the aggregate, inclusive of amounts contributed to the plans during the nine-month period ended September 30, 2016 .

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2016
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 and 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 10,325,965 shares were available for future grants as of September 30, 2016 . 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 nine-month periods ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 Stock options $ 4.7 $ 8.3 $ 11.4 $ 15.7 RSUs 32.1 42.2 122.6 95.7 Share-based compensation expense $ 36.8 $ 50.5 $ 134.0 $ 111.4 Research and development expenses $ 1.7 $ 1.5 $ 5.0 $ 4.5 Selling, general and administrative expenses 35.1 49.0 129.0 106.9 Share-based compensation expense $ 36.8 $ 50.5 $ 134.0 $ 111.4 In the nine-month periods ended September 30, 2016 and 2015 , the Company granted approximately 2,414,300 stock options with a weighted-average exercise price of $26.04 per option and approximately 145,000 stock options with a weighted-average exercise price of $212.77 per option, respectively. The weighted-average fair values of all stock options granted to employees in the nine-month periods ended September 30, 2016 and 2015 were $14.76 and $73.18 , respectively. In the nine-month periods ended September 30, 2016 and 2015 , the Company granted approximately 1,674,800 time-based RSUs with a weighted-average grant date fair value of $30.94 per RSU and approximately 116,000 time-based RSUs with a weighted-average grant date fair value of $213.56 per RSU, respectively. In the nine-month periods ended September 30, 2016 and 2015 , the Company granted approximately 1,401,200 performance-based RSUs with a weighted-average grant date fair value of $37.33 per RSU and approximately 865,000 performance-based RSUs with a weighted-average grant date fair value of $320.17 per RSU, respectively. In March 2016, the Company announced that its Board of Directors had initiated a search to identify a candidate for a new Chief Executive Officer to succeed the Company's then current Chief Executive Officer, who would continue to serve in that role until his replacement was appointed. On May 2, 2016, the Company's new Chief Executive Officer assumed the role, succeeding the Company's former Chief Executive Officer. Pursuant to the terms of his employment agreement dated January 2015, the former Chief Executive Officer was entitled to certain share-based awards and payments upon termination. Under his January 2015 employment agreement, the former Chief Executive Officer received performance-based RSUs that vest when certain market conditions (namely total shareholder return) are met at the defined dates, provided continuing employment through those dates. Under the termination provisions of his employment agreement, upon termination of the former Chief Executive Officer, the defined dates for meeting the market conditions of the performance-based RSUs were eliminated and, as a result, vesting was based solely on the attainment of the applicable level of total shareholder return through the date of termination and the resulting number of common shares, if any, to be awarded to the former Chief Executive Officer was determined on a pro-rata basis for service provided under the original performance period, with credit given for an additional year of service. Because the total shareholder return at the time of the former Chief Executive Officer’s termination did not meet the performance threshold, no common shares were issued and no value was ultimately received by the former Chief Executive Officer pursuant to this performance-based RSU award. However, an incremental share-based compensation expense of $28 million was recognized in the six-month period ended June 30, 2016, which represents the additional year of service credit consistent with the grant date fair value calculated using a Monte Carlo Simulation Model in the first quarter of 2015, notwithstanding the fact that no value was ultimately received by the former Chief Executive Officer. In addition to the acceleration of his performance-based RSUs, the former Chief Executive Officer was also entitled to a cash severance payment of $9 million and a pro-rata annual cash bonus of approximately $2 million pursuant to his employment agreement. The cash severance payments, the pro-rata cash bonus and the associated payroll taxes were also recognized as expense in the first quarter of 2016. On June 30, 2015, a former Chief Financial Officer of the Company terminated his employment with the Company and subsequently entered into a consulting service agreement with the Company through January 2016. As a result, the outstanding awards held by him were modified to allow the recipient to continue vesting in those awards as service is rendered during the consulting services period. 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 were re-measured at fair value, at each reporting period, until the performance was complete. The value of the modified awards was recognized as expense over the requisite service period and resulted in expense of $12 million for the year ended December 31, 2015. Subsequently, on January 6, 2016, the consulting services period was terminated in connection with such executive’s appointment as the Company’s interim chief executive officer. The termination of the consulting services period resulted in acceleration of vesting for all unvested equity awards that were scheduled to vest during the remainder of such consulting services period (January 2016) and consequently, the associated unrecognized expense was fully recognized on such date. As of September 30, 2016 , the total remaining unrecognized compensation expense related to non-vested stock options, time-based RSUs and performance-based RSUs amounted to $258 million , in the aggregate, which will be amortized over a weighted-average period of 2.33 years.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2016
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 (in millions) Amount Balance, January 1, 2015 (restated) 334.4 $ 8,349.2 $ 243.9 $ (2,397.8 ) $ (915.9 ) $ 5,279.4 $ 122.3 $ 5,401.7 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 1.4 75.7 (46.6 ) — — 29.1 — 29.1 Repurchases of common shares (0.2 ) (6.3 ) — (43.7 ) — (50.0 ) — (50.0 ) Share-based compensation — — 111.4 — — 111.4 — 111.4 Employee withholding taxes related to share-based awards — — (85.8 ) — — (85.8 ) — (85.8 ) Excess tax benefits from share-based compensation — — 21.7 — — 21.7 — 21.7 Noncontrolling interest from business combinations — — — — — — 4.9 4.9 Noncontrolling interest distributions — — — — — — (7.0 ) (7.0 ) 343.1 9,899.6 244.6 (2,441.5 ) (915.9 ) 6,786.8 120.2 6,907.0 Comprehensive loss: Net income (restated) — — — 94.2 — 94.2 4.4 98.6 Other comprehensive loss — — — — (547.5 ) (547.5 ) (2.2 ) (549.7 ) Total comprehensive loss (restated) (453.3 ) 2.2 (451.1 ) Balance, September 30, 2015 (restated) 343.1 $ 9,899.6 $ 244.6 $ (2,347.3 ) $ (1,463.4 ) $ 6,333.5 $ 122.4 $ 6,455.9 Balance, January 1, 2016 342.9 $ 9,897.4 $ 304.9 $ (2,749.7 ) $ (1,541.6 ) $ 5,911.0 $ 118.8 $ 6,029.8 Effect of retrospective application of a new accounting standard (see Note 3) — — — 30.0 — 30.0 — 30.0 Common shares issued under share-based compensation plans 4.8 137.0 (103.9 ) — — 33.1 — 33.1 Share-based compensation — — 134.0 — — 134.0 — 134.0 Employee withholding taxes related to share-based awards — — (9.1 ) — — (9.1 ) — (9.1 ) Noncontrolling interest distributions — — — — — — (9.1 ) (9.1 ) 347.7 10,034.4 325.9 (2,719.7 ) (1,541.6 ) 6,099.0 109.7 6,208.7 Comprehensive loss: Net loss (1) — — — (1,894.4 ) — (1,894.4 ) (1.6 ) (1,896.0 ) Other comprehensive loss — — — — (37.3 ) (37.3 ) (1.8 ) (39.1 ) Total comprehensive loss (1,931.7 ) (3.4 ) (1,935.1 ) Balance, September 30, 2016 (1) 347.7 $ 10,034.4 $ 325.9 $ (4,614.1 ) $ (1,578.9 ) $ 4,167.3 $ 106.3 $ 4,273.6 ____________________________________ (1) As described in Note 3, the Company adopted the new accounting guidance on employee share-based payment transactions in the third quarter of 2016. As a result of the adoption, excess tax benefits and tax deficiencies are recognized in the provision for income taxes instead of additional paid-in capital. This aspect of the new guidance is adopted prospectively with the effective date of January 1, 2016. Given the adoption impact for the six months ended June 30, 2016 was insignificant, the Company recorded an adjustment for the cumulative adoption impact for the six months ended June 30, 2016 in the three months ended September 30, 2016. Refer to Note 3 for further details. Share Issuances 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 acquisition of certain assets of Dendreon. The shares had an aggregate value of approximately $50 million as of the date of issuance. See Note 4 for additional information regarding the acquisition of certain assets of Dendreon. Management Cease Trade Orders On March 21, 2016, the Company applied for a customary management cease trade order (the “MCTO”) from the AMF, the Company's principal securities regulator in Canada. The application was made in connection with the Company’s anticipated delay in filing its audited consolidated annual financial statements for the fiscal year ended December 31, 2015, the related management’s discussion and analysis, certificates of its Chief Executive Officer and Chief Financial Officer and its 2015 Form 10-K (collectively, the “Required Annual Canadian Filings”) with Canadian securities regulators until after the March 30, 2016 filing deadline. This MCTO (the “March MCTO”) was issued on March 31, 2016 and prohibited the trading in or acquisition of any securities of the Company, directly or indirectly, by each of the Company’s then-current Chief Executive Officer, Chief Financial Officer and each other member of the then-current Board. The March MCTO did not affect the ability of other shareholders of the Company to trade in the Company’s securities. A similar order was issued by the Ontario Securities Commission with respect to a director of the Company who is resident in that province. The Company made the Required Annual Canadian Filings on April 29, 2016 and, as of that date, the March MCTOs and the corresponding trading restrictions were lifted. On May 11, 2016, the Company applied for a further customary MCTO from the AMF in connection with its delay in filing its interim consolidated financial statements for the quarter ended March 31, 2016, the related management’s discussion and analysis and certificates of its current Chief Executive Officer and Chief Financial Officer (collectively, the “Required Interim Canadian Filings”) with Canadian securities regulators until after the May 15, 2016 filing deadline. This MCTO (the “May MCTO”) was issued on May 17, 2016 and prohibited the trading in or acquisition of any securities of the Company, directly or indirectly, by each of the Company’s current Chief Executive Officer, Chief Financial Officer and each other member of the then-current Board. A similar order was issued by the Ontario Securities Commission with respect to a director of the Company who is resident in that province. The Company made the Required Interim Canadian Filings on June 7, 2016 and, as of June 8, 2016, the May MCTOs and the corresponding trading restrictions were lifted.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and 2015, were as follows: Foreign Currency Translation Adjustment Pension Adjustment Total Balance, January 1, 2015 $ (886.5 ) $ (29.4 ) $ (915.9 ) Foreign currency translation adjustment (546.1 ) — (546.1 ) Pension adjustment (1) — (1.4 ) (1.4 ) Balance, September 30, 2015 $ (1,432.6 ) $ (30.8 ) $ (1,463.4 ) Balance, January 1, 2016 $ (1,529.4 ) $ (12.2 ) $ (1,541.6 ) Foreign currency translation adjustment (35.7 ) — (35.7 ) Pension adjustment (1) — (1.6 ) (1.6 ) Balance, September 30, 2016 $ (1,565.1 ) $ (13.8 ) $ (1,578.9 ) ____________________________________ (1) 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 11). 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	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES In the three-month period ended September 30, 2016 , the Company recognized an income tax benefit of $113 million , comprised of $113 million related to the expected tax benefit in tax jurisdictions outside of Canada and an income tax provision of an immaterial amount related to Canadian income taxes. In the nine-month period ended September 30, 2016, the Company recognized an income tax benefit of $179 million , comprised of $179 million related to the expected tax benefit in tax jurisdictions outside of Canada and an income tax provision of an immaterial amount related to Canadian income taxes. In the three-month period ended September 30, 2016, the Company’s effective tax rate was different from the Company’s statutory Canadian tax rate due to tax benefit generated from the Company’s annualized mix of earnings by jurisdiction, tax benefit of $32 million on return to provision adjustments due to the Company's 2015 tax return being filed in the U.S., the recording of valuation allowance on entities for which no tax benefit of losses is expected and a benefit for the release of uncertain tax positions based upon statute lapses and audit settlements. In the nine-month period ended September 30, 2016, the Company’s effective tax rate was different from the Company’s statutory Canadian tax rate due to tax benefit generated from the Company’s annualized mix of earnings by jurisdiction, the discrete treatment of an adjustment to the accrual established for legal expenses and a significant impairment of an intangible asset, tax benefit of $32 million on return to provision adjustments due to the Company's 2015 tax return being filed in the U.S., the recording of valuation allowance on entities for which no tax benefit of losses is expected and a benefit for the release of uncertain tax positions based upon statute lapses and audit settlements. 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 $1.90 billion as of September 30, 2016 and was $1.37 billion as of December 31, 2015 . The Company will continue to assess this amount for appropriateness on a go-forward basis associated with the deferred tax assets previously established. On October 13, 2016, the U.S. Treasury Department and the Internal Revenue Service released final and temporary regulations under Internal Revenue Code Section 385 (the “Regulations”). These Regulations target certain related-party financing transactions, specifically addressing whether related-party borrowings (between “expanded group” members as defined under the Regulations) should be treated as debt or equity for U.S. federal income tax purposes. Additionally, these Regulations establish documentation requirements for certain related-party financing arrangements for U.S. federal income tax purposes. The Company is evaluating the impact of the Regulations and will reflect their impact on its financial statements as required. At this time, the Company does not anticipate a significant impact to its tax financial positions resulting from the release of these Regulations. As of September 30, 2016 , the Company had $341 million of unrecognized tax benefits, which included $47 million relating to interest and penalties. Of the total unrecognized tax benefits, $123 million would reduce the Company’s effective tax rate, if recognized. The Company anticipates that an immaterial 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 September 30, 2016 and December 31, 2015, the Company had accrued $42 million and $46 million for interest, respectively, and $5 million and $7 million for penalties, respectively. The Company is currently under examination by the Canada Revenue Agency (CRA) 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. In May 2016, the Company received a proposed audit adjustment for the years 2010 through 2011. On September 1, 2016 the Company formally advised the CRA that it accepted the adjustments as proposed which do not materially impact the financial statements for the period ended September 30, 2016. At September 30, 2016, the notices of reassessment had not been received. 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 a material change to the provision for income taxes. The Company’s U.S. consolidated federal income tax return for the 2013 and 2014 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 2014. 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 consolidated financial statements.

(LOSS) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2016
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 nine-month periods ended September 30, 2016 and 2015 were calculated as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Net (loss) income attributable to Valeant Pharmaceuticals International, Inc. $ (1,218.4 ) $ 49.5 $ (1,894.4 ) $ 94.2 Basic weighted-average number of common shares outstanding 349.5 344.9 346.5 340.8 Diluted effect of stock options, RSUs and other (a) — 6.1 — 6.4 Diluted weighted-average number of common shares outstanding 349.5 351.0 346.5 347.2 (Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (3.49 ) $ 0.14 $ (5.47 ) $ 0.28 Diluted $ (3.49 ) $ 0.14 $ (5.47 ) $ 0.27 ____________________________________ (a) In the three-month and nine-month periods ended September 30, 2016, 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 Nine Months Ended 2016 2016 (1) Basic weighted-average number of common shares outstanding 349.5 346.5 Diluted effect of stock options, RSUs and other 0.8 3.4 Diluted weighted-average number of common shares outstanding 350.3 349.9 ____________________________________ (1) The calculation of diluted weighted-average number of common shares outstanding for the nine-month period ended September 30, 2016 reflects the adjustment to the calculation for six-month period ended June 30, 2016 as a result of the adoption of a new accounting standard, effective as of January 1, 2016. Refer to Note 3 for further details. In the three-month and nine-month periods ended September 30, 2016 , stock options, time-based RSUs and performance-based RSUs to purchase approximately 8,300,000 common shares of the Company in both of the corresponding periods were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive under the treasury stock method, compared with 442,000 and 540,000 common shares in both of the corresponding periods of 2015 .

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	9 Months Ended
	Sep. 30, 2016
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 and/or debt securities to decline. Governmental and Regulatory Inquiries Letter from the U.S. Department of Justice Civil Division and the U.S. Attorney’s Office for the Eastern District of Pennsylvania The Company has received a letter dated September 10, 2015 from the U.S. Department of Justice Civil Division and the U.S. Attorney’s Office for the Eastern District of Pennsylvania stating that they are investigating potential violations of the False Claims Act arising out of Biovail Pharmaceuticals, Inc.'s treatment of certain service fees under agreements with wholesalers when calculating and reporting Average Manufacturer Prices in connection with the Medicaid Drug Rebate Program. The letter requests that the Company voluntarily produce documents and information relating to the investigation. The Company produced certain documents and clarifying information in response to the government’s request and is cooperating with the government’s investigation. The Company cannot predict the outcome or the duration of these investigations or any other legal proceedings or any enforcement actions or other remedies that may be imposed on the Company arising out of these investigations. U.S. Department of Justice Investigation On September 15, 2015, B&L received a subpoena from the Criminal Division of the U.S. Department of Justice regarding agreements and payments between B&L and medical professionals related to its surgical products Crystalens® IOL and Victus® femtosecond laser platform. The government has indicated that the subpoena was issued in connection with a criminal investigation into possible violations of Federal health care laws. B&L produced certain documents in response to the subpoena and is cooperating with the investigation. The Company cannot predict the outcome or the duration of this investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed on the Company arising out of this investigation. Investigations by the U.S. Attorney's Office for the District of Massachusetts and the U.S. Attorney's Office for the Southern District of New York In or about October 2015, the Company received subpoenas from the U.S. Attorney's Offices for the District of Massachusetts and the Southern District of New York. The materials requested by those offices, pursuant to the subpoenas and follow-up requests, include documents with respect to the Company’s patient assistance programs (including financial support provided to patients); its former relationship with Philidor and other pharmacies; the Company’s accounting treatment for sales by specialty pharmacies; information provided to the Centers for Medicare and Medicaid Services; the Company’s pricing (including discounts and rebates), marketing and distribution of its products; the Company’s compliance program; and employee compensation. The Company is cooperating with these investigations. The Company cannot predict the outcome or the duration of these investigations or any other legal proceedings or any enforcement actions or other remedies that may be imposed on the Company arising out of these investigations. Voluntary Request Letter from the U.S. Federal Trade Commission On or about October 16, 2015, the Company received a voluntary request letter from the Federal Trade Commission ("FTC") with respect to its non-public investigation into the Company's acquisition of Paragon Holdings I, Inc. (“Paragon”). In the letter, the FTC has requested that the Company provide, on a voluntary basis, certain information and documentation relating to its acquisition of Paragon. The Company produced certain documents and information in response to the request and cooperated with the FTC in connection with this investigation. On November 7, 2016, the FTC announced that it had accepted for public comment a consent agreement in connection with this investigation. Pursuant to the consent agreement, the Company has agreed to divest Paragon and anticipates that it will complete the divestiture in the fourth quarter of 2016. Congressional Inquiries Beginning in November 2015, the Company has received from the United States Senate Special Committee on Aging various document requests, as well as subpoenas for documents, depositions and a hearing which was held on April 27, 2016. Certain directors, officers and other employees of the Company have also received from the United States Senate Special Committee on Aging subpoenas for depositions and/or hearings. In January 2016, the Company received from the United States House Committee on Oversight and Government Reform a document request and an invitation for the Company’s then interim CEO to testify at a hearing, at which he testified on February 4, 2016. Most of the materials requested to date relate to the Company’s pricing decisions on particular drugs, as well as revenue, expense and profit information, and also include requests relating to financial support provided by the Company for patients and financial data related to the Company’s research and development program, Medicare and Medicaid. The Company is cooperating with these inquiries; however, the Company cannot predict their outcome or duration. SEC Investigation Beginning in November 2015, the Company has received from the staff of the Los Angeles Regional Office of the SEC subpoenas for documents, as well as various document requests, related to its investigation of the Company, including requests for documents concerning the Company's former relationship with Philidor, its accounting practices and policies, its public disclosures and other matters. The Company is cooperating with the SEC in this matter. The Company 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 the Company arising out of the SEC investigation. Investigation by the State of North Carolina Department of Justice In the beginning of March 2016, the Company received an investigative demand from the State of North Carolina Department of Justice. The materials requested relate to the Company's Nitropress®, Isuprel® and Cuprimine® products, including documents relating to the production, marketing, distribution, sale and pricing of, and patient assistance programs covering, such products, as well as issues relating to the Company's pricing decisions for certain of its other products. The Company is cooperating with this investigation. The Company cannot predict the outcome or the duration of this investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed on the Company arising out of this investigation. Request for Information from the AMF On April 12, 2016, the Company received a request letter from the Autorité des marchés financiers (the “AMF”) requesting documents concerning the work of the Company’s ad hoc committee of independent directors (the “Ad Hoc Committee”) (established to review certain allegations regarding the Company’s former relationship with Philidor and related matters), the Company’s former relationship with Philidor, the Company's accounting practices and policies and other matters. The Company is cooperating with the AMF in this matter. The Company has not received any notice of investigation from the AMF, and the Company cannot predict whether any investigation will be commenced by the AMF or, if commenced, whether any enforcement action against the Company would result from any such investigation. Investigation by the State of New Jersey Department of Law and Public Safety, Division of Consumer Affairs, Bureau of Securities On April 20, 2016, the Company received a document subpoena from the New Jersey State Bureau of Securities. The materials requested include documents concerning the Company’s former relationship with Philidor, its accounting treatment for sales to Philidor, its financial reporting and public disclosures and other matters. The Company is cooperating with this investigation. The Company cannot predict the outcome or the duration of this investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed on the Company arising out of this investigation. Investigation by the California Department of Insurance On or about September 16, 2016, the Company received an investigative subpoena from the California Department of Insurance. The materials requested include documents concerning the Company’s former relationship with Philidor and certain California-based pharmacies, the marketing and distribution of its products in California, the billing of insurers for its products being used by California residents, and other matters. The Company is cooperating with this investigation. The Company cannot predict the outcome or the duration of this investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed on the Company arising out of this investigation. Investigation by the State of Texas On May 27, 2014, the State of Texas served Bausch & Lomb, Inc. (“B&L Inc.”) with a Civil Investigative Demand concerning various price reporting matters relating to the State's Medicaid program and the amounts the State paid in reimbursement for B&L products for the period from 1995 to the date of the Civil Investigative Demand. The Company and B&L Inc. have cooperated fully with the State's investigation and have produced all of the documents requested by the State. In April 2016, the State sent B&L Inc. a demand letter claiming damages in the amount of $20 million . The Company and B&L Inc. have evaluated the letter and disagree with the allegations and methodologies set forth in the letter. The Company and B&L Inc. have responded to the State and are awaiting further response from the State. California Department of Insurance Investigation On May 4, 2016, Bausch & Lomb International, Inc. (“B&L International”) received from the Office of the California Insurance Commissioner an administrative subpoena to produce books, records and documents. On September 1, 2016, a revised and corrected subpoena, issued to B&L Inc., was received naming that entity in place of B&L International and seeking additional books records and documents. The requested books, records and documents are being requested in connection with an investigation by the California Department of Insurance and relate to, among other things, consulting agreements and financial arrangements between B&L and healthcare professionals in California, the provision of ocular equipment, including the Victus® femtosecond laser platform, by B&L to healthcare professionals in California and prescribing data for prescriptions written by healthcare professionals in California for certain of B&L’s products, including the Crystalens®, Lotemax®, Besivance® and Prolensa®. B&L Inc. and the Company are cooperating with the investigation. The Company cannot predict the outcome or the duration of this investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed on the Company arising out of this investigation. Securities and Other Class Actions Allergan Shareholder Class Action On December 16, 2014, Anthony Basile, an alleged shareholder of Allergan filed a lawsuit on behalf of a putative class of Allergan shareholders 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 contending that various purchases of Allergan securities by PS Fund were made while in possession of material, non-public information concerning a potential tender offer by the Company for Allergan stock, and 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, various Pershing Square affiliates, William A. Ackman and J. Michael Pearson. The amended complaint seeks, among other relief, money damages, equitable relief, and attorneys’ fees and costs. On August 7, 2015, the defendants moved to dismiss the amended complaint in its entirety, and, on November 9, 2015, the Court denied that motion. On October 11, 2016, the plaintiffs filed a motion seeking to certify a plaintiff class comprised of persons who sold Allergan common stock contemporaneously with purchases of Allergan common stock made or caused by defendants during the period February 25, 2014 through April 21, 2014. The Company intends to oppose certification of this putative class and to vigorously defend these matters. Salix Shareholder Class Actions Following the announcement of the execution of the Salix Merger Agreement with Salix, between February 25, 2015 and March 12, 2015, 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. On March 17, 2015, the Court consolidated the actions under the caption Salix Pharmaceuticals, Ltd. Shareholder Litigation, Consolidated C.A. No.10721-CB. On September 25, 2015, Plaintiffs filed an amended 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 Salix Merger Agreement. The complaint seeks, among other things, money damages and unspecified attorneys’ and other fees and costs. Defendants’ Motions to Dismiss were fully briefed as of February 19, 2016. In an oral ruling given on May 19, 2016, the Court dismissed the consolidated action against all defendants. On June 17, 2016, the Plaintiffs filed a notice of appeal in the Delaware Supreme Court appealing the decision to dismiss the consolidated action against all defendants. The appeal was fully briefed as of October 7, 2016 and remains pending. The Company intends to continue to vigorously defend against this appeal. Synergetics Shareholder Class Actions On September 1, 2015, Valeant entered into a merger agreement, whereby it would acquire all shares of Synergetics USA, Inc. (“Synergetics”). The merger was announced on September 2, 2015. Following the announcement of the merger, four putative stockholder class actions were filed challenging the merger. Three of these actions were filed in the Eleventh Judicial Circuit of the State of Missouri and name as defendants all members of the Synergetics Board of Directors, Synergetics, Valeant and Blue Subsidiary Corp. (a wholly-owned subsidiary of Valeant). Those actions are captioned as follows: Murphy, et al. v. Synergetics USA Inc., et al., C.A. No. 1511-CC00778 (filed September 15, 2015 and amended September 23, 2015 (the “Murphy Action”)); Glorioso, et al., v. Synergetics USA Inc., et al., C.A. No. 1511-CC00803 (filed September 23, 2015 (the “Glorioso Action”)); and Scarantino, et al. v. Synergetics USA Inc., et al., C.A. No. 1511-CC00810 (filed September 28, 2015 (the “Scarantino Action”)) (collectively, the “Missouri Actions”). The fourth action, captioned Nilsen, et al. v. Valeant Pharmaceuticals International, et al., C.A. No. 11552-VCL (the “Delaware Action,” and together with the Missouri Actions, the “Actions”) was filed on September 28, 2015, in the Delaware Court of Chancery and named as defendants all members of the Synergetics Board of Directors, Valeant, and Blue Subsidiary Corp. The Actions generally allege that the members of the Synergetics Board of Directors breached their fiduciary duties to Synergetics stockholders by, among other things, conducting a flawed process in considering the transaction, agreeing to an inadequate offer price, providing incomplete and misleading information to Synergetics stockholders, and accepting unreasonable deal protection measures in the merger agreement that allegedly dissuaded other potential bidders from making competing offers. The Actions also allege that Valeant and Blue Subsidiary Corp. aided and abetted these alleged breaches of fiduciary duties. The Missouri Actions sought, among other things, an order enjoining consummation of the merger, rescission of the merger or awarding damages to members of the class, and an award of fees and expenses. The Delaware Action sought, among other things, an order awarding damages to members of the class, and an award of fees and expenses. On October 2, 2015, Synergetics, each member of the Synergetics Board of Directors, Valeant, and Blue Subsidiary Corp. entered into a Memorandum of Understanding (the “MOU”) with the plaintiffs in the Actions, which sets forth the parties’ agreement in principle for a settlement of the Actions on the basis of the additional disclosures made in a supplement to the Schedule 14D-9 filed with the SEC on October 2, 2015, in exchange for the release of, among other things, certain claims relating to the Actions, the merger and disclosures made in connection therewith. On October 8, 2015 the Delaware Court of Chancery unilaterally dismissed the Delaware Action. In October 2015, the Missouri Actions were consolidated into the Murphy Action. The parties reached agreement on a stipulation of settlement and ancillary settlement documents, which were filed with the Court on April 25, 2016. On May 26, 2016, notice of the proposed settlement was mailed to Synergetics record holders that are members of the class. The parties have reached an agreement in principle respecting payment by the Company of a nominal amount in respect of the plaintiffs’ attorneys' fees. The Court held the final settlement hearing on July 29, 2016, at which it granted final approval of the settlement and awarded the negotiated attorneys' fees. Pursuant to the settlement, the Court dismissed the Missouri Actions with prejudice as to the named plaintiffs and all members of the settlement class. Valeant U.S. Securities Litigation From October 22, 2015 to October 30, 2015, four putative securities class actions were filed in the U.S. District Court for the District of New Jersey against the Company and certain current or former officers and directors. Those four actions, captioned Potter v. Valeant Pharmaceuticals International, Inc. et al. (Case No. 15-cv-7658), Chen v. Valeant Pharmaceuticals International, Inc. et al. (Case No. 15-cv-7679), Yang v. Valeant Pharmaceuticals International, Inc. et al. (Case No. 15-cv-7746), and Fein v. Valeant Pharmaceuticals International, Inc. et al. (Case No. 15-cv-7809), all asserted securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) on behalf of putative classes of persons who purchased or otherwise acquired the Company’s stock during various time periods between February 28, 2014 and October 21, 2015. The allegations relate to, among other things, allegedly false and misleading statements and/or failures to disclose information about the Company’s business and prospects, including relating to drug pricing, the Company’s use of specialty pharmacies, and the Company’s relationship with Philidor. On May 31, 2016, the Court entered an order consolidating the four actions under the caption In re Valeant Pharmaceuticals International, Inc. Securities Litigation, Case No. 3:15-cv-07658, and appointing a lead plaintiff and lead plaintiff’s counsel. On June 24, 2016, the lead plaintiff filed a consolidated complaint naming additional defendants and asserting additional claims based on allegations of false and misleading statements and/or omissions similar to those in the initial complaints. Specifically, the consolidated complaint asserts claims under Sections 10(b) and 20(a) of the Exchange Act against the Company, and certain current or former officers and directors, as well as claims under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 (the “Securities Act”) against the Company, certain current or former officers and directors, and certain other parties. The lead plaintiff seeks to bring these claims on behalf of a putative class of persons who purchased the Company’s equity securities and senior notes in the United States between January 4, 2013 and March 15, 2016, including all those who purchased the Company’s securities in the United States in the Company’s debt and stock offerings between July 2013 to March 2015. On September 13, 2016, the Company and the other defendants moved to dismiss the consolidated complaint. That motion is currently being briefed by the parties. In addition to the consolidated putative class action, ten groups of individual investors in the Company’s stock and debt securities have filed securities actions in the U.S. District Court for the District of New Jersey against the Company and certain current or former officers and directors. These actions are captioned: T. Rowe Price Growth Stock Fund, Inc. v. Valeant Pharmaceuticals International, Inc. (Case No. 16-cv-5034); Equity Trustees Limited as Responsible Entity for T. Rowe Price Global Equity Fund v. Valeant Pharmaceuticals International Inc. (Case No. 16-cv-6127); Principal Funds, Inc. v. Valeant Pharmaceuticals International, Inc. (Case No. 16-cv-6128); BloombergSen Partners Fund LP v. Valeant Pharmaceuticals International, Inc. (Case No. 16-cv-7212); Discovery Global Citizens Master Fund, Ltd. v. Valeant Pharmaceuticals International, Inc. (Case No. 16-cv-7321); MSD Torchlight Partners, L.P. v. Valeant Pharmaceuticals International, Inc. (Case No. 16-cv-7324); BlueMountain Foinaven Master Fund, L.P. v. Valeant Pharmaceuticals International, Inc. (Case No. 16-cv-7328); Incline Global Master LP v. Valeant Pharmaceuticals International, Inc. (Case No. 16-cv-7494); VALIC Company I v. Valeant Pharmaceuticals International, Inc. (Case No. 16-cv-7496); and Janus Aspen Series v. Valeant Pharmaceuticals International, Inc. (Case No. 16-cv-7497). These individual shareholder actions assert claims under Sections 10(b), 18, and 20(a) of the Exchange Act, Sections 11, 12(a)(2), and 15 of the Securities Act, and negligent misrepresentation under state law, based on alleged purchases of Valeant stock, options, and/or debt at various times between January 4, 2013 and August 10, 2016. The allegations in the complaints are similar to those made by plaintiffs in the putative class action. The Company is evaluating these new complaints. The Company believes these new complaints and the consolidated putative class action also are without merit and intends to defend itself vigorously. Canadian Securities Class Actions In 2015, six putative class actions were filed and served against the Company in Canada in the provinces of British Columbia, Ontario and Quebec. These actions are captioned: (a) Alladina v. Valeant, et al. (Case No. S-1594B6) (Supreme Court of British Columbia) (filed November 17, 2015); (b) Kowalyshyn v. Valeant, et al. (CV-15-540593-00CP) (Ontario Superior Court) (filed November 16, 2015); (c) Kowalyshyn et al. v. Valeant, et al. (CV-15-541082-00CP (Ontario Superior Court) (filed November 23, 2015); (d) O’Brien v. Valeant et al. (CV-15-543678-00CP) (Ontario Superior Court) (filed December 30, 2015); (e) Catucci v. Valeant, et al. (Court File No. 540-17-011743159) (Quebec Superior Court) (filed October 26, 2015); and (f) Rousseau-Godbout v. Valeant, et al. (Court File No. 500-06-000770-152) (Quebec Superior Court) (filed October 27, 2015). The Alladina, Kowalyshyn, O’Brien, Catucci and Rousseau-Godbout actions also name, among others, certain current or former directors and officers of the Company. The Rosseau-Godbout action was subsequently stayed by the Quebec Superior Court by consent order. Each of the five remaining actions alleges violations of Canadian provincial securities legislation on behalf of putative classes of persons who purchased or otherwise acquired securities of the Company for periods commencing as early as January 1, 2013 and ending as late as November 16, 2015. The alleged violations relate to, among other things, alleged misrepresentations and/or failures to disclose material information about the Company’s business and prospects, relating to drug pricing, the Company’s policies and accounting practices, the Company’s use of specialty pharmacies and, in particular, the Company’s relationship with Philidor. The Alladina, Kowalyshyn and O’Brien actions also assert common law claims for negligent misrepresentation, and the Alladina claim additionally asserts common law negligence, conspiracy, and claims under the British Columbia Business Corporations Act, including the statutory oppression remedies in that legislation. The Catucci action asserts claims under the Quebec Civil Code, alleging the Company breached its duty of care under the civil standard of liability contemplated by the Code. The Company is aware of two additional putative class actions that have been filed with the applicable court but which have not yet been served on the Company. These actions are captioned: (i) Okeley v. Valeant, et al. (Case No. S-159991) (Supreme Court of British Columbia) (filed December 2, 2015); and (ii) Sukenaga v Valeant et al. (CV-15-540567-00CP) (Ontario Superior Court) (filed November 16, 2015), and the factual allegations made in these actions are substantially similar to those outlined above. The Company has been advised that the plaintiffs in these actions do not intend to pursue the actions. The Company expects that certain of these actions will be consolidated or stayed prior to proceeding to motions for leave and certification and that no more than one action will proceed in any jurisdiction. In particular, on June 10, 2016, the Ontario Superior Court of Justice rendered its decision on carriage motions (motions held to determine who will have carriage of the class action) heard on April 8, 2016, provisionally staying the O'Brien action, in favor of the Kowalyshyn action. On September 15, 2016, in response to an arrangement between the plaintiffs in the Kowalyshyn action and the O’Brien action, the court ordered both that the Kowalyshyn action be consolidated with the O’Brien action and that the consolidated action be stayed in favour of the Catucci action pending either the further order of the Ontario court or the determination of the motion for leave in the Catucci action. In the Catucci action, a schedule has been set for the week of April 24, 2017 for the hearing of motions for leave under the Quebec Securities Act and for authorization as a class proceeding. The Company believes that it has viable defenses to each of the actions. In each case, the Company intends to defend itself vigorously. RICO Class Actions Between May 27, 2016 and September 16, 2016, three virtually identical actions were filed in the U.S. District Court for the District of New Jersey against the Company and various third parties, alleging claims under the federal Racketeer Influenced Corrupt Organizations Act (“RICO”) on behalf of a putative class of certain third party payors that paid claims submitted by Philidor for certain Valeant branded drugs between January 2, 2013 and November 9, 2015 (Airconditioning and Refrigeration Industry Health and Welfare Trust Fund et al. v. Valeant Pharmaceuticals International. Inc. et al., No. 3:16-cv-03087, Plumbers Local Union No. 1 Welfare Fund v. Valeant Pharmaceuticals International Inc. et al., No. 3:16-cv-3885 and N.Y. Hotel Trades Council et al v. Valeant Pharmaceuticals International. Inc. et al., No. 3:16-cv-05663). The complaints allege, among other things, that the Defendants committed predicate acts of mail and wire fraud by submitting or causing to be submitted prescription reimbursement requests that misstated or omitted facts regarding (1) the identity and licensing status of the dispensing pharmacy; (2) the resubmission of previously denied claims; (3) patient co-pay waivers; (4) the availability of generic alternatives; and (5) the insured’s consent to renew the prescription. The complaints further allege that these acts constitute a pattern of racketeering or a racketeering conspiracy in violation of the RICO statute and caused plaintiffs and the putative class unspecified damages, which may be trebled under the RICO statute. The Company believes these claims are without merit and intends to defend itself vigorously. Antitrust Solodyn® Antitrust Class Actions Beginning in July 2013, a number of civil antitrust class action suits were filed against Medicis, Valeant Pharmaceuticals International, Inc. (“VPII”) 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 plaintiffs in such suits alleged 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 alleged that the defendants have been unjustly enriched through their alleged conduct. The plaintiffs sought declaratory and injunctive relief and, where applicable, treble, multiple, punitive and/or other damages, including attorneys’ fees. By order dated February 25, 2014, the Judicial Panel for Multidistrict Litigation (‘‘JPML’’) centralized the suits in the District of Massachusetts, under the caption In re Solodyn (Minocycline Hydrochloride) Antitrust Litigation, Case No. 1:14-md-02503-DJC, before U.S. District Judge Denise Casper. After the Direct Purchaser Class Plaintiffs and the End-Payor Class Plaintiffs each filed a consolidated amended class action complaint on September 12, 2014, the defendants jointly moved to dismiss those complaints. On August 14, 2015, the Court granted the Defendants' motion to dismiss with respect to claims brought under Sherman Act, Section 2 and various state laws but denied the motion to dismiss with respect to claims brought under Sherman Act, Section 1 and other state laws. VPII was dismissed from the case, but the litigation continues against Medicis and the generic manufacturers as to the remaining claims. A subsequent effort to re-plead claims under Sherman Act, Section 2 was denied on September 20, 2016. The actions are currentl

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Reportable Segments As previously announced on August 9, 2016, the Company’s Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), commenced managing the business differently in the third quarter of 2016 through changes in and reorganizations to the Company’s business structure, including changes to its operating and reportable segments, which necessitated a realignment of the Company's historical segment structure. Pursuant to this change, which was effective in the third quarter of 2016, the Company now operates in three operating and reportable segments: (i) Bausch + Lomb / International, (ii) Branded Rx, and (iii) U.S. Diversified Products. The following is a brief description of the Company’s segments as of September 30, 2016 : • The Bausch + Lomb / International segment consists of (i) sales in the U.S. of pharmaceutical products, OTC products and medical device products in the area of eye health, primarily comprised of Bausch + Lomb products, with a focus on four product offerings (Vision Care , Surgical, Consumer and Ophthalmology Rx), and (ii) branded pharmaceutical products, branded generic pharmaceutical products, OTC products, medical device products, and Bausch + Lomb products sold in Europe, Asia, Australia and New Zealand, Latin America, Africa and the Middle East. • The Branded Rx segment consists of sales of pharmaceutical products related to (i) the Salix product portfolio in the U.S., (ii) the Dermatological product portfolio in the U.S., (iii) the Canadian product portfolio, and (iv) product portfolios in the U.S. in the areas of oncology, dentistry and women’s health. • The U.S. Diversified Products segment consists of (i) sales in the U.S. of pharmaceutical products, OTC products and medical device products in the areas of neurology and certain other therapeutic classes, including aesthetics (which includes the Solta and Obagi businesses), and (ii) sales of generic products in the U.S. Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as restructuring and acquisition-related costs, other (income) expense, 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, certain research and development programs, 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. Prior period segment financial information has been recast to conform to current segment presentation. Segment Revenues and Profit Segment revenues and profit for the three-month and nine-month periods ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Revenues: The Bausch + Lomb / International segment (1) $ 1,161.8 $ 1,118.9 $ 3,431.4 $ 3,416.3 The Branded Rx segment (2) 847.3 1,104.3 2,318.5 2,579.3 The U.S. Diversified Products segment (3) 470.5 563.6 1,521.5 1,693.7 Total revenues 2,479.6 2,786.8 7,271.4 7,689.3 Segment profit: The Bausch + Lomb / International segment (4) 345.6 382.5 979.5 1,187.5 The Branded Rx segment (5) 520.1 671.0 1,170.8 1,504.2 The U.S. Diversified Products segment (6) 378.3 447.5 1,226.5 1,329.5 Total segment profit 1,244.0 1,501.0 3,376.8 4,021.2 Corporate (7) (184.1 ) (161.6 ) (524.3 ) (382.8 ) Amortization and impairments of finite-lived intangible assets (807.1 ) (679.2 ) (2,389.2 ) (1,629.8 ) Goodwill impairment (1,049.0 ) — (1,049.0 ) — Restructuring and integration costs (20.7 ) (75.6 ) (78.2 ) (274.0 ) In-process research and development impairments and other charges (36.0 ) (95.8 ) (53.9 ) (108.1 ) Acquisition-related costs — (7.0 ) (1.8 ) (30.4 ) Acquisition-related contingent consideration (9.0 ) (3.8 ) (18.3 ) (22.6 ) Other (expense) income (1.1 ) (30.2 ) 21.6 (213.2 ) Operating (loss) income (863.0 ) 447.8 (716.3 ) 1,360.3 Interest income 2.5 0.7 5.5 2.5 Interest expense (469.6 ) (420.2 ) (1,368.7 ) (1,130.7 ) Loss on extinguishment of debt — — — (20.0 ) Foreign exchange (loss) gain and other (2.3 ) (34.0 ) 4.6 (99.5 ) (Loss) income before (recovery of) provision for income taxes $ (1,332.4 ) $ (5.7 ) $ (2,074.9 ) $ 112.6 ____________________________________ (1) The Bausch + Lomb / International segment revenues reflect incremental product sales revenue in the three-month and nine-month periods ended September 30, 2016 mainly from 2015 acquisitions of $67 million and $226 million , respectively, in the aggregate, primarily from the Amoun Acquisition. (2) The Branded Rx segment revenues reflect incremental product sales revenue in the nine-month period ended September 30, 2016 from 2015 acquisitions of $383 million , in the aggregate, primarily from the Salix Acquisition and the acquisition of certain assets of Dendreon. (3) The U.S. Diversified Products segment revenues reflect incremental product sales revenue in the three-month and nine-month periods ended September 30, 2016 from 2015 acquisitions of $2 million and $113 million , respectively, in the aggregate, primarily from the Salix Acquisition (Zegerid® authorized generic product sales) and the acquisition of certain assets of Marathon. (4) The Bausch + Lomb / International segment profit in the three-month and nine-month periods ended September 30, 2016 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to identifiable intangible assets of $255 million and $587 million , respectively, in the aggregate, compared with $161 million and $478 million in the corresponding periods of 2015 . (5) The Branded Rx segment profit in the three-month and nine-month periods ended September 30, 2016 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to identifiable intangible assets and inventory of $421 million and $1.49 billion , respectively, in the aggregate, primarily from the Salix Acquisition, compared with $422 million and $907 million in the corresponding periods of 2015 . (6) The U.S. Diversified Products segment profit in the three-month and nine-month periods ended September 30, 2016 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to identifiable intangible assets of $133 million and $341 million , respectively, in the aggregate, compared with $121 million and $300 million in the corresponding periods of 2015 . (7) Corporate reflects research and development expenses of $56 million and $173 million in the three-month and nine-month periods ended September 30, 2016 , respectively, and non-restructuring-related share-based compensation expense of $23 million and $93 million in the three-month and nine-month periods ended September 30, 2016 , respectively. This compares with research and development expenses of $72 million and $162 million in the corresponding periods of 2015 , respectively, and non-restructuring-related share-based compensation expense of $40 million and $78 million in the corresponding periods of 2015 , respectively. The non-restructuring-related share-based compensation expense in the nine-month period ended September 30, 2016 included a charge relating to the acceleration of vesting of the performance-based RSUs held by the Company's former Chief Executive Officer. See Note 12 for additional information. Segment Assets Total assets by segment as of September 30, 2016 and December 31, 2015 were as follows: As of As of Assets: The Bausch + Lomb / International segment $ 16,455.5 $ 16,886.7 The Branded Rx segment 22,524.6 24,900.5 The U.S. Diversified Products segment 6,302.6 6,758.5 45,282.7 48,545.7 Corporate 478.5 418.8 Total assets $ 45,761.2 $ 48,964.5

SIGNIFICANT ACCOUNTING POLICI25

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2016
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 2015 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, 2015, except for those policies affected by the adoption of the new accounting guidance on employee share-based payment transactions as described below. The unaudited consolidated financial statements reflect all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. Such amounts include a reclassification of $14 million related to a change in income taxes payable that increased deferred income taxes and decreased accounts payable, accrued and other liabilities within changes in operating assets and liabilities within cash flow from operating activities of the Consolidated Statements of Cash Flows for the nine-month period ended September 30, 2015 .
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 date 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 and Recently Issued Accounting Standards, Not Adopted as of September 30, 2016	Adoption of New Accounting Standards 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 was effective for annual reporting periods (including interim reporting periods within those annual periods) beginning after December 15, 2015. The Company adopted this standard as of January 1, 2016 using the modified retrospective approach, as permitted, and, as such, prior periods were not retrospectively adjusted. The adoption of this standard did not have a material impact on the presentation of the Company's results of operations, cash flows or financial position. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for employee share-based payment transactions. The areas for simplification include the accounting for income tax consequences, classification of awards as either equity or liabilities, accounting for forfeitures, and classification on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company elected to early adopt this guidance in the third quarter of 2016 with January 1, 2016 being the effective date of adoption pursuant to the transition requirement of this new guidance. The impact of the adoption of this guidance is as follows: • Excess tax benefits and tax deficiencies, representing the realized tax effect on the difference between share-based compensation costs deductible for tax purposes and for accounting purposes, are recognized prospectively in the provision for income taxes instead of additional paid-in capital. As a result of the adoption, a cumulative-effect adjustment of $30 million was recorded to deferred tax asset and accumulated deficit as of January 1, 2016 for the previously unrecognized excess tax benefits. The Company is required to apply this aspect of the guidance retrospectively as if the adoption is effective as of January 1, 2016. However, given the adoption impact for the six months ended June 30, 2016 was insignificant (less than $2 million for the three months ended March 31, 2016 and less than $1 million for the three months ended June 30, 2016), the Company recorded the cumulative adoption impact for the six months ended June 30, 2016 in the three months ended September 30, 2016; • Excess tax benefits are classified as operating cash flows instead of financing cash flows effective January 1, 2016 and the Company has elected to apply this requirement on a retrospective basis. As a result of the adoption, cash flows provided by operating activities decreased by $1 million for the three months ended March 31, 2016 and for the six months ended June 30, 2016 and cash flows provided by (used in) financing activities increased by $1 million for the three months ended March 31, 2016 and decreased by $1 million for the six months ended June 30, 2016. The adoption impact on the corresponding comparative periods in 2015 includes an increase in cash flows provided by operating activities of $18 million , $26 million and $22 million for three months ended March 31, 2015, for the six months ended June 30, 2015 and for the nine months ended September 30, 2015, respectively, with a corresponding decrease in cash flows provided by financing activities of the same amounts in the respective periods; • The calculation of diluted weighted-average number of common shares excludes excess tax benefits and tax deficiencies in the calculation of assumed proceeds under the treasury stock method prospectively effective January 1, 2016. Accordingly, the diluted weighted-average number of common shares outstanding increased by 0.6 million for the three months ended March 31, 2016, decreased by 0.1 million for the three months ended June 30, 2016, and increased by 0.2 million for the six months ended June 30, 2016. The adoption of this aspect of the guidance did not have an effect on the Company's previously reported diluted earnings per share for the three months ended March 31, 2016 and June 30, 2016 as well as for the six months ended June 30, 2016 given the Company reported a net loss for each of those periods; and • The Company elected to continue its current policy of estimating forfeitures rather than recognizing forfeitures when they occur. Recently Issued Accounting Standards, Not Adopted as of September 30, 2016 In May 2014, the FASB issued 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. In March 2016, the FASB issued an amendment to clarify the implementation guidance around considerations of whether an entity is a principal or an agent, impacting whether an entity reports revenue on a gross or net basis. In April 2016, the FASB issued an amendment to clarify guidance on identifying performance obligations and the implementation guidance on licensing. In May 2016, the FASB issued amendments to certain aspects of the new revenue guidance (including transition, collectability, noncash consideration and the presentation of sales and other similar taxes) and provided certain practical expedients. 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 Company is evaluating the impact of adoption of this guidance on its financial position, results of operations and 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 within those annual periods. Early application is permitted. The Company is evaluating the impact of adoption of this guidance on its financial position and results of operations. In January 2016, the FASB issued guidance which amends the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured under the fair value option. The guidance also amends certain disclosure requirements associated with the fair value of financial instruments. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early application is permitted. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations and disclosures. In February 2016, the FASB issued new guidance on leases. The new guidance will increase transparency and comparability among organizations that lease buildings, equipment, and other assets by recognizing the assets and liabilities that arise from lease transactions. Current off-balance sheet leasing activities will be required to be reflected on balance sheets so that investors and other users of financial statements can more readily and accurately understand the rights and obligations associated with these transactions. Consistent with the current lease standard, the new guidance addresses two types of leases: finance leases and operating leases. Finance leases will be accounted for in substantially the same manner as capital leases are accounted for under current GAAP. Operating leases will be accounted for (both in the income statement and statement of cash flows) in a manner consistent with operating leases under existing GAAP. However, as it relates to the balance sheet, lessees will recognize lease liabilities based upon the present value of remaining lease payments and corresponding lease assets for operating leases with limited exception. The new guidance will also require lessees and lessors to provide additional qualitative and quantitative disclosures to help financial statement users assess the amount, timing, and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an organization’s leasing activities. The new guidance is effective for annual reporting periods (including interim reporting periods within those annual periods) beginning after December 15, 2018. Early application is permitted. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations, the statement of cash flows and disclosures. In June 2016, the FASB issued new guidance on the impairment of financial instruments requiring an impairment model based on expected losses rather than incurred losses. Under this guidance, an entity recognizes as an allowance its estimate of expected credit losses. The guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations and the statement of cash flows. In August 2016, the FASB issued new guidance which adds or clarifies the classification of certain cash receipts and payments in the statement of cash flows (including debt prepayment or debt extinguishment costs, contingent consideration payment after a business combination, and distributions received from equity method investees). The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact of adoption of this guidance on the statement of cash flows. In October 2016, the FASB issued new guidance which removes the prohibition against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations, the statement of cash flows and disclosures. In October 2016, the FASB issued new guidance which amends consolidation guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company is evaluating the impact of adoption of this guidance on its financial position, results of operations, the statement of cash flows and disclosures.

RESTATEMENT OF PREVIOUSLY ISS26

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Restatement adjustments	The following tables summarize the Consolidated Statement of Income and the Consolidated Statement of Cash Flows for the nine months ended September 30, 2015, as reported on the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 , filed on October 26, 2015, compared to the restated financial statements. The individual restatement matters that underlie the restatement adjustments are described below and are reflected and quantified, as applicable, in the footnotes to the below tables. (a) Philidor revenue recognition adjustments - The correction of the misstatement from recognizing revenue related to sales to Philidor from a sell-in to sell-through basis had the effect of eliminating certain revenue recorded in 2014 prior to the date that Philidor was consolidated as a variable interest entity. The revenue that was eliminated from 2014 did not result in an increase to revenue in subsequent periods as a result of the Company having previously recognized that revenue, subsequent to the consolidation of Philidor, when Philidor dispensed the product to patients. Under the sell-in method previously utilized by the Company with respect to sales to Philidor prior to its consolidation in December 2014, revenue was recognized upon delivery of the products to Philidor. At the date of consolidation, certain of that previously sold inventory was still held by Philidor. Subsequent to the consolidation, Philidor recognized revenue on that inventory when it dispensed products to patients, and that revenue was consolidated into the Company’s results. As long as those pre-consolidation sales transactions were in the normal course of business under applicable accounting standards and not entered into in contemplation of the purchase option agreement, the Company’s historical accounting for this revenue was in accordance with U.S. GAAP. The Company has since determined that certain sales transactions for deliveries to Philidor, leading up to the purchase option agreement, were not executed in the normal course of business under applicable accounting standards and included actions taken by the Company (including fulfillment of unusually large orders with extended payment terms and increased pricing, an emphasis on delivering product prior to the execution of the purchase option agreement and seeking and filling a substitute order of equivalent value for an unavailable product) in contemplation of the purchase option agreement. As such, revenue, net of managed care rebates, of $58 million previously recorded in 2014 was corrected. However, because that revenue was also recorded by Philidor subsequent to consolidation, upon dispensing of products to patients, the elimination of this revenue in 2014, prior to consolidation, did not result in additional revenue being recorded in 2015. Additionally, provisions for managed care rebates of $21 million previously recorded in 2014 are now recognized against that revenue in the first quarter of 2015. At the time of the consolidation of Philidor in December 2014, under the acquisition method of accounting, the Company recorded the fair value of the inventory on hand at Philidor at the net price the Company previously sold the inventory to Philidor, exclusive of the impact of managed care rebates. The restatement adjustments to eliminate the revenue for certain sales transactions between the Company and Philidor prior to consolidation, resulted in a reduction, for accounting purposes, to the amount of inventory that the Company acquired from Philidor. Eliminating the pre-consolidation sales described above had the effect of reducing pre-tax profit that was recognized in 2014 by $39 million . The majority of this profit is now recognized in 2015 as a reduction to previously recorded Cost of Goods Sold as the restated carrying amount of this inventory does not include the stepped up value resulting from the Company's consolidation of Philidor. (b) Accrued liability adjustment - Unrelated to Philidor, the Company recorded an accrual for previously unrecorded professional fees related to acquisition-related costs. (c) Tax effect of restatement adjustments - The Company calculated the tax effect of the adjustments noted above. (d) Philidor measurement period adjustments - Related to the consolidation of Philidor, the Company previously recorded certain measurement period adjustments during the second and third quarters of 2015 when known, which should be retroactively recorded as of the date Philidor was consolidated (December 2014). These measurement period adjustments primarily resulted in (1) an increase to acquisition-related contingent consideration as a result of further valuation analysis around the probability and timing of certain milestone payments; (2) increases in the fair value of certain intangible assets resulting from the higher sales forecast; and (3) a net increase in goodwill as a result of (1) and (2) above. The measurement period adjustments were previously determined to be immaterial to the Company’s consolidated financial statements, but were recorded in the fourth quarter of 2014 in connection with the other restatement adjustments related to Philidor. CONSOLIDATED STATEMENT OF INCOME (Unaudited) Nine Months Ended September 30, 2015 (As Previously Reported) Restatement Adjustments 2015 (Restated) Restatement Ref Revenues Product sales $ 7,590.1 $ (20.8 ) $ 7,569.3 (a) Other revenues 120.0 — 120.0 7,710.1 (20.8 ) 7,689.3 Expenses Cost of goods sold (exclusive of amortization and impairments of finite-lived intangible assets shown separately below) 1,864.9 (52.5 ) 1,812.4 (a) Cost of other revenues 43.1 — 43.1 Selling, general and administrative 1,956.9 — 1,956.9 Research and development 238.5 — 238.5 Amortization and impairment of finite-lived intangible assets 1,629.8 — 1,629.8 Restructuring and integration costs 274.0 — 274.0 In-process research and development impairments and other changes 108.1 — 108.1 Acquisition-related costs 26.3 4.1 30.4 (b) Acquisition-related contingent consideration 22.6 — 22.6 Other expense 213.2 — 213.2 6,377.4 (48.4 ) 6,329.0 Operating income 1,332.7 27.6 1,360.3 Interest income 2.5 — 2.5 Interest expense (1,130.7 ) — (1,130.7 ) Loss on extinguishment of debt (20.0 ) — (20.0 ) Foreign exchange loss and other (99.5 ) — (99.5 ) Income before provision for income taxes 85.0 27.6 112.6 Provision for income taxes 10.4 3.6 14.0 (c) Net income 74.6 24.0 98.6 Less: Net income attributable to noncontrolling interest 4.4 — 4.4 Net income attributable to Valeant Pharmaceuticals International, Inc. $ 70.2 $ 24.0 $ 94.2 Earnings per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ 0.21 $ 0.07 $ 0.28 Diluted $ 0.20 $ 0.07 $ 0.27 Weighted-average common shares (in millions) Basic 340.8 340.8 Diluted 347.2 347.2 There was no net impact of the 2015 restatement adjustments on net cash provided by operating activities, net cash used in investing activities and net cash provided by financing activities in the Consolidated Statement of Cash Flows. The adjustments only had an impact on certain captions within cash flows from operating activities. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2015 (As Previously Reported) Restatement Adjustments 2015 (Restated) Restatement Ref Cash Flow From Operating Activities Net income $ 74.6 $ 24.0 $ 98.6 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including impairments of finite-lived intangible assets 1,768.4 — 1,768.4 Amortization and write-off of debt discounts and debt issuance costs 123.7 — 123.7 In-process research and development impairments 108.1 — 108.1 Acquisition accounting adjustment on inventory sold 97.7 — 97.7 Acquisition-related contingent consideration 22.6 — 22.6 Allowances for losses on accounts receivable and inventories 46.4 — 46.4 Deferred income taxes (1) (64.7 ) 3.6 (61.1 ) (c) Loss on disposal of assets and liabilities 9.2 — 9.2 Additions to accrued legal settlements 31.9 — 31.9 Payments of accrued legal settlements (32.1 ) — (32.1 ) Share-based compensation 111.4 — 111.4 Foreign exchange loss 96.6 — 96.6 Loss on extinguishment of debt 20.0 — 20.0 Payment of contingent consideration adjustments, including accretion (19.8 ) — (19.8 ) Other (13.6 ) — (13.6 ) Changes in operating assets and liabilities: Trade receivables (656.0 ) — (656.0 ) Inventories (132.4 ) (52.5 ) (184.9 ) (a) Prepaid expenses and other current assets (252.0 ) — (252.0 ) Accounts payable, accrued and other liabilities (1) 319.8 24.9 344.7 (a), (b) Net cash provided by operating activities 1,659.8 — 1,659.8 Net cash used in investing activities (14,041.9 ) — (14,041.9 ) Net cash provided by financing activities 13,501.5 — 13,501.5 Effect of exchange rate changes on cash and cash equivalents (22.0 ) — (22.0 ) Net increase in cash and cash equivalents 1,097.4 — 1,097.4 Cash and cash equivalents, beginning of period 322.6 — 322.6 Cash and cash equivalents, end of period $ 1,420.0 $ — $ 1,420.0 Non- Cash Investing and Financing Activities Acquisition of businesses, contingent consideration at fair value $ (783.3 ) $ 38.8 $ (744.5 ) (d) Acquisition of businesses, debt assumed (3,129.2 ) — (3,129.2 ) ________________________ (1) As described in Note 3, the Consolidated Statement of Cash Flows reflects a reclassification of $14 million related to a change in income taxes payable which increased deferred income taxes and decreased accounts payable, accrued and other liabilities within the cash flow from operating activities.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2016
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 nine-month periods ended September 30, 2015 , as if the 2015 acquisitions had occurred as of January 1, 2014 . Three Months Ended 2015 Nine Months Ended 2015 Revenues $ 2,862.1 $ 7,938.3 Net income (loss) attributable to Valeant Pharmaceuticals International, Inc. 56.2 (243.7 ) Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ 0.16 $ (0.71 ) Diluted $ 0.16 $ (0.71 )
Amoun
Business Acquisition [Line Items]
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 the acquisition date. Amounts Recognized as of Acquisition Date (as previously reported) (a) Measurement Period Adjustments Amounts Recognized as of September 30, 2016 (as adjusted) Cash $ 43.5 $ — $ 43.5 Accounts receivable (b) 64.2 — 64.2 Inventories 37.9 — 37.9 Other current assets 12.2 — 12.2 Property, plant and equipment 96.4 (1.0 ) 95.4 Identifiable intangible assets, excluding acquired in-process research and development ("IPR&D") (c) 528.0 (7.8 ) 520.2 Acquired IPR&D 18.5 1.0 19.5 Other non-current assets 0.1 — 0.1 Current liabilities (30.8 ) (1.2 ) (32.0 ) Deferred tax liability, net (d) (130.5 ) (0.4 ) (130.9 ) Other non-current liabilities (11.2 ) 4.0 (7.2 ) Total identifiable net assets 628.3 (5.4 ) 622.9 Goodwill (e) 282.0 1.5 283.5 Total fair value of consideration transferred $ 910.3 $ (3.9 ) $ 906.4 ________________________ (a) As previously reported in the Company’s 2015 Form 10-K. (b) The fair value of trade accounts receivable acquired was $64 million , with the gross contractual amount being $66 million , of which the Company expects that $2 million will be uncollectible. (c) The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Date (as previously reported) Measurement Period Adjustments Amounts Recognized as of September 30, 2016 (as adjusted) Product brands 9 $ 490.8 $ (11.0 ) $ 479.8 Corporate brand 17 37.2 3.2 40.4 Total identifiable intangible assets acquired 10 $ 528.0 $ (7.8 ) $ 520.2 (d) Comprised of deferred tax liabilities partially offset by nominal deferred tax assets. (e) 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 products and expand its business to new geographic markets; • the value of the continuing operations of Amoun'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, Amoun's assembled workforce). Goodwill has been allocated to the Company’s Bausch + Lomb / International segment.
Summary of amounts and useful lives assigned to identifiable intangible assets	The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Date (as previously reported) Measurement Period Adjustments Amounts Recognized as of September 30, 2016 (as adjusted) Product brands 9 $ 490.8 $ (11.0 ) $ 479.8 Corporate brand 17 37.2 3.2 40.4 Total identifiable intangible assets acquired 10 $ 528.0 $ (7.8 ) $ 520.2
Sprout Pharmaceuticals, Inc.
Business Acquisition [Line Items]
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 the acquisition date. Amounts Recognized as of Acquisition Date (as previously reported) (a) Cash and cash equivalents $ 26.6 Inventories 11.0 Other assets 1.6 Identifiable intangible assets (b) 993.7 Current liabilities (4.4 ) Deferred income taxes, net (351.9 ) Total identifiable net assets 676.6 Goodwill (c) 769.9 Total fair value of consideration transferred $ 1,446.5 ________________________ (a) As previously reported in the Company’s 2015 Form 10-K. (b) Consists of product rights with a weighted-average useful life of 11 years. (c) 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 potential ability to develop and market the product to additional types of patients/indications and launch the product in a variety of new geographies; • the value of the continuing operations of Sprout'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, Sprout's assembled workforce). Goodwill has been allocated to the Company’s Branded Rx segment.
Salix
Business Acquisition [Line Items]
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 the acquisition date. Amounts Recognized as of Acquisition Date (as previously reported) (a) Measurement Period Adjustments (b) Amounts Recognized as of December 31, 2015 (as adjusted) Cash and cash equivalents $ 113.7 $ — $ 113.7 Inventories (c) 233.2 (0.6 ) 232.6 Other assets (d) 1,400.3 10.1 1,410.4 Property, plant and equipment, net 24.3 — 24.3 Identifiable intangible assets, excluding acquired IPR&D (e) 6,756.3 — 6,756.3 Acquired IPR&D (f) 5,366.8 (183.9 ) 5,182.9 Current liabilities (g) (1,764.2 ) (175.0 ) (1,939.2 ) Contingent consideration, including current and long-term portion (h) (327.9 ) (6.2 ) (334.1 ) Long-term debt, including current portion (i) (3,123.1 ) — (3,123.1 ) Deferred income taxes, net (j) (3,512.0 ) 84.1 (3,427.9 ) Other non-current liabilities (7.3 ) (36.0 ) (43.3 ) Total identifiable net assets 5,160.1 (307.5 ) 4,852.6 Goodwill (k) 7,971.9 307.5 8,279.4 Total fair value of consideration transferred $ 13,132.0 $ — $ 13,132.0 ________________________ (a) As previously reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. (b) The measurement period adjustments primarily reflect: (i) a reduction in acquired IPR&D assets, specifically for the Oral Relistor® (as defined below) program based mainly on refinement of the pricing assumptions and cost projections (see further discussion of IPR&D programs in (f) below) and (ii) the tax impact of pre-tax measurement period adjustments, as well as reclassifications of certain tax balances impacting current liabilities. 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 consolidated financial statements. As the measurement period for the Salix Acquisition closed in the fourth quarter of 2015, there were no measurement period adjustments recorded in subsequent periods. (c) Includes an estimated fair value step-up adjustment to inventory of $108 million . (d) 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 assets also includes an estimated insurance recovery of $80 million , based on estimated fair value, related to the legal matters discussed in (g) below. (e) The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Date (as previously reported) Measurement Period Adjustments Amounts Recognized as of December 31, 2015 (as adjusted) Product brands 10 $ 6,088.3 $ 1.3 $ 6,089.6 Corporate brand 20 668.0 (1.3 ) 666.7 Total identifiable intangible assets acquired 11 $ 6,756.3 $ — $ 6,756.3 (f) A multi-period excess earnings methodology (income approach) was used to determine the estimated fair values of the acquired 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 9.5% - 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 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, Relistor® tablets ("Oral Relistor®"), for the treatment of opioid-induced constipation in adult patients with chronic non-cancer pain, and Rifaximin soluble solid dispersion ("SSD") tablets, for the treatment of early decompensated liver cirrhosis. In September 2015, the Company announced that the FDA accepted for review the Company's NDA for Oral Relistor®, and the FDA assigned a Prescription Drug User Fee Act (PDUFA) action date of April 19, 2016. In April 2016, the Company announced that the FDA had extended the PDUFA action date for Oral Relistor® to July 19, 2016 to allow time for a full review of the Company's responses to certain information requests from the FDA. On July 19, 2016, the FDA approved Oral Relistor® for the treatment of opioid-induced constipation in adults with chronic non-cancer pain. The associated IPR&D asset ( $304 million as of the acquisition date) has been reclassified to an amortizable intangible as of the approval date and is being amortized over a period of 12 years. In the third quarter of 2015, the Company terminated the Rifaximin SSD IPR&D program and recognized an impairment charge as described in Note 9. (g) 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 (d) above) for potential losses and related costs associated with legal matters relating to the legacy Salix business (See Note 17 for additional information regarding these legal matters) and (ii) product returns and rebates of $375 million . (h) 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. As of the acquisition date, 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. This amount includes up to $250 million in developmental and sales-based milestones to Progenics Pharmaceuticals, Inc. related to Relistor® (including Oral Relistor®), of which $50 million was paid in the third quarter of 2016 in connection with the FDA's approval of Oral Relistor®, and various other developmental and sales-based milestones. The total fair value of the contingent consideration of $334 million as of the acquisition date was determined using probability-weighted discounted cash flows. Refer to Note 7 for additional information regarding the contingent consideration. (i) 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 which remains outstanding. (j) Comprises deferred tax assets ( $303 million ) and deferred tax liabilities ( $3.73 billion ). (k) 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). Goodwill has been allocated to the Company’s Branded Rx segment .
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 the 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 the 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.
Summary of amounts and useful lives assigned to identifiable intangible assets	The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: Weighted- Average Useful Lives (Years) Amounts Recognized as of Acquisition Date (as previously reported) Measurement Period Adjustments Amounts Recognized as of December 31, 2015 (as adjusted) Product brands 10 $ 6,088.3 $ 1.3 $ 6,089.6 Corporate brand 20 668.0 (1.3 ) 666.7 Total identifiable intangible assets acquired 11 $ 6,756.3 $ — $ 6,756.3
Schedule of fair value of long-term debt assumed	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 which remains outstanding.
Other 2015 Acquisitions
Business Acquisition [Line Items]
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 related to the business combinations, in the aggregate, as of the applicable acquisition dates. Amounts Recognized as of Acquisition Dates (as previously reported) Measurement Period Adjustments (a) Amounts Recognized as of September 30, 2016 (as adjusted) Cash $ 92.2 $ — $ 92.2 Accounts receivable (b) 49.5 (3.0 ) 46.5 Inventories 142.9 (2.6 ) 140.3 Other current assets 20.2 (0.5 ) 19.7 Property, plant and equipment 94.6 (15.1 ) 79.5 Identifiable intangible assets, excluding acquired IPR&D (c) 1,121.6 (43.2 ) 1,078.4 Acquired IPR&D 57.5 (3.7 ) 53.8 Other non-current assets 2.9 — 2.9 Deferred tax (liability) asset, net (54.7 ) 61.1 6.4 Current liabilities (d) (123.9 ) (4.5 ) (128.4 ) Long-term debt (6.1 ) — (6.1 ) Non-current liabilities (d) (117.4 ) 0.2 (117.2 ) Total identifiable net assets 1,279.3 (11.3 ) 1,268.0 Goodwill (e) 141.9 (3.1 ) 138.8 Total fair value of consideration transferred $ 1,421.2 $ (14.4 ) $ 1,406.8 ________________________ (a) The measurement period adjustments primarily relate to the acquisition of certain assets of Dendreon and reflect: (i) an increase to the deferred tax assets based on further assessment of the Dendreon net operating losses ("NOLs") available to the Company post-acquisition, (ii) a reduction in the estimated fair value of intangible assets based on further assessment of assumptions related to the probability-weighted cash flows, (iii) a reduction in the estimated fair value of property, plant and equipment driven by further assessment of the fair value of a manufacturing facility, and (iv) 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. The adjustments recorded in the current period did not have a significant impact on the Company’s consolidated financial statements. (b) The fair value of trade accounts receivable acquired was $47 million , with the gross contractual amount being $51 million , of which the Company expects that $4 million 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 (as previously reported) Measurement Period Adjustments Amounts Recognized as of September 30, 2016 (as adjusted) Product brands 7 $ 741.2 $ (6.0 ) $ 735.2 Product rights 3 42.7 (0.7 ) 42.0 Corporate brands 16 6.6 — 6.6 Partner relationships 8 7.8 — 7.8 Technology/know-how 10 321.3 (36.5 ) 284.8 Other 6 2.0 — 2.0 Total identifiable intangible assets acquired 8 $ 1,121.6 $ (43.2 ) $ 1,078.4 (d) As part of the acquisition of certain assets of Marathon, the Company assumed a contingent consideration liability related to potential payments, in the aggregate, of up to approximately $200 million as of the acquisition date, 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 September 30, 2016 , 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. The Company made contingent consideration payments related to the Marathon acquisition of $35 million during 2015 and an additional $5 million and $32 million during the three-month and nine-month periods ended September 30, 2016 , respectively. (e) The goodwill relates primarily to certain smaller acquisitions and the acquisition of certain assets of Marathon. 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. The majority of the goodwill is not 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. Goodwill has been allocated primarily to the Company’s Bausch + Lomb / International segment.
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 (as previously reported) Measurement Period Adjustments Amounts Recognized as of September 30, 2016 (as adjusted) Product brands 7 $ 741.2 $ (6.0 ) $ 735.2 Product rights 3 42.7 (0.7 ) 42.0 Corporate brands 16 6.6 — 6.6 Partner relationships 8 7.8 — 7.8 Technology/know-how 10 321.3 (36.5 ) 284.8 Other 6 2.0 — 2.0 Total identifiable intangible assets acquired 8 $ 1,121.6 $ (43.2 ) $ 1,078.4

RESTRUCTURING AND INTEGRATION28

RESTRUCTURING AND INTEGRATION COSTS (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 : Severance and Related Benefits Contract Termination, Facility Closure and Other Costs Total Balance, January 1, 2015 $ — $ — $ — Costs incurred and/or charged to expense 90.6 0.9 91.5 Cash payments (57.8 ) (0.3 ) (58.1 ) Non-cash adjustments 2.2 — 2.2 Balance, December 31, 2015 (1) $ 35.0 $ 0.6 $ 35.6 Costs incurred and/or charged to expense 0.7 7.7 8.4 Cash payments (11.1 ) (0.3 ) (11.4 ) Balance, March 31, 2016 $ 24.6 $ 8.0 $ 32.6 Costs incurred and/or charged to expense (1.2 ) 0.9 (0.3 ) Cash payments (10.2 ) (1.2 ) (11.4 ) Balance, June 30, 2016 $ 13.2 $ 7.7 $ 20.9 Costs incurred and/or charged to expense (1.6 ) 0.9 (0.7 ) Cash payments (4.6 ) (1.2 ) (5.8 ) Balance, September 30, 2016 $ 7.0 $ 7.4 $ 14.4 ___________________________________ (1) In the nine-month period ended September 30, 2015 , the Company recognized $88 million of restructuring charges and made payments of $47 million related to the Salix Acquisition.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
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 on a recurring basis as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 As of December 31, 2015 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) $ 296.6 $ 208.5 $ 88.1 $ — $ 167.2 $ 156.1 $ 11.1 $ — Liabilities: Acquisition-related contingent consideration $ (985.3 ) $ — $ — $ (985.3 ) $ (1,155.9 ) $ — $ — $ (1,155.9 ) ___________________________________ (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 nine-month period ended September 30, 2016 : Balance, January 1, 2016 Payments/ Settlements (a) Net Unrealized Loss Foreign Exchange (b) Adjustments (c) Balance, Acquisition-related contingent consideration $ (1,155.9 ) $ 144.8 $ (18.3 ) $ 7.8 $ 36.3 $ (985.3 ) ____________________________________ (a) Primarily relates to payments of acquisition-related contingent consideration related to Salix, the acquisition of certain assets of Marathon, the settlement of contingent consideration obligation in connection with the termination of the arrangements with and relating to Philidor, and payments of acquisition-related contingent consideration related to the Elidel®/Xerese®/Zovirax® agreement entered into with Meda Pharma SARL in June 2011 (the "Elidel®/Xerese®/Zovirax® agreement"), and other smaller acquisitions. (b) Included in other comprehensive loss. (c) Primarily relates to $26 million of contingent consideration reclassified to a liability held for sale. See Note 5 for further detail.
Schedule of assets measured at fair value on a non-recurring basis	The following fair value hierarchy table presents the Company’s assets measured at fair value on a non-recurring basis as of September 30, 2016 and December 31, 2015 : As of September 30, 2016 As of December 31, 2015 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: Prepaid expenses and other current assets $ 181.4 $ — $ — $ 181.4 $ — $ — $ — $ —

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Schedule of the components of inventories	The components of inventories as of September 30, 2016 and December 31, 2015 were as follows: As of As of Raw materials (1) $ 351.4 $ 289.3 Work in process (1) 131.8 152.7 Finished goods (1) 816.9 814.6 $ 1,300.1 $ 1,256.6 ___________________________________ (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)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of intangible assets	The major components of intangible assets as of September 30, 2016 and December 31, 2015 were as follows: As of September 30, 2016 As of December 31, 2015 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 $ 21,959.0 $ (6,831.2 ) $ 15,127.8 $ 22,082.8 $ (5,236.4 ) $ 16,846.4 Corporate brands 1,030.4 (138.8 ) 891.6 1,066.1 (107.1 ) 959.0 Product rights/patents 4,302.4 (2,061.0 ) 2,241.4 4,339.9 (1,711.7 ) 2,628.2 Partner relationships 164.6 (133.0 ) 31.6 217.6 (170.3 ) 47.3 Technology and other 443.1 (186.2 ) 256.9 480.3 (186.1 ) 294.2 Total finite-lived intangible assets (1) 27,899.5 (9,350.2 ) 18,549.3 28,186.7 (7,411.6 ) 20,775.1 Indefinite-lived intangible assets: Acquired IPR&D (2) 262.6 — 262.6 610.4 — 610.4 Corporate brand (3) 1,697.5 — 1,697.5 1,697.5 — 1,697.5 $ 29,859.6 $ (9,350.2 ) $ 20,509.4 $ 30,494.6 $ (7,411.6 ) $ 23,083.0 ____________________________________ The Company continues to monitor the recoverability of its finite-lived intangible assets and tests the intangible assets for impairment if indicators of impairment are present. (1) In the third quarter of 2016, the Company recognized impairment charges of $142 million , primarily due to (i) an impairment charge of $88 million recognized upon classification of assets associated with a number of small businesses as held for sale (refer to Note 5 for further details) and (ii) an impairment charge of $25 million related to IBS Chek ™ (U.S. Diversified Products segment), resulting from a decline in sales trends. The remaining impairment charges relate to a number of individually immaterial intangible assets. In the second quarter of 2016, the Company recognized impairment charges of $215 million , primarily due to $199 million recognized as a result of the intangible assets related to Ruconest® (Branded Rx segment), inclusive of goodwill of $37 million , being classified as assets held for sale commencing June 30, 2016. Refer to Note 5 for further details. In the first quarter of 2016, the Company recognized impairment charges of $16 million for a number of individually immaterial intangible assets. In the fourth quarter of 2015, the Company recognized impairment charges of $79 million related to the write-off of intangible assets and $23 million related to the write-off of property, plant and equipment, in connection with the termination (announced in October 2015) of the arrangements with and relating to Philidor (Branded Rx segment). In addition, in the fourth quarter of 2015, the Company recognized an impairment charge of $27 million related to the write-off of ezogabine/retigabine (immediate-release formulation) (U.S. Diversified Products segment) resulting from further analysis of commercialization strategy and projections. GlaxoSmithKline plc (‘‘GSK’’) controls all sales force promotion for ezogabine/retigabine. In the third quarter of 2015, the Company recognized an impairment charge of $26 million related to Zelapar® (U.S. Diversified Products segment), resulting from declining sales trends. These impairment charges were recognized in Amortization and impairments of finite-lived intangible assets in the Consolidated statements of (loss) income for the respective periods. (2) The Company acquired certain IPR&D assets as part of the Salix Acquisition, as described further in Note 4. In the second quarter of 2016, the Company wrote off an IPR&D asset of $14 million related to the termination of the development program for Cirle 3-dimensional surgical navigation technology (Bausch + Lomb / International segment), resulting from a feasibility analysis. In the fourth quarter of 2015, the Company wrote off an IPR&D asset of $28 million related to the Emerade® development program in the U.S. (Bausch + Lomb / International segment) based on analysis of feedback received from the FDA, and such program was terminated in the U.S. In the third quarter of 2015, the Company wrote off an IPR&D asset of $90 million related to the Rifaximin SSD development program (Branded Rx segment) based on analysis of Phase 2 study data, and the program was subsequently terminated. 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 (Branded Rx segment), resulting from analysis of Phase 3 study data. The write-offs of the IPR&D assets were recognized in In-process research and development impairments and other charges in the Consolidated statements of (loss) income for the respective periods. (3) Represents the corporate trademark, related to the acquisition of Bausch & Lomb Holdings Incorporated (‘‘B&L’’) in August 2013, 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 September 30, 2016 , for each of the five succeeding years ending December 31 is as follows: 2016 2017 2018 2019 2020 Amortization expense (1) $ 2,672.8 $ 2,597.1 $ 2,468.1 $ 2,341.4 $ 2,133.9 ____________________________________ (1) Estimated amortization expense shown in the table above does not include potential future impairments of finite-lived intangible assets, if any.
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill in the nine-month period ended September 30, 2016 were as follows: Developed Markets Emerging Markets Bausch + Lomb / International Branded Rx U.S. Diversified Products Total Balance, January 1, 2016 $ 16,141.3 $ 2,411.5 $ — $ — $ — $ 18,552.8 Additions 0.7 — — — — 0.7 Divestitures (1) (36.2 ) — — — — (36.2 ) Allocations to assets held for sale (2) (37.1 ) — — — — (37.1 ) Foreign exchange and other 47.3 (12.1 ) — — — 35.2 Impairment (4) (837.9 ) — — — — (837.9 ) Realignment of goodwill (3) (15,278.1 ) (2,399.4 ) 6,498.2 8,026.8 3,152.5 — Impairment (4) — — — (211.1 ) — (211.1 ) Allocations to assets held for sale (2) — — (29.8 ) — — (29.8 ) Foreign exchange and other — — 13.9 (0.4 ) — 13.5 Balance, September 30, 2016 $ — $ — $ 6,482.3 $ 7,815.3 $ 3,152.5 $ 17,450.1 ____________________________________ (1) See Note 5 for additional information regarding the divestiture of a portfolio of neurology medical device products to Stryker Corporation. (2) Relates to the reclassification of goodwill to assets held for sale as of September 30, 2016 related to Ruconest® and a number of smaller businesses which the Company expects to divest within one year. Refer to Note 5 for further details. (3) Effective in the third quarter of 2016, the Company has three reportable segments: (i) Bausch + Lomb / International, (ii) Branded Rx, and (iii) U.S. Diversified Products. Accordingly, goodwill previously reported in the former Developed Markets and Emerging Markets segments have been reallocated to the new reportable segments using a relative fair value approach. For additional information on the Company's operating and reportable segments, see Note 18. (4) During the third quarter of 2016, the Company recognized an aggregate goodwill impairment charge of $1.05 billion , consisting of $838 million of goodwill impairment charge related to its former U.S. reporting unit within the Development Markets segment and $211 million of goodwill impairment charge related to the Salix reporting unit within the Branded Rx reportable segment. Refer to "Realignment of segment structure" below for add

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt	A summary of the Company’s consolidated long-term debt as of September 30, 2016 and December 31, 2015 is outlined in the table below: Maturity Date As of As of Revolving Credit Facility (1) April 2018 $ 1,100.0 $ 250.0 Series A-1 Tranche A Term Loan Facility (1) April 2016 — 140.4 Series A-2 Tranche A Term Loan Facility (1) April 2016 — 137.3 Series A-3 Tranche A Term Loan Facility (1) October 2018 1,129.0 1,881.5 Series A-4 Tranche A Term Loan Facility (1) April 2020 763.0 951.3 Series D-2 Tranche B Term Loan Facility (1) February 2019 1,052.7 1,087.5 Series C-2 Tranche B Term Loan Facility (1) December 2019 808.2 835.1 Series E-1 Tranche B Term Loan Facility (1) August 2020 2,441.3 2,531.2 Series F Tranche B Term Loan Facility (1) April 2022 3,853.4 4,055.8 Senior Notes: 7.00% October 2020 688.3 688.0 6.75% August 2021 646.6 646.1 7.25% July 2022 543.0 542.1 6.375% October 2020 2,230.1 2,226.5 6.75% August 2018 1,592.0 1,588.8 7.50% July 2021 1,611.8 1,609.7 5.625% December 2021 894.1 893.2 5.50% March 2023 991.6 990.6 5.375% March 2020 1,983.4 1,979.9 5.875% May 2023 3,218.5 3,215.0 4.50% (2) May 2023 1,668.8 1,611.8 6.125% April 2025 3,217.1 3,214.3 Other (3) Various 12.3 12.3 30,445.2 31,088.4 Less current portion (59.0 ) (823.0 ) Total long-term debt $ 30,386.2 $ 30,265.4 ____________________________________ (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 acquisition of B&L.
Schedule of effective interest rates for long-term debt	The effective rates of interest for the nine-month period ended September 30, 2016 and the applicable margins available as of September 30, 2016 on the Company's borrowings under the Senior Secured Credit Facilities were as follows: Margins Effective Interest Rate Base Rate Borrowings LIBO Rate Borrowings Revolving Credit Facility 3.60 % 2.75 % 3.75 % Series A-1 Tranche A Term Loan Facility (1) 2.68 % 2.75 % 3.75 % Series A-2 Tranche A Term Loan Facility (1) 2.68 % 2.75 % 3.75 % Series A-3 Tranche A Term Loan Facility 3.41 % 2.75 % 3.75 % Series A-4 Tranche A Term Loan Facility 3.56 % 2.75 % 3.75 % Series D-2 Tranche B Term Loan Facility (2) 4.28 % 3.25 % 4.25 % Series C-2 Tranche B Term Loan Facility (2) 4.53 % 3.50 % 4.50 % Series E-1 Tranche B Term Loan Facility (2) 4.45 % 3.50 % 4.50 % Series F Tranche B Term Loan Facility (2) 4.69 % 3.75 % 4.75 % ____________________________________ (1) Fully repaid in the three-month period ended March 31, 2016. (2) Subject to a 1.75% base rate floor and a 0.75% LIBO rate floor.

PENSION AND POSTRETIREMENT EM33

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2016
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 nine-month periods ended September 30, 2016 and 2015 : Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans Three Months Ended September 30, 2016 2015 2016 2015 2016 2015 Service cost $ 0.5 $ 0.4 $ 0.7 $ 0.8 $ 0.2 $ 0.5 Interest cost 2.0 2.4 1.4 1.6 0.4 0.5 Expected return on plan assets (3.3 ) (3.6 ) (1.8 ) (2.0 ) — (0.1 ) Amortization of prior service credit — — (0.1 ) (0.2 ) (0.7 ) (0.7 ) Amortization of net loss — — 0.1 0.4 — — Net periodic (benefit) cost $ (0.8 ) $ (0.8 ) $ 0.3 $ 0.6 $ (0.1 ) $ 0.2 Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans Nine Months Ended September 30, 2016 2015 2016 2015 2016 2015 Service cost $ 1.6 $ 1.2 $ 2.0 $ 2.4 $ 0.5 $ 1.5 Interest cost 5.9 7.2 4.1 4.8 1.3 1.5 Expected return on plan assets (9.8 ) (10.8 ) (5.2 ) (6.0 ) — (0.3 ) Amortization of prior service credit — — (0.4 ) (0.6 ) (1.9 ) (2.0 ) Amortization of net loss — — 0.4 1.2 — — Net periodic (benefit) cost $ (2.3 ) $ (2.4 ) $ 0.9 $ 1.8 $ (0.1 ) $ 0.7

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2016
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 nine-month periods ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 Stock options $ 4.7 $ 8.3 $ 11.4 $ 15.7 RSUs 32.1 42.2 122.6 95.7 Share-based compensation expense $ 36.8 $ 50.5 $ 134.0 $ 111.4 Research and development expenses $ 1.7 $ 1.5 $ 5.0 $ 4.5 Selling, general and administrative expenses 35.1 49.0 129.0 106.9 Share-based compensation expense $ 36.8 $ 50.5 $ 134.0 $ 111.4

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2016
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 (in millions) Amount Balance, January 1, 2015 (restated) 334.4 $ 8,349.2 $ 243.9 $ (2,397.8 ) $ (915.9 ) $ 5,279.4 $ 122.3 $ 5,401.7 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 1.4 75.7 (46.6 ) — — 29.1 — 29.1 Repurchases of common shares (0.2 ) (6.3 ) — (43.7 ) — (50.0 ) — (50.0 ) Share-based compensation — — 111.4 — — 111.4 — 111.4 Employee withholding taxes related to share-based awards — — (85.8 ) — — (85.8 ) — (85.8 ) Excess tax benefits from share-based compensation — — 21.7 — — 21.7 — 21.7 Noncontrolling interest from business combinations — — — — — — 4.9 4.9 Noncontrolling interest distributions — — — — — — (7.0 ) (7.0 ) 343.1 9,899.6 244.6 (2,441.5 ) (915.9 ) 6,786.8 120.2 6,907.0 Comprehensive loss: Net income (restated) — — — 94.2 — 94.2 4.4 98.6 Other comprehensive loss — — — — (547.5 ) (547.5 ) (2.2 ) (549.7 ) Total comprehensive loss (restated) (453.3 ) 2.2 (451.1 ) Balance, September 30, 2015 (restated) 343.1 $ 9,899.6 $ 244.6 $ (2,347.3 ) $ (1,463.4 ) $ 6,333.5 $ 122.4 $ 6,455.9 Balance, January 1, 2016 342.9 $ 9,897.4 $ 304.9 $ (2,749.7 ) $ (1,541.6 ) $ 5,911.0 $ 118.8 $ 6,029.8 Effect of retrospective application of a new accounting standard (see Note 3) — — — 30.0 — 30.0 — 30.0 Common shares issued under share-based compensation plans 4.8 137.0 (103.9 ) — — 33.1 — 33.1 Share-based compensation — — 134.0 — — 134.0 — 134.0 Employee withholding taxes related to share-based awards — — (9.1 ) — — (9.1 ) — (9.1 ) Noncontrolling interest distributions — — — — — — (9.1 ) (9.1 ) 347.7 10,034.4 325.9 (2,719.7 ) (1,541.6 ) 6,099.0 109.7 6,208.7 Comprehensive loss: Net loss (1) — — — (1,894.4 ) — (1,894.4 ) (1.6 ) (1,896.0 ) Other comprehensive loss — — — — (37.3 ) (37.3 ) (1.8 ) (39.1 ) Total comprehensive loss (1,931.7 ) (3.4 ) (1,935.1 ) Balance, September 30, 2016 (1) 347.7 $ 10,034.4 $ 325.9 $ (4,614.1 ) $ (1,578.9 ) $ 4,167.3 $ 106.3 $ 4,273.6 ____________________________________ (1) As described in Note 3, the Company adopted the new accounting guidance on employee share-based payment transactions in the third quarter of 2016. As a result of the adoption, excess tax benefits and tax deficiencies are recognized in the provision for income taxes instead of additional paid-in capital. This aspect of the new guidance is adopted prospectively with the effective date of January 1, 2016. Given the adoption impact for the six months ended June 30, 2016 was insignificant, the Company recorded an adjustment for the cumulative adoption impact for the six months ended June 30, 2016 in the three months ended September 30, 2016. Refer to Note 3 for further details.

ACCUMULATED OTHER COMPREHENSI36

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and 2015, were as follows: Foreign Currency Translation Adjustment Pension Adjustment Total Balance, January 1, 2015 $ (886.5 ) $ (29.4 ) $ (915.9 ) Foreign currency translation adjustment (546.1 ) — (546.1 ) Pension adjustment (1) — (1.4 ) (1.4 ) Balance, September 30, 2015 $ (1,432.6 ) $ (30.8 ) $ (1,463.4 ) Balance, January 1, 2016 $ (1,529.4 ) $ (12.2 ) $ (1,541.6 ) Foreign currency translation adjustment (35.7 ) — (35.7 ) Pension adjustment (1) — (1.6 ) (1.6 ) Balance, September 30, 2016 $ (1,565.1 ) $ (13.8 ) $ (1,578.9 ) ____________________________________ (1) 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 11).

(LOSS) EARNINGS PER SHARE (Tabl

(LOSS) EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2016
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 nine-month periods ended September 30, 2016 and 2015 were calculated as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Net (loss) income attributable to Valeant Pharmaceuticals International, Inc. $ (1,218.4 ) $ 49.5 $ (1,894.4 ) $ 94.2 Basic weighted-average number of common shares outstanding 349.5 344.9 346.5 340.8 Diluted effect of stock options, RSUs and other (a) — 6.1 — 6.4 Diluted weighted-average number of common shares outstanding 349.5 351.0 346.5 347.2 (Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (3.49 ) $ 0.14 $ (5.47 ) $ 0.28 Diluted $ (3.49 ) $ 0.14 $ (5.47 ) $ 0.27 ____________________________________ (a) In the three-month and nine-month periods ended September 30, 2016, 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 Nine Months Ended 2016 2016 (1) Basic weighted-average number of common shares outstanding 349.5 346.5 Diluted effect of stock options, RSUs and other 0.8 3.4 Diluted weighted-average number of common shares outstanding 350.3 349.9 ____________________________________ (1) The calculation of diluted weighted-average number of common shares outstanding for the nine-month period ended September 30, 2016 reflects the adjustment to the calculation for six-month period ended June 30, 2016 as a result of the adoption of a new accounting standard, effective as of January 1, 2016. Refer to Note 3 for further details.
Schedule of antidilutive securities excluded from earnings per share	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 Nine Months Ended 2016 2016 (1) Basic weighted-average number of common shares outstanding 349.5 346.5 Diluted effect of stock options, RSUs and other 0.8 3.4 Diluted weighted-average number of common shares outstanding 350.3 349.9 ____________________________________ (1) The calculation of diluted weighted-average number of common shares outstanding for the nine-month period ended September 30, 2016 reflects the adjustment to the calculation for six-month period ended June 30, 2016 as a result of the adoption of a new accounting standard, effective as of January 1, 2016. Refer to Note 3 for further details.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of segment revenues and profit	Segment revenues and profit for the three-month and nine-month periods ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Revenues: The Bausch + Lomb / International segment (1) $ 1,161.8 $ 1,118.9 $ 3,431.4 $ 3,416.3 The Branded Rx segment (2) 847.3 1,104.3 2,318.5 2,579.3 The U.S. Diversified Products segment (3) 470.5 563.6 1,521.5 1,693.7 Total revenues 2,479.6 2,786.8 7,271.4 7,689.3 Segment profit: The Bausch + Lomb / International segment (4) 345.6 382.5 979.5 1,187.5 The Branded Rx segment (5) 520.1 671.0 1,170.8 1,504.2 The U.S. Diversified Products segment (6) 378.3 447.5 1,226.5 1,329.5 Total segment profit 1,244.0 1,501.0 3,376.8 4,021.2 Corporate (7) (184.1 ) (161.6 ) (524.3 ) (382.8 ) Amortization and impairments of finite-lived intangible assets (807.1 ) (679.2 ) (2,389.2 ) (1,629.8 ) Goodwill impairment (1,049.0 ) — (1,049.0 ) — Restructuring and integration costs (20.7 ) (75.6 ) (78.2 ) (274.0 ) In-process research and development impairments and other charges (36.0 ) (95.8 ) (53.9 ) (108.1 ) Acquisition-related costs — (7.0 ) (1.8 ) (30.4 ) Acquisition-related contingent consideration (9.0 ) (3.8 ) (18.3 ) (22.6 ) Other (expense) income (1.1 ) (30.2 ) 21.6 (213.2 ) Operating (loss) income (863.0 ) 447.8 (716.3 ) 1,360.3 Interest income 2.5 0.7 5.5 2.5 Interest expense (469.6 ) (420.2 ) (1,368.7 ) (1,130.7 ) Loss on extinguishment of debt — — — (20.0 ) Foreign exchange (loss) gain and other (2.3 ) (34.0 ) 4.6 (99.5 ) (Loss) income before (recovery of) provision for income taxes $ (1,332.4 ) $ (5.7 ) $ (2,074.9 ) $ 112.6 ____________________________________ (1) The Bausch + Lomb / International segment revenues reflect incremental product sales revenue in the three-month and nine-month periods ended September 30, 2016 mainly from 2015 acquisitions of $67 million and $226 million , respectively, in the aggregate, primarily from the Amoun Acquisition. (2) The Branded Rx segment revenues reflect incremental product sales revenue in the nine-month period ended September 30, 2016 from 2015 acquisitions of $383 million , in the aggregate, primarily from the Salix Acquisition and the acquisition of certain assets of Dendreon. (3) The U.S. Diversified Products segment revenues reflect incremental product sales revenue in the three-month and nine-month periods ended September 30, 2016 from 2015 acquisitions of $2 million and $113 million , respectively, in the aggregate, primarily from the Salix Acquisition (Zegerid® authorized generic product sales) and the acquisition of certain assets of Marathon. (4) The Bausch + Lomb / International segment profit in the three-month and nine-month periods ended September 30, 2016 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to identifiable intangible assets of $255 million and $587 million , respectively, in the aggregate, compared with $161 million and $478 million in the corresponding periods of 2015 . (5) The Branded Rx segment profit in the three-month and nine-month periods ended September 30, 2016 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to identifiable intangible assets and inventory of $421 million and $1.49 billion , respectively, in the aggregate, primarily from the Salix Acquisition, compared with $422 million and $907 million in the corresponding periods of 2015 . (6) The U.S. Diversified Products segment profit in the three-month and nine-month periods ended September 30, 2016 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to identifiable intangible assets of $133 million and $341 million , respectively, in the aggregate, compared with $121 million and $300 million in the corresponding periods of 2015 . (7) Corporate reflects research and development expenses of $56 million and $173 million in the three-month and nine-month periods ended September 30, 2016 , respectively, and non-restructuring-related share-based compensation expense of $23 million and $93 million in the three-month and nine-month periods ended September 30, 2016 , respectively. This compares with research and development expenses of $72 million and $162 million in the corresponding periods of 2015 , respectively, and non-restructuring-related share-based compensation expense of $40 million and $78 million in the corresponding periods of 2015 , respectively. The non-restructuring-related share-based compensation expense in the nine-month period ended September 30, 2016 included a charge relating to the acceleration of vesting of the performance-based RSUs held by the Company's former Chief Executive Officer. See Note 12 for additional information.
Schedule of total assets by segment	Total assets by segment as of September 30, 2016 and December 31, 2015 were as follows: As of As of Assets: The Bausch + Lomb / International segment $ 16,455.5 $ 16,886.7 The Branded Rx segment 22,524.6 24,900.5 The U.S. Diversified Products segment 6,302.6 6,758.5 45,282.7 48,545.7 Corporate 478.5 418.8 Total assets $ 45,761.2 $ 48,964.5

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Sep. 30, 2016country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates (over 100 countries)	100

RESTATEMENT OF PREVIOUSLY ISS40

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Dec. 15, 2014
Revenue Recognition Correction
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction of revenue	$ 21	$ 58
Increase in net income	$ 24
Increase in diluted earnings per share (in dollars per share)	$ 0.07
Provision for managed care rebates	$ 21
Reduction of pre-tax profit		$ 39
Philidor
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Percentage of interest acquired			100.00%

RESTATEMENT OF PREVIOUSLY ISS41

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Income Statement (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Product sales	$ 2,443.6	$ 2,748.2	$ 7,168.4	$ 7,569.3
Other revenues	36	38.6	103	120
Total revenues	2,479.6	2,786.8	7,271.4	7,689.3
Operating Expenses
Cost of goods sold (exclusive of amortization and impairments of finite-lived intangible assets shown separately below)	649.2	634.6	1,916.7	1,812.4
Cost of other revenues	8.8	13.6	29	43.1
Selling, general and administrative	660.9	697.6	2,145	1,956.9
Research and development	100.8	101.6	328.2	238.5
Amortization and impairments of finite-lived intangible assets	807.1	679.2	2,389.2	1,629.8
Restructuring and integration costs	20.7	75.6	78.2	274
In-process research and development impairments and other changes	36	95.8	53.9	108.1
Acquisition-related costs	0	7	1.8	30.4
Acquisition-related contingent consideration	9	3.8	18.3	22.6
Other income (expense)	1.1	30.2	(21.6)	213.2
Total expenses	3,342.6	2,339	7,987.7	6,329
Operating (loss) income	(863)	447.8	(716.3)	1,360.3
Interest income	2.5	0.7	5.5	2.5
Interest expense	(469.6)	(420.2)	(1,368.7)	(1,130.7)
Loss on extinguishment of debt	0	0	0	(20)
Foreign exchange (loss) gain and other	(2.3)	(34)	4.6	(99.5)
(Loss) income before (recovery of) provision for income taxes	(1,332.4)	(5.7)	(2,074.9)	112.6
(Recovery of) provision for income taxes	(113.3)	(57.4)	(178.9)	14
Net (loss) income	(1,219.1)	51.7	(1,896)	98.6
Less: Net (loss) income attributable to noncontrolling interest	(0.7)	2.2	(1.6)	4.4
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (1,218.4)	$ 49.5	$ (1,894.4)	$ 94.2
Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)	$ (3.49)	$ 0.14	$ (5.47)	$ 0.28
Diluted (in usd per share)	$ (3.49)	$ 0.14	$ (5.47)	$ 0.27
Weighted-average common shares outstanding (in millions)
Basic (in shares)	349.5	344.9	346.5	340.8
Diluted (in shares)	349.5	351	346.5	347.2
Revenue Recognition Correction
Revenues
Product sales				$ 7,569.3
Other revenues				120
Total revenues				7,689.3
Operating Expenses
Cost of goods sold (exclusive of amortization and impairments of finite-lived intangible assets shown separately below)				1,812.4
Cost of other revenues				43.1
Selling, general and administrative				1,956.9
Research and development				238.5
Amortization and impairments of finite-lived intangible assets				1,629.8
Restructuring and integration costs				274
In-process research and development impairments and other changes				108.1
Acquisition-related costs				30.4
Acquisition-related contingent consideration				22.6
Other income (expense)				213.2
Total expenses				6,329
Operating (loss) income				1,360.3
Interest income				2.5
Interest expense				(1,130.7)
Loss on extinguishment of debt				(20)
Foreign exchange (loss) gain and other				(99.5)
(Loss) income before (recovery of) provision for income taxes				112.6
(Recovery of) provision for income taxes				14
Net (loss) income				98.6
Less: Net (loss) income attributable to noncontrolling interest				4.4
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.				$ 94.2
Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)				$ 0.28
Diluted (in usd per share)				$ 0.27
Weighted-average common shares outstanding (in millions)
Basic (in shares)				340.8
Diluted (in shares)				347.2
Revenue Recognition Correction | Amounts Recognized as of Acquisition Date (as previously reported)
Revenues
Product sales				$ 7,590.1
Other revenues				120
Total revenues				7,710.1
Operating Expenses
Cost of goods sold (exclusive of amortization and impairments of finite-lived intangible assets shown separately below)				1,864.9
Cost of other revenues				43.1
Selling, general and administrative				1,956.9
Research and development				238.5
Amortization and impairments of finite-lived intangible assets				1,629.8
Restructuring and integration costs				274
In-process research and development impairments and other changes				108.1
Acquisition-related costs				26.3
Acquisition-related contingent consideration				22.6
Other income (expense)				213.2
Total expenses				6,377.4
Operating (loss) income				1,332.7
Interest income				2.5
Interest expense				(1,130.7)
Loss on extinguishment of debt				(20)
Foreign exchange (loss) gain and other				(99.5)
(Loss) income before (recovery of) provision for income taxes				85
(Recovery of) provision for income taxes				10.4
Net (loss) income				74.6
Less: Net (loss) income attributable to noncontrolling interest				4.4
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.				$ 70.2
Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)				$ 0.21
Diluted (in usd per share)				$ 0.20
Weighted-average common shares outstanding (in millions)
Basic (in shares)				340.8
Diluted (in shares)				347.2
Revenue Recognition Correction | Restatement Adjustment
Revenues
Product sales				$ (20.8)
Other revenues				0
Total revenues				(20.8)
Operating Expenses
Cost of goods sold (exclusive of amortization and impairments of finite-lived intangible assets shown separately below)				(52.5)
Cost of other revenues				0
Selling, general and administrative				0
Research and development				0
Amortization and impairments of finite-lived intangible assets				0
Restructuring and integration costs				0
In-process research and development impairments and other changes				0
Acquisition-related costs				4.1
Acquisition-related contingent consideration				0
Other income (expense)				0
Total expenses				(48.4)
Operating (loss) income				27.6
Interest income				0
Interest expense				0
Loss on extinguishment of debt				0
Foreign exchange (loss) gain and other				0
(Loss) income before (recovery of) provision for income taxes				27.6
(Recovery of) provision for income taxes				3.6
Net (loss) income				24
Less: Net (loss) income attributable to noncontrolling interest				0
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.				$ 24
Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)				$ 0.07
Diluted (in usd per share)				$ 0.07

RESTATEMENT OF PREVIOUSLY ISS42

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Cash Flows From Operating Activities
Net (loss) income	$ (1,219.1)	$ 51.7	$ (1,896)	$ 98.6
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including impairments of finite-lived intangible assets			2,532.5	1,768.4
Amortization and write-off of debt discounts and debt issuance costs			89.2	123.7
In-process research and development impairments			20	108.1
Acquisition accounting adjustment on inventory sold			38.1	97.7
Acquisition-related contingent consideration			18.3	22.6
Allowances for losses on accounts receivable and inventories			95.9	46.4
Deferred income tax benefit			(310.3)	(61.1)
Loss on disposal of assets and liabilities			(11)	9.2
(Reductions) additions to accrued legal settlements			(32.1)	31.9
Payments of accrued legal settlements			(67.8)	(32.1)
Share-based compensation			134	111.4
Foreign exchange (gain) loss			(14.6)	96.6
Loss on extinguishment of debt	0	0	0	20
Payment of contingent consideration adjustments, including accretion			(26.6)	(19.8)
Other			(12.2)	(13.6)
Changes in operating assets and liabilities:
Trade receivables			(30.9)	(656)
Inventories			(166.3)	(184.9)
Prepaid expenses and other current assets			117.7	(252)
Accounts payable, accrued and other liabilities			29.2	344.7
Net cash provided by operating activities			1,574.5	1,659.8
Net cash used in investing activities			(131.4)	(14,041.9)
Net cash provided by financing activities			(1,388.3)	13,501.5
Effect of exchange rate changes on cash and cash equivalents			6.4	(22)
Net increase in cash and cash equivalents			61.2	1,097.4
Cash and cash equivalents, beginning of period			597.3	322.6	$ 322.6
Cash and cash equivalents, end of period	$ 658.5	1,420	658.5	1,420	597.3
Non-Cash Investing and Financing Activities
Acquisition of businesses, contingent consideration at fair value			0	(744.5)
Acquisition of businesses, debt assumed			$ 0	(3,129.2)
Deferred Income Taxes Payable
Non-Cash Investing and Financing Activities
Reclassification adjustment				(14)
Accounts Payable and Accrued Liabilities
Non-Cash Investing and Financing Activities
Reclassification adjustment				14
Revenue Recognition Correction
Cash Flows From Operating Activities
Net (loss) income				98.6
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including impairments of finite-lived intangible assets				1,768.4
Amortization and write-off of debt discounts and debt issuance costs				123.7
In-process research and development impairments				108.1
Acquisition accounting adjustment on inventory sold				97.7
Acquisition-related contingent consideration				22.6
Allowances for losses on accounts receivable and inventories				46.4
Deferred income tax benefit				(61.1)
Loss on disposal of assets and liabilities				9.2
(Reductions) additions to accrued legal settlements				31.9
Payments of accrued legal settlements				(32.1)
Share-based compensation				111.4
Foreign exchange (gain) loss				96.6
Loss on extinguishment of debt				20
Payment of contingent consideration adjustments, including accretion				(19.8)
Other				(13.6)
Changes in operating assets and liabilities:
Trade receivables				(656)
Inventories				(184.9)
Prepaid expenses and other current assets				(252)
Accounts payable, accrued and other liabilities				344.7
Net cash provided by operating activities				1,659.8
Net cash used in investing activities				(14,041.9)
Net cash provided by financing activities				13,501.5
Effect of exchange rate changes on cash and cash equivalents				(22)
Net increase in cash and cash equivalents				1,097.4
Cash and cash equivalents, beginning of period				322.6	322.6
Cash and cash equivalents, end of period		1,420		1,420
Non-Cash Investing and Financing Activities
Acquisition of businesses, contingent consideration at fair value				(744.5)
Acquisition of businesses, debt assumed				(3,129.2)
Revenue Recognition Correction | Amounts Recognized as of Acquisition Date (as previously reported)
Cash Flows From Operating Activities
Net (loss) income				74.6
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including impairments of finite-lived intangible assets				1,768.4
Amortization and write-off of debt discounts and debt issuance costs				123.7
In-process research and development impairments				108.1
Acquisition accounting adjustment on inventory sold				97.7
Acquisition-related contingent consideration				22.6
Allowances for losses on accounts receivable and inventories				46.4
Deferred income tax benefit				(64.7)
Loss on disposal of assets and liabilities				9.2
(Reductions) additions to accrued legal settlements				31.9
Payments of accrued legal settlements				(32.1)
Share-based compensation				111.4
Foreign exchange (gain) loss				96.6
Loss on extinguishment of debt				20
Payment of contingent consideration adjustments, including accretion				(19.8)
Other				(13.6)
Changes in operating assets and liabilities:
Trade receivables				(656)
Inventories				(132.4)
Prepaid expenses and other current assets				(252)
Accounts payable, accrued and other liabilities				319.8
Net cash provided by operating activities				1,659.8
Net cash used in investing activities				(14,041.9)
Net cash provided by financing activities				13,501.5
Effect of exchange rate changes on cash and cash equivalents				(22)
Net increase in cash and cash equivalents				1,097.4
Cash and cash equivalents, beginning of period				322.6	322.6
Cash and cash equivalents, end of period		1,420		1,420
Non-Cash Investing and Financing Activities
Acquisition of businesses, contingent consideration at fair value				(783.3)
Acquisition of businesses, debt assumed				(3,129.2)
Revenue Recognition Correction | Restatement Adjustment
Cash Flows From Operating Activities
Net (loss) income				24
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including impairments of finite-lived intangible assets				0
Amortization and write-off of debt discounts and debt issuance costs				0
In-process research and development impairments				0
Acquisition accounting adjustment on inventory sold				0
Acquisition-related contingent consideration				0
Allowances for losses on accounts receivable and inventories				0
Deferred income tax benefit				3.6
Loss on disposal of assets and liabilities				0
(Reductions) additions to accrued legal settlements				0
Payments of accrued legal settlements				0
Share-based compensation				0
Foreign exchange (gain) loss				0
Loss on extinguishment of debt				0
Payment of contingent consideration adjustments, including accretion				0
Other				0
Changes in operating assets and liabilities:
Trade receivables				0
Inventories				(52.5)
Prepaid expenses and other current assets				0
Accounts payable, accrued and other liabilities				24.9
Net cash provided by operating activities				0
Net cash used in investing activities				0
Net cash provided by financing activities				0
Effect of exchange rate changes on cash and cash equivalents				0
Net increase in cash and cash equivalents				0
Cash and cash equivalents, beginning of period				0	$ 0
Cash and cash equivalents, end of period		$ 0		0
Non-Cash Investing and Financing Activities
Acquisition of businesses, contingent consideration at fair value				38.8
Acquisition of businesses, debt assumed				$ 0

SIGNIFICANT ACCOUNTING POLICI43

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended			6 Months Ended		9 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jan. 01, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cumulative-effect adjustment, accumulated deficit (less than $2 million and less than $1 million)									$ 30
Change in cash provided by operating activities						$ 1,574.5	$ 1,659.8
Change in cash provided by financing activities						$ (1,388.3)	13,501.5
Accumulated Deficit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cumulative-effect adjustment, accumulated deficit (less than $2 million and less than $1 million)									30
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred tax asset adjustment								$ 30
Cumulative-effect adjustment, accumulated deficit (less than $2 million and less than $1 million)	$ 1	$ 2		$ 1
Change in cash provided by operating activities		(1)	$ 18	(1)	$ 26		22
Change in cash provided by financing activities		$ 1	$ (18)	$ (1)	$ (26)		(22)
Change in diluted weighted-average common shares outstanding	(0.1)	0.6		0.2
New Accounting Pronouncement, Early Adoption, Effect | Accumulated Deficit | Accounting Standards Update 2016-09
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cumulative-effect adjustment, accumulated deficit (less than $2 million and less than $1 million)									$ 30
Deferred Income Taxes Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Reclassification adjustment							14
Accounts Payable and Accrued Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Reclassification adjustment							$ (14)

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details)	Oct. 19, 2015USD ($)	Oct. 01, 2015USD ($)	Apr. 01, 2015USD ($)product$ / shares	Feb. 23, 2015USD ($)	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Oct. 31, 2015USD ($)	Feb. 10, 2015USD ($)
Business Acquisition [Line Items]
Acquisition-related contingent consideration					$ 87,300,000		$ 196,800,000		$ 87,300,000		$ 196,800,000
Acquisition of businesses, contingent and deferred consideration obligations at fair value									0	$ 744,500,000
Purchase price net of cash received									18,500,000	14,001,700,000
Pro forma acquisition accounting adjustment on inventory sold subsequent to acquisition date								$ 25,000,000		$ 94,000,000
Amoun
Business Acquisition [Line Items]
Total fair value of consideration transferred	$ 906,000,000
Acquisition of noncontrolling interest	847,000,000
Acquisition-related contingent consideration	75,000,000
Acquisition of businesses, contingent and deferred consideration obligations at fair value	$ 59,000,000
Aggregate purchase price					906,400,000				906,400,000
Sprout Pharmaceuticals, Inc.
Business Acquisition [Line Items]
Total fair value of consideration transferred		$ 530,000,000				$ 500,000,000
Acquisition-related contingent consideration		422,000,000
Acquisition of businesses, contingent and deferred consideration obligations at fair value						$ 495,000,000
Purchase price		1,450,000,000
Commencement trigger, sales revenue		1,000,000,000
Aggregate purchase price		1,446,500,000
Salix
Business Acquisition [Line Items]
Total fair value of consideration transferred			$ 13,132,000,000
Number of products in product portfolio (more than) | product			20
Par value per share of common stock (in dollars per share) | $ / shares			$ 0.001
Per share consideration (in usd per share) | $ / shares			$ 173
Aggregate purchase price							13,132,000,000				13,132,000,000
Range of potential milestone payment, high			$ 650,000,000
Salix | Restricted Stock
Business Acquisition [Line Items]
Per share consideration (in usd per share) | $ / shares			$ 173
Other 2015 Acquisitions
Business Acquisition [Line Items]
Total fair value of consideration transferred											1,410,000,000
Acquisition of businesses, contingent and deferred consideration obligations at fair value											186,000,000
Aggregate purchase price					1,406,800,000				1,406,800,000
Dendreon
Business Acquisition [Line Items]
Acquisition of noncontrolling interest				$ 495,000,000
Purchase price net of cash received				415,000,000
Cash received from acquisition				80,000,000
Stock consideration transferred				$ 50,000,000
Marathon
Business Acquisition [Line Items]
Purchase price net of cash received					5,000,000				32,000,000		35,000,000
Aggregate purchase price													$ 286,000,000
Assumed liability owed to a third party													$ 64,000,000
Range of potential milestone payment, high							200,000,000				$ 200,000,000
Brodalumab
Business Acquisition [Line Items]
Upfront payment												$ 100,000,000
Brodalumab | Pre-launch Milestone Payments
Business Acquisition [Line Items]
Range of potential milestone payment, high		170,000,000			$ 150,000,000				$ 150,000,000
Brodalumab | Sales Based Milestone Payments
Business Acquisition [Line Items]
Range of potential milestone payment, high		175,000,000
Other (Income) Expense | Amoun
Business Acquisition [Line Items]
Payments to employees							$ 12,000,000
Minimum | Sprout Pharmaceuticals, Inc.
Business Acquisition [Line Items]
Purchase obligation		$ 200,000,000

ACQUISITIONS - Estimated fair v

ACQUISITIONS - Estimated fair values of the assets acquired and liabilities assumed (Details) - USD ($)	Oct. 19, 2015	Oct. 01, 2015	Apr. 01, 2015	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Feb. 10, 2015
Assets acquired and liabilities assumed
Goodwill				$ 17,450,100,000	$ 17,450,100,000		$ 18,552,800,000
Purchase price net of cash received					18,500,000	$ 14,001,700,000
Acquired IPR&D | Oral Relistor
Assets acquired and liabilities assumed
Reduction of IPR&D due to reclassification				304,000,000
Convertible Debt
Assets acquired and liabilities assumed
Long-term debt, including current portion			$ (3,123,100,000)
Convertible Debt | 1.5% Convertible Notes Due March 2019
Assets acquired and liabilities assumed
Long-term debt, including current portion			$ (1,837,100,000)
Stated interest rate on debt (as a percent)			1.50%
Estimated fair value of warrant transactions			$ 1,080,000,000
Convertible Debt | 2.75% Convertible Notes Due May 2015
Assets acquired and liabilities assumed
Long-term debt, including current portion			$ (1,286,000,000)
Stated interest rate on debt (as a percent)			2.75%
Amoun
Assets acquired and liabilities assumed
Cash and cash equivalents				43,500,000	43,500,000
Accounts receivable				64,200,000	64,200,000
Inventories				37,900,000	37,900,000
Other current assets				12,200,000	12,200,000
Property, plant and equipment, net				95,400,000	95,400,000
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)				520,200,000	520,200,000
Acquired IPR&D				19,500,000	19,500,000
Other non-current assets				100,000	100,000
Current liabilities				(32,000,000)	(32,000,000)
Deferred tax liabilities, net				(130,900,000)	(130,900,000)
Other non-current liabilities				(7,200,000)	(7,200,000)
Total identifiable net assets				622,900,000	622,900,000
Goodwill				283,500,000	283,500,000
Total fair value of consideration transferred				906,400,000	906,400,000
Accounts receivable, gross				66,000,000	66,000,000
Expected uncollectible of trade accounts receivable acquired				2,000,000	2,000,000
Weighted- average useful lives (Years)	10 years
Amoun | Amounts Recognized as of Acquisition Date (as previously reported)
Assets acquired and liabilities assumed
Cash and cash equivalents	$ 43,500,000
Accounts receivable	64,200,000
Inventories	37,900,000
Other current assets	12,200,000
Property, plant and equipment, net	96,400,000
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)	528,000,000
Acquired IPR&D	18,500,000
Other non-current assets	100,000
Current liabilities	(30,800,000)
Deferred tax liabilities, net	(130,500,000)
Other non-current liabilities	(11,200,000)
Total identifiable net assets	628,300,000
Goodwill	282,000,000
Total fair value of consideration transferred	$ 910,300,000
Amoun | Measurement Period Adjustments
Assets acquired and liabilities assumed
Cash and cash equivalents				0	0
Accounts receivable				0	0
Inventories				0	0
Other current assets				0	0
Property, plant and equipment, net				(1,000,000)	(1,000,000)
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)				(7,800,000)	(7,800,000)
Acquired IPR&D				1,000,000	1,000,000
Other non-current assets				0	0
Current liabilities				(1,200,000)	(1,200,000)
Deferred tax liabilities, net				(400,000)	(400,000)
Other non-current liabilities				4,000,000	4,000,000
Total identifiable net assets				(5,400,000)	(5,400,000)
Goodwill				1,500,000	1,500,000
Total fair value of consideration transferred				(3,900,000)	(3,900,000)
Amoun | Product brands
Assets acquired and liabilities assumed
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)				479,800,000	479,800,000
Weighted- average useful lives (Years)	9 years
Amoun | Product brands | Amounts Recognized as of Acquisition Date (as previously reported)
Assets acquired and liabilities assumed
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)	$ 490,800,000
Amoun | Product brands | Measurement Period Adjustments
Assets acquired and liabilities assumed
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)				(11,000,000)	(11,000,000)
Sprout Pharmaceuticals, Inc.
Assets acquired and liabilities assumed
Cash and cash equivalents		$ 26,600,000
Inventories		11,000,000
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)		993,700,000
Other non-current assets		1,600,000
Current liabilities		(4,400,000)
Deferred income taxes, net		(351,900,000)
Total identifiable net assets		676,600,000
Goodwill		769,900,000
Total fair value of consideration transferred		$ 1,446,500,000
Sprout Pharmaceuticals, Inc. | Product brands
Assets acquired and liabilities assumed
Weighted- average useful lives (Years)		11 years
Salix
Assets acquired and liabilities assumed
Cash and cash equivalents							113,700,000
Inventories							232,600,000
Other current assets							1,410,400,000
Property, plant and equipment, net							24,300,000
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)							6,756,300,000
Acquired IPR&D							5,182,900,000
Current liabilities							(1,939,200,000)
Deferred tax liabilities, net			$ (3,730,000,000)
Contingent consideration, short term portion			$ (334,000,000)				(334,100,000)
Long-term debt, including current portion							(3,123,100,000)
Deferred income taxes, net							(3,427,900,000)
Other non-current liabilities							(43,300,000)
Total identifiable net assets							4,852,600,000
Goodwill							8,279,400,000
Total fair value of consideration transferred							13,132,000,000
Weighted- average useful lives (Years)			11 years
Inventory adjustments			$ 108,000,000
Estimated fair value of derivatives			1,270,000,000
Estimated insurance recoveries			80,000,000
Accrual for potential losses and legal costs			336,000,000
Accrual for returns and rebates			375,000,000
Range of potential milestone payment, high			650,000,000
Deferred tax assets			303,000,000
Salix | Amounts Recognized as of Acquisition Date (as previously reported)
Assets acquired and liabilities assumed
Cash and cash equivalents			113,700,000
Inventories			233,200,000
Other current assets			1,400,300,000
Property, plant and equipment, net			24,300,000
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)			6,756,300,000
Acquired IPR&D			5,366,800,000
Current liabilities			(1,764,200,000)
Contingent consideration, short term portion			(327,900,000)
Long-term debt, including current portion			(3,123,100,000)
Deferred income taxes, net			(3,512,000,000)
Other non-current liabilities			(7,300,000)
Total identifiable net assets			5,160,100,000
Goodwill			7,971,900,000
Total fair value of consideration transferred			13,132,000,000
Salix | Measurement Period Adjustments
Assets acquired and liabilities assumed
Cash and cash equivalents							0
Inventories							(600,000)
Other current assets							10,100,000
Property, plant and equipment, net							0
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)							0
Acquired IPR&D							(183,900,000)
Current liabilities							(175,000,000)
Contingent consideration, short term portion							(6,200,000)
Long-term debt, including current portion							0
Deferred income taxes, net							84,100,000
Other non-current liabilities							(36,000,000)
Total identifiable net assets							(307,500,000)
Goodwill							307,500,000
Total fair value of consideration transferred							0
Salix | Development and Sales Based Milestones
Assets acquired and liabilities assumed
Range of potential milestone payment, high			250,000,000
Salix | Xifaxan
Assets acquired and liabilities assumed
IPR&D asset fair value			4,790,000,000
Salix | Oral Relistor
Assets acquired and liabilities assumed
Reduction of IPR&D due to reclassification			$ 304,000,000
Salix | Acquired IPR&D
Assets acquired and liabilities assumed
Weighted- average useful lives (Years)			10 years
Salix | Acquired IPR&D | Maximum
Assets acquired and liabilities assumed
Fair value discount rate (as a percent)			9.50%
Salix | Acquired IPR&D | Minimum
Assets acquired and liabilities assumed
Fair value discount rate (as a percent)			11.00%
Salix | Convertible Debt | 1.5% Convertible Notes Due March 2019
Assets acquired and liabilities assumed
Stated interest rate on debt (as a percent)			1.50%
Salix | Convertible Debt | 2.75% Convertible Notes Due May 2015
Assets acquired and liabilities assumed
Stated interest rate on debt (as a percent)			2.75%
Salix | Product brands
Assets acquired and liabilities assumed
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)							6,089,600,000
Weighted- average useful lives (Years)			10 years
Salix | Product brands | Amounts Recognized as of Acquisition Date (as previously reported)
Assets acquired and liabilities assumed
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)			$ 6,088,300,000
Salix | Product brands | Measurement Period Adjustments
Assets acquired and liabilities assumed
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)							1,300,000
Salix | Acquired IPR&D
Assets acquired and liabilities assumed
Weighted- average useful lives (Years)			12 years
Brodalumab | Sales Based Milestone Payments
Assets acquired and liabilities assumed
Range of potential milestone payment, high		$ 175,000,000
Payments related to various milestones				50,000,000
Other 2015 Acquisitions
Assets acquired and liabilities assumed
Cash and cash equivalents				92,200,000	92,200,000
Accounts receivable				46,500,000	46,500,000		47,000,000
Inventories				140,300,000	140,300,000
Other current assets				19,700,000	19,700,000
Property, plant and equipment, net				79,500,000	79,500,000
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)				1,078,400,000	1,078,400,000
Acquired IPR&D				53,800,000	53,800,000
Other non-current assets				2,900,000	2,900,000
Current liabilities				(128,400,000)	(128,400,000)
Deferred tax asset, net				6,400,000	6,400,000
Non-current liabilities				(117,200,000)	(117,200,000)
Long-term debt, including current portion				(6,100,000)	(6,100,000)
Total identifiable net assets				1,268,000,000	1,268,000,000
Goodwill				138,800,000	138,800,000
Total fair value of consideration transferred				1,406,800,000	1,406,800,000
Accounts receivable, gross							$ 51,000,000
Weighted- average useful lives (Years)							8 years
Allowance for doubtful accounts							$ 4,000,000
Other 2015 Acquisitions | Amounts Recognized as of Acquisition Date (as previously reported)
Assets acquired and liabilities assumed
Cash and cash equivalents							92,200,000
Accounts receivable							49,500,000
Inventories							142,900,000
Other current assets							20,200,000
Property, plant and equipment, net							94,600,000
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)							1,121,600,000
Acquired IPR&D							57,500,000
Other non-current assets							2,900,000
Current liabilities							(123,900,000)
Deferred tax liabilities, net							(54,700,000)
Non-current liabilities							(117,400,000)
Long-term debt, including current portion							(6,100,000)
Total identifiable net assets							1,279,300,000
Goodwill							141,900,000
Total fair value of consideration transferred							$ 1,421,200,000
Other 2015 Acquisitions | Measurement Period Adjustments
Assets acquired and liabilities assumed
Cash and cash equivalents				0	0
Accounts receivable				(3,000,000)	(3,000,000)
Inventories				(2,600,000)	(2,600,000)
Other current assets				(500,000)	(500,000)
Property, plant and equipment, net				(15,100,000)	(15,100,000)
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)				(43,200,000)	(43,200,000)
Acquired IPR&D				(3,700,000)	(3,700,000)
Other non-current assets				0	0
Current liabilities				(4,500,000)	(4,500,000)
Deferred tax asset, net				61,100,000	61,100,000
Non-current liabilities				200,000	200,000
Long-term debt, including current portion				0	0
Total identifiable net assets				(11,300,000)	(11,300,000)
Goodwill				(3,100,000)	(3,100,000)
Total fair value of consideration transferred				(14,400,000)	(14,400,000)
Other 2015 Acquisitions | Product brands
Assets acquired and liabilities assumed
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)				735,200,000	735,200,000
Weighted- average useful lives (Years)							7 years
Other 2015 Acquisitions | Product brands | Amounts Recognized as of Acquisition Date (as previously reported)
Assets acquired and liabilities assumed
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)							$ 741,200,000
Other 2015 Acquisitions | Product brands | Measurement Period Adjustments
Assets acquired and liabilities assumed
Identifiable intangible assets, excluding acquired in-process research and development (IPR&D)				(6,000,000)	(6,000,000)
Marathon
Assets acquired and liabilities assumed
Current liabilities							(41,000,000)
Non-current liabilities							(46,000,000)
Total fair value of consideration transferred								$ 286,000,000
Range of potential milestone payment, high							200,000,000
Purchase price net of cash received				$ 5,000,000	$ 32,000,000		$ 35,000,000

ACQUISITIONS - Identifiable int

ACQUISITIONS - Identifiable intangible assets (Details) - USD ($) $ in Millions	Oct. 19, 2015	Apr. 01, 2015	Dec. 31, 2015	Sep. 30, 2016
Amoun
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)	10 years
Total identifiable intangible assets acquired				$ 520.2
Amoun | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 528
Amoun | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired				(7.8)
Amoun | Product brands
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)	9 years
Total identifiable intangible assets acquired				479.8
Amoun | Product brands | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 490.8
Amoun | Product brands | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired				(11)
Amoun | Corporate brand
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)	17 years
Total identifiable intangible assets acquired				40.4
Amoun | Corporate brand | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 37.2
Amoun | Corporate brand | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired				3.2
Salix
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		11 years
Total identifiable intangible assets acquired			$ 6,756.3
Salix | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired		$ 6,756.3
Salix | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			0
Salix | Product brands
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		10 years
Total identifiable intangible assets acquired			6,089.6
Salix | Product brands | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired		$ 6,088.3
Salix | Product brands | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			1.3
Salix | Corporate brand
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)		20 years
Total identifiable intangible assets acquired			666.7
Salix | Corporate brand | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired		$ 668
Salix | Corporate brand | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			$ (1.3)
Other 2015 Acquisitions
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)			8 years
Total identifiable intangible assets acquired				1,078.4
Other 2015 Acquisitions | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			$ 1,121.6
Other 2015 Acquisitions | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired				(43.2)
Other 2015 Acquisitions | Product brands
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)			7 years
Total identifiable intangible assets acquired				735.2
Other 2015 Acquisitions | Product brands | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			$ 741.2
Other 2015 Acquisitions | Product brands | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired				(6)
Other 2015 Acquisitions | Corporate brand
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)			16 years
Total identifiable intangible assets acquired				6.6
Other 2015 Acquisitions | Corporate brand | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			$ 6.6
Other 2015 Acquisitions | Corporate brand | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired				0
Other 2015 Acquisitions | Product rights
Business Acquisition [Line Items]
Weighted- Average Useful Lives (Years)			3 years
Total identifiable intangible assets acquired				42
Other 2015 Acquisitions | Product rights | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			$ 42.7
Other 2015 Acquisitions | Product rights | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired				(0.7)
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				284.8
Other 2015 Acquisitions | Technology/know-how | Amounts Recognized as of Acquisition Date (as previously reported)
Business Acquisition [Line Items]
Total identifiable intangible assets acquired			$ 321.3
Other 2015 Acquisitions | Technology/know-how | Measurement Period Adjustments
Business Acquisition [Line Items]
Total identifiable intangible assets acquired				(36.5)
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

ACQUISITIONS - Fair Value of Co

ACQUISITIONS - Fair Value of Consideration Transferred (Details) - Salix $ / shares in Units, shares in Millions, $ in Millions	Apr. 01, 2015USD ($)$ / sharesshares
Business Acquisition [Line Items]
Number of shares of Salix common stock outstanding as of acquisition date | shares	64.3
Per share consideration (in usd per share) | $ / shares	$ 173
Fair value of equity consideration transferred	$ 11,329
Cash consideration paid for Salix’s restricted stock that was accelerated at the closing of the Salix Acquisition	(164.5)
Total fair value of consideration transferred	13,132
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%
Stock options
Business Acquisition [Line Items]
Number of outstanding equity awards | shares	0.1
Fair value of equity canceled and exchanged for cash	$ 10.1
Restricted Stock
Business Acquisition [Line Items]
Number of outstanding equity awards | shares	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)
Common Shares
Business Acquisition [Line Items]
Fair value of common stock	$ 11,123.9

ACQUISITIONS - Fair Value of De

ACQUISITIONS - Fair Value of Debt Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2015	Apr. 01, 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%
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%
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%

ACQUISITIONS - Pro forma impact

ACQUISITIONS - Pro forma impact of business combinations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Pro forma of consolidated results of operations
Revenues	$ 2,862.1	$ 7,938.3
Net income (loss) attributable to Valeant Pharmaceuticals International, Inc.	$ 56.2	$ (243.7)
Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)	$ 0.16	$ (0.71)
Diluted (in usd per share)	$ 0.16	$ (0.71)

DIVESTITURES (Details)

DIVESTITURES (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2016	Aug. 09, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets, finite-lived	$ 142	$ 215	$ 16	$ 79
Ruconest Divestiture | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets, finite-lived		$ 199			$ 199
Estimated loss on contingent consideration						$ 22
Ruconest Divestiture | Held-for-sale | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for divestiture						125
Ruconest Divestiture, Upfront Fee Component | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for divestiture						60
Ruconest Divestiture, Sales Based Milestone Component | Held-for-sale | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for divestiture						$ 65
Small Business Divestiture | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets, finite-lived	$ 88				$ 88

RESTRUCTURING AND INTEGRATION51

RESTRUCTURING AND INTEGRATION COSTS - Narrative (Details) $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended	18 Months Ended
	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)employee	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2016USD ($)
Cost-rationalization and integration initiatives
Acquisition-related costs, since acquisition date	$ 0			$ 7	$ 1.8	$ 30.4
Salix
Cost-rationalization and integration initiatives
Estimated integration costs					300
Restructuring and acquisition-related costs since acquisition date								$ 241
Integration expenses related to acquisition, since acquisition date					$ 17	79		127
Restructuring expenses related to acquisition, since acquisition date								99
Acquisition-related costs, since acquisition date								$ 15
Approximate number of employees expected to be terminated | employee					475
Payments for integration costs					$ 21	63
Restructuring payments	$ 5.8	$ 11.4	$ 11.4				$ 58.1
Other Restructuring, Integration-related and Other Costs
Cost-rationalization and integration initiatives
Integration/other charges incurred					1	1
Incurred restructuring costs					54	106
Restructuring costs integration consulting duplicate labor transition service and other					37	74
Severance costs					8	26
Business exit costs					8	5
Restructuring payments					$ 52	$ 150

RESTRUCTURING AND INTEGRATION52

RESTRUCTURING AND INTEGRATION COSTS - Schedule of Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Restructuring reserve
Costs incurred and/or charged to expense	$ 20.7			$ 75.6	$ 78.2	$ 274
Salix
Restructuring reserve
Balance at the beginning of the period	20.9	$ 32.6	$ 35.6		35.6	0	$ 0
Costs incurred and/or charged to expense	(0.7)	(0.3)	8.4				91.5
Cash payments	(5.8)	(11.4)	(11.4)				(58.1)
Non-cash adjustments							2.2
Balance at the end of the period	14.4	20.9	32.6		14.4		35.6
Salix | Severance and Related Benefits
Restructuring reserve
Balance at the beginning of the period	13.2	24.6	35		35	0	0
Costs incurred and/or charged to expense	(1.6)	(1.2)	0.7			88	90.6
Cash payments	(4.6)	(10.2)	(11.1)			(47)	(57.8)
Non-cash adjustments							2.2
Balance at the end of the period	7	13.2	24.6		7		35
Salix | Contract Termination, Facility Closure and Other Costs
Restructuring reserve
Balance at the beginning of the period	7.7	8	0.6		0.6	$ 0	0
Costs incurred and/or charged to expense	0.9	0.9	7.7				0.9
Cash payments	(1.2)	(1.2)	(0.3)				(0.3)
Non-cash adjustments							0
Balance at the end of the period	$ 7.4	$ 7.7	$ 8		$ 7.4		$ 0.6

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Liabilities:
Highly liquid investments, maturity period (in months)	3 months
Recurring basis
Assets:
Cash equivalents	$ 296.6	$ 167.2
Liabilities:
Acquisition-related contingent consideration	(985.3)	(1,155.9)
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash equivalents	208.5	156.1
Liabilities:
Acquisition-related contingent consideration	0	0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Cash equivalents	88.1	11.1
Liabilities:
Acquisition-related contingent consideration	0	0
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	0	0
Liabilities:
Acquisition-related contingent consideration	$ (985.3)	$ (1,155.9)

FAIR VALUE MEASUREMENTS - Compo

FAIR VALUE MEASUREMENTS - Components of Assets and Liabilities Measured at Fair Value (Details) € in Millions	Mar. 27, 2015EUR (€)	Mar. 31, 2015USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2015EUR (€)
Assets Measured at Fair Value on a Recurring Basis
Transfers between level 1 and level 2			$ 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			$ 1,000,000	$ 16,000,000
4.50% Senior Notes due May 2023
Assets Measured at Fair Value on a Recurring Basis
Aggregate principal amount of debt | €	€ 1,500
Stated interest rate on debt (as a percent)	4.50%		4.50%	4.50%
Foreign Exchange Forward | Foreign Exchange and Other
Assets Measured at Fair Value on a Recurring Basis
Foreign exchange contracts included on the Income Statement		$ 26,000,000
Foreign Exchange Forward | Designated as Hedging Instrument
Assets Measured at Fair Value on a Recurring Basis
Foreign currency forward-exchange contract | €					€ 1,530

FAIR VALUE MEASUREMENTS - Recon

FAIR VALUE MEASUREMENTS - Reconciliation of Contingent Consideration Obligations (Details) - Acquisition-related contingent consideration $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance at the beginning of the period	$ (1,155.9)
Payments/Settlements	144.8
Net Unrealized Loss	(18.3)
Foreign Exchange	7.8
Adjustments	36.3
Balance at the end of the period	(985.3)
Held-for-sale
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Adjustments	$ 26

FAIR VALUE MEASUREMENTS - Ass56

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured on a Non-Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Assets Measured at Fair Value on a Recurring Basis
Impairment of intangible assets, finite-lived	$ 142	$ 215	$ 16	$ 79
Ruconest Divestiture | Held-for-sale
Assets Measured at Fair Value on a Recurring Basis
Impairment of intangible assets, finite-lived		$ 199			$ 199
Small Business Divestiture | Held-for-sale
Assets Measured at Fair Value on a Recurring Basis
Impairment of intangible assets, finite-lived	88				88
Prepaid Expenses and Other Current Assets | Nonrecurring adjustment | Ruconest Divestiture | Held-for-sale
Assets Measured at Fair Value on a Recurring Basis
Prepaid expenses and other current assets	82				82
Prepaid Expenses and Other Current Assets | Nonrecurring adjustment | Small Business Divestiture | Held-for-sale
Assets Measured at Fair Value on a Recurring Basis
Prepaid expenses and other current assets	99				99
Prepaid Expenses and Other Current Assets | Nonrecurring adjustment | Reported Value Measurement
Assets Measured at Fair Value on a Recurring Basis
Prepaid expenses and other current assets	181.4			0	181.4
Prepaid Expenses and Other Current Assets | Nonrecurring adjustment | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets Measured at Fair Value on a Recurring Basis
Prepaid expenses and other current assets	0			0	0
Prepaid Expenses and Other Current Assets | Nonrecurring adjustment | Significant Other Observable Inputs (Level 2)
Assets Measured at Fair Value on a Recurring Basis
Prepaid expenses and other current assets	0			0	0
Prepaid Expenses and Other Current Assets | Nonrecurring adjustment | Significant Unobservable Inputs (Level 3)
Assets Measured at Fair Value on a Recurring Basis
Prepaid expenses and other current assets	$ 181.4			$ 0	$ 181.4

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 351.4	$ 289.3
Work in process	131.8	152.7
Finished goods	816.9	814.6
Total Inventories	$ 1,300.1	$ 1,256.6

INTANGIBLE ASSETS AND GOODWIL58

INTANGIBLE ASSETS AND GOODWILL - Major Components of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2016
Finite-lived intangible assets:
Gross Carrying Amount	$ 27,899.5			$ 28,186.7			$ 27,899.5
Accumulated Amortization, Including Impairments	(9,350.2)			(7,411.6)			(9,350.2)
Net Carrying Amount	18,549.3			20,775.1			18,549.3
Total intangible assets
Gross Carrying Amount	29,859.6			30,494.6			29,859.6
Net Carrying Amount	20,509.4			23,083			20,509.4
Impairment of intangible assets, finite-lived	142	$ 215	$ 16	79
Write-off of property, plant, and equipment				23
Ezogabine Retigabine
Total intangible assets
Impairment of intangible assets, finite-lived				27
Zelapar
Total intangible assets
Impairment of intangible assets, finite-lived					$ 26
Branded Rx
Total intangible assets
Allocations to assets held for sale		37
IBSChek, U.S. Diversified Products Segment
Total intangible assets
Impairment of intangible assets, finite-lived	25
IPR&D
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	262.6			610.4			262.6
Total intangible assets
IPR&D write-off		14		28	$ 90	$ 12
IPR&D | Oral Relistor
Total intangible assets
Reduction of IPR&D due to reclassification	304
Corporate brand
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	21,959			22,082.8			21,959
Accumulated Amortization, Including Impairments	(6,831.2)			(5,236.4)			(6,831.2)
Net Carrying Amount	15,127.8			16,846.4			15,127.8
Corporate brand
Finite-lived intangible assets:
Gross Carrying Amount	1,030.4			1,066.1			1,030.4
Accumulated Amortization, Including Impairments	(138.8)			(107.1)			(138.8)
Net Carrying Amount	891.6			959			891.6
Product rights
Finite-lived intangible assets:
Gross Carrying Amount	4,302.4			4,339.9			4,302.4
Accumulated Amortization, Including Impairments	(2,061)			(1,711.7)			(2,061)
Net Carrying Amount	2,241.4			2,628.2			2,241.4
Partner relationships
Finite-lived intangible assets:
Gross Carrying Amount	164.6			217.6			164.6
Accumulated Amortization, Including Impairments	(133)			(170.3)			(133)
Net Carrying Amount	31.6			47.3			31.6
Technology and other
Finite-lived intangible assets:
Gross Carrying Amount	443.1			480.3			443.1
Accumulated Amortization, Including Impairments	(186.2)			(186.1)			(186.2)
Net Carrying Amount	256.9			$ 294.2			256.9
Held-for-sale | Small Business Divestiture
Total intangible assets
Impairment of intangible assets, finite-lived	$ 88						88
Held-for-sale | Ruconest Divestiture
Total intangible assets
Impairment of intangible assets, finite-lived		$ 199					$ 199

INTANGIBLE ASSETS AND GOODWIL59

INTANGIBLE ASSETS AND GOODWILL - Amortization Expense (Details) $ in Millions	Sep. 30, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 2,672.8
2,017	2,597.1
2,018	2,468.1
2,019	2,341.4
2,020	$ 2,133.9

INTANGIBLE ASSETS AND GOODWIL60

INTANGIBLE ASSETS AND GOODWILL - Changes in Carrying Amount of Goodwill (Details)	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)segment	Jun. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2016USD ($)segment	Sep. 30, 2016USD ($)segmentunit	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Change in the carrying amount of goodwill
Balance at the beginning of the period				$ 18,552,800,000	$ 18,552,800,000
Additions					700,000
Divestiture					(36,200,000)
Impairment	$ (1,049,000,000)		$ 0		(1,049,000,000)	$ 0	$ 0
Balance at the end of the period	$ 17,450,100,000				$ 17,450,100,000		18,552,800,000
Number of reportable segments | segment	3			2	3
Number of operating segments | segment	3			3	3
Hypothetical decrease to reporting unit fair value					15.00%
Developed Markets
Change in the carrying amount of goodwill
Balance at the beginning of the period				$ 16,141,300,000	$ 16,141,300,000
Additions					700,000
Divestiture					(36,200,000)
Allocations to assets held for sale					(37,100,000)
Foreign exchange and other					47,300,000
Impairment	$ (838,000,000)				(837,900,000)
Realignment of goodwill					(15,278,100,000)
Balance at the end of the period	0				$ 0		16,141,300,000
Number of reporting units | unit					4
Developed Markets | Former United States Reporting Unit
Change in the carrying amount of goodwill
Impairment	$ (838,000,000)
Hypothetical decrease to reporting unit fair value					15.00%
Percentage of carrying amount in excess of fair value	1.00%				1.00%
Emerging Markets
Change in the carrying amount of goodwill
Balance at the beginning of the period				2,411,500,000	$ 2,411,500,000
Additions					0
Divestiture					0
Foreign exchange and other					(12,100,000)
Realignment of goodwill					(2,399,400,000)
Balance at the end of the period	$ 0				$ 0		2,411,500,000
Number of reporting units | unit					3
Bausch Lomb / International
Change in the carrying amount of goodwill
Balance at the beginning of the period				0	$ 0
Additions					0
Divestiture					0
Allocations to assets held for sale					(29,800,000)
Foreign exchange and other					13,900,000
Realignment of goodwill					6,498,200,000
Balance at the end of the period	6,482,300,000				6,482,300,000		0
Branded Rx
Change in the carrying amount of goodwill
Balance at the beginning of the period				0	0
Additions					0
Divestiture					0
Allocations to assets held for sale		$ (37,000,000)
Foreign exchange and other					(400,000)
Impairment	(211,000,000)				(211,100,000)
Realignment of goodwill					8,026,800,000
Balance at the end of the period	7,815,300,000				7,815,300,000		0
Branded Rx | Salix Reporting Unit
Change in the carrying amount of goodwill
Impairment	(211,000,000)
Balance at the end of the period	$ 5,130,000,000				$ 5,130,000,000
Hypothetical decrease to reporting unit fair value					15.00%
Percentage of carrying amount in excess of fair value	38.00%				38.00%
Reporting unit fair value	$ 10,410,000,000				$ 10,410,000,000
Reporting unit carrying value	14,150,000,000				14,150,000,000
U.S. Diversified Products
Change in the carrying amount of goodwill
Balance at the beginning of the period				$ 0	0
Additions					0
Divestiture					0
Foreign exchange and other					0
Realignment of goodwill					3,152,500,000
Balance at the end of the period	$ 3,152,500,000				3,152,500,000		$ 0
Developed Markets and Emerging Markets
Change in the carrying amount of goodwill
Foreign exchange and other					35,200,000
Bausch and Lomb/International, Branded Rx, and U.S. Diversified Products
Change in the carrying amount of goodwill
Foreign exchange and other					$ 13,500,000

LONG-TERM DEBT - Summary of Con

LONG-TERM DEBT - Summary of Consolidated Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2016	May 19, 2016	Apr. 22, 2016	Apr. 12, 2016	Dec. 31, 2015	Mar. 27, 2015
Long-term debt, net of unamortized debt discount
Total long-term debt	$ 30,445.2				$ 31,088.4
Less current portion	(59)				(823)
Total long-term debt	30,386.2				30,265.4
Series A-1 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	0				140.4
Series A-2 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	0				137.3
Series A-3 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	1,129				1,881.5
Series A-4 Tranche Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	763				951.3
Series D-2 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	1,052.7				1,087.5
Series C-2 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	808.2				835.1
Series E-1 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	2,441.3				2,531.2
Series F Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	$ 3,853.4				$ 4,055.8
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	$ 688.3				$ 688
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	$ 646.6				$ 646.1
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%	7.25%		7.25%
Total long-term debt	$ 543				$ 542.1
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%		6.375%
Total long-term debt	$ 2,230.1				$ 2,226.5
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	$ 1,592				$ 1,588.8
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%	7.50%		7.50%
Total long-term debt	$ 1,611.8				$ 1,609.7
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	$ 894.1				$ 893.2
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%	5.50%
Total long-term debt	$ 991.6				$ 990.6
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	$ 1,983.4				$ 1,979.9
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%
Total long-term debt	$ 3,218.5				$ 3,215
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	$ 1,668.8				$ 1,611.8
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%
Total long-term debt	$ 3,217.1				$ 3,214.3
Other
Long-term debt, net of unamortized debt discount
Total long-term debt	12.3				12.3
Revolving Credit Facility
Long-term debt, net of unamortized debt discount
Total long-term debt	$ 1,100				$ 250

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) $ in Millions	Aug. 23, 2016	Apr. 11, 2016	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Aug. 22, 2016	Apr. 10, 2016	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Long-term debt			$ 30,445.2				$ 31,088.4
Total fair value of long-term debt			28,850				$ 29,600
Voluntary prepayment			1,917.1	$ 1,387.2
Term Loan Facilities
Debt Instrument [Line Items]
Voluntary prepayment			1,550
Prepayments related to asset sale proceeds			62
Additional voluntary payments			275
Mandatory excess cash flow payments			125
Net borrowings			850
Payments Scheduled March and June 2016 | Term Loan Facilities
Debt Instrument [Line Items]
Principal reduction			419
Payments Scheduled September and December 2016 | Term Loan Facilities
Debt Instrument [Line Items]
Principal reduction			530
Series A-1 and A-2 Tranche A Term Loan Facilities | Term Loan Facilities
Debt Instrument [Line Items]
Principal reduction			$ 260
August 2016 Credit Facility Amendment
Debt Instrument [Line Items]
Interest coverage ratio	2
Interest rate increase (decrease)	0.50%
Increase in leverage ratio	0.50%
Amended Credit Agreement
Debt Instrument [Line Items]
Interest coverage ratio		2.75				3
Interest rate increase (decrease)		1.00%
Fiscal Quarter Ending June 2016 through March 2017 [Member] | Amended Credit Agreement
Debt Instrument [Line Items]
Interest coverage ratio					2.75
Fiscal Quarter After March 2017 [Member] | Amended Credit Agreement
Debt Instrument [Line Items]
Interest coverage ratio					3

LONG-TERM DEBT - Credit Agreeme

LONG-TERM DEBT - Credit Agreement Amendment (Details) - Amended Credit Agreement	Apr. 11, 2016USD ($)	Apr. 10, 2016USD ($)
Debt Instrument [Line Items]
Interest coverage ratio	2.75	3
Costs, fees and expenses permitted to be added back to earnings before EBITDA	$ 175,000,000
Restructuring charges permitted to be added back to earnings before EBITDA	200,000,000	$ 125,000,000
Fees and expenses permitted to be added back to earnings before EBITDA	$ 150,000,000	$ 75,000,000
Leverage ratio	4.50
Aggregate cap on acquisitions	$ 250,000,000
Transaction cap, leverage ratio	4
Interest rate increase (decrease)	1.00%

LONG-TERM DEBT - Notices of Def

LONG-TERM DEBT - Notices of Default Under Senior Note Indentures (Details)	Sep. 30, 2016	May 19, 2016	Apr. 22, 2016	Apr. 12, 2016	Dec. 31, 2015
5.50% Senior Notes due March 2023
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	5.50%	5.50%		5.50%	5.50%
5.375% Senior Notes due March 2020
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	5.375%		5.375%		5.375%
7.50% Senior Notes due in July 2021
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	7.50%	7.50%	7.50%		7.50%
6.375% Senior Notes due in October 2020
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	6.375%		6.375%		6.375%
7.25% Senior Notes due in July 2022
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	7.25%	7.25%	7.25%		7.25%

LONG-TERM DEBT - Senior Secured

LONG-TERM DEBT - Senior Secured Credit Facilities Interest Rate Schedule (Details)	9 Months Ended
	Sep. 30, 2016
Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	3.60%
Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percentage)	2.75%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Variable rate (as a percentage)	3.75%
Series A-1 Tranche A Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	2.68%
Series A-1 Tranche A Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percentage)	2.75%
Series A-1 Tranche A Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Variable rate (as a percentage)	3.75%
Series A-2 Tranche A Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	2.68%
Series A-2 Tranche A Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percentage)	2.75%
Series A-2 Tranche A Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Variable rate (as a percentage)	3.75%
Series A-3 Tranche A Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	3.41%
Series A-3 Tranche A Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percentage)	2.75%
Series A-3 Tranche A Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Variable rate (as a percentage)	3.75%
Series A-4 Tranche Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	3.56%
Series A-4 Tranche Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percentage)	2.75%
Series A-4 Tranche Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Variable rate (as a percentage)	3.75%
Series D-2 Tranche B Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	4.28%
Series D-2 Tranche B Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percentage)	3.25%
Series D-2 Tranche B Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Variable rate (as a percentage)	4.25%
Series C-2 Tranche B Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	4.53%
Series C-2 Tranche B Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percentage)	3.50%
Series C-2 Tranche B Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Variable rate (as a percentage)	4.50%
Series E-1 Tranche B Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	4.45%
Series E-1 Tranche B Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percentage)	3.50%
Series E-1 Tranche B Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Variable rate (as a percentage)	4.50%
Series F Tranche B Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	4.69%
Series F Tranche B Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percentage)	3.75%
Variable rate floor (as a percentage)	1.75%
Series F Tranche B Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Variable rate (as a percentage)	4.75%
Variable rate floor (as a percentage)	0.75%

PENSION AND POSTRETIREMENT EM66

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Components of net periodic benefit cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
U.S. Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.5	$ 0.4	$ 1.6	$ 1.2
Interest cost	2	2.4	5.9	7.2
Expected return on plan assets	(3.3)	(3.6)	(9.8)	(10.8)
Amortization of prior service credit	0	0	0	0
Amortization of net loss	0	0	0	0
Net periodic (benefit) cost	(0.8)	(0.8)	(2.3)	(2.4)
Non-U.S. Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.7	0.8	2	2.4
Interest cost	1.4	1.6	4.1	4.8
Expected return on plan assets	(1.8)	(2)	(5.2)	(6)
Amortization of prior service credit	(0.1)	(0.2)	(0.4)	(0.6)
Amortization of net loss	0.1	0.4	0.4	1.2
Net periodic (benefit) cost	0.3	0.6	0.9	1.8
Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.5	0.5	1.5
Interest cost	0.4	0.5	1.3	1.5
Expected return on plan assets	0	(0.1)	0	(0.3)
Amortization of prior service credit	(0.7)	(0.7)	(1.9)	(2)
Amortization of net loss	0	0	0	0
Net periodic (benefit) cost	$ (0.1)	$ 0.2	$ (0.1)	$ 0.7

PENSION AND POSTRETIREMENT EM67

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Narrative (Details) - Non-U.S. Pension Benefit Plans $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan contributions made	$ 6
Estimated Company contributions in current fiscal year	$ 8

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	May 31, 2014
Stock option activity
Share-based compensation expense	$ 36.8		$ 50.5			$ 134	$ 111.4
Restructuring and integration costs	20.7		75.6			$ 78.2	$ 274
Share-based compensation expense reversal				$ 6
Share-based expense related to modified awards								$ 12
Chief Executive Officer [Member]
Stock option activity
Share-based compensation expense					$ 28
Chief Executive Officer [Member] | Employee Severance [Member]
Stock option activity
Restructuring and integration costs		$ 9
Chief Executive Officer [Member] | Special Termination Benefits [Member]
Stock option activity
Restructuring and integration costs		$ 2
Stock options
Stock option activity
Granted (in shares)						2,414,300	145,000
Weighted average exercise price (in usd per share)						$ 26.04	$ 212.77
Weighted average grant date fair value of stock options (in usd per share)						$ 14.76	$ 73.18
Share-based compensation expense	4.7		8.3			$ 11.4	$ 15.7
Time-based RSUs
Stock option activity
Granted (in shares)						1,674,800	116,000
Weighted average grant date fair value of stock options (in usd per share)						$ 30.94	$ 213.56
Performance-based RSUs
Stock option activity
Granted (in shares)						1,401,200	865,000
Weighted average grant date fair value of stock options (in usd per share)						$ 37.33	$ 320.17
RSUs
Stock option activity
Share-based compensation expense	32.1		$ 42.2			$ 122.6	$ 95.7
Remaining unrecognized compensation expense related to non-vested awards	$ 258					$ 258
Weighted average service period over which compensation cost is expected to be recognized (in years)						2 years 3 months 29 days
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved for grant under the share based compensation plan (in shares)									18,000,000
Common shares available for issuance (in shares)									20,000,000
Number of shares available for future grant (in shares)	10,325,965					10,325,965

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Components and classification of share-based compensation expense
Share-based compensation expense	$ 36.8	$ 50.5	$ 134	$ 111.4
Research and development expenses
Components and classification of share-based compensation expense
Share-based compensation expense	1.7	1.5	5	4.5
Selling, general and administrative expenses
Components and classification of share-based compensation expense
Share-based compensation expense	35.1	49	129	106.9
Stock options
Components and classification of share-based compensation expense
Share-based compensation expense	4.7	8.3	11.4	15.7
RSUs
Components and classification of share-based compensation expense
Share-based compensation expense	$ 32.1	$ 42.2	$ 122.6	$ 95.7

SHAREHOLDERS' EQUITY - Schedule

SHAREHOLDERS' EQUITY - Schedule of Shareholders' Equity (Details) - USD ($) $ in Millions	Jun. 10, 2016	Mar. 27, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Increase (Decrease) in Shareholders' Equity
Beginning Balance (in shares)					342,926,531
Beginning Balance					$ 6,029.8	$ 5,401.7
Effect of retrospective application of a new accounting standard (see Note 3)							$ 30
Issuance of common stock (in shares)	213,610	7,286,432
Issuance of common stock		$ 1,450				1,481
Common shares issued under share-based compensation plans					33.1	29.1
Repurchases of common shares						(50)
Share-based compensation					134	111.4
Employee withholding taxes related to share-based awards					(9.1)	(85.8)
Excess tax benefits from share-based compensation						21.7
Noncontrolling interest from business combinations						4.9
Noncontrolling interest distributions					(9.1)	(7)
Total before comprehensive income (loss)			$ 6,208.7	$ 6,907	6,208.7	6,907
Comprehensive loss:
Net (loss) income			(1,219.1)	51.7	(1,896)	98.6
Other comprehensive loss			(5.4)	(173.7)	(39.1)	(549.7)
Comprehensive loss			$ (1,224.5)	(122)	$ (1,935.1)	(451.1)
Ending Balance (in shares)			347,669,423		347,669,423
Ending Balance			$ 4,273.6	6,455.9	$ 4,273.6	6,455.9
Valeant Pharmaceuticals International, Inc. Shareholders’ Equity
Increase (Decrease) in Shareholders' Equity
Beginning Balance					5,911	5,279.4
Effect of retrospective application of a new accounting standard (see Note 3)							30
Issuance of common stock						1,481
Common shares issued under share-based compensation plans					33.1	29.1
Repurchases of common shares						(50)
Share-based compensation					134	111.4
Employee withholding taxes related to share-based awards					(9.1)	(85.8)
Excess tax benefits from share-based compensation						21.7
Total before comprehensive income (loss)			6,099	6,786.8	6,099	6,786.8
Comprehensive loss:
Net (loss) income					(1,894.4)	94.2
Other comprehensive loss					(37.3)	(547.5)
Comprehensive loss					(1,931.7)	(453.3)
Ending Balance			$ 4,167.3	$ 6,333.5	$ 4,167.3	$ 6,333.5
Common Shares
Increase (Decrease) in Shareholders' Equity
Beginning Balance (in shares)					342,900,000	334,400,000
Beginning Balance					$ 9,897.4	$ 8,349.2
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)					4,800,000	1,400,000
Common shares issued under share-based compensation plans					$ 137	$ 75.7
Repurchase of commons shares (in shares)						(200,000)
Repurchases of common shares						$ (6.3)
Total before comprehensive income (loss) (in shares)			347,700,000	343,100,000	347,700,000	343,100,000
Total before comprehensive income (loss)			$ 10,034.4	$ 9,899.6	$ 10,034.4	$ 9,899.6
Comprehensive loss:
Ending Balance (in shares)			347,700,000	343,100,000	347,700,000	343,100,000
Ending Balance			$ 10,034.4	$ 9,899.6	$ 10,034.4	$ 9,899.6
Additional Paid-In Capital
Increase (Decrease) in Shareholders' Equity
Beginning Balance					304.9	243.9
Common shares issued under share-based compensation plans					(103.9)	(46.6)
Share-based compensation					134	111.4
Employee withholding taxes related to share-based awards					(9.1)	(85.8)
Excess tax benefits from share-based compensation						21.7
Total before comprehensive income (loss)			325.9	244.6	325.9	244.6
Comprehensive loss:
Ending Balance			325.9	244.6	325.9	244.6
Accumulated Deficit
Increase (Decrease) in Shareholders' Equity
Beginning Balance					(2,749.7)	(2,397.8)
Effect of retrospective application of a new accounting standard (see Note 3)							$ 30
Repurchases of common shares						(43.7)
Total before comprehensive income (loss)			(2,719.7)	(2,441.5)	(2,719.7)	(2,441.5)
Comprehensive loss:
Net (loss) income					(1,894.4)	94.2
Ending Balance			(4,614.1)	(2,347.3)	(4,614.1)	(2,347.3)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Shareholders' Equity
Beginning Balance					(1,541.6)	(915.9)
Total before comprehensive income (loss)			(1,541.6)	(915.9)	(1,541.6)	(915.9)
Comprehensive loss:
Other comprehensive loss					(37.3)	(547.5)
Ending Balance			(1,578.9)	(1,463.4)	(1,578.9)	(1,463.4)
Noncontrolling Interest
Increase (Decrease) in Shareholders' Equity
Beginning Balance					118.8	122.3
Noncontrolling interest from business combinations						4.9
Noncontrolling interest distributions					(9.1)	(7)
Total before comprehensive income (loss)			109.7	120.2	109.7	120.2
Comprehensive loss:
Net (loss) income					(1.6)	4.4
Other comprehensive loss					(1.8)	(2.2)
Comprehensive loss					(3.4)	2.2
Ending Balance			$ 106.3	$ 122.4	$ 106.3	$ 122.4

SHAREHOLDERS' EQUITY - Narrativ

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 10, 2016	Mar. 27, 2015	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Issuance of common stock (in shares)	213,610	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%
Stock Issued	$ 50

ACCUMULATED OTHER COMPREHENSI72

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Components of accumulated other comprehensive loss
Balance at the beginning of the period	$ (1,541.6)	$ (915.9)
Foreign currency translation adjustment	(35.7)	(546.1)
Pension adjustment	(1.6)	(1.4)
Balance at the end of the period	(1,578.9)	(1,463.4)
Foreign Currency Translation Adjustment
Components of accumulated other comprehensive loss
Balance at the beginning of the period	(1,529.4)	(886.5)
Foreign currency translation adjustment	(35.7)	(546.1)
Balance at the end of the period	(1,565.1)	(1,432.6)
Pension Adjustment
Components of accumulated other comprehensive loss
Balance at the beginning of the period	(12.2)	(29.4)
Pension adjustment	(1.6)	(1.4)
Balance at the end of the period	$ (13.8)	$ (30.8)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax [Line Items]
Income taxes benefits	$ (113.3)	$ (57.4)	$ (178.9)	$ 14
Income tax reconciliation, foreign tax rate differential amount			32
Valuation allowance against deferred tax assets	1,900		1,900		$ 1,370
Unrecognized tax benefits including interest and penalties	341		341
Unrecognized tax benefits related to interest and penalties	47		47
Portion of unrecognized tax benefits, if recognized, would reduce the Company's effective tax rate	123		123
Accrued interest related to unrecognized tax benefits	42		42		46
Accrued penalties related to unrecognized tax benefits	5		5		$ 7
Outside of Canada
Income Tax [Line Items]
Income taxes benefits	$ (113)		$ (179)

(LOSS) EARNINGS PER SHARE - Sch

(LOSS) EARNINGS PER SHARE - Schedule of (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (1,218.4)	$ 49.5	$ (1,894.4)	$ 94.2
Basic weighted-average number of common shares outstanding (in shares)	349.5	344.9	346.5	340.8
Diluted effect of stock options, RSUs and other (in shares)	0	6.1	0	6.4
Diluted weighted-average number of common shares outstanding (in shares)	349.5	351	346.5	347.2
(Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)	$ (3.49)	$ 0.14	$ (5.47)	$ 0.28
Diluted (in usd per share)	$ (3.49)	$ 0.14	$ (5.47)	$ 0.27

(LOSS) EARNINGS PER SHARE - Dil

(LOSS) EARNINGS PER SHARE - Dilutive Effect of Potential Common Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Anti-dilutive shares not included in the computation of diluted earnings per share
Basic (in shares)	349,500	344,900	346,500	340,800
Diluted weighted average number of shares outstanding (in shares)	350,300		349,900
Stock Compensation Plan
Anti-dilutive shares not included in the computation of diluted earnings per share
Dilutive effect of stock options and RSUs (in shares)	800		3,400
Stock options
Anti-dilutive shares not included in the computation of diluted earnings per share
Dilutive effect of stock options and RSUs (in shares)	8,300	442	8,300	540

LEGAL PROCEEDINGS (Details)

LEGAL PROCEEDINGS (Details) RUB in Millions

Dec. 15, 2015case

Oct. 30, 2015case

Sep. 28, 2015USD ($)

Sep. 02, 2015case

Apr. 06, 2015case

Nov. 07, 2014case

Dec. 04, 2013USD ($)

Dec. 04, 2013RUB

Feb. 01, 2013USD ($)

Jun. 24, 2016action

Apr. 30, 2016USD ($)

Mar. 12, 2015case

Jun. 30, 2016USD ($)

Sep. 30, 2015USD ($)

Sep. 30, 2016group

Dec. 31, 2015case

Oct. 01, 2015USD ($)

Salix

Legal proceedings and other matters

Number of suits filed

2

2

6

Number of putative class action cases filed

3

Sprout Pharmaceuticals, Inc. | Minimum

Legal proceedings and other matters

Purchase obligation | $

$ 200,000,000

NEW JERSEY | Unfavorable Regulatory Action

Legal proceedings and other matters

Number of suits filed | action

3

CANADA

Legal proceedings and other matters

Number of suits filed

6

CANADA | Violation of Canadian Provincial Securities Legislation

Legal proceedings and other matters

Number of suits filed

5

Number of suits filed but not yet served

2

Investigation by the State of Texas, State's Medicaid Program

Legal proceedings and other matters

Damages sought | $

$ 20,000,000

Synergetics Shareholder Class Action

Legal proceedings and other matters

Number of suits filed

4

Synergetics Shareholder Class Action | MISSOURI

Legal proceedings and other matters

Number of suits filed

3

Valeant US Securities Litigation

Legal proceedings and other matters

Number of groups of investors filing action | group

10

Valeant US Securities Litigation | NEW JERSEY | Unfavorable Regulatory Action

Legal proceedings and other matters

Number of suits filed

4

AntiGrippin Litigation | Natur Produkt | AntiGrippin Trademark

Legal proceedings and other matters

Number of suits filed

2

Damages awarded to plaintiff | RUB

RUB 1,660

AntiGrippin Litigation | Natur Produkt | AntiGrippin Trademark | Other (Income) Expense

Legal proceedings and other matters

Recognized charge loss during period | $

$ 25,000,000

$ 50,000,000

$ 25,000,000

DOJ Subpoena, Salix

Legal proceedings and other matters

Settlement, amount paid | $

$ 54,000,000

DOJ Subpoena, Salix, Federal Portion

Legal proceedings and other matters

Settlement, amount paid | $

47,000,000

DOJ Subpoena, Salix, State Medicaid Fraud Control Portion

Legal proceedings and other matters

Settlement, amount paid | $

$ 8,000,000

DOJ Subpoena, Salix, State Medicaid Fraud Control Portion | Other (Income) Expense

Legal proceedings and other matters

Reduction in legal liability | $

$ 39,000,000

SEGMENT INFORMATION - Segment R

SEGMENT INFORMATION - Segment Revenues and Profit (Details)	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Jun. 30, 2016segment	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment reporting information
Number of operating segments | segment	3		3	3
Number of reportable segments | segment	3		2	3
Total revenues	$ 2,479,600,000	$ 2,786,800,000		$ 7,271,400,000	$ 7,689,300,000
Net (loss) income	(1,219,100,000)	51,700,000		(1,896,000,000)	98,600,000
Amortization and impairments of finite-lived intangible assets	(807,100,000)	(679,200,000)		(2,389,200,000)	(1,629,800,000)
Goodwill impairment	(1,049,000,000)	0		(1,049,000,000)	0	$ 0
Restructuring and integration costs	(20,700,000)	(75,600,000)		(78,200,000)	(274,000,000)
Acquisition-related costs	(36,000,000)	(95,800,000)		(53,900,000)	(108,100,000)
Acquisition-related costs	0	(7,000,000)		(1,800,000)	(30,400,000)
Acquisition-related contingent consideration	(9,000,000)	(3,800,000)		(18,300,000)	(22,600,000)
Other (expense) income	(1,100,000)	(30,200,000)		21,600,000	(213,200,000)
Operating (loss) income	(863,000,000)	447,800,000		(716,300,000)	1,360,300,000
Interest income	2,500,000	700,000		5,500,000	2,500,000
Interest expense	(469,600,000)	(420,200,000)		(1,368,700,000)	(1,130,700,000)
Loss on extinguishment of debt	0	0		0	(20,000,000)
Foreign exchange (loss) gain and other	(2,300,000)	(34,000,000)		4,600,000	(99,500,000)
(Loss) income before (recovery of) provision for income taxes	(1,332,400,000)	(5,700,000)		(2,074,900,000)	112,600,000
Share-based compensation expense	36,800,000	50,500,000		134,000,000	111,400,000
The Bausch Lomb / International segment | Fair Value Adjustment to Inventory and Identifiable Intangible Assets
Segment reporting information
Net (loss) income	255,000,000	161,000,000		587,000,000	478,000,000
The Bausch Lomb / International segment | 2014 and 2015 Acquisitions
Segment reporting information
Total revenues	67,000,000			226,000,000
Branded Rx
Segment reporting information
Goodwill impairment	(211,000,000)			(211,100,000)
Branded Rx | Fair Value Adjustment to Inventory and Identifiable Intangible Assets
Segment reporting information
Net (loss) income	421,000,000	422,000,000		1,490,000,000	907,000,000
Branded Rx | 2014 and 2015 Acquisitions
Segment reporting information
Total revenues				383,000,000
The U.S. Diversified Products segment | Fair Value Adjustment to Inventory and Identifiable Intangible Assets
Segment reporting information
Net (loss) income	133,000,000	121,000,000		341,000,000	300,000,000
The U.S. Diversified Products segment | 2014 and 2015 Acquisitions
Segment reporting information
Total revenues	2,000,000			113,000,000
Operating Segment
Segment reporting information
Total revenues	2,479,600,000	2,786,800,000		7,271,400,000	7,689,300,000
Net (loss) income	1,244,000,000	1,501,000,000		3,376,800,000	4,021,200,000
Operating Segment | The Bausch Lomb / International segment
Segment reporting information
Total revenues	1,161,800,000	1,118,900,000		3,431,400,000	3,416,300,000
Net (loss) income	345,600,000	382,500,000		979,500,000	1,187,500,000
Operating Segment | Branded Rx
Segment reporting information
Total revenues	847,300,000	1,104,300,000		2,318,500,000	2,579,300,000
Net (loss) income	520,100,000	671,000,000		1,170,800,000	1,504,200,000
Operating Segment | The U.S. Diversified Products segment
Segment reporting information
Total revenues	470,500,000	563,600,000		1,521,500,000	1,693,700,000
Net (loss) income	378,300,000	447,500,000		1,226,500,000	1,329,500,000
Corporate
Segment reporting information
Operating (loss) income	(184,100,000)	(161,600,000)		(524,300,000)	(382,800,000)
Research and development expense	56,000,000	72,000,000		173,000,000	162,000,000
Share-based compensation expense	23,000,000	40,000,000		93,000,000	78,000,000
Segment Reconciling Items
Segment reporting information
Amortization and impairments of finite-lived intangible assets	(807,100,000)	(679,200,000)		(2,389,200,000)	(1,629,800,000)
Goodwill impairment	(1,049,000,000)	0		(1,049,000,000)	0
Restructuring and integration costs	(20,700,000)	(75,600,000)		(78,200,000)	(274,000,000)
Acquisition-related costs	(36,000,000)	(95,800,000)		(53,900,000)	(108,100,000)
Acquisition-related costs	0	(7,000,000)		(1,800,000)	(30,400,000)
Acquisition-related contingent consideration	(9,000,000)	(3,800,000)		(18,300,000)	(22,600,000)
Other (expense) income	$ (1,100,000)	$ (30,200,000)		$ 21,600,000	$ (213,200,000)

SEGMENT INFORMATION - Segment A

SEGMENT INFORMATION - Segment Assets (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 45,761.2	$ 48,964.5
Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	45,282.7	48,545.7
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	478.5	418.8
The Bausch Lomb / International segment | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	16,455.5	16,886.7
Branded Rx | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	22,524.6	24,900.5
The U.S. Diversified Products segment | Operating Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 6,302.6	$ 6,758.5