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SEGMENT INFORMATION
 9 Months Ended
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)2023202220232022
Revenues:
Salix$614 $544 $1,667 $1,509 
International275 250 781 727 
Solta Medical83 72 244 201 
Diversified259 238 684 722 
Bausch + Lomb1,007 942 2,973 2,772 
$2,238 $2,046 $6,349 $5,931 
Segment profits:
Salix$429 $391 $1,129 $1,067 
International91 85 236 242 
Solta Medical33 33 114 88 
Diversified172 151 417 450 
Bausch + Lomb244 226 699 640 
969 886 2,595 2,487 
Corporate(222)(218)(703)(614)
Amortization of intangible assets(253)(290)(795)(902)
Goodwill impairments(402)(119)(402)(202)
Asset impairments(4)(1)(54)(15)
Restructuring, integration, separation and IPO costs(14)(10)(40)(58)
Other expense, net(60)(4)— (6)
Operating income14 244 601 690 
Interest income6 3 19 8 
Interest expense(339)(385)(965)(1,157)
Gain on extinguishment of debt— 570 — 683 
Foreign exchange and other(7)7 (38)4 
(Loss) income before income taxes$(326)$439 $(383)$228 
Revenues by Segment and Product Category
Revenues by segment and product category were as follows:
(in millions)SalixInternationalSolta MedicalDiversifiedBausch + LombTotal
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 revenues1 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 revenues1 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 revenues1 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)2023202220232022
U.S. and Puerto Rico$1,358 $1,219 $3,738 $3,524 
China113 116 315 293 
Canada92 92 268 258 
Poland82 65 232 204 
Mexico90 70 234 200 
France49 44 169 159 
Japan47 47 145 148 
Russia35 59 105 122 
Germany34 32 119 112 
United Kingdom32 28 92 85 
South Korea24 19 69 58 
Spain20 17 67 61 
Italy20 17 64 60 
Other242 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,
20232022
AmerisourceBergen Corporation19%16%
McKesson Corporation (including McKesson Specialty)15%13%
Cardinal Health, Inc.13%11%