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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
 6 Months Ended
Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]  
Restatement Adjustments
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
Six Months Ended June 30,
 
2015
(As Previously Reported)
 
Restatement
Adjustments
 
2015
(Restated)
 
Restatement
Ref
Revenues
 
 
 
 
 
 
 
Product sales
$
4,841.9

 
$
(20.8
)
 
$
4,821.1

 
(a)
Other revenues
81.4

 
—

 
81.4

 
 
 
4,923.3

 
(20.8
)
 
4,902.5

 
 
Expenses
 
 
 
 
 
 
 
Cost of goods sold (exclusive of amortization and impairments of finite-lived
 
 
 
 
 
 
 
  intangible assets shown separately below)
1,230.3

 
(52.5
)
 
1,177.8

 
(a)
Cost of other revenues
29.5

 
—

 
29.5

 
 
Selling, general and administrative
1,259.3

 
—

 
1,259.3

 
 
Research and development
136.9

 
—

 
136.9

 
 
Amortization and impairment of finite-lived intangible assets
950.6

 
—

 
950.6

 
 
Restructuring, integration and other costs
198.4

 
—

 
198.4

 
 
In-process research and development impairments and other changes
12.3

 
—

 
12.3

 
 
Acquisition-related costs
19.3

 
4.1

 
23.4

 
(b)
Acquisition-related contingent consideration
18.8

 
—

 
18.8

 
 
Other expense
183.0

 
—

 
183.0

 
 
 
4,038.4

 
(48.4
)
 
3,990.0

 
 
Operating income
884.9

 
27.6

 
912.5

 
 
Interest income
1.8

 
—

 
1.8

 
 
Interest expense
(710.5
)
 
—

 
(710.5
)
 
 
Loss on extinguishment of debt
(20.0
)
 
—

 
(20.0
)
 
 
Foreign exchange and other
(65.5
)
 
—

 
(65.5
)
 
 
Income before provision for income taxes
90.7

 
27.6

 
118.3

 
 
Provision for income taxes
67.8

 
3.6

 
71.4

 
(c)
Net income
22.9

 
24.0

 
46.9

 
 
Less: Net income attributable to noncontrolling interest
2.2

 
—

 
2.2

 
 
Net income attributable to Valeant Pharmaceuticals International, Inc.
$
20.7

 
$
24.0

 
$
44.7

 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Valeant Pharmaceuticals International, Inc.:
 
 
 
 
 
 
 
Basic
$
0.06

 
$
0.07

 
$
0.13

 
 
Diluted
$
0.06

 
$
0.07

 
$
0.13

 
 
 
 
 
 
 
 
 
 
Weighted-average common shares (in millions)
 
 
 
 
 
 
 
Basic
340.5

 
 
 
340.5

 
 
Diluted
347.1

 
 
 
347.1

 
 
There was no net impact of the 2015 restatement adjustments on net cash provided by operating activities, net cash used in investing activities and net cash provided by financing activities in the Consolidated Statement of Cash Flows. The adjustments only had an impact on certain captions within cash flows from operating activities.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 
Six Months Ended June 30,
 
2015
(As Previously Reported)
 
Restatement
Adjustments
 
2015
(Restated)
 
Restatement
Ref
Cash Flow From Operating Activities
 
 
 
 
 
 
 
Net income
$
22.9

 
$
24.0

 
$
46.9

 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
Depreciation and amortization, including impairments of finite-lived intangible assets
1,042.0

 
—

 
1,042.0

 
 
Amortization and write-off of debt discounts and debt issuance costs
103.2

 
—

 
103.2

 
 
In-process research and development impairments
12.3

 
—

 
12.3

 
 
Acquisition accounting adjustment on inventory sold
70.5

 
—

 
70.5

 
 
Acquisition-related contingent consideration
18.8

 
—

 
18.8

 
 
Allowances for losses on accounts receivable and inventories
26.8

 
—

 
26.8

 
 
Deferred income taxes(1)
34.1

 
3.6

 
37.7

 
(c)
Additions to accrued legal settlements
6.3

 
—

 
6.3

 
 
Payments of accrued legal settlements
(5.9
)
 
—

 
(5.9
)
 
 
Share-based compensation
60.9

 
—

 
60.9

 
 
Tax benefits from share-based compensation
(25.6
)
 
—

 
(25.6
)
 
 
Foreign exchange loss
65.6

 
—

 
65.6

 
 
Loss on extinguishment of debt
20.0

 
—

 
20.0

 
 
Payment of contingent consideration adjustments, including accretion
(12.1
)
 
—

 
(12.1
)
 
 
Other
(9.9
)
 
—

 
(9.9
)
 
 
Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Trade receivables
(308.8
)
 
—

 
(308.8
)
 
 
Inventories
(86.8
)
 
(52.5
)
 
(139.3
)
 
(a)
Prepaid expenses and other current assets
(163.5
)
 
—

 
(163.5
)
 
 
Accounts payable, accrued and other liabilities(1)
30.8

 
24.9

 
55.7

 
(a), (b)
Net cash provided by operating activities
901.6

 
—

 
901.6

 
 
 
 
 
 
 
 
 
 
Net cash used in investing activities
(13,885.7
)
 
—

 
(13,885.7
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by financing activities
13,631.6

 
—

 
13,631.6

 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
(12.1
)
 
—

 
(12.1
)
 
 
Net increase in cash and cash equivalents
635.4

 
—

 
635.4

 
 
Cash and cash equivalents, beginning of period
322.6

 
—

 
322.6

 
 
Cash and cash equivalents, end of period
$
958.0

 
$
—

 
$
958.0

 
 
 
 
 
 
 
 
 
 
Non- Cash Investing and Financing Activities
 
 
 
 
 
 
 
Acquisition of businesses, contingent consideration at fair value
$
(674.6
)
 
$
38.8

 
$
(635.8
)
 
(d)
Acquisition of businesses, debt assumed
(3,123.1
)
 
—

 
(3,123.1
)
 
 
________________________
(1)
As described in Note 3, the Consolidated Statement of Cash Flows reflects a reclassification of $22 million related to a change in income taxes payable which increased deferred income taxes and decreased accounts payable, accrued and other liabilities within the cash flow from operating activities.