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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Reportable Segments
In connection with the planned separation of its eye health business into an independent publicly traded entity from the remainder of Bausch Health Companies Inc., the Company has begun managing its operations in a manner consistent with the organizational structure of the separate entities as proposed by the B+L Separation. As a result, during the first quarter of 2021, the Company’s Chief Executive Officer ("CEO"), who is the Company’s Chief Operating Decision Maker, commenced managing the business differently through changes in its operating and reportable segments, which necessitated a realignment of the Company's historical segment structure. This realignment is consistent with how the Company’s CEO currently: (i) assesses operating performance on a regular basis, (ii) makes resource allocation decisions and (iii) designates responsibilities of his direct reports. Pursuant to these changes, effective in the first quarter of 2021, the Company operates in the following reportable segments: (i) Bausch + Lomb, (ii) Salix, (iii) International Rx, (iv) Ortho Dermatologics and (v) Diversified Products. In addition, as part of this realignment of segment structure, certain products historically included in certain segments are now included in their new respective segments based on the organizational structure of the two separate entities as proposed by the B+L Separation. Prior period presentation of segment revenues and segment profits has been recast to conform to the current segment reporting structure.
The following is a brief description of the Company’s segments:
•The Bausch + Lomb segment consists of global sales of Bausch + Lomb Vision Care, Consumer, Surgical and Ophthalmology Rx products.
•The Salix segment consists of sales in the U.S. of GI products.
•The International Rx segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta aesthetic medical devices, outside the U.S. and Puerto Rico of branded pharmaceutical products, branded generic pharmaceutical products and OTC products.
•The Ortho Dermatologics segment consists of: (i) sales in the U.S. of Ortho Dermatologics (dermatological) products and (ii) global sales of Solta aesthetic medical devices.
•The Diversified Products segment consists of sales in the U.S. of: (i) pharmaceutical products in the areas of neurology and certain other therapeutic classes, (ii) generic products and (iii) dentistry products.
Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as Amortization of intangible assets, Asset impairments, Acquired in-process research and development costs, Restructuring, integration, separation and IPO costs and Other (income) expense, 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 the Company’s businesses and incurs certain expenses, gains and losses related to the overall management of the Company, 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 Profits
Segment revenues and profits were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Revenues:
Bausch + Lomb$949 $916 $2,764 $2,468 
Salix527 496 1,515 1,377 
International Rx271 308 890 848 
Ortho Dermatologics140 143 418 391 
Diversified Products224 275 651 730 
$2,111 $2,138 $6,238 $5,814 
Segment profits:
Bausch + Lomb$247 $274 $699 $661 
Salix377 360 1,074 968 
International Rx92 104 304 277 
Ortho Dermatologics64 69 195 154 
Diversified Products161 207 472 528 
941 1,014 2,744 2,588 
Corporate(186)(141)(566)(442)
Amortization of intangible assets(338)(391)(1,055)(1,263)
Goodwill impairments— — (469)— 
Asset impairments, including loss on assets held for sale(18)(2)(213)(17)
Restructuring, integration, separation and IPO costs(8)(2)(29)(13)
Other income (expense), net183 (18)(329)(172)
Operating income574 460 83 681 
Interest income2 2 6 11 
Interest expense(351)(374)(1,083)(1,155)
Loss on extinguishment of debt(12)— (62)(51)
Foreign exchange and other3 (13)11 (26)
Income (loss) before (provision for) benefit from income taxes$216 $75 $(1,045)$(540)
Revenues by Segment and Product Category
Revenues by segment and product category were as follows:
(in millions)Bausch + LombSalixInternational RxOrtho DermatologicsDiversified ProductsTotal
Three Months Ended September 30, 2021
Pharmaceuticals$120 $525 $61 $62 $173 $941 
Devices396 — — 73 — 469 
OTC365 — 41 — 3 409 
Branded and Other Generics 61 — 161 — 47 269 
Other revenues7 2 8 5 1 23 
$949 $527 $271 $140 $224 $2,111 
Three Months Ended September 30, 2020
Pharmaceuticals$137 $494 $64 $65 $216 $976 
Devices360 — — 72 — 432 
OTC341 — 31 — 2 374 
Branded and Other Generics71 — 204 — 54 329 
Other revenues7 2 9 6 3 27 
$916 $496 $308 $143 $275 $2,138 
Nine Months Ended September 30, 2021
Pharmaceuticals$379 $1,509 $187 $186 $514 $2,775 
Devices1,175 — — 218 — 1,393 
OTC1,010 — 98 — 7 1,115 
Branded and Other Generics180 — 579 — 125 884 
Other revenues20 6 26 14 5 71 
$2,764 $1,515 $890 $418 $651 $6,238 
Nine Months Ended September 30, 2020
Pharmaceuticals$371 $1,374 $185 $211 $559 $2,700 
Devices921 — — 165 — 1,086 
OTC957 — 77 — 6 1,040 
Branded and Other Generics196 — 553 — 159 908 
Other revenues23 3 33 15 6 80 
$2,468 $1,377 $848 $391 $730 $5,814 
The top ten products for the nine months ended September 30, 2021 and 2020 represented 42% and 41% of total revenues for the nine months ended September 30, 2021 and 2020, respectively.
Geographic Information
Revenues are attributed to a geographic region based on the location of the customer and were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
U.S. and Puerto Rico$1,251 $1,301 $3,629 $3,522 
China120 94 349 231 
Canada84 87 247 244 
Poland70 57 203 168 
Mexico66 68 191 157 
Japan57 57 172 159 
France50 42 160 131 
Egypt20 59 154 175 
Germany36 32 116 108 
Russia42 32 106 89 
United Kingdom31 21 83 58 
Spain20 21 62 53 
Other264 267 766 719 
$2,111 $2,138 $6,238 $5,814 
Certain reclassifications have been made and are reflected in the table above.
Major Customers
Customers that accounted for 10% or more of total revenues were as follows:
Nine Months Ended September 30,
20212020
AmerisourceBergen Corporation18%17%
McKesson Corporation (including McKesson Specialty)16%17%
Cardinal Health, Inc.12%13%