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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Reportable Segments The Company’s CEO, who is the Company’s Chief Operating Decision Maker, manages the business through operating and reportable segments consistent with how the Company’s CEO: (i) assesses operating performance on a regular basis, (ii) makes resource allocation decisions and (iii) designates responsibilities of his direct reports. The Company operates in the following reportable segments which are generally determined based on the decision-making structure of Bausch + Lomb and the grouping of similar products and services: (i) Vision Care, (ii) Pharmaceuticals and (iii) Surgical. •The Vision Care segment consists of: (i) sales of contact lenses that span the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses, and (ii) sales of contact lens care products and OTC eye drops, eye vitamins and mineral supplements that address various conditions, including eye allergies, conjunctivitis and dry eye. •The Pharmaceuticals segment consists of sales of a broad line of proprietary and generic pharmaceutical products for post-operative treatments and the treatment of a number of eye conditions, such as glaucoma, ocular hypertension and retinal diseases. •The Surgical segment consists of sales of medical devices and technologies for the treatment of cataracts, cornea, vitreous and retinal eye conditions and includes IOLs and delivery systems, phacoemulsification and vitrectomy equipment and other surgical instruments and devices. Effective in the first quarter of 2023, certain products historically included in the reported results of the Pharmaceuticals segment are now included in the reported results of the Vision Care segment and certain products included in the reported results of the Vision Care segment are now included in the reported results of the Pharmaceuticals segment. Management believes these movements are necessary in order to better align these products with the groupings of similar products. The net impact of these product movements were not material to the periods presented. Prior period presentations of segment revenues and profits have been conformed to the current segment reporting structure. Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as Amortization of intangible assets, and Other expense (income), net, are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. Corporate includes the finance, treasury, certain research and development programs, tax and legal operations of Bausch + Lomb’s businesses and incurs certain expenses, gains and losses related to the overall management of Bausch + Lomb, which are not allocated to the other business segments. In assessing segment performance and managing operations, management does not review segment assets. Furthermore, 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 profits for the three and six months ended June 30, 2023 and 2022 were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |  |
Vision Care | $ | 646 |  |  | $ | 588 |  |  | $ | 1,233 |  |  | $ | 1,148 |
Pharmaceuticals | 194 |  |  | 169 |  |  | 355 |  |  | 324 |
Surgical | 195 |  |  | 184 |  |  | 378 |  |  | 358 |
Total revenues | $ | 1,035 |  |  | $ | 941 |  |  | $ | 1,966 |  |  | $ | 1,830 |
Segment profit: |  |  |  |  |  |  |
Vision Care | $ | 167 |  |  | $ | 145 |  |  | $ | 321 |  |  | $ | 304 |
Pharmaceuticals | 68 |  |  | 52 |  |  | 114 |  |  | 92 |
Surgical | 9 |  |  | 11 |  |  | 20 |  |  | 26 |
Total segment profit | 244 |  |  | 208 |  |  | 455 |  |  | 422 |
Corporate | (128) |  |  | (89) |  |  | (275) |  |  | (182) |
Amortization of intangible assets | (56) |  |  | (64) |  |  | (113) |  |  | (129) |
Other expense, net | (17) |  |  | 1 |  |  | (26) |  |  | (1) |
Operating income | 43 |  |  | 56 |  |  | 41 |  |  | 110 |
Interest income | 5 |  |  | 1 |  |  | 8 |  |  | 1 |
Interest expense (Note 4) | (58) |  |  | (44) |  |  | (108) |  |  | (64) |
Foreign exchange and other | (9) |  |  | 14 |  |  | (15) |  |  | 9 |
(Loss) income before provision for income taxes | $ | (19) |  |  | $ | 27 |  |  | $ | (74) |  |  | $ | 56 |
Revenues by Segment and by Product Category Revenues by segment and product category were as follows:
| Vision Care |  | Pharmaceuticals |  | Surgical |  | Total
| Three Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Pharmaceuticals | $ | 1 |  |  | $ | 1 |  |  | $ | 133 |  |  | $ | 113 |  |  | $ | — |  |  | $ | — |  |  | $ | 134 |  |  | $ | 114 |
Devices | 215 |  |  | 213 |  |  | — |  |  | — |  |  | 193 |  |  | 180 |  |  | 408 |  |  | 393 |
OTC | 421 |  |  | 366 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 421 |  |  | 366 |
Branded and Other Generics | 7 |  |  | 7 |  |  | 61 |  |  | 55 |  |  | — |  |  | — |  |  | 68 |  |  | 62 |
Other revenues | 2 |  |  | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | 4 |  |  | 4 |  |  | 6 |
| $ | 646 |  |  | $ | 588 |  |  | $ | 194 |  |  | $ | 169 |  |  | $ | 195 |  |  | $ | 184 |  |  | $ | 1,035 |  |  | $ | 941 |
| Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Pharmaceuticals | $ | 2 |  |  | $ | 2 |  |  | $ | 240 |  |  | $ | 219 |  |  | $ | — |  |  | $ | — |  |  | $ | 242 |  |  | $ | 221 |
Devices | 439 |  |  | 427 |  |  | — |  |  | — |  |  | 375 |  |  | 352 |  |  | 814 |  |  | 779 |
OTC | 774 |  |  | 702 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 774 |  |  | 702 |
Branded and Other Generics | 14 |  |  | 13 |  |  | 115 |  |  | 103 |  |  | — |  |  | — |  |  | 129 |  |  | 116 |
Other revenues | 4 |  |  | 4 |  |  | — |  |  | 2 |  |  | 3 |  |  | 6 |  |  | 7 |  |  | 12 |
| $ | 1,233 |  |  | $ | 1,148 |  |  | $ | 355 |  |  | $ | 324 |  |  | $ | 378 |  |  | $ | 358 |  |  | $ | 1,966 |  |  | $ | 1,830 |
Certain reclassifications to product categories have been made and are reflected in the table above. These reclassifications are not material. The top ten products/franchises represented 57% and 58% of total revenues for the six months ended June 30, 2023 and 2022, respectively. Geographic Information Revenues are attributed to a geographic region based on the location of the customer and were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
U.S. and Puerto Rico | $ | 466 |  |  | $ | 430 |  |  | $ | 870 |  |  | $ | 816 |
China | 89 |  |  | 76 |  |  | 163 |  |  | 158 |
France | 62 |  |  | 56 |  |  | 118 |  |  | 111 |
Japan | 46 |  |  | 47 |  |  | 94 |  |  | 97 |
Germany | 40 |  |  | 33 |  |  | 82 |  |  | 76 |
United Kingdom | 29 |  |  | 27 |  |  | 58 |  |  | 54 |
Canada | 27 |  |  | 24 |  |  | 53 |  |  | 46 |
Russia | 26 |  |  | 30 |  |  | 50 |  |  | 47 |
Spain | 24 |  |  | 22 |  |  | 44 |  |  | 41 |
Italy | 22 |  |  | 21 |  |  | 42 |  |  | 41 |
Mexico | 15 |  |  | 14 |  |  | 31 |  |  | 25 |
Poland | 14 |  |  | 12 |  |  | 26 |  |  | 23 |
South Korea | 12 |  |  | 11 |  |  | 23 |  |  | 22 |
Australia | 11 |  |  | 9 |  |  | 21 |  |  | 17 |
Other | 152 |  |  | 129 |  |  | 291 |  |  | 256 |
| $ | 1,035 |  |  | $ | 941 |  |  | $ | 1,966 |  |  | $ | 1,830 |
Major Customers No individual customer accounted for 10% or more of total revenues.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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