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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Reportable Segments The Company’s Chief Executive Officer ("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: (i) Bausch + Lomb, (ii) Salix, (iii) International Rx, (iv) Ortho Dermatologics and (v) Diversified Products. 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 Ophthalmic Pharmaceuticals 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 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, including loss on assets held for sale, Restructuring, integration, separation and IPO costs, and Other 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. In connection with the planned separation of its Solta business into an independent publicly traded entity from the remainder of Bausch Health Companies Inc., on February 23, 2022, the Company announced its plan to change its segment structure in a manner which is consistent with the organizational structure of the two separate entities as proposed by the Solta IPO during the first quarter of 2022. The new segment structure will not impact the Company’s reporting units but will realign the two reporting units of the Ortho Dermatologics segment whereby its medical dermatology reporting unit (Ortho Dermatologics) will now be managed by the CODM as part of the Diversified Products segment and the Solta reporting unit will be managed by the CODM as its own operating and reportable segment. Accordingly, the Company expects to begin reporting under the following reporting segments on a retrospective basis beginning with its first quarter of 2022 as follows: Bausch + Lomb, Salix, International Rx, Solta and Diversified Products. Segment Revenues and Profit Segment revenues and profits for the years 2021, 2020 and 2019 were as follows:
(in millions) | 2021 |  | 2020 |  | 2019
Revenues: |  |  |  |  |
Bausch + Lomb | $ | 3,765 |  |  | $ | 3,415 |  |  | $ | 3,778 |
Salix | 2,074 |  |  | 1,904 |  |  | 2,022 |
International Rx | 1,166 |  |  | 1,181 |  |  | 1,154 |
Ortho Dermatologics | 564 |  |  | 548 |  |  | 560 |
Diversified Products | 865 |  |  | 979 |  |  | 1,087 |
Total revenues | $ | 8,434 |  |  | $ | 8,027 |  |  | $ | 8,601 |
Segment profit: |  |  |  |  |
Bausch + Lomb | $ | 958 |  |  | $ | 909 |  |  | $ | 1,117 |
Salix | 1,493 |  |  | 1,338 |  |  | 1,349 |
International Rx | 403 |  |  | 386 |  |  | 352 |
Ortho Dermatologics | 265 |  |  | 228 |  |  | 216 |
Diversified Products | 624 |  |  | 717 |  |  | 801 |
Total | 3,743 |  |  | 3,578 |  |  | 3,835 |
Corporate | (792) |  |  | (619) |  |  | (609) |
Amortization of intangible assets | (1,375) |  |  | (1,645) |  |  | (1,897) |
Goodwill impairments | (469) |  |  | — |  |  | — |
Asset impairments, including loss on assets held for sale | (234) |  |  | (114) |  |  | (75) |
Restructuring, integration, separation and IPO costs | (50) |  |  | (22) |  |  | (31) |
Other expense, net | (373) |  |  | (502) |  |  | (1,426) |
Operating income (loss) | 450 |  |  | 676 |  |  | (203) |
Interest income | 7 |  |  | 13 |  |  | 12 |
Interest expense | (1,426) |  |  | (1,534) |  |  | (1,612) |
Loss on extinguishment of debt | (62) |  |  | (59) |  |  | (42) |
Foreign exchange and other | 7 |  |  | (30) |  |  | 8 |
Loss before benefit from income taxes | $ | (1,024) |  |  | $ | (934) |  |  | $ | (1,837) |
Certain reclassifications have been made to segment revenue and profit in order for the prior years to conform to current year presentation. These reclassifications are not material. Capital Expenditures Capital expenditures by segment for the years 2021, 2020 and 2019 were as follows:
(in millions) | 2021 |  | 2020 |  | 2019
Capital expenditures: |  |  |  |  |
Bausch + Lomb | $ | 201 |  |  | $ | 253 |  |  | $ | 186 |
Salix | 2 |  |  | 3 |  |  | 2 |
International Rx | 22 |  |  | 29 |  |  | 39 |
Ortho Dermatologics | 1 |  |  | 2 |  |  | 1 |
Diversified Products | 1 |  |  | 2 |  |  | 2 |
| 227 |  |  | 289 |  |  | 230 |
Corporate | 42 |  |  | 13 |  |  | 40 |
Total capital expenditures | $ | 269 |  |  | $ | 302 |  |  | $ | 270 |
Revenues by Product and by Product Category Revenues for the Company's top ten products for the years 2021, 2020 and 2019 represented 43%, 41% and 39% of total product sales, respectively. Revenues by segment and product category were as follows:
| Bausch + Lomb |  | Salix |  | International Rx |  | Ortho Dermatologics |  | Diversified Products |  | Total
(in millions) | For the year ended December 31, 2021
Pharmaceuticals | $ | 514 |  |  | $ | 2,066 |  |  | $ | 259 |  |  | $ | 241 |  |  | $ | 683 |  |  | $ | 3,763 |
Devices | 1,596 |  |  | — |  |  | — |  |  | 307 |  |  | — |  |  | 1,903 |
OTC | 1,388 |  |  | — |  |  | 136 |  |  | — |  |  | 8 |  |  | 1,532 |
Branded and Other Generics | 240 |  |  | — |  |  | 737 |  |  | — |  |  | 167 |  |  | 1,144 |
Other revenues | 27 |  |  | 8 |  |  | 34 |  |  | 16 |  |  | 7 |  |  | 92 |
| $ | 3,765 |  |  | $ | 2,074 |  |  | $ | 1,166 |  |  | $ | 564 |  |  | $ | 865 |  |  | $ | 8,434 |
| Bausch + Lomb |  | Salix |  | International Rx |  | Ortho Dermatologics |  | Diversified Products |  | Total
| For the year ended December 31, 2020
Pharmaceuticals | $ | 506 |  |  | $ | 1,899 |  |  | $ | 255 |  |  | $ | 275 |  |  | $ | 745 |  |  | $ | 3,680 |
Devices | 1,313 |  |  | — |  |  | — |  |  | 253 |  |  | — |  |  | 1,566 |
OTC | 1,311 |  |  | — |  |  | 112 |  |  | — |  |  | 7 |  |  | 1,430 |
Branded and Other Generics | 254 |  |  | — |  |  | 775 |  |  | — |  |  | 219 |  |  | 1,248 |
Other revenues | 31 |  |  | 5 |  |  | 39 |  |  | 20 |  |  | 8 |  |  | 103 |
| $ | 3,415 |  |  | $ | 1,904 |  |  | $ | 1,181 |  |  | $ | 548 |  |  | $ | 979 |  |  | $ | 8,027 |
| Bausch + Lomb |  | Salix |  | International Rx |  | Ortho Dermatologics |  | Diversified Products |  | Total
| For the year ended December 31, 2019
Pharmaceuticals | $ | 623 |  |  | $ | 2,022 |  |  | $ | 268 |  |  | $ | 353 |  |  | $ | 813 |  |  | $ | 4,079 |
Devices | 1,524 |  |  | — |  |  | — |  |  | 193 |  |  | — |  |  | 1,717 |
OTC | 1,322 |  |  | — |  |  | 119 |  |  | — |  |  | 6 |  |  | 1,447 |
Branded and Other Generics | 260 |  |  | — |  |  | 730 |  |  | — |  |  | 256 |  |  | 1,246 |
Other revenues | 49 |  |  | — |  |  | 37 |  |  | 14 |  |  | 12 |  |  | 112 |
| $ | 3,778 |  |  | $ | 2,022 |  |  | $ | 1,154 |  |  | $ | 560 |  |  | $ | 1,087 |  |  | $ | 8,601 |
Geographic Information Revenues are attributed to a geographic region based on the location of the customer for the years 2021, 2020 and 2019 were as follows:
(in millions) | 2021 |  | 2020 |  | 2019
U.S. and Puerto Rico | $ | 4,887 |  |  | $ | 4,791 |  |  | $ | 5,164 |
China | 490 |  |  | 341 |  |  | 368 |
Canada | 343 |  |  | 331 |  |  | 339 |
Poland | 280 |  |  | 238 |  |  | 231 |
Mexico | 256 |  |  | 225 |  |  | 228 |
Japan | 230 |  |  | 226 |  |  | 241 |
France | 208 |  |  | 179 |  |  | 201 |
Russia | 160 |  |  | 137 |  |  | 180 |
Egypt | 156 |  |  | 243 |  |  | 218 |
Germany | 154 |  |  | 144 |  |  | 150 |
United Kingdom | 116 |  |  | 86 |  |  | 115 |
Spain | 88 |  |  | 78 |  |  | 86 |
Italy | 80 |  |  | 71 |  |  | 85 |
Other | 986 |  |  | 937 |  |  | 995 |
| $ | 8,434 |  |  | $ | 8,027 |  |  | $ | 8,601 |
Certain reclassifications have been made and are reflected in the table above. Long-lived assets consisting of property, plant and equipment, net of accumulated depreciation, are attributed to geographic regions based on their physical location as of December 31, 2021 and 2020 were as follows:
(in millions) | 2021 |  | 2020
U.S. and Puerto Rico | $ | 743 |  |  | $ | 725 |
Ireland | 336 |  |  | 328 |
Canada | 123 |  |  | 110 |
Poland | 75 |  |  | 83 |
Germany | 87 |  |  | 80 |
Mexico | 45 |  |  | 49 |
France | 39 |  |  | 34 |
China | 30 |  |  | 31 |
Serbia | 25 |  |  | 30 |
Italy | 21 |  |  | 23 |
Other | 74 |  |  | 74 |
| $ | 1,598 |  |  | $ | 1,567 |
Major Customers Customers that accounted for 10% or more of total revenues were as follows:
| 2021 |  | 2020 |  | 2019
AmerisourceBergen Corporation | 18% |  | 17% |  | 16%
McKesson Corporation | 16% |  | 17% |  | 17%
Cardinal Health, Inc. | 12% |  | 13% |  | 14%

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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