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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2014
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 September 30, 2014 and December 31, 2013:
 
 
As of September 30, 2014
 
As of December 31, 2013
 
 
Carrying
Value
 
Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Carrying
Value
 
Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents(1)
 
$
395.9

 
$
389.5

 
$
6.4

 
$
—

 
$
171.3

 
$
171.3

 
$
—

 
$
—

Liabilities:
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
Acquisition-related contingent consideration
 
$
(327.8
)
 
$
—

 
$
—

 
$
(327.8
)
 
$
(355.8
)
 
$
—

 
$
—

 
$
(355.8
)

___________________________________
(1)
Cash equivalents include highly liquid investments with an original maturity of three months or less at acquisition, primarily including money market funds, reflected in the balance sheet at carrying value, which approximates fair value due to their short-term nature.
Schedule of reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3)
The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3) for the nine-month period ended September 30, 2014:
 
Balance,
January 1,
2014
 
Issuances(a)
 
Payments(b)
 
Net
Unrealized
Loss(c)
 
Foreign
Exchange(d)
 
Transfers
Into
Level 3
 
Transfers
Out of
Level 3
 
Balance,
September 30,
2014
Acquisition-related contingent consideration
$
(355.8
)
 
$
(65.1
)
 
$
106.1

 
$
(14.8
)
 
$
1.8

 
$
—

 
$
—

 
$
(327.8
)
____________________________________
(a)
Primarily relates to a contingent consideration liability assumed in the Solta Medical acquisition, as well as contingent consideration with respect to other smaller acquisitions, as described in note 3.
(b)
Relates primarily to payments of acquisition-related contingent consideration related to the OraPharma Topco Holdings, Inc. and Eisai (Targretin®) acquisitions and the Elidel®/Xerese®/Zovirax® agreement entered into with Meda Pharma SARL (“Meda”) in June 2011 (the “Elidel®/Xerese®/Zovirax® agreement”).
(c)
For the nine months ended September 30, 2014, a net loss of $14.8 million was recognized as Acquisition-related contingent consideration in the consolidated statements of income (loss). The acquisition-related contingent consideration net loss was primarily driven by fair value adjustments to reflect accretion for the time value of money related to the Elidel®/Xerese®/Zovirax® agreement.
(d)
Included in other comprehensive (loss) income.