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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of the components and classification of share-based compensation expense | The following table summarizes the components and classification of the Company’s share-based compensation expense related to stock options and RSUs for the years 2022, 2021 and 2020 were as follows:
(in millions) |  | 2022 |  | 2021 |  | 2020
Stock options |  | $ | 15 |  |  | $ | 15 |  |  | $ | 15 |
RSUs |  | 111 |  |  | 113 |  |  | 90 |
Share-based compensation expense |  | $ | 126 |  |  | $ | 128 |  |  | $ | 105 |
Research and development expenses |  | $ | 12 |  |  | $ | 10 |  |  | $ | 11 |
Selling, general and administrative expenses |  | 114 |  |  | 118 |  |  | 94 |
Share-based compensation expense |  | $ | 126 |  |  | $ | 128 |  |  | $ | 105 |
Schedule of weighted-average assumption as of the date of grant using the Black Scholes option-pricing model | The fair values of all stock options granted for the years 2022, 2021 and 2020 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  | 2022 |  | 2021 |  | 2020
Expected stock option life (years) |  | 3.0 |  | 3.0 |  | 3.0
Expected volatility |  | 37.8 | % |  | 50.2 | % |  | 38.7 | %
Risk-free interest rate |  | 1.8 | % |  | 0.4 | % |  | 1.2 | %
Expected dividend yield |  | — | % |  | — | % |  | — | %
2022 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  |  |  |  |  | 2022
Expected stock option life (years) |  |  |  |  |  | 3.0
Expected volatility |  |  |  |  |  | 31.5 | %
Risk-free interest rate |  |  |  |  |  | 3.1 | %
Expected dividend yield |  |  |  |  |  | — | %
Summary of stock option activity | The following table summarizes stock option activity during 2022:
(in millions, except per share amounts) |  | Options |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding, January 1, 2022 |  | 8.9 |  |  | $ | 27.65 |  |  |  |  |
Granted |  | 2.6 |  |  | $ | 23.95 |  |  |  |  |
Exercised |  | (0.1) |  |  | $ | 19.57 |  |  |  |  |
Expired or forfeited |  | (0.6) |  |  | $ | 28.29 |  |  |  |  |
Outstanding, December 31, 2022 |  | 10.8 |  |  | $ | 26.83 |  |  | 6.0 |  | $ | — |
Vested and expected to vest, December 31, 2022 |  | 10.3 |  |  | $ | 26.86 |  |  | 5.9 |  | $ | — |
Vested and exercisable, December 31, 2022 |  | 6.9 |  |  | $ | 27.39 |  |  | 4.5 |  | $ | — |
The following table summarizes stock option activity under Bausch + Lomb’s Plan during 2022:
(in millions, except per share amounts) |  | Options |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding, January 1, 2022 |  | — |  |  | $ | — |  |  |  |  |
Granted |  | 6.4 |  |  | $ | 18.00 |  |  |  |  |
Exercised |  | — |  |  | $ | — |  |  |  |  |
Expired or forfeited |  | (0.1) |  |  | $ | 18.00 |  |  |  |  |
Outstanding, December 31, 2022 |  | 6.3 |  |  | $ | 18.00 |  |  | 9.4 |  | $ | — |
Vested and expected to vest, December 31, 2022 |  | 1.2 |  |  | $ | 18.00 |  |  | 4.5 |  | $ | — |
Vested and exercisable, December 31, 2022 |  | — |  |  | $ | — |  |  | 0 |  | $ | — |
Summary of non-vested time-based RSU activity | The following table summarizes non-vested time-based RSU activity during 2022:
(in millions, except per share amounts) |  | Time-Based RSUs |  | Weighted- Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2022 |  | 5.4 |  |  | $ | 28.16 |
Granted |  | 6.4 |  |  | $ | 11.44 |
Vested |  | (3.0) |  |  | $ | 26.55 |
Forfeited |  | (0.5) |  |  | $ | 24.63 |
Non-vested, December 31, 2022 |  | 8.3 |  |  | $ | 15.97 |
The following table summarizes non-vested time-based RSU activity under Bausch + Lomb’s Plan during 2022:
(in millions, except per share amounts) |  | Performance-based RSUs |  | Weighted- Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2022 |  | — |  |  | $ | — |
Granted |  | 4.3 |  |  | $ | 16.70 |
Vested |  | — |  |  | $ | — |
Forfeited |  | (0.1) |  |  | $ | 17.93 |
Non-vested, December 31, 2022 |  | 4.2 |  |  | $ | 16.67 |
Schedule of assumptions used to calculate the fair values of performance-based RSUs | The fair values of TSR performance-based RSUs granted during 2021 and 2020 were estimated with the following assumptions:
|  | 2022 |  | 2021 |  | 2020
Contractual term (years) |  | N/A |  | 3.0 |  | 3.0
Expected Company share volatility |  | N/A |  | 52% |  | 38.6%
Risk-free interest rate |  | N/A |  | 0.4% |  | 1.2%
Summary of non-vested performance-based RSU activity | The following table summarizes non-vested performance-based RSU activity during 2022:
(in millions, except per share amounts) |  | Performance-based RSUs |  | Weighted- Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2022 |  | 2.3 |  |  | $ | 33.92 |
Granted |  | 0.4 |  |  | $ | 9.40 |
Vested |  | (1.0) |  |  | $ | 30.89 |
Forfeited |  | (0.1) |  |  | $ | 34.32 |
Non-vested, December 31, 2022 |  | 1.6 |  |  | $ | 29.83 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of equity based payment instruments, excluding stock (or unit) options, including but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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