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  "documentTitle": "Allergan, Inc. (AGN)",
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  "authorName": "William Ackman",
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  "presentationDate": "2014-04-22 00:00:00",
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  "notes": "The slide highlights specific accounting adjustments used by Valeant to inflate earnings metrics.",
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      "kind": "callout",
      "text": "Valeant does not add back stock-based compensation, depreciation, or ordinary-course legal expense",
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      "text": "GAAP Net Income\n+ Inventory Step-Up Reversal (COGS)\n+ Acquired In-Process R&D Impairment\n+ Restructuring & Integration Acquisition Costs\n+ Amortization of Intangible Assets\n+ Asset Impairments\n+ Change in Fair Value of Contingent Consideration\n+ Debt Extinguishment Loss (Gain)\n+ Non-Cash Interest Expenses\n+ Non-Cash Taxes\n+ Other (Acq.-Related Litigation Settlements, Gain/Loss on Sale)\nCash Net Income",
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      "text": "Source: Valeant Q4 2013 Earnings Press Release",
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      "text": "Valeant's Definition of Cash Net Income",
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