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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of the components and classification of share-based compensation expense | The following table summarizes the components and classification of the Company’s share-based compensation expense related to stock options and RSUs for the years 2023, 2022 and 2021 were as follows:
(in millions) |  | 2023 |  | 2022 |  | 2021
Stock options |  | $ | 17 |  |  | $ | 15 |  |  | $ | 15 |
RSUs |  | 115 |  |  | 111 |  |  | 113 |
Share-based compensation expense |  | $ | 132 |  |  | $ | 126 |  |  | $ | 128 |
Research and development expenses |  | $ | 11 |  |  | $ | 12 |  |  | $ | 10 |
Selling, general and administrative expenses |  | 121 |  |  | 114 |  |  | 118 |
Share-based compensation expense |  | $ | 132 |  |  | $ | 126 |  |  | $ | 128 |
Schedule of weighted-average assumption as of the date of grant using the Black Scholes option-pricing model | The fair values of all stock options granted for the years 2023, 2022 and 2021 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  | 2023 |  | 2022 |  | 2021
Expected stock option life (years) |  | 3.0 |  | 3.0 |  | 3.0
Expected volatility |  | 76.1 | % |  | 37.8 | % |  | 50.2 | %
Risk-free interest rate |  | 4.8 | % |  | 1.8 | % |  | 0.4 | %
Expected dividend yield |  | — | % |  | — | % |  | — | %
The fair values of all stock options granted under the Bausch + Lomb Plan for the years 2023 and 2022 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  |  |  | 2023 |  | 2022
Expected stock option life (years) |  |  |  | 3.0 |  | 3.0
Expected volatility |  |  |  | 35.3 | % |  | 31.5 | %
Risk-free interest rate |  |  |  | 4.6 | % |  | 3.1 | %
Expected dividend yield |  |  |  | — | % |  | — | %
Summary of stock option activity | The following table summarizes stock option activity during 2023:
(in millions, except per share amounts) |  | Options |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding, January 1, 2023 |  | 10.8 |  |  | $ | 26.83 |  |  |  |  |
Granted |  | 1.0 |  |  | $ | 9.25 |  |  |  |  |
Exercised |  | — |  |  | $ | — |  |  |  |  |
Expired or forfeited |  | (1.1) |  |  | $ | 42.99 |  |  |  |  |
Outstanding, December 31, 2023 |  | 10.7 |  |  | $ | 23.52 |  |  | 4.4 |  | $ | — |
Vested and expected to vest, December 31, 2023 |  | 10.4 |  |  | $ | 23.61 |  |  | 4.3 |  | $ | — |
Vested and exercisable, December 31, 2023 |  | 8.2 |  |  | $ | 24.59 |  |  | 3.2 |  | $ | — |
The following table summarizes stock option activity under Bausch + Lomb’s Plan during 2023:
(in millions, except per share amounts) |  | Options |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding, January 1, 2023 |  | 6.3 |  |  | $ | 18.00 |  |  |  |  |
Granted |  | 3.5 |  |  | $ | 18.15 |  |  |  |  |
Exercised |  | — |  |  | $ | — |  |  |  |  |
Expired or forfeited |  | (1.8) |  |  | $ | 17.99 |  |  |  |  |
Outstanding, December 31, 2023 |  | 8.0 |  |  | $ | 18.07 |  |  | 7.7 |  | $ | — |
Vested and expected to vest, December 31, 2023 |  | 4.7 |  |  | $ | 18.12 |  |  | 7.0 |  | $ | — |
Vested and exercisable, December 31, 2023 |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Summary of non-vested RSU activity | The following table summarizes non-vested time-based RSU activity during 2023:
(in millions, except per share amounts) |  | Time-Based RSUs |  | Weighted- Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2023 |  | 8.3 |  |  | $ | 15.97 |
Granted |  | 5.1 |  |  | $ | 8.99 |
Vested |  | (4.3) |  |  | $ | 17.20 |
Forfeited |  | (1.1) |  |  | $ | 11.08 |
Non-vested, December 31, 2023 |  | 8.0 |  |  | $ | 11.61 |
The following table summarizes non-vested RSU activity under Bausch + Lomb’s Plan during 2023:
(in millions, except per share amounts) |  | Restricted Stock Units (RSUs) |  | Weighted-Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2023 |  | 4.2 |  |  | $ | 16.67 |
Granted |  | 3.4 |  |  | $ | 17.91 |
Vested |  | (1.6) |  |  | $ | 16.86 |
Forfeited |  | (0.7) |  |  | $ | 17.91 |
Non-vested, December 31, 2023 |  | 5.3 |  |  | $ | 17.25 |
The following table summarizes the performance-based PSU activity during 2023:
(in millions, except per share amounts) |  | Performance-based RSUs |  | Weighted-Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2023 |  | — |  |  | $ | — |
Granted |  | 1.3 |  |  | $ | 26.61 |
Vested |  | — |  |  | $ | — |
Forfeited |  | (0.1) |  |  | $ | 24.96 |
Non-vested, December 31, 2023 |  | 1.2 |  |  | $ | 26.82 |
Schedule of assumptions used to calculate the fair values of performance-based RSUs | The fair values of TSR performance-based RSUs granted during 2023 and 2021 were estimated with the following assumptions:
|  | 2023 |  | 2022 |  | 2021
Contractual term (years) |  | 3 |  | N/A |  | 3.0
Expected Company share volatility |  | 76% |  | N/A |  | 52%
Risk-free interest rate |  | 5% |  | N/A |  | 0.4%
The fair values of TSR PSUs granted during 2023 were estimated with the following assumptions:
|  |  |  |  |  | 2023
Contractual term (years) |  |  |  |  |  | 3.6
Expected volatility |  |  |  |  |  | 35.4%
Risk-free interest rate |  |  |  |  |  | 4.5%
Summary of non-vested performance-based RSU activity | The following table summarizes non-vested performance-based RSU activity during 2023:
(in millions, except per share amounts) |  | Performance-based RSUs |  | Weighted- Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2023 |  | 1.6 |  |  | $ | 29.83 |
Granted |  | 0.6 |  |  | $ | 10.57 |
Vested |  | (1.4) |  |  | $ | 30.06 |
Forfeited |  | (0.1) |  |  | $ | 16.24 |
Non-vested, December 31, 2023 |  | 0.7 |  |  | $ | 10.57 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of equity based payment instruments, excluding stock (or unit) options, including but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
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