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LICENSING AGREEMENTS AND ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of aggregate acquisition consideration | The estimated aggregate acquisition consideration of approximately $1,753 million is calculated as follows:
(in millions) |  |  |
Cash consideration paid to Novartis at closing, per the Acquisition Agreement |  | $ | 1,750 |  |
Estimated fair value of contingent consideration |  | 3 |  |
Preliminary aggregate purchase consideration |  | $ | 1,753 |  |
Schedule of fair values of assets acquired and liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed related to the XIIDRA Acquisition as of the acquisition date:
(in millions) |  |
Intangible assets, net |  | $ | 1,595 |
Prepaid expenses and other current assets |  | 167 |
Accrued and other current liabilities |  | (1) |
Other non-current liabilities |  | (31) |
Total identifiable net assets |  | 1,730 |
Goodwill |  | 23 |
Total fair value of consideration transferred |  | $ | 1,753 |
Schedule of intangible assets acquired, business combination | The intangible assets acquired, as well as their fair values and estimated useful life consist of the following:
(in millions) |  | Fair Value |  | Estimated Useful Life (In Years)
Product brands |  | $ | 1,590 |  |  | 8.75
Acquired in-process research and development intangible asset |  | 5 |  | N/A
Total Intangible assets, net |  | $ | 1,595 |  |  |
Schedule of pro forma information | The following table presents the unaudited pro forma condensed combined results of the Company and the acquired assets for the three and nine months ended September 30, 2023 and 2022 as if the XIIDRA Acquisition, and the related financing had occurred on January 1, 2022:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues | $ | 2,302 |  |  | $ | 2,155 |  |  | $ | 6,598 |  |  | $ | 6,273 |
Net (loss) income | $ | (466) |  |  | $ | 355 |  |  | $ | (783) |  |  | $ | (42) |
Net (loss) income attributable to Bausch Health Companies Inc. | $ | (448) |  |  | $ | 332 |  |  | $ | (732) |  |  | $ | (49) |
Schedule of intangible assets acquired, asset acquisition | The intangible assets acquired, their fair values and estimated useful lives consist of the following:
(in millions) |  | Fair Value |  | Estimated Useful Life (In Years)
Corporate brands |  | $ | 72 |  |  | 12
Product brands |  | 12 |  |  | 10
Technology and other |  | 6 |  |  | 9
Total Intangible assets, net |  | $ | 90 |  |  |

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- Definition Tabular disclosure of asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480123/805-50-15-3 + Details
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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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