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v3.23.2

SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of segment revenues and profit | Segment revenues and profits were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |  |
Salix | $ | 557 |  |  | $ | 501 |  |  | $ | 1,053 |  |  | $ | 965 |
International | 259 |  |  | 233 |  |  | 506 |  |  | 477 |
Solta Medical | 88 |  |  | 57 |  |  | 161 |  |  | 129 |
Diversified | 228 |  |  | 235 |  |  | 425 |  |  | 484 |
Bausch + Lomb | 1,035 |  |  | 941 |  |  | 1,966 |  |  | 1,830 |
| $ | 2,167 |  |  | $ | 1,967 |  |  | $ | 4,111 |  |  | $ | 3,885 |
Segment profits: |  |  |  |  |  |  |
Salix | $ | 386 |  |  | $ | 354 |  |  | $ | 700 |  |  | $ | 676 |
International | 68 |  |  | 66 |  |  | 145 |  |  | 157 |
Solta Medical | 45 |  |  | 20 |  |  | 81 |  |  | 55 |
Diversified | 138 |  |  | 141 |  |  | 245 |  |  | 299 |
Bausch + Lomb | 244 |  |  | 208 |  |  | 455 |  |  | 414 |
| 881 |  |  | 789 |  |  | 1,626 |  |  | 1,601 |
Corporate | (230) |  |  | (202) |  |  | (481) |  |  | (396) |
Amortization of intangible assets | (269) |  |  | (302) |  |  | (542) |  |  | (612) |
Goodwill impairments | — |  |  | (83) |  |  | — |  |  | (83) |
Asset impairments | (37) |  |  | (6) |  |  | (50) |  |  | (14) |
Restructuring, integration, separation and IPO costs | (16) |  |  | (35) |  |  | (26) |  |  | (48) |
Other income (expense), net | 83 |  |  | — |  |  | 60 |  |  | (2) |
Operating income | 412 |  |  | 161 |  |  | 587 |  |  | 446 |
Interest income | 7 |  |  | 3 |  |  | 13 |  |  | 5 |
Interest expense | (319) |  |  | (410) |  |  | (626) |  |  | (772) |
Gain on extinguishment of debt | — |  |  | 113 |  |  | — |  |  | 113 |
Foreign exchange and other | (21) |  |  | 4 |  |  | (31) |  |  | (3) |
Income (loss) before income taxes | $ | 79 |  |  | $ | (129) |  |  | $ | (57) |  |  | $ | (211) |
Schedule of 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 June 30, 2023
Pharmaceuticals | $ | 558 |  |  | $ | 60 |  |  | $ | — |  |  | $ | 194 |  |  | $ | 134 |  |  | $ | 946 |
Devices | — |  |  | — |  |  | 88 |  |  | — |  |  | 408 |  |  | 496 |
OTC | — |  |  | 39 |  |  | — |  |  | 1 |  |  | 421 |  |  | 461 |
Branded and Other Generics | — |  |  | 148 |  |  | — |  |  | 27 |  |  | 68 |  |  | 243 |
Other revenues | (1) |  |  | 12 |  |  | — |  |  | 6 |  |  | 4 |  |  | 21 |
| $ | 557 |  |  | $ | 259 |  |  | $ | 88 |  |  | $ | 228 |  |  | $ | 1,035 |  |  | $ | 2,167 |
| Three Months Ended June 30, 2022
Pharmaceuticals | $ | 501 |  |  | $ | 67 |  |  | $ | — |  |  | $ | 196 |  |  | $ | 114 |  |  | $ | 878 |
Devices | — |  |  | — |  |  | 57 |  |  | — |  |  | 393 |  |  | 450 |
OTC | — |  |  | 34 |  |  | — |  |  | 1 |  |  | 366 |  |  | 401 |
Branded and Other Generics | — |  |  | 122 |  |  | — |  |  | 31 |  |  | 62 |  |  | 215 |
Other revenues | — |  |  | 10 |  |  | — |  |  | 7 |  |  | 6 |  |  | 23 |
| $ | 501 |  |  | $ | 233 |  |  | $ | 57 |  |  | $ | 235 |  |  | $ | 941 |  |  | $ | 1,967 |
| Six Months Ended June 30, 2023
Pharmaceuticals | $ | 1,054 |  |  | $ | 117 |  |  | $ | — |  |  | $ | 356 |  |  | $ | 242 |  |  | $ | 1,769 |
Devices | — |  |  | — |  |  | 161 |  |  | — |  |  | 814 |  |  | 975 |
OTC | — |  |  | 78 |  |  | — |  |  | 3 |  |  | 774 |  |  | 855 |
Branded and Other Generics | — |  |  | 286 |  |  | — |  |  | 54 |  |  | 129 |  |  | 469 |
Other revenues | (1) |  |  | 25 |  |  | — |  |  | 12 |  |  | 7 |  |  | 43 |
| $ | 1,053 |  |  | $ | 506 |  |  | $ | 161 |  |  | $ | 425 |  |  | $ | 1,966 |  |  | $ | 4,111 |
| Six Months Ended June 30, 2022
Pharmaceuticals | $ | 965 |  |  | $ | 125 |  |  | $ | — |  |  | $ | 401 |  |  | $ | 221 |  |  | $ | 1,712 |
Devices | — |  |  | — |  |  | 129 |  |  | — |  |  | 779 |  |  | 908 |
OTC | — |  |  | 72 |  |  | — |  |  | 3 |  |  | 702 |  |  | 777 |
Branded and Other Generics | — |  |  | 255 |  |  | — |  |  | 67 |  |  | 116 |  |  | 438 |
Other revenues | — |  |  | 25 |  |  | — |  |  | 13 |  |  | 12 |  |  | 50 |
| $ | 965 |  |  | $ | 477 |  |  | $ | 129 |  |  | $ | 484 |  |  | $ | 1,830 |  |  | $ | 3,885 |
Schedule of revenue attributed to a geographic region | Revenues are attributed to a geographic region based on the location of the customer and were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, 2023
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
U.S. and Puerto Rico | $ | 1,269 |  |  | $ | 1,190 |  |  | $ | 2,380 |  |  | $ | 2,305 |
China | 114 |  |  | 74 |  |  | 202 |  |  | 177 |
Canada | 92 |  |  | 88 |  |  | 176 |  |  | 166 |
Poland | 75 |  |  | 63 |  |  | 150 |  |  | 139 |
Mexico | 75 |  |  | 69 |  |  | 144 |  |  | 130 |
France | 63 |  |  | 58 |  |  | 120 |  |  | 115 |
Japan | 48 |  |  | 50 |  |  | 98 |  |  | 101 |
Germany | 42 |  |  | 35 |  |  | 85 |  |  | 80 |
United Kingdom | 30 |  |  | 29 |  |  | 60 |  |  | 57 |
Russia | 36 |  |  | 38 |  |  | 70 |  |  | 63 |
Spain | 25 |  |  | 23 |  |  | 47 |  |  | 44 |
Italy | 23 |  |  | 23 |  |  | 44 |  |  | 43 |
South Korea | 23 |  |  | 20 |  |  | 45 |  |  | 39 |
Other | 252 |  |  | 207 |  |  | 490 |  |  | 426 |
| $ | 2,167 |  |  | $ | 1,967 |  |  | $ | 4,111 |  |  | $ | 3,885 |
Schedule of customers that accounted for 10% or more of total revenue | Customers that accounted for 10% or more of total revenues were as follows:
| Six Months Ended June 30, 2023
| 2023 |  | 2022
AmerisourceBergen Corporation | 18% |  | 16%
McKesson Corporation (including McKesson Specialty) | 14% |  | 13%
Cardinal Health, Inc. | 13% |  | 11%

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