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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)202320222021
Revenues:  
Salix$2,250 $2,090 $2,074 
International1,071 988 1,166 
Solta Medical347 300 308 
Diversified943 978 1,121 
Bausch + Lomb4,146 3,768 3,765 
Total revenues$8,757 $8,124 $8,434 
Segment profit:   
Salix$1,548 $1,489 $1,493 
International335 324 403 
Solta Medical161 135 167 
Diversified586 612 722 
Bausch + Lomb980 874 958 
Total3,610 3,434 3,743 
Corporate(933)(828)(792)
Amortization of intangible assets(1,077)(1,215)(1,375)
Goodwill impairments(493)(824)(469)
Asset impairments, including loss on assets held for sale(54)(15)(234)
Restructuring, integration, separation and IPO costs(62)(63)(50)
Other expense, net(28)(35)(373)
Operating income963 454 450 
Interest income26 14 7 
Interest expense(1,328)(1,464)(1,426)
Gain (loss) on extinguishment of debt1 875 (62)
Foreign exchange and other(52)(8)7 
Loss before income taxes$(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)202320222021
Capital expenditures:   
Salix$7 $3 $2 
International20 21 22 
Solta Medical— 3 2 
Diversified3 1 — 
Bausch + Lomb181 178 201 
211 206 227 
Corporate4 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:
SalixInternationalSolta MedicalDiversifiedBausch + LombTotal
(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 revenues8 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)202320222021
U.S. and Puerto Rico$5,194 $4,836 $4,887 
China441 413 490 
Canada366 351 343 
Mexico322 276 256 
Poland319 278 280 
France214 203 208 
Japan194 200 230 
Germany152 147 154 
Russia148 181 160 
United Kingdom125 115 116 
South Korea93 77 76 
Spain92 84 88 
Italy86 76 80 
Other1,011 887 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)20232022
U.S. and Puerto Rico$750 $725 
Ireland400 363 
Canada135 126 
Germany98 89 
Poland70 65 
France52 44 
Mexico51 46 
China23 26 
Serbia23 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:
202320222021
Cencora Inc.19%18%18%
McKesson Corporation15%15%16%
Cardinal Health, Inc.13%13%12%