EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Components of net periodic benefit cost

The following table provides the components of net periodic benefit cost for the Company’s defined benefit pension plans and postretirement benefit plan for the year ended December 31, 2013:

	Pension Benefit Plans						Postretirement Benefit Plan
	U.S. Plan			Non-U.S. Plans
	2013
Service cost	$	132		$	2,200		$	877
Interest cost	4,513			3,721			1,610
Expected return on plan assets	(5,913		)	(3,082		)	(316		)
Amortization of net loss	—			3			—
Settlement (gain) loss recognized	(100		)	617			—
Net periodic (benefit) cost	$	(1,368	)	$	3,459		$	2,171

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 at December 31, 2013 and 2012:

	Pension Benefit Plans											Postretirement Benefit Plan(2)
	U.S. Plan					Non-U.S. Plans
	2013			2012(1)		2013			2012			2013
Change in Projected benefit Obligation
Projected benefit obligation, beginning of year	$	—		$	—	$	6,967		$	5,991		$	—
Service cost	132			—		2,200			869			877
Interest cost	4,513			—		3,721			437			1,610
Acquisition of B&L	244,184			—		223,965			—			87,565
Employee contributions	—			—		11			—			370
Plan amendments(3)	—			—		—			—			(27,945		)
Settlements(4)	(5,280		)	—		(119		)	(860		)	—
Benefits paid	(4,272		)	—		(3,558		)	(556		)	(2,995		)
Actuarial (gains) losses	(4,571		)	—		(10,135		)	571			(265		)
Currency translation adjustments	—			—		6,666			515			—
Other	—			—		(6		)	—			—
Projected benefit obligation, end of year	234,706			—		229,712			6,967			59,217
Change in Plan Assets
Fair value of plan assets, beginning of year	$	—		$	—	$	1,306		$	693		$	—
Actual return on plan assets	12,676			—		5,063			163			1,094
Employee contributions	—			—		11			—			370
Company contributions	3,270			—		6,955			1,795			—
Acquisition of B&L	190,946			—		125,643			—			16,095
Settlements(4)	(5,280		)	—		(119		)	(860		)	—
Benefits paid	(4,272		)	—		(3,558		)	(556		)	(2,995		)
Currency translation adjustments	—			—		3,844			71			—
Other	—			—		(6		)	—			—
Fair value of plan assets, end of year	197,340			—		139,139			1,306			14,564
Funded Status at end of year	$	(37,366	)	$	—	$	(90,573	)	$	(5,661	)	$	(44,653	)
Recognized as:
Other long-term assets, net	$	—		$	—	$	1,471		$	—		$	—
Accrued and other current liabilities	—			—		(2,047		)	(336		)	—
Pension and other benefit liabilities	(37,366		)	—		(89,997		)	(5,325		)	(44,653		)

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(1) In 2012, the Company did not have U.S pension benefit plans.

(2) Assumed in connection with the B&L Acquisition, as described above.

(3) In the fourth quarter of 2013, the Company announced that effective January 1, 2014, B&L will no longer offer medical and life insurance coverage to new retirees. The reduction in medical benefits was accounted for as a negative plan amendment resulting in an accumulated postretirement benefit obligation reduction of $27.9 million that was recognized as a component of accumulated other comprehensive loss and will be amortized into income over approximately 11.3 years.

(4) The 2013 plan settlements primarily reflect lump sum benefit payments made to terminating employees of the U.S. pension benefit plan. The 2012 plan settlements reflect lump sum benefit payments made to terminating employees of the legacy Valeant defined benefit pension plans.

Schedule of underfunded plans

Information for the underfunded plans is presented in the following table:

	Pension Benefit Plans
	U.S. Plan				Non-U.S. Plans
	2013		2012		2013		2012
Projected benefit obligation	$	234,706	$	—	$	224,059	$	6,967
Accumulated benefit obligation	234,706		—		196,255		5,134
Fair value of plan assets	197,340		—		132,172		1,306

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) is presented in the following table:

	Pension Benefit Plans
	U.S. Plan				Non-U.S. Plans
	2013		2012		2013		2012
Projected benefit obligation	$	234,706	$	—	$	225,468	$	6,967
Fair value of plan assets	197,340		—		133,424		1,306

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:

	Pension Benefit Plans				Postretirement  Benefit  Plan
	U.S. Plan		Non-U.S. Plans
2014	$	12,629	$	6,461	$	7,358
2015	19,434		4,986		6,800
2016	19,142		4,741		6,284
2017	19,277		4,745		5,738
2018	18,398		4,971		5,256
2019-2023	88,639		35,921		20,361

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 at December 31, 2013 were as follows:

	Pension Benefit Plans		Postretirement Benefit Plan(1)
For Determining Net Periodic Benefit Cost
U.S. Plans:
Discount rate	4.50	%	4.50	%
Expected rate of return on plan assets	7.50	%	5.50	%
Rate of compensation increase	—		—
Non-U.S. Plans:
Discount rate	3.61	%
Expected rate of return on plan assets	5.59	%
Rate of compensation increase	2.80	%
For Determining Benefit Obligation
U.S. Plans:
Discount rate	4.70	%	4.30	%
Rate of compensation increase	—		—
Non-U.S. Plans:
Discount rate	3.85	%
Rate of compensation increase	2.88	%

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(1) The Company does not have non-U.S. postretirement benefit plans.

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, 2013:

	Pension Benefit Plans		Postretirement Benefit Plan
	2013		2013
U.S. Plan
Equity securities	60.00	%	63.00	%
Fixed income securities	40.00	%	24.00	%
Cash	—	%	13.00	%
Non-U.S. Plans
Equity securities	43.02	%
Fixed income securities	46.67	%
Other	10.31	%

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, 2013 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value:

	Pension Benefit Plans - U.S. Plans
	As of December 31, 2013
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash & cash equivalents(1)	$	442	$	—	$	—	$	442
Commingled funds:(2)(3)
Equity securities:
U.S. broad market	—		72,651		—		72,651
Emerging markets	—		16,551		—		16,551
Non-U.S. developed markets	—		27,896		—		27,896
Fixed income securities:
Investment grade	—		58,962		—		58,962
Global high yield	—		20,838		—		20,838
	$	442	$	196,898	$	—	$	197,340

	Pension Benefit Plans - Non-U.S. Plans
	As of December 31, 2013
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash & cash equivalents(1)	$	9,332	$	—	$	—	$	9,332
Commingled funds:(2)(3)
Equity securities:
Emerging markets	—		945		—		945
Worldwide developed markets	—		59,153		—		59,153
Fixed income securities:
Investment grade	—		21,351		—		21,351
Global high yield	—		651		—		651
Government bond funds	—		42,535		—		42,535
Other assets	—		5,172		—		5,172
	$	9,332	$	129,807	$	—	$	139,139

	Postretirement Benefit Plan
	As of December 31, 2013
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash	$	1,853	$	—	$	—	$	1,853
Insurance policies(4)	—		12,711		—		12,711
	$	1,853	$	12,711	$	—	$	14,564

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(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 85% of the non-U.S. commingled funds in 2013. 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. The cash surrender value is based principally on the net asset values of the underlying trust funds, adjusted by annuity factors incorporating mortality, plan expenses and income reinvestment. 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 assumed in connection with the B&L Acquisition are as follows:

	2013
Health care cost trend rate assumed for next year	7.57	%
Rate to which the cost trend rate is assumed to decline	4.50	%
Year that the rate reaches the ultimate trend rate	2029

One percentage point change in health care cost trend rate

A one percentage point change in health care cost trend rate would have had the following effects:

	One Percentage Point
	Increase		Decrease
Effect on benefit obligations	$	1,009	$	933