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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of segment revenues and profit | Segment revenues and profits for the years 2023, 2022 and 2021 were as follows:
(in millions) | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |
Salix | $ | 2,250 |  |  | $ | 2,090 |  |  | $ | 2,074 |
International | 1,071 |  |  | 988 |  |  | 1,166 |
Solta Medical | 347 |  |  | 300 |  |  | 308 |
Diversified | 943 |  |  | 978 |  |  | 1,121 |
Bausch + Lomb | 4,146 |  |  | 3,768 |  |  | 3,765 |
Total revenues | $ | 8,757 |  |  | $ | 8,124 |  |  | $ | 8,434 |
Segment profit: |  |  |  |  |
Salix | $ | 1,548 |  |  | $ | 1,489 |  |  | $ | 1,493 |
International | 335 |  |  | 324 |  |  | 403 |
Solta Medical | 161 |  |  | 135 |  |  | 167 |
Diversified | 586 |  |  | 612 |  |  | 722 |
Bausch + Lomb | 980 |  |  | 874 |  |  | 958 |
Total | 3,610 |  |  | 3,434 |  |  | 3,743 |
Corporate | (933) |  |  | (828) |  |  | (792) |
Amortization of intangible assets | (1,077) |  |  | (1,215) |  |  | (1,375) |
Goodwill impairments | (493) |  |  | (824) |  |  | (469) |
Asset impairments, including loss on assets held for sale | (54) |  |  | (15) |  |  | (234) |
Restructuring, integration, separation and IPO costs | (62) |  |  | (63) |  |  | (50) |
Other expense, net | (28) |  |  | (35) |  |  | (373) |
Operating income | 963 |  |  | 454 |  |  | 450 |
Interest income | 26 |  |  | 14 |  |  | 7 |
Interest expense | (1,328) |  |  | (1,464) |  |  | (1,426) |
Gain (loss) on extinguishment of debt | 1 |  |  | 875 |  |  | (62) |
Foreign exchange and other | (52) |  |  | (8) |  |  | 7 |
Loss before income taxes | $ | (390) |  |  | $ | (129) |  |  | $ | (1,024) |
Schedule of capital expenditures, depreciation and amortization by segment | Capital expenditures by segment for the years 2023, 2022 and 2021 were as follows:
(in millions) | 2023 |  | 2022 |  | 2021
Capital expenditures: |  |  |  |  |
Salix | $ | 7 |  |  | $ | 3 |  |  | $ | 2 |
International | 20 |  |  | 21 |  |  | 22 |
Solta Medical | — |  |  | 3 |  |  | 2 |
Diversified | 3 |  |  | 1 |  |  | — |
Bausch + Lomb | 181 |  |  | 178 |  |  | 201 |
| 211 |  |  | 206 |  |  | 227 |
Corporate | 4 |  |  | 14 |  |  | 42 |
Total capital expenditures | $ | 215 |  |  | $ | 220 |  |  | $ | 269 |
Schedule of revenues by segment and by product category | Revenues by segment and product category were as follows:
| Salix |  | International |  | Solta Medical |  | Diversified |  | Bausch + Lomb |  | Total
(in millions) | For the year ended December 31, 2023
Pharmaceuticals | $ | 2,251 |  |  | $ | 250 |  |  | $ | — |  |  | $ | 790 |  |  | $ | 618 |  |  | $ | 3,909 |
Devices | — |  |  | — |  |  | 347 |  |  | — |  |  | 1,650 |  |  | 1,997 |
OTC | — |  |  | 179 |  |  | — |  |  | 7 |  |  | 1,611 |  |  | 1,797 |
Branded and Other Generics | — |  |  | 588 |  |  | — |  |  | 120 |  |  | 252 |  |  | 960 |
Other revenues | (1) |  |  | 54 |  |  | — |  |  | 26 |  |  | 15 |  |  | 94 |
| $ | 2,250 |  |  | $ | 1,071 |  |  | $ | 347 |  |  | $ | 943 |  |  | $ | 4,146 |  |  | $ | 8,757 |
| For the year ended December 31, 2022
Pharmaceuticals | $ | 2,090 |  |  | $ | 258 |  |  | $ | — |  |  | $ | 826 |  |  | $ | 468 |  |  | $ | 3,642 |
Devices | — |  |  | — |  |  | 300 |  |  | — |  |  | 1,572 |  |  | 1,872 |
OTC | — |  |  | 151 |  |  | — |  |  | 7 |  |  | 1,461 |  |  | 1,619 |
Branded and Other Generics | — |  |  | 527 |  |  | — |  |  | 120 |  |  | 245 |  |  | 892 |
Other revenues | — |  |  | 52 |  |  | — |  |  | 25 |  |  | 22 |  |  | 99 |
| $ | 2,090 |  |  | $ | 988 |  |  | $ | 300 |  |  | $ | 978 |  |  | $ | 3,768 |  |  | $ | 8,124 |
| For the year ended December 31, 2021
Pharmaceuticals | $ | 2,066 |  |  | $ | 260 |  |  | $ | — |  |  | $ | 924 |  |  | $ | 493 |  |  | $ | 3,743 |
Devices | — |  |  | — |  |  | 308 |  |  | — |  |  | 1,595 |  |  | 1,903 |
OTC | — |  |  | 136 |  |  | — |  |  | 7 |  |  | 1,395 |  |  | 1,538 |
Branded and Other Generics | — |  |  | 723 |  |  | — |  |  | 167 |  |  | 254 |  |  | 1,144 |
Other revenues | 8 |  |  | 47 |  |  | — |  |  | 23 |  |  | 28 |  |  | 106 |
| $ | 2,074 |  |  | $ | 1,166 |  |  | $ | 308 |  |  | $ | 1,121 |  |  | $ | 3,765 |  |  | $ | 8,434 |
Schedule of revenues by geographic region | Revenues are attributed to a geographic region based on the location of the customer for the years 2023, 2022 and 2021 and were as follows:
(in millions) | 2023 |  | 2022 |  | 2021
U.S. and Puerto Rico | $ | 5,194 |  |  | $ | 4,836 |  |  | $ | 4,887 |
China | 441 |  |  | 413 |  |  | 490 |
Canada | 366 |  |  | 351 |  |  | 343 |
Mexico | 322 |  |  | 276 |  |  | 256 |
Poland | 319 |  |  | 278 |  |  | 280 |
France | 214 |  |  | 203 |  |  | 208 |
Japan | 194 |  |  | 200 |  |  | 230 |
Germany | 152 |  |  | 147 |  |  | 154 |
Russia | 148 |  |  | 181 |  |  | 160 |
United Kingdom | 125 |  |  | 115 |  |  | 116 |
South Korea | 93 |  |  | 77 |  |  | 76 |
Spain | 92 |  |  | 84 |  |  | 88 |
Italy | 86 |  |  | 76 |  |  | 80 |
Other | 1,011 |  |  | 887 |  |  | 1,066 |
| $ | 8,757 |  |  | $ | 8,124 |  |  | $ | 8,434 |
Schedule of long-lived assets by geographic region | Long-lived assets consisting of property, plant and equipment, net of accumulated depreciation, are attributed to geographic regions based on their physical location as of December 31, 2023 and 2022 and were as follows:
(in millions) | 2023 |  | 2022
U.S. and Puerto Rico | $ | 750 |  |  | $ | 725 |
Ireland | 400 |  |  | 363 |
Canada | 135 |  |  | 126 |
Germany | 98 |  |  | 89 |
Poland | 70 |  |  | 65 |
France | 52 |  |  | 44 |
Mexico | 51 |  |  | 46 |
China | 23 |  |  | 26 |
Serbia | 23 |  |  | 23 |
Italy | 23 |  |  | 20 |
Other | 82 |  |  | 73 |
| $ | 1,707 |  |  | $ | 1,600 |
Schedule of external customers that accounted for 10% or more of total revenues | Customers that accounted for 10% or more of total revenues were as follows:
| 2023 |  | 2022 |  | 2021
Cencora Inc. | 19% |  | 18% |  | 18%
McKesson Corporation | 15% |  | 15% |  | 16%
Cardinal Health, Inc. | 13% |  | 13% |  | 12%

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