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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of components and classification of financial assets and liabilities measured at fair value | The following fair value hierarchy table presents the components and classification of the Company’s financial assets and liabilities measured at fair value on a recurring basis:
|  | March 31, 2024 |  | December 31, 2023
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 293 |  |  | $ | 287 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 425 |  |  | $ | 417 |  |  | $ | 8 |  |  | $ | — |
Restricted cash |  | $ | 22 |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |
Foreign currency exchange contracts |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration |  | $ | 281 |  |  | $ | — |  |  | $ | — |  |  | $ | 281 |  |  | $ | 292 |  |  | $ | — |  |  | $ | — |  |  | $ | 292 |
Cross-currency swaps |  | $ | 68 |  |  | $ | — |  |  | $ | 68 |  |  | $ | — |  |  | $ | 84 |  |  | $ | — |  |  | $ | 84 |  |  | $ | — |
Foreign currency exchange contracts |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |
Schedule of assets and liabilities associated with derivatives, included in the Consolidated Balance Sheets | The assets and liabilities associated with Bausch + Lomb’s cross-currency swaps as included in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 are as follows:
(in millions) | March 31, 2024 |  | December 31, 2023
Other non-current liabilities | $ | (70) |  |  | $ | (90) |
Prepaid expenses and other current assets | $ | 2 |  |  | $ | 6 |
Net fair value | $ | (68) |  |  | $ | (84) |
The assets and liabilities associated with the Company’s foreign exchange contracts as included in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 are as follows:
(in millions) | March 31, 2024 |  | December 31, 2023
Accrued and other current liabilities | $ | (1) |  |  | $ | (6) |
Prepaid expenses and other current assets | $ | 2 |  |  | $ | 3 |
Net fair value | $ | 1 |  |  | $ | (3) |
Schedule of effect of hedging instruments on financial statements | The following table presents the effect of hedging instruments on the Condensed Consolidated Statements of Comprehensive Loss and the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023:
|  | Three Months Ended March 31, |  |  |
(in millions) |  | 2024 |  | 2023 |  |  |  |  |
Gain (loss) recognized in Other comprehensive loss |  | $ | 20 |  |  | $ | (6) |  |  |  |  |  |
Gain excluded from assessment of hedge effectiveness |  | $ | 3 |  |  | $ | 3 |  |  |  |  |  |
Location of gain of excluded component |  | Interest Expense |  |  |
Schedule of foreign exchange contracts on the Consolidated Statements of Operations and Consolidated Statements of Cash Flows | The following table presents the effect of the Company’s foreign exchange contracts on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023:
| Three Months Ended March 31, |  |
(in millions) | 2024 |  | 2023 |  |  |  |
Gain related to changes in fair value | $ | 4 |  |  | $ | 1 |  |  |  |  |
Gain (loss) related to settlements | $ | 1 |  |  | $ | (5) |  |  |  |  |
Schedule of reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3) | The following table presents a reconciliation of contingent consideration obligations measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2024 and 2023:
|  | March 31,
(in millions) |  | 2024 |  | 2023
Balance, beginning of period |  |  |  | $ | 292 |  |  |  |  | $ | 241 |
Adjustments to Acquisition-related contingent consideration: |  |  |  |  |  |  |  |
Accretion for the time value of money |  | $ | 5 |  |  |  |  | $ | 4 |  |  |
Fair value adjustments due to changes in estimates of other future payments |  | (7) |  |  |  |  | 27 |  |  |
Acquisition-related contingent consideration |  |  |  | (2) |  |  |  |  | 31 |
Additions |  |  |  | — |  |  |  |  | 5 |
Payments/Settlements |  |  |  | (9) |  |  |  |  | (8) |
Balance, end of period |  |  |  | 281 |  |  |  |  | 269 |
Current portion |  |  |  | 56 |  |  |  |  | 50 |
Non-current portion |  |  |  | $ | 225 |  |  |  |  | $ | 219 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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