XML 45 R30.htm IDEA: XBRL DOCUMENT
v3.24.0.1

SEGMENT INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 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 Salix segment 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 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. Certain costs, such as Amortization of intangible assets, Asset impairments, including loss on assets held for sale, Restructuring, integration, separation and IPO costs, and Other 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 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) |
Certain reclassifications have been made to segment revenue and profit in order for the prior years to conform to current year presentation. These reclassifications are not material. Capital Expenditures 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 |
Revenues by Segment and by Product Category Revenues for the Company’s top ten products for the years 2023, 2022 and 2021 represented 48%, 49% and 43% of total product sales, respectively. 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 |
Geographic Information 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 |
Certain reclassifications have been made and are reflected in the table above. 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 |
Major Customers 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%

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration