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v3.23.3

SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of segment revenues and profit | 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 |
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 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 |
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 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 |
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:
| 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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