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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 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 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 (income) 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 September 30, |  | Nine Months Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |  |
Salix | $ | 614 |  |  | $ | 544 |  |  | $ | 1,667 |  |  | $ | 1,509 |
International | 275 |  |  | 250 |  |  | 781 |  |  | 727 |
Solta Medical | 83 |  |  | 72 |  |  | 244 |  |  | 201 |
Diversified | 259 |  |  | 238 |  |  | 684 |  |  | 722 |
Bausch + Lomb | 1,007 |  |  | 942 |  |  | 2,973 |  |  | 2,772 |
| $ | 2,238 |  |  | $ | 2,046 |  |  | $ | 6,349 |  |  | $ | 5,931 |
Segment profits: |  |  |  |  |  |  |
Salix | $ | 429 |  |  | $ | 391 |  |  | $ | 1,129 |  |  | $ | 1,067 |
International | 91 |  |  | 85 |  |  | 236 |  |  | 242 |
Solta Medical | 33 |  |  | 33 |  |  | 114 |  |  | 88 |
Diversified | 172 |  |  | 151 |  |  | 417 |  |  | 450 |
Bausch + Lomb | 244 |  |  | 226 |  |  | 699 |  |  | 640 |
| 969 |  |  | 886 |  |  | 2,595 |  |  | 2,487 |
Corporate | (222) |  |  | (218) |  |  | (703) |  |  | (614) |
Amortization of intangible assets | (253) |  |  | (290) |  |  | (795) |  |  | (902) |
Goodwill impairments | (402) |  |  | (119) |  |  | (402) |  |  | (202) |
Asset impairments | (4) |  |  | (1) |  |  | (54) |  |  | (15) |
Restructuring, integration, separation and IPO costs | (14) |  |  | (10) |  |  | (40) |  |  | (58) |
Other expense, net | (60) |  |  | (4) |  |  | — |  |  | (6) |
Operating income | 14 |  |  | 244 |  |  | 601 |  |  | 690 |
Interest income | 6 |  |  | 3 |  |  | 19 |  |  | 8 |
Interest expense | (339) |  |  | (385) |  |  | (965) |  |  | (1,157) |
Gain on extinguishment of debt | — |  |  | 570 |  |  | — |  |  | 683 |
Foreign exchange and other | (7) |  |  | 7 |  |  | (38) |  |  | 4 |
(Loss) income before income taxes | $ | (326) |  |  | $ | 439 |  |  | $ | (383) |  |  | $ | 228 |
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 September 30, 2023
Pharmaceuticals | $ | 613 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 210 |  |  | $ | 113 |  |  | $ | 999 |
Devices | — |  |  | — |  |  | 83 |  |  | — |  |  | 411 |  |  | 494 |
OTC | — |  |  | 47 |  |  | — |  |  | 2 |  |  | 408 |  |  | 457 |
Branded and Other Generics | — |  |  | 151 |  |  | — |  |  | 40 |  |  | 72 |  |  | 263 |
Other revenues | 1 |  |  | 14 |  |  | — |  |  | 7 |  |  | 3 |  |  | 25 |
| $ | 614 |  |  | $ | 275 |  |  | $ | 83 |  |  | $ | 259 |  |  | $ | 1,007 |  |  | $ | 2,238 |
| Three Months Ended September 30, 2022
Pharmaceuticals | $ | 543 |  |  | $ | 68 |  |  | $ | — |  |  | $ | 206 |  |  | $ | 118 |  |  | $ | 935 |
Devices | — |  |  | — |  |  | 72 |  |  | — |  |  | 390 |  |  | 462 |
OTC | — |  |  | 39 |  |  | — |  |  | 2 |  |  | 364 |  |  | 405 |
Branded and Other Generics | — |  |  | 131 |  |  | — |  |  | 24 |  |  | 65 |  |  | 220 |
Other revenues | 1 |  |  | 12 |  |  | — |  |  | 6 |  |  | 5 |  |  | 24 |
| $ | 544 |  |  | $ | 250 |  |  | $ | 72 |  |  | $ | 238 |  |  | $ | 942 |  |  | $ | 2,046 |
| Nine Months Ended September 30, 2023
Pharmaceuticals | $ | 1,668 |  |  | $ | 178 |  |  | $ | — |  |  | $ | 567 |  |  | $ | 355 |  |  | $ | 2,768 |
Devices | — |  |  | — |  |  | 244 |  |  | — |  |  | 1,225 |  |  | 1,469 |
OTC | — |  |  | 125 |  |  | — |  |  | 6 |  |  | 1,182 |  |  | 1,313 |
Branded and Other Generics | — |  |  | 438 |  |  | — |  |  | 92 |  |  | 201 |  |  | 731 |
Other revenues | (1) |  |  | 40 |  |  | — |  |  | 19 |  |  | 10 |  |  | 68 |
| $ | 1,667 |  |  | $ | 781 |  |  | $ | 244 |  |  | $ | 684 |  |  | $ | 2,973 |  |  | $ | 6,349 |
| Nine Months Ended September 30, 2022
Pharmaceuticals | $ | 1,508 |  |  | $ | 192 |  |  | $ | — |  |  | $ | 608 |  |  | $ | 339 |  |  | $ | 2,647 |
Devices | — |  |  | — |  |  | 201 |  |  | — |  |  | 1,169 |  |  | 1,370 |
OTC | — |  |  | 112 |  |  | — |  |  | 5 |  |  | 1,066 |  |  | 1,183 |
Branded and Other Generics | — |  |  | 385 |  |  | — |  |  | 91 |  |  | 181 |  |  | 657 |
Other revenues | 1 |  |  | 38 |  |  | — |  |  | 18 |  |  | 17 |  |  | 74 |
| $ | 1,509 |  |  | $ | 727 |  |  | $ | 201 |  |  | $ | 722 |  |  | $ | 2,772 |  |  | $ | 5,931 |
The top ten products for the nine months ended September 30, 2023 and 2022 represented 48% of total revenues for each of the nine months ended September 30, 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 September 30, |  | Nine Months Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
U.S. and Puerto Rico | $ | 1,358 |  |  | $ | 1,219 |  |  | $ | 3,738 |  |  | $ | 3,524 |
China | 113 |  |  | 116 |  |  | 315 |  |  | 293 |
Canada | 92 |  |  | 92 |  |  | 268 |  |  | 258 |
Poland | 82 |  |  | 65 |  |  | 232 |  |  | 204 |
Mexico | 90 |  |  | 70 |  |  | 234 |  |  | 200 |
France | 49 |  |  | 44 |  |  | 169 |  |  | 159 |
Japan | 47 |  |  | 47 |  |  | 145 |  |  | 148 |
Russia | 35 |  |  | 59 |  |  | 105 |  |  | 122 |
Germany | 34 |  |  | 32 |  |  | 119 |  |  | 112 |
United Kingdom | 32 |  |  | 28 |  |  | 92 |  |  | 85 |
South Korea | 24 |  |  | 19 |  |  | 69 |  |  | 58 |
Spain | 20 |  |  | 17 |  |  | 67 |  |  | 61 |
Italy | 20 |  |  | 17 |  |  | 64 |  |  | 60 |
Other | 242 |  |  | 221 |  |  | 732 |  |  | 647 |
| $ | 2,238 |  |  | $ | 2,046 |  |  | $ | 6,349 |  |  | $ | 5,931 |
Major Customers Customers that accounted for 10% or more of total revenues were as follows:
| Nine Months Ended September 30,
| 2023 |  | 2022
AmerisourceBergen Corporation | 19% |  | 16%
McKesson Corporation (including McKesson Specialty) | 15% |  | 13%
Cardinal Health, Inc. | 13% |  | 11%

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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