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RESTATEMENT (Tables)
 12 Months Ended
Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]  
Schedule of Impact of Restatement
CONSOLIDATED STATEMENT OF CASH FLOWS
(All dollar amounts expressed in millions of U.S. dollars)
 
Year Ended December 31,
 
2014
(As Previously Reported)
 
Restatement
Adjustments
 
2014
(Restated)
 
Restatement
Ref
Cash Flow From Operating Activities
 
 
 
 
 
 
 
Net income
$
912.2

 
$
(32.8
)
 
$
879.4

 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
Depreciation and amortization, including impairments of finite-lived intangible assets
1,737.6

 
—

 
1,737.6

 
 
Amortization and write-off of debt discounts and debt issuance costs
70.0

 
—

 
70.0

 
 
In-process research and development impairments
21.0

 
—

 
21.0

 
 
Acquisition accounting adjustment on inventory sold
27.3

 
—

 
27.3

 
 
Acquisition-related contingent consideration
(14.1
)
 
—

 
(14.1
)
 
 
Allowances for losses on accounts receivable and inventories
81.3

 
—

 
81.3

 
 
Deferred income taxes
81.8

 
(6.2
)
 
75.6

 
(c)
Gain on disposal of assets and liabilities
(253.5
)
 
—

 
(253.5
)
 
 
Reduction to accrued legal settlements
(44.7
)
 
 
 
(44.7
)
 
 
Payments of accrued legal settlements
(3.2
)
 
—

 
(3.2
)
 
 
Share-based compensation
78.2

 
—

 
78.2

 
 
Tax benefits from share-based compensation
(17.1
)
 
—

 
(17.1
)
 
 
Foreign exchange loss
135.1

 
—

 
135.1

 
 
Loss on extinguishment of debt
129.6

 
—

 
129.6

 
 
Payment of accreted interest on contingent consideration
(10.7
)
 
—

 
(10.7
)
 
 
Other
32.3

 
—

 
32.3

 
 
Changes in operating assets and liabilities:
 
 
 
 


 
 
Trade receivables
(572.4
)
 
—

 
(572.4
)
 
 
Inventories
(174.3
)
 
(18.5
)
 
(192.8
)
 
(a)
Prepaid expenses and other current assets
(110.3
)
 
—

 
(110.3
)
 
 
Accounts payable, accrued and other liabilities
188.6

 
57.5

 
246.1

 
(a)
Net cash provided by operating activities
2,294.7

 
—

 
2,294.7

 
 
 
 
 
 
 
 
 
 
Net cash used in investing activities
(99.7
)
 
—

 
(99.7
)
 
 
 
 
 
 
 
 
 
 
Net cash used in financing activities
(2,443.7
)
 
—

 
(2,443.7
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
(29.0
)
 
—

 
(29.0
)
 
 
Net decrease in cash and cash equivalents
(277.7
)
 
—

 
(277.7
)
 
 
Cash and cash equivalents, beginning of year
600.3

 
—

 
600.3

 
 
Cash and cash equivalents, end of year
$
322.6

 
$
—

 
$
322.6

 
 
 
 
 
 
 
 
 
 
Non- Cash Investing and Financing Activities
 
 
 
 
 
 
 
Acquisition of businesses, contingent consideration at fair value
$
(93.8
)
 
$
(38.8
)
 
$
(132.6
)
 
(b)
Acquisition of businesses, debt assumed
(11.2
)
 
—

 
(11.2
)
 
 
CONSOLIDATED BALANCE SHEET
(All dollar amounts expressed in millions of U.S. dollars)
 
As of December 31,
 
2014
(As Previously Reported)(1)
 
Restatement
Adjustments
 
2014
(Restated)
 
Restatement
Ref
Assets
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
322.6

 
$
—

 
$
322.6

 
 
Trade receivables, net
2,075.8

 
—

 
2,075.8

 
 
Inventories, net
950.6

 
(61.4
)
 
889.2

 
(a)
Prepaid expenses and other current assets
650.8

 
—

 
650.8

 
 
Deferred tax assets, net
193.3

 
—

 
193.3

 
 
  Total current assets
4,193.1

 
(61.4
)
 
4,131.7

 
 
Property, plant and equipment, net
1,310.5

 
1.8

 
1,312.3

 
(b)
Intangible assets, net
11,255.9

 
22.0

 
11,277.9

 
(b)
Goodwill
9,346.4

 
15.0

 
9,361.4

 
(b)
Deferred tax assets, net
54.0

 
—

 
54.0

 
 
Other long-term assets, net
167.4

 
—

 
167.4

 
 
Total assets
$
26,327.3

 
$
(22.6
)
 
$
26,304.7

 
 
Liabilities
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable
$
398.0

 
$
—

 
$
398.0

 
 
Accrued and other current liabilities
2,179.4

 
(22.4
)
 
2,157.0

 
(a)
Acquisition-related contingent consideration
141.8

 
—

 
141.8

 
 
Current portion of long-term debt
0.9

 
—

 
0.9

 
 
Deferred tax liabilities, net
10.7

 
—

 
10.7

 
 
  Total current liabilities
2,730.8

 
(22.4
)
 
2,708.4

 
 
Acquisition-related contingent consideration
167.0

 
38.8

 
205.8

 
(b)
Long-term debt
15,228.0

 
—

 
15,228.0

 
 
Pension and other benefit liabilities
239.8

 
—

 
239.8

 
 
Liabilities for uncertain tax positions
102.6

 
—

 
102.6

 
 
Deferred tax liabilities, net
2,227.5

 
(6.2
)
 
2,221.3

 
(c)
Other long-term liabilities
197.1

 
—

 
197.1

 
 
Total liabilities
20,892.8

 
10.2

 
20,903.0

 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
Common shares, no par value, unlimited shares authorized, 334,402,964
 
 
 
 
 
 
 
 issued and outstanding at December 31, 2014
8,349.2

 
—

 
8,349.2

 
 
Additional paid-in capital
243.9

 
—

 
243.9

 
 
Accumulated deficit
(2,365.0
)
 
(32.8
)
 
(2,397.8
)
 
(d)
Accumulated other comprehensive loss
(915.9
)
 
—

 
(915.9
)
 
 
  Total Valeant Pharmaceuticals International, Inc. shareholders’ equity
5,312.2

 
(32.8
)
 
5,279.4

 
 
Noncontrolling interest
122.3

 
—

 
122.3

 
 
Total equity
5,434.5

 
(32.8
)
 
5,401.7

 
 
Total liabilities and equity
$
26,327.3

 
$
(22.6
)
 
$
26,304.7

 
 
____________________________________
(1)
As described in Note 3, the Company adopted guidance issued by the Financial Accounting Standards Board which requires certain debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, consistent with the presentation of a debt discount. The adoption of this guidance was applied retrospectively and impacted presentation only. The resulting reclassifications between assets and long-term debt did not have a material impact on the Company's financial statements.
CONSOLIDATED STATEMENT OF INCOME
(All dollar amounts expressed in millions of U.S. dollars, except per share data)
 
Year Ended December 31,
 
2014
(As Previously Reported)
 
Restatement
Adjustments
 
2014
(Restated)
 
Restatement
Ref
Revenues
 
 
 
 
 
 
 
Product sales
$
8,103.6

 
$
(57.5
)
 
$
8,046.1

 
(a)
Other revenues
159.9

 
—

 
159.9

 
 
 
8,263.5

 
(57.5
)
 
8,206.0

 
 
Expenses
 
 
 
 

 
 
Cost of goods sold (Exclusive of amortization and impairments of
 
 
 
 

 
 
 finite lived intangible assets shown separately below)
2,196.2

 
(18.5
)
 
2,177.7

 
(a)
Cost of other revenues
58.4

 
—

 
58.4

 
 
Selling, general and administrative
2,026.3

 
—

 
2,026.3

 
 
Research and development
246.0

 
—

 
246.0

 
 
Amortization and impairment of finite-lived intangible assets
1,550.7

 
—

 
1,550.7

 
 
Restructuring, integration and other costs
381.7

 
—

 
381.7

 
 
In-process research and development impairments and other changes
41.0

 
—

 
41.0

 
 
Acquisition-related costs
6.3

 
—

 
6.3

 
 
Acquisition-related contingent consideration
(14.1
)
 
—

 
(14.1
)
 
 
Other income
(268.7
)
 
—

 
(268.7
)
 
 
 
6,223.8

 
(18.5
)
 
6,205.3

 
 
Operating income (loss)
2,039.7

 
(39.0
)
 
2,000.7

 
 
Interest income
5.0

 
—

 
5.0

 
 
Interest expense
(971.0
)
 
—

 
(971.0
)
 
 
Loss on extinguishment of debt
(129.6
)
 
—

 
(129.6
)
 
 
Foreign exchange and other
(144.1
)
 
—

 
(144.1
)
 
 
Gain on investments, net
292.6

 
—

 
292.6

 
 
Income (loss) before provision for (recovery of) income taxes
1,092.6

 
(39.0
)
 
1,053.6

 
 
Provision for (recovery of) income taxes
180.4

 
(6.2
)
 
174.2

 
(c)
Net income (loss)
912.2

 
(32.8
)
 
879.4

 
 
Less: Net income (loss) attributable to noncontrolling interest
(1.3
)
 
—

 
(1.3
)
 
 
Net income (loss) attributable to Valeant Pharmaceuticals International, Inc.
$
913.5

 
$
(32.8
)
 
$
880.7

 
 
 
 
 
 
 
 
 
 
Earnings (loss) per share attributable to Valeant Pharmaceuticals International, Inc.:
 
 
 
 
 
 
 
Basic
$
2.72

 
$
(0.09
)
 
$
2.63

 
 
Diluted
$
2.67

 
$
(0.09
)
 
$
2.58

 
 
 
 
 
 
 
 
 
 
Weighted-average common shares (in millions)
 
 
 
 
 
 
 
Basic
335.4

 
 
 
335.4

 
 
Diluted
341.5

 
 
 
341.5