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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

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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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.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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