ACCRUED AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2014

Accrued Liabilities, Current [Abstract]

ACCRUED AND OTHER CURRENT LIABILITIES

ACCRUED AND OTHER CURRENT LIABILITIES

The major components of accrued and other current liabilities as of December 31, 2014 and 2013 were as follows:

	2014		2013
Product returns	$	380.3	$	225.5
Product rebates	714.9		566.6
Interest	196.7		231.3
Employee costs	204.9		201.2
Accrued milestones(1)	62.0		—
Professional fees	55.6		46.3
Restructuring, integration and other costs (see note 5)	66.6		112.0
Royalties	41.4		37.6
Legal settlements and related fees (see note 20)	8.0		55.9
Liabilities for uncertain tax positions	6.8		8.7
Value added tax	24.7		25.9
Short-term borrowings	6.2		12.1
Deferred income	18.8		19.5
Income taxes payable	122.9		39.1
Capital expenditures	25.6		27.2
Advertising and promotion	33.3		19.3
Other	210.7		172.0
	$	2,179.4	$	1,800.2

____________________________________

(1) Primarily relates to milestones associated with the agreements with Spear Dermatology Products Inc. (“Spear”). See note 21 titled "Commitments and Contingencies" for additional information.