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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY
SHAREHOLDERS’ EQUITY
 
Valeant Pharmaceuticals International, Inc. Shareholders
 
 
 
 
 
Common Shares
 
Additional
Paid-In
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Valeant
Pharmaceuticals
International, Inc.
Shareholders’
Equity
 
Noncontrolling
Interest
 
Total
Equity
 
Shares
(in millions)
 
Amount
 
 
 
 
 
 
Balance, January 1, 2015 (restated)
334.4

 
$
8,349.2

 
$
243.9

 
$
(2,397.8
)
 
$
(915.9
)
 
$
5,279.4

 
$
122.3

 
$
5,401.7

Issuance of common stock (see below)
7.5

 
1,481.0

 
—

 
—

 
—

 
1,481.0

 
—

 
1,481.0

Common shares issued under share-based compensation plans
1.4

 
75.7

 
(46.6
)
 
—

 
—

 
29.1

 
—

 
29.1

Repurchases of common shares
(0.2
)
 
(6.3
)
 
—

 
(43.7
)
 
—

 
(50.0
)
 
—

 
(50.0
)
Share-based compensation
—

 
—

 
111.4

 
—

 
—

 
111.4

 
—

 
111.4

Employee withholding taxes related to share-based awards
—

 
—

 
(85.8
)
 
—

 
—

 
(85.8
)
 
—

 
(85.8
)
Excess tax benefits from share-based compensation
—

 
—

 
21.7

 
—

 
—

 
21.7

 
—

 
21.7

Noncontrolling interest from business combinations
—

 
—

 
—

 
—

 
—

 
—

 
4.9

 
4.9

Noncontrolling interest distributions
—

 
—

 
—

 
—

 
—

 
—

 
(7.0
)
 
(7.0
)
 
343.1

 
9,899.6

 
244.6

 
(2,441.5
)
 
(915.9
)
 
6,786.8

 
120.2

 
6,907.0

Comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (restated)
—

 
—

 
—

 
94.2

 
—

 
94.2

 
4.4

 
98.6

Other comprehensive loss
—

 
—

 
—

 
—

 
(547.5
)
 
(547.5
)
 
(2.2
)
 
(549.7
)
Total comprehensive loss (restated)
 
 
 
 
 
 
 
 
 
 
(453.3
)
 
2.2

 
(451.1
)
Balance, September 30, 2015 (restated)
343.1

 
$
9,899.6

 
$
244.6

 
$
(2,347.3
)
 
$
(1,463.4
)
 
$
6,333.5

 
$
122.4

 
$
6,455.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2016
342.9

 
$
9,897.4

 
$
304.9

 
$
(2,749.7
)
 
$
(1,541.6
)
 
$
5,911.0

 
$
118.8

 
$
6,029.8

Effect of retrospective application of a new accounting standard (see Note 3)
—

 
—

 
—

 
30.0

 
—

 
30.0

 
—

 
30.0

Common shares issued under share-based compensation plans
4.8

 
137.0

 
(103.9
)
 
—

 
—

 
33.1

 
—

 
33.1

Share-based compensation
—

 
—

 
134.0

 
—

 
—

 
134.0

 
—

 
134.0

Employee withholding taxes related to share-based awards
—

 
—

 
(9.1
)
 
—

 
—

 
(9.1
)
 
—

 
(9.1
)
Noncontrolling interest distributions
—

 
—

 
—

 
—

 
—

 
—

 
(9.1
)
 
(9.1
)
 
347.7

 
10,034.4

 
325.9

 
(2,719.7
)
 
(1,541.6
)
 
6,099.0

 
109.7

 
6,208.7

Comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss(1)
—

 
—

 
—

 
(1,894.4
)
 
—

 
(1,894.4
)
 
(1.6
)
 
(1,896.0
)
Other comprehensive loss
—

 
—

 
—

 
—

 
(37.3
)
 
(37.3
)
 
(1.8
)
 
(39.1
)
Total comprehensive loss
 
 
 
 
 
 
 
 
 
 
(1,931.7
)
 
(3.4
)
 
(1,935.1
)
Balance, September 30, 2016(1)
347.7

 
$
10,034.4

 
$
325.9

 
$
(4,614.1
)
 
$
(1,578.9
)
 
$
4,167.3

 
$
106.3

 
$
4,273.6


____________________________________
(1)
As described in Note 3, the Company adopted the new accounting guidance on employee share-based payment transactions in the third quarter of 2016. As a result of the adoption, excess tax benefits and tax deficiencies are recognized in the provision for income taxes instead of additional paid-in capital. This aspect of the new guidance is adopted prospectively with the effective date of January 1, 2016. Given the adoption impact for the six months ended June 30, 2016 was insignificant, the Company recorded an adjustment for the cumulative adoption impact for the six months ended June 30, 2016 in the three months ended September 30, 2016. Refer to Note 3 for further details.
Share Issuances
On March 27, 2015, the Company completed, pursuant to an Underwriting Agreement dated March 17, 2015 with Deutsche Bank Securities Inc. on behalf of several underwriters, a registered offering in the United States of 7,286,432 of its common shares, no par value, at a price of $199.00 per common share, for aggregate gross proceeds of approximately $1.45 billion. In connection with the issuance of these new common shares, the Company incurred approximately $18 million of issuance costs, which has been reflected as reduction to the gross proceeds from the equity issuance. The proceeds of this offering were used to fund the Salix Acquisition. The Company granted the underwriters an option to purchase additional common shares equal to up to 15% of the common shares initially issued in the offering. This option was not exercised by the underwriters.
On June 10, 2015, the Company issued 213,610 common shares, representing a portion of the consideration transferred in connection with the acquisition of certain assets of Dendreon. The shares had an aggregate value of approximately $50 million as of the date of issuance. See Note 4 for additional information regarding the acquisition of certain assets of Dendreon.
Management Cease Trade Orders
On March 21, 2016, the Company applied for a customary management cease trade order (the “MCTO”) from the AMF, the Company's principal securities regulator in Canada. The application was made in connection with the Company’s anticipated delay in filing its audited consolidated annual financial statements for the fiscal year ended December 31, 2015, the related management’s discussion and analysis, certificates of its Chief Executive Officer and Chief Financial Officer and its 2015 Form 10-K (collectively, the “Required Annual Canadian Filings”) with Canadian securities regulators until after the March 30, 2016 filing deadline. This MCTO (the “March MCTO”) was issued on March 31, 2016 and prohibited the trading in or acquisition of any securities of the Company, directly or indirectly, by each of the Company’s then-current Chief Executive Officer, Chief Financial Officer and each other member of the then-current Board. The March MCTO did not affect the ability of other shareholders of the Company to trade in the Company’s securities. A similar order was issued by the Ontario Securities Commission with respect to a director of the Company who is resident in that province. The Company made the Required Annual Canadian Filings on April 29, 2016 and, as of that date, the March MCTOs and the corresponding trading restrictions were lifted.
On May 11, 2016, the Company applied for a further customary MCTO from the AMF in connection with its delay in filing its interim consolidated financial statements for the quarter ended March 31, 2016, the related management’s discussion and analysis and certificates of its current Chief Executive Officer and Chief Financial Officer (collectively, the “Required Interim Canadian Filings”) with Canadian securities regulators until after the May 15, 2016 filing deadline. This MCTO (the “May MCTO”) was issued on May 17, 2016 and prohibited the trading in or acquisition of any securities of the Company, directly or indirectly, by each of the Company’s current Chief Executive Officer, Chief Financial Officer and each other member of the then-current Board. A similar order was issued by the Ontario Securities Commission with respect to a director of the Company who is resident in that province. The Company made the Required Interim Canadian Filings on June 7, 2016 and, as of June 8, 2016, the May MCTOs and the corresponding trading restrictions were lifted.