SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

Reportable Segments

The Company has two operating and reportable segments: (i) Developed Markets and (ii) Emerging Markets. The following is a brief description of the Company’s segments as of March 31, 2016:

• Developed Markets consists of (i) sales in the U.S. of pharmaceutical products, OTC products, and medical device products, as well as alliance and contract service revenues, in the areas of dermatology and podiatry, neurology, gastrointestinal disorders, eye health, oncology and urology, dentistry, aesthetics, and women's health and (ii) pharmaceutical products, OTC products, and medical device products sold in Western Europe, Canada, Japan, Australia and New Zealand.

• Emerging Markets consists of branded generic pharmaceutical products and branded pharmaceuticals, OTC products, and medical device products. Products are sold primarily in Central and Eastern Europe (primarily Poland and Russia), Asia, Latin America (Mexico, Brazil, Argentina, and Colombia and exports out of Mexico to other Latin American markets), Africa and the Middle East.

Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as restructuring and acquisition-related costs, other (income) expense, and in-process research and development impairments and other charges, are not included in the measure of segment profit, as management excludes these items in assessing financial performance.

Corporate includes the finance, treasury, tax and legal operations of the Company’s businesses and maintains and/or incurs certain assets, liabilities, expenses, gains and losses related to the overall management of the Company, which are not allocated to the other business segments. In addition, a portion of share-based compensation is considered a corporate cost, since the amount of such expense depends on Company-wide performance rather than the operating performance of any single segment.

Segment Revenues and Profit

Segment revenues and profit for the three-month periods ended March 31, 2016 and 2015 were as follows:

	Three Months Ended March 31,
	2016			2015 (restated)
Revenues:
Developed Markets(1)	$	1,929.9		$	1,743.6
Emerging Markets(2)	441.7			426.5
Total revenues	2,371.6			2,170.1
Segment profit:
Developed Markets(3)	259.6			667.7
Emerging Markets(4)	18.3			54.6
Total segment profit	277.9			722.3
Corporate(5)	(146.4		)	(69.2		)
Restructuring, integration and other costs	(38.0		)	(55.0		)
Acquisition-related costs	(1.8		)	(13.9		)
Acquisition-related contingent consideration	(2.4		)	(7.1		)
Other expense	(23.1		)	(6.1		)
Operating income	66.2			571.0
Interest income	0.9			0.9
Interest expense	(426.6		)	(297.8		)
Loss on extinguishment of debt	—			(20.0		)
Foreign exchange and other	(6.2		)	(71.1		)
(Loss) income before provision for income taxes	$	(365.7	)	$	183.0

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(1) Developed Markets segment revenues reflect incremental product sales revenue in the three-month period ended March 31, 2016 from 2015 acquisitions of $513 million, in the aggregate, primarily from the Salix Acquisition and the acquisition of certain assets of Dendreon.

(2) Emerging Markets segment revenues reflect incremental product sales revenue in the three-month period ended March 31, 2016 from 2015 acquisitions of $59 million, in the aggregate, primarily from the Amoun Acquisition.

(3) Developed Markets segment profit in the three-month period ended March 31, 2016 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to inventory and identifiable intangible assets of $637 million, in the aggregate, primarily from the Salix Acquisition, compared with $314 million in the corresponding period of 2015.

(4) Emerging Markets segment profit in the three-month period ended March 31, 2016 reflects the impact of acquisition accounting adjustments related to the fair value adjustments to inventory and identifiable intangible assets of $86 million, in the aggregate, compared with $76 million in the corresponding period of 2015.

(5) Corporate reflects non-restructuring-related share-based compensation expense of $50 million in the three-month period ended March 31, 2016, compared with $24 million in the corresponding period of 2015. The expense in the three-month period ended March 31, 2016, included a charge relating to the acceleration of vesting of the performance-based RSUs held by the Company's former Chief Executive Officer. See Note 11 for additional information.

Segment Assets

Total assets by segment as of March 31, 2016 and December 31, 2015 were as follows:

	As of March 31, 2016		As of December 31, 2015
Assets:
Developed Markets	$	40,580.6	$	41,182.7
Emerging Markets	6,861.5		6,897.4
	47,442.1		48,080.1
Corporate	1,577.8		884.4
Total assets	$	49,019.9	$	48,964.5