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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2015
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 June 30, 2015 and December 31, 2014:
 
 
As of June 30, 2015
 
As of December 31, 2014
 
 
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)
 
$
484.9

 
$
481.9

 
$
3.0

 
$
—

 
$
4.6

 
$
2.8

 
$
1.8

 
$
—

Restricted cash and cash equivalents
 
$
8.1

 
$
8.1

 
$
—

 
$
—

 
$
9.1

 
$
9.1

 
$
—

 
$
—

Liabilities:
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
Acquisition-related contingent consideration
 
$
(705.8
)
 
$
—

 
$
—

 
$
(705.8
)
 
$
(308.8
)
 
$
—

 
$
—

 
$
(308.8
)

___________________________________
(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 six-month period ended June 30, 2015:
 
Balance,
January 1,
2015
 
Issuances(a)
 
Payments(b)
 
Net
Unrealized
Loss(c)
 
Foreign
Exchange(d)
 
Release from Restricted Cash
 
Balance,
June 30,
2015
Acquisition-related contingent consideration
$
(308.8
)
 
$
(477.3
)
 
$
93.1

 
$
(18.8
)
 
$
2.0

 
$
4.0

 
$
(705.8
)
____________________________________
(a)
Primarily relates to contingent consideration liabilities assumed in the Salix and Marathon acquisitions, as well as the impact of measurement period adjustments, as described in Note 3.
(b)
Primarily relates to payments of acquisition-related contingent consideration related to the OraPharma Topco Holdings, Inc. acquisition consummated in June 2012, the Targretin® agreement entered into with Eisai Inc. in February 2013, and the Elidel®/Xerese®/Zovirax® agreement entered into with Meda Pharma SARL in June 2011 (the "Elidel®/Xerese®/Zovirax® agreement").
(c)
For the six-month period ended June 30, 2015, a net loss of $19 million was recognized as Acquisition-related contingent consideration in the consolidated statements of (loss) income, primarily reflecting accretion for the time value of money for the Elidel®/Xerese®/Zovirax® agreement and the Salix Acquisition.
(d)
Included in other comprehensive income (loss).