Bausch Health Companies (BHC) 10-K 1 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Feb. 23, 2017	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		347,839,513
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 5,979,817

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 542	$ 597
Trade receivables, net	2,517	2,687
Inventories, net	1,061	1,257
Current assets held for sale	261	3
Prepaid expenses and other current assets	696	963
Total current assets	5,077	5,507
Property, plant and equipment, net	1,312	1,442
Intangible assets, net	18,884	23,083
Goodwill	15,794	18,553
Deferred tax assets, net	146	156
Non-current assets held for sale	2,132	0
Other non-current assets, net	184	224
Total assets	43,529	48,965
Current liabilities:
Accounts payable	324	434
Accrued and other current liabilities	3,175	3,859
Current liabilities held for sale	57	0
Acquisition-related contingent consideration	52	197
Current portion of long-term debt	1	823
Total current liabilities	3,609	5,313
Acquisition-related contingent consideration	840	959
Non-current portion of long-term debt	29,845	30,265
Pension and other benefit liabilities	195	191
Liabilities for uncertain tax positions	184	120
Deferred tax liabilities, net	5,434	5,903
Non-current liabilities held for sale	57	0
Other non-current liabilities	107	185
Total liabilities	40,271	42,936
Commitments and contingencies (Notes 20 and 21)
Equity
Common shares	10,038	9,897
Additional paid-in capital	351	305
Accumulated deficit	(5,129)	(2,750)
Accumulated other comprehensive loss	(2,108)	(1,542)
Total Valeant Pharmaceuticals International, Inc. shareholders’ equity	3,152	5,910
Noncontrolling interest	106	119
Total equity	3,258	6,029
Total liabilities and equity	$ 43,529	$ 48,965

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	347,821,606	342,926,531
Common stock, shares outstanding (in shares)	347,821,606	342,926,531

CONSOLIDATED STATEMENTS OF (LOS

CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Product sales	$ 9,536,000,000	$ 10,292,000,000	$ 8,046,000,000
Other revenues	138,000,000	155,000,000	160,000,000
Total revenues	9,674,000,000	10,447,000,000	8,206,000,000
Expenses
Cost of goods sold (exclusive of amortization and impairments of finite-lived intangible assets shown separately below)	2,572,000,000	2,532,000,000	2,178,000,000
Cost of other revenues	39,000,000	53,000,000	58,000,000
Selling, general and administrative	2,810,000,000	2,700,000,000	2,026,000,000
Research and development	421,000,000	334,000,000	246,000,000
Amortization of intangible assets	2,673,000,000	2,257,000,000	1,427,000,000
Goodwill impairments	1,077,000,000	0	0
Asset impairments	422,000,000	304,000,000	145,000,000
Restructuring and integration costs	132,000,000	362,000,000	382,000,000
Acquired in-process research and development costs	34,000,000	106,000,000	20,000,000
Acquisition-related contingent consideration	(13,000,000)	(23,000,000)	(14,000,000)
Other expense (income) (Note 16)	73,000,000	295,000,000	(263,000,000)
Total expenses	10,240,000,000	8,920,000,000	6,205,000,000
Operating (loss) income	(566,000,000)	1,527,000,000	2,001,000,000
Interest income	8,000,000	4,000,000	5,000,000
Interest expense	(1,836,000,000)	(1,563,000,000)	(971,000,000)
Loss on extinguishment of debt	0	(20,000,000)	(130,000,000)
Foreign exchange loss and other	(41,000,000)	(103,000,000)	(144,000,000)
Gain on investments, net (Note 23)	0	0	293,000,000
(Loss) income before (recovery of) provision for income taxes	(2,435,000,000)	(155,000,000)	1,054,000,000
(Recovery of) provision for income taxes	(27,000,000)	133,000,000	174,000,000
Net (loss) income	(2,408,000,000)	(288,000,000)	880,000,000
Less: Net income (loss) attributable to noncontrolling interest	1,000,000	4,000,000	(1,000,000)
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (2,409,000,000)	$ (292,000,000)	$ 881,000,000
(Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.
Basic (in dollars per share)	$ (6.94)	$ (0.85)	$ 2.63
Diluted (in dollars per share)	$ (6.94)	$ (0.85)	$ 2.58
Weighted-average common shares
Basic (in shares)	347.3	342.7	335.4
Diluted (in shares)	347.3	342.7	341.5

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (2,408)	$ (288)	$ 880
Other comprehensive loss
Foreign currency translation adjustment	(548)	(647)	(718)
Unrealized gain on equity method investment, net of tax:
Arising during the year	0	0	51
Reclassified to net income	0	0	(51)
Net unrealized holding gain on available-for-sale equity securities:
Arising during the year	0	0	2
Reclassified to net income	0	0	(2)
Other comprehensive loss	(548)	(647)	(718)
Pension and postretirement benefit plan adjustments:
Newly established prior service credit	6	0	29
Net actuarial (loss) gain arising during the year	(32)	21	(127)
Amortization of prior service credit	(3)	(3)	(3)
Amortization or settlement recognition of net gain	1	3	1
Income tax benefit (expense)	4	(3)	28
Currency impact	1	(1)	5
Pension and postretirement benefit plan adjustments	(23)	17	(67)
Other comprehensive loss	(571)	(630)	(785)
Comprehensive (loss) income	(2,979)	(918)	95
Less: Comprehensive (loss) income attributable to noncontrolling interest	(4)	0	(3)
Comprehensive (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (2,975)	$ (918)	$ 98

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Shares	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Valeant Pharmaceuticals International, Inc. Shareholders' Equity	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2013		333,000,000
Beginning Balance at Dec. 31, 2013	$ 5,232	$ 8,301	$ 229	$ (3,279)	$ (133)	$ 5,118	$ 114
Increase (Decrease) in Shareholders' Equity
Common shares issued under share-based compensation plans (in shares)		1,400,000
Common shares issued under share-based compensation plans	16	$ 48	(32)			16
Settlement of stock options	(3)		(3)			(3)
Share-based compensation	78		78			78
Employee withholding taxes related to share-based awards	(44)		(44)			(44)
Excess tax benefits from share-based compensation	17		17			17
Noncontrolling interest from business combinations	15						15
Acquisition of noncontrolling interest	(3)		(1)			(1)	(2)
Noncontrolling interest distributions	(2)						(2)
Net (loss) income	880			881		881	(1)
Other comprehensive income (loss)	(785)				(783)	(783)	(2)
Ending Balance (in shares) at Dec. 31, 2014		334,400,000
Ending Balance at Dec. 31, 2014	5,401	$ 8,349	244	(2,398)	(916)	5,279	122
Increase (Decrease) in Shareholders' Equity
Issuance of common shares (Note 13) (in shares)		7,500,000
Issuance of common shares (Note 13)	1,482	$ 1,482				1,482
Common shares issued under share-based compensation plans (in shares)		1,400,000
Common shares issued under share-based compensation plans	30	$ 78	(48)			30
Repurchases of common shares (Note 13) (in shares)		(400,000)
Repurchases of common shares (Note 13)	(72)	$ (12)		(60)		(72)
Share-based compensation	140		140			140
Employee withholding taxes related to share-based awards	(88)		(88)			(88)
Excess tax benefits from share-based compensation	57		57			57
Noncontrolling interest from business combinations	5						5
Noncontrolling interest distributions	(8)						(8)
Net (loss) income	(288)			(292)		(292)	4
Other comprehensive income (loss)	$ (630)				(626)	(626)	(4)
Ending Balance (in shares) at Dec. 31, 2015	342,926,531	342,900,000
Ending Balance at Dec. 31, 2015	$ 6,029	$ 9,897	305	(2,750)	(1,542)	5,910	119
Increase (Decrease) in Shareholders' Equity
Effect of retrospective application of a new accounting standard (see Note 2)	30			30		30
Common shares issued under share-based compensation plans (in shares)		4,900,000
Common shares issued under share-based compensation plans	33	$ 141	(108)			33
Share-based compensation	165		165			165
Employee withholding taxes related to share-based awards	(11)		(11)			(11)
Noncontrolling interest distributions	(9)						(9)
Net (loss) income	(2,408)			(2,409)		(2,409)	1
Other comprehensive income (loss)	$ (571)				(566)	(566)	(5)
Ending Balance (in shares) at Dec. 31, 2016	347,821,606	347,800,000
Ending Balance at Dec. 31, 2016	$ 3,258	$ 10,038	$ 351	$ (5,129)	$ (2,108)	$ 3,152	$ 106

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows From Operating Activities
Net (loss) income	$ (2,408,000,000)	$ (288,000,000)	$ 880,000,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization of intangible assets	2,866,000,000	2,467,000,000	1,614,000,000
Amortization and write-off of debt discounts and debt issuance costs	118,000,000	145,000,000	70,000,000
Asset impairments	422,000,000	304,000,000	145,000,000
Acquisition accounting adjustment on inventory sold	38,000,000	134,000,000	27,000,000
Acquisition-related contingent consideration	(13,000,000)	(23,000,000)	(14,000,000)
Allowances for losses on trade receivables and inventories	174,000,000	115,000,000	81,000,000
Deferred income taxes	(236,000,000)	(160,000,000)	4,000,000
(Gain) Loss on disposal of assets and businesses	(8,000,000)	5,000,000	(254,000,000)
(Reduction) additions to accrued legal settlements	59,000,000	37,000,000	(45,000,000)
Payments of accrued legal settlements	(69,000,000)	(33,000,000)	(3,000,000)
Goodwill impairment	1,077,000,000	0	0
Loss on deconsolidation	18,000,000	0	0
Share-based compensation	165,000,000	140,000,000	78,000,000
Foreign exchange loss	14,000,000	95,000,000	135,000,000
Loss on extinguishment of debt	0	20,000,000	130,000,000
Payment of contingent consideration adjustments, including accretion	(28,000,000)	(23,000,000)	(11,000,000)
Other	8,000,000	(10,000,000)	32,000,000
Changes in operating assets and liabilities:
Trade receivables	(34,000,000)	(626,000,000)	(572,000,000)
Inventories	(164,000,000)	(276,000,000)	(193,000,000)
Prepaid expenses and other current assets	232,000,000	(91,000,000)	(110,000,000)
Accounts payable, accrued and other liabilities	(144,000,000)	325,000,000	318,000,000
Net cash provided by operating activities	2,087,000,000	2,257,000,000	2,312,000,000
Cash Flows From Investing Activities
Acquisition of businesses, net of cash acquired	(19,000,000)	(15,458,000,000)	(1,102,000,000)
Acquisition of intangible assets and other assets	(56,000,000)	(68,000,000)	(179,000,000)
Purchases of property, plant and equipment	(235,000,000)	(235,000,000)	(292,000,000)
Reduction of cash due to deconsolidation	(30,000,000)	0	0
Proceeds from sales and maturities of short-term investments	17,000,000	67,000,000	53,000,000
Net settlement of assumed derivative contracts	0	184,000,000	0
Settlement of foreign currency forward exchange contracts	0	(26,000,000)	0
Purchases of marketable securities	(1,000,000)	(49,000,000)	(72,000,000)
Purchase of equity method investment	0	0	(76,000,000)
Proceeds from sale of equity method investment	0	0	76,000,000
Proceeds from sale of assets and businesses, net of costs to sell	199,000,000	13,000,000	1,492,000,000
Increase in restricted cash	0	(5,000,000)	0
Net cash used in investing activities	(125,000,000)	(15,577,000,000)	(100,000,000)
Cash Flows From Financing Activities
Issuance of long-term debt, net of discount	1,220,000,000	17,817,000,000	1,630,000,000
Repayments of long-term debt	(2,436,000,000)	(2,055,000,000)	(3,888,000,000)
Short-term debt borrowings	3,000,000	8,000,000	19,000,000
Repayments of convertible notes assumed	(3,000,000)	(8,000,000)	(28,000,000)
Repayments of convertible notes assumed	0	(3,123,000,000)	0
Issuance of common stock, net	0	1,433,000,000	0
Repurchases of common shares	0	(72,000,000)	0
Proceeds from exercise of stock options	33,000,000	30,000,000	17,000,000
Payments of employee withholding tax upon vesting of share-based awards	(11,000,000)	(88,000,000)	(44,000,000)
Payments of contingent consideration	(123,000,000)	(151,000,000)	(106,000,000)
Payments of deferred consideration	(540,000,000)	(55,000,000)	0
Payments of financing costs	(97,000,000)	(103,000,000)	(52,000,000)
Other	(9,000,000)	(9,000,000)	(8,000,000)
Net cash (used in) provided by financing activities	(1,963,000,000)	13,624,000,000	(2,460,000,000)
Effect of exchange rate changes on cash and cash equivalents	(54,000,000)	(30,000,000)	(29,000,000)
Net (decrease) increase in cash and cash equivalents	(55,000,000)	274,000,000	(277,000,000)
Cash and cash equivalents, beginning of year	597,000,000	323,000,000	600,000,000
Cash and cash equivalents, end of year	$ 542,000,000	$ 597,000,000	$ 323,000,000

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 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 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. Effective August 9, 2013, the Company continued from the federal jurisdiction of Canada to the Province of British Columbia, meaning that the Company became a company registered under the laws of the Province of British Columbia as if it had been incorporated under the laws of the Province of British Columbia. As a result of this continuance, the legal domicile of the Company became the Province of British Columbia, the Canada Business Corporations Act ceased to apply to the Company and the Company became subject to the British Columbia Business Corporations Act. On April 1, 2015, the Company acquired Salix Pharmaceuticals, Ltd. (“Salix”), pursuant to an Agreement and Plan of Merger dated February 20, 2015, as amended on March 16, 2015 (the “Salix Merger Agreement”), with Salix surviving as a wholly owned subsidiary of Valeant Pharmaceuticals International (“Valeant”), a subsidiary of the Company (the “Salix Acquisition”). See Note 3 for additional information regarding the Salix Acquisition and related financing.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates The 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 (“GAAP”), applied on a consistent basis. In preparing the Company’s 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 financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: provisions for product returns, rebates, chargebacks, discounts and allowances, and distribution fees paid to certain wholesalers; useful lives of amortizable intangible assets and property, plant and equipment; expected future cash flows used in evaluating intangible assets for impairment, assessing compliance with debt covenants and making going concern assessments; reporting unit fair values for testing goodwill for impairment and allocating goodwill to new reporting unit structure on a relative fair value basis; provisions for loss contingencies; provisions for income taxes, uncertain tax positions and realizability of deferred tax assets; and the allocation of the purchase price for acquired assets and businesses, including the fair value of contingent consideration. Under certain product manufacturing and supply agreements, management relies on estimates for future returns, rebates and chargebacks made by the Company’s commercialization counterparties. 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 consolidated financial statements could be materially impacted. Principles of Consolidation The consolidated financial statements include the accounts of the Company and those of its subsidiaries and any variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All significant intercompany transactions and balances have been eliminated. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. To enhance comparability of the Company's asset impairments from period to period, the Company has made reclassifications to the 2015 and 2014 consolidated statements of (loss) income to include a line item for the presentation of Asset impairments from line items previously disclosed as Amortization and impairments of finite-lived intangible assets and Acquired in-process research and development impairments and other charges as follows: (in millions) As Initially Recorded Reclassification As Reclassified (Income) / Expense 2015 2014 2015 2014 2015 2014 Amortization of intangible assets $ 2,418 $ 1,551 $ (161 ) $ (124 ) $ 2,257 $ 1,427 Asset impairments — — 304 145 304 145 Acquired in-process research and development costs 249 41 (143 ) (21 ) 106 20 $ 2,667 $ 1,592 $ — $ — $ 2,667 $ 1,592 Additionally, there was a reclassification of $153 million and $72 million for the years ended December 31, 2015 and 2014, respectively, 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 flows from operating activities of the consolidated statements of cash flows. 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. See Note 22 for additional information. Acquisitions Acquired businesses are accounted for using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recorded at fair value, with limited exceptions. Any excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. Transaction costs and costs to restructure the acquired company are expensed as incurred. The operating results of the acquired business are reflected in the consolidated financial statements after the date of acquisition. Acquired in-process research and development (“IPR&D”) is recognized at fair value and initially characterized as an indefinite-lived intangible asset, irrespective of whether the acquired IPR&D has an alternative future use. If the acquired net assets do not constitute a business under the acquisition method of accounting, the transaction is accounted for as an asset acquisition and no goodwill is recognized. In an asset acquisition, the amount allocated to acquired IPR&D with no alternative future use is charged to expense at the acquisition date. Fair Value of Financial Instruments The estimated fair values of cash and cash equivalents, trade receivables, accounts payable and accrued liabilities approximate their carrying values due to their short maturity periods. The fair value of acquisition-related contingent consideration is based on estimated discounted future cash flows or Monte Carlo Simulation analyses and assessment of the probability of occurrence of potential future events. The fair values of marketable securities and long-term debt are based on quoted market prices, if available, or estimated discounted future cash flows. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with maturities of three months or less when purchased. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and trade receivables. The Company invests its excess cash in high-quality, money market instruments and term deposits with varying maturities, but typically less than three months. The Company’s cash and cash equivalents are invested in various investment grade institutional money market accounts and bank term deposits. Deposits held at banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate such risks by spreading its risk across multiple counterparties and monitoring the risk profiles of these counterparties. The Company’s trade receivables primarily represent amounts due from wholesale distributors, retail pharmacies, government entities and group purchasing organizations. Outside of the U.S., concentrations of credit risk with respect to trade receivables, which are typically unsecured, are limited due to the number of customers using the Company’s products, as well as their dispersion across many different geographic regions. The Company performs periodic credit evaluations of customers and does not require collateral. The Company monitors economic conditions, including volatility associated with international economies, and related impacts on the relevant financial markets and its business, especially in light of sovereign credit issues. The credit and economic conditions within Italy, Portugal, Spain, Greece, among other members of the European Union, Russia, Brazil, and Egypt have been weak in recent years. In November 2016, as a result of the Egyptian government’s decision to float the Egyptian pound and un-peg it to the U.S. Dollar, the Egyptian pound was significantly devalued. The Company's exposure to the Egyptian pound is primarily with respect to the Amoun Pharmaceutical Company S.A.E. business acquired in October 2015, which represented approximately 2% of the Company's 2016 total revenues. These conditions have increased, and may continue to increase, the average length of time that it takes to collect on the Company’s trade receivables outstanding in these countries. An allowance for doubtful accounts is maintained for potential credit losses based on the aging of trade receivables, historical bad debts experience, and changes in customer payment patterns. Trade receivable balances are written off against the allowance when it is deemed probable that the receivable will not be collected. Trade receivables, net are stated net of reserves for sales returns and allowances and provisions for doubtful accounts of $80 million and $67 million as of December 31, 2016 and 2015 , respectively. As of December 31, 2016 , the Company’s three largest U.S. wholesaler customers accounted for approximately 40% of net trade receivables. In addition, as of December 31, 2016 and 2015 , the Company’s net trade receivable balance from Russia, Egypt, Italy, Brazil, Spain, Greece and Portugal amounted to $214 million and $253 million , respectively, the majority of which is current or less than 90 days past due. The portion of the net trade receivable from these countries that is past due more than 90 days amounted to $7 million , in the aggregate, as of December 31, 2016 , a portion of which is comprised of public hospitals. Based on analysis of bad debt experience and assessment of historical payment patterns for such customers, the Company has established a reserve covering approximately half of the balance past due more than 90 days for such countries, in the aggregate. The Company has not experienced any significant losses from uncollectible accounts in the three-year period ended December 31, 2016 . The Company recognized incremental reserves of $27 million in the fourth quarter of 2015 primarily related to (i) a settlement with R&O Pharmacy, LLC regarding outstanding receivable amounts and (ii) receivables from certain customers of Philidor Rx Services, LLC ("Philidor"), a variable interest entity which the Company consolidated during the period from December 2014 to January 2016 (see Note 3). Inventories Inventories comprise raw materials, work in process, and finished goods, which are valued at the lower of cost or market, on a first-in, first-out basis. Cost for work in process and finished goods inventories includes materials, direct labor, and an allocation of overheads. Market for raw materials is replacement cost, and for work in process and finished goods is net realizable value. The Company evaluates the carrying value of inventories on a regular basis, taking into account such factors as historical and anticipated future sales compared with quantities on hand, the price the Company expects to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods on hand. Property, Plant and Equipment Property, plant and equipment are reported at cost, less accumulated depreciation. Costs incurred on assets under construction are capitalized as construction in progress. Depreciation is calculated using the straight-line method, commencing when the assets become available for productive use, based on the following estimated useful lives: Buildings Up to 40 years Machinery and equipment 3 - 20 years Other equipment 3 - 10 years Equipment on operating lease Up to 5 years Leasehold improvements and capital leases Lesser of term of lease or 10 years Intangible Assets Intangible assets are reported at cost, less accumulated amortization. Intangible assets with finite lives are amortized over their estimated useful lives. Amortization is calculated primarily using the straight-line method based on the following estimated useful lives: Product brands 2 - 20 years Corporate brands 6 - 20 years Product rights 3 - 15 years Partner relationships 5 - 9 years Out-licensed technology and other 5 - 10 years Divestitures of Products The Company nets the proceeds on the divestitures of products with the carrying amount of the related assets and records a gain/loss on sale within Other expense (income). Any contingent payments that are potentially due to the Company as a result of these divestitures are recorded when realizable. IPR&D The fair value of IPR&D acquired through a business combination is capitalized as an indefinite-lived intangible asset until the completion or abandonment of the related research and development activities. When the related research and development is completed, the asset will be assigned a useful life and amortized. The fair value of an IPR&D intangible asset is typically determined using an income approach. This approach starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. The net cash flows reflect the asset’s stage of completion, the probability of technical success, the projected costs to complete, expected market competition, and an assessment of the asset’s life-cycle. The net cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment are present, the asset is tested for recoverability by comparing the carrying value of the asset to the related estimated undiscounted future cash flows expected to be derived from the asset. If the expected cash flows are less than the carrying value of the asset, then the asset is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. Indefinite-lived intangible assets, including acquired IPR&D and the corporate trademark acquired in the acquisition of Bausch & Lomb Holdings Incorporated (the ‘‘B&L Trademark’’), are tested for impairment annually or more frequently if events or changes in circumstances between annual tests indicate that the asset may be impaired. Impairment losses on indefinite-lived intangible assets are recognized based solely on a comparison of the fair value of the asset to its carrying value. Goodwill 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. Goodwill is not amortized but is tested for impairment at least annually as of October 1 st at the reporting unit level. A reporting unit is the same as, or one level below, an operating segment. An interim goodwill impairment test in advance of the annual impairment assessment may be required if events occur that indicate an impairment might be present. For example, a substantial decline in the Company’s market capitalization, unexpected adverse business conditions, economic factors and unanticipated competitive activities may signal that an interim impairment test is needed. Accordingly, among other factors, the Company monitors changes in its share price between annual impairment tests. The Company considers a decline in its share price that corresponds to an overall deterioration in stock market conditions to be less of an indicator of goodwill impairment than a unilateral decline in its share price reflecting adverse changes in its underlying operating performance, cash flows, financial condition, and/or liquidity. In the event that the Company’s market capitalization does decline below its book value, the Company would consider the length and severity of the decline and the reason for the decline when assessing whether potential goodwill impairment exists. The Company believes that short-term fluctuations in share prices may not necessarily reflect underlying values. The Company performs its annual goodwill impairment test in the fourth quarter of each fiscal year. The goodwill impairment test consists of two steps. In step one, the Company compares the carrying value of each reporting unit to its fair value. In step two, if the carrying value of a reporting unit exceeds its fair value, the Company will determine the amount of goodwill impairment as the excess of the carrying value of the reporting unit’s goodwill over its fair value, if any. The fair value of goodwill is derived as the excess of the fair value of the reporting unit over the fair value of the reporting unit’s identifiable assets and liabilities. Deferred Financing Costs Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying amount of the related debt except for the deferred financing costs associated with the revolving-debt arrangements which are presented as assets. Deferred finance costs are amortized using the effective interest method as interest expense over the contractual lives of the related credit facilities. Foreign Currency Translation The assets and liabilities of the Company’s foreign operations having a functional currency other than the U.S. dollar are translated into U.S. dollars at the exchange rate prevailing at the balance sheet date, and at the average exchange rate for the reporting period for revenue and expense accounts. The cumulative foreign currency translation adjustment is recorded as a component of accumulated other comprehensive (loss) income in shareholders’ equity. Foreign currency exchange gains and losses on transactions occurring in a currency other than an operation’s functional currency are recognized in net income (loss). Revenue Recognition Revenue is realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the customer is fixed or determinable, and collectability is reasonably assured. Product Sales The Company recognizes product sales revenue when persuasive evidence of an arrangement exists, delivery has occurred, collectability is reasonably assured, and the price to the buyer is fixed or determinable, the timing of which is based on the specific contractual terms with each customer. Delivery occurs when title has transferred to the customer, and the customer has assumed the risks and rewards of ownership. As such, the Company generally recognizes revenue on a sell-in basis (i.e., record revenue upon delivery); however, based upon specific terms and circumstances, the Company has determined that, for certain arrangements with certain retailers and other third parties, revenue should be recognized on a sell-through basis (i.e., record revenue when products are dispensed to patients). In evaluating the proper revenue recognition for sales transactions, the Company considers all relevant factors, including additional discounts or extended payment terms which the Company grants to certain customers, often near the end of fiscal quarterly periods. Revenue from product sales is recognized net of provisions for estimated cash discounts, allowances, returns, rebates, chargebacks and distribution fees paid to certain of the Company’s wholesale customers. The Company establishes these provisions concurrently with the recognition of product sales revenue. Price appreciation credits are generated when the Company increases a product’s wholesaler acquisition cost (“WAC”) under its contracts with certain wholesalers. Under such contracts, the Company is entitled to credits from such wholesalers for the impact of that WAC increase on inventory currently on hand at the wholesalers. Such credits, which can be significant, are used to offset against the total distribution service fees the Company pays on all of its products to each wholesaler. Net revenue on these credits is recognized on the date that the wholesaler is notified of the price increase. The Company offers cash discounts for prompt payment and allowances for volume purchases to customers. Provisions for cash discounts and allowances are estimated based on contractual sales terms with customers, an analysis of unpaid invoices, and historical payment experience. The Company generally allows customers to return product within a specified period of time before and after its expiration date, excluding the Company’s European businesses which generally do not carry a right of return. Provisions for returns are estimated based on historical sales and return levels, taking into account additional available information such as historical return and exchange levels, external data with respect to inventory levels in the wholesale distribution channel, external data with respect to prescription demand for the Company’s products, remaining shelf lives of the Company’s products at the date of sale and estimated returns liability to be processed by year of sale based on analysis of lot information related to actual historical returns. The Company reviews its methodology and adequacy of the provision for returns on a quarterly basis, adjusting for changes in assumptions, historical results and business practices, as necessary. The Company is subject to rebates on sales made under governmental and managed-care programs in the U.S., and chargebacks on sales made to government agencies, group purchasing organizations and other indirect customers. Provisions for rebates and chargebacks are estimated based on historical utilization levels, relevant statutes with respect to governmental pricing programs and contractual sales terms with managed-care providers and group purchasing organizations. Changes in the level of utilization of the Company’s products through private or public benefit plans and group purchasing organizations will impact the amount of rebates and chargebacks that the Company is obligated to pay. The Company is party to product manufacturing and supply agreements with a number of commercialization counterparties in the U.S. Under the terms of these agreements, the Company’s supply prices for its products are determined after taking into consideration estimates for future returns, rebates, and chargebacks provided by each counterparty. The Company makes adjustments as needed to state these estimates on a basis consistent with this policy and its methodology for estimating returns, rebates and chargebacks related to its own direct product sales. Research and Development Expenses Costs related to internal research and development programs, including costs associated with the development of acquired IPR&D, are expensed as goods are delivered or services are performed. Under certain research and development arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific developmental, regulatory and/or commercial milestones. Before a product receives regulatory approval, milestone payments made to third parties are expensed and included in Research and development costs when the milestone is achieved . Milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the estimated useful life of the approved product. Amounts due from third parties as reimbursement of development activities conducted under certain research and development arrangements are recognized as a reduction of research and development expenses. Legal Costs Legal fees and other costs related to litigation and other legal proceedings are expensed as incurred and are included in Selling, general and administrative expenses. Certain legal costs associated with acquisitions are included in Acquisition-related costs, and certain legal costs associated with divestitures, legal settlements, and other business development activity are included in Other expense (income) or Gain on investments, net (see Note 23 ), as appropriate. Certain costs for legal matters related to contingent liabilities assumed in the Salix Acquisition were recorded at estimated fair value (see Note 3 ). Legal costs expensed are reported net of expected insurance recoveries. A claim for insurance recovery is recognized when realization becomes probable. Advertising Costs Advertising costs comprise product samples, print media, promotional materials and television advertising. Advertising costs related to new product launches are expensed on the first use of the advertisement. Included in Prepaid expenses and other current assets are prepaid advertising costs of $8 million and $20 million , as of December 31, 2016 and 2015 , respectively. Included in Selling, general and administrative expenses are advertising costs of $564 million , $652 million and $435 million , for 2016, 2015 and 2014 , respectively. Share-Based Compensation The Company recognizes all share-based payments to employees, including grants of employee stock options and restricted share units (“RSUs”), at estimated fair value. The Company amortizes the fair value of stock option or RSU grants on a straight-line basis over the requisite service period of the individual stock option or RSU grant, which generally equals the vesting period. Stock option and RSU forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Share-based compensation is recorded in Research and development expenses, Selling, general and administrative expenses and Other expense costs, as appropriate. See “Adoption of New Accounting Standards” in this Note 2 below for details on the Company's adoption of a new standard related to share-based compensation. Acquisition-Related Contingent Consideration Acquisition-related contingent consideration, which primarily consists of potential milestone payments and royalty obligations, is recorded in the consolidated balance sheets at its acquisition date estimated fair value, in accordance with the acquisition method of accounting. The fair value of the acquisition-related contingent consideration is remeasured each reporting period, with changes in fair value recorded in the consolidated statements of (loss) income. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in fair value measurement accounting. Interest Expense Interest expense includes standby fees and the amortization of debt discounts and deferred financing costs. Interest costs are expensed as incurred, except to the extent such interest is related to construction in progress, in which case interest is capitalized. Capitalized interest related to construction in progress for 2016, 2015 and 2014 was $24 million , $14 million and $7 million , respectively. Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the differences between the financial statement and income tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. A valuation allowance is provided for the portion of deferred tax assets that is more likely than not to remain unrealized. Deferred tax assets and liabilities are measured using enacted tax rates and laws. Deferred tax assets for outside basis differences in investments in subsidiaries are only recognized if the difference will be realized in the foreseeable future. The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The tax benefits recognized from such position are measured based on the amount that is greater than 50% likely of being realized upon settlement. Liabilities associated with uncertain tax positions are classified as long-term unless expected to be paid within one year. Interest and penalties related to uncertain tax positions, if any, are recorded in the provision for income taxes and classified with the related liability on the consolidated balance sheets. Earnings Per Share Basic earnings per share attributable to Valeant Pharmaceuticals International, Inc. is calculated by dividing net income attributable to Valeant Pharmaceuticals International, Inc. by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is calculated by dividing net income attributable to Valeant Pharmaceuticals International, Inc. by the weighted-average number of common shares outstanding during the reporting period after giving effect to dilutive potential common shares for stock options and RSUs, determined using the treasury stock method. Comprehensive Income Comprehensive income comprises net income and other comprehensive income. Other comprehensive income includes items such as foreign currency translation adjustments, unrealized holding gains and losses on available-for-sale and other investments and certain pension and other postretirement benefit plan adjustments. Accumulated other comprehensive income is recorded as a component of shareholders’ equity. Contingencies In the normal course of business, the Company is subject to loss contingencies, such as claims and assessments arising from litigation and other legal proceedings, contractual indemnities, product and environmental liabilities, and tax matters. Accruals for loss contingencies are recorded when the Company determines that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the estimate of the amount of the loss is a range and some amount within the range appears to be a better estimate than any other amount within the range, that amount is accrued as a liability. If no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued as a liability. These accruals are adjusted periodically as assessments change or additional information becomes available. If no accrual is made for a loss contingency because the amount of loss cannot be reasonably estimated, the Company will disclose contingent liabilities when there is at least a reasonable possibility that a loss or an additional loss may have been incurred. Certain legal-related contingencies assumed in the Salix Acquisition were recorded at estimated fair value (see Note 3 ). Employee Benefit Plans The Company sponsors various retirement and pension plans, including defined benefit pension plans, defined contribution plans and a participatory defined benefit postretirement plan. The determination of defined benefit pension and postretirement plan obligations and their associated expenses requires the use of actuarial valuations to estimate the benefits employees earn while working, as well as the present value of those benefits. Net actuarial gains and losses that exceed 10 percent of the greater of the plan’s projected benefit obligations or the market-related value of assets are amortized to earnings over the shorter of the estimated average future service period of the plan participants (or the estimated average future lifetime of the plan participants if the majority of plan participants are inactive) or the period until any anticipated final plan settlements. Adoption of New Accounting Standards 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 has adopted the guidance in the fourth quarter of 2016 and provided the required disclosure in Note 11 . 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 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 on

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS During 2016, there was one business combination which was not material. (a) 2015 Business Combinations 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 an aggregate purchase price of approximately $906 million , which included cash plus contingent consideration (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 affect 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 was from nil, if none of the milestones were achieved, to a maximum of up to approximately $75 million over time, if all milestones are achieved. The fair value of the contingent consideration was estimated at the acquisition date to be $59 million and was determined using probability-weighted discounted cash flows. Included in Other expense (income) for 2015 is a charge for post-combination expense of $12 million related to cash bonuses paid to Amoun employees. Assets Acquired and Liabilities Assumed The estimated fair values of the assets acquired and liabilities assumed, as initially measured and adjusted through the end of the measurement period are as follows: (in millions) Original Estimate of Fair Value Measurement Period Adjustments Final Fair Value Cash $ 44 $ — $ 44 Trade receivables 64 — 64 Inventories 38 — 38 Other current assets 12 — 12 Property, plant and equipment 96 (1 ) 95 Identifiable intangible assets, excluding acquired IPR&D 528 (8 ) 520 Acquired IPR&D 19 1 20 Current liabilities (31 ) (1 ) (32 ) Deferred tax liability, net of nominal deferred tax assets (131 ) (1 ) (132 ) Other non-current liabilities (11 ) 4 (7 ) Total identifiable net assets 628 (6 ) 622 Goodwill 282 2 284 Total fair value of consideration transferred $ 910 $ (4 ) $ 906 The following table summarizes the identifiable intangible assets acquired and their useful lives: (in millions) Weighted-Average Useful Lives (Years) Original Estimate of Fair Value Measurement Period Adjustments Final Fair Value Product brands 9 $ 491 $ (11 ) $ 480 Corporate brand 17 37 3 40 Total identifiable intangible assets acquired 10 $ 528 $ (8 ) $ 520 Goodwill was allocated to the Company’s Bausch + Lomb/International segment (initially the former Emerging Markets segment) and represents (i) the Company’s expectation to develop and market new products and expand its business to new geographic markets, (ii) 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 (iii) intangible assets that do not qualify for separate recognition (for instance, Amoun's assembled workforce). None of the goodwill is expected to be deductible for tax purposes. Revenues and losses attributable to Amoun from the date of acquisition through December 31, 2015 were $48 million and $9 million , respectively, and include the effects of acquisition adjustments and acquisition-related costs. Sprout Pharmaceuticals, Inc. 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, 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 approximately $1,447 million , which included 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 Sprout Acquisition, the merger agreement contains a contractual term (which term is in dispute, as further described below) for 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. In November 2016, the shareholder representative of the former shareholders of Sprout filed a lawsuit filed against the Company and Valeant alleging, among other things, breach of contract with respect to certain terms of the merger agreement relating to the Sprout Acquisition, including the disputed contractual term to spend no less than $200 million in certain expenditures. Refer to Note 20 for additional information regarding this lawsuit. 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, which 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. That share of future profits is uncapped and commences on the date that the earlier of (a) net cumulative worldwide sales of flibanserin products (plus any amounts received from sublicenses on the sale of flibanserin products) exceed $1,000 million , 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. Assets Acquired and Liabilities Assumed The estimated fair values of the assets acquired and liabilities assumed were measured as of the acquisition date. There have been no material adjustments to those fair values through the end of the measurement period. The fair values of the assets acquired and liabilities assumed are as follows: (in millions) Final Fair Value Cash and cash equivalents $ 27 Inventories 11 Other assets 2 Identifiable intangible assets 994 Current liabilities (5 ) Deferred income taxes, net (352 ) Total identifiable net assets 677 Goodwill 770 Total fair value of consideration transferred $ 1,447 Identifiable intangible assets consists of product rights with a weighted-average useful life of 11 years. Goodwill was allocated to the Branded Rx segment (initially the former Developed Markets segment) and represents (i) 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, (ii) the value of the continuing operations of Sprout's existing business and (iii) intangible assets that do not qualify for separate recognition. None of the goodwill is expected to be deductible for tax purposes. Revenues attributable to Sprout from the date of acquisition through December 31, 2015 were nominal. Losses attributable to Sprout from the date of acquisition through December 31, 2015 were $37 million and include the effects of acquisition adjustments and acquisition-related costs. Salix Description of the Transaction On April 1, 2015, the Company acquired Salix, pursuant to the Salix Merger Agreement. 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®. The Salix Acquisition, 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. For further information regarding these debt and equity issuances, see Note 11 and Note 13 , respectively. Fair Value of Consideration Transferred The purchase price of the Salix Acquisition was $13,132 million , and consisted of cash payments of (i) $11,329 million to cancel the outstanding common shares, stock options, and restricted stock units of Salix (net of the non-vested portion of Salix restricted stock units), (ii) $1,125 million to redeem Salix’s Term Loan B Credit Facility repaid concurrently with the consummation of the Salix Acquisition and not assumed by the Company and (iii) $842 million to redeem Salix’s 6.00% Senior Notes due 2021 satisfied and discharged concurrently with the consummation of the Salix Acquisition and not assumed by the Company. The purchase price excludes $165 million paid by the Company at closing to settle the non-vested portion of Salix restricted stock units, the vesting of which was accelerated in connection with the Salix Acquisition and accounted for by the Company as a post-combination expense included in Other expense (income). Assets Acquired and Liabilities Assumed Acquisition accounting was finalized in the fourth quarter of 2015 and no adjustments to the fair values of the assets acquired and liabilities assumed were identified subsequent to December 31, 2015. The following table provides the fair value of the assets acquired and liabilities assumed in the Salix Acquisition as of the acquisition date. (in millions) Final Fair Value Cash and cash equivalents $ 114 Inventories 232 Other assets 1,410 Property, plant and equipment 24 Identifiable intangible assets, excluding acquired IPR&D 6,756 Acquired IPR&D - Xifaxan ® IBS-D 4,790 Acquired IPR&D - Other 393 Current liabilities (1,939 ) Contingent consideration (334 ) Long-term debt (3,123 ) Deferred income taxes, net of deferred tax assets (3,428 ) Other non-current liabilities (43 ) Total identifiable net assets 4,852 Goodwill 8,280 Total fair value of consideration transferred $ 13,132 Other assets includes the fair value of $1,270 million of 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. The capped call transactions and convertible bond hedge transactions were settled on the date of the Salix Acquisition and, as such, the fair value was equal to the settlement amounts. The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: (in millions) Weighted- Average Useful Lives (Years) Final Fair Value Product brands 10 $ 6,089 Corporate brand 20 667 Total identifiable intangible assets acquired 11 $ 6,756 Acquired IPR&D assets were valued from a market participant perspective using a multi-period excess earnings methodology (income approach). 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. Current liabilities include (i) $1,080 million for warrant transactions that Salix entered into in connection with its 1.5% Convertible Senior Notes due 2019 (these instruments were settled at closing of the transaction and the fair value are the settlement amounts), (ii) $336 million for potential losses and related costs associated with ongoing Salix legal matters (see Note 20 for additional information) and (iii) $375 million of product returns and rebates. 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, potential milestone payments (excluding royalty-based payments) ranged from nil if none of the milestones are achieved, to approximately $650 million (the majority of which relates to sales-based milestones) over time. This amount includes up to $250 million in developmental and sales-based milestones 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®. The fair value of the contingent consideration assumed was $334 million and was determined using probability-weighted discounted cash flows. See Note 6 for additional information regarding the contingent consideration. Long term debt is Salix debt assumed at the acquisition date and consisted of (i) $1,837 million in 1.5% Convertible Senior Notes due 2019 and (ii) $1,286 million in 2.75% Convertible Senior Notes due 2015. The Company redeemed these amounts in the second quarter of 2015, except for a nominal amount of the 1.5% Convertible Senior Notes due 2019 which remain outstanding. Goodwill has been allocated to the Branded Rx segment (initially the former Developed Markets segment) and represents: (i) the Company’s expectation to develop and market new product brands, product lines and technology; (ii) cost savings and operating synergies expected to result from combining the operations of Salix with those of the Company; (iii) the value of the continuing operations of Salix’s existing business; and (iv) intangible assets that do not qualify for separate recognition. None of the goodwill is expected to be deductible for tax purposes. Revenues and losses attributable to Salix from the date of acquisition through December 31, 2015 were $1,276 million and $302 million , respectively, and include the effects of acquisition adjustments and acquisition-related costs. Other 2015 Business Combinations Description of the Transactions In 2015, the Company completed other business combinations (excluding the Amoun Acquisition, the Sprout Acquisition, and the Salix Acquisition) for an aggregate purchase price of $1,407 million . These other business combinations included contingent consideration arrangements with an original aggregate estimated fair value of $186 million , primarily related to the acquisition of certain assets of Marathon Pharmaceuticals, LLC ("Marathon"), as well as milestone payments and royalties related to other smaller acquisitions. See Note 6 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, for the acquisition of certain assets of Dendreon Corporation for a purchase price of $415 million , net of 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 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, which included 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. The Company also assumed a contingent consideration liability related to potential payments, in the aggregate, of up to $200 million 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 $87 million and was determined using probability-weighted projected cash flows. Through December 31, 2016 and 2015, the Company made contingent consideration payments of $50 million and $35 million , respectively, related to the acquisition of certain assets of Marathon. • In 2015, the Company completed other 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 provides the original estimate of fair value of the assets acquired and liabilities assumed of the business combinations, in the aggregate, as of the applicable acquisition date of each acquisition and the final estimate of fair value at the end of the applicable measurement period of each acquisition. The measurement period for each acquisition is closed. (in millions) Original Estimate of Fair Value Measurement Period Adjustments Final Fair Value Cash $ 92 $ — $ 92 Trade receivables 50 (3 ) 47 Inventories 143 (3 ) 140 Other current assets 20 (1 ) 19 Property, plant and equipment 95 (15 ) 80 Identifiable intangible assets, excluding acquired IPR&D 1,122 (44 ) 1,078 Acquired IPR&D 58 (4 ) 54 Other non-current assets 3 — 3 Deferred tax (liability) asset, net (55 ) 61 6 Current liabilities (124 ) (5 ) (129 ) Long-term debt (6 ) — (6 ) Non-current liabilities (117 ) 1 (116 ) Total identifiable net assets 1,281 (13 ) 1,268 Goodwill 142 (3 ) 139 Total fair value of consideration transferred $ 1,423 $ (16 ) $ 1,407 The measurement period adjustments primarily relate to the acquisition of certain assets of Dendreon Corporation and reflect: (i) an increase to the deferred tax assets based on further assessment of the Dendreon Corporation net operating losses 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. The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: (in millions) Weighted- Average Useful Lives (Years) Original Estimate of Fair Value Measurement Period Adjustments Final Fair Value Product brands 7 $ 741 $ (6 ) $ 735 Product rights 3 43 (1 ) 42 Corporate brands 16 7 — 7 Partner relationships 8 8 — 8 Technology/know-how 10 321 (37 ) 284 Other 6 2 — 2 Total identifiable intangible assets acquired 8 $ 1,122 $ (44 ) $ 1,078 Goodwill associated with these acquisitions was allocated primarily to the Company’s Bausch + Lomb/International segment (initially primarily to the former Developed segment) and primarily relates to certain smaller acquisitions and the acquisition of certain assets of Marathon. The goodwill represents primarily the cost savings, operating synergies and other benefits expected to result from combining the operations with those of the Company. The majority of the goodwill is not expected to be deductible for tax purposes. Revenues and income attributable to these business combinations from the respective dates of acquisition through December 31, 2015 were $771 million and $208 million , respectively, and include the effects of acquisition adjustments and acquisition-related costs. 2015 Asset Acquisitions On October 1, 2015, pursuant to a license agreement entered into with AstraZeneca Collaboration Ventures, LLC (“AstraZeneca”), the Company was granted an exclusive license to develop and commercialize brodalumab. Brodalumab is an IL-17 receptor monoclonal antibody in development for patients with moderate-to-severe plaque psoriasis and psoriatic arthritis. Under the license agreement, the Company initially held the exclusive rights to develop and commercialize brodalumab globally, except in Japan and certain other Asian countries where rights are held by Kyowa Hakko Kirin Co., Ltd under a prior arrangement with Amgen Inc., the originator of brodalumab. The Company has assumed all remaining development obligations associated with the regulatory approval for brodalumab in its territory subsequent to the acquisition. Regulatory submission in the U.S. and European Union for brodalumab in moderate-to-severe psoriasis occurred in November 2015. On February 16, 2017, the Company announced that the FDA had approved the Biologics License Application ("BLA") for Siliq™ (brodalumab) injection, for subcutaneous use for the treatment of moderate-to-severe plaque psoriasis in adult patients who are candidates for systemic therapy or phototherapy and have failed to respond or have lost response to other systemic therapies. The Company expects to commence sales and marketing of Siliq™ in the U.S. in the second half of 2017. Siliq™ has a Black Box Warning for the risks in patients with a history of suicidal thoughts or behavior and was approved with a Risk Evaluation and Mitigation Strategy ("REMS") involving a one-time enrollment for physicians and one-time informed consent for patients. Under the terms of the agreement, the Company made an up-front payment to AstraZeneca of $100 million in October 2015, which was recognized in Acquired in-process research and development costs in the fourth quarter of 2015 in the consolidated statement of (loss) income as the product has not yet received regulatory approval at the time of the acquisition. In addition, under the terms of the license agreement, the Company may pay additional pre-launch milestones of up to $170 million (subsequently decreased to $150 million as described below and of which $130 million became payable as a result of the FDA's approval on February 15, 2017 of the BLA for Siliq™ (brodalumab)) and sales-related milestone payments of up to $175 million following launch. Upon launch, AstraZeneca and the Company will share profits. On June 30, 2016, the Company and AstraZeneca amended the original license agreement to terminate the Company's right to develop and commercialize brodalumab in Europe, in exchange for payments by AstraZeneca to the Company, which consist of an up-front payment and certain sales-based milestones, and a reduction of one of the pre-launch milestones payable by the Company under the license agreement. Concurrently, the Company and AstraZeneca entered into other agreements, amongst which include a settlement agreement to resolve certain disputed invoices related to transition services. The impact from these agreements did not have a material impact on the Company's consolidated statement of loss for the year ended December 31, 2016 . (b) 2014 Business Combinations In 2014, the Company completed several business combinations for an aggregate purchase price of $1,347 million . The aggregate purchase price included contingent consideration payment obligations with an aggregate acquisition date fair value of $132 million , primarily related to sales-based milestones. See Note 6 for additional information regarding contingent consideration. • On July 7, 2014, the Company acquired all of the outstanding common stock of PreCision Dermatology, Inc. (“PreCision”) (the "PreCision Acquisition") for an aggregate purchase price of $459 million . PreCision developed and marketed a range of medical dermatology products, treating a number of topical disease states such as acne and atopic dermatitis with products such as Locoid® and Clindagel®. Under the terms of the agreement, the Company agreed to pay contingent consideration of $25 million upon the achievement of a sales-based milestone for 2014. The fair value of this contingent consideration was determined to be nominal. The sales-based milestone was not achieved. Further, the Company was required by the Federal Trade Commission (“FTC”) to divest the rights to PreCision’s Tretin-X® (tretinoin) cream product and PreCision’s generic tretinoin gel and cream products (see Note 4 for additional information). These assets had an estimated fair value of $126 million at the acquisition date, were classified as assets held for sale when acquired, and were divested in the third quarter of 2014. Included in Other expense (income) in 2014 is a post-combination expense of $20 million related to the acceleration of unvested stock options for PreCision employees. • On January 23, 2014, the Company acquired all outstanding common stock of Solta Medical, Inc. (“Solta Medical”) (the “Solta Medical Acquisition”) for $293 million . Solta Medical designs, develops, manufactures, and markets energy-based medical device systems for aesthetic applications, and its products include the Thermage CPT® system, the Fraxel® repair system, the Clear + Brilliant® system, and the Liposonix® system. • In 2014, the Company completed other acquisitions which are not material individually or in the aggregate. These acquisitions are included in the aggregated amounts presented below. Beginning in December 2014, the Company consolidated the Philidor pharmacy network. The Company determined that based on its rights, including its option to acquire Philidor, Philidor was a variable interest entity for which the Company was the primary beneficiary, given its power to direct Philidor’s key activities and its obligation to absorb their losses and rights to receive their benefits. As a result, beginning in December 2014, the Company included the assets and liabilities and results of operations of Philidor in its consolidated financial statements. In October 2015, the Company announced that it would be severing all ties with Philidor. Effective November 2015, the Company signed an agreement terminating all arrangements with or relating to Philidor, other than certain transition services which ended on January 30, 2016. Philidor was deconsolidated from the Company's consolidated financial statements in the first quarter of 2016. Net sales recognized through Philidor represented approximately 5% of the Company's total consolidated net revenue for 2015, and the total assets of Philidor represented less than 1% of the Company's total consolidated assets as of December 31, 2015. The impact of Philidor as a consolidated entity on the Company's net revenue for 2014 was nominal . Assets Acquired and Liabilities Assumed These transactions have been accounted for as business combinations under the acquisition method of accounting. The following table provides the fair value of the assets acquired and liabilities assumed of the business combinations, in the aggregate, as of the applicable acquisition date. There were no measurement period adjustments during 2016 and the measurement period for each acquisition is closed. (in millions) Final Fair Value Cash and cash equivalents $ 35 Trade receivables 82 Assets held for sale acquired in the PreCision Acquisition 125 Inventories 75 Other current assets 14 Property, plant and equipment 57 Identifiable intangible assets, excluding acquired IPR&D 720 Acquired IPR&D 63 Other non-current assets 2 Current liabilities (169 ) Long-term debt, including current portion (11 ) Deferred income taxes, net (71 ) Other non-current liabilities (13 ) Total identifiable net assets 909 Noncontrolling interest (20 ) Goodwill 458 Total fair value of consideration transferred $ 1,347 The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: (in millions) Weighted- Average Useful Lives (Years) Final Fair Value Product brands 10 $ 508 Product rights 8 92 Corporate brand 15 33 In-licensed products 9 2 Partner relationships 9 51 Other 9 34 Total identifiable intangible assets acquired 10 $ 720 Goodwill of $194 million from the PreCision Acquisition was allocated to the Company’s Branded Rx segment (initially the former Developed segment). Goodwill of $94 million from the Solta Medical Acquisition was allocated to the U.S. Diversified segment (initially primarily to the former Developed segment). Goodwill from the other acquisitions was allocated primarily to the Branded Rx segment (initially primarily to the former Developed segment). Goodwill from the PreCision Acquisition and the Solta Medical Acquisition represents; (i) cost savings, operating synergies and other benefits expected to result from combining the operations of PreCision and Solta Medical with those of the Company, (ii) the Company’s expectation to develop and market new products and technology and (iii) intangible assets that do not qualify for separate recognition. Substantially all of the goodwill is not expected to be deductible for tax purposes. Pro Forma Impact of Business Combinations The following table presents unaudited pro forma consolidated results of operations for 2015 and 2014, as if the 2015 acquisitions had occurred as of January 1, 2014 and the 2014 acquisitions had occurred as of January 1, 2013. Unaudited (in millions, except per share amounts) 2015 2014 Revenues $ 10,710 $ 10,248 Net loss attributable to Valeant Pharmaceuticals International, Inc. (619 ) (375 ) Loss per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (1.80 ) $ (1.09 ) Diluted $ (1.80 ) $ (1.09 ) Pro forma revenues for 2015 as compared to 2014 were impacted by the following: • growth from the existing business, including the impact of recent product launches; • negative foreign currency exchange impact; and • lower sales resulting from the July 2014 divestiture of facial aesthetic fillers and toxins. The unaudited pro forma consolidated results of operations were prepared using the acquisition method of accounting and are based on the historical financial information of the Company and the acquired businesses. Except to the extent realized in 2015 and 2014 , the unaudited pro forma information does not reflect any cost savings, operating synergies or other benefits that the Company may achieve as a result of these acquisitions, or the costs necessary to achieve these cost savings, operating synergies or other benefits. In addition, except to the extent recognized, the unaudited pro forma information does not reflect the costs to integrate the operations of the Company with those of the acquired businesses. The unaudited pro forma information is not necessarily indicative of what the Company’s consolidated results of operations actually would have been had the 2015 acquisitions and the 2014 acquisitions been completed on January 1, 2014 and January 1, 2013, respectively. In addition, the unaudited pro forma information does not purport to project the future results of operations of the Company. The unaudited pro forma information reflects primarily the following adjustments: • elimination of 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 in connection with the Salix Acquisition; and • the exclusion from pro forma earnings for 2015 and 2014 of the aggregate acquisition related accounting adjustments to the inventories acquired and subsequently sold of $130 million and $20 million and the acquisition-related costs incurred for these acquisitions of $35 million and $2 million , respectively, and the inclusion of those amounts in pro forma earnings of the respective preceding years. All of the above adjustments were adjusted for the applicable tax impact.

DIVESTITURES

DIVESTITURES	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES Ruconest® On December 7, 2016, the Company sold all North American commercialization rights to Ruconest® (recombinant human C1 esterase inhibitor) for up to $125 million in consideration, consisting of $60 million paid at closing and future sales-based milestone payments of up to $65 million . These assets were included in the Branded Rx segment and in the second quarter of 2016, were classified as held for sale. At that time, the assets were written down to the fair value of the expected consideration and a loss of $199 million was recorded in Asset impairments in the consolidated statement of loss. Upon consummation of the transaction in the fourth quarter, an additional loss of $22 million was recognized in Other expense (income) in the consolidated statement of loss. The additional loss of $22 million represents the estimated fair value of the contingent consideration recorded as 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, for an upfront payment and certain future milestone payments. These assets were included in the Bausch + Lomb /International segment and a nominal loss on sale in the second quarter of 2016 was recorded. Other 2016 Divestitures On November 9, 2016, the Company completed the divestiture of Paragon Holdings I, Inc. (“Paragon”). In connection with the divestiture, the Company recognized a loss of $19 million in the third quarter of 2016, when the assets of the divested business were classified as held for sale. See Note 20 for additional information on the divestiture of Paragon. In addition, the Company has classified a number of small businesses as held for sale as of December 31, 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 $76 million , in the aggregate, was recognized in Asset impairments in 2016. Facial Aesthetic Fillers and Toxins On July 10, 2014, the Company sold all rights to Restylane®, Perlane®, Emervel®, Sculptra®, and Dysport® owned or held by the Company to Galderma S.A. (“Galderma”) for approximately $1,400 million in cash. These assets were included primarily in the Company’s former Developed Markets segment. As a result of this transaction, the Company recognized a net gain on sale of $324 million in the third quarter of 2014 within Other expense (income) in the consolidated statement of (loss) income. The costs to sell for this divestiture of approximately $43 million were recognized in the third quarter of 2014 and included as part of the net gain on sale (and netted against the proceeds in the consolidated statement of cash flows). Metronidazole 1.3% On July 1, 2014, the Company sold the worldwide rights in its Metronidazole 1.3% Vaginal Gel antibiotic product, a topical antibiotic for the treatment of bacterial vaginosis, to Actavis Specialty Brands for upfront and certain milestone payments of $10 million , in the aggregate, and minimum royalties for the first three years of commercialization. This asset was included in the Company’s former Developed Markets segment. In addition, royalties are payable to the Company beyond the initial three -year commercialization period. In the event of generic competition on Metronidazole 1.3% , should Actavis Specialty Brands choose to launch an authorized generic product, Actavis Specialty Brands would share the gross profits of the authorized generic with the Company. The FDA approved the NDA for Metronidazole 1.3% in March 2014. In connection with the sale of the Metronidazole 1.3% , the Company recognized a loss on sale of $59 million in the third quarter of 2014, as the Company’s accounting policy is to not recognize contingent payments until such amounts are realizable. The loss on sale was included within Other expense (income) in the consolidated statement of (loss) income. Tretin-X® and Generic Tretinoin In connection with the PreCision Acquisition, the Company was required by the FTC to divest the rights to PreCision’s Tretin-X® (tretinoin) cream product and PreCision’s generic tretinoin gel and cream products. In July 2014, the Tretin-X product rights were sold to Watson Laboratories, Inc. for an up-front purchase price of $70 million , and the generic tretinoin products rights were sold to Matawan Pharmaceuticals, LLC (“Matawan”) for an up-front purchase price of $45 million plus additional contingent payments. In connection with the sale of the generic tretinoin product rights to Matawan, the Company recognized a loss on sale of $9 million in the third quarter of 2014 within Other expense (income) in the consolidated statement of (loss) income, as the Company’s accounting policy is to not recognize contingent payments until such amounts are realizable. There was no gain or loss associated with the sale of the Tretin-X product rights. ASSETS AND LIABILITIES HELD FOR SALE The components of assets held for sale, as of December 31, 2016 were as follows: (in millions) Current assets held for sale: Cash $ 1 Trade receivables 86 Inventories 147 Other 27 Current assets held for sale $ 261 Non-current assets held for sale: Identifiable intangible assets $ 680 Goodwill 1,355 Other 97 Non-current assets held for sale $ 2,132 Current and non-current liabilities held for sale as of December 31, 2016, consists of deferred tax liabilities and other liabilities of $57 million and $57 million , respectively.

RESTRUCTURING AND INTEGRATION C

RESTRUCTURING AND INTEGRATION COSTS	12 Months Ended
	Dec. 31, 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 $267 million have been incurred through December 31, 2016 , including (i) $153 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 December 31, 2016 : (in millions) Severance and Related Benefits Contract Termination, Facility Closures and Other Total Balance, January 1, 2015 $ — $ — $ — Costs incurred and/or charged to expense 91 1 92 Cash payments (58 ) — (58 ) Non-cash adjustments 2 — 2 Balance, December 31, 2015 35 1 36 Costs incurred and/or charged to expense (3 ) 10 7 Cash payments (30 ) (4 ) (34 ) Balance, December 31, 2016 $ 2 $ 7 $ 9 Salix Integration Costs The Company incurred $43 million and $110 million of integration costs related to the Salix Acquisition for 2016 and 2015 , respectively, and includes the costs of consulting, duplicate labor, transition services, and other. The Company made payments of $25 million and $100 million related to Salix integration costs in 2016 and 2015 , respectively. Other Restructuring and Integration-Related Costs (Excluding Salix) In the year ended December 31, 2016, in addition to the restructuring and integration costs associated with the Salix Acquisition described above, the Company incurred an additional $82 million of other restructuring and integration costs. These costs included (i) $48 million of integration consulting, duplicate labor, transition service, and other costs, (ii) $24 million of severance costs, (iii) $9 million of facility closure costs and (iv) $1 million of other costs. These costs primarily related to integration and restructuring costs for other smaller acquisitions. The Company made payments of $62 million during the year ended December 31, 2016 (in addition to the payments related to the Salix Acquisition described above). In the year ended December 31, 2015, in addition to the restructuring and integration costs associated with the Salix Acquisition described above, the Company incurred an additional $160 million of other restructuring and integration costs. These costs included (i) $103 million of integration consulting, duplicate labor, transition service, and other costs, (ii) $47 million of severance costs, (iii) $9 million of facility closure costs and (iv) $1 million of other costs. These costs primarily related to integration and restructuring costs for the acquisition of certain assets of Dendreon Corporation and other smaller acquisitions. The Company made payments of $179 million during the year ended December 31, 2015 (in addition to the payments related to the Salix Acquisition described above). In the year ended December 31, 2014, the Company incurred an additional $382 million of other restructuring and integration costs. These costs included (i) $212 million of integration consulting, duplicate labor, transition service, and other costs, (ii) $127 million of severance costs, (iii) $36 million of facility closure costs and (iv) $7 million of other costs. These costs primarily related to integration and restructuring costs for the acquisition of Bausch & Lomb Holdings Incorporated ("B&L"), the Solta Medical Acquisition and other smaller acquisitions. The Company made payments of $421 million during the year ended December 31, 2014. As described in Note 22 , restructuring costs are not recorded in the Company’s reportable segments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 as of December 31, 2016 and 2015 : 2016 2015 (in millions) 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 $ 242 $ 179 $ 63 $ — $ 167 $ 156 $ 11 $ — Liabilities: Acquisition-related contingent consideration $ (892 ) $ — $ — $ (892 ) $ (1,156 ) $ — $ — $ (1,156 ) In March 2015, the Company entered into foreign currency forward-exchange contracts to sell €1,530 million 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 €1,500 million aggregate principal amount and related interest of 4.50% senior unsecured notes due 2023 (the "Euro Notes") issued on March 27, 2015, the proceeds of which were used to finance the Salix Acquisition (see Note 11 for information related to the financing of the Salix Acquisition). These derivative contracts were not designated as hedges for accounting purposes, and such contracts matured on April 1, 2015 (which coincides with the consummation of the Salix Acquisition). A foreign exchange loss of $26 million was recognized in Foreign exchange and other in the consolidated statement of (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 December 31, 2016 and 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 years ended December 31, 2016 and 2015 . Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) The fair value measurement of contingent consideration obligations arising from business combinations is determined 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 years 2016 and 2015 : (in millions) 2016 2015 Balance, beginning of year $ 1,156 $ 348 Arising during the year and included in net loss (1) (13 ) (23 ) Arising during the year and included in other comprehensive loss (40 ) (1 ) Issuances (2) — 1,010 Payments/Settlements (3) (175 ) (174 ) Paragon amounts reclassified to held for sale liabilities (Note 4) (26 ) — Measurement period adjustments to 2015 acquisitions and other (10 ) — Release from restricted cash — (4 ) Balance, end of year 892 1,156 Current portion 52 $ 197 Non-current portion $ 840 $ 959 ____________________________________ (1) For the year ended December 31, 2016, a net gain of $13 million was recognized as Acquisition-related contingent consideration in the consolidated statements of (loss) income, primarily reflecting (i) the accretion for the time value of money for the Sprout Acquisition, the Salix Acquisition and other smaller acquisitions, more than offset by (ii) the resulting fair value adjustments of $29 million to the Elidel®/Xerese®/Zovirax® agreement entered into with Meda Pharma SARL in June 2011 (the "Elidel®/Xerese®/Zovirax® agreement"), (iii) the resulting fair value adjustments of $29 million to the Amoun Acquisition due to the devaluation of the Egyptian Pound currency in the fourth quarter of 2016 that affected sales-based milestones pegged to the U.S. dollar and (iv) the resulting fair value adjustments of Commonwealth, Inc. program to development milestones and sales-based milestones of $27 million primarily in the third quarter of 2016. For the year ended December 31, 2015, a net gain of $23 million was recognized as Acquisition-related contingent consideration in the consolidated statements of (loss) income, primarily reflecting (i) the termination of the arrangements with and relating to Philidor and the resulting fair value adjustments to the sales-based milestones of $47 million in the fourth quarter of 2015 and (ii) the termination of the Emerade® IPR&D program in the U.S. and the resulting fair value adjustments to the regulatory and approval milestones of $16 million in the fourth quarter of 2015 (both of the terminations described above also resulted in asset impairment charges as described in Note 9 ), partially offset by accretion for the time value of money for the Salix Acquisition and the Elidel®/Xerese®/Zovirax® agreement. (2) The 2015 issuances relate primarily to the Sprout Acquisition, the Salix Acquisition, the acquisition of certain assets of Marathon, and the Amoun Acquisition, as well as the impact of measurement period adjustments, as described in Note 3 . (3) The 2016 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, and other smaller acquisitions. The 2015 payments of acquisition-related contingent consideration primarily relate to the Elidel®/Xerese®/Zovirax® agreement, the acquisition of certain assets of Marathon, the OraPharma Topco Holdings, Inc. ("OraPharma") acquisition consummated in June 2012, the iNova acquisition consummated in December 2011, and the Targretin® agreement entered into with Eisai Inc. in February 2013. See Note 3 for more information . There were no transfers into or out of Level 3 during the years 2016 and 2015 . 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 December 31, 2016 and 2015 : As of December 31, 2016 As of December 31, 2015 (in millions) 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: Non-current assets held for sale $ 38 $ — $ — $ 38 $ — $ — $ — $ — Non-current assets held for sale of $2,132 million included in the consolidated balance sheet as of December 31, 2016, includes certain assets related to a number of small businesses, of which $38 million previously within the Bausch + Lomb/International segment and remeasured to their respective estimated fair values less costs to sell. The Company recognized an impairment charge of $75 million , in the aggregate, in Asset impairments during 2016 in the Consolidated statement of loss. The estimated fair values of these assets less costs to sell were determined using a discounted cash flow analysis which utilized Level 3 unobservable inputs. The remaining balance of non-current assets held for sale as of December 31, 2016 reflect the historical carrying value of those assets which do not exceed fair value less costs to sell.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The components of inventories, net of allowance for obsolescence, as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Finished goods $ 680 $ 815 Raw materials 256 289 Work in process 125 153 $ 1,061 $ 1,257

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT The major components of property, plant and equipment as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Land $ 78 $ 81 Buildings 600 656 Machinery and equipment 1,214 1,240 Other equipment and leasehold improvements 278 363 Equipment on operating lease 42 34 Construction in progress 296 252 2,508 2,626 Less accumulated depreciation (1,196 ) (1,184 ) $ 1,312 $ 1,442 Depreciation expense was $193 million , $210 million and $187 million for the years ended December 31, 2016 , 2015 and 2014 , respectively.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	12 Months Ended
	Dec. 31, 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 December 31, 2016 and 2015 were as follows: Weighted- Average Useful Lives (Years) 2016 2015 (in millions) 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 8 $ 20,725 $ (6,883 ) $ 13,842 $ 22,083 $ (5,236 ) $ 16,847 Corporate brands 17 999 (146 ) 853 1,066 (107 ) 959 Product rights/patents 8 4,240 (2,118 ) 2,122 4,340 (1,712 ) 2,628 Partner relationships 3 152 (128 ) 24 218 (171 ) 47 Technology and other 4 252 (160 ) 92 480 (186 ) 294 Total finite-lived intangible assets 7 26,368 (9,435 ) 16,933 28,187 (7,412 ) 20,775 Indefinite-lived intangible assets: Acquired IPR&D NA 253 — 253 610 — 610 B&L Trademark NA 1,698 — 1,698 1,698 — 1,698 $ 28,319 $ (9,435 ) $ 18,884 $ 30,495 $ (7,412 ) $ 23,083 Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Impairment charges associated with these assets are included in Asset impairments in the consolidated statement of (loss) income. In the first quarter of 2016, the Company recognized charges of $16 million for impairments to certain intangible assets that were individually not material. In the second quarter of 2016, the Company recognized charges of $215 million for impairments, which included $199 million related to the Ruconest® intangible assets (Branded Rx segment) and $16 million for impairments to certain intangible assets that were individually not material. In the third quarter of 2016, the Company recognized charges of $142 million for impairments, which included $88 million related to intangible assets of certain businesses that were individually not material and an impairment charge of $25 million related to IBS Chek ™ (U.S. Diversified Products segment), resulting from a decline in sales trends. In the fourth quarter of 2016, the Company recognized impairment charges of $38 million , which included an additional loss of $22 million (recorded within Other (expense) income) representing the estimated fair value of the contingent consideration related to the Ruconest® divestiture, as the Company does not recognize contingent payments until such amounts are realizable, and impairments to certain intangible assets that were individually not material. Acquired IPR&D assets in the Salix Acquisition included Oral Relistor®, which on July 19, 2016, was approved by the FDA 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) was reclassified to finite-lived intangible assets as of the approval date and is being amortized over a period of 12 years. In the second quarter of 2016, the development program for Cirle 3-dimensional surgical navigation technology (Bausch + Lomb/International segment) was terminated as a result of a feasibility analysis. The associated IPR&D asset of $14 million was charged to Asset impairments in the consolidated statements of (loss) income. In the fourth quarter of 2016, the Company shortened the useful lives of its Nitropress® and Isuprel® product brand intangible assets due to unfavorable revisions on the cash flow forecasts for these products. The unfavorable revisions were made based on the magnitude of the price reductions provided on Nitropress® in response to generic competition. Consequently, amortization increased $6 million and net loss increased $6 million for the year ended December 31, 2016. As a result of the change in useful lives, estimated annual amortization for each of the years ending December 31, 2017 and 2018 is higher by $66 million and for each of the years ending December 31, 2019 through 2022 is lower by $35 million . Estimated annual amortization of long-lived assets with finite lives for the five years ending December 31 and thereafter are as follows: (in millions) 2017 $ 2,509 2018 2,395 2019 2,176 2020 1,995 2021 1,900 Thereafter 5,958 Total $ 16,933 Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2016 and 2015 were as follows: (in millions) Developed Markets Emerging Markets Bausch + Lomb/International Branded Rx U.S. Diversified Products Total Balance, December 31, 2014 $ 7,130 $ 2,231 $ — $ — $ — $ 9,361 Acquisitions (Note 3) 9,154 309 — — — 9,463 Measurement period adjustments to acquisition accounting and other adjustments (Note 3) 33 4 — — — 37 Foreign exchange and other (176 ) (132 ) — — — (308 ) Balance, December 31, 2015 16,141 2,412 — — — 18,553 Acquisitions 1 — — — — 1 Divestiture of a portfolio of neurology medical device products (Note 4) (36 ) — — — — (36 ) Goodwill related to Ruconest® reclassified to assets held for sale (Note 4) (1) (37 ) — — — — (37 ) Foreign exchange and other 47 (12 ) — — — 35 Impairment to goodwill of the former U.S. reporting unit (905 ) — — — — (905 ) Realignment of segment goodwill (15,211 ) (2,400 ) 6,708 7,873 3,030 — Impairment to goodwill of the Salix reporting unit — — — (172 ) — (172 ) Divestitures (Note 4) (5 ) — (5 ) Goodwill of certain businesses reclassified to assets held for sale — — (947 ) (431 ) — (1,378 ) Foreign exchange and other — — (257 ) (5 ) — (262 ) Balance, December 31, 2016 $ — $ — $ 5,499 $ 7,265 $ 3,030 $ 15,794 ____________________________________ (1) Ruconest® was subsequently divested in the fourth quarter of 2016. 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. The Company estimates the fair values of all reporting units using a discounted cash flow model which utilizes Level 3 unobservable inputs. The discounted cash flow model relies on assumptions regarding revenue growth rates, gross profit, projected working capital needs, selling, general and administrative expenses, research and development expenses, capital expenditures, income tax rates, discount rates and terminal growth rates. To estimate fair value, the Company discounts the expected cash flows of each reporting unit. The discount rate the Company uses represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in its reporting unit operations and the rate of return a market participant would expect to earn. To estimate cash flows beyond the final year of its model, the Company estimates a terminal value by applying an in perpetuity growth assumption and discount factor to determine the reporting unit's terminal value. The Company forecasted cash flows for each of its reporting units and took into consideration economic conditions and trends, estimated future operating results, management's and a market participant's view of growth rates and product lives, and anticipated future economic conditions. Revenue growth rates inherent in these forecasts were based on input from internal and external market research that compare factors such as growth in global economies, recent industry trends and product life-cycles. Macroeconomic factors such as changes in economies, changes in the competitive landscape including the unexpected loss of exclusivity to the Company's product portfolio, changes in government legislation, product life-cycles, industry consolidations and other changes beyond the Company’s control could have a positive or negative impact on achieving its targets. Accordingly, if market conditions deteriorate, or if the Company is unable to execute its strategies, it may be necessary to record impairment charges in the future. Prior to the change in operating segments in the third quarter of 2016, the Company operated in two operating and reportable segments: Developed Markets and Emerging Markets. The Developed Markets segment consisted of four geographic reporting units: (i) U.S., (ii) Canada and Australia, (iii) Western Europe and (iv) Japan. The Emerging Markets segment consisted of three geographic reporting units: (i) Central and Eastern Europe, Middle East and Africa, (ii) Latin America and (iii) Asia. The Company conducted its annual goodwill impairment test as of October 1, 2015 and 2014 which resulted in no goodwill impairment under the then-current organizational structure. March 31, 2016 Given new challenges facing the Company particularly in its dermatology and GI businesses, management, under the direction of the new Chief Executive Officer, performed a review of its then-current forecast. As a result of that review, management lowered its forecast which resulted in a triggering event requiring the Company to test goodwill for impairment as of March 31, 2016. Although management lowered its forecast, which lowered the estimated fair values of certain business units, including the former U.S. reporting unit, the step one testing determined that there was no impairment of goodwill as the estimated fair value of each reporting unit exceeded its carrying value. In order to evaluate the sensitivity of its fair value calculations on the goodwill impairment test, the Company applied a hypothetical 15% decrease in the fair value of each reporting unit as of March 31, 2016. For each reporting unit, this hypothetical 15% decrease in fair value would not have triggered additional impairment testing as the hypothetical fair value exceeded the carrying value of the respective reporting unit. 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. 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 these changes, goodwill was reassigned to each of the aforementioned reporting units 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 the International reporting units using a relative fair value approach. Goodwill previously reported in the remaining former reporting units was reassigned to the International reporting unit. In the third quarter of 2016, goodwill impairment testing was performed under the former reporting unit structure immediately prior to the change and under the current reporting unit structure immediately subsequent to the change. Using the forecast and assumptions at the time, the Company estimated the fair value of each reporting unit using a discounted cash flow analysis. As a result of its test, the Company determined that goodwill associated with the former U.S. reporting unit and the goodwill associated with the Salix reporting unit under the current reporting unit structure were impaired. Consequently, goodwill impairment charges of $1,077 million , in the aggregate, were recognized. • Under the former reporting unit structure, the fair value of each reporting unit exceeded its carrying value by more than 15% , except for the former U.S. reporting unit whose carrying value exceeded its fair value by 2% . As a result, the Company proceeded to perform step two of the goodwill impairment test for the former U.S. reporting unit and determined that the carrying value of the unit's goodwill exceeded its implied fair value. However, as the estimate of fair value is complex and requires significant amounts of time and judgment, the Company could not complete step two of the testing prior to the release of its financial statements for the period ended September 30, 2016. Under these circumstances, accounting guidance requires that a company recognize an estimated impairment charge if management determines that it is probable that an impairment loss has occurred and such impairment can be reasonably estimated. Using its best estimate, the Company recorded an initial goodwill impairment charge of $838 million as of September 30, 2016. In the fourth quarter, step two testing was completed and the Company concluded that the excess of the carrying value of the former U.S. reporting unit's unadjusted goodwill over its implied value as of September 30, 2016 was $905 million and recognized an incremental goodwill impairment charge of $67 million for the fourth quarter of 2016. The goodwill impairment was primarily driven by changes to the Company's forecasted performance which resulted in a lower fair value of the U.S. businesses, mainly the Salix business. • Under the current reporting unit structure, the carrying value of the Salix reporting unit exceeded its fair value, as updates to the unit's forecast resulted in a lower estimated fair value for the business. As a result, the Company proceeded to perform step two of the goodwill impairment test for the Salix reporting unit and determined that the carrying value of the unit's goodwill exceeded its implied fair value. However, the Company could not complete step two of the testing prior to the release of its financial statements for the period ended September 30, 2016. Using its best estimate, the Company recorded an initial goodwill impairment charge of $211 million as of September 30, 2016. In the fourth quarter, step two testing was completed and the Company concluded that the excess of the carrying value of the Salix reporting unit's unadjusted goodwill over its implied value as of September 30, 2016 was $172 million and recognized a credit to the initial goodwill impairment charge of $39 million for the fourth quarter of 2016. As of the date of testing, after all adjustments, the Salix reporting unit had a carrying value of $14,066 million , an estimated fair value of $10,409 million and goodwill with a carrying value of $5,128 million . In order to evaluate the sensitivity of its fair value calculations on the goodwill impairment test, the Company compared the carrying value of each reporting unit to its fair value as of August 31, 2016, the date of testing. The fair value of each reporting unit exceeded its carrying value by more than 15% , except for the Salix reporting unit as discussed above and the U.S. Branded Rx reporting unit. As of the date of testing, goodwill of the U.S. Branded Rx reporting unit was $897 million and the estimated fair value of the unit exceeded its carrying value by approximately 5% . Annual Goodwill Impairment Test The Company conducted its annual goodwill impairment test as of October 1, 2016 and determined that the carrying value of the Salix reporting unit exceeded its fair value and, as a result, the Company proceeded to perform step two of the goodwill impairment test for the Salix reporting unit. After completing step two of the impairment testing, the Company determined that the carrying value of the unit's goodwill did not exceed its implied fair value and, therefore, no impairment was identified to the goodwill of the Salix reporting unit. As of the date of testing the Salix reporting unit had a carrying value of $14,087 million , an estimated fair value of $10,319 million and goodwill with a carrying value of $5,128 million . The Company's remaining reporting units passed step one of the goodwill impairment test as the estimated fair value of each reporting unit exceeded its carrying value at the date of testing and, therefore, impairment to goodwill was $0 . The Company determined that no events occurred or circumstances changed during the period of October 1, 2016 through December 31, 2016 that would indicate that the fair value of a reporting unit may be below its carrying amount, except for the Salix reporting unit. During the period of October 1, 2016 through December 31, 2016, there were no changes in the facts and circumstances which would suggest that goodwill of the Salix reporting unit was further impaired. However, if market conditions deteriorate, or if the Company is unable to execute its strategies, it may be necessary to record impairment charges in the future. In order to evaluate the sensitivity of its fair value calculations on the goodwill impairment test, the Company compared the carrying value of each reporting unit to its fair value as of October 1, 2016, the date of testing. The fair value of each reporting unit exceeded its carrying value by more than 15% , except for the Salix reporting unit, as discussed above.

ACCRUED AND OTHER CURRENT LIABI

ACCRUED AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
ACCRUED AND OTHER CURRENT LIABILITIES	ACCRUED AND OTHER CURRENT LIABILITIES Accrued and other current liabilities as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Product rebates $ 897 $ 902 Product returns 708 626 Interest 337 328 Income taxes payable 213 221 Employee costs 198 243 Legal liabilities assumed in the Salix Acquisition (See Note 20) 281 315 Professional fees 93 53 Royalties 69 84 Advertising and promotion 50 77 Restructuring and integration costs 38 61 Value added tax 27 37 Deferred income 26 17 Deferred consideration assumed in the Sprout Acquisition and other deferred consideration 18 516 Capital expenditures 17 17 Accrued milestones 12 49 Legal settlements and related fees 7 12 Short-term borrowings 6 16 Liabilities for uncertain tax positions — 7 Other 178 278 $ 3,175 $ 3,859

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt as of December 31, 2016 and 2015 consists of the following: 2016 2015 (in millions) Maturity Date Principal Amount Net of Discounts and Issuance Costs Principal Amount Net of Discounts and Issuance Costs Revolving Credit Facility (1) April 2018 $ 875 $ 875 $ 250 $ 250 Series A-1 Tranche A Term Loan Facility (1) April 2016 — — 141 140 Series A-2 Tranche A Term Loan Facility (1) April 2016 — — 138 137 Series A-3 Tranche A Term Loan Facility (1) October 2018 1,032 1,016 1,910 1,882 Series A-4 Tranche A Term Loan Facility (1) April 2020 668 658 963 951 Series D-2 Tranche B Term Loan Facility (1) February 2019 1,068 1,048 1,109 1,088 Series C-2 Tranche B Term Loan Facility (1) December 2019 823 805 853 835 Series E-1 Tranche B Term Loan Facility 1) August 2020 2,456 2,429 2,548 2,531 Series F Tranche B Term Loan Facility (1) April 2022 3,892 3,815 4,119 4,056 Senior Notes: 6.75% August 2018 1,600 1,593 1,600 1,589 5.375% March 2020 2,000 1,985 2,000 1,980 7.00% October 2020 690 689 690 688 6.375% October 2020 2,250 2,231 2,250 2,226 7.50% July 2021 1,625 1,613 1,625 1,610 6.75% August 2021 650 647 650 646 5.625% December 2021 900 894 900 893 7.25% July 2022 550 543 550 542 5.50% March 2023 1,000 992 1,000 991 5.875% May 2023 3,250 3,220 3,250 3,215 4.50% (2) May 2023 1,578 1,563 1,629 1,612 6.125% April 2025 3,250 3,218 3,250 3,214 Other Various 12 12 12 12 Total long-term debt $ 30,169 29,846 $ 31,437 31,088 Less: Current portion of long-term debt 1 823 Non-current portion of long-term debt $ 29,845 $ 30,265 ____________________________________ (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). 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 indentures also contain certain specified events of default. As of December 31, 2016 , the Company was in compliance with all financial maintenance covenants related to the Company’s outstanding debt. The Company continues to take steps to reduce its debt levels and improve profitability to ensure continual compliance with the financial maintenance covenants. The Company, based on its current forecast for the next twelve months from the date of issuance of these financial statements, expects to remain in compliance with these financial maintenance covenants after taking into consideration the effect of the divestitures of certain skincare products, for which regulatory approval has been received and is expected to close in early March 2017, and Dendreon Pharmaceuticals, Inc. ("Dendreon"), which is expected to be consummated in the first half of 2017. In the event that the divestiture of certain skincare products does not close as anticipated, or the Company performs below its forecasted levels, the Company will implement certain cost-efficiency initiatives, such as rationalization of SG&A and R&D spend, which would allow the Company to continue to comply with the financial maintenance covenants. Absent the impact of the actions described above, the Company would not comply with those financial maintenance covenants. In addition, the Company is considering taking other actions, including seeking to amend its Senior Secured Credit Facilities or divesting other businesses as deemed appropriate, to provide additional coverage in complying with the financial maintenance covenants during the twelve-month period following the date of issuance of the financial statements and address future debt maturities. The total fair value of the Company’s long-term debt, with carrying values of $29,846 million and $31,088 million at December 31, 2016 and 2015 , was $26,297 million and $29,597 million , 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). Annual maturities and mandatory amortization payments of long-term debt for the five succeeding years ending December 31 and thereafter are as follows. Aggregate payments in 2017 are less than $1 million . (in millions) 2017 $ — 2018 3,738 2019 2,122 2020 7,723 2021 3,215 Thereafter 13,371 Total gross maturities 30,169 Unamortized discounts (323 ) Total long-term debt $ 29,846 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 permitted 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 provided 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 increased 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 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 Annual Report on Form 10-K for the year ended December 31, 2015 (the “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 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 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. Senior Secured Credit Facilities On February 13, 2012, the Company and certain of its subsidiaries as guarantors entered into the Credit Agreement with a syndicate of financial institutions and investors. 2014 Activity On February 6, 2014, the Company and certain of its subsidiaries as guarantors entered into a joinder agreement to reprice and refinance the Series E Tranche B Term Loan Facility by the issuance of $2,950 million in new term loans (the “Series E-1 Tranche B Term Loan Facility”). Term loans under the Series E Tranche B Term Loan Facility were either exchanged for, or repaid with the proceeds of, the Series E-1 Tranche B Term Loan Facility and proceeds of the additional Series A-3 Tranche A Term Loan Facility described below. The Series E-1 Tranche B Term Loan Facility has terms consistent with the Series E Tranche B Term Loan Facility. In connection with this transaction, the Company recognized a loss on extinguishment of debt of $94 million in the three-month period ended March 31, 2014. Concurrently, on February 6, 2014, the Company and certain of its subsidiaries as guarantors entered into a joinder agreement for the issuance of $226 million in incremental term loans under the Series A-3 Tranche A Term Loan Facility. Proceeds from this transaction were used to repay part of the term loans outstanding under the Series E Tranche B Term Loan Facility. In July 2014, the Company made principal payments of $1,000 million , in the aggregate, related to the Senior Secured Credit Facilities. 2015 Activity On January 22, 2015, the Company and certain of its subsidiaries, as guarantors, entered into joinder agreements to allow for an increase in commitments under the Revolving Credit Facility to $1,500 million and the issuance of $250 million in incremental term loans under the Series A-3 Tranche A Term Loan Facility. The Revolving Credit Facility and the Series A-3 Tranche A Term Loan Facility terms remained unchanged. On March 5, 2015, the Company entered into an amendment to the Credit Agreement to implement certain revisions in connection with the Salix Acquisition. The amendment, among other things, permitted the Salix Acquisition and the refinancing, repayment, termination and discharge of Salix's outstanding indebtedness, as well as the issuance of senior unsecured notes to be used to fund the Salix Acquisition (as described below). The amendment also modified the interest coverage ratio financial maintenance covenant applicable to the Company through March 31, 2016. Concurrently with the Salix Acquisition on April 1, 2015, the Company obtained incremental term loan commitments in the aggregate principal amount of $5,150 million (the "Incremental Term Loan Facilities") under its existing Credit Agreement. The Incremental Term Loan Facilities, which were fully drawn in the second quarter of 2015, consist of (1) $1,000 million of tranche A term loans (the "Series A-4 Tranche A Term Loan Facility"), bearing interest at a rate per annum equal to, at the election of the Company, (i) the base rate plus a range between 0.75% and 1.25% or (ii) LIBO rate plus a range between 1.75% and 2.25% , in each case, depending on the Company's leverage ratio and having terms that are consistent with the Company's existing tranche A term loans and (2) $4,150 million of tranche B term loans (the "Series F Tranche B Term Loan Facility"), bearing interest at a rate per annum equal to, at election of the Company, (i) the base rate plus a range between 2.00% and 2.25% or (ii) LIBO rate plus a range between 3.00% and 3.25% , depending on the Company's secured leverage ratio and subject to a 1.75% base rate floor and 0.75% LIBO rate floor, and having terms that are consistent with the Company's existing tranche B term loans. These interest rates do not reflect the changes resulting from the April 2016 amendment or the August 2016 amendment. In connection with the issuance of the Incremental Term Loan Facilities, the Company incurred a total of approximately $85 million of costs and fees (treated as a deduction to Long-term debt), including an original issue discount of approximately $21 million . The Series A-4 Tranche A Term Loan Facility is payable in quarterly installments at the rate of 5% per annum through March 31, 2016, then at the rate of 10% per annum through March 31, 2017, then at the rate of 20% per annum through maturity on April 1, 2020. The Series F Tranche B Term Loan Facility is payable in quarterly installments at the rate of 1% per annum through maturity on April 1, 2022. These amortization schedules do not reflect the effect of the voluntary term loan prepayments or prepayments of term loans from asset sale proceeds in 2016, as described below, which did not have a material impact on amortization amounts. On May 29, 2015, the Company and certain of its subsidiaries, as guarantors, entered into Amendment No. 11 to the Credit Agreement to reprice the Series D-2 Tranche B Term Loan Facility. The applicable margins for borrowings under the Series D-2 Tranche B Term Loan Facility, as modified by the repricing, were initially 1.75% with respect to base rate borrowings and 2.75% with respect to LIBO rate borrowings. Then, commencing with the delivery of the financial statements of the Company for the fiscal quarter ending September 30, 2015, such margins were changed to between 1.50% and 1.75% for base rate borrowings and between 2.50% and 2.75% for LIBO rate borrowings, in each case, based on the secured leverage ratio of the Company for each fiscal quarter for which financial statements are delivered as required under the Credit Agreement, subject to a 1.75% base rate floor and a 0.75% LIBO rate floor. The applicable margins do not reflect the changes resulting from the April 2016 amendment or the August 2016 amendment. Costs and fees incurred in connection with the repricing of the Series D-2 Tranche B Term Loan Facility were nominal . 2016 Activity In 2016, the Company made long-term debt repayments of $2,436 million , in the aggregate. Of this amount, $1,841 million of term loan facilities was repaid, which consisted of (i) payments of the scheduled 2016 term loan amortization payments, resulting in an aggregate principal reduction of $556 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 2017 term loan amortization payments, resulting in an aggregate principal reduction of $610 million ; (iv) $140 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 year ended December 31, 2016, the net borrowings under the Company’s revolving credit facility were $625 million . As of December 31, 2016 , the remaining quarterly amortization payments for the Senior Secured Credit Facilities were as follows, starting on March 31, 2018: $99 million for the Series A-3 Tranche A Term Loan Facility; $48 million for the Series A-4 Tranche A Term Loan Facility; and $10 million for the Series F Tranche B Term Loan Facility. There are no remaining quarterly amortization payments for the Series D-2 Tranche B Term Loan Facility, the Series C-2 Tranche B Term Loan Facility and the Series E-1 Tranche B Term Loan Facility. The effective rates of interest for the year ended December 31, 2016 and the applicable margins available as of December 31, 2016 on borrowings under the Senior Secured Credit Facilities were as follows: Effective Margins Interest Rate Base Rate Borrowings LIBO Rate Borrowings Revolving Credit Facility 3.76% 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 3.58% 2.75% 3.75% Series A-4 Tranche A Term Loan Facility 3.71% 2.75% 3.75% Series D-2 Tranche B Term Loan Facility (2) 4.46% 3.25% 4.25% Series C-2 Tranche B Term Loan Facility (2) 4.71% 3.50% 4.50% Series E-1 Tranche B Term Loan Facility (2) 4.65% 3.50% 4.50% Series F Tranche B Term Loan Facility (2) 4.89% 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. The loans under the Senior Secured Credit Facilities may be made to, and the letters of credit under the Revolving Credit Facility may be issued on behalf of, the Company. All borrowings under the Senior Secured Credit Facilities are subject to the satisfaction of customary conditions, including the absence of a default or an event of default and the accuracy in all material respects of representations and warranties. In addition to paying interest on outstanding principal under the Senior Secured Credit Facilities, the Company is required to pay commitment fees of 0.50% per annum in respect of the unutilized commitments under the Revolving Credit Facility, payable quarterly in arrears. The Company also is required to pay letter of credit fees on the maximum amount available to be drawn under all outstanding letters of credit in an amount equal to the applicable margin on LIBO rate borrowings under the Revolving Credit Facility on a per annum basis, payable quarterly in arrears, as well as customary fronting fees for the issuance of letters of credit and agency fees. Subject to certain exceptions and customary baskets set forth in the Credit Agreement, the Company is required to make mandatory prepayments of the loans under the Senior Secured Credit Facilities under certain circumstances, including from (a) 100% of the net cash proceeds of insurance and condemnation proceeds for property or asset losses (subject to reinvestment rights and net proceeds threshold), (b) 50% of the net cash proceeds from the issuance of equity securities subject to decrease based on leverage ratios, (c) 100% of the net cash proceeds from the incurrence of debt (other than permitted debt as defined in the Credit Agreement), (d) 50% of Consolidated Excess Cash Flow (as defined in the Credit Agreement) subject to decrease based on leverage ratios and (e) 100% of net cash proceeds from asset sales outside the ordinary course of business (subject to reinvestment rights, which were restricted by the terms of the April 2016 amendment.) The Company is permitted to voluntarily reduce the unutilized portion of the revolving commitment amount and repay outstanding loans under the Revolving Credit Facility at any time without premium or penalty, other than customary “breakage” costs with respect to LIBO rate loans. As of December 31, 2016, the Company is permitted to voluntarily repay outstanding loans under the Tranche A Term Loan facilities and Tranche B Term Loan facilities at any time without premium or penalty, other than customary “breakage” costs with respect to LIBO rate loans. The Company’s obligations and the obligations of the guarantors under the Senior Secured Credit Facilities and certain hedging arrangements and cash management arrangements entered into with lenders under the Senior Secured Credit Facilities (or affiliates thereof) are secured by first-priority security interests in substantially all tangible and intangible assets of the Company and the guarantors, including 100% of the capital stock of Valeant and each material subsidiary of the Company (other than Valeant’s foreign subsidiaries) and 65% of the capital stock of each foreign subsidiary of Valeant that is directly owned by Valeant or owned by a guarantor that is a domestic subsidiary of Valeant, in each case subject to certain exclusions set forth in the credit documentation governing the Senior Secured Credit Facilities. Senior Notes The senior notes issued by the Company are the Company’s senior unsecured obligations and are jointly and severally guaranteed on a senior unsecured basis by each of its subsidiaries that is a guarantor under the Senior Secured Credit Facilities. The senior notes issued by the Company’s subsidiary Valeant are senior unsecured obligations of Valeant and are jointly and severally guaranteed on a senior unsecured basis by the Company and each of its subsidiaries (other than Valeant) that is a guarantor under the Senior Secured Credit Facilities. Certain of the future subsidiaries of the Company and Valeant may be required to guarantee the senior notes. If the Company experiences a change in control, the Company may be required to make an offer to repurchase each series of the senior notes discussed below, as applicable, in whole or in part, at a purchase price equal to 101% of the aggregate principal amount of the senior notes repurchased, plus accrued and unpaid interest to, but excluding, the applicable purchase date of the senior notes. 6.875% Senior Notes due 2018 On November 23, 2010, Valeant issued $1,000 million aggregate principal amount of 6.875% senior notes due December 2018 (the "December 2018 Notes") in a private placement. In connection with the December 29, 2014 redemption of $445 million aggregate principal amount of the December 2018 Notes for $463 million , including a call premium of $15 million , plus accrued and unpaid interest, the Company recognized a loss on the extinguishment of debt of $18 million in the three-month period ended December 31, 2014. On February 17, 2015, Valeant redeemed the remaining $500 million aggregate principal amount of outstanding December 2018 Notes for $524 million , including a call premium of $17 million , plus accrued and unpaid interest, and satisfied and discharged the December 2018 Notes indenture. In connection with this transaction, the Company recognized a loss on extinguishment of debt of $20 million in the three-month period ended March 31, 2015. 7.00% Senior Notes due 2020 On September 28, 2010, Valeant issued $700 million aggregate principal amount of 7.00% senior notes due 2020 (the “October 2020 Notes”) in a private placement. The October 2020 Notes accrue interest at the rate of 7.00% per year, payable semi-annually in arrears. Valeant may redeem all or a portion of the October 2020 Notes at the redemption prices applicable to the October 2020 Notes, as set forth in the October 2020 Notes indenture, plus accrued and unpaid interest to the date of redemption. 6.75% Senior Notes due 2021 On February 8, 2011, Valeant issued $650 million aggregate principal amount of 6.75% senior notes due 2021 (the “August 2021 Notes”) in a private placement. The August 2021 Notes accrue interest at the rate of 6.75% per year, payable semi-annually in arrears. Valeant may redeem all or a portion of the August 2021 Notes at the redemption prices applicable to the August 2021 Notes, as set forth in the August 2021 Notes indenture, plus accrued and unpaid interest to the date of redemption. 7.25% Senior Notes due 2022 On March 8, 2011, Valeant issued $550 million aggregate principal amount of 7.25% senior notes due 2022 (the “2022 Notes”) in a private placement. The 2022 Notes accrue interest at the rate of 7.25% per year, payable semi-annually in arrears. Valeant may redeem all or a portion of the 2022 Notes at the redemption prices applicable to the 2022 Notes, as set forth in the 2022 Notes indenture, plus accrued and unpaid interest to the date of redemption. 6.375% Senior Notes due 2020 On October 4, 2012, VPI Escrow Corp. (the “VPI Escrow Issuer”), a newly formed wholly owned subsidiary of Valeant, issued $1,750 million aggregate principal amount of 6.375% senior notes due 2020 (the “ 6.375% Notes”) in a private placement. The 6.375% Notes accrue interest at the rate of 6.375% per year, payable semi-annually in arrears. At the time of the closing of the Medicis acquisition, (1) the VPI Escrow Issuer merged with and into Valeant, with Valeant continuing as the surviving corporation, (2) Valeant assumed all of the VPI Escrow Issuer’s obligations under the 6.375% Notes and the related indenture and (3) the funds previously held in escrow were released to the Company and were used to finance the Medicis acquisition. Valeant may redeem all or a portion of the 6.375% Notes at the redemption prices applicable to the 6.375% Notes, as set forth in the 6.375% Notes indenture, plus accrued and unpaid interest to the date of redemption. Concurrently with the offering of the 6.375% Notes, Valeant issued $500 million aggregate principal amount of 6.375% senior notes due 2020 (the “Exchangeable Notes”) in a private placement, the form and terms of such notes being substantially identical to the form and terms of the 6.375% Notes, as described above. On March 29, 2013, the Company announced that Valeant commenced an offer to exchange (the “Exchange Offer”) any and all of its Exchangeable Notes into 6.375% Notes. Valeant conducted the Exchange Offer in order to satisfy its obligations under the indenture governing the Exchangeable Notes with the anticipated result being that some or all of such notes would be part of a single series of 6.375% Notes under one indenture. The Exchange Offer, which did not result in any changes to existing terms or to the total amount of the Company’s outstanding debt, expired on April 26, 2013. All of the Exchangeable Notes were tendered in the Exchange Offer and exchanged for 6.375% Notes to form a single series. 6.75% Senior Notes due 2018 and 7.50% Senior Notes due 2021 On July 12, 2013, VPII Escrow Corp. (the “VPII Escrow Issuer”), a newly formed wholly-owned subsidiary of the Company, issued $1,600 million aggregate principal amount of 6.75% senior notes due 2018 (the “August 2018 Notes”) and $1,625 million aggregate principal amount of 7.50% senior notes due 2021 (the “July 2021 Notes”) in a private placement. The August 2018 Notes accrue interest at the rate of 6.75% per year, payable semi-annually in arrears. The July 2021 Notes accrue interest at the rate of 7.50% per year, payable semi-annually in arrears. At the time of the closing of the B&L Acquisition, (1) the VPII Escrow Issuer was voluntarily liquidated and all of its obligations were assumed by, and all of its assets were distributed to, the Company, (2) the Company assumed all of the VPII Escrow Issuer’s obligations under the August 2018 Notes and July 2021 Notes and the related indenture and (3) the funds previously held in escrow were released to the Company and were used to finance the B&L Acquisition. The Company may redeem all or a portion of the August 2018 Notes at the redemption prices applicable to the August 2018 Notes, as set forth in the August 2018 Notes indenture, plus accrued and unpaid interest to the date of redemption. The Company may redeem all or a portion of the July 2021 Notes at the redemption prices applicable to the July 2021 Notes, as set forth in the July 2021 Notes indenture, plus accrued and unpaid interest to the date of redemption. 5.625% Senior Notes due 2021 On December 2, 2013, the Company issued $900 million aggregate principal amount of 5.625% senior notes due 2021 (the “December 2021 Notes”) in a private placement. The December 2021 Notes accrue interest at the rate of 5.625% per year, payable semi-annually in arrears. The Company may redeem all or a portion of the December 2021 Notes at the redemption prices applicable to the December 2021 Notes, as set forth in the December 2021 Notes indenture, plus accrued and unpaid interest to the date of redemption. 5.50% Senior Notes due 2023 On January 30, 2015, the Company issued $1,000 million aggregate principal amount of 5.50% senior notes due 2023 ("2023 Notes") in a private placement. The 2023 Notes accrue interest at the rate of 5.50% per year, payable semi-annually in arrears. The Company may redeem all or a portion of the 2023 Notes at any time prior to March 1, 2018 at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption, plus a “make-whole” premium. In addition, at any time prior to March 1, 2018, the Company may redeem up to 40% of the aggregate principal amount of the outstanding 2023 Notes with the net proceeds of certain equity offerings at the redemption price set forth in the 2023 Notes indenture. On or after March 1, 2018, the Company may redeem all or a portion of the 2023 Notes at the redemption prices applicable to the 2023 Notes, as set forth in the 2023 Notes indenture, plus accrued and unpaid in

PENSION AND POSTRETIREMENT EMPL

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS	PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS In connection with the acquisition of B&L completed on August 5, 2013, the Company assumed all of B&L’s benefit obligations and related plan assets. This includes defined benefit plans and a participatory defined benefit postretirement medical and life insurance plan, which covers a closed grandfathered group of legacy B&L U.S. employees and employees in certain other countries. The U.S. defined benefit accruals were frozen as of December 31, 2004 and benefits that were earned up to December 31, 2004 were preserved. Participants continue to earn interest credits on their cash balance. The most significant non-U.S. plans are two defined benefit plans in Ireland. In 2011, both Ireland defined benefit plans were closed to future service benefit accruals; however additional accruals related to annual salary increases continued. In December 2014, one of the Ireland defined benefit plans was amended effective August 2014 to eliminate future benefit accruals related to salary increases. All of the pension benefits accrued through the plan amendment date were preserved. As a result of the plan amendment, there are no active plan participants accruing benefits under the amended Ireland defined benefit plan. The U.S. postretirement benefit plan was amended effective January 1, 2005 to eliminate employer contributions after age 65 for participants who did not meet the minimum requirements of age and service on that date. The employer contributions for medical and prescription drug benefits for participants retiring after March 1, 1989 were frozen effective January 1, 2010. Effective January 1, 2014, the Company no longer offers medical and life insurance coverage to new retirees. In addition to the B&L benefit plans, outside of the U.S., a limited group of Valeant employees are covered by defined benefit pension plans. The Company uses December 31 as the year-end measurement date for all of its defined benefit pension plans and the postretirement benefit plan. Accounting for Pension Benefit Plans and Postretirement Benefit Plan The Company recognizes on its balance sheet an asset or liability equal to the over- or under-funded benefit obligation of each defined benefit pension plan and other postretirement benefit plan. Actuarial gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost are recognized, net of tax, as a component of other comprehensive loss. The table below presents the amounts recognized in accumulated other comprehensive loss as of December 31, 2016 and 2015: Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Unrecognized actuarial (losses) gains $ (26 ) $ (24 ) $ (18 ) $ (61 ) $ (40 ) $ (73 ) $ — $ (1 ) $ (4 ) Unrecognized prior service credits $ — $ — $ — $ 26 $ 24 $ 27 $ 23 $ 23 $ 26 Of the December 31, 2016 amounts, the Company expects to recognize $3 million and $1 million of unrecognized prior service credits related to the U.S. postretirement benefit plan and the non-U.S. defined benefit plans, respectively, in net periodic (benefit) cost during 2017 . In addition, the Company expects to recognize $1 million of unrecognized net loss related to the non-U.S. pension benefit plans in net periodic (benefit) cost during 2017 . 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 years ended December 31, 2016, 2015 and 2014 : Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Service cost $ 2 $ 2 $ — $ 3 $ 3 $ 4 $ — $ 2 $ 2 Interest cost 8 10 11 6 6 8 2 2 2 Expected return on plan assets (13 ) (15 ) (15 ) (7 ) (7 ) (8 ) — — — Amortization of net loss (gain) — — — — 1 — — — — Curtailment gain recognized — — — — — (2 ) — — — Amortization of prior service credit — — — (1 ) (1 ) — (3 ) (3 ) (3 ) Settlement loss (gain) recognized — — 1 — 2 — — — — Other — — — 2 — 1 — — — Net periodic (benefit) cost $ (3 ) $ (3 ) $ (3 ) $ 3 $ 4 $ 3 $ (1 ) $ 1 $ 1 Benefit Obligation, Change in Plan Assets and Funded Status The table below presents components of the change in projected benefit obligation, change in plan assets and funded status for the years 2016 and 2015 : Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2016 2015 2016 2015 Change in Projected benefit Obligation Projected benefit obligation, beginning of year $ 232 $ 252 $ 217 $ 273 $ 58 $ 62 Service cost 2 2 3 3 — 2 Interest cost 8 10 6 6 2 2 Employee contributions — — — — 1 1 Plan amendments — — (4 ) — (2 ) — Settlements — — (5 ) (9 ) — — Benefits paid (15 ) (16 ) (5 ) (5 ) (6 ) (7 ) Actuarial (gains) losses 3 (15 ) 25 (28 ) (1 ) (2 ) Currency translation adjustments — — (8 ) (26 ) — — Other — (1 ) 1 3 — — Projected benefit obligation, end of year 230 232 230 217 52 58 Change in Plan Assets Fair value of plan assets, beginning of year 182 197 126 141 4 9 Actual return on plan assets 14 (6 ) 7 4 (1 ) — Employee contributions — — — — 1 1 Company contributions — 7 9 6 2 — Settlements — — (4 ) (9 ) — — Benefits paid (15 ) (16 ) (5 ) (5 ) (6 ) (7 ) Currency translation adjustments — — (5 ) (13 ) — — Other — — — 2 — 1 Fair value of plan assets, end of year 181 182 128 126 — 4 Funded Status at end of year $ (49 ) $ (50 ) $ (102 ) $ (91 ) $ (52 ) $ (54 ) Recognized as: Other non-current assets, net $ — $ — $ — $ — $ — $ — Accrued and other current liabilities — — (2 ) (1 ) (6 ) (3 ) Pension and other benefit liabilities (49 ) (50 ) (100 ) (90 ) (46 ) (51 ) A number of the Company’s pension benefit plans were underfunded as of December 31, 2016 and 2015 , having accumulated benefit obligations exceeding the fair value of plan assets. Information for the underfunded pension benefit plans is as follows: U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2016 2015 Projected benefit obligation $ 230 $ 232 $ 230 $ 216 Accumulated benefit obligation 230 232 221 207 Fair value of plan assets 181 182 128 125 Information for the pension benefit plans that are underfunded on a projected benefit obligation basis (versus underfunded on an accumulated benefit basis as in the table above) for the years 2016 and 2015 were as follows: U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2016 2015 Projected benefit obligation $ 230 $ 232 $ 230 $ 217 Fair value of plan assets 181 182 128 126 The non-U.S. benefit plans’ accumulated benefit obligation for both the funded and underfunded pension benefit plans was $221 million and $208 million as of December 31, 2016 and 2015 , respectively. The Company’s policy for funding its pension benefit plans is to make contributions that meet or exceed the minimum statutory funding requirements. These contributions are determined based upon recommendations made by the actuary under accepted actuarial principles. In 2017 , the Company expects to contribute $5 million , $6 million and $6 million to the U.S. pension benefit plan, the non-U.S. pension benefit plans and the U.S. postretirement benefit plan, respectively. The Company plans to use postretirement benefit plan assets and cash on hand, as necessary, to fund the U.S. postretirement benefit plan benefit payments in 2017 . Estimated Future Benefit Payments Future benefit payments over the next 10 years for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows: (in millions) Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans 2017 $ 14 $ 3 $ 6 2018 18 3 6 2019 18 4 5 2020 18 4 5 2021 18 5 4 2022-2026 81 29 17 Assumptions The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for the years ended December 31, 2016, 2015 and 2014 were as follows: Pension Benefit Plans Postretirement Benefit Plan (1) 2016 2015 2014 2016 2015 2014 For Determining Net Periodic (Benefit) Cost U.S. Plans: Discount rate (2) 4.34 % 3.90 % 4.70 % 4.13 % 3.70 % 4.30 % Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % 5.50 % 5.50 % 5.50 % Rate of compensation increase — — — — — — Non-U.S. Plans: Discount rate 2.74 % 2.41 % 3.86 % Expected rate of return on plan assets 5.46 % 5.60 % 5.63 % Rate of compensation increase 2.87 % 2.86 % 2.88 % Pension Benefit Plans Postretirement Benefit Plan (1) 2016 2015 2016 2015 For Determining Benefit Obligation U.S. Plans: Discount rate 4.04 % 4.34 % 3.85 % 4.13 % Rate of compensation increase — — — — Non-U.S. Plans: Discount rate 2.08 % 2.74 % Rate of compensation increase 2.64 % 2.87 % ____________________________________ (1) The Company does not have non-U.S. postretirement benefit plans. (2) The discount rate in 2014 for the U.S. postretirement benefit plan was impacted by the amendment described above which eliminated coverage for new retirees. The expected long-term rate of return on plan assets was developed based on a capital markets model that uses expected asset class returns, variance and correlation assumptions. The expected asset class returns were developed starting with current Treasury (for the U.S. pension plan) or Eurozone (for the Ireland pension plans) government yields and then adding corporate bond spreads and equity risk premiums to develop the return expectations for each asset class. The expected asset class returns are forward-looking. The variance and correlation assumptions are also forward-looking. They take into account historical relationships, but are adjusted to reflect expected capital market trends. The expected return on plan assets for the Company’s U.S. pension plan for 2016 was 7.50% and for the postretirement benefit plan was 5.50% . The expected return for the U.S. postretirement plan is based on the expected return for the U.S. pension plan reduced by 2.0% to reflect an estimate of additional administrative expenses. The expected return on plan assets for the Company’s Ireland pension plans was 5.80% for 2016 . The discount rate used to determine benefit obligations represents the current rate at which the benefit plan liabilities could be effectively settled considering the timing of expected payments for plan participants. The 2017 expected rate of return for the U.S. pension benefit plan will remain at 7.50% . The 2017 expected rate of return for the Ireland pension benefit plans will be 4.00% . Plan Assets Pension and postretirement benefit plan assets are invested in several asset categories. The following presents the actual asset allocation as of December 31, 2016 and 2015 : Pension Benefit Plans Postretirement Benefit Plan 2016 2015 2016 2015 U.S. Plan Equity securities 61 % 61 % Not applicable 57 % Fixed income securities 39 % 39 % Not applicable 20 % Cash — % — % Not applicable 23 % Non-U.S. Plans Equity securities 47 % 44 % Fixed income securities 42 % 41 % Other 11 % 15 % The investment strategy underlying pension plan asset allocation is to manage the assets of the plan to provide for the non-current liabilities while maintaining sufficient liquidity to pay current benefits. Pension plan assets are diversified to protect against large investment losses and to reduce the probability of excessive performance volatility. Diversification of assets is achieved by allocating funds to various asset classes and investment styles within asset classes, and retaining investment management firm(s) with complementary investment philosophies, styles and approaches. The Company’s pension plan assets are managed by outside investment managers using a total return investment approach, whereby a mix of equity and debt securities investments are used to maximize the long-term rate of return on plan assets. A significant portion of the assets of the U.S. and Ireland pension plans have been invested in equity securities, as equity portfolios have historically provided higher returns than debt and other asset classes over extended time horizons. Correspondingly, equity investments also entail greater risks than other investments. Equity risks are balanced by investing a significant portion of plan assets in broadly diversified fixed income securities. Fair Value of Plan Assets The Company measured the fair value of plan assets based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy described in Note 6 . The table below presents total plan assets by investment category as of December 31, 2016 and 2015 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value. There were no transfers between Level 1 and Level 2 for the years ended December 31, 2016 and 2015 . Pension Benefit Plans - U.S. Plans Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) As of December 31, 2016 As of December 31, 2015 Cash & cash equivalents (1) $ — $ — $ — $ — $ — $ — $ — $ — Commingled funds: (2)(3) Equity securities: U.S. broad market — 70 — 70 — 69 — 69 Emerging markets — 16 — 16 — 16 — 16 Worldwide developed markets — 25 — 25 — 25 — 25 Fixed income securities: Investment grade — 52 — 52 — 53 — 53 Global high yield — 18 — 18 — 19 — 19 $ — $ 181 $ — $ 181 $ — $ 182 $ — $ 182 Pension Benefit Plans - Non-U.S. Plans Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) As of December 31, 2016 As of December 31, 2015 Cash & cash equivalents (1) $ 10 $ — $ — $ 10 $ 13 $ — $ — $ 13 Commingled funds: (2)(3) Equity securities: Emerging markets — — — — — — — — Worldwide developed markets — 59 — 59 — 56 — 56 Fixed income securities: Investment grade — 10 — 10 — 10 — 10 Global high yield — 1 — 1 — 1 — 1 Government bond funds — 43 — 43 — 40 — 40 Other assets — 5 — 5 — 6 — 6 $ 10 $ 118 $ — $ 128 $ 13 $ 113 $ — $ 126 Postretirement Benefit Plan Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) As of December 31, 2016 As of December 31, 2015 Cash $ — $ — $ — $ — $ 1 $ — $ — $ 1 Insurance policies (4) — — — — — 3 — 3 $ — $ — $ — $ — $ 1 $ 3 $ — $ 4 ____________________________________ (1) Cash equivalents consisted primarily of term deposits and money market instruments. The fair value of the term deposits approximates their carrying amounts due to their short term maturities. The money market instruments also have short maturities and are valued using a market approach based on the quoted market prices of identical instruments. (2) Commingled funds are not publicly traded. The underlying assets in these funds are publicly traded on the exchanges and have readily available price quotes. The Ireland pension plans held approximately 90% of the non-U.S. commingled funds in both 2016 and 2015 . The commingled funds held by the U.S. and Ireland pension plans are primarily invested in index funds. (3) The underlying assets in the fixed income funds are generally valued using the net asset value per fund share, which is derived using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. (4) The insurance policies held by the postretirement benefit plan consist of variable life insurance contracts whose fair value is their cash surrender value. Cash surrender value is the amount currently payable by the insurance company upon surrender of the policy and is based principally on the net asset values of the underlying trust funds. The trust funds are commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded on exchanges and have readily available price quotes. Health Care Cost Trend Rate The health care cost trend rate assumptions for the postretirement benefit plan were as follows: 2016 2015 Health care cost trend rate assumed for next year Not applicable 7.02 % Rate to which the cost trend rate is assumed to decline Not applicable 4.50 % Year that the rate reaches the ultimate trend rate Not applicable 2038 Effective January 1, 2017, the Company implemented a health reimbursement arrangement for pensioners who currently receive medical coverage from the Company. As pensioners will receive a fixed annual amount to use for their medical expenses under this arrangement, the liability is no longer impacted by health care cost trend rates. Defined Contribution Plans The Company sponsors defined contribution plans in the U.S., Ireland and certain other countries. Under these plans, employees are allowed to contribute a portion of their salaries to the plans, and the Company matches a portion of the employee contributions. The Company contributed $28 million , $28 million and $21 million to these plans in the years ended December 31, 2016, 2015 and 2014 , respectively.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Securities Repurchase Programs On November 18, 2015, the Company’s Board of Directors approved a securities repurchase program (the “2015 Securities Repurchase Program”). Under the 2015 Securities Repurchase Program, which commenced on November 21, 2015, the Company could make purchases of up to $3,000 million of its convertible notes, senior notes, common shares and/or other future debt or shares, subject to any restrictions in the Company’s financing agreements and applicable law. The 2015 Securities Repurchase Program terminated on November 20, 2016 and has not yet been renewed. On November 20, 2014, the Company’s Board of Directors approved a securities repurchase program (the “2014 Securities Repurchase Program”). Under the 2014 Securities Repurchase Program, which commenced on November 21, 2014, the Company could make purchases of up to $2,000 million of its convertible notes, senior notes, common shares and/or other future debt or shares, subject to any restrictions in the Company’s financing agreements and applicable law. The 2014 Securities Repurchase Program terminated on November 20, 2015. On November 21, 2013, the Company’s Board of Directors approved a securities repurchase program (the “2013 Securities Repurchase Program”). Under the 2013 Securities Repurchase Program, which commenced on November 22, 2013, the Company could make purchases of up to $1,500 million of its convertible notes, senior notes, common shares and/or other future debt or shares, subject to any restrictions in the Company’s financing agreements and applicable law. The 2013 Securities Repurchase Program terminated on November 21, 2014. Repurchases of Shares and Senior Notes During 2016 and 2015, no common shares were repurchased under the 2015 Securities Repurchase Program. During 2015, under the 2014 Securities Repurchase Program, the Company repurchased 424,215 of its common shares for an aggregate purchase price of $72 million . The excess of the purchase price over the carrying value of the common shares repurchased of $60 million was charged to the accumulated deficit. These common shares were subsequently cancelled. During 2014, no common shares were repurchased under the 2013 Securities Repurchase Program or the 2014 Securities Repurchase Program. During 2016, 2015, and 2014, the Company did not make any purchases of its senior notes under the applicable securities repurchase programs. Issuances of Common Shares 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 Corporation. The shares had an aggregate value of approximately $50 million as of the date of issuance. See Note 3 for additional information regarding the acquisition of certain assets of Dendreon Corporation. 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 $1,450 million . 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. 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, the then-current 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, the then-current 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.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 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 million 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 million common shares of common stock for issuance under the 2014 Plan. Approximately 12 million shares were available for future grants as of December 31, 2016 . The Company uses reserved and unissued common shares to satisfy its obligation under its share-based compensation plans. The components and classification of share-based compensation expense related to stock options and restricted share units ("RSUs") for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Stock options $ 16 $ 17 $ 18 RSUs 149 123 60 Share-based compensation expense $ 165 $ 140 $ 78 Research and development expenses $ 7 $ 6 $ 5 Selling, general and administrative expenses 158 134 73 Share-based compensation expense $ 165 $ 140 $ 78 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, the Company's former Chief Financial Officer terminated his employment 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 are re-measured at fair value, at each reporting period, until a performance commitment is reached or the performance is complete. The value of the modified awards is 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. The Company recognized $57 million and $17 million of tax benefits from share-based compensation in the years ended December 31, 2015 and 2014, respectively. In the third quarter of 2016, the Company early adopted FASB guidance (issued in March 2016) which simplified several aspects of the accounting for employee share-based payment transactions. See Note 2 for further information. Stock Options All stock options granted by the Company under its 2007 Equity Compensation Plan expire on the fifth anniversary of the grant date and all stock options granted under the 2011 Plan and 2014 Plan expire on the tenth anniversary of the grant date. The exercise price of any stock option granted under its 2007 Equity Compensation Plan is not to be less than the volume-weighted average trading price of the Company’s common shares for the five trading days immediately preceding the date of grant (or, for participants subject to U.S. taxation, on the single trading day immediately preceding the date of grant, whichever is greater). The exercise price of any stock option granted under the 2011 Plan and 2014 Plan will not be less than the closing price per common share preceding the date of grant. Stock options generally vest 25% each year over a four -year period on the anniversary of the date of grant. The fair values of all stock options granted for the years ended December 31, 2016 , 2015 and 2014 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: 2016 2015 2014 Expected stock option life (years) (1) 3.3 3.4 5.8 Expected volatility (2) 75.0 % 44.5 % 43.0 % Risk-free interest rate (3) 1.1 % 1.3 % 1.8 % Expected dividend yield (4) — % — % — % ____________________________________ (1) Determined based on historical exercise and forfeiture patterns. (2) Determined based on implied volatility in the market traded options of the Company’s common stock. (3) Determined based on the rate at the time of grant for zero-coupon U.S. or Canadian government bonds with maturity dates equal to the expected life of the stock option. (4) Determined based on the stock option’s exercise price and expected annual dividend rate at the time of grant. The Black-Scholes option-pricing model used by the Company to calculate stock option values was developed to estimate the fair value of freely tradeable, fully transferable stock options without vesting restrictions, which significantly differ from the Company’s stock option awards. This model also requires highly subjective assumptions, including future stock price volatility and expected time until exercise, which greatly affect the calculated values. The following table summarizes stock option activity during the year ended December 31, 2016 : (in millions, except per share amounts) Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2016 6.9 $ 32.59 Granted 2.5 25.60 Exercised (4.7 ) 7.34 Expired or forfeited (0.6 ) 76.54 Outstanding, December 31, 2016 4.1 $ 49.57 7.4 $ 1 Vested and exercisable, December 31, 2016 1.3 $ 75.74 3.6 $ 1 The weighted-average fair values of all stock options granted in 2016, 2015 and 2014 were $14.50 , $73.10 and $62.15 , respectively. The total intrinsic values of stock options exercised in 2016, 2015 and 2014 were $65 million , $119 million and $87 million , respectively. Proceeds received on the exercise of stock options in 2016, 2015 and 2014 were $33 million , $30 million and $17 million , respectively. As of December 31, 2016 , the total remaining unrecognized compensation expense related to non-vested stock options amounted to $40 million , which will be amortized over the weighted-average remaining requisite service period of approximately 2.5 years. The total fair value of stock options vested in 2016, 2015 and 2014 were $26 million , $26 million and $36 million , respectively. RSUs RSUs generally vest on the third anniversary date from the date of grant. Annual RSUs granted to non-management directors vest immediately prior to the next Annual Meeting of Shareholders. Pursuant to the applicable unit agreement, certain RSUs may be subject to the attainment of any applicable performance goals specified by the Board of Directors. If the vesting of the RSUs is conditional upon the attainment of performance goals, any RSUs that do not vest as a result of a determination that a holder of RSUs has failed to attain the prescribed performance goals will be forfeited immediately upon such determination. RSUs are credited with dividend equivalents, in the form of additional RSUs, when dividends are paid on the Company’s common shares. Such additional RSUs will have the same vesting dates and will vest under the same terms as the RSUs in respect of which such additional RSUs are credited. To the extent provided for in a RSU agreement, the Company may, in lieu of all or a portion of the common shares which would otherwise be provided to a holder, elect to pay a cash amount equivalent to the market price of the Company’s common shares on the vesting date for each vested RSU. The amount of cash payment will be determined based on the average market price of the Company’s common shares on the vesting date. The Company’s current intent is to settle vested RSUs through the issuance of common shares. Time-Based RSUs Each vested RSU without performance goals (“time-based RSU”) represents the right of a holder to receive one of the Company’s common shares. The fair value of each RSU granted is estimated based on the trading price of the Company’s common shares on the date of grant. The following table summarizes non-vested time-based RSU activity during the year ended December 31, 2016 : (in millions, except per share amounts) Time-Based RSUs Weighted- Average Grant-Date Fair Value Per Share Non-vested, January 1, 2016 1.8 $ 80.96 Granted 1.8 29.88 Vested (0.5 ) 89.10 Forfeited (0.4 ) 93.83 Non-vested, December 31, 2016 2.7 $ 43.96 As of December 31, 2016 , the total remaining unrecognized compensation expense related to non-vested time-based RSUs amounted to $55 million , which will be amortized over the weighted-average remaining requisite service period of approximately 1.9 years. The total fair value of time-based RSUs vested in 2016, 2015 and 2014 were $43 million , $7 million and $8 million , respectively. Performance-Based RSUs Each vested RSU with performance goals (“performance-based RSU”) represents the right of a holder to receive a number of the Company’s common shares up to a specified maximum. Performance-based RSUs vest upon achievement of certain share price appreciation conditions. If the Company’s performance is below a specified performance level, no common shares will be paid. The fair value of each performance-based RSU granted during the years ended December 31, 2016 , 2015 and 2014 was estimated using a Monte Carlo Simulation model, which utilizes multiple input variables to estimate the probability that the performance condition will be achieved. The fair values of performance-based RSUs granted for the years ended December 31, 2016 , 2015 and 2014 were estimated with the following assumptions: 2016 2015 2014 Contractual term (years) 3.0 - 4.0 2.8 - 6.3 2.6 - 6.3 Expected Company share volatility (1) 78.2% - 81.4% 40.9% - 60.3% 38.7% - 45.4% Risk-free interest rate (2) 1.0% - 1.2% 1.1% - 2.1% 0.8% - 2.3% ____________________________________ (1) Determined based on historical volatility over the contractual term of the performance-based RSU. (2) Determined based on the rate at the time of grant for zero-coupon U.S. government bonds with maturity dates equal to the contractual term of the performance-based RSUs. The following table summarizes non-vested performance-based RSU activity during the year ended December 31, 2016 : (in millions, except per share amounts) Performance- Based RSUs Weighted- Average Grant-Date Fair Value Per Share Non-vested, January 1, 2016 1.5 $ 261.33 Granted 1.4 37.33 Vested (0.5 ) 280.84 Forfeited (0.6 ) 262.01 Non-vested, December 31, 2016 1.8 $ 81.68 As of December 31, 2016 , the total remaining unrecognized compensation expense related to the non-vested performance-based RSUs amounted to $62 million , which will be amortized over the weighted-average remaining requisite service period of approximately 2.4 years. A maximum of 3,253,628 common shares could be issued upon vesting of the performance-based RSUs outstanding as of December 31, 2016 .

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Foreign currency translation adjustment $ (2,074 ) $ (1,530 ) Pension adjustment, net of tax (34 ) (12 ) Ending Balance $ (2,108 ) $ (1,542 ) 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.

OTHER EXPENSE (INCOME)

OTHER EXPENSE (INCOME)	12 Months Ended
	Dec. 31, 2016
Other Income and Expenses [Abstract]
OTHER EXPENSES (INCOME)	OTHER EXPENSE (INCOME) Other expense (income) for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 (Gain) loss on sale of assets $ (6 ) $ 8 $ (251 ) Other post business combination expenses — 183 27 Acquisition-related costs 2 39 6 Loss (gain) on litigation settlement s 59 37 (45 ) Other, net 18 28 — Other expense (income) $ 73 $ 295 $ (263 ) Other expense , net was $73 million for 2016 . Loss on litigation settlements includes (i) an unfavorable adjustment of $90 million from the proposed settlement of the Salix securities litigation and (ii) a favorable adjustment of $39 million from the settlement of the investigation into Salix's pre-acquisition sales and promotional practices for the Xifaxan®, Relistor® and Apriso® products. Gain on sales of assets includes (i) a gain of $20 million from an amendment to a license agreement terminating the Company's right to develop and commercialize brodalumab in Europe and (ii) a loss of $22 million from the divestiture of Ruconest®. Other expense , net was $295 million for 2015 . Other post business combination expenses includes (i) $168 million related to the acceleration of unvested restricted stock for Salix employees (including $3 million of related payroll taxes) in connection with the Salix Acquisition and (ii) $12 million related to bonuses paid to Amoun employees. Loss on litigation settlements includes $25 million related to the AntiGrippin® litigation. Other income , net was $263 million for 2014 . Gain on sales of assets includes (i) $324 million related to the divestiture of facial aesthetic fillers and toxins and (ii) losses of $59 million related to the divestiture of Metronidazole 1.3% and $9 million related to the divestiture of the generic tretinoin product rights, acquired in the PreCision Acquisition. Gain on litigation settlements includes a favorable adjustment of $50 million related to the AntiGrippin® litigation. Other post business combination expenses include $20 million related to the acceleration of unvested stock options for certain PreCision employees.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The components of (Loss) income before (recovery of) provision for income taxes for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Domestic $ (1,804 ) $ (1,516 ) $ (851 ) Foreign (631 ) 1,361 1,905 $ (2,435 ) $ (155 ) $ 1,054 The components of (Recovery of) provision for income taxes for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Current: Domestic $ — $ — $ 1 Foreign 241 77 150 241 77 151 Deferred: Domestic — (3 ) — Foreign (268 ) 59 23 (268 ) 56 23 $ (27 ) $ 133 $ 174 The (Recovery of) provision for income taxes differs from the expected amount calculated by applying the Company’s Canadian statutory rate to (Loss) income before (recovery of) provision for income taxes . The reasons for this difference and the related tax effects for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 (1) (Loss) income before (recovery of) provision for income taxes $ (2,435 ) $ (155 ) $ 1,054 Expected Canadian statutory rate 26.9 % 26.9 % 26.9 % Expected (recovery) provision for of income taxes (655 ) (42 ) 284 Non-deductible amounts: Share-based compensation 30 4 20 Merger and acquisition costs — 3 — Adjustments to tax attributes (147 ) (87 ) (33 ) Non-taxable gain on disposal of investments — — (50 ) Changes in enacted income tax rates — — 30 Canadian tax impact of foreign exchange gain or loss on U.S. dollar denominated debt held by VPII and its Canadian Affiliates 11 174 23 Change in valuation allowance related to foreign tax credits and net operating losses 155 114 17 Change in valuation allowance on Canadian deferred tax assets and tax rate changes 472 230 255 Pharma fee 15 16 3 Change in uncertain tax positions 10 — (2 ) Foreign tax rate differences (290 ) (350 ) (230 ) Withholding taxes on foreign income 7 7 4 Goodwill impairment 377 — — Taxable foreign income 391 441 269 Tax benefit on intra-entity transfers (399 ) (375 ) (420 ) Other (4 ) (2 ) 4 $ (27 ) $ 133 $ 174 ____________________________________ (1) In 2014, $273 million of tax benefit on intra-entity transfers was included within the foreign tax rate differences and has been revised using the current presentation. The tax effect of major items recorded as deferred tax assets and liabilities as of December 31, 2016 and 2015 is as follows: (in millions) 2016 2015 Deferred tax assets: Tax loss carryforwards $ 1,328 $ 1,440 Tax credit carryforwards 422 295 Scientific Research and Experimental Development pool 53 51 Research and development tax credits 129 134 Provisions 563 594 Deferred revenue 15 13 Deferred financing and share issue costs 391 525 Share-based compensation 37 68 Total deferred tax assets 2,938 3,120 Less valuation allowance (1,857 ) (1,366 ) Net deferred tax assets 1,081 1,754 Deferred tax liabilities: Intangible assets 4,044 4,711 Outside basis differences 2,165 2,607 Plant, equipment and technology 24 16 Prepaid expenses 80 96 Other 56 71 Total deferred tax liabilities 6,369 7,501 Net deferred income taxes $ (5,288 ) $ (5,747 ) To facilitate divestitures, streamline operations and simplify the Company's legal structure, in 2016, the Company began a series of internal actions which are expected to be completed during 2017. Due to aspects of the internal restructuring completed in the fourth quarter of 2016, the Company recognized a U.S. taxable gain on the transfer of a foreign subsidiary and expects to utilize approximately $2,000 million of its U.S. net operating losses to offset such gain, resulting in a reduction of the related deferred tax asset. The recognition of the tax gain also resulted in the reversal of an existing deferred tax liability on a related outside basis difference. In connection with the Company’s internal restructurings, due to a decrease in the Company market value, the Company’s top U.S. subsidiary (Biovail Americas Corporation) ("BAC”) is expecting to recognize a loss on its investment in Valeant Pharmaceuticals International ("VPI") upon the Company's liquidation of BAC in 2017. BAC’s anticipated loss in the stock of VPI is expected to be of a character that, under U.S. tax law, may be carried back to offset the 2016 gain described above. The carryback of this loss will allow for the net operating losses ("NOLs") used to offset the 2016 gain to be available for use against future U.S. taxable income. The Company expects to record the deferred tax asset associated with these NOLs at such time this transaction is completed in 2017. In January 2017, also in connection with the planned restructuring efforts, the Company expects to recognize additional U.S. taxable gain. This taxable gain is expected to be offset by the anticipated 2017 tax loss expected to be realized on BAC’s investment in VPI. The realization of deferred tax assets is dependent on the Company generating sufficient domestic and foreign taxable income in the years that the temporary differences become deductible. A valuation allowance has been provided for the portion of the deferred tax assets that the Company determined is more likely than not to remain unrealized based on estimated future taxable income and tax planning strategies. As a result of losses in Canada, and additional foreign tax credits generated by the Company’s U.S. subsidiaries in 2016 and 2015, the valuation allowance increased by $491 million and $507 million , respectively. Given the Company’s history of pre-tax losses and expected future losses in Canada, the Company determined there was insufficient objective evidence to release the remaining valuation allowance against Canadian tax loss carryforwards, International Tax Credits (“ITC”) and pooled Scientific Research and Experimental Development Tax Incentive (“SR&ED”) expenditures. The Company also determined that it will not earn sufficient foreign source taxable income to utilize the Company’s U.S. foreign tax credits. As of December 31, 2016 and 2015, the Company had accumulated tax losses available to offset future years’ federal and provincial taxable income in Canada of approximately $3,456 million and $1,800 million , respectively. As of December 31, 2016 and 2015, unclaimed ITCs available to offset future years’ federal taxes in Canada were approximately $34 million and $33 million , respectively, which expire from 2017 to 2035. In addition, as of December 31, 2016 and 2015, pooled SR&ED expenditures available to offset against future years’ taxable income in Canada were approximately $195 million and $188 million , respectively, which may be carried forward indefinitely. As of December 31, 2016 and 2015, a full valuation allowance against the net Canadian deferred tax assets has been provided of $1,328 million and $973 million , respectively. As of December 31, 2016 and 2015, the Company had accumulated tax losses available to offset future years' federal taxable income in the U.S. of approximately $651 million and $2,750 million , respectively, including acquired losses and which expire between 2021 and 2036. While the losses are subject to multiple annual loss limitations as a result of previous ownership changes, the Company believes that the recoverability of the deferred tax assets associated with these tax losses are more likely than not to be realized. As of December 31, 2016 and 2015, U.S. research and development credits available to offset future years' federal taxes in the U.S. were approximately $91 million and $85 million , respectively, which includes acquired research and development credits and which expire between 2021 and 2036. As of December 31, 2016, the Company had approximately $342 million in foreign tax credits, including acquired foreign tax credits, recognized for tax return purposes for which a full valuation allowance has been established as they are not expected to be utilized before their expiration. The Company accrues for U.S. tax on the unremitted earnings of the foreign subsidiaries owned by the Company’s U.S. subsidiaries. In addition, the Company provides for Canadian tax on the unremitted earnings of its direct foreign affiliates except for its direct U.S. subsidiaries. The Company continues to assert that the unremitted earnings of its U.S. subsidiaries will be permanently reinvested and not repatriated to Canada. As of December 31, 2016 the Company estimates there will be no Canadian tax liability attributable to the permanently reinvested U.S. earnings. As of December 31, 2016 and 2015, unrecognized tax benefits (including interest and penalties) were $423 million and $344 million , of which $185 million and $127 million would affect the effective income tax rate, respectively. The remaining unrecognized tax benefits of approximately $238 million would not impact the effective tax rate as the tax positions are offset against existing tax attributes or are timing in nature. In 2016 and 2015, the Company recognized net increases to unrecognized tax benefits for current year tax positions of $16 million and $5 million , respectively. In 2016, the Company recognized a net increase of $63 million and in 2015 recognized a net decrease of $21 million to unrecognized tax benefits related to tax positions taken in the prior years. The Company provides for interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of December 31, 2016 and 2015, accrued interest and penalties related to unrecognized tax benefits were approximately $39 million and $46 million . In 2016, the Company recognized a decrease of approximately $7 million and in 2015 recognized an increase of $7 million of interest and penalties. The Company and one or more of its subsidiaries file federal income tax returns in Canada, the U.S., and other foreign jurisdictions, as well as various provinces and states in Canada and the U.S. The Company and its subsidiaries have open tax years primarily from 2005 to 2015 with significant taxing jurisdictions including Canada and the U.S. These open years contain certain matters that could be subject to differing interpretations of applicable tax laws and regulations, and tax treaties, as they relate to the amount, timing, or inclusion of revenues and expenses, or the sustainability of income tax positions of the Company and its subsidiaries. Certain of these tax years are expected to remain open indefinitely. Jurisdiction: Open Years United States - Federal 2013 - 2015 Canada 2005 - 2015 Brazil 2011 - 2015 Germany 2007 - 2015 France 2013 - 2015 China 2011 - 2015 Ireland 2012 - 2015 Netherlands 2015 - 2015 The audit of Valeant’s U.S. consolidated federal income tax return for the 2011 and 2012 tax years was concluded by the Internal Revenue Service during 2015. Valeant remains under examination for various state tax audits in the U.S. for years 2002 through 2013. The Company is currently under examination by the Canada Revenue Agency for three separate cycles: (a) years 2005 through 2006, (b) years 2007 through 2009 and (c) years 2012 through 2013. In February 2013, the Company received from the Canada Revenue Agency a proposed audit adjustment for the years 2005 through 2007. The Company disagrees with the adjustments and has filed a Notice of Objection. The total proposed adjustment will result in a loss of tax attributes which are subject to a full valuation allowance and will not result in material change to the provision for income taxes. The Canada Revenue Agency audits of the 2010 and 2011 tax years were closed in 2016, and resulted in no material adjustments. In 2014, the Company’s subsidiaries in Australia were notified that the Australian Tax Office would conduct an audit of the 2010 and 2011 tax years. There have been no assessments or proposed adjustments at this time. The following table presents a reconciliation of the unrecognized tax benefits for 2016, 2015 and 2014: (in millions) 2016 2015 2014 Balance, beginning of year $ 344 $ 345 $ 248 Acquisition of Salix — 15 — Additions based on tax positions related to the current year 16 5 143 Additions for tax positions of prior years 96 23 13 Reductions for tax positions of prior years (20 ) (39 ) (51 ) Lapse of statute of limitations (13 ) (5 ) (8 ) Balance, end of year $ 423 $ 344 $ 345 The Company estimates that unrecognized tax benefits realized during the next 12 months will not be material.

(LOSS) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 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 years ended December 31, 2016, 2015 and 2014 were calculated as follows: (in millions, except per share amounts) 2016 2015 2014 Net (loss) income attributable to Valeant Pharmaceuticals International, Inc. $ (2,409 ) $ (292 ) $ 881 Basic weighted-average number of common shares outstanding 347.3 342.7 335.4 Dilutive effect of stock options and RSUs — — 6.1 Diluted weighted-average number of common shares outstanding 347.3 342.7 341.5 (Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc. Basic $ (6.94 ) $ (0.85 ) $ 2.63 Diluted $ (6.94 ) $ (0.85 ) $ 2.58 In 2016 and 2015, all stock options, RSUs and convertible notes 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: (in millions) 2016 2015 Basic weighted-average number of common shares outstanding 347.3 342.7 Dilutive effect of stock options and RSUs 2.8 6.1 Diluted weighted-average number of common shares outstanding 350.1 348.8 In 2016, 2015 and 2014 , stock options, time-based RSUs and performance-based RSUs to purchase approximately 7,825,000 , 1,587,000 and 1,192,000 common shares of the Company, respectively, were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive under the treasury stock method.

SUPPLEMENTAL CASH FLOW DISCLOSU

SUPPLEMENTAL CASH FLOW DISCLOSURES	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES The Supplemental cash flow disclosures for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Non-Cash Investing and Financing Activities Contingent and deferred consideration for businesses acquired, at fair value $ — $ 1,696 $ 133 Debt assumed in acquisition of businesses, at fair value $ — $ 3,129 $ 11 Other Payments Interest paid $ 1,718 $ 1,269 $ 934 Income taxes paid $ 149 — $ 95 $ 99

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [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. Investigation by the U.S. Attorney's Office for the District of Massachusetts In October 2015, the Company received a subpoena from the U.S. Attorney's Office for the District of Massachusetts, and, in June 2016, the Company received a follow up subpoena. The materials requested, pursuant to the subpoenas and follow-up requests, include documents and witness interviews with respect to the Company’s patient assistance programs and contributions to patient assistance organizations that provide financial assistance to Medicare patients taking products sold by Valeant, and the Company’s pricing of its 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. Investigation by the U.S. Attorney's Office for the Southern District of New York In October 2015, the Company received a subpoena from the U.S. Attorney's Office for the Southern District of New York. The materials requested, pursuant to the subpoena and follow-up requests, include documents and witness interviews with respect to the Company’s patient assistance programs; 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 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. 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 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 agreed to divest Paragon, which divestiture was completed on November 9, 2016. The consent agreement, together with an accompanying Decision and Order, was approved in final form by the FTC on February 8, 2017. 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. On December 21, 2016, the Senate the United States Senate Special Committee on Aging issued a report on its drug pricing investigation entitled “Sudden Price Spikes in Off-Patent Prescription Drugs: The Monopoly Business Model that Harms Patients, Taxpayers, and the U.S. Health Care System”. 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, testimony and interview requests, related to its investigation of the Company, including requests 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. A hearing was held on the class certification motion on February 13 and 14, 2017. The Company intends to vigorously defend these matters. On February 10, 2017, the Company, Valeant (together, the “Valeant Co Parties”) and J. Michael Pearson (together, the “Valeant Parties”) and Pershing Square Capital Management, L.P., Pershing Square Holdings, Ltd., Pershing Square International, Ltd., Pershing Square, L.P., Pershing Square II, L.P., PS Management GP, LLC, PS Fund 1, LLC, Pershing Square GP, LLC (together, “Pershing Square”), and William A. Ackman (“Ackman” and, together with Pershing Square, the “Pershing Square Parties”) entered into a litigation management agreement (the “Litigation Management Agreement”), pursuant to which the parties agreed to certain provisions with respect to the management of this litigation, including all cases currently consolidated with the California action described above and any opt-out litigation or individual actions brought by members of the putative class in the California action asserting the same or similar allegations or claims (collectively, the “Allergan Litigation”), including the following: • In respect of any settlement relating to the Allergan Litigation that receives the mutual consent of both the Valeant Parties and the Pershing Square Parties, the payments in connection with such settlement will be paid 60% by the Valeant Co Parties and 40% by the Pershing Square Parties. The agreement does not provide for any allocation of costs in a settlement that is not consented to by both parties; • The first $10 million in legal fees and litigation expenses incurred by the Valeant Parties and the Pershing Square Parties after the date of the Litigation Management Agreement in connection with the Allergan Litigation will be paid 50% by the Valeant Co Parties and 50% by the Pershing Square Parties; and • The Litigation Management Agreement will terminate on November 1, 2017 if a stipulation of settlement with regards to the current California action has not been executed by that date (unless the Litigation Management Agreement is extended by mutual written agreement of the Valeant Parties and the Pershing Square Parties). In addition to the agreements set out above with respect to the Allergan Litigation, the Litigation Management Agreement includes an undertaking by the Pershing Square Parties to forbear from commencing any action or actions that arise out of, or relate to, the claims alleged or facts asserted in the Allergan Litigation or to the purchase or acquisition of, or transactions with respect to, the Company’s securities against any of the Valeant Parties from February 3, 2017 until the date that is thirty days after the termination of the Litigation Management Agreement. Any statute of limitations applicable to such actions or tolled claims is suspended during this period. If the Litigation Management Agreement is terminated pursuant to its terms, the parties will meet and discuss whether any tolled claims should be submitted to confidential arbitration or mediation. Furthermore, in connection with the entrance into the Litigation Management Agreement, on February 10, 2017 the Valeant Parties and the Pershing Square Parties entered into a mutual release of claims (the “Mutual Release”). The Mutual Release will go into effect upon the later of satisfaction of the payment obligations that each party would have in connection with any settlement of the current California action pursuant to the Litigation Management Agreement described above and the date of entry of final judgment, and will not occur if the Litigation Management Agreement is terminated. If the Mutual Release becomes effective, each party will release the other parties and their respective attorneys, accountants, financial advisors, lenders and securities underwriters (in their capacities as such and to the extent they provide a mutual release) from any and all claims relating to or arising out of (a) any purchase of any security of Valeant, (b) any one or more of the claims asserted in and/or the facts alleged in (i) the Allergan Litigation, (ii) a putative class action on behalf of purchasers of Valeant securities captioned In re Valeant Pharmaceuticals International Inc. Securities Litigation, Case 3:15-cv-07658- MAS-LHG, currently pending in the United States District Court for the District of New Jersey (the “U.S. Class Action”), (iii) certain enumerated individual actions and/or (iv) certain enumerated actions in Canada, or (c) the Valeant business. In addition, each party covenants not to sue the other parties with respect to any claims covered by the Mutual Release upon the effectiveness of the Mutual Release. Each party also covenants not to sue the other parties’ attorneys, accountants, financial advisors, lenders and securities underwriters (in their capacities as such) with respect to any of the claims covered by the Mutual Release from the date of the signing of the Mutual Release, except to the extent that (i) a claim has been asserted against such party by any such attorney, accountant, financial advisor, lender and/or securities underwriter or (ii) the Litigation Management Agreement has been terminated in accordance with its terms. 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. Oral argument was held on January 25, 2017 and, on January 26, 2017, the Delaware Supreme Court affirmed the dismissal of all claims. 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. Briefing on that motion was completed on January 13, 2017. On January 19, 2017, the lead plaintiff requested leave to file a motion to strike a reference in the Company’s reply brief or, in the alternative, to file a sur-reply. On January 31, 2017, the Company opposed the proposed motion and responded to the proposed sur-reply. The Court’s decision on the motions to dismiss is pending. 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. Plaintiffs in four of the actions have agreed to stay the defendants’ time to respond to the complaints pending the Court’s decision on the fully briefed motions to dismiss the consolidated class action complaint. On January 20, 2017, the Company moved to stay its time to respond to the six remaining complaints. Briefing on the motion to stay has been completed and the Court’s decision is pending. Valeant's motions to dismiss the six remaining complaints are currently scheduled to be filed by April 11, 2017. The Company believes the individual complaints and the consolidated putative class action 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 favor 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, as well as applications by the defendants concerning jurisdiction and class composition. 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 p

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Commitments The Company leases certain facilities, vehicles and equipment principally under operating leases. Rental expense related to operating lease agreements was $84 million , $85 million and $75 million for 2016 , 2015 and 2014 , respectively. Minimum future rental payments under non-cancelable operating and capital leases for each of the five succeeding years ending December 31 and thereafter are as follows: (in millions) Operating Lease Obligations Capital Lease Obligations 2017 $ 87 $ 3 2018 67 4 2019 58 3 2020 45 3 2021 36 4 Thereafter 147 9 Total $ 440 $ 26 Other Commitments The Company has commitments related to capital expenditures of approximately $65 million as of December 31, 2016 . In addition, in connection with the Sprout Acquisition, the merger agreement contains a contractual term (which term is in dispute, as further described below) for expenditures of no less than $200 million with respect to Addyi® for selling, general and administrative, marketing and research and development expenses from the period commencing January 1, 2016 through June 30, 2017. In November 2016, the shareholder representative of the former shareholders of Sprout filed a lawsuit against the Company and Valeant alleging, among other things, breach of contract with respect to certain terms of the merger agreement relating to the Sprout Acquisition, including the disputed contractual term to spend no less than $200 million in certain expenditures. Refer to Note 3 and Note 20 for additional information regarding the Sprout Acquisition and this lawsuit. Under certain agreements, the Company may be required to make payments contingent upon the achievement of specific developmental, regulatory, or commercial milestones. In connection with certain business combinations, including the Salix Acquisition and the Sprout Acquisition, among others, the Company may make contingent consideration payments, as further described in Note 3 and Note 6 . In addition to these contingent consideration payments, as of December 31, 2016 , the Company estimates that it may pay other potential milestone payments and license fees, including sales-based milestones, of up to approximately $1,040 million over time, in the aggregate, to third parties, primarily consisting of the following: • Under the terms of the October 2015 license agreement with AstraZeneca for brodalumab, described in Note 3 , the Company may pay up to $150 million (of which $130 million became payable as a result of the FDA's approval on February 15, 2017 of the BLA for Siliq™ (brodalumab)) in pre-launch milestones and up to another $175 million in sales-related milestones. After approval, AstraZeneca and the Company will share profits. • In connection with certain agreements assumed in the Salix Acquisition which was consummated in April 2015, the Company estimates that it may pay to third parties potential milestones of up to approximately $250 million over time (the majority of which relates to sales-based milestones), in the aggregate. • Under the terms of a March 2010 development and licensing agreement between B&L and NicOx, the Company has exclusive worldwide rights to develop and commercialize, for certain indications, products containing latanoprostene bunod, a nitric oxide donating compound for the treatment of glaucoma and ocular hypertension. The Company may be required to make potential regulatory, commercialization and sales-based milestone payments over time up to $163 million , in the aggregate, as well as royalties on future sales. • Under the terms of amendments entered into in August 2014 to the agreements with Spear with respect to the authorized generic for Retin-A® and the authorized generic for Carac®, respectively, the Company may be required to make uncapped sales-based milestones over time, which the Company currently estimates will not exceed $50 million , in the aggregate, within the next five years. Due to the nature of these arrangements, the future potential payments related to the attainment of the specified milestones over a period of several years are inherently uncertain. Indemnification Provisions In the normal course of business, the Company enters into agreements that include indemnification provisions for product liability and other matters. These provisions are generally subject to maximum amounts, specified claim periods, and other conditions and limits. As of December 31, 2016 or 2015 , no material amounts were accrued for the Company’s obligations under these indemnification provisions. In addition, the Company is obligated to indemnify its officers and directors in respect of any legal claims or actions initiated against them in their capacity as officers and directors of the Company in accordance with applicable law. Pursuant to such indemnities, the Company is indemnifying certain former officers and directors in respect of certain litigation and regulatory matters.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Reportable Segments During the third quarter of 2016, the Company’s Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), commenced managing the business differently 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: • 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) branded pharmaceutical products, branded generic pharmaceutical products, OTC products, medical device products, and Bausch + Lomb products sold in Canada 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 amortization of intangible assets, goodwill impairment, asset impairments, in-process research and development costs, restructuring and integration costs, acquisition-related contingent consideration costs and other (income) expense 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 profits for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Revenues: Bausch + Lomb/International $ 4,607 $ 4,603 $ 4,860 Branded Rx 3,148 3,582 1,592 U.S. Diversified Products 1,919 2,262 1,754 Total revenues $ 9,674 $ 10,447 $ 8,206 Segment profit: Bausch + Lomb/International $ 1,356 $ 1,553 $ 1,695 Branded Rx 1,644 2,008 1,061 U.S. Diversified Products 1,522 1,785 1,283 Total segment profit 4,522 5,346 4,039 Corporate (690 ) (518 ) (341 ) Amortization of intangible assets (2,673 ) (2,257 ) (1,427 ) Goodwill impairments (1,077 ) — — Asset impairments (422 ) (304 ) (145 ) Restructuring and integration costs (132 ) (362 ) (382 ) Acquired in-process research and development costs (34 ) (106 ) (20 ) Acquisition-related contingent consideration 13 23 14 Other income (expense) (73 ) (295 ) 263 Operating (loss) income (566 ) 1,527 2,001 Interest income 8 4 5 Interest expense (1,836 ) (1,563 ) (971 ) Loss on extinguishment of debt — (20 ) (130 ) Foreign exchange loss and other (41 ) (103 ) (144 ) Gain on investments, net — — 293 (Loss) income before (recovery of) provision for income taxes $ (2,435 ) $ (155 ) $ 1,054 Segment Assets Total assets by segment as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Bausch + Lomb/International $ 15,540 $ 16,887 Branded Rx 21,804 24,901 U.S. Diversified Products 5,820 6,758 43,164 48,546 Corporate 365 419 Total assets $ 43,529 $ 48,965 Capital Expenditures, Depreciation and Amortization of intangible assets, and Asset Impairments Capital expenditures, depreciation and amortization of intangible assets, and asset impairments by segment for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Capital expenditures: Bausch + Lomb/International $ 208 $ 180 $ 171 Branded Rx 19 32 10 U.S. Diversified Products 2 5 3 229 217 184 Corporate 6 18 108 Total capital expenditures $ 235 $ 235 $ 292 Depreciation and amortization of intangible assets: Bausch + Lomb/International $ 768 $ 762 $ 799 Branded Rx 1,655 1,282 443 U.S. Diversified Products 408 387 341 2,831 2,431 1,583 Corporate 35 36 31 Total depreciation and amortization of intangible assets $ 2,866 $ 2,467 $ 1,614 Asset impairments: Bausch + Lomb/International $ 141 $ 58 $ 65 Branded Rx 227 192 51 U.S. Diversified Products 48 54 29 416 304 145 Corporate 6 — — Total Asset impairments $ 422 $ 304 $ 145 Revenues by Product Category Revenues by product category for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Pharmaceuticals $ 5,167 $ 6,058 $ 3,413 Devices 1,518 1,495 1,629 OTC 1,581 1,583 1,711 Branded and Other Generics 1,270 1,156 1,293 Other revenues 138 155 160 $ 9,674 $ 10,447 $ 8,206 Geographic Information Revenues are attributed to a geographic region based on the location of the customer for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 U.S. and Puerto Rico $ 6,247 $ 7,063 $ 4,415 Canada 320 334 375 China 300 272 232 Japan 232 206 249 Egypt 196 51 5 Mexico 189 204 222 France 186 178 205 Australia 176 182 196 Russia 165 169 275 Germany 157 159 204 Poland 140 214 276 Brazil 105 110 161 U.K. 104 105 114 Other Europe, Asia, the Middle East, Latin America, Africa and other 1,157 1,200 1,277 $ 9,674 $ 10,447 $ 8,206 Long-lived assets consisting of property, plant and equipment, net of accumulated depreciation, are attributed to geographic regions based on their physical location as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 (1) U.S. and Puerto Rico $ 614 $ 691 Ireland 198 133 Canada 83 76 Poland 81 89 Germany 60 63 Mexico 50 62 Egypt 41 97 France 29 30 China 26 33 Serbia 25 27 Italy 19 21 South Korea 14 14 Other Europe, Latin America, Asia, and the Middle East and other 72 106 $ 1,312 $ 1,442 ____________________________________ (1) In 2015, Long-lived assets associated with the Company's Ireland manufacturing facility were incorrectly included within the U.S. and Puerto Rico balances, have been revised to properly reflect those assets as Ireland assets. Major Customers Customers that accounted for 10% or more of total revenues for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 McKesson Corporation 21% 20% 17% Cardinal Health, Inc. 15% 12% 9% AmerisourceBergen Corporation 13% 14% 10%

PS FUND 1 INVESTMENT

PS FUND 1 INVESTMENT	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
PS FUND 1 INVESTMENT	PS FUND 1 INVESTMENT In connection with the merger proposal (which has since been withdrawn as described below) to the Board of Directors of Allergan Inc. (“Allergan”), the Company and Pershing Square Capital Management, L.P. (“Pershing Square”) entered into an agreement pursuant to which, among other things, Valeant and Pershing Square became members of a newly formed jointly owned entity, PS Fund 1. In April 2014, the Company contributed $76 million to PS Fund 1, which was used by PS Fund 1, together with funds contributed by funds managed by Pershing Square, to purchase shares of Allergan common stock and derivative instruments referencing Allergan common stock. The investment in Allergan shares was considered an available-for-sale security. 597,431 of the 28,878,538 shares of Allergan common stock held for PS Fund 1 were allocable to the Company. Based on the Company’s degree of influence over such entity, the Company’s investment in PS Fund 1 was accounted for under the equity method of accounting. Accordingly, the Company recognized its share of any unrealized gains or losses on the Allergan shares held by PS Fund 1 as part of other comprehensive (loss) income. On November 19, 2014, the Company withdrew its exchange offer to acquire all of the outstanding shares of Allergan. Consequently, the Company and Pershing Square amended their previous agreement, and, as a result, the Company is no longer a member of PS Fund 1. PS Fund 1 sold the shares of Allergan common stock and distributed to the Company proceeds of $473 million , in the aggregate, in the fourth quarter of 2014 which included (i) proceeds of $127 million from the 597,431 shares allocable to the Company plus (ii) proceeds of $346 million representing the Company’s right to 15% of the net profits on the sale of shares realized by Pershing Square. In connection with the sale, the Company recognized a net gain of $287 million in the fourth quarter of 2014 (which included the recognition of previously unrealized gains that had been recorded as part of other comprehensive (loss) income). Also, in connection with the withdrawal of the exchange offer, the commitment letter which the Company had received for the purpose of financing the cash component of the consideration to be paid in the exchange offer, was terminated. As a result, in the fourth quarter of 2014, the Company expensed and paid $54 million of fees associated with the commitment letter. The net gain of $287 million was recognized in Gain on investments, net in the consolidated statements of (loss) income and is net of expenses of approximately $110 million , in the aggregate, which includes the $54 million of commitment letter fees described in the preceding paragraph as well as legal, consulting, and other related expenses. In the consolidated statement of cash flows for the year ended December 31, 2014, $76 million of the total proceeds was included as an investing activity as it represents a return of the Company's initial investment. The remaining portion of the proceeds of $398 million , representing the Company’s return on investment, was classified as an operating activity, as were the payments related to the commitment letter fees and legal, consulting, and other related expenses. In March 2016, two members of Pershing Square became members of the Board of Directors of Valeant Pharmaceuticals International, Inc.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Divestitures On January 9, 2017, Valeant entered into a definitive agreement to sell all of the outstanding equity interests in Dendreon for cash consideration of approximately $820 million . The assets and liabilities of the Dendreon business have been classified as held for sale in the consolidated balance sheet at December 31, 2016. On January 10, 2017, the Company entered into a definitive agreement to sell its interests in the CeraVe®, AcneFree™ and AMBI® skincare brands for cash consideration of approximately $1,300 million . The assets and liabilities of the CeraVe®, AcneFree™ and AMBI® skincare brands business have been classified as held for sale in the consolidated balance sheet at December 31, 2016. These transactions are expected to close in the first half of 2017, and are subject to customary closing conditions, including receipt of applicable regulatory approvals. The proceeds from these transactions are to be used to permanently repay debt under the terms of the Company’s Senior Secured Credit Facilities. See Note 6 for details on these businesses. Legal Proceedings Related to Salix securities litigation, on February 8, 2017, the parties reached an agreement in principle to settle the consolidated action, pursuant to which Salix will make a payment of $210 million . See Note 20 for further details.

SUMMARY DATA (UNAUDITED)

SUMMARY DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
SUMMARY DATA (UNAUDITED)	SUPPLEMENTARY DATA (UNAUDITED) Selected unaudited quarterly consolidated financial data are shown below: 2016 (in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 2,372 $ 2,420 $ 2,479 $ 2,403 Expenses 2,306 2,339 3,343 2,252 Operating income (loss) $ 66 $ 81 $ (864 ) $ 151 Net loss attributable to Valeant Pharmaceuticals International, Inc. $ (374 ) $ (302 ) $ (1,218 ) $ (515 ) Loss per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (1.08 ) $ (0.88 ) $ (3.49 ) $ (1.47 ) Diluted $ (1.08 ) $ (0.88 ) $ (3.49 ) $ (1.47 ) Net cash provided by operating activities (1) $ 556 $ 449 $ 569 $ 513 2015 (in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 2,169 $ 2,733 $ 2,787 $ 2,758 Expenses 1,600 2,391 2,339 2,590 Operating income $ 569 $ 342 $ 448 $ 168 Net income (loss) attributable to Valeant Pharmaceuticals International, Inc. $ 97 $ (53 ) $ 49 $ (385 ) Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ 0.29 $ (0.15 ) $ 0.14 $ (1.12 ) Diluted $ 0.28 $ (0.15 ) $ 0.14 $ (1.12 ) Net cash provided by operating activities (1) $ 509 $ 418 $ 733 $ 598 ____________________________________ (1) As described in Note 2 , as a result of the adoption of the new share-based compensation guidance by the Company in the third quarter of 2016, excess tax benefits are classified as operating cash flows instead of financing cash flows. As a result, net cash provided by operating activities for the interim periods in 2015 and the first and second quarters of 2016 have been adjusted to conform to the current period presentation.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2016
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (All dollar amounts expressed in millions of U.S. dollars) Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Year Year ended December 31, 2016 Allowance for doubtful accounts $ 67 $ 57 $ (22 ) $ (22 ) $ 80 Deferred tax asset valuation allowance $ 1,367 $ 627 $ (137 ) $ — $ 1,857 Year ended December 31, 2015 Allowance for doubtful accounts $ 36 $ 39 $ 6 $ (14 ) $ 67 Deferred tax asset valuation allowance $ 859 $ 344 $ 164 $ — $ 1,367 Year ended December 31, 2014 Allowance for doubtful accounts $ 28 $ 5 $ 8 $ (5 ) $ 36 Deferred tax asset valuation allowance $ 478 $ 272 $ 109 $ — $ 859 With respect to the deferred tax valuation allowance, the amounts in 2015 and 2014 charged to other accounts relates primarily to foreign currency fluctuations on debt.

SIGNIFICANT ACCOUNTING POLICI34

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The 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 (“GAAP”), applied on a consistent basis. In preparing the Company’s 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 financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: provisions for product returns, rebates, chargebacks, discounts and allowances, and distribution fees paid to certain wholesalers; useful lives of amortizable intangible assets and property, plant and equipment; expected future cash flows used in evaluating intangible assets for impairment, assessing compliance with debt covenants and making going concern assessments; reporting unit fair values for testing goodwill for impairment and allocating goodwill to new reporting unit structure on a relative fair value basis; provisions for loss contingencies; provisions for income taxes, uncertain tax positions and realizability of deferred tax assets; and the allocation of the purchase price for acquired assets and businesses, including the fair value of contingent consideration. Under certain product manufacturing and supply agreements, management relies on estimates for future returns, rebates and chargebacks made by the Company’s commercialization counterparties. 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 consolidated financial statements could be materially impacted.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and those of its subsidiaries and any variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All significant intercompany transactions and balances have been eliminated.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation.
Acquisitions and Acquisition-Related Contingent Consideration	Acquisitions Acquired businesses are accounted for using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recorded at fair value, with limited exceptions. Any excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. Transaction costs and costs to restructure the acquired company are expensed as incurred. The operating results of the acquired business are reflected in the consolidated financial statements after the date of acquisition. Acquired in-process research and development (“IPR&D”) is recognized at fair value and initially characterized as an indefinite-lived intangible asset, irrespective of whether the acquired IPR&D has an alternative future use. If the acquired net assets do not constitute a business under the acquisition method of accounting, the transaction is accounted for as an asset acquisition and no goodwill is recognized. In an asset acquisition, the amount allocated to acquired IPR&D with no alternative future use is charged to expense at the acquisition date. Acquisition-Related Contingent Consideration Acquisition-related contingent consideration, which primarily consists of potential milestone payments and royalty obligations, is recorded in the consolidated balance sheets at its acquisition date estimated fair value, in accordance with the acquisition method of accounting. The fair value of the acquisition-related contingent consideration is remeasured each reporting period, with changes in fair value recorded in the consolidated statements of (loss) income. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in fair value measurement accounting.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The estimated fair values of cash and cash equivalents, trade receivables, accounts payable and accrued liabilities approximate their carrying values due to their short maturity periods. The fair value of acquisition-related contingent consideration is based on estimated discounted future cash flows or Monte Carlo Simulation analyses and assessment of the probability of occurrence of potential future events. The fair values of marketable securities and long-term debt are based on quoted market prices, if available, or estimated discounted future cash flows.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with maturities of three months or less when purchased.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and trade receivables. The Company invests its excess cash in high-quality, money market instruments and term deposits with varying maturities, but typically less than three months. The Company’s cash and cash equivalents are invested in various investment grade institutional money market accounts and bank term deposits. Deposits held at banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate such risks by spreading its risk across multiple counterparties and monitoring the risk profiles of these counterparties. The Company’s trade receivables primarily represent amounts due from wholesale distributors, retail pharmacies, government entities and group purchasing organizations. Outside of the U.S., concentrations of credit risk with respect to trade receivables, which are typically unsecured, are limited due to the number of customers using the Company’s products, as well as their dispersion across many different geographic regions. The Company performs periodic credit evaluations of customers and does not require collateral. The Company monitors economic conditions, including volatility associated with international economies, and related impacts on the relevant financial markets and its business, especially in light of sovereign credit issues. The credit and economic conditions within Italy, Portugal, Spain, Greece, among other members of the European Union, Russia, Brazil, and Egypt have been weak in recent years. In November 2016, as a result of the Egyptian government’s decision to float the Egyptian pound and un-peg it to the U.S. Dollar, the Egyptian pound was significantly devalued. The Company's exposure to the Egyptian pound is primarily with respect to the Amoun Pharmaceutical Company S.A.E. business acquired in October 2015, which represented approximately 2% of the Company's 2016 total revenues. These conditions have increased, and may continue to increase, the average length of time that it takes to collect on the Company’s trade receivables outstanding in these countries. An allowance for doubtful accounts is maintained for potential credit losses based on the aging of trade receivables, historical bad debts experience, and changes in customer payment patterns. Trade receivable balances are written off against the allowance when it is deemed probable that the receivable will not be collected.
Inventories	Inventories Inventories comprise raw materials, work in process, and finished goods, which are valued at the lower of cost or market, on a first-in, first-out basis. Cost for work in process and finished goods inventories includes materials, direct labor, and an allocation of overheads. Market for raw materials is replacement cost, and for work in process and finished goods is net realizable value. The Company evaluates the carrying value of inventories on a regular basis, taking into account such factors as historical and anticipated future sales compared with quantities on hand, the price the Company expects to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods on hand.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are reported at cost, less accumulated depreciation. Costs incurred on assets under construction are capitalized as construction in progress. Depreciation is calculated using the straight-line method, commencing when the assets become available for productive use, based on the following estimated useful lives: Buildings Up to 40 years Machinery and equipment 3 - 20 years Other equipment 3 - 10 years Equipment on operating lease Up to 5 years Leasehold improvements and capital leases Lesser of term of lease or 10 years
Intangible Assets	Intangible Assets Intangible assets are reported at cost, less accumulated amortization. Intangible assets with finite lives are amortized over their estimated useful lives. Amortization is calculated primarily using the straight-line method based on the following estimated useful lives: Product brands 2 - 20 years Corporate brands 6 - 20 years Product rights 3 - 15 years Partner relationships 5 - 9 years Out-licensed technology and other 5 - 10 years
Divestitures of Products	Divestitures of Products The Company nets the proceeds on the divestitures of products with the carrying amount of the related assets and records a gain/loss on sale within Other expense (income). Any contingent payments that are potentially due to the Company as a result of these divestitures are recorded when realizable.
IPR&D	IPR&D The fair value of IPR&D acquired through a business combination is capitalized as an indefinite-lived intangible asset until the completion or abandonment of the related research and development activities. When the related research and development is completed, the asset will be assigned a useful life and amortized. The fair value of an IPR&D intangible asset is typically determined using an income approach. This approach starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. The net cash flows reflect the asset’s stage of completion, the probability of technical success, the projected costs to complete, expected market competition, and an assessment of the asset’s life-cycle. The net cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment are present, the asset is tested for recoverability by comparing the carrying value of the asset to the related estimated undiscounted future cash flows expected to be derived from the asset. If the expected cash flows are less than the carrying value of the asset, then the asset is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. Indefinite-lived intangible assets, including acquired IPR&D and the corporate trademark acquired in the acquisition of Bausch & Lomb Holdings Incorporated (the ‘‘B&L Trademark’’), are tested for impairment annually or more frequently if events or changes in circumstances between annual tests indicate that the asset may be impaired. Impairment losses on indefinite-lived intangible assets are recognized based solely on a comparison of the fair value of the asset to its carrying value.
Goodwill	Goodwill 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. Goodwill is not amortized but is tested for impairment at least annually as of October 1 st at the reporting unit level. A reporting unit is the same as, or one level below, an operating segment. An interim goodwill impairment test in advance of the annual impairment assessment may be required if events occur that indicate an impairment might be present. For example, a substantial decline in the Company’s market capitalization, unexpected adverse business conditions, economic factors and unanticipated competitive activities may signal that an interim impairment test is needed. Accordingly, among other factors, the Company monitors changes in its share price between annual impairment tests. The Company considers a decline in its share price that corresponds to an overall deterioration in stock market conditions to be less of an indicator of goodwill impairment than a unilateral decline in its share price reflecting adverse changes in its underlying operating performance, cash flows, financial condition, and/or liquidity. In the event that the Company’s market capitalization does decline below its book value, the Company would consider the length and severity of the decline and the reason for the decline when assessing whether potential goodwill impairment exists. The Company believes that short-term fluctuations in share prices may not necessarily reflect underlying values. The Company performs its annual goodwill impairment test in the fourth quarter of each fiscal year. The goodwill impairment test consists of two steps. In step one, the Company compares the carrying value of each reporting unit to its fair value. In step two, if the carrying value of a reporting unit exceeds its fair value, the Company will determine the amount of goodwill impairment as the excess of the carrying value of the reporting unit’s goodwill over its fair value, if any. The fair value of goodwill is derived as the excess of the fair value of the reporting unit over the fair value of the reporting unit’s identifiable assets and liabilities.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying amount of the related debt except for the deferred financing costs associated with the revolving-debt arrangements which are presented as assets. Deferred finance costs are amortized using the effective interest method as interest expense over the contractual lives of the related credit facilities.
Foreign Currency Translation	Foreign Currency Translation The assets and liabilities of the Company’s foreign operations having a functional currency other than the U.S. dollar are translated into U.S. dollars at the exchange rate prevailing at the balance sheet date, and at the average exchange rate for the reporting period for revenue and expense accounts. The cumulative foreign currency translation adjustment is recorded as a component of accumulated other comprehensive (loss) income in shareholders’ equity. Foreign currency exchange gains and losses on transactions occurring in a currency other than an operation’s functional currency are recognized in net income (loss).
Revenue Recognition	Revenue Recognition Revenue is realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the customer is fixed or determinable, and collectability is reasonably assured.
Product Sales	Product Sales The Company recognizes product sales revenue when persuasive evidence of an arrangement exists, delivery has occurred, collectability is reasonably assured, and the price to the buyer is fixed or determinable, the timing of which is based on the specific contractual terms with each customer. Delivery occurs when title has transferred to the customer, and the customer has assumed the risks and rewards of ownership. As such, the Company generally recognizes revenue on a sell-in basis (i.e., record revenue upon delivery); however, based upon specific terms and circumstances, the Company has determined that, for certain arrangements with certain retailers and other third parties, revenue should be recognized on a sell-through basis (i.e., record revenue when products are dispensed to patients). In evaluating the proper revenue recognition for sales transactions, the Company considers all relevant factors, including additional discounts or extended payment terms which the Company grants to certain customers, often near the end of fiscal quarterly periods. Revenue from product sales is recognized net of provisions for estimated cash discounts, allowances, returns, rebates, chargebacks and distribution fees paid to certain of the Company’s wholesale customers. The Company establishes these provisions concurrently with the recognition of product sales revenue. Price appreciation credits are generated when the Company increases a product’s wholesaler acquisition cost (“WAC”) under its contracts with certain wholesalers. Under such contracts, the Company is entitled to credits from such wholesalers for the impact of that WAC increase on inventory currently on hand at the wholesalers. Such credits, which can be significant, are used to offset against the total distribution service fees the Company pays on all of its products to each wholesaler. Net revenue on these credits is recognized on the date that the wholesaler is notified of the price increase. The Company offers cash discounts for prompt payment and allowances for volume purchases to customers. Provisions for cash discounts and allowances are estimated based on contractual sales terms with customers, an analysis of unpaid invoices, and historical payment experience. The Company generally allows customers to return product within a specified period of time before and after its expiration date, excluding the Company’s European businesses which generally do not carry a right of return. Provisions for returns are estimated based on historical sales and return levels, taking into account additional available information such as historical return and exchange levels, external data with respect to inventory levels in the wholesale distribution channel, external data with respect to prescription demand for the Company’s products, remaining shelf lives of the Company’s products at the date of sale and estimated returns liability to be processed by year of sale based on analysis of lot information related to actual historical returns. The Company reviews its methodology and adequacy of the provision for returns on a quarterly basis, adjusting for changes in assumptions, historical results and business practices, as necessary. The Company is subject to rebates on sales made under governmental and managed-care programs in the U.S., and chargebacks on sales made to government agencies, group purchasing organizations and other indirect customers. Provisions for rebates and chargebacks are estimated based on historical utilization levels, relevant statutes with respect to governmental pricing programs and contractual sales terms with managed-care providers and group purchasing organizations. Changes in the level of utilization of the Company’s products through private or public benefit plans and group purchasing organizations will impact the amount of rebates and chargebacks that the Company is obligated to pay. The Company is party to product manufacturing and supply agreements with a number of commercialization counterparties in the U.S. Under the terms of these agreements, the Company’s supply prices for its products are determined after taking into consideration estimates for future returns, rebates, and chargebacks provided by each counterparty. The Company makes adjustments as needed to state these estimates on a basis consistent with this policy and its methodology for estimating returns, rebates and chargebacks related to its own direct product sales.
Research and Development Expenses	Research and Development Expenses Costs related to internal research and development programs, including costs associated with the development of acquired IPR&D, are expensed as goods are delivered or services are performed. Under certain research and development arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific developmental, regulatory and/or commercial milestones. Before a product receives regulatory approval, milestone payments made to third parties are expensed and included in Research and development costs when the milestone is achieved . Milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the estimated useful life of the approved product. Amounts due from third parties as reimbursement of development activities conducted under certain research and development arrangements are recognized as a reduction of research and development expenses.
Legal Costs	Legal Costs Legal fees and other costs related to litigation and other legal proceedings are expensed as incurred and are included in Selling, general and administrative expenses. Certain legal costs associated with acquisitions are included in Acquisition-related costs, and certain legal costs associated with divestitures, legal settlements, and other business development activity are included in Other expense (income) or Gain on investments, net (see Note 23 ), as appropriate. Certain costs for legal matters related to contingent liabilities assumed in the Salix Acquisition were recorded at estimated fair value (see Note 3 ). Legal costs expensed are reported net of expected insurance recoveries. A claim for insurance recovery is recognized when realization becomes probable
Advertising Costs	Advertising Costs Advertising costs comprise product samples, print media, promotional materials and television advertising. Advertising costs related to new product launches are expensed on the first use of the advertisement.
Share-Based Compensation	Share-Based Compensation The Company recognizes all share-based payments to employees, including grants of employee stock options and restricted share units (“RSUs”), at estimated fair value. The Company amortizes the fair value of stock option or RSU grants on a straight-line basis over the requisite service period of the individual stock option or RSU grant, which generally equals the vesting period. Stock option and RSU forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Share-based compensation is recorded in Research and development expenses, Selling, general and administrative expenses and Other expense costs, as appropriate.
Interest Expense	Interest Expense Interest expense includes standby fees and the amortization of debt discounts and deferred financing costs. Interest costs are expensed as incurred, except to the extent such interest is related to construction in progress, in which case interest is capitalized.
Income Taxes	Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the differences between the financial statement and income tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. A valuation allowance is provided for the portion of deferred tax assets that is more likely than not to remain unrealized. Deferred tax assets and liabilities are measured using enacted tax rates and laws. Deferred tax assets for outside basis differences in investments in subsidiaries are only recognized if the difference will be realized in the foreseeable future. The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The tax benefits recognized from such position are measured based on the amount that is greater than 50% likely of being realized upon settlement. Liabilities associated with uncertain tax positions are classified as long-term unless expected to be paid within one year. Interest and penalties related to uncertain tax positions, if any, are recorded in the provision for income taxes and classified with the related liability on the consolidated balance sheets.
Earnings Per Share	Earnings Per Share Basic earnings per share attributable to Valeant Pharmaceuticals International, Inc. is calculated by dividing net income attributable to Valeant Pharmaceuticals International, Inc. by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is calculated by dividing net income attributable to Valeant Pharmaceuticals International, Inc. by the weighted-average number of common shares outstanding during the reporting period after giving effect to dilutive potential common shares for stock options and RSUs, determined using the treasury stock method.
Comprehensive Income	Comprehensive Income Comprehensive income comprises net income and other comprehensive income. Other comprehensive income includes items such as foreign currency translation adjustments, unrealized holding gains and losses on available-for-sale and other investments and certain pension and other postretirement benefit plan adjustments. Accumulated other comprehensive income is recorded as a component of shareholders’ equity.
Contingencies	Contingencies In the normal course of business, the Company is subject to loss contingencies, such as claims and assessments arising from litigation and other legal proceedings, contractual indemnities, product and environmental liabilities, and tax matters. Accruals for loss contingencies are recorded when the Company determines that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the estimate of the amount of the loss is a range and some amount within the range appears to be a better estimate than any other amount within the range, that amount is accrued as a liability. If no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued as a liability. These accruals are adjusted periodically as assessments change or additional information becomes available. If no accrual is made for a loss contingency because the amount of loss cannot be reasonably estimated, the Company will disclose contingent liabilities when there is at least a reasonable possibility that a loss or an additional loss may have been incurred.
Employee Benefit Plans	Employee Benefit Plans The Company sponsors various retirement and pension plans, including defined benefit pension plans, defined contribution plans and a participatory defined benefit postretirement plan. The determination of defined benefit pension and postretirement plan obligations and their associated expenses requires the use of actuarial valuations to estimate the benefits employees earn while working, as well as the present value of those benefits. Net actuarial gains and losses that exceed 10 percent of the greater of the plan’s projected benefit obligations or the market-related value of assets are amortized to earnings over the shorter of the estimated average future service period of the plan participants (or the estimated average future lifetime of the plan participants if the majority of plan participants are inactive) or the period until any anticipated final plan settlements.
Adoption of New Accounting Standards and Recently Issued Accounting Standards, Not Adopted	Adoption of New Accounting Standards 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 has adopted the guidance in the fourth quarter of 2016 and provided the required disclosure in Note 11 . 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 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 also required to apply this aspect of the guidance retrospectively as if the adoption is effective as of January 1, 2016. However, given the impact of adoption for the interim periods of 2016 was insignificant, the Company recorded the cumulative impact of adoption for the six months ended June 30, 2016 in the third quarter of 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 increased by $57 million and $17 million for the years ended December 31, 2015 and 2014, respectively, and cash flows provided by financing activities decreased by $57 million for the year ended December 31, 2015 and cash flows used in financing activities increased by $17 million for the year ended December 31, 2014. • 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. 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 first and second quarters of 2016 given the Company reported a net loss for each of those reporting 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 December 31, 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 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. 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. In 2017, the Company has initiated its project plan for adopting this guidance, which includes a detailed assessment program and a training program for its personnel. The Company preliminarily concluded that it will adopt the new guidance using the modified approach, under which the new guidance will be adopted retrospectively with the cumulative effect of initial application of the guidance recognized on the date of initial application (which is January 1, 2018). 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 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. In November 2016, the FASB issued new guidance which adds and clarifies the classification and presentation of restricted cash in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, 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 statement of cash flows. In January 2017, the FASB issued new guidance which clarifies the definition of a business with the objective of assisting with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company is evaluating the impact of adoption of this guidance on its financial position and disclosures. In January 2017, the FASB issued new guidance which simplifies the subsequent measurement of goodwill by eliminating the "Step 2" from the goodwill impairment test. The Board also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. The guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company will continue to evaluate the potential impact of this guidance when adopted, which could have a significant impact on its financial position, results of operations, the statement of cash flows and disclosures, particularly in respect of the Salix reporting unit in which its carrying value exceeded its fair value as of the date of the annual goodwill impairment test in 2016 (see Note 9).

SIGNIFICANT ACCOUNTING POLICI35

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of prior period adjustments	To enhance comparability of the Company's asset impairments from period to period, the Company has made reclassifications to the 2015 and 2014 consolidated statements of (loss) income to include a line item for the presentation of Asset impairments from line items previously disclosed as Amortization and impairments of finite-lived intangible assets and Acquired in-process research and development impairments and other charges as follows: (in millions) As Initially Recorded Reclassification As Reclassified (Income) / Expense 2015 2014 2015 2014 2015 2014 Amortization of intangible assets $ 2,418 $ 1,551 $ (161 ) $ (124 ) $ 2,257 $ 1,427 Asset impairments — — 304 145 304 145 Acquired in-process research and development costs 249 41 (143 ) (21 ) 106 20 $ 2,667 $ 1,592 $ — $ — $ 2,667 $ 1,592
Schedule of estimated useful lives of property, plant and equipment	Depreciation is calculated using the straight-line method, commencing when the assets become available for productive use, based on the following estimated useful lives: Buildings Up to 40 years Machinery and equipment 3 - 20 years Other equipment 3 - 10 years Equipment on operating lease Up to 5 years Leasehold improvements and capital leases Lesser of term of lease or 10 years
Schedule of estimated useful lives of intangible assets	Amortization is calculated primarily using the straight-line method based on the following estimated useful lives: Product brands 2 - 20 years Corporate brands 6 - 20 years Product rights 3 - 15 years Partner relationships 5 - 9 years Out-licensed technology and other 5 - 10 years

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of estimated fair value of assets acquired and liabilities assumed	The fair values of the assets acquired and liabilities assumed are as follows: (in millions) Final Fair Value Cash and cash equivalents $ 27 Inventories 11 Other assets 2 Identifiable intangible assets 994 Current liabilities (5 ) Deferred income taxes, net (352 ) Total identifiable net assets 677 Goodwill 770 Total fair value of consideration transferred $ 1,447 The following table provides the original estimate of fair value of the assets acquired and liabilities assumed of the business combinations, in the aggregate, as of the applicable acquisition date of each acquisition and the final estimate of fair value at the end of the applicable measurement period of each acquisition. The measurement period for each acquisition is closed. (in millions) Original Estimate of Fair Value Measurement Period Adjustments Final Fair Value Cash $ 92 $ — $ 92 Trade receivables 50 (3 ) 47 Inventories 143 (3 ) 140 Other current assets 20 (1 ) 19 Property, plant and equipment 95 (15 ) 80 Identifiable intangible assets, excluding acquired IPR&D 1,122 (44 ) 1,078 Acquired IPR&D 58 (4 ) 54 Other non-current assets 3 — 3 Deferred tax (liability) asset, net (55 ) 61 6 Current liabilities (124 ) (5 ) (129 ) Long-term debt (6 ) — (6 ) Non-current liabilities (117 ) 1 (116 ) Total identifiable net assets 1,281 (13 ) 1,268 Goodwill 142 (3 ) 139 Total fair value of consideration transferred $ 1,423 $ (16 ) $ 1,407 The following table provides the fair value of the assets acquired and liabilities assumed in the Salix Acquisition as of the acquisition date. (in millions) Final Fair Value Cash and cash equivalents $ 114 Inventories 232 Other assets 1,410 Property, plant and equipment 24 Identifiable intangible assets, excluding acquired IPR&D 6,756 Acquired IPR&D - Xifaxan ® IBS-D 4,790 Acquired IPR&D - Other 393 Current liabilities (1,939 ) Contingent consideration (334 ) Long-term debt (3,123 ) Deferred income taxes, net of deferred tax assets (3,428 ) Other non-current liabilities (43 ) Total identifiable net assets 4,852 Goodwill 8,280 Total fair value of consideration transferred $ 13,132 The estimated fair values of the assets acquired and liabilities assumed, as initially measured and adjusted through the end of the measurement period are as follows: (in millions) Original Estimate of Fair Value Measurement Period Adjustments Final Fair Value Cash $ 44 $ — $ 44 Trade receivables 64 — 64 Inventories 38 — 38 Other current assets 12 — 12 Property, plant and equipment 96 (1 ) 95 Identifiable intangible assets, excluding acquired IPR&D 528 (8 ) 520 Acquired IPR&D 19 1 20 Current liabilities (31 ) (1 ) (32 ) Deferred tax liability, net of nominal deferred tax assets (131 ) (1 ) (132 ) Other non-current liabilities (11 ) 4 (7 ) Total identifiable net assets 628 (6 ) 622 Goodwill 282 2 284 Total fair value of consideration transferred $ 910 $ (4 ) $ 906 The following table provides the fair value of the assets acquired and liabilities assumed of the business combinations, in the aggregate, as of the applicable acquisition date. There were no measurement period adjustments during 2016 and the measurement period for each acquisition is closed. (in millions) Final Fair Value Cash and cash equivalents $ 35 Trade receivables 82 Assets held for sale acquired in the PreCision Acquisition 125 Inventories 75 Other current assets 14 Property, plant and equipment 57 Identifiable intangible assets, excluding acquired IPR&D 720 Acquired IPR&D 63 Other non-current assets 2 Current liabilities (169 ) Long-term debt, including current portion (11 ) Deferred income taxes, net (71 ) Other non-current liabilities (13 ) Total identifiable net assets 909 Noncontrolling interest (20 ) Goodwill 458 Total fair value of consideration transferred $ 1,347
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: (in millions) Weighted- Average Useful Lives (Years) Final Fair Value Product brands 10 $ 6,089 Corporate brand 20 667 Total identifiable intangible assets acquired 11 $ 6,756 The following table summarizes the identifiable intangible assets acquired and their useful lives: (in millions) Weighted-Average Useful Lives (Years) Original Estimate of Fair Value Measurement Period Adjustments Final Fair Value Product brands 9 $ 491 $ (11 ) $ 480 Corporate brand 17 37 3 40 Total identifiable intangible assets acquired 10 $ 528 $ (8 ) $ 520 The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: (in millions) Weighted- Average Useful Lives (Years) Original Estimate of Fair Value Measurement Period Adjustments Final Fair Value Product brands 7 $ 741 $ (6 ) $ 735 Product rights 3 43 (1 ) 42 Corporate brands 16 7 — 7 Partner relationships 8 8 — 8 Technology/know-how 10 321 (37 ) 284 Other 6 2 — 2 Total identifiable intangible assets acquired 8 $ 1,122 $ (44 ) $ 1,078 The following table summarizes the amounts and useful lives assigned to identifiable intangible assets: (in millions) Weighted- Average Useful Lives (Years) Final Fair Value Product brands 10 $ 508 Product rights 8 92 Corporate brand 15 33 In-licensed products 9 2 Partner relationships 9 51 Other 9 34 Total identifiable intangible assets acquired 10 $ 720
Schedule of pro forma impact of merger and acquisition	The following table presents unaudited pro forma consolidated results of operations for 2015 and 2014, as if the 2015 acquisitions had occurred as of January 1, 2014 and the 2014 acquisitions had occurred as of January 1, 2013. Unaudited (in millions, except per share amounts) 2015 2014 Revenues $ 10,710 $ 10,248 Net loss attributable to Valeant Pharmaceuticals International, Inc. (619 ) (375 ) Loss per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (1.80 ) $ (1.09 ) Diluted $ (1.80 ) $ (1.09 )

DIVESTITURES (Tables)

DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Components of assets held for sale	The components of assets held for sale, as of December 31, 2016 were as follows: (in millions) Current assets held for sale: Cash $ 1 Trade receivables 86 Inventories 147 Other 27 Current assets held for sale $ 261 Non-current assets held for sale: Identifiable intangible assets $ 680 Goodwill 1,355 Other 97 Non-current assets held for sale $ 2,132

RESTRUCTURING AND INTEGRATION38

RESTRUCTURING AND INTEGRATION COSTS (Tables)	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of major components of costs incurred and a reconciliation of the liability balance	The following table summarizes the major components of the restructuring costs incurred in connection with the Salix Acquisition since the acquisition date through December 31, 2016 : (in millions) Severance and Related Benefits Contract Termination, Facility Closures and Other Total Balance, January 1, 2015 $ — $ — $ — Costs incurred and/or charged to expense 91 1 92 Cash payments (58 ) — (58 ) Non-cash adjustments 2 — 2 Balance, December 31, 2015 35 1 36 Costs incurred and/or charged to expense (3 ) 10 7 Cash payments (30 ) (4 ) (34 ) Balance, December 31, 2016 $ 2 $ 7 $ 9

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 as of December 31, 2016 and 2015 : 2016 2015 (in millions) 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 $ 242 $ 179 $ 63 $ — $ 167 $ 156 $ 11 $ — Liabilities: Acquisition-related contingent consideration $ (892 ) $ — $ — $ (892 ) $ (1,156 ) $ — $ — $ (1,156 )
Schedule of reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs	The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3) for the years 2016 and 2015 : (in millions) 2016 2015 Balance, beginning of year $ 1,156 $ 348 Arising during the year and included in net loss (1) (13 ) (23 ) Arising during the year and included in other comprehensive loss (40 ) (1 ) Issuances (2) — 1,010 Payments/Settlements (3) (175 ) (174 ) Paragon amounts reclassified to held for sale liabilities (Note 4) (26 ) — Measurement period adjustments to 2015 acquisitions and other (10 ) — Release from restricted cash — (4 ) Balance, end of year 892 1,156 Current portion 52 $ 197 Non-current portion $ 840 $ 959 ____________________________________ (1) For the year ended December 31, 2016, a net gain of $13 million was recognized as Acquisition-related contingent consideration in the consolidated statements of (loss) income, primarily reflecting (i) the accretion for the time value of money for the Sprout Acquisition, the Salix Acquisition and other smaller acquisitions, more than offset by (ii) the resulting fair value adjustments of $29 million to the Elidel®/Xerese®/Zovirax® agreement entered into with Meda Pharma SARL in June 2011 (the "Elidel®/Xerese®/Zovirax® agreement"), (iii) the resulting fair value adjustments of $29 million to the Amoun Acquisition due to the devaluation of the Egyptian Pound currency in the fourth quarter of 2016 that affected sales-based milestones pegged to the U.S. dollar and (iv) the resulting fair value adjustments of Commonwealth, Inc. program to development milestones and sales-based milestones of $27 million primarily in the third quarter of 2016. For the year ended December 31, 2015, a net gain of $23 million was recognized as Acquisition-related contingent consideration in the consolidated statements of (loss) income, primarily reflecting (i) the termination of the arrangements with and relating to Philidor and the resulting fair value adjustments to the sales-based milestones of $47 million in the fourth quarter of 2015 and (ii) the termination of the Emerade® IPR&D program in the U.S. and the resulting fair value adjustments to the regulatory and approval milestones of $16 million in the fourth quarter of 2015 (both of the terminations described above also resulted in asset impairment charges as described in Note 9 ), partially offset by accretion for the time value of money for the Salix Acquisition and the Elidel®/Xerese®/Zovirax® agreement. (2) The 2015 issuances relate primarily to the Sprout Acquisition, the Salix Acquisition, the acquisition of certain assets of Marathon, and the Amoun Acquisition, as well as the impact of measurement period adjustments, as described in Note 3 . (3) The 2016 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, and other smaller acquisitions. The 2015 payments of acquisition-related contingent consideration primarily relate to the Elidel®/Xerese®/Zovirax® agreement, the acquisition of certain assets of Marathon, the OraPharma Topco Holdings, Inc. ("OraPharma") acquisition consummated in June 2012, the iNova acquisition consummated in December 2011, and the Targretin® agreement entered into with Eisai Inc. in February 2013. See Note 3 for more information .
Nonrecurring fair value measurements	The following fair value hierarchy table presents the Company’s assets measured at fair value on a non-recurring basis as of December 31, 2016 and 2015 : As of December 31, 2016 As of December 31, 2015 (in millions) 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: Non-current assets held for sale $ 38 $ — $ — $ 38 $ — $ — $ — $ —

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Schedule of the components of inventories	The components of inventories, net of allowance for obsolescence, as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Finished goods $ 680 $ 815 Raw materials 256 289 Work in process 125 153 $ 1,061 $ 1,257

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	The major components of property, plant and equipment as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Land $ 78 $ 81 Buildings 600 656 Machinery and equipment 1,214 1,240 Other equipment and leasehold improvements 278 363 Equipment on operating lease 42 34 Construction in progress 296 252 2,508 2,626 Less accumulated depreciation (1,196 ) (1,184 ) $ 1,312 $ 1,442

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of finite-lived intangible assets	The major components of intangible assets as of December 31, 2016 and 2015 were as follows: Weighted- Average Useful Lives (Years) 2016 2015 (in millions) 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 8 $ 20,725 $ (6,883 ) $ 13,842 $ 22,083 $ (5,236 ) $ 16,847 Corporate brands 17 999 (146 ) 853 1,066 (107 ) 959 Product rights/patents 8 4,240 (2,118 ) 2,122 4,340 (1,712 ) 2,628 Partner relationships 3 152 (128 ) 24 218 (171 ) 47 Technology and other 4 252 (160 ) 92 480 (186 ) 294 Total finite-lived intangible assets 7 26,368 (9,435 ) 16,933 28,187 (7,412 ) 20,775 Indefinite-lived intangible assets: Acquired IPR&D NA 253 — 253 610 — 610 B&L Trademark NA 1,698 — 1,698 1,698 — 1,698 $ 28,319 $ (9,435 ) $ 18,884 $ 30,495 $ (7,412 ) $ 23,083
Schedule of components of indefinite-lived intangible assets	The major components of intangible assets as of December 31, 2016 and 2015 were as follows: Weighted- Average Useful Lives (Years) 2016 2015 (in millions) 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 8 $ 20,725 $ (6,883 ) $ 13,842 $ 22,083 $ (5,236 ) $ 16,847 Corporate brands 17 999 (146 ) 853 1,066 (107 ) 959 Product rights/patents 8 4,240 (2,118 ) 2,122 4,340 (1,712 ) 2,628 Partner relationships 3 152 (128 ) 24 218 (171 ) 47 Technology and other 4 252 (160 ) 92 480 (186 ) 294 Total finite-lived intangible assets 7 26,368 (9,435 ) 16,933 28,187 (7,412 ) 20,775 Indefinite-lived intangible assets: Acquired IPR&D NA 253 — 253 610 — 610 B&L Trademark NA 1,698 — 1,698 1,698 — 1,698 $ 28,319 $ (9,435 ) $ 18,884 $ 30,495 $ (7,412 ) $ 23,083
Schedule of estimated aggregate amortization expense for each of the five succeeding years	Estimated annual amortization of long-lived assets with finite lives for the five years ending December 31 and thereafter are as follows: (in millions) 2017 $ 2,509 2018 2,395 2019 2,176 2020 1,995 2021 1,900 Thereafter 5,958 Total $ 16,933
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill for the years ended December 31, 2016 and 2015 were as follows: (in millions) Developed Markets Emerging Markets Bausch + Lomb/International Branded Rx U.S. Diversified Products Total Balance, December 31, 2014 $ 7,130 $ 2,231 $ — $ — $ — $ 9,361 Acquisitions (Note 3) 9,154 309 — — — 9,463 Measurement period adjustments to acquisition accounting and other adjustments (Note 3) 33 4 — — — 37 Foreign exchange and other (176 ) (132 ) — — — (308 ) Balance, December 31, 2015 16,141 2,412 — — — 18,553 Acquisitions 1 — — — — 1 Divestiture of a portfolio of neurology medical device products (Note 4) (36 ) — — — — (36 ) Goodwill related to Ruconest® reclassified to assets held for sale (Note 4) (1) (37 ) — — — — (37 ) Foreign exchange and other 47 (12 ) — — — 35 Impairment to goodwill of the former U.S. reporting unit (905 ) — — — — (905 ) Realignment of segment goodwill (15,211 ) (2,400 ) 6,708 7,873 3,030 — Impairment to goodwill of the Salix reporting unit — — — (172 ) — (172 ) Divestitures (Note 4) (5 ) — (5 ) Goodwill of certain businesses reclassified to assets held for sale — — (947 ) (431 ) — (1,378 ) Foreign exchange and other — — (257 ) (5 ) — (262 ) Balance, December 31, 2016 $ — $ — $ 5,499 $ 7,265 $ 3,030 $ 15,794 ____________________________________ (1) Ruconest® was subsequently divested in the fourth quarter of 2016.

ACCRUED AND OTHER CURRENT LIA43

ACCRUED AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Schedule of accrued liabilities	Accrued and other current liabilities as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Product rebates $ 897 $ 902 Product returns 708 626 Interest 337 328 Income taxes payable 213 221 Employee costs 198 243 Legal liabilities assumed in the Salix Acquisition (See Note 20) 281 315 Professional fees 93 53 Royalties 69 84 Advertising and promotion 50 77 Restructuring and integration costs 38 61 Value added tax 27 37 Deferred income 26 17 Deferred consideration assumed in the Sprout Acquisition and other deferred consideration 18 516 Capital expenditures 17 17 Accrued milestones 12 49 Legal settlements and related fees 7 12 Short-term borrowings 6 16 Liabilities for uncertain tax positions — 7 Other 178 278 $ 3,175 $ 3,859

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt as of December 31, 2016 and 2015 consists of the following: 2016 2015 (in millions) Maturity Date Principal Amount Net of Discounts and Issuance Costs Principal Amount Net of Discounts and Issuance Costs Revolving Credit Facility (1) April 2018 $ 875 $ 875 $ 250 $ 250 Series A-1 Tranche A Term Loan Facility (1) April 2016 — — 141 140 Series A-2 Tranche A Term Loan Facility (1) April 2016 — — 138 137 Series A-3 Tranche A Term Loan Facility (1) October 2018 1,032 1,016 1,910 1,882 Series A-4 Tranche A Term Loan Facility (1) April 2020 668 658 963 951 Series D-2 Tranche B Term Loan Facility (1) February 2019 1,068 1,048 1,109 1,088 Series C-2 Tranche B Term Loan Facility (1) December 2019 823 805 853 835 Series E-1 Tranche B Term Loan Facility 1) August 2020 2,456 2,429 2,548 2,531 Series F Tranche B Term Loan Facility (1) April 2022 3,892 3,815 4,119 4,056 Senior Notes: 6.75% August 2018 1,600 1,593 1,600 1,589 5.375% March 2020 2,000 1,985 2,000 1,980 7.00% October 2020 690 689 690 688 6.375% October 2020 2,250 2,231 2,250 2,226 7.50% July 2021 1,625 1,613 1,625 1,610 6.75% August 2021 650 647 650 646 5.625% December 2021 900 894 900 893 7.25% July 2022 550 543 550 542 5.50% March 2023 1,000 992 1,000 991 5.875% May 2023 3,250 3,220 3,250 3,215 4.50% (2) May 2023 1,578 1,563 1,629 1,612 6.125% April 2025 3,250 3,218 3,250 3,214 Other Various 12 12 12 12 Total long-term debt $ 30,169 29,846 $ 31,437 31,088 Less: Current portion of long-term debt 1 823 Non-current portion of long-term debt $ 29,845 $ 30,265 ____________________________________ (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).
Schedule of aggregate maturities of long-term debt	Annual maturities and mandatory amortization payments of long-term debt for the five succeeding years ending December 31 and thereafter are as follows. Aggregate payments in 2017 are less than $1 million . (in millions) 2017 $ — 2018 3,738 2019 2,122 2020 7,723 2021 3,215 Thereafter 13,371 Total gross maturities 30,169 Unamortized discounts (323 ) Total long-term debt $ 29,846
Schedule of effective interest rates	The effective rates of interest for the year ended December 31, 2016 and the applicable margins available as of December 31, 2016 on borrowings under the Senior Secured Credit Facilities were as follows: Effective Margins Interest Rate Base Rate Borrowings LIBO Rate Borrowings Revolving Credit Facility 3.76% 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 3.58% 2.75% 3.75% Series A-4 Tranche A Term Loan Facility 3.71% 2.75% 3.75% Series D-2 Tranche B Term Loan Facility (2) 4.46% 3.25% 4.25% Series C-2 Tranche B Term Loan Facility (2) 4.71% 3.50% 4.50% Series E-1 Tranche B Term Loan Facility (2) 4.65% 3.50% 4.50% Series F Tranche B Term Loan Facility (2) 4.89% 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 EM45

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of amounts recognized in accumulated other comprehensive loss	The table below presents the amounts recognized in accumulated other comprehensive loss as of December 31, 2016 and 2015: Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Unrecognized actuarial (losses) gains $ (26 ) $ (24 ) $ (18 ) $ (61 ) $ (40 ) $ (73 ) $ — $ (1 ) $ (4 ) Unrecognized prior service credits $ — $ — $ — $ 26 $ 24 $ 27 $ 23 $ 23 $ 26
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 years ended December 31, 2016, 2015 and 2014 : Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Service cost $ 2 $ 2 $ — $ 3 $ 3 $ 4 $ — $ 2 $ 2 Interest cost 8 10 11 6 6 8 2 2 2 Expected return on plan assets (13 ) (15 ) (15 ) (7 ) (7 ) (8 ) — — — Amortization of net loss (gain) — — — — 1 — — — — Curtailment gain recognized — — — — — (2 ) — — — Amortization of prior service credit — — — (1 ) (1 ) — (3 ) (3 ) (3 ) Settlement loss (gain) recognized — — 1 — 2 — — — — Other — — — 2 — 1 — — — Net periodic (benefit) cost $ (3 ) $ (3 ) $ (3 ) $ 3 $ 4 $ 3 $ (1 ) $ 1 $ 1
Components of the change in projected benefit obligations, change in plan assets and funded status	The table below presents components of the change in projected benefit obligation, change in plan assets and funded status for the years 2016 and 2015 : Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2016 2015 2016 2015 Change in Projected benefit Obligation Projected benefit obligation, beginning of year $ 232 $ 252 $ 217 $ 273 $ 58 $ 62 Service cost 2 2 3 3 — 2 Interest cost 8 10 6 6 2 2 Employee contributions — — — — 1 1 Plan amendments — — (4 ) — (2 ) — Settlements — — (5 ) (9 ) — — Benefits paid (15 ) (16 ) (5 ) (5 ) (6 ) (7 ) Actuarial (gains) losses 3 (15 ) 25 (28 ) (1 ) (2 ) Currency translation adjustments — — (8 ) (26 ) — — Other — (1 ) 1 3 — — Projected benefit obligation, end of year 230 232 230 217 52 58 Change in Plan Assets Fair value of plan assets, beginning of year 182 197 126 141 4 9 Actual return on plan assets 14 (6 ) 7 4 (1 ) — Employee contributions — — — — 1 1 Company contributions — 7 9 6 2 — Settlements — — (4 ) (9 ) — — Benefits paid (15 ) (16 ) (5 ) (5 ) (6 ) (7 ) Currency translation adjustments — — (5 ) (13 ) — — Other — — — 2 — 1 Fair value of plan assets, end of year 181 182 128 126 — 4 Funded Status at end of year $ (49 ) $ (50 ) $ (102 ) $ (91 ) $ (52 ) $ (54 ) Recognized as: Other non-current assets, net $ — $ — $ — $ — $ — $ — Accrued and other current liabilities — — (2 ) (1 ) (6 ) (3 ) Pension and other benefit liabilities (49 ) (50 ) (100 ) (90 ) (46 ) (51 )
Schedule of underfunded plans	Information for the underfunded pension benefit plans is as follows: U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2016 2015 Projected benefit obligation $ 230 $ 232 $ 230 $ 216 Accumulated benefit obligation 230 232 221 207 Fair value of plan assets 181 182 128 125 Information for the pension benefit plans that are underfunded on a projected benefit obligation basis (versus underfunded on an accumulated benefit basis as in the table above) for the years 2016 and 2015 were as follows: U.S. Plan Non-U.S. Plans (in millions) 2016 2015 2016 2015 Projected benefit obligation $ 230 $ 232 $ 230 $ 217 Fair value of plan assets 181 182 128 126
Future benefit payments for the pension benefit plans	Future benefit payments over the next 10 years for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows: (in millions) Pension Benefit Plans Postretirement Benefit Plan U.S. Plan Non-U.S. Plans 2017 $ 14 $ 3 $ 6 2018 18 3 6 2019 18 4 5 2020 18 4 5 2021 18 5 4 2022-2026 81 29 17
Weighted-average assumptions used to determine net periodic benefit costs and benefit obligations	The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for the years ended December 31, 2016, 2015 and 2014 were as follows: Pension Benefit Plans Postretirement Benefit Plan (1) 2016 2015 2014 2016 2015 2014 For Determining Net Periodic (Benefit) Cost U.S. Plans: Discount rate (2) 4.34 % 3.90 % 4.70 % 4.13 % 3.70 % 4.30 % Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % 5.50 % 5.50 % 5.50 % Rate of compensation increase — — — — — — Non-U.S. Plans: Discount rate 2.74 % 2.41 % 3.86 % Expected rate of return on plan assets 5.46 % 5.60 % 5.63 % Rate of compensation increase 2.87 % 2.86 % 2.88 % Pension Benefit Plans Postretirement Benefit Plan (1) 2016 2015 2016 2015 For Determining Benefit Obligation U.S. Plans: Discount rate 4.04 % 4.34 % 3.85 % 4.13 % Rate of compensation increase — — — — Non-U.S. Plans: Discount rate 2.08 % 2.74 % Rate of compensation increase 2.64 % 2.87 % ____________________________________ (1) The Company does not have non-U.S. postretirement benefit plans. (2) The discount rate in 2014 for the U.S. postretirement benefit plan was impacted by the amendment described above which eliminated coverage for new retirees.
Target asset allocations	Pension and postretirement benefit plan assets are invested in several asset categories. The following presents the actual asset allocation as of December 31, 2016 and 2015 : Pension Benefit Plans Postretirement Benefit Plan 2016 2015 2016 2015 U.S. Plan Equity securities 61 % 61 % Not applicable 57 % Fixed income securities 39 % 39 % Not applicable 20 % Cash — % — % Not applicable 23 % Non-U.S. Plans Equity securities 47 % 44 % Fixed income securities 42 % 41 % Other 11 % 15 %
Fair value of pension and postretirement benefit plan assets assumed in connection with the Acquisition	The table below presents total plan assets by investment category as of December 31, 2016 and 2015 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value. There were no transfers between Level 1 and Level 2 for the years ended December 31, 2016 and 2015 . Pension Benefit Plans - U.S. Plans Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) As of December 31, 2016 As of December 31, 2015 Cash & cash equivalents (1) $ — $ — $ — $ — $ — $ — $ — $ — Commingled funds: (2)(3) Equity securities: U.S. broad market — 70 — 70 — 69 — 69 Emerging markets — 16 — 16 — 16 — 16 Worldwide developed markets — 25 — 25 — 25 — 25 Fixed income securities: Investment grade — 52 — 52 — 53 — 53 Global high yield — 18 — 18 — 19 — 19 $ — $ 181 $ — $ 181 $ — $ 182 $ — $ 182 Pension Benefit Plans - Non-U.S. Plans Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) As of December 31, 2016 As of December 31, 2015 Cash & cash equivalents (1) $ 10 $ — $ — $ 10 $ 13 $ — $ — $ 13 Commingled funds: (2)(3) Equity securities: Emerging markets — — — — — — — — Worldwide developed markets — 59 — 59 — 56 — 56 Fixed income securities: Investment grade — 10 — 10 — 10 — 10 Global high yield — 1 — 1 — 1 — 1 Government bond funds — 43 — 43 — 40 — 40 Other assets — 5 — 5 — 6 — 6 $ 10 $ 118 $ — $ 128 $ 13 $ 113 $ — $ 126 Postretirement Benefit Plan Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) As of December 31, 2016 As of December 31, 2015 Cash $ — $ — $ — $ — $ 1 $ — $ — $ 1 Insurance policies (4) — — — — — 3 — 3 $ — $ — $ — $ — $ 1 $ 3 $ — $ 4 ____________________________________ (1) Cash equivalents consisted primarily of term deposits and money market instruments. The fair value of the term deposits approximates their carrying amounts due to their short term maturities. The money market instruments also have short maturities and are valued using a market approach based on the quoted market prices of identical instruments. (2) Commingled funds are not publicly traded. The underlying assets in these funds are publicly traded on the exchanges and have readily available price quotes. The Ireland pension plans held approximately 90% of the non-U.S. commingled funds in both 2016 and 2015 . The commingled funds held by the U.S. and Ireland pension plans are primarily invested in index funds. (3) The underlying assets in the fixed income funds are generally valued using the net asset value per fund share, which is derived using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. (4) The insurance policies held by the postretirement benefit plan consist of variable life insurance contracts whose fair value is their cash surrender value. Cash surrender value is the amount currently payable by the insurance company upon surrender of the policy and is based principally on the net asset values of the underlying trust funds. The trust funds are commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded on exchanges and have readily available price quotes.
Health care cost trend rate assumptions	The health care cost trend rate assumptions for the postretirement benefit plan were as follows: 2016 2015 Health care cost trend rate assumed for next year Not applicable 7.02 % Rate to which the cost trend rate is assumed to decline Not applicable 4.50 % Year that the rate reaches the ultimate trend rate Not applicable 2038

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the components and classification of share-based compensation expense	The components and classification of share-based compensation expense related to stock options and restricted share units ("RSUs") for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Stock options $ 16 $ 17 $ 18 RSUs 149 123 60 Share-based compensation expense $ 165 $ 140 $ 78 Research and development expenses $ 7 $ 6 $ 5 Selling, general and administrative expenses 158 134 73 Share-based compensation expense $ 165 $ 140 $ 78
Schedule of weighted-average assumption as of the date of grant using the Black Scholes option-pricing model	The fair values of all stock options granted for the years ended December 31, 2016 , 2015 and 2014 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: 2016 2015 2014 Expected stock option life (years) (1) 3.3 3.4 5.8 Expected volatility (2) 75.0 % 44.5 % 43.0 % Risk-free interest rate (3) 1.1 % 1.3 % 1.8 % Expected dividend yield (4) — % — % — % ____________________________________ (1) Determined based on historical exercise and forfeiture patterns. (2) Determined based on implied volatility in the market traded options of the Company’s common stock. (3) Determined based on the rate at the time of grant for zero-coupon U.S. or Canadian government bonds with maturity dates equal to the expected life of the stock option. (4) Determined based on the stock option’s exercise price and expected annual dividend rate at the time of grant.
Summary of stock option activity	The following table summarizes stock option activity during the year ended December 31, 2016 : (in millions, except per share amounts) Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2016 6.9 $ 32.59 Granted 2.5 25.60 Exercised (4.7 ) 7.34 Expired or forfeited (0.6 ) 76.54 Outstanding, December 31, 2016 4.1 $ 49.57 7.4 $ 1 Vested and exercisable, December 31, 2016 1.3 $ 75.74 3.6 $ 1
Summary of non-vested time-based RSU activity	The following table summarizes non-vested time-based RSU activity during the year ended December 31, 2016 : (in millions, except per share amounts) Time-Based RSUs Weighted- Average Grant-Date Fair Value Per Share Non-vested, January 1, 2016 1.8 $ 80.96 Granted 1.8 29.88 Vested (0.5 ) 89.10 Forfeited (0.4 ) 93.83 Non-vested, December 31, 2016 2.7 $ 43.96
Schedule of assumptions used to calculate the fair values of performance-based RSUs	The fair values of performance-based RSUs granted for the years ended December 31, 2016 , 2015 and 2014 were estimated with the following assumptions: 2016 2015 2014 Contractual term (years) 3.0 - 4.0 2.8 - 6.3 2.6 - 6.3 Expected Company share volatility (1) 78.2% - 81.4% 40.9% - 60.3% 38.7% - 45.4% Risk-free interest rate (2) 1.0% - 1.2% 1.1% - 2.1% 0.8% - 2.3% ____________________________________ (1) Determined based on historical volatility over the contractual term of the performance-based RSU. (2) Determined based on the rate at the time of grant for zero-coupon U.S. government bonds with maturity dates equal to the contractual term of the performance-based RSUs.
Summary of non-vested performance-based RSU activity	The following table summarizes non-vested performance-based RSU activity during the year ended December 31, 2016 : (in millions, except per share amounts) Performance- Based RSUs Weighted- Average Grant-Date Fair Value Per Share Non-vested, January 1, 2016 1.5 $ 261.33 Granted 1.4 37.33 Vested (0.5 ) 280.84 Forfeited (0.6 ) 262.01 Non-vested, December 31, 2016 1.8 $ 81.68

ACCUMULATED OTHER COMPREHENSI47

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of the components of accumulated other comprehensive loss	The components of accumulated other comprehensive loss as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Foreign currency translation adjustment $ (2,074 ) $ (1,530 ) Pension adjustment, net of tax (34 ) (12 ) Ending Balance $ (2,108 ) $ (1,542 )

OTHER EXPENSE (INCOME) (Tables)

OTHER EXPENSE (INCOME) (Tables)	12 Months Ended
	Dec. 31, 2016
Other Income and Expenses [Abstract]
Schedule of other nonoperating income (expense)	Other expense (income) for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 (Gain) loss on sale of assets $ (6 ) $ 8 $ (251 ) Other post business combination expenses — 183 27 Acquisition-related costs 2 39 6 Loss (gain) on litigation settlement s 59 37 (45 ) Other, net 18 28 — Other expense (income) $ 73 $ 295 $ (263 )

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Components of loss before recovery of income taxes	The components of (Loss) income before (recovery of) provision for income taxes for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Domestic $ (1,804 ) $ (1,516 ) $ (851 ) Foreign (631 ) 1,361 1,905 $ (2,435 ) $ (155 ) $ 1,054
Components of recovery of income taxes	The components of (Recovery of) provision for income taxes for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Current: Domestic $ — $ — $ 1 Foreign 241 77 150 241 77 151 Deferred: Domestic — (3 ) — Foreign (268 ) 59 23 (268 ) 56 23 $ (27 ) $ 133 $ 174
Reconciliation of reported recovery of income taxes from the expected amount calculated by applying the Canadian statutory rate to income before recovery of income taxes	The reasons for this difference and the related tax effects for the years ended December 31, 2016, 2015 and 2014 were as follows: (in millions) 2016 2015 2014 (1) (Loss) income before (recovery of) provision for income taxes $ (2,435 ) $ (155 ) $ 1,054 Expected Canadian statutory rate 26.9 % 26.9 % 26.9 % Expected (recovery) provision for of income taxes (655 ) (42 ) 284 Non-deductible amounts: Share-based compensation 30 4 20 Merger and acquisition costs — 3 — Adjustments to tax attributes (147 ) (87 ) (33 ) Non-taxable gain on disposal of investments — — (50 ) Changes in enacted income tax rates — — 30 Canadian tax impact of foreign exchange gain or loss on U.S. dollar denominated debt held by VPII and its Canadian Affiliates 11 174 23 Change in valuation allowance related to foreign tax credits and net operating losses 155 114 17 Change in valuation allowance on Canadian deferred tax assets and tax rate changes 472 230 255 Pharma fee 15 16 3 Change in uncertain tax positions 10 — (2 ) Foreign tax rate differences (290 ) (350 ) (230 ) Withholding taxes on foreign income 7 7 4 Goodwill impairment 377 — — Taxable foreign income 391 441 269 Tax benefit on intra-entity transfers (399 ) (375 ) (420 ) Other (4 ) (2 ) 4 $ (27 ) $ 133 $ 174 ____________________________________ (1) In 2014, $273 million of tax benefit on intra-entity transfers was included within the foreign tax rate differences and has been revised using the current presentation.
Schedule of tax effect of major items recorded as deferred tax assets and liabilities	The tax effect of major items recorded as deferred tax assets and liabilities as of December 31, 2016 and 2015 is as follows: (in millions) 2016 2015 Deferred tax assets: Tax loss carryforwards $ 1,328 $ 1,440 Tax credit carryforwards 422 295 Scientific Research and Experimental Development pool 53 51 Research and development tax credits 129 134 Provisions 563 594 Deferred revenue 15 13 Deferred financing and share issue costs 391 525 Share-based compensation 37 68 Total deferred tax assets 2,938 3,120 Less valuation allowance (1,857 ) (1,366 ) Net deferred tax assets 1,081 1,754 Deferred tax liabilities: Intangible assets 4,044 4,711 Outside basis differences 2,165 2,607 Plant, equipment and technology 24 16 Prepaid expenses 80 96 Other 56 71 Total deferred tax liabilities 6,369 7,501 Net deferred income taxes $ (5,288 ) $ (5,747 )
Summary of open tax years by jurisdiction	Jurisdiction: Open Years United States - Federal 2013 - 2015 Canada 2005 - 2015 Brazil 2011 - 2015 Germany 2007 - 2015 France 2013 - 2015 China 2011 - 2015 Ireland 2012 - 2015 Netherlands 2015 - 2015
Reconciliation of the beginning and ending amounts of unrecognized tax benefits	The following table presents a reconciliation of the unrecognized tax benefits for 2016, 2015 and 2014: (in millions) 2016 2015 2014 Balance, beginning of year $ 344 $ 345 $ 248 Acquisition of Salix — 15 — Additions based on tax positions related to the current year 16 5 143 Additions for tax positions of prior years 96 23 13 Reductions for tax positions of prior years (20 ) (39 ) (51 ) Lapse of statute of limitations (13 ) (5 ) (8 ) Balance, end of year $ 423 $ 344 $ 345

(LOSS) EARNINGS PER SHARE (Tabl

(LOSS) EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of calculation of earnings per share	(Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc. for the years ended December 31, 2016, 2015 and 2014 were calculated as follows: (in millions, except per share amounts) 2016 2015 2014 Net (loss) income attributable to Valeant Pharmaceuticals International, Inc. $ (2,409 ) $ (292 ) $ 881 Basic weighted-average number of common shares outstanding 347.3 342.7 335.4 Dilutive effect of stock options and RSUs — — 6.1 Diluted weighted-average number of common shares outstanding 347.3 342.7 341.5 (Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc. Basic $ (6.94 ) $ (0.85 ) $ 2.63 Diluted $ (6.94 ) $ (0.85 ) $ 2.58
Schedule of dilutive effect of stock options, RSUs and Convertible Notes on weighted-average number of common shares outstanding	The dilutive effect of potential common shares issuable for stock options and RSUs on the weighted-average number of common shares outstanding would have been as follows: (in millions) 2016 2015 Basic weighted-average number of common shares outstanding 347.3 342.7 Dilutive effect of stock options and RSUs 2.8 6.1 Diluted weighted-average number of common shares outstanding 350.1 348.8

SUPPLEMENTAL CASH FLOW DISCLO51

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of interest and income taxes paid	The Supplemental cash flow disclosures for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Non-Cash Investing and Financing Activities Contingent and deferred consideration for businesses acquired, at fair value $ — $ 1,696 $ 133 Debt assumed in acquisition of businesses, at fair value $ — $ 3,129 $ 11 Other Payments Interest paid $ 1,718 $ 1,269 $ 934 Income taxes paid $ 149 — $ 95 $ 99

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Minimum future rental payments under non-cancelable operating and capital leases	Minimum future rental payments under non-cancelable operating and capital leases for each of the five succeeding years ending December 31 and thereafter are as follows: (in millions) Operating Lease Obligations Capital Lease Obligations 2017 $ 87 $ 3 2018 67 4 2019 58 3 2020 45 3 2021 36 4 Thereafter 147 9 Total $ 440 $ 26

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of segment revenues and profit	Segment revenues and profits for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Revenues: Bausch + Lomb/International $ 4,607 $ 4,603 $ 4,860 Branded Rx 3,148 3,582 1,592 U.S. Diversified Products 1,919 2,262 1,754 Total revenues $ 9,674 $ 10,447 $ 8,206 Segment profit: Bausch + Lomb/International $ 1,356 $ 1,553 $ 1,695 Branded Rx 1,644 2,008 1,061 U.S. Diversified Products 1,522 1,785 1,283 Total segment profit 4,522 5,346 4,039 Corporate (690 ) (518 ) (341 ) Amortization of intangible assets (2,673 ) (2,257 ) (1,427 ) Goodwill impairments (1,077 ) — — Asset impairments (422 ) (304 ) (145 ) Restructuring and integration costs (132 ) (362 ) (382 ) Acquired in-process research and development costs (34 ) (106 ) (20 ) Acquisition-related contingent consideration 13 23 14 Other income (expense) (73 ) (295 ) 263 Operating (loss) income (566 ) 1,527 2,001 Interest income 8 4 5 Interest expense (1,836 ) (1,563 ) (971 ) Loss on extinguishment of debt — (20 ) (130 ) Foreign exchange loss and other (41 ) (103 ) (144 ) Gain on investments, net — — 293 (Loss) income before (recovery of) provision for income taxes $ (2,435 ) $ (155 ) $ 1,054
Schedule of total assets by segment	Total assets by segment as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 Bausch + Lomb/International $ 15,540 $ 16,887 Branded Rx 21,804 24,901 U.S. Diversified Products 5,820 6,758 43,164 48,546 Corporate 365 419 Total assets $ 43,529 $ 48,965
Schedule of capital expenditures, depreciation and amortization by segment	Capital expenditures, depreciation and amortization of intangible assets, and asset impairments by segment for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Capital expenditures: Bausch + Lomb/International $ 208 $ 180 $ 171 Branded Rx 19 32 10 U.S. Diversified Products 2 5 3 229 217 184 Corporate 6 18 108 Total capital expenditures $ 235 $ 235 $ 292 Depreciation and amortization of intangible assets: Bausch + Lomb/International $ 768 $ 762 $ 799 Branded Rx 1,655 1,282 443 U.S. Diversified Products 408 387 341 2,831 2,431 1,583 Corporate 35 36 31 Total depreciation and amortization of intangible assets $ 2,866 $ 2,467 $ 1,614 Asset impairments: Bausch + Lomb/International $ 141 $ 58 $ 65 Branded Rx 227 192 51 U.S. Diversified Products 48 54 29 416 304 145 Corporate 6 — — Total Asset impairments $ 422 $ 304 $ 145
Schedule of revenues by product category	Revenues by product category for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 Pharmaceuticals $ 5,167 $ 6,058 $ 3,413 Devices 1,518 1,495 1,629 OTC 1,581 1,583 1,711 Branded and Other Generics 1,270 1,156 1,293 Other revenues 138 155 160 $ 9,674 $ 10,447 $ 8,206
Schedule of revenues and long-lived assets by geographic region	Revenues are attributed to a geographic region based on the location of the customer for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 U.S. and Puerto Rico $ 6,247 $ 7,063 $ 4,415 Canada 320 334 375 China 300 272 232 Japan 232 206 249 Egypt 196 51 5 Mexico 189 204 222 France 186 178 205 Australia 176 182 196 Russia 165 169 275 Germany 157 159 204 Poland 140 214 276 Brazil 105 110 161 U.K. 104 105 114 Other Europe, Asia, the Middle East, Latin America, Africa and other 1,157 1,200 1,277 $ 9,674 $ 10,447 $ 8,206
Schedule of assets by geographic region	Long-lived assets consisting of property, plant and equipment, net of accumulated depreciation, are attributed to geographic regions based on their physical location as of December 31, 2016 and 2015 were as follows: (in millions) 2016 2015 (1) U.S. and Puerto Rico $ 614 $ 691 Ireland 198 133 Canada 83 76 Poland 81 89 Germany 60 63 Mexico 50 62 Egypt 41 97 France 29 30 China 26 33 Serbia 25 27 Italy 19 21 South Korea 14 14 Other Europe, Latin America, Asia, and the Middle East and other 72 106 $ 1,312 $ 1,442 ____________________________________ (1) In 2015, Long-lived assets associated with the Company's Ireland manufacturing facility were incorrectly included within the U.S. and Puerto Rico balances, have been revised to properly reflect those assets as Ireland assets.
Schedule of external customers that accounted for 10% or more of total revenues	Customers that accounted for 10% or more of total revenues for the years ended December 31, 2016 , 2015 and 2014 were as follows: (in millions) 2016 2015 2014 McKesson Corporation 21% 20% 17% Cardinal Health, Inc. 15% 12% 9% AmerisourceBergen Corporation 13% 14% 10%

SUMMARY DATA (UNAUDITED) (Table

SUMMARY DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial information	Selected unaudited quarterly consolidated financial data are shown below: 2016 (in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 2,372 $ 2,420 $ 2,479 $ 2,403 Expenses 2,306 2,339 3,343 2,252 Operating income (loss) $ 66 $ 81 $ (864 ) $ 151 Net loss attributable to Valeant Pharmaceuticals International, Inc. $ (374 ) $ (302 ) $ (1,218 ) $ (515 ) Loss per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ (1.08 ) $ (0.88 ) $ (3.49 ) $ (1.47 ) Diluted $ (1.08 ) $ (0.88 ) $ (3.49 ) $ (1.47 ) Net cash provided by operating activities (1) $ 556 $ 449 $ 569 $ 513 2015 (in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 2,169 $ 2,733 $ 2,787 $ 2,758 Expenses 1,600 2,391 2,339 2,590 Operating income $ 569 $ 342 $ 448 $ 168 Net income (loss) attributable to Valeant Pharmaceuticals International, Inc. $ 97 $ (53 ) $ 49 $ (385 ) Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.: Basic $ 0.29 $ (0.15 ) $ 0.14 $ (1.12 ) Diluted $ 0.28 $ (0.15 ) $ 0.14 $ (1.12 ) Net cash provided by operating activities (1) $ 509 $ 418 $ 733 $ 598 ____________________________________ (1) As described in Note 2 , as a result of the adoption of the new share-based compensation guidance by the Company in the third quarter of 2016, excess tax benefits are classified as operating cash flows instead of financing cash flows. As a result, net cash provided by operating activities for the interim periods in 2015 and the first and second quarters of 2016 have been adjusted to conform to the current period presentation.

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2016country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates (more than)	100

SIGNIFICANT ACCOUNTING POLICI56

SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassifications
Amortization of intangible assets									$ 2,673	$ 2,257	$ 1,427
Asset impairments									422	304	145
Acquired in-process research and development costs									34	106	20
(Income) / Expense	$ (151)	$ 864	$ (81)	$ (66)	$ (168)	$ (448)	$ (342)	$ (569)	566	(1,527)	(2,001)
Increase in deferred income taxes	5,434				5,903				5,434	5,903
Decrease in accounts payable	$ (324)				(434)				$ (324)	(434)
Reclassification of asset impairment
Reclassifications
Amortization of intangible assets										2,257	1,427
Asset impairments										304	145
Acquired in-process research and development costs										106	20
(Income) / Expense										2,667	1,592
Original Estimate of Fair Value | Reclassification of asset impairment
Reclassifications
Amortization of intangible assets										2,418	1,551
Asset impairments										0	0
Acquired in-process research and development costs										249	41
(Income) / Expense										2,667	1,592
Restatement adjustments
Reclassifications
Increase in deferred income taxes					153					153	72
Decrease in accounts payable					$ 153					153	72
Restatement adjustments | Reclassification of asset impairment
Reclassifications
Amortization of intangible assets										(161)	(124)
Asset impairments										304	145
Acquired in-process research and development costs										(143)	(21)
(Income) / Expense										$ 0	$ 0

SIGNIFICANT ACCOUNTING POLICI57

SIGNIFICANT ACCOUNTING POLICIES - Concentrations of Credit Risk (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)wholesaler	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Maximum term of original maturity to classify instruments as cash and cash equivalents (less than)		3 months
Concentrations of Credit Risk
Allowance for doubtful accounts	$ 67	$ 80	$ 67
Percentage of net trade receivables accounted for by largest wholesale customers		40.00%
Past due period for receivables to be negligible (less than)		90 days	90 days
Period net trade receivable balance outstanding (more than)		90 days
Accounts receivable reserve	27
Russia, Egypt, Italy, Brazil, Spain, Greece and Portugal
Concentrations of Credit Risk
Net trade receivable	$ 253	$ 214	$ 253
Portion of net trade receivables that is past due		$ 7
Revenue | Amoun
Concentrations of Credit Risk
Concentration risk, percentage		2.00%
Trade receivables | Credit concentration | Three largest U.S. wholesaler customers
Concentrations of Credit Risk
Number of largest wholesale customers | wholesaler		3

SIGNIFICANT ACCOUNTING POLICI58

SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2016
Buildings | Maximum
Property, plant and equipment [Line Items]
Estimated useful lives (years)	40 years
Machinery and equipment | Minimum
Property, plant and equipment [Line Items]
Estimated useful lives (years)	3 years
Machinery and equipment | Maximum
Property, plant and equipment [Line Items]
Estimated useful lives (years)	20 years
Other equipment | Minimum
Property, plant and equipment [Line Items]
Estimated useful lives (years)	3 years
Other equipment | Maximum
Property, plant and equipment [Line Items]
Estimated useful lives (years)	10 years
Equipment on operating lease | Maximum
Property, plant and equipment [Line Items]
Estimated useful lives (years)	5 years
Leasehold improvements and capital leases | Maximum
Property, plant and equipment [Line Items]
Estimated useful lives (years)	10 years

SIGNIFICANT ACCOUNTING POLICI59

SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	7 years
Product brands
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	8 years
Product brands | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	2 years
Product brands | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	20 years
Corporate brands
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	17 years
Corporate brands | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	6 years
Corporate brands | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	20 years
Product rights
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	8 years
Product rights | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	3 years
Product rights | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	15 years
Partner relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	3 years
Partner relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	5 years
Partner relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	9 years
Technology and other
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	4 years
Technology and other | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	5 years
Technology and other | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (years)	10 years

SIGNIFICANT ACCOUNTING POLICI60

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Prepaid advertising	$ 8	$ 20
Advertising expenses	564	652	$ 435
Capitalized interest	$ 24	$ 14	$ 7
Tax benefit recognition, measurement percentage	50.00%
Minimum period to classify uncertain tax position liabilities as long term liabilities (years)	1 year
Threshold percentage for amortization of net actuarial gains and losses	10.00%

SIGNIFICANT ACCOUNTING POLICI61

SIGNIFICANT ACCOUNTING POLICIES - Adoption of New Accounting Standards (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 01, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle					$ 30					$ 30
Increase in net cash provided by operating activities	$ 513	$ 569	$ 449	$ 556	598	$ 733	$ 418	$ 509	$ 2,087	2,257	$ 2,312
Net cash (used in) provided by financing activities									$ (1,963)	13,624	(2,460)
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax asset												$ 30
Increase in net cash provided by operating activities										57	17
Net cash (used in) provided by financing activities										(57)	$ 17
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle					$ 30					$ 30
Retained Earnings | New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle												$ 30

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details)	Oct. 19, 2015USD ($)	Oct. 01, 2015USD ($)	Apr. 01, 2015USD ($)product	Feb. 23, 2015USD ($)	Oct. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)business	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Feb. 17, 2017USD ($)	Oct. 01, 2016USD ($)	Feb. 10, 2015USD ($)	Jul. 07, 2014USD ($)	Jan. 23, 2014USD ($)
Business Combinations
Number of business combinations | business														1
Acquisition-related contingent consideration						$ 18,000,000				$ 516,000,000				$ 18,000,000	$ 516,000,000
Total revenues						2,403,000,000	$ 2,479,000,000	$ 2,420,000,000	$ 2,372,000,000	2,758,000,000	$ 2,787,000,000	$ 2,733,000,000	$ 2,169,000,000	9,674,000,000	10,447,000,000	$ 8,206,000,000
Net (loss) income						(515,000,000)	(1,218,000,000)	$ (302,000,000)	(374,000,000)	(385,000,000)	$ 49,000,000	$ (53,000,000)	$ 97,000,000	(2,409,000,000)	(292,000,000)	881,000,000
Acquisition-related contingent consideration						52,000,000				197,000,000				52,000,000	197,000,000
Acquisition of businesses, net of cash acquired														19,000,000	15,458,000,000	1,102,000,000
Goodwill						15,794,000,000				18,553,000,000				15,794,000,000	18,553,000,000	9,361,000,000
Pro forma acquisition accounting adjustment on inventory sold subsequent to acquisition date															130,000,000	20,000,000
Pro forma acquisition-related costs															35,000,000	2,000,000
Developed Markets
Business Combinations
Goodwill						0				16,141,000,000				0	16,141,000,000	7,130,000,000
Amoun
Business Combinations
Aggregate purchase price	$ 906,000,000					906,000,000								906,000,000
Payments to acquire business, cash	847,000,000
Acquisition-related contingent consideration	75,000,000
Acquisition of businesses, contingent consideration at fair value	$ 59,000,000
Total revenues															48,000,000
Net (loss) income															(9,000,000)
Weighted-average useful lives (years)	10 years
Fair value of liabilities						7,000,000								7,000,000
Identifiable intangible assets, excluding acquired IPR&D						520,000,000								520,000,000
Goodwill						284,000,000								284,000,000
Amoun | Other Income (Expense)
Business Combinations
Payments to employees															12,000,000
Amoun | Product brands
Business Combinations
Weighted-average useful lives (years)	9 years
Identifiable intangible assets, excluding acquired IPR&D						480,000,000								$ 480,000,000
Sprout
Business Combinations
Aggregate purchase price		$ 1,447,000,000
Acquisition-related contingent consideration		422,000,000
Acquisition of businesses, contingent consideration at fair value		495,000,000
Net (loss) income															(37,000,000)
Contractual obligations (no less than)		200,000,000
Aggregate purchase price					$ 530,000,000				$ 500,000,000
Contingent consideration commencement, sales revenue		1,000,000,000
Identifiable intangible assets, excluding acquired IPR&D		994,000,000
Goodwill		$ 770,000,000
Sprout | Product brands
Business Combinations
Weighted-average useful lives (years)		11 years
Sprout | Minimum
Business Combinations
Contractual obligations (no less than)		$ 200,000,000
Salix
Business Combinations
Aggregate purchase price			$ 13,132,000,000
Payments to acquire business, cash			$ 11,329,000,000
Total revenues															1,276,000,000
Net (loss) income															(302,000,000)
Weighted-average useful lives (years)			11 years
Number of products in product portfolio (more than) | product			20
Cash consideration paid for non-vested stock units			$ 165,000,000
Fair value of capped call transactions and convertible bond hedge			1,270,000,000
Accrual for contingent liability			336,000,000
Accrual for returns and rebates			375,000,000
Possible contingent consideration			650,000,000
Contingent consideration			334,000,000
Aggregate purchase price, net							14,066,000,000											$ 14,087,000,000
Identifiable intangible assets, excluding acquired IPR&D			6,756,000,000
Goodwill			8,280,000,000				5,128,000,000											$ 5,128,000,000
Salix | Development and Sales Based Milestones
Business Combinations
Possible contingent consideration			$ 250,000,000
Milestone payments							$ 50,000,000
Salix | Product brands
Business Combinations
Weighted-average useful lives (years)			10 years
Identifiable intangible assets, excluding acquired IPR&D			$ 6,089,000,000
Salix | Maximum | In Process Research and Development
Business Combinations
Discount rate														9.50%
Salix | Minimum | In Process Research and Development
Business Combinations
Discount rate														11.00%
Salix | Convertible Notes 1.5% Due March 2019
Business Combinations
Liabilities assumed			$ 1,837,000,000
Stated interest rate (as a percent)			1.50%
Long-term debt			$ 1,080,000,000
Salix | Convertible Notes 2.75% Due May 2015
Business Combinations
Liabilities assumed			$ 1,286,000,000
Stated interest rate (as a percent)			2.75%
Salix | Term Loan B Facility
Business Combinations
Liabilities assumed			$ 1,125,000,000
Salix | Senior Notes 6.00% Due 2021
Business Combinations
Liabilities assumed			$ 842,000,000
Stated interest rate (as a percent)			6.00%
Other 2015 Business Combinations
Business Combinations
Aggregate purchase price										1,407,000,000					1,407,000,000
Acquisition of businesses, contingent consideration at fair value															186,000,000
Total revenues															771,000,000
Net (loss) income															$ 208,000,000
Weighted-average useful lives (years)															8 years
Fair value of liabilities										116,000,000					$ 116,000,000
Identifiable intangible assets, excluding acquired IPR&D										1,078,000,000					1,078,000,000
Goodwill										139,000,000					$ 139,000,000
Other 2015 Business Combinations | Product brands
Business Combinations
Weighted-average useful lives (years)															7 years
Identifiable intangible assets, excluding acquired IPR&D										$ 735,000,000					$ 735,000,000
Dendreon Corporation
Business Combinations
Acquisition of businesses, net of cash acquired				$ 415,000,000
Cash received from acquisition				80,000,000
Cash consideration paid for B&L’s unvested stock options				$ 50,000,000
Marathon
Business Combinations
Liabilities assumed																			$ 64,000,000
Possible contingent consideration																			200,000,000
Acquisition of businesses, net of cash acquired														$ 50,000,000	$ 35,000,000
Aggregate purchase price, net																			286,000,000
Fair value of liabilities																			$ 87,000,000
Brodalumab
Business Combinations
Upfront payment					100,000,000
Brodalumab | Pre-launch Milestone Payments
Business Combinations
Possible contingent consideration		170,000,000			150,000,000	$ 150,000,000								$ 150,000,000
Brodalumab | Pre-launch Milestone Payments | Subsequent event
Business Combinations
Acquisition-related contingent consideration																	$ 130,000,000
Brodalumab | Sales Based Milestone Payments
Business Combinations
Possible contingent consideration		$ 175,000,000			$ 175,000,000
2014 Business Combinations
Business Combinations
Aggregate purchase price																1,347,000,000
Acquisition of businesses, contingent consideration at fair value																$ 132,000,000
Weighted-average useful lives (years)																10 years
Identifiable intangible assets, excluding acquired IPR&D																$ 720,000,000
Goodwill																$ 458,000,000
2014 Business Combinations | Product brands
Business Combinations
Weighted-average useful lives (years)																10 years
Identifiable intangible assets, excluding acquired IPR&D																$ 508,000,000
PreCision
Business Combinations
Acquisition-related contingent consideration																				$ 25,000,000
Aggregate purchase price, net																				459,000,000
Identifiable intangible assets, excluding acquired IPR&D																				126,000,000
PreCision | Other Income (Expense)
Business Combinations
Payments to employees																$ 20,000,000
PreCision | Developed Markets
Business Combinations
Goodwill																				$ 194,000,000
Solta Medical
Business Combinations
Aggregate purchase price, net																					$ 293,000,000
Solta Medical | Developed Markets
Business Combinations
Goodwill																					$ 94,000,000
Philidor
Business Combinations
Net revenue of acquiree as a percentage of consolidated revenue															5.00%
Philidor | Maximum
Business Combinations
Total assets of acquiree as a percentage of the parent (less than)										1.00%					1.00%

ACQUISITIONS - Assets Acquired

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2016	Oct. 01, 2016	Sep. 30, 2016	Dec. 31, 2015	Oct. 19, 2015	Oct. 01, 2015	Apr. 01, 2015	Dec. 31, 2014
Business Combinations
Goodwill	$ 15,794			$ 18,553				$ 9,361
Amoun
Business Combinations
Cash and cash equivalents	44
Trade receivables	64
Inventories	38
Other current assets	12
Property, plant and equipment	95
Identifiable intangible assets, excluding acquired IPR&D	520
Acquired IPR&D	20
Current liabilities	(32)
Deferred tax liability, net of nominal deferred tax assets	(132)
Other non-current liabilities	(7)
Total identifiable net assets	622
Goodwill	284
Total fair value of consideration transferred	906				$ 906
Amoun | Original Estimate of Fair Value
Business Combinations
Cash and cash equivalents					44
Trade receivables					64
Inventories					38
Other current assets					12
Property, plant and equipment					96
Identifiable intangible assets, excluding acquired IPR&D					528
Acquired IPR&D					19
Current liabilities					(31)
Deferred tax liability, net of nominal deferred tax assets					(131)
Other non-current liabilities					(11)
Total identifiable net assets					628
Goodwill					282
Total fair value of consideration transferred					$ 910
Amoun | Measurement Period Adjustments
Business Combinations
Cash and cash equivalents	0
Trade receivables	0
Inventories	0
Other current assets	0
Property, plant and equipment	(1)
Identifiable intangible assets, excluding acquired IPR&D	(8)
Acquired IPR&D	1
Current liabilities	(1)
Deferred tax liability, net of nominal deferred tax assets	(1)
Other non-current liabilities	4
Total identifiable net assets	(6)
Goodwill	2
Total fair value of consideration transferred	$ (4)
Sprout
Business Combinations
Cash and cash equivalents						$ 27
Inventories						11
Other non-current assets						2
Identifiable intangible assets, excluding acquired IPR&D						994
Current liabilities						(5)
Deferred income taxes, net of deferred tax assets						(352)
Total identifiable net assets						677
Goodwill						770
Total fair value of consideration transferred						$ 1,447
Salix
Business Combinations
Cash and cash equivalents							$ 114
Inventories							232
Other current assets							1,410
Property, plant and equipment							24
Identifiable intangible assets, excluding acquired IPR&D							6,756
Current liabilities							(1,939)
Contingent consideration							(334)
Long-term debt, including current portion							(3,123)
Deferred income taxes, net of deferred tax assets							(3,428)
Other non-current liabilities							(43)
Total identifiable net assets		$ 10,319	$ 10,409				4,852
Goodwill		$ 5,128	$ 5,128				8,280
Total fair value of consideration transferred							13,132
Salix | Xifaxan IBS-D
Business Combinations
Acquired IPR&D							4,790
Salix | Other
Business Combinations
Acquired IPR&D							$ 393
Other 2015 Business Combinations
Business Combinations
Cash and cash equivalents				92
Trade receivables				47
Inventories				140
Other current assets				19
Other non-current assets				3
Property, plant and equipment				80
Identifiable intangible assets, excluding acquired IPR&D				1,078
Acquired IPR&D				54
Deferred tax (liability) asset, net				6
Current liabilities				(129)
Long-term debt, including current portion				(6)
Other non-current liabilities				(116)
Total identifiable net assets				1,268
Goodwill				139
Total fair value of consideration transferred				1,407
Other 2015 Business Combinations | Original Estimate of Fair Value
Business Combinations
Cash and cash equivalents				92
Trade receivables				50
Inventories				143
Other current assets				20
Other non-current assets				3
Property, plant and equipment				95
Identifiable intangible assets, excluding acquired IPR&D				1,122
Acquired IPR&D				58
Deferred tax (liability) asset, net				(55)
Current liabilities				(124)
Long-term debt, including current portion				(6)
Other non-current liabilities				(117)
Total identifiable net assets				1,281
Goodwill				142
Total fair value of consideration transferred				1,423
Other 2015 Business Combinations | Measurement Period Adjustments
Business Combinations
Cash and cash equivalents				0
Trade receivables				(3)
Inventories				(3)
Other current assets				(1)
Other non-current assets				0
Property, plant and equipment				(15)
Identifiable intangible assets, excluding acquired IPR&D				(44)
Acquired IPR&D				(4)
Deferred tax (liability) asset, net				61
Current liabilities				(5)
Long-term debt, including current portion				0
Other non-current liabilities				1
Total identifiable net assets				(13)
Goodwill				(3)
Total fair value of consideration transferred				$ (16)
2014 Business Combinations
Business Combinations
Cash and cash equivalents								35
Trade receivables								82
Assets held for sale acquired in the PreCision Acquisition								125
Inventories								75
Other current assets								14
Other non-current assets								2
Property, plant and equipment								57
Identifiable intangible assets, excluding acquired IPR&D								720
Acquired IPR&D								63
Current liabilities								(169)
Long-term debt, including current portion								(11)
Deferred income taxes, net of deferred tax assets								(71)
Other non-current liabilities								(13)
Total identifiable net assets								909
Noncontrolling interest								(20)
Goodwill								458
Total fair value of consideration transferred								$ 1,347

ACQUISITIONS - Identifiable Int

ACQUISITIONS - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Oct. 19, 2015	Apr. 01, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Amoun
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)	10 years
Total identifiable intangible assets acquired					$ 520
Amoun | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired	$ 528
Amoun | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired					(8)
Amoun | Product brands
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)	9 years
Total identifiable intangible assets acquired					480
Amoun | Product brands | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired	$ 491
Amoun | Product brands | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired					(11)
Amoun | Corporate brands
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)	17 years
Total identifiable intangible assets acquired					40
Amoun | Corporate brands | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired	$ 37
Amoun | Corporate brands | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired					$ 3
Salix
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)		11 years
Total identifiable intangible assets acquired		$ 6,756
Salix | Product brands
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)		10 years
Total identifiable intangible assets acquired		$ 6,089
Salix | Corporate brands
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)		20 years
Total identifiable intangible assets acquired		$ 667
Other 2015 Business Combinations
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)			8 years
Total identifiable intangible assets acquired			$ 1,078
Other 2015 Business Combinations | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			1,122
Other 2015 Business Combinations | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			$ (44)
Other 2015 Business Combinations | Product brands
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)			7 years
Total identifiable intangible assets acquired			$ 735
Other 2015 Business Combinations | Product brands | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			741
Other 2015 Business Combinations | Product brands | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			$ (6)
Other 2015 Business Combinations | Product rights
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)			3 years
Total identifiable intangible assets acquired			$ 42
Other 2015 Business Combinations | Product rights | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			43
Other 2015 Business Combinations | Product rights | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			$ (1)
Other 2015 Business Combinations | Corporate brands
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)			16 years
Total identifiable intangible assets acquired			$ 7
Other 2015 Business Combinations | Corporate brands | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			7
Other 2015 Business Combinations | Corporate brands | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			$ 0
Other 2015 Business Combinations | Partner relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)			8 years
Total identifiable intangible assets acquired			$ 8
Other 2015 Business Combinations | Partner relationships | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			8
Other 2015 Business Combinations | Partner relationships | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			$ 0
Other 2015 Business Combinations | Technology/know-how
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)			10 years
Total identifiable intangible assets acquired			$ 284
Other 2015 Business Combinations | Technology/know-how | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			321
Other 2015 Business Combinations | Technology/know-how | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			$ (37)
Other 2015 Business Combinations | Other
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)			6 years
Total identifiable intangible assets acquired			$ 2
Other 2015 Business Combinations | Other | Original Estimate of Fair Value
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			2
Other 2015 Business Combinations | Other | Measurement Period Adjustments
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets acquired			$ 0
2014 Business Combinations
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)				10 years
Total identifiable intangible assets acquired				$ 720
2014 Business Combinations | Product brands
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)				10 years
Total identifiable intangible assets acquired				$ 508
2014 Business Combinations | Product rights
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)				8 years
Total identifiable intangible assets acquired				$ 92
2014 Business Combinations | Corporate brands
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)				15 years
Total identifiable intangible assets acquired				$ 33
2014 Business Combinations | In-licensed products
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)				9 years
Total identifiable intangible assets acquired				$ 2
2014 Business Combinations | Partner relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)				9 years
Total identifiable intangible assets acquired				$ 51
2014 Business Combinations | Other
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)				9 years
Total identifiable intangible assets acquired				$ 34

ACQUISITIONS - Pro Forma Impact

ACQUISITIONS - Pro Forma Impact of Business Combinations (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pro forma of consolidated results of operations
Revenues	$ 10,710	$ 10,248
Net loss attributable to Valeant Pharmaceuticals International, Inc.	$ (619)	$ (375)
Loss per share attributable to Valeant Pharmaceuticals International, Inc.:
Basic (in usd per share)	$ (1.80)	$ (1.09)
Diluted (in usd per share)	$ (1.80)	$ (1.09)

DIVESTITURES - Narrative (Detai

DIVESTITURES - Narrative (Details) - USD ($)	Jul. 10, 2014	Jul. 01, 2014	Jul. 31, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2014	Dec. 31, 2016	Dec. 07, 2016
Asset acquisitions and disposition
Impairment of finite-lived intangible assets				$ 38,000,000	$ 142,000,000	$ 215,000,000
Ruconest Divestiture
Asset acquisitions and disposition
Impairment of finite-lived intangible assets						199,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ruconest Divestiture
Asset acquisitions and disposition
Consideration received from divestiture									$ 60,000,000
Impairment of finite-lived intangible assets						$ 199,000,000
Additional loss				22,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ruconest Divestiture | Maximum
Asset acquisitions and disposition
Consideration received from divestiture									125,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ruconest Divestiture Sales Based Milestone Component | Maximum
Asset acquisitions and disposition
Consideration received from divestiture									$ 65,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Paragon Holdings I, Inc. Divestiture
Asset acquisitions and disposition
Loss on disposal					$ 19,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Facial Aesthetic Fillers and Toxins
Asset acquisitions and disposition
Net cash proceeds	$ 1,400,000,000
Gain (loss) on sale of business							$ 324,000,000
Disposal group, costs to sell for divestiture							43,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Metronidazole 1.3%
Asset acquisitions and disposition
Net cash proceeds		$ 10,000,000
Gain (loss) on sale of business							(59,000,000)
Period of payment of minimum royalties from commercialization of development product		3 years
Disposal Group, Disposed of by Sale, Not Discontinued Operations | PreCision Tretin-X Cream Product
Asset acquisitions and disposition
Net cash proceeds			$ 70,000,000
Gain (loss) on sale of business							0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Precision Generic Tretinoin Products
Asset acquisitions and disposition
Net cash proceeds			$ 45,000,000
Gain (loss) on sale of business							$ (9,000,000)
Discontinued Operations, Held-for-sale | Small Business Assets
Asset acquisitions and disposition
Impairment write-down								$ 76,000,000
Held For Sale
Asset acquisitions and disposition
Deferred tax liabilities				57,000,000				57,000,000
Other liabilities				$ 57,000,000				$ 57,000,000

DIVESTITURES - Components of As

DIVESTITURES - Components of Assets Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets held for sale:
Current assets held for sale	$ 261	$ 3
Non-current assets held for sale:
Non-current assets held for sale	2,132	$ 0
Held For Sale
Current assets held for sale:
Cash	1
Trade receivables	86
Inventories	147
Other	27
Current assets held for sale	261
Non-current assets held for sale:
Identifiable intangible assets	680
Goodwill	1,355
Other	97
Non-current assets held for sale	$ 2,132

RESTRUCTURING AND INTEGRATION68

RESTRUCTURING AND INTEGRATION COSTS - Salix Acquisition-Related Cost-Rationalization and Integration Initiatives (Details) $ in Millions	12 Months Ended			21 Months Ended
	Dec. 31, 2016USD ($)employee	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)
Cost-rationalization and integration initiatives
Acquisition-related contingent consideration	$ 2	$ 39	$ 6
Salix
Cost-rationalization and integration initiatives
Estimated integration related costs				$ 300
Restructuring and acquisition-related costs since acquisition date				267
Integration expenses related to acquisition	$ 43	110		153
Restructuring expenses related to acquisition				99
Acquisition-related contingent consideration				$ 15
Approximate number of employees expected to be terminated | employee	475
Payments for merger costs	$ 25	$ 100

RESTRUCTURING AND INTEGRATION69

RESTRUCTURING AND INTEGRATION COSTS - Schedule of Salix Restructuring Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring reserve
Costs incurred and charged to expense	$ 132	$ 362	$ 382
Salix
Restructuring reserve
Balance at the beginning of the period	36	0
Costs incurred and charged to expense	7	92
Cash payments	(34)	(58)
Non-cash adjustments		2
Balance at the end of the period	9	36	0
Severance and Related Benefits | Salix
Restructuring reserve
Balance at the beginning of the period	35	0
Costs incurred and charged to expense	(3)	91
Cash payments	(30)	(58)
Non-cash adjustments		2
Balance at the end of the period	2	35	0
Contract Termination, Facility Closures and Other | Salix
Restructuring reserve
Balance at the beginning of the period	1	0
Costs incurred and charged to expense	10	1
Cash payments	(4)	0
Non-cash adjustments		0
Balance at the end of the period	$ 7	$ 1	$ 0

RESTRUCTURING AND INTEGRATION70

RESTRUCTURING AND INTEGRATION COSTS - Other Restructuring and Integration-Related Costs (Excluding Salix) (Details) - Other Restructuring, Integration-related and Other Costs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cost-rationalization and integration initiatives
Other restructuring, integration-related costs incurred	$ 82	$ 160	$ 382
Integration consulting, duplicate labor, transition service, and other	48	103	212
Severance costs	24	47	127
Facility closure costs	9	9	36
Other costs, including non-personnel manufacturing integration costs	1	1	7
Cash payment made	$ 62	$ 179	$ 421

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) € in Millions	Mar. 27, 2015EUR (€)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2015EUR (€)
Liabilities:
Fair value, assets, level 1 to level 2 transfers, amount			$ 0	$ 0
4.50% Senior Notes Due 2023
Liabilities:
Amount borrowed | €	€ 1,500
Stated interest rate (as a percent)	4.50%		4.50%
Foreign Exchange Forward | Gain (Loss) on Derivative Instruments
Liabilities:
Loss on derivative		$ 26,000,000
Foreign Exchange Forward | Designated as Hedging Instrument
Liabilities:
Foreign-exchange contract price | €					€ 1,530
Significant Other Observable Inputs (Level 2) | Prepaid Expenses and Other Current Assets
Liabilities:
Carrying value of time deposits			$ 1,000,000	16,000,000
Recurring basis
Assets:
Cash equivalents			242,000,000	167,000,000
Liabilities:
Acquisition-related contingent consideration			(892,000,000)	(1,156,000,000)
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash equivalents			179,000,000	156,000,000
Liabilities:
Acquisition-related contingent consideration			0	0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Cash equivalents			63,000,000	11,000,000
Liabilities:
Acquisition-related contingent consideration			0	0
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents			0	0
Liabilities:
Acquisition-related contingent consideration			$ (892,000,000)	$ (1,156,000,000)

FAIR VALUE MEASUREMENTS - Ass72

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level3) (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year				$ 1,156	$ 348
Arising during the year and included in net loss				(13)	(23)
Arising during the year and included in other comprehensive loss				(40)	(1)
Issuances				0	(1,010)
Payments/Settlements				(175)	(174)
Paragon amounts reclassified to held for sale liabilities (Note 4)				(26)	0
Measurement period adjustments to 2015 acquisitions and other				(10)	0
Release from restricted cash				0	(4)
Balance, end of year	$ 892		$ 1,156	892	1,156	$ 348
Contingent consideration	892		1,156	1,156	348	348	$ 892	$ 1,156
Current portion							52	197
Non-current portion							$ 840	$ 959
Assets Measured at Fair Value on a Recurring Basis
Gain on acquisition-related contingent consideration				13	$ 23	$ 14
Sales Based Milestone Payments
Assets Measured at Fair Value on a Recurring Basis
Net fair value adjustment			47	$ 29
Regulatory and Approval Milestones
Assets Measured at Fair Value on a Recurring Basis
Net fair value adjustment	$ 29		$ 16
Sales Based Milestones and Regulatory and Approval Milestones
Assets Measured at Fair Value on a Recurring Basis
Net fair value adjustment		$ 27

FAIR VALUE MEASUREMENTS - Ass73

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Assets held for sale, noncurrent	$ 2,132	$ 0
Asset impairment charges	75
Emerging Markets
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Assets held for sale, noncurrent	38
Non-recurring basis
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Fair value of assets measured on nonrecurring basis	38	0
Non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Fair value of assets measured on nonrecurring basis	0	0
Non-recurring basis | Significant Other Observable Inputs (Level 2)
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Fair value of assets measured on nonrecurring basis	0	0
Non-recurring basis | Significant Unobservable Inputs (Level 3)
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Fair value of assets measured on nonrecurring basis	$ 38	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Finished goods	$ 680	$ 815
Raw materials	256	289
Work in process	125	153
Inventories, net	$ 1,061	$ 1,257

PROPERTY, PLANT AND EQUIPMENT75

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	$ 2,508	$ 2,626
Less accumulated depreciation	(1,196)	(1,184)
Property, plant and equipment, net	1,312	1,442
Depreciation expense	193	210	$ 187
Land
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	78	81
Buildings
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	600	656
Machinery and equipment
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	1,214	1,240
Other equipment and leasehold improvements
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	278	363
Equipment on operating lease
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	42	34
Construction in progress
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	$ 296	$ 252

INTANGIBLE ASSETS AND GOODWIL76

INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)	7 years
Gross Carrying Amount	$ 26,368	$ 28,187
Accumulated Amortization, Including Impairments	(9,435)	(7,412)
Net Carrying Amount	16,933	20,775
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	28,319	30,495
Intangible Assets, Net (Excluding Goodwill)	18,884	23,083
Acquired IPR&D
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	253	610
B&L Trademark
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	$ 1,698	1,698
Product brands
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)	8 years
Gross Carrying Amount	$ 20,725	22,083
Accumulated Amortization, Including Impairments	(6,883)	(5,236)
Net Carrying Amount	$ 13,842	16,847
B&L Trademark
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)	17 years
Gross Carrying Amount	$ 999	1,066
Accumulated Amortization, Including Impairments	(146)	(107)
Net Carrying Amount	$ 853	959
Product rights/patents
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)	8 years
Gross Carrying Amount	$ 4,240	4,340
Accumulated Amortization, Including Impairments	(2,118)	(1,712)
Net Carrying Amount	$ 2,122	2,628
Partner relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)	3 years
Gross Carrying Amount	$ 152	218
Accumulated Amortization, Including Impairments	(128)	(171)
Net Carrying Amount	$ 24	47
Technology and other
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (Years)	4 years
Gross Carrying Amount	$ 252	480
Accumulated Amortization, Including Impairments	(160)	(186)
Net Carrying Amount	$ 92	$ 294

INTANGIBLE ASSETS AND GOODWIL77

INTANGIBLE ASSETS AND GOODWILL - Intangible Assets (Details) - USD ($) $ in Millions	Jul. 19, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Impairment of finite-lived intangible assets		$ 38	$ 142	$ 215
Additional loss						$ 73	$ 295	$ (263)
Estimated useful lives (years)						7 years
Ruconest Divestiture
Finite-Lived Intangible Assets [Line Items]
Impairment of finite-lived intangible assets				199
Additional loss		$ 22
U.S. Diversified Products
Finite-Lived Intangible Assets [Line Items]
Impairment of finite-lived intangible assets			25
Individually Not Material
Finite-Lived Intangible Assets [Line Items]
Impairment of finite-lived intangible assets			$ 88	16	$ 16
IPR&D
Finite-Lived Intangible Assets [Line Items]
Impairment of finite-lived intangible assets				$ 14
Total identifiable intangible assets acquired	$ 304
Estimated useful lives (years)	12 years
Product brands
Finite-Lived Intangible Assets [Line Items]
Impairment of finite-lived intangible assets						$ 6
Estimated useful lives (years)						8 years
Amortization of intangible assets						$ 6
Increase in estimated annual amortization for years two and three						66
Decrease in estimated annual amortization for years four through five						$ 35

INTANGIBLE ASSETS AND GOODWIL78

INTANGIBLE ASSETS AND GOODWILL - Estimated Annual Amortization of Long-lived Assets With Finite Lives (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Estimated aggregate amortization expense
2,017	$ 2,509
2,018	2,395
2,019	2,176
2,020	1,995
2,021	1,900
Thereafter	5,958
Net Carrying Amount	$ 16,933	$ 20,775

INTANGIBLE ASSETS AND GOODWIL79

INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details)	Oct. 01, 2016USD ($)	Oct. 01, 2014USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)segment	Jun. 30, 2016USD ($)segmentunit	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Oct. 01, 2016USD ($)	Sep. 30, 2016USD ($)	Aug. 31, 2016USD ($)	Mar. 31, 2016	Apr. 01, 2015USD ($)
Change in the carrying amount of goodwill
Balance at the beginning of the period					$ 18,553,000,000	$ 18,553,000,000	$ 18,553,000,000	$ 9,361,000,000
Acquisitions							1,000,000	9,463,000,000
Measurement period adjustments to acquisition accounting and other adjustments (Note 3)								37,000,000
Divestiture of a portfolio of neurology medical device products (Note 4)							(5,000,000)
Goodwill of certain businesses reclassified to assets held for sale							(1,378,000,000)
Foreign exchange and other								(308,000,000)
Impairment to goodwill	$ 0	$ 0					(1,077,000,000)	0	$ 0
Realignment of segment goodwill							0
Balance at the end of the period			$ 15,794,000,000				$ 15,794,000,000	18,553,000,000	9,361,000,000
Number of reportable segments | segment					2		3
Number of operating segments | segment				3	2,000		3
Percentage of fair value in excess of carrying value					15.00%
Goodwill			15,794,000,000		$ 18,553,000,000	18,553,000,000	$ 18,553,000,000	9,361,000,000	9,361,000,000
Former U.S. Reporting Unit
Change in the carrying amount of goodwill
Impairment to goodwill							(905,000,000)
Salix
Change in the carrying amount of goodwill
Balance at the beginning of the period	5,128,000,000		5,128,000,000
Impairment to goodwill	0						(172,000,000)
Balance at the end of the period	5,128,000,000			$ 5,128,000,000		5,128,000,000
Percentage of fair value in excess of carrying value										15.00%
Aggregate purchase price, net										$ 14,087,000,000	$ 14,066,000,000
Goodwill	5,128,000,000		5,128,000,000	5,128,000,000		5,128,000,000				5,128,000,000	5,128,000,000			$ 8,280,000,000
Total identifiable net assets										$ 10,319,000,000	10,409,000,000			$ 4,852,000,000
Portfolio of neurology medical device products
Change in the carrying amount of goodwill
Divestiture of a portfolio of neurology medical device products (Note 4)							(36,000,000)
Ruconest Divestiture
Change in the carrying amount of goodwill
Goodwill of certain businesses reclassified to assets held for sale							(37,000,000)
Developed Markets
Change in the carrying amount of goodwill
Balance at the beginning of the period					$ 16,141,000,000	16,141,000,000	16,141,000,000	7,130,000,000
Acquisitions							1,000,000	9,154,000,000
Measurement period adjustments to acquisition accounting and other adjustments (Note 3)								33,000,000
Goodwill of certain businesses reclassified to assets held for sale							0
Foreign exchange and other							47,000,000	(176,000,000)
Realignment of segment goodwill							(15,211,000,000)
Balance at the end of the period			0				0	16,141,000,000	7,130,000,000
Number of reporting units | unit					4
Goodwill			0		$ 16,141,000,000	16,141,000,000	16,141,000,000	7,130,000,000	7,130,000,000
Developed Markets | Former U.S. Reporting Unit
Change in the carrying amount of goodwill
Impairment to goodwill							(905,000,000)
Developed Markets | Salix
Change in the carrying amount of goodwill
Impairment to goodwill							0
Developed Markets | Portfolio of neurology medical device products
Change in the carrying amount of goodwill
Divestiture of a portfolio of neurology medical device products (Note 4)							(36,000,000)
Developed Markets | Ruconest Divestiture
Change in the carrying amount of goodwill
Goodwill of certain businesses reclassified to assets held for sale							(37,000,000)
Emerging Markets
Change in the carrying amount of goodwill
Balance at the beginning of the period					$ 2,412,000,000	2,412,000,000	2,412,000,000	2,231,000,000
Acquisitions							0	309,000,000
Measurement period adjustments to acquisition accounting and other adjustments (Note 3)								4,000,000
Goodwill of certain businesses reclassified to assets held for sale							0
Foreign exchange and other							(12,000,000)	(132,000,000)
Realignment of segment goodwill							(2,400,000,000)
Balance at the end of the period			0				0	2,412,000,000	2,231,000,000
Number of reporting units | unit					3
Goodwill			0		$ 2,412,000,000	2,412,000,000	2,412,000,000	2,231,000,000	2,231,000,000
Emerging Markets | Former U.S. Reporting Unit
Change in the carrying amount of goodwill
Impairment to goodwill							0
Emerging Markets | Salix
Change in the carrying amount of goodwill
Impairment to goodwill							0
Emerging Markets | Portfolio of neurology medical device products
Change in the carrying amount of goodwill
Divestiture of a portfolio of neurology medical device products (Note 4)							0
Emerging Markets | Ruconest Divestiture
Change in the carrying amount of goodwill
Goodwill of certain businesses reclassified to assets held for sale							0
Bausch Lomb/International
Change in the carrying amount of goodwill
Balance at the beginning of the period					0	0	0	0
Acquisitions							0	0
Measurement period adjustments to acquisition accounting and other adjustments (Note 3)								0
Divestiture of a portfolio of neurology medical device products (Note 4)							(5,000,000)
Goodwill of certain businesses reclassified to assets held for sale							(947,000,000)
Foreign exchange and other							(257,000,000)	0
Realignment of segment goodwill							6,708,000,000
Balance at the end of the period			5,499,000,000				5,499,000,000	0	0
Goodwill			5,499,000,000		0	0	0	0	0
Bausch Lomb/International | Former U.S. Reporting Unit
Change in the carrying amount of goodwill
Impairment to goodwill							0
Bausch Lomb/International | Salix
Change in the carrying amount of goodwill
Impairment to goodwill							0
Bausch Lomb/International | Portfolio of neurology medical device products
Change in the carrying amount of goodwill
Divestiture of a portfolio of neurology medical device products (Note 4)							0
Bausch Lomb/International | Ruconest Divestiture
Change in the carrying amount of goodwill
Goodwill of certain businesses reclassified to assets held for sale							0
Branded Rx
Change in the carrying amount of goodwill
Balance at the beginning of the period					0	0	0	0
Acquisitions							0	0
Measurement period adjustments to acquisition accounting and other adjustments (Note 3)								0
Divestiture of a portfolio of neurology medical device products (Note 4)							0
Goodwill of certain businesses reclassified to assets held for sale							(431,000,000)
Foreign exchange and other							(5,000,000)	0
Realignment of segment goodwill							7,873,000,000
Balance at the end of the period			7,265,000,000				7,265,000,000	0	0
Percentage of fair value in excess of carrying value												5.00%
Goodwill			7,265,000,000		0	0	0	0	0			$ 897,000,000
Branded Rx | Former U.S. Reporting Unit
Change in the carrying amount of goodwill
Impairment to goodwill							0
Branded Rx | Salix
Change in the carrying amount of goodwill
Impairment to goodwill							(172,000,000)
Branded Rx | Portfolio of neurology medical device products
Change in the carrying amount of goodwill
Divestiture of a portfolio of neurology medical device products (Note 4)							0
Branded Rx | Ruconest Divestiture
Change in the carrying amount of goodwill
Goodwill of certain businesses reclassified to assets held for sale							0
U.S. Diversified Products
Change in the carrying amount of goodwill
Balance at the beginning of the period					$ 0	0	0	0
Acquisitions							0	0
Measurement period adjustments to acquisition accounting and other adjustments (Note 3)								0
Goodwill of certain businesses reclassified to assets held for sale							0
Foreign exchange and other							0	0
Realignment of segment goodwill							3,030,000,000
Balance at the end of the period			3,030,000,000				3,030,000,000	0	0
Percentage of fair value in excess of carrying value					(2.00%)
Goodwill			3,030,000,000		$ 0	0	0	$ 0	$ 0
U.S. Diversified Products | Former U.S. Reporting Unit
Change in the carrying amount of goodwill
Impairment to goodwill							0
U.S. Diversified Products | Salix
Change in the carrying amount of goodwill
Impairment to goodwill							0
U.S. Diversified Products | Portfolio of neurology medical device products
Change in the carrying amount of goodwill
Divestiture of a portfolio of neurology medical device products (Note 4)							0
U.S. Diversified Products | Ruconest Divestiture
Change in the carrying amount of goodwill
Goodwill of certain businesses reclassified to assets held for sale							0
Developed Markets, Emerging Markets, U.S. Reporting Segments
Change in the carrying amount of goodwill
Balance at the beginning of the period	905,000,000		905,000,000
Impairment to goodwill						(838,000,000)
Balance at the end of the period				905,000,000		905,000,000
Adjustment to goodwill			67,000,000
Goodwill	905,000,000		905,000,000	905,000,000		905,000,000					905,000,000
Developed Markets and Emerging Markets Segments
Change in the carrying amount of goodwill
Foreign exchange and other							35,000,000
Bausch Lomb/International, Branded Rx, and U.S. Diversified Products
Change in the carrying amount of goodwill
Balance at the beginning of the period	172,000,000		172,000,000
Foreign exchange and other							$ (262,000,000)
Impairment to goodwill						(211,000,000)
Balance at the end of the period				172,000,000		172,000,000
Percentage of fair value in excess of carrying value												15.00%	(15.00%)
Adjustment to goodwill			(39,000,000)
Goodwill	$ 172,000,000		$ 172,000,000	$ 172,000,000		$ 172,000,000					$ 172,000,000

ACCRUED AND OTHER CURRENT LIA80

ACCRUED AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Product rebates	$ 897	$ 902
Product returns	708	626
Interest	337	328
Income taxes payable	213	221
Employee costs	198	243
Legal liabilities assumed in the Salix Acquisition	281	315
Professional fees	93	53
Royalties	69	84
Advertising and promotion	50	77
Restructuring and integration costs	38	61
Value added tax	27	37
Deferred income	26	17
Deferred consideration assumed in the Sprout Acquisition and other deferred consideration	18	516
Capital expenditures	17	17
Accrued milestones	12	49
Legal settlements and related fees	7	12
Short-term borrowings	6	16
Liabilities for uncertain tax positions	0	7
Other	178	278
Accrued and other current liabilities	$ 3,175	$ 3,859

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Mar. 27, 2015	Jan. 30, 2015	Dec. 02, 2013	Jul. 12, 2013	Oct. 04, 2012	Mar. 08, 2011	Feb. 08, 2011	Sep. 28, 2010
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 30,169	$ 31,437
Total long-term debt	29,846	31,088
Less: Current portion of long-term debt	(1)	(823)
Non-current portion of long-term debt	29,845	30,265
Total fair value of long-term debt	26,297	29,597
Aggregate payments in 2017 (less than)	0
Maximum
Long-term debt, net of unamortized debt discount [Line Items]
Aggregate payments in 2017 (less than)	1
Series A-1 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	0	141
Total long-term debt	0	140
Series A-2 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	0	138
Total long-term debt	0	137
Series A-3 Tranche A Term Loan Facility
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	1,032	1,910
Total long-term debt	1,016	1,882
Series A-4 Tranche Term Loan Facility
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	668	963
Total long-term debt	658	951
Series D-2 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	1,068	1,109
Total long-term debt	1,048	1,088
Series C-2 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	823	853
Total long-term debt	805	835
Series E-1 Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	2,456	2,548
Total long-term debt	2,429	2,531
Series F Tranche B Term Loan Facility
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	3,892	4,119
Total long-term debt	3,815	4,056
6.75% Senior Notes due August 2018
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	1,600	1,600
Total long-term debt	$ 1,593	1,589
Stated interest rate (as a percent)	6.75%					6.75%
5.375% Senior Notes due March 2020
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 2,000	2,000
Total long-term debt	$ 1,985	1,980
Stated interest rate (as a percent)	5.375%		5.375%
7.00% Senior Notes due in October 2020
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 690	690
Total long-term debt	$ 689	688
Stated interest rate (as a percent)	7.00%									7.00%
6.375% Senior Notes due in October 2020
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 2,250	2,250
Total long-term debt	$ 2,231	2,226
Stated interest rate (as a percent)	6.375%						6.375%
7.50% Senior Notes due July 2021
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 1,625	1,625
Total long-term debt	$ 1,613	1,610
Stated interest rate (as a percent)	7.50%					7.50%
6.75% Senior Notes due in August 2021
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 650	650
Total long-term debt	$ 647	646
Stated interest rate (as a percent)	6.75%								6.75%
5.625 % Senior Notes due December 2021
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 900	900
Total long-term debt	$ 894	893
Stated interest rate (as a percent)	5.625%				5.625%
7.25% Senior Notes due in July 2022
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 550	550
Total long-term debt	$ 543	542
Stated interest rate (as a percent)	7.25%							7.25%
5.50% Senior Notes due March 2023
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 1,000	1,000
Total long-term debt	$ 992	991
Stated interest rate (as a percent)	5.50%			5.50%
5.875% Senior Notes due May 2023
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 3,250	3,250
Total long-term debt	$ 3,220	3,215
Stated interest rate (as a percent)	5.875%		5.875%
4.50% Senior Notes Due 2023
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 1,578	1,629
Total long-term debt	$ 1,563	1,612
Stated interest rate (as a percent)	4.50%		4.50%
6.125% Senior Notes due April 2025
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 3,250	3,250
Total long-term debt	$ 3,218	3,214
Stated interest rate (as a percent)	6.125%		6.125%
Other
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	$ 12	12
Total long-term debt	12	12
Revolving credit facility
Long-term debt, net of unamortized debt discount [Line Items]
Principal Amount	875	250
Total long-term debt	$ 875	$ 250

LONG-TERM DEBT - Maturities of

LONG-TERM DEBT - Maturities of Long Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Aggregate maturities of long term debt, including current portion
2,017	$ 0
2,018	3,738
2,019	2,122
2,020	7,723
2,021	3,215
Thereafter	13,371
Total gross maturities	30,169	$ 31,437
Unamortized discounts	(323)
Total long-term debt	$ 29,846	$ 31,088

LONG-TERM DEBT - August 2016 Cr

LONG-TERM DEBT - August 2016 Credit Agreement Amendment (Details) - August 2016 Amendment	Aug. 23, 2016	Apr. 11, 2016
Debt Instrument [Line Items]
Minimum interest coverage maintenance covenant	2
Interest rate margin	0.50%
Secured leverage ratio	0.005
Fiscal Quarter Ending June 2016 through March 2017
Debt Instrument [Line Items]
Minimum interest coverage maintenance covenant		2.75
Fiscal Quarter After March 2017
Debt Instrument [Line Items]
Minimum interest coverage maintenance covenant		3

LONG-TERM DEBT - April 2016 Cre

LONG-TERM DEBT - April 2016 Credit Agreement Amendment (Details) - April 2016 Amendment	Apr. 11, 2016USD ($)	Apr. 10, 2016USD ($)
Debt Instrument [Line Items]
Minimum interest coverage maintenance covenant	2.75	3
Costs, fees and expenses	$ 175,000,000
Restructuring charges	125,000,000	$ 200,000,000
Fees and expenses	$ 75,000,000	$ 150,000,000
Leverage ratio	4.50
Aggregate cap	$ 250,000,000
Transaction cap	4
Interest rate margin	1.00%

LONG-TERM DEBT - Senior Secured

LONG-TERM DEBT - Senior Secured Credit Facilities Narrative (Details) € in Millions

May 29, 2015

Apr. 01, 2015USD ($)

Mar. 27, 2015USD ($)

Mar. 27, 2015EUR (€)

Jan. 30, 2015USD ($)

Jan. 22, 2015USD ($)

Feb. 06, 2014USD ($)

Dec. 02, 2013USD ($)

Jul. 12, 2013USD ($)

Oct. 04, 2012USD ($)

Mar. 08, 2011USD ($)

Feb. 08, 2011USD ($)

Sep. 28, 2010USD ($)

Jul. 31, 2014USD ($)

Mar. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Mar. 31, 2014USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Feb. 20, 2015USD ($)

Long-term debt, net of unamortized debt discount [Line Items]

Loss on extinguishment of debt

$ 94,000,000

$ 0

$ 20,000,000

$ 130,000,000

Periodic principal payment

2,436,000,000

Unamortized discounts

323,000,000

Revolving credit facility

Long-term debt, net of unamortized debt discount [Line Items]

Maximum borrowing capacity

$ 1,500,000,000

Term Loan Facility

Long-term debt, net of unamortized debt discount [Line Items]

Periodic principal payment

1,841,000,000

Repayments of term loans from asset sale proceeds

140,000,000

Additional voluntary prepayments

275,000,000

Mandatory excess cash flow payment

125,000,000

Revolving credit facility

$ 625,000,000

Series E-1 Tranche B Term Loan Facility

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 2,950,000,000

Series E-1 Tranche B Term Loan Facility | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

3.50%

Series E-1 Tranche B Term Loan Facility | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

4.50%

Series A-3 Tranche A Term Loan Facility

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 250,000,000

$ 226,000,000

Quarterly amortization payment

$ 99,000,000

Series A-3 Tranche A Term Loan Facility | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

2.75%

Series A-3 Tranche A Term Loan Facility | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

3.75%

Secured Debt

Long-term debt, net of unamortized debt discount [Line Items]

Periodic principal payment

$ 1,000,000,000

Incremental Term Loan Facilities

Long-term debt, net of unamortized debt discount [Line Items]

Debt issuance cost

$ 85,000,000

Unamortized discounts

21,000,000

Incremental Term Loan Facilities | Salix

Long-term debt, net of unamortized debt discount [Line Items]

Maximum borrowing capacity

5,150,000,000

$ 5,150,000,000

Series A-4 Tranche Term Loan Facility

Long-term debt, net of unamortized debt discount [Line Items]

Maximum borrowing capacity

$ 1,000,000,000

Quarterly amortization rate, year one

5.00%

Quarterly amortization rate, year two

10.00%

Quarterly amortization rate, year three

20.00%

Series A-4 Tranche Term Loan Facility | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

2.75%

Series A-4 Tranche Term Loan Facility | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

3.75%

Series A-4 Tranche Term Loan Facility | Amortization payment period one

Long-term debt, net of unamortized debt discount [Line Items]

Quarterly amortization payment

$ 48,000,000

Series A-4 Tranche Term Loan Facility | Minimum | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

0.75%

Series A-4 Tranche Term Loan Facility | Minimum | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

1.75%

Series A-4 Tranche Term Loan Facility | Maximum | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

1.25%

Series A-4 Tranche Term Loan Facility | Maximum | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

2.25%

Series F Tranche B Term Loan Facility

Long-term debt, net of unamortized debt discount [Line Items]

Maximum borrowing capacity

$ 4,150,000,000

Quarterly amortization rate, year one

1.00%

Quarterly amortization payment

$ 10,000,000

Series F Tranche B Term Loan Facility | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

3.75%

Variable rate floor (as a percent)

1.75%

1.75%

Series F Tranche B Term Loan Facility | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

4.75%

Variable rate floor (as a percent)

0.75%

0.75%

Series F Tranche B Term Loan Facility | Minimum | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

2.00%

Series F Tranche B Term Loan Facility | Minimum | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

3.00%

Series F Tranche B Term Loan Facility | Maximum | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

2.25%

Series F Tranche B Term Loan Facility | Maximum | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

3.25%

Series D-2 Tranche B Term Loan Facility | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

1.75%

Variable rate floor (as a percent)

1.75%

Series D-2 Tranche B Term Loan Facility | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

2.75%

Variable rate floor (as a percent)

0.75%

Series D-2 Tranche B Term Loan Facility | Minimum | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Basis spread in future periods

1.75%

Series D-2 Tranche B Term Loan Facility | Minimum | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Basis spread in future periods

2.75%

Series D-2 Tranche B Term Loan Facility | Maximum | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Basis spread in future periods

1.50%

Series D-2 Tranche B Term Loan Facility | Maximum | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Basis spread in future periods

2.50%

Amortization payment period one | Term Loan Facility

Long-term debt, net of unamortized debt discount [Line Items]

Aggregate principal reduction

$ 556,000,000

Series A1 and A2 Tranche A Term Loan Facilities | Term Loan Facility

Long-term debt, net of unamortized debt discount [Line Items]

Periodic principal payment

260,000,000

Amortization payment period two | Term Loan Facility

Long-term debt, net of unamortized debt discount [Line Items]

Aggregate principal reduction

$ 610,000,000

Series A-2 Tranche A Term Loan Facility | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

2.75%

Series A-2 Tranche A Term Loan Facility | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

3.75%

Series A-1 Tranche A Term Loan Facility | Base Rate

Long-term debt, net of unamortized debt discount [Line Items]

Margins

2.75%

Series A-1 Tranche A Term Loan Facility | LIBOR

Long-term debt, net of unamortized debt discount [Line Items]

Margins

3.75%

Senior Secured Credit Facilities

Long-term debt, net of unamortized debt discount [Line Items]

Percentage of net cash proceeds of insurance and condemnation proceeds for property or asset losses

100.00%

Percentage of cash proceeds from issuance of equity securities payable as mandatory prepayments

50.00%

Percentage of cash proceeds from incurrence of debt

100.00%

Percentage of annual excess cash flow

50.00%

Percentage of cash proceeds from asset sales outside the ordinary course of business payable as mandatory prepayments

100.00%

Percentage of capital stock of the entity and domestic subsidiaries pledged as collateral for borrowings

100.00%

Percentage of capital stock of foreign subsidiaries pledged as collateral for borrowings

65.00%

Senior Secured Credit Facilities | Revolving credit facility

Long-term debt, net of unamortized debt discount [Line Items]

Commitment fee, unutilized commitments, percentage

0.50%

6.875% Senior Notes due in December 2018

Long-term debt, net of unamortized debt discount [Line Items]

Loss on extinguishment of debt

$ 20,000,000

$ 18,000,000

7.00% Senior Notes due in October 2020

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 700,000,000

6.75% Senior Notes due in August 2021

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 650,000,000

7.25% Senior Notes due in July 2022

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 550,000,000

6.375% Senior Notes due in October 2020

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 1,750,000,000

6.75% Senior Notes due August 2018

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 1,600,000,000

7.50% Senior Notes due July 2021

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 1,625,000,000

5.625 % Senior Notes due December 2021

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 900,000,000

5.50% Senior Notes due March 2023

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 1,000,000,000

5.375% Senior Notes due March 2020

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 2,000,000,000

5.875% Senior Notes due May 2023

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

3,250,000,000

4.50% Senior Notes Due 2023

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed | €

€ 1,500

6.125% Senior Notes due April 2025

Long-term debt, net of unamortized debt discount [Line Items]

Amount borrowed

$ 3,250,000,000

LONG-TERM DEBT - Schedule of Ef

LONG-TERM DEBT - Schedule of Effective Interest Rates (Details)	Apr. 01, 2015	Dec. 31, 2016
Revolving credit facility
Debt Instrument [Line Items]
Effective Interest Rate		3.76%
Revolving credit facility | Base Rate Borrowings
Debt Instrument [Line Items]
Margins		2.75%
Revolving credit facility | LIBO Rate Borrowings
Debt Instrument [Line Items]
Margins		3.75%
Series A-1 Tranche A Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate		2.68%
Series A-1 Tranche A Term Loan Facility | Base Rate Borrowings
Debt Instrument [Line Items]
Margins		2.75%
Series A-1 Tranche A Term Loan Facility | LIBO Rate Borrowings
Debt Instrument [Line Items]
Margins		3.75%
Series A-2 Tranche A Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate		2.68%
Series A-2 Tranche A Term Loan Facility | Base Rate Borrowings
Debt Instrument [Line Items]
Margins		2.75%
Series A-2 Tranche A Term Loan Facility | LIBO Rate Borrowings
Debt Instrument [Line Items]
Margins		3.75%
Series A-3 Tranche A Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate		3.58%
Series A-3 Tranche A Term Loan Facility | Base Rate Borrowings
Debt Instrument [Line Items]
Margins		2.75%
Series A-3 Tranche A Term Loan Facility | LIBO Rate Borrowings
Debt Instrument [Line Items]
Margins		3.75%
Series A-4 Tranche Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate		3.71%
Series A-4 Tranche Term Loan Facility | Base Rate Borrowings
Debt Instrument [Line Items]
Margins		2.75%
Series A-4 Tranche Term Loan Facility | LIBO Rate Borrowings
Debt Instrument [Line Items]
Margins		3.75%
Series D-2 Tranche B Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate		4.46%
Series D-2 Tranche B Term Loan Facility | Base Rate Borrowings
Debt Instrument [Line Items]
Margins		3.25%
Series D-2 Tranche B Term Loan Facility | LIBO Rate Borrowings
Debt Instrument [Line Items]
Margins		4.25%
Series C-2 Tranche B Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate		4.71%
Series C-2 Tranche B Term Loan Facility | Base Rate Borrowings
Debt Instrument [Line Items]
Margins		3.50%
Series C-2 Tranche B Term Loan Facility | LIBO Rate Borrowings
Debt Instrument [Line Items]
Margins		4.50%
Series E-1 Tranche B Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate		4.65%
Series E-1 Tranche B Term Loan Facility | Base Rate Borrowings
Debt Instrument [Line Items]
Margins		3.50%
Series E-1 Tranche B Term Loan Facility | LIBO Rate Borrowings
Debt Instrument [Line Items]
Margins		4.50%
Series F Tranche B Term Loan Facility
Debt Instrument [Line Items]
Effective Interest Rate		4.89%
Series F Tranche B Term Loan Facility | Base Rate Borrowings
Debt Instrument [Line Items]
Margins		3.75%
Variable rate floor (as a percent)	1.75%	1.75%
Series F Tranche B Term Loan Facility | LIBO Rate Borrowings
Debt Instrument [Line Items]
Margins		4.75%
Variable rate floor (as a percent)	0.75%	0.75%

LONG-TERM DEBT - Senior Notes a

LONG-TERM DEBT - Senior Notes and Convertible Notes Narrative (Details) € in Millions	Mar. 27, 2015USD ($)	Mar. 27, 2015EUR (€)	Feb. 20, 2015USD ($)	Feb. 17, 2015USD ($)	Jan. 30, 2015USD ($)	Dec. 29, 2014USD ($)	Dec. 02, 2013USD ($)	Jul. 12, 2013USD ($)	Oct. 04, 2012USD ($)	Mar. 08, 2011USD ($)	Feb. 08, 2011USD ($)	Sep. 28, 2010USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Apr. 01, 2015USD ($)tranche	Nov. 23, 2010USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt																$ 94,000,000	$ 0	$ 20,000,000	$ 130,000,000
Total gross maturities																	$ 30,169,000,000	31,437,000,000
Issuance of common shares	$ 1,450,000,000																	1,482,000,000
Salix
Debt Instrument [Line Items]
Restricted cash	10,340,000,000
Issuance of common shares	$ 1,450,000,000
Senior Notes
Debt Instrument [Line Items]
Redemption price percentage due to change in control (as a percent)																	101.00%
6.875% Senior Notes due in December 2018
Debt Instrument [Line Items]
Stated interest rate (as a percent)																					6.875%
Aggregate principal amount																					$ 1,000,000,000
Aggregate principal amount of notes repurchased				$ 500,000,000		$ 445,000,000
Repurchases of convertible debt				524,000,000		463,000,000
Call premium				$ 17,000,000		$ 15,000,000
Loss on extinguishment of debt														$ 20,000,000	$ 18,000,000
7.00% Senior Notes due in October 2020
Debt Instrument [Line Items]
Stated interest rate (as a percent)												7.00%					7.00%
Amount borrowed												$ 700,000,000
Total gross maturities																	$ 690,000,000	690,000,000
6.75% Senior Notes due in August 2021
Debt Instrument [Line Items]
Stated interest rate (as a percent)											6.75%						6.75%
Amount borrowed											$ 650,000,000
Total gross maturities																	$ 650,000,000	650,000,000
7.25% Senior Notes due in July 2022
Debt Instrument [Line Items]
Stated interest rate (as a percent)										7.25%							7.25%
Amount borrowed										$ 550,000,000
Total gross maturities																	$ 550,000,000	550,000,000
6.375% Senior Notes due in October 2020
Debt Instrument [Line Items]
Stated interest rate (as a percent)									6.375%								6.375%
Amount borrowed									$ 1,750,000,000
Total gross maturities																	$ 2,250,000,000	2,250,000,000
6.375% Senior Notes due in October 2020
Debt Instrument [Line Items]
Amount borrowed									$ 500,000,000
6.75% Senior Notes due August 2018
Debt Instrument [Line Items]
Stated interest rate (as a percent)								6.75%									6.75%
Amount borrowed								$ 1,600,000,000
Total gross maturities																	$ 1,600,000,000	1,600,000,000
7.50% Senior Notes due July 2021
Debt Instrument [Line Items]
Stated interest rate (as a percent)								7.50%									7.50%
Amount borrowed								$ 1,625,000,000
Total gross maturities																	$ 1,625,000,000	1,625,000,000
5.625 % Senior Notes due December 2021
Debt Instrument [Line Items]
Stated interest rate (as a percent)							5.625%										5.625%
Amount borrowed							$ 900,000,000
Total gross maturities																	$ 900,000,000	900,000,000
5.50% Senior Notes due March 2023
Debt Instrument [Line Items]
Stated interest rate (as a percent)					5.50%												5.50%
Redemption price percentage (as a percent)																	100.00%
Amount borrowed					$ 1,000,000,000
Maximum percentage of the aggregate principal amount that may be redeemed with the net proceeds of certain equity offerings					40.00%
Total gross maturities																	$ 1,000,000,000	1,000,000,000
5.375% Senior Notes due March 2020
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.375%																5.375%
Redemption price percentage (as a percent)																	100.00%
Amount borrowed	$ 2,000,000,000
Total gross maturities																	$ 2,000,000,000	2,000,000,000
5.875% Senior Notes due May 2023
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.875%																5.875%
Redemption price percentage (as a percent)																	100.00%
Amount borrowed	$ 3,250,000,000
Total gross maturities																	$ 3,250,000,000	3,250,000,000
4.50% Senior Notes Due 2023
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.50%																4.50%
Redemption price percentage (as a percent)																	100.00%
Amount borrowed | €		€ 1,500
Total gross maturities																	$ 1,578,000,000	1,629,000,000
6.125% Senior Notes due April 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.125%																6.125%
Redemption price percentage (as a percent)																	100.00%
Amount borrowed	$ 3,250,000,000
Total gross maturities																	$ 3,250,000,000	3,250,000,000
5.375%, 5.875%, 4.50% and 6.125% Senior Unsecured Notes
Debt Instrument [Line Items]
Maximum percentage of the aggregate principal amount that may be redeemed with the net proceeds of certain equity offerings	40.00%	40.00%
5.375%, 5.875%, 4.50% and 6.125% Senior Unsecured Notes | Salix
Debt Instrument [Line Items]
Amount borrowed			$ 10,100,000,000
Convertible Notes 2.75% Due May 2015 | Salix
Debt Instrument [Line Items]
Stated interest rate (as a percent)																				2.75%
Convertible Notes 2.75% Due May 2015 | Convertible Debt
Debt Instrument [Line Items]
Stated interest rate (as a percent)													2.75%							2.75%
Debt number of tranches | tranche																				2
Average price per principal amount													$ 3,729.46
Total gross maturities																				$ 345,000,000
Convertible Notes 1.5% Due March 2019 | Salix
Debt Instrument [Line Items]
Stated interest rate (as a percent)																				1.50%
Convertible Notes 1.5% Due March 2019 | Convertible Debt
Debt Instrument [Line Items]
Stated interest rate (as a percent)													1.50%							1.50%
Average price per principal amount													$ 2,663.26
Total gross maturities																				$ 690,000,000
Senior Credit Facilities | Salix
Debt Instrument [Line Items]
Maximum borrowing capacity			5,550,000,000
Senior Unsecured Bridge Facility | Salix
Debt Instrument [Line Items]
Maximum borrowing capacity			9,600,000,000
Incremental Term Loan Facility
Debt Instrument [Line Items]
Total gross maturities																	$ 823,000,000	$ 853,000,000
Incremental Term Loan Facility | Salix
Debt Instrument [Line Items]
Maximum borrowing capacity			15,250,000,000
Incremental Term Loan Facilities | Salix
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 5,150,000,000																	$ 5,150,000,000
Amended and Restated Commitment Letter | Salix
Debt Instrument [Line Items]
Deferred financing costs expensed														$ 72,000,000

PENSION AND POSTRETIREMENT EM88

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016USD ($)defined_benefit_plan	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contribution maximum age		65 years
Future benefit payments period		10 years
Contributions recognized		$ 28	$ 28	$ 21
Non-U.S. defined benefit pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected unrecognized prior service credits during next year		1
Expected unrecognized loss during next year		1
Accumulated benefit obligation		221	$ 208
Estimated company contributions in current fiscal year		$ 6
Expected return on plan assets (percent)		5.46%	5.60%	5.63%
U.S. defined benefit pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated company contributions in current fiscal year		$ 5
Expected return on plan assets (percent)		7.50%	7.50%	7.50%
U.S. postretirement benefit plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected unrecognized prior service credits during next year		$ 3
Estimated company contributions in current fiscal year		$ 6
Expected return on plan assets (percent)		5.50%	5.50%	5.50%
Reduction of expected return on plan assets (percent)		2.00%
Scenario, Forecast | U.S. defined benefit pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets (percent)	7.50%
Ireland | Non-U.S. defined benefit pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets (percent)		5.80%
Ireland | Scenario, Forecast | Non-U.S. defined benefit pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets (percent)	4.00%
B&L | Ireland | Non-U.S. defined benefit pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plans | defined_benefit_plan		2

PENSION AND POSTRETIREMENT EM89

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S. defined benefit pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized actuarial (losses) gains	$ (26)	$ (24)	$ (18)
Unrecognized prior service credits	0	0	0
Non-U.S. defined benefit pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized actuarial (losses) gains	(61)	(40)	(73)
Unrecognized prior service credits	26	24	27
U.S. postretirement benefit plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized actuarial (losses) gains	0	(1)	(4)
Unrecognized prior service credits	$ 23	$ 23	$ 26

PENSION AND POSTRETIREMENT EM90

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Components of net periodic benefit cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S. defined benefit pension plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 2	$ 0
Interest cost	8	10	11
Expected return on plan assets	(13)	(15)	(15)
Amortization of net loss (gain)	0	0	0
Curtailment gain recognized	0	0	0
Amortization of prior service credit	0	0	0
Settlement loss (gain) recognized	0	0	1
Other	0	0	0
Net periodic (benefit) cost	(3)	(3)	(3)
Non-U.S. defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	3	4
Interest cost	6	6	8
Expected return on plan assets	(7)	(7)	(8)
Amortization of net loss (gain)	0	1	0
Curtailment gain recognized	0	0	(2)
Amortization of prior service credit	(1)	(1)	0
Settlement loss (gain) recognized	0	2	0
Other	2	0	1
Net periodic (benefit) cost	3	4	3
U.S. postretirement benefit plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	2	2
Interest cost	2	2	2
Expected return on plan assets	0	0	0
Amortization of net loss (gain)	0	0	0
Curtailment gain recognized	0	0	0
Amortization of prior service credit	(3)	(3)	(3)
Settlement loss (gain) recognized	0	0	0
Other	0	0	0
Net periodic (benefit) cost	$ (1)	$ 1	$ 1

PENSION AND POSTRETIREMENT EM91

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Change in Benefit Obligation, Plan Assets and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S. defined benefit pension plan
Change in Projected benefit Obligation
Projected benefit obligation, beginning of year	$ 232	$ 252
Service cost	2	2	$ 0
Interest cost	8	10	11
Employee contributions	0	0
Plan amendments	0	0
Settlements	0	0
Benefits paid	(15)	(16)
Actuarial (gains) losses	3	(15)
Currency translation adjustments	0	0
Other	0	(1)
Projected benefit obligation, end of year	230	232	252
Change in Plan Assets
Fair value of plan assets, beginning of year	182	197
Actual return on plan assets	14	(6)
Employee contributions	0	0
Company contributions	0	7
Settlements	0	0
Benefits paid	(15)	(16)
Currency translation adjustments	0	0
Other	0	0
Fair value of plan assets, end of year	181	182	197
Funded Status at end of year	(49)	(50)
Recognized as:
Other non-current assets, net	0	0
Accrued and other current liabilities	0	0
Pension and other benefit liabilities	(49)	(50)
Non-U.S. defined benefit pension plans
Change in Projected benefit Obligation
Projected benefit obligation, beginning of year	217	273
Service cost	3	3	4
Interest cost	6	6	8
Employee contributions	0	0
Plan amendments	(4)	0
Settlements	(5)	(9)
Benefits paid	(5)	(5)
Actuarial (gains) losses	25	(28)
Currency translation adjustments	(8)	(26)
Other	1	3
Projected benefit obligation, end of year	230	217	273
Change in Plan Assets
Fair value of plan assets, beginning of year	126	141
Actual return on plan assets	7	4
Employee contributions	0	0
Company contributions	9	6
Settlements	(4)	(9)
Benefits paid	(5)	(5)
Currency translation adjustments	(5)	(13)
Other	0	2
Fair value of plan assets, end of year	128	126	141
Funded Status at end of year	(102)	(91)
Recognized as:
Other non-current assets, net	0	0
Accrued and other current liabilities	(2)	(1)
Pension and other benefit liabilities	(100)	(90)
U.S. postretirement benefit plan
Change in Projected benefit Obligation
Projected benefit obligation, beginning of year	58	62
Service cost	0	2	2
Interest cost	2	2	2
Employee contributions	1	1
Plan amendments	(2)	0
Settlements	0	0
Benefits paid	(6)	(7)
Actuarial (gains) losses	(1)	(2)
Currency translation adjustments	0	0
Other	0	0
Projected benefit obligation, end of year	52	58	62
Change in Plan Assets
Fair value of plan assets, beginning of year	4	9
Actual return on plan assets	(1)	0
Employee contributions	1	1
Company contributions	2	0
Settlements	0	0
Benefits paid	(6)	(7)
Currency translation adjustments	0	0
Other	0	1
Fair value of plan assets, end of year	0	4	$ 9
Funded Status at end of year	(52)	(54)
Recognized as:
Other non-current assets, net	0	0
Accrued and other current liabilities	(6)	(3)
Pension and other benefit liabilities	$ (46)	$ (51)

PENSION AND POSTRETIREMENT EM92

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Underfunded Plans (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
U.S. defined benefit pension plan
Underfunded plans having accumulated benefit obligations exceeding the fair value of plan assets
Projected benefit obligation	$ 230	$ 232
Accumulated benefit obligation	230	232
Fair value of plan assets	181	182
Underfunded plans on a projected benefit obligation basis
Projected benefit obligation	230	232
Fair value of plan assets	181	182
Non-U.S. defined benefit pension plans
Underfunded plans having accumulated benefit obligations exceeding the fair value of plan assets
Projected benefit obligation	230	216
Accumulated benefit obligation	221	207
Fair value of plan assets	128	125
Underfunded plans on a projected benefit obligation basis
Projected benefit obligation	230	217
Fair value of plan assets	$ 128	$ 126

PENSION AND POSTRETIREMENT EM93

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Future benefit payments for the pension benefit plans (Details) $ in Millions	Dec. 31, 2016USD ($)
U.S. defined benefit pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2,017	$ 14
2,018	18
2,019	18
2,020	18
2,021	18
2022-2026	81
Non-U.S. defined benefit pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2,017	3
2,018	3
2,019	4
2,020	4
2,021	5
2022-2026	29
U.S. postretirement benefit plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2,017	6
2,018	6
2,019	5
2,020	5
2,021	4
2022-2026	$ 17

PENSION AND POSTRETIREMENT EM94

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Weighted-average assumptions used to determine net periodic benefit costs and benefit obligations (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S. defined benefit pension plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate - for determining net periodic benefit cost	4.34%	3.90%	4.70%
Expected rate of return on plan assets - for determining net periodic benefit cost	7.50%	7.50%	7.50%
Rate of compensation increase	0.00%	0.00%	0.00%
Discount rate - for determining benefit obligation	4.04%	4.34%
Rate of compensation increase - for determining benefit obligation	0.00%	0.00%
U.S. postretirement benefit plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate - for determining net periodic benefit cost	4.13%	3.70%	4.30%
Expected rate of return on plan assets - for determining net periodic benefit cost	5.50%	5.50%	5.50%
Rate of compensation increase	0.00%	0.00%	0.00%
Discount rate - for determining benefit obligation	3.85%	4.13%
Rate of compensation increase - for determining benefit obligation	0.00%	0.00%
Non-U.S. defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate - for determining net periodic benefit cost	2.74%	2.41%	3.86%
Expected rate of return on plan assets - for determining net periodic benefit cost	5.46%	5.60%	5.63%
Rate of compensation increase	2.87%	2.86%	2.88%
Discount rate - for determining benefit obligation	2.08%	2.74%
Rate of compensation increase - for determining benefit obligation	2.64%	2.87%

PENSION AND POSTRETIREMENT EM95

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Target Asset Allocations (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
U.S. defined benefit pension plan | Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	61.00%	61.00%
U.S. defined benefit pension plan | Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	39.00%	39.00%
U.S. defined benefit pension plan | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	0.00%	0.00%
U.S. postretirement benefit plan | Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations		57.00%
U.S. postretirement benefit plan | Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations		20.00%
U.S. postretirement benefit plan | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations		23.00%
Non-U.S. defined benefit pension plans | Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	47.00%	44.00%
Non-U.S. defined benefit pension plans | Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	42.00%	41.00%
Non-U.S. defined benefit pension plans | Other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	11.00%	15.00%

PENSION AND POSTRETIREMENT EM96

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Fair value of pension and postretirement benefit plan assets assumed in connection with the Acquisition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension Benefit Plans - U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	$ 181	$ 182	$ 197
Pension Benefit Plans - Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	$ 128	$ 126	141
Pension Benefit Plans - Non-U.S. Plans | Ireland
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of funds held	90.00%	90.00%
Postretirement Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	$ 0	$ 4	$ 9
Recurring basis | Pension Benefit Plans - U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	181	182
Recurring basis | Pension Benefit Plans - U.S. Plans | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Pension Benefit Plans - U.S. Plans | U.S. broad market
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	70	69
Recurring basis | Pension Benefit Plans - U.S. Plans | Emerging markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	16	16
Recurring basis | Pension Benefit Plans - U.S. Plans | Worldwide developed markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	25	25
Recurring basis | Pension Benefit Plans - U.S. Plans | Investment grade
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	52	53
Recurring basis | Pension Benefit Plans - U.S. Plans | Global high yield
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	18	19
Recurring basis | Pension Benefit Plans - Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	128	126
Recurring basis | Pension Benefit Plans - Non-U.S. Plans | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	10	13
Recurring basis | Pension Benefit Plans - Non-U.S. Plans | Emerging markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Pension Benefit Plans - Non-U.S. Plans | Worldwide developed markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	59	56
Recurring basis | Pension Benefit Plans - Non-U.S. Plans | Investment grade
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	10	10
Recurring basis | Pension Benefit Plans - Non-U.S. Plans | Global high yield
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	1	1
Recurring basis | Pension Benefit Plans - Non-U.S. Plans | Government bond funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	43	40
Recurring basis | Pension Benefit Plans - Non-U.S. Plans | Other assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	5	6
Recurring basis | Postretirement Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	4
Recurring basis | Postretirement Benefit Plan | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	1
Recurring basis | Postretirement Benefit Plan | Insurance policies
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	3
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - U.S. Plans | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - U.S. Plans | U.S. broad market
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - U.S. Plans | Emerging markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - U.S. Plans | Worldwide developed markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - U.S. Plans | Investment grade
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - U.S. Plans | Global high yield
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	10	13
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - Non-U.S. Plans | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	10	13
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - Non-U.S. Plans | Emerging markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - Non-U.S. Plans | Worldwide developed markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - Non-U.S. Plans | Investment grade
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - Non-U.S. Plans | Global high yield
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - Non-U.S. Plans | Government bond funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefit Plans - Non-U.S. Plans | Other assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Postretirement Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	1
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Postretirement Benefit Plan | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	1
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Postretirement Benefit Plan | Insurance policies
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	181	182
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - U.S. Plans | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - U.S. Plans | U.S. broad market
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	70	69
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - U.S. Plans | Emerging markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	16	16
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - U.S. Plans | Worldwide developed markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	25	25
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - U.S. Plans | Investment grade
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	52	53
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - U.S. Plans | Global high yield
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	18	19
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	118	113
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - Non-U.S. Plans | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - Non-U.S. Plans | Emerging markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - Non-U.S. Plans | Worldwide developed markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	59	56
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - Non-U.S. Plans | Investment grade
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	10	10
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - Non-U.S. Plans | Global high yield
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	1	1
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - Non-U.S. Plans | Government bond funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	43	40
Recurring basis | Significant Other Observable Inputs (Level 2) | Pension Benefit Plans - Non-U.S. Plans | Other assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	5	6
Recurring basis | Significant Other Observable Inputs (Level 2) | Postretirement Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	3
Recurring basis | Significant Other Observable Inputs (Level 2) | Postretirement Benefit Plan | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Other Observable Inputs (Level 2) | Postretirement Benefit Plan | Insurance policies
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	3
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - U.S. Plans | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - U.S. Plans | U.S. broad market
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - U.S. Plans | Emerging markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - U.S. Plans | Worldwide developed markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - U.S. Plans | Investment grade
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - U.S. Plans | Global high yield
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - Non-U.S. Plans | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - Non-U.S. Plans | Emerging markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - Non-U.S. Plans | Worldwide developed markets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - Non-U.S. Plans | Investment grade
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - Non-U.S. Plans | Global high yield
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - Non-U.S. Plans | Government bond funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Pension Benefit Plans - Non-U.S. Plans | Other assets
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Postretirement Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Postretirement Benefit Plan | Cash
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Postretirement Benefit Plan | Insurance policies
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	$ 0	$ 0

PENSION AND POSTRETIREMENT EM97

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Health Care Cost Trend Rate (Details) - U.S. postretirement benefit plan	12 Months Ended
	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care cost trend rate assumed for next year	7.02%
Rate to which the cost trend rate is assumed to decline	4.50%
Year that the rate reaches the ultimate trend rate	2,038

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	Jun. 10, 2015	Mar. 27, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 18, 2015	Nov. 20, 2014	Nov. 21, 2013
Equity, Class of Treasury Stock [Line Items]
Aggregate repurchase price of the entity's common shares repurchased			$ 0	$ 72,000,000	$ 0
Issuance of common stock (in shares)		7,286,432
Price per share (dollars per share)		$ 199
Issuance of common shares		$ 1,450,000,000		$ 1,482,000,000
Issuance costs		$ 18,000,000
Maximum additional purchase option as a percentage of shares issued in IPO		15.00%
Dendreon Corporation
Equity, Class of Treasury Stock [Line Items]
Equity issued (in shares)	213,610
Equity issued	$ 50,000,000
2015 Securities Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized amount of shares for repurchase						$ 3,000,000,000
Common shares repurchased (in shares)			0	0
2014 Securities Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized amount of shares for repurchase							$ 2,000,000,000
Common shares repurchased (in shares)				424,215	0
Aggregate repurchase price of the entity's common shares repurchased				$ 72,000,000
Excess of repurchase price over carrying value of securities repurchased, charged to accumulated deficit				$ 60,000,000
2013 Securities Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized amount of shares for repurchase								$ 1,500,000,000
Common shares repurchased (in shares)					0

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative and Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	May 31, 2014
Components and classification of share-based compensation expense
Share-based compensation				$ 165	$ 140	$ 78
Restructuring and integration costs				132	362	382
Share based compensation expense		$ 6
Modified awards share based compensation expense					12
Tax benefits from share-based compensation					57	17
Research and development expenses
Components and classification of share-based compensation expense
Share-based compensation				7	6	5
Selling, general and administrative expenses
Components and classification of share-based compensation expense
Share-based compensation				158	134	73
Stock options
Components and classification of share-based compensation expense
Share-based compensation				16	17	18
RSUs
Components and classification of share-based compensation expense
Share-based compensation				$ 149	$ 123	$ 60
2011 Omnibus Incentive Plan
Components and classification of share-based compensation expense
Shares reserved for future issuance (in shares)							20,000,000
Number of shares available for future grants (in shares)				12,000,000
2011 Omnibus Incentive Plan | Maximum
Components and classification of share-based compensation expense
Total number of shares approved for grant by the Company under the share-based compensation plans							18,000,000
Chief Executive Officer
Components and classification of share-based compensation expense
Share-based compensation expense			$ 28
Employee Severance | Chief Executive Officer
Components and classification of share-based compensation expense
Restructuring and integration costs	$ 9
Special Termination Benefits | Chief Executive Officer
Components and classification of share-based compensation expense
Restructuring and integration costs	$ 2

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based compensation
Vesting period	4 years
Additional disclosures
Proceeds from exercise of stock options	$ 33	$ 30	$ 17
Performance-Based Restricted Stock Units
Additional disclosures
Remaining unrecognized compensation expense related to non-vested awards	$ 62
Weighted-average remaining requisite service period over which unrecognized compensation cost is expected to be amortized	2 years 4 months 24 days
Stock options
Share-based compensation
Number of days average trading price as base for minimum exercise price of stock option granted	5 days
Percentage of stock options that will vest on each of the first, second, third and fourth anniversaries from the date of grant	25.00%
Method and assumptions on valuation of stock options
Expected stock option life (years)	3 years 3 months 18 days	3 years 4 months 24 days	5 years 9 months 18 days
Expected volatility (as a percent)	75.00%	44.50%	43.00%
Risk-free interest rate (as a percent)	1.10%	1.30%	1.80%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%
Stock option activity
Beginning of the period (in shares)	6.9
Granted (in shares)	2.5
Exercised (in shares)	(4.7)
Expired or forfeited (in shares)	(0.6)
End of the period (in shares)	4.1	6.9
Options vested and exercisable at the end of the period (in shares)	1.3
Weighted-average exercise price
Beginning of the period (in dollars per share)	$ 32.59
Granted (in dollars per share)	25.60
Exercised (in dollars per share)	7.34
Expired or forfeited (in dollars per share)	76.54
End of the period (in dollars per share)	49.57	$ 32.59
Options vested and exercisable at the end of the period (in dollars per share)	$ 75.74
Weighted-Average Remaining Contractual Term
Options outstanding at the end of the period	7 years 4 months 24 days
Options vested and exercisable at the end of the period	3 years 7 months 6 days
Aggregate Intrinsic Value
Options outstanding at the end of the period	$ 1
Options vested and exercisable at the end of the period	$ 1
Additional disclosures
Weighted-average grant date fair value of stock options (in dollars per share)	$ 14.50	$ 73.10	$ 62.15
Intrinsic value of stock options exercised in the period	$ 65	$ 119	$ 87
Proceeds from exercise of stock options	33	30	17
Remaining unrecognized compensation expense related to non-vested awards	$ 40
Weighted-average remaining requisite service period over which unrecognized compensation cost is expected to be amortized	2 years 6 months
Fair value of stock options vested	$ 26	$ 26	$ 36

SHARE-BASED COMPENSATION - RSUs

SHARE-BASED COMPENSATION - RSUs (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Time-Based RSUs
RSUs
Beginning of the period (in shares)	1,800,000
Granted (in shares)	1,800,000
Vested (in shares)	(500,000)
Forfeited (in shares)	(400,000)
End of the period (in shares)	2,700,000	1,800,000
Weighted- Average Grant-Date Fair Value Per Share
Beginning of the period (in dollars per share)	$ 80.96
Granted (in dollars per share)	29.88
Vested (in dollars per share)	89.10
Forfeited (in dollars per share)	93.83
End of the period (in dollars per share)	$ 43.96	$ 80.96
Unrecognized compensation expense
Remaining unrecognized compensation expense related to non-vested awards	$ 55
Weighted-average remaining requisite service period over which unrecognized compensation cost is expected to be amortized	1 year 10 months 24 days
Total fair value	$ 43	$ 7	$ 8
Performance-Based Restricted Stock Units
RSUs
Beginning of the period (in shares)	1,500,000
Granted (in shares)	1,400,000
Vested (in shares)	(500,000)
Forfeited (in shares)	(600,000)
End of the period (in shares)	1,800,000	1,500,000
Weighted- Average Grant-Date Fair Value Per Share
Beginning of the period (in dollars per share)	$ 261.33
Granted (in dollars per share)	37.33
Vested (in dollars per share)	280.84
Forfeited (in dollars per share)	262.01
End of the period (in dollars per share)	$ 81.68	$ 261.33
Unrecognized compensation expense
Remaining unrecognized compensation expense related to non-vested awards	$ 62
Weighted-average remaining requisite service period over which unrecognized compensation cost is expected to be amortized	2 years 4 months 24 days
Maximum common shares issuable upon vesting (in shares)	3,253,628
Method and assumptions on valuation of stock options
Expected Company share volatility, minimum (as a percent)	78.20%	40.90%	38.70%
Expected Company share volatility, maximum (as a percent)	81.40%	60.30%	45.40%
Risk-free interest rate, minimum (as a percent)	1.00%	1.10%	0.80%
Risk-free interest rate, maximum (as a percent)	1.20%	2.10%	2.30%
Performance-Based Restricted Stock Units | Minimum
Method and assumptions on valuation of stock options
Contractual term (years)	3 years	2 years 9 months 18 days	2 years 7 months 6 days
Performance-Based Restricted Stock Units | Maximum
Method and assumptions on valuation of stock options
Contractual term (years)	4 years	6 years 3 months 18 days	6 years 3 months 18 days

ACCUMULATED OTHER COMPREHENS102

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 3,258	$ 6,029	$ 5,401	$ 5,232
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(2,074)	(1,530)
Pension adjustment, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(34)	(12)
Ending Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (2,108)	$ (1,542)	$ (916)	$ (133)

OTHER EXPENSE (INCOME) (Details

OTHER EXPENSE (INCOME) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended			21 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Investment [Line Items]
(Gain) loss on sale of assets		$ (6)	$ 8	$ (251)
Other post business combination expenses		0	183	27
Acquisition-related costs		2	39	6
Loss (gain) on litigation settlements		59	37	(45)
Other, net		18	28	0
Other expense (income)		73	295	(263)
Amendment in license agreement		20
Acceleration of unvested stock				20
AntiGrippin Litigation
Investment [Line Items]
Loss (gain) on litigation settlements			25	(50)
Ruconest Divestiture
Investment [Line Items]
(Gain) loss on sale of assets		22
Other expense (income)	$ 22
Facial Aesthetic Fillers and Toxins
Investment [Line Items]
(Gain) loss on sale of assets				(324)
Metronidazole 1.3%
Investment [Line Items]
(Gain) loss on sale of assets				59
Precision Generic Tretinoin Products
Investment [Line Items]
(Gain) loss on sale of assets				$ 9
Salix
Investment [Line Items]
Acquisition-related costs					$ 15
Loss (gain) on litigation settlements		90
Acceleration of unvested stock			168
Payroll taxes			3
Bonus payments			$ 12
Xifaxan®, Relistor® and Apriso® [Member] | Salix
Investment [Line Items]
Loss (gain) on litigation settlements		$ (39)

INCOME TAXES - Components of (R

INCOME TAXES - Components of (Recovery of) Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of loss before recovery of income taxes
Domestic	$ (1,804)	$ (1,516)	$ (851)
Foreign	(631)	1,361	1,905
(Loss) income before (recovery of) provision for income taxes	(2,435)	(155)	1,054
Current:
Domestic	0	0	1
Foreign	241	77	150
Total	241	77	151
Deferred:
Domestic	0	(3)	0
Foreign	(268)	59	23
Total	(268)	56	23
Provision for (recovery of) income taxes	$ (27)	$ 133	$ 174

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
(Loss) income before (recovery of) provision for income taxes	$ (2,435)	$ (155)	$ 1,054
Expected Canadian statutory rate	26.90%	26.90%	26.90%
Expected (recovery) provision for of income taxes	$ (655)	$ (42)	$ 284
Non-deductible amounts:
Share-based compensation	30	4	20
Merger and acquisition costs	0	3	0
Adjustments to tax attributes	(147)	(87)	(33)
Non-taxable gain on disposal of investments	0	0	(50)
Changes in enacted income tax rates	0	0	30
Canadian tax impact of foreign exchange gain or loss on U.S. dollar denominated debt held by VPII and its Canadian Affiliates	11	174	23
Change in valuation allowance related to foreign tax credits and net operating losses	155	114	17
Change in valuation allowance on Canadian deferred tax assets and tax rate changes	472	230	255
Pharma fee	15	16	3
Change in uncertain tax positions	10	0	(2)
Foreign tax rate differences	(290)	(350)	(230)
Withholding taxes on foreign income	7	7	4
Goodwill impairment	377	0	0
Taxable foreign income	391	441	269
Tax benefit on intra-entity transfers	(399)	(375)	(420)
Other	(4)	(2)	4
Provision for (recovery of) income taxes	$ (27)	$ 133	174
Intra-entity transfers included in foreign tax rate difference			$ 273

INCOME TAXES - Tax Effect of Ma

INCOME TAXES - Tax Effect of Major Items Recorded as Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Tax loss carryforwards	$ 1,328	$ 1,440
Tax credit carryforwards	422	295
Scientific Research and Experimental Development pool	53	51
Research and development tax credits	129	134
Provisions	563	594
Deferred revenue	15	13
Deferred financing and share issue costs	391	525
Share-based compensation	37	68
Total deferred tax assets	2,938	3,120
Less valuation allowance	(1,857)	(1,366)
Net deferred tax assets	1,081	1,754
Deferred tax liabilities:
Intangible assets	4,044	4,711
Outside basis differences	2,165	2,607
Plant, equipment and technology	24	16
Prepaid expenses	80	96
Other	56	71
Total deferred tax liabilities	6,369	7,501
Net deferred income taxes	$ (5,288)	$ (5,747)

INCOME TAXES - Additional Textu

INCOME TAXES - Additional Textual (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
INCOME TAXES
Net operating losses to offsets gains	$ 15,000,000	$ 13,000,000
Increase (decrease) in valuation allowance	491,000,000	507,000,000
Valuation allowance against deferred tax assets	1,857,000,000	1,366,000,000
Research and development tax credits	129,000,000	134,000,000
Unrecognized tax benefits including interest and penalties	423,000,000	344,000,000
Portion of unrecognized tax benefits, if recognized, would affect the Company's effective tax rate	185,000,000	127,000,000
Portion of unrecognized tax benefits that would not impact effective tax rate	238,000,000
Increase to unrecognized tax benefits related to current and prior year tax positions	16,000,000	5,000,000
Increase (decrease) to unrecognized tax benefits related to current and prior year tax positions	63,000,000	(21,000,000)
Accrued interest and penalties related to unrecognized tax benefits	39,000,000	46,000,000
Reduction recognized in interest and penalties	7,000,000	7,000,000
Estimated unrecognized tax benefits realized during the next 12 months	0
Pooled Scientific Research and Experimental Development
INCOME TAXES
Tax credit carryforward	195,000,000	188,000,000
US-Federal
INCOME TAXES
Net operating losses to offsets gains	2,000,000,000
Valuation allowance against deferred tax assets	651,000,000	2,750,000,000
Research and development tax credits	91,000,000	85,000,000
Canadian Federal and Provincial
INCOME TAXES
Accumulated losses available for federal and provincial purposes	3,456,000,000	1,800,000,000
Unclaimed investment tax credits and research and development credits	34,000,000	33,000,000
Valuation allowance against deferred tax assets	1,328,000,000	$ 973,000,000
Foreign Tax Authority
INCOME TAXES
Income tax credits and adjustments	$ 342,000,000

INCOME TAXES - Federal Income T

INCOME TAXES - Federal Income Tax Returns by Jurisdiction (Details)	12 Months Ended
	Dec. 31, 2016
US-Federal | Minimum
Income Taxes
Open tax year	2,013
US-Federal | Maximum
Income Taxes
Open tax year	2,015
Canada | Minimum
Income Taxes
Open tax year	2,005
Canada | Maximum
Income Taxes
Open tax year	2,015
Brazil | Minimum
Income Taxes
Open tax year	2,011
Brazil | Maximum
Income Taxes
Open tax year	2,015
Germany | Minimum
Income Taxes
Open tax year	2,007
Germany | Maximum
Income Taxes
Open tax year	2,015
France | Minimum
Income Taxes
Open tax year	2,013
France | Maximum
Income Taxes
Open tax year	2,015
China | Minimum
Income Taxes
Open tax year	2,011
China | Maximum
Income Taxes
Open tax year	2,015
Ireland | Minimum
Income Taxes
Open tax year	2,012
Ireland | Maximum
Income Taxes
Open tax year	2,015
Netherlands | Minimum
Income Taxes
Open tax year	2,015
Netherlands | Maximum
Income Taxes
Open tax year	2,015

INCOME TAXES - Reconciliation S

INCOME TAXES - Reconciliation Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of the beginning and ending amounts of unrecognized tax benefits
Balance, beginning of year	$ 344	$ 345	$ 248
Additions based on tax positions related to the current year	16	5	143
Additions for tax positions of prior years	96	23	13
Reductions for tax positions of prior years	(20)	(39)	(51)
Lapse of statute of limitations	(13)	(5)	(8)
Balance, end of year	423	344	345
Salix
Reconciliation of the beginning and ending amounts of unrecognized tax benefits
Acquisition of Salix	$ 0	$ 15	$ 0

(LOSS) EARNINGS PER SHARE - Sch

(LOSS) EARNINGS PER SHARE - Schedule of Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (515)	$ (1,218)	$ (302)	$ (374)	$ (385)	$ 49	$ (53)	$ 97	$ (2,409)	$ (292)	$ 881
Basic weighted-average number of common shares outstanding									347.3	342.7	335.4
Dilutive effect of stock options and RSUs									0	0	6.1
Diluted weighted-average number of common shares outstanding									347.3	342.7	341.5
(Loss) earnings per share attributable to Valeant Pharmaceuticals International, Inc.
Earnings per share, basic (in dollars per share)	$ (1.47)	$ (3.49)	$ (0.88)	$ (1.08)	$ (1.12)	$ 0.14	$ (0.15)	$ 0.29	$ (6.94)	$ (0.85)	$ 2.63
Earnings per share, diluted (in dollars per share)	$ (1.47)	$ (3.49)	$ (0.88)	$ (1.08)	$ (1.12)	$ 0.14	$ (0.15)	$ 0.28	$ (6.94)	$ (0.85)	$ 2.58

(LOSS) EARNINGS PER SHARE - Dil

(LOSS) EARNINGS PER SHARE - Dilutive Effect of Stock Options and RSUs, Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Anti-dilutive shares not included in the computation of diluted earnings per share [Line Items]
Basic weighted-average number of common shares outstanding	347,300	342,700	335,400
Diluted weighted-average number of common shares outstanding (in shares)	350,100	348,800
Dilutive effect of stock options and RSUs
Anti-dilutive shares not included in the computation of diluted earnings per share [Line Items]
Dilutive effect of stock options and RSUs (in shares)	2,800	6,100
Dilutive effect of stock options
Anti-dilutive shares not included in the computation of diluted earnings per share [Line Items]
Dilutive effect of stock options and RSUs (in shares)	7,825	1,587	1,192

SUPPLEMENTAL CASH FLOW DISCL112

SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Contingent and deferred consideration for businesses acquired, at fair value	$ 0	$ 1,696	$ 133
Debt assumed in acquisition of businesses, at fair value	0	3,129	11
Interest paid	1,718	1,269	934
Income taxes paid	$ 149	$ 95	$ 99

LEGAL PROCEEDINGS (Details)

LEGAL PROCEEDINGS (Details) RUB in Millions

Feb. 10, 2017USD ($)claim

Feb. 08, 2017USD ($)

Jan. 31, 2017

Jan. 20, 2017plantiff

Aug. 15, 2016USD ($)

Jul. 21, 2016USD ($)

Jun. 20, 2016USD ($)

Dec. 15, 2015claim

Oct. 30, 2015case

Sep. 28, 2015USD ($)

Apr. 06, 2015action

Nov. 07, 2014action

Dec. 04, 2013USD ($)

Dec. 04, 2013RUB

Feb. 01, 2013USD ($)

Feb. 28, 2017case

Apr. 30, 2016USD ($)

Mar. 12, 2015class_action

Dec. 31, 2016USD ($)case

Jun. 30, 2016USD ($)

Sep. 30, 2015USD ($)

Sep. 16, 2016action

Dec. 31, 2016USD ($)groupplantiffcase

Dec. 31, 2015USD ($)caseaction

Dec. 31, 2014USD ($)

Oct. 04, 2016case

Oct. 01, 2015USD ($)

Mar. 31, 2015manufacturer

Legal proceedings and other matters

Payments for legal settlements

$ 69,000,000

$ 33,000,000

$ 3,000,000

California

Legal proceedings and other matters

Recent suits filed | case

6

Salix

Legal proceedings and other matters

Recent suits filed

2

2

6

Number of punitive class action lawsuits | action

3

Salix | Other Expense

Legal proceedings and other matters

Total settlement amount

$ 90,000,000

Sprout

Legal proceedings and other matters

Contractual obligations

$ 200,000,000

Subsequent event | Salix

Legal proceedings and other matters

Payments for legal settlements

$ 210,000,000

Investigation by the State of Texas

Legal proceedings and other matters

Damages sought

$ 20,000,000

Litigation Management Agreement | Subsequent event

Legal proceedings and other matters

Expiration term after Litigation Management Agreement ends

30 days

Number of claims to be released upon Mutual Release | claim

1

Litigation Management Agreement | Valeant Co Parties | Subsequent event

Legal proceedings and other matters

Payment liability, percent

60.00%

50.00%

Litigation Management Agreement | Pershing Square Parties | Subsequent event

Legal proceedings and other matters

Payment liability, percent

40.00%

50.00%

Litigation Management Agreement | Valeant and Pershing Square Capital Management | Subsequent event

Legal proceedings and other matters

Legal fees and litigation expense

$ 10,000,000

DOJ Subpoena, Salix

Legal proceedings and other matters

Total settlement amount

$ 54,000,000

Valeant US Securities Litigation

Legal proceedings and other matters

Number of groups of investors | group

10

Valeant US Securities Litigation | Settled Litigation

Legal proceedings and other matters

Number of plaintiffs | plantiff

4

Valeant US Securities Litigation | Subsequent event | Settled Litigation

Legal proceedings and other matters

Number of plaintiffs | plantiff

6

Contact Lens Antitrust Class Actions

Legal proceedings and other matters

Number of Manufacturers | manufacturer

3

AntiGrippin Litigation | Natur Produkt | Anti-Grippin Trademark

Legal proceedings and other matters

Recent suits filed | claim

2

Damages awarded to plaintiff | RUB

RUB 1,660

AntiGrippin Litigation | Natur Produkt | Anti-Grippin Trademark | Other Expense

Legal proceedings and other matters

Recognized charge during period

$ 25,000,000

$ 50,000,000

$ 25,000,000

AntiGrippin Litigation | Natur Produkt | Subsequent event | Anti-Grippin Trademark

Legal proceedings and other matters

Loss Contingency, Time to Appeal

2 months

Shower to Shower Product Liability Litigation

Legal proceedings and other matters

Number of lawsuits | case

33

33

Shower to Shower Product Liability Litigation | Subsequent event

Legal proceedings and other matters

Number of lawsuits | case

22

Shower to Shower Products, Plaintiffs Developing Mesothemlioma | Subsequent event

Legal proceedings and other matters

Number of lawsuits | case

7

Shower to Shower Products, Plaintiffs Developing Mesothemlioma | Subsequent event | New Jersey

Legal proceedings and other matters

Number of lawsuits | case

4

Shower to Shower Products, Plaintiffs Developing Mesothemlioma | Subsequent event | California

Legal proceedings and other matters

Number of lawsuits | case

2

Shower to Shower Products, Plaintiffs Developing Mesothemlioma | Valeant and VPNA | Subsequent event

Legal proceedings and other matters

Number of lawsuits | case

5

Johnson & Johnson Talcum Powder Litigation

Legal proceedings and other matters

Number of lawsuits | case

1

Arbitration with Alfa Wasserman

Legal proceedings and other matters

Damages sought

$ 285,000,000

Development costs

$ 80,000,000

DOJ Subpoena, Salix Federal Portion

Legal proceedings and other matters

Payments for legal settlements

$ 47,000,000

DOJ Subpoena, Salix State Medicaid Fraud Control Portion

Legal proceedings and other matters

Payments for legal settlements

$ 8,000,000

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

Legal proceedings and other matters

Loss contingency accrual, period decrease

$ 39,000,000

Unfavorable Regulatory Action | New Jersey

Legal proceedings and other matters

Recent suits filed | action

3

Unfavorable Regulatory Action | Valeant US Securities Litigation | New Jersey

Legal proceedings and other matters

Recent suits filed | case

4

Violation of Canadian Provincial Securities Legislation | California

Legal proceedings and other matters

Recent suits filed | action

5

New claims filed but not yet served | action

2

Number of actions expected to proceed (no more than) | action

1

Minimum | Sprout

Legal proceedings and other matters

Contractual obligations

$ 200,000,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Rental expense related to operating lease	$ 84	$ 85	$ 75
Operating Lease Obligations
2,017	87
2,018	67
2,019	58
2,020	45
2,021	36
Thereafter	147
Total	440
Capital Lease Obligations
2,017	3
2,018	4
2,019	3
2,020	3
2,021	4
Thereafter	9
Total	$ 26

COMMITMENTS AND CONTINGENCIE115

COMMITMENTS AND CONTINGENCIES - Other Commitments (Details) - USD ($)	1 Months Ended
	Aug. 31, 2014	Feb. 17, 2017	Dec. 31, 2016	Dec. 31, 2015	Oct. 31, 2015	Oct. 01, 2015	Apr. 30, 2015	Apr. 01, 2015	Mar. 31, 2010
Other commitments
Capital expenditures			$ 65,000,000
Milestone payments in terms of collaboration and license agreements, aggregate			1,040,000,000
Acquisition-related contingent consideration			52,000,000	$ 197,000,000
Potential milestone payments in terms of collaboration and license agreements	$ 50,000,000
Milestone payment period (years)	5 years
Sprout
Other commitments
Capital expenditures			200,000,000
Salix
Other commitments
Possible contingent consideration								$ 650,000,000
Potential milestone payments in terms of collaboration and license agreements							$ 250,000,000
B&L and Nicox
Other commitments
Potential milestone payments in terms of collaboration and license agreements									$ 163,000,000
Pre-launch Milestone Payments | Brodalumab
Other commitments
Possible contingent consideration			$ 150,000,000		$ 150,000,000	$ 170,000,000
Pre-launch Milestone Payments | Subsequent event | Brodalumab
Other commitments
Acquisition-related contingent consideration		$ 130,000,000
Sales Based Milestone Payments | Brodalumab
Other commitments
Possible contingent consideration					$ 175,000,000	$ 175,000,000

SEGMENT INFORMATION - Segment R

SEGMENT INFORMATION - Segment Revenues and Profit (Details)	Oct. 01, 2016USD ($)	Oct. 01, 2014USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)segment	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)	Jun. 30, 2016segment	Dec. 31, 2016USD ($)segmentproduct	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment												2	3
Number of operating segments | segment				3								2,000	3
Segment reporting information
Total revenues			$ 2,403,000,000	$ 2,479,000,000	$ 2,420,000,000	$ 2,372,000,000	$ 2,758,000,000	$ 2,787,000,000	$ 2,733,000,000	$ 2,169,000,000			$ 9,674,000,000	$ 10,447,000,000	$ 8,206,000,000
Operating (loss) income			151,000,000	$ (864,000,000)	$ 81,000,000	$ 66,000,000	168,000,000	$ 448,000,000	$ 342,000,000	$ 569,000,000			(566,000,000)	1,527,000,000	2,001,000,000
Amortization of intangible assets													(2,673,000,000)	(2,257,000,000)	(1,427,000,000)
Goodwill impairments	$ 0	$ 0											(1,077,000,000)	0	0
Restructuring and integration costs													(132,000,000)	(362,000,000)	(382,000,000)
Interest income													8,000,000	4,000,000	5,000,000
Interest expense													(1,836,000,000)	(1,563,000,000)	(971,000,000)
Loss on extinguishment of debt											$ (94,000,000)		0	(20,000,000)	(130,000,000)
Foreign exchange loss and other													(41,000,000)	(103,000,000)	(144,000,000)
Gain on investments, net													0	0	293,000,000
(Loss) income before (recovery of) provision for income taxes													(2,435,000,000)	(155,000,000)	1,054,000,000
Total assets			43,529,000,000				48,965,000,000						43,529,000,000	48,965,000,000
Capital Expenditures, and Depreciation and Amortization
Total capital expenditures													235,000,000	235,000,000	292,000,000
Total depreciation and amortization of intangible assets													2,866,000,000	2,467,000,000	1,614,000,000
Total Asset impairments													$ 422,000,000	304,000,000	145,000,000
Bausch Lomb/International
Capital Expenditures, and Depreciation and Amortization
Number of product offerings | product													4
Operating Segments
Segment reporting information
Total revenues													$ 9,674,000,000	10,447,000,000	8,206,000,000
Operating (loss) income													4,522,000,000	5,346,000,000	4,039,000,000
Total assets			43,164,000,000				48,546,000,000						43,164,000,000	48,546,000,000
Capital Expenditures, and Depreciation and Amortization
Total capital expenditures													229,000,000	217,000,000	184,000,000
Total depreciation and amortization of intangible assets													2,831,000,000	2,431,000,000	1,583,000,000
Total Asset impairments													416,000,000	304,000,000	145,000,000
Operating Segments | Bausch Lomb/International
Segment reporting information
Total revenues													4,607,000,000	4,603,000,000	4,860,000,000
Operating (loss) income													1,356,000,000	1,553,000,000	1,695,000,000
Total assets			15,540,000,000				16,887,000,000						15,540,000,000	16,887,000,000
Capital Expenditures, and Depreciation and Amortization
Total capital expenditures													208,000,000	180,000,000	171,000,000
Total depreciation and amortization of intangible assets													768,000,000	762,000,000	799,000,000
Total Asset impairments													141,000,000	58,000,000	65,000,000
Operating Segments | Branded Rx
Segment reporting information
Total revenues													3,148,000,000	3,582,000,000	1,592,000,000
Operating (loss) income													1,644,000,000	2,008,000,000	1,061,000,000
Total assets			21,804,000,000				24,901,000,000						21,804,000,000	24,901,000,000
Capital Expenditures, and Depreciation and Amortization
Total capital expenditures													19,000,000	32,000,000	10,000,000
Total depreciation and amortization of intangible assets													1,655,000,000	1,282,000,000	443,000,000
Total Asset impairments													227,000,000	192,000,000	51,000,000
Operating Segments | U.S. Diversified Products
Segment reporting information
Total revenues													1,919,000,000	2,262,000,000	1,754,000,000
Operating (loss) income													1,522,000,000	1,785,000,000	1,283,000,000
Total assets			5,820,000,000				6,758,000,000						5,820,000,000	6,758,000,000
Capital Expenditures, and Depreciation and Amortization
Total capital expenditures													2,000,000	5,000,000	3,000,000
Total depreciation and amortization of intangible assets													408,000,000	387,000,000	341,000,000
Total Asset impairments													48,000,000	54,000,000	29,000,000
Corporate
Segment reporting information
Operating (loss) income													(690,000,000)	(518,000,000)	(341,000,000)
Total assets			$ 365,000,000				$ 419,000,000						365,000,000	419,000,000
Capital Expenditures, and Depreciation and Amortization
Total capital expenditures													6,000,000	18,000,000	108,000,000
Total depreciation and amortization of intangible assets													35,000,000	36,000,000	31,000,000
Total Asset impairments													6,000,000	0	0
Segment Reconciling Items
Segment reporting information
Amortization of intangible assets													(2,673,000,000)	(2,257,000,000)	(1,427,000,000)
Goodwill impairments													(1,077,000,000)	0	0
Restructuring and integration costs													(132,000,000)	(362,000,000)	(382,000,000)
Acquired in-process research and development costs													(34,000,000)	(106,000,000)	(20,000,000)
Acquisition-related contingent consideration													13,000,000	23,000,000	14,000,000
Other income (expense)													(73,000,000)	(295,000,000)	263,000,000
Capital Expenditures, and Depreciation and Amortization
Total Asset impairments													$ 422,000,000	$ 304,000,000	$ 145,000,000

SEGMENT INFORMATION - Revenues

SEGMENT INFORMATION - Revenues by Product Category (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue from External Customer [Line Items]
Total revenues	$ 2,403	$ 2,479	$ 2,420	$ 2,372	$ 2,758	$ 2,787	$ 2,733	$ 2,169	$ 9,674	$ 10,447	$ 8,206
Pharmaceuticals
Revenue from External Customer [Line Items]
Total revenues									5,167	6,058	3,413
Devices
Revenue from External Customer [Line Items]
Total revenues									1,518	1,495	1,629
OTC
Revenue from External Customer [Line Items]
Total revenues									1,581	1,583	1,711
Branded and Other Generics
Revenue from External Customer [Line Items]
Total revenues									1,270	1,156	1,293
Other revenues
Revenue from External Customer [Line Items]
Total revenues									$ 138	$ 155	$ 160

SEGMENT INFORMATION - Geographi

SEGMENT INFORMATION - Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues and long-lived assets by geographic region
Total revenues	$ 2,403	$ 2,479	$ 2,420	$ 2,372	$ 2,758	$ 2,787	$ 2,733	$ 2,169	$ 9,674	$ 10,447	$ 8,206
Long-lived assets	1,312				1,442				1,312	1,442
U.S. and Puerto Rico
Revenues and long-lived assets by geographic region
Total revenues									6,247	7,063	4,415
Long-lived assets	614				691				614	691
Canada
Revenues and long-lived assets by geographic region
Total revenues									320	334	375
Long-lived assets	83				76				83	76
China
Revenues and long-lived assets by geographic region
Total revenues									300	272	232
Long-lived assets	26				33				26	33
Japan
Revenues and long-lived assets by geographic region
Total revenues									232	206	249
Egypt
Revenues and long-lived assets by geographic region
Total revenues									196	51	5
Long-lived assets	41				97				41	97
Mexico
Revenues and long-lived assets by geographic region
Total revenues									189	204	222
Long-lived assets	50				62				50	62
France
Revenues and long-lived assets by geographic region
Total revenues									186	178	205
Long-lived assets	29				30				29	30
Australia
Revenues and long-lived assets by geographic region
Total revenues									176	182	196
Russia
Revenues and long-lived assets by geographic region
Total revenues									165	169	275
Germany
Revenues and long-lived assets by geographic region
Total revenues									157	159	204
Long-lived assets	60				63				60	63
Poland
Revenues and long-lived assets by geographic region
Total revenues									140	214	276
Long-lived assets	81				89				81	89
Brazil
Revenues and long-lived assets by geographic region
Total revenues									105	110	161
South Korea
Revenues and long-lived assets by geographic region
Long-lived assets	14				14				14	14
U.K.
Revenues and long-lived assets by geographic region
Total revenues									104	105	114
Other Europe, Asia, the Middle East, Latin America, Africa and other
Revenues and long-lived assets by geographic region
Total revenues									1,157	1,200	$ 1,277
Long-lived assets	72				106				72	106
Ireland
Revenues and long-lived assets by geographic region
Long-lived assets	198				133				198	133
Serbia
Revenues and long-lived assets by geographic region
Long-lived assets	25				27				25	27
Italy
Revenues and long-lived assets by geographic region
Long-lived assets	$ 19				$ 21				$ 19	$ 21

SEGMENT INFORMATION - Major Cus

SEGMENT INFORMATION - Major Customers (Details) - Customer concentration - Revenues	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
McKesson Corporation
Segment reporting information
Concentration risk, percentage	21.00%	20.00%	17.00%
Cardinal Health, Inc.
Segment reporting information
Concentration risk, percentage	15.00%	12.00%	9.00%
AmerisourceBergen Corporation
Segment reporting information
Concentration risk, percentage	13.00%	14.00%	10.00%

PS FUND 1 INVESTMENT (Details)

PS FUND 1 INVESTMENT (Details) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2016member	Apr. 30, 2014USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investment				$ 0	$ 0	$ 76
Return on investment						$ 398
PS Fund 1, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment		$ 76
Exchange of common stock, number of shares allocable | shares		597,431	597,431
Common stock held for PS Fund 1 (in shares) | shares		28,878,538
Proceeds from sale of equity method investment			$ 473
Proceeds from shares allocable to investor			127
Proceeds from percentage of net profits owned by investor			$ 346
Ownership percentage of net profits			15.00%			15.00%
Net gain on sale of shares			$ 287
Commitment letter fees			54
Aggregate amount of expenses			$ 110
Members of board of directors | member	2

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Feb. 08, 2017	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Payments for legal settlements				$ 69	$ 33	$ 3
Subsequent event | Salix
Subsequent Event [Line Items]
Payments for legal settlements	$ 210
Subsequent event | Scenario, Forecast | Held For Sale | Dendreon Corporation
Subsequent Event [Line Items]
Cash consideration		$ 820
Subsequent event | Scenario, Forecast | Held For Sale | CeraVe, AcneFree, AMBI Skincare Brand
Subsequent Event [Line Items]
Cash consideration			$ 1,300

SUMMARY DATA (UNAUDITED) (Detai

SUMMARY DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 2,403	$ 2,479	$ 2,420	$ 2,372	$ 2,758	$ 2,787	$ 2,733	$ 2,169	$ 9,674	$ 10,447	$ 8,206
Expenses	2,252	3,343	2,339	2,306	2,590	2,339	2,391	1,600	10,240	8,920	6,205
Operating (loss) income	151	(864)	81	66	168	448	342	569	(566)	1,527	2,001
Net (loss) income attributable to Valeant Pharmaceuticals International, Inc.	$ (515)	$ (1,218)	$ (302)	$ (374)	$ (385)	$ 49	$ (53)	$ 97	$ (2,409)	$ (292)	$ 881
Earnings per share, basic (in dollars per share)	$ (1.47)	$ (3.49)	$ (0.88)	$ (1.08)	$ (1.12)	$ 0.14	$ (0.15)	$ 0.29	$ (6.94)	$ (0.85)	$ 2.63
Earnings per share, diluted (in dollars per share)	$ (1.47)	$ (3.49)	$ (0.88)	$ (1.08)	$ (1.12)	$ 0.14	$ (0.15)	$ 0.28	$ (6.94)	$ (0.85)	$ 2.58
Net cash provided by operating activities	$ 513	$ 569	$ 449	$ 556	$ 598	$ 733	$ 418	$ 509	$ 2,087	$ 2,257	$ 2,312

SCHEDULE II - VALUATION AND 123

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 80	$ 67	$ 36	$ 28
Charged to Costs and Expenses	57	39	5
Charged to Other Accounts	(22)	6	8
Deductions	(22)	(14)	(5)
Balance at End of Year	80	67	36
Deferred tax asset valuation allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	1,857	1,367	859	$ 478
Charged to Costs and Expenses	627	344	272
Charged to Other Accounts	(137)	164	109
Deductions	0	0	0
Balance at End of Year	$ 1,857	$ 1,367	$ 859