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INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The major components of intangible assets consist of:
| Weighted-Average Remaining Useful Lives (Years) |  | December 31, 2025 |  | December 31, 2024
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization and Impairments |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization and Impairments |  | Net Carrying Amount
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Product brands | 7 |  | $ | 4,441 |  |  | $ | (3,064) |  |  | $ | 1,377 |  |  | $ | 4,373 |  |  | $ | (2,799) |  |  | $ | 1,574 |
Corporate brands | 9 |  | 102 |  |  | (26) |  |  | 76 |  |  | 102 |  |  | (18) |  |  | 84 |
Product rights/patents | 5 |  | 999 |  |  | (988) |  |  | 11 |  |  | 993 |  |  | (970) |  |  | 23 |
Other | 7 |  | 87 |  |  | (68) |  |  | 19 |  |  | 79 |  |  | (64) |  |  | 15 |
Total finite-lived intangible assets |  |  | 5,629 |  |  | (4,146) |  |  | 1,483 |  |  | 5,547 |  |  | (3,851) |  |  | 1,696 |
Acquired in-process research and development intangible asset | N/A |  | 100 |  |  | — |  |  | 100 |  |  | 100 |  |  | — |  |  | 100 |
B&L Trademark | N/A |  | 1,698 |  |  | — |  |  | 1,698 |  |  | 1,698 |  |  | — |  |  | 1,698 |
|  |  | $ | 7,427 |  |  | $ | (4,146) |  |  | $ | 3,281 |  |  | $ | 7,345 |  |  | $ | (3,851) |  |  | $ | 3,494 |
Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Impairment charges associated with these assets are included in Other expense, net in the Consolidated Statements of Operations. Bausch + Lomb continues to monitor the recoverability of its finite-lived intangible assets and tests the intangible assets for impairment if indicators of impairment are present. Asset impairments for 2025, 2024 and 2023 were $0, $5 million and less than $1 million, respectively, related to the discontinuance of certain product lines. Estimated amortization expense of finite-lived intangible assets for the five years ending December 31 and thereafter are as follows:
(in millions) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Amortization |  | $ | 225 |  |  | $ | 221 |  |  | $ | 220 |  |  | $ | 219 |  |  | $ | 216 |  |  | $ | 382 |  |  | $ | 1,483 |
Goodwill The changes in the carrying amounts of goodwill during the years ended 2025, 2024 and 2023 were as follows:
(in millions) |  | Vision Care |  | Pharmaceuticals |  | Surgical |  | Total
Balance, January 1, 2023 |  | $ | 3,549 |  |  | $ | 645 |  |  | $ | 313 |  |  | $ | 4,507 |
Acquisitions (Note 4) |  | — |  |  | 23 |  |  | 8 |  |  | 31 |
Foreign exchange and other |  | 7 |  |  | 25 |  |  | 5 |  |  | 37 |
Balance, December 31, 2023 |  | 3,556 |  |  | 693 |  |  | 326 |  |  | 4,575 |
Acquisitions (Note 4) |  | — |  |  | — |  |  | 29 |  |  | 29 |
Foreign exchange and other |  | (27) |  |  | (49) |  |  | (5) |  |  | (81) |
Balance, December 31, 2024 |  | 3,529 |  |  | 644 |  |  | 350 |  |  | 4,523 |
Acquisitions (Note 4) |  | — |  |  | — |  |  | 97 |  |  | 97 |
Foreign exchange and other |  | 26 |  |  | 100 |  |  | 12 |  |  | 138 |
Balance, December 31, 2025 |  | $ | 3,555 |  |  | $ | 744 |  |  | $ | 459 |  |  | $ | 4,758 |
Goodwill is not amortized but is tested for impairment at least annually as of October 1st at the reporting unit level. Refer below for results of the Company's recent goodwill impairment tests. Refer to Note 2, “SIGNIFICANT ACCOUNTING POLICIES” for further detail regarding the Company's policies and testing approach in relation to goodwill impairment testing. Goodwill Impairment Tests The Company conducted its annual goodwill impairment test as of October 1, 2023 by performing a quantitative assessment for each of its reporting units. The quantitative assessment utilized long-term growth rates of 2.0% and 3.0% and discount rates ranging from 10.25% and 11.50%, in estimation of the fair value of the reporting units. After completing the testing, the fair value of each of these reporting units exceeded its carrying value by more than 25%, and, therefore, there was no impairment to goodwill. The Company conducted its annual goodwill impairment test as of October 1, 2024, by first assessing qualitative factors. Based on its qualitative assessment as of October 1, 2024, management believed that, it was more likely than not that the carrying amounts of each of its reporting units were less than their respective fair values and therefore concluded that a quantitative fair value test was not required. During the three months ended June 30, 2025, the Company identified a decline in its market capitalization. This decline was primarily in response to the overall volatility within the global equity markets. However, at June 30, 2025, after considering the length and lack of recovery from this market capitalization decline, in comparison to the performance of the overall equity markets, the Company believed that the fair value of its reporting units could be less than their carrying amounts, and, therefore, a quantitative fair value test was performed. The quantitative fair value tests utilized the Company’s most recent cash flow projections for each of its reporting units which reflected current market conditions and current trends in business performance. The quantitative assessment utilized long-term growth rates of 3.0% and discount rates ranging from 10.00% to 11.50%, in estimation of the fair value of the reporting units. After completing the testing, the fair value of each of the Company’s reporting units exceeded its carrying value by more than 25%, and, therefore, there was no impairment to goodwill. The Company conducted its annual goodwill impairment test as of October 1, 2025, by first assessing qualitative factors. Based on its qualitative assessment as of October 1, 2025, management believed that, it was more likely than not that the carrying amounts of each of its reporting units were less than their respective fair values and therefore concluded that a quantitative fair value test was not required. No events occurred or circumstances changed during the period from October 1, 2025 (the last time goodwill was tested for all reporting units) through December 31, 2025 that would indicate that the fair value of any reporting unit might be below its carrying value. If market conditions deteriorate, or if the Company is unable to execute its strategies, it may be necessary to record impairment charges in the future. There were no goodwill impairment charges through December 31, 2025.

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