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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

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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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.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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