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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Reportable Segments The following is a brief description of the Company’s segments: •The Salix segment consists of sales in the U.S. of GI products. Sales of the Xifaxan® product line represented approximately 80% of the Salix segment’s revenues. •The International segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta Medical aesthetic medical devices, outside the U.S. and Puerto Rico of branded pharmaceutical products, branded generic pharmaceutical products and OTC products. •The Solta Medical segment consists of global sales of Solta Medical aesthetic medical devices. •The Diversified (formerly 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) dermatology products, (iii) generic pharmaceutical products and (iv) dentistry products. •The Bausch + Lomb segment consists of global sales of Bausch + Lomb Vision Care, Surgical and Ophthalmic Pharmaceuticals products. Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs, such as Amortization of intangible assets, Asset impairments, Goodwill impairments, 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. Segment Revenues and Profits Segment revenues and profits were as follows:
| Three Months Ended March 31, |  |
(in millions) | 2023 |  | 2022 |  |  |  |
Revenues: |  |  |  |  |  |  |
Salix | $ | 496 |  |  | $ | 464 |  |  |  |  |
International | 247 |  |  | 244 |  |  |  |  |
Solta Medical | 73 |  |  | 72 |  |  |  |  |
Diversified | 197 |  |  | 249 |  |  |  |  |
Bausch + Lomb | 931 |  |  | 889 |  |  |  |  |
| $ | 1,944 |  |  | $ | 1,918 |  |  |  |  |
Segment profits: |  |  |  |  |  |  |
Salix | $ | 314 |  |  | $ | 322 |  |  |  |  |
International | 77 |  |  | 91 |  |  |  |  |
Solta Medical | 36 |  |  | 35 |  |  |  |  |
Diversified | 107 |  |  | 158 |  |  |  |  |
Bausch + Lomb | 211 |  |  | 206 |  |  |  |  |
| 745 |  |  | 812 |  |  |  |  |
Corporate | (251) |  |  | (194) |  |  |  |  |
Amortization of intangible assets | (273) |  |  | (310) |  |  |  |  |
Asset impairments | (13) |  |  | (8) |  |  |  |  |
Restructuring, integration, separation and IPO costs | (10) |  |  | (13) |  |  |  |  |
Other expense, net | (23) |  |  | (2) |  |  |  |  |
Operating income | 175 |  |  | 285 |  |  |  |  |
Interest income | 6 |  |  | 2 |  |  |  |  |
Interest expense | (307) |  |  | (362) |  |  |  |  |
Foreign exchange and other | (10) |  |  | (7) |  |  |  |  |
Loss before income taxes | $ | (136) |  |  | $ | (82) |  |  |  |  |
Revenues by Segment and Product Category Revenues by segment and product category were as follows:
(in millions) | Salix |  | International |  | Solta Medical |  | Diversified |  | Bausch + Lomb |  | Total
| Three Months Ended March 31, 2023
Pharmaceuticals | $ | 496 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 162 |  |  | $ | 108 |  |  | $ | 823 |
Devices | — |  |  | — |  |  | 73 |  |  | — |  |  | 406 |  |  | 479 |
OTC | — |  |  | 39 |  |  | — |  |  | 2 |  |  | 353 |  |  | 394 |
Branded and Other Generics | — |  |  | 138 |  |  | — |  |  | 27 |  |  | 61 |  |  | 226 |
Other revenues | — |  |  | 13 |  |  | — |  |  | 6 |  |  | 3 |  |  | 22 |
| $ | 496 |  |  | $ | 247 |  |  | $ | 73 |  |  | $ | 197 |  |  | $ | 931 |  |  | $ | 1,944 |
| Three Months Ended March 31, 2022
Pharmaceuticals | $ | 464 |  |  | $ | 58 |  |  | $ | — |  |  | $ | 205 |  |  | $ | 107 |  |  | $ | 834 |
Devices | — |  |  | — |  |  | 72 |  |  | — |  |  | 386 |  |  | 458 |
OTC | — |  |  | 38 |  |  | — |  |  | 2 |  |  | 336 |  |  | 376 |
Branded and Other Generics | — |  |  | 133 |  |  | — |  |  | 36 |  |  | 54 |  |  | 223 |
Other revenues | — |  |  | 15 |  |  | — |  |  | 6 |  |  | 6 |  |  | 27 |
| $ | 464 |  |  | $ | 244 |  |  | $ | 72 |  |  | $ | 249 |  |  | $ | 889 |  |  | $ | 1,918 |
The top ten products for the three months ended March 31, 2023 and 2022 represented 48% and 47% of total revenues for the three months ended March 31, 2023 and 2022, respectively. Geographic Information Revenues are attributed to a geographic region based on the location of the customer and were as follows:
|  |  | Three Months Ended March 31,
(in millions) |  |  |  |  | 2023 |  | 2022
U.S. and Puerto Rico |  |  |  |  | $ | 1,111 |  |  | $ | 1,115 |
China |  |  |  |  | 88 |  |  | 103 |
Canada |  |  |  |  | 84 |  |  | 78 |
Poland |  |  |  |  | 75 |  |  | 76 |
Mexico |  |  |  |  | 69 |  |  | 61 |
France |  |  |  |  | 57 |  |  | 57 |
Japan |  |  |  |  | 50 |  |  | 51 |
Germany |  |  |  |  | 43 |  |  | 45 |
United Kingdom |  |  |  |  | 30 |  |  | 28 |
Russia |  |  |  |  | 34 |  |  | 25 |
Spain |  |  |  |  | 22 |  |  | 21 |
Italy |  |  |  |  | 21 |  |  | 20 |
South Korea |  |  |  |  | 22 |  |  | 19 |
Other |  |  |  |  | 238 |  |  | 219 |
|  |  |  |  | $ | 1,944 |  |  | $ | 1,918 |
Major Customers Customers that accounted for 10% or more of total revenues were as follows:
| Three Months Ended March 31,
| 2023 |  | 2022
AmerisourceBergen Corporation | 19% |  | 18%
McKesson Corporation (including McKesson Specialty) | 14% |  | 14%
Cardinal Health, Inc. | 13% |  | 13%

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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