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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of segment revenues and profit | Segment revenues and profits were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Salix | $ | 642 |  |  | $ | 614 |  |  | $ | 1,699 |  |  | $ | 1,667 |
International | 291 |  |  | 275 |  |  | 832 |  |  | 781
Solta Medical | 112 |  |  | 83 |  |  | 302 |  |  | 244
Diversified | 269 |  |  | 259 |  |  | 722 |  |  | 684
Bausch + Lomb | 1,196 |  |  | 1,007 |  |  | 3,511 |  |  | 2,973 |
| $ | 2,510 |  |  | $ | 2,238 |  |  | $ | 7,066 |  |  | $ | 6,349 |
Segment profits: |  |  |  |  |  |  |
Salix | $ | 436 |  |  | $ | 429 |  |  | $ | 1,142 |  |  | $ | 1,129 |
International | 105 |  |  | 91 |  |  | 278 |  |  | 236
Solta Medical | 53 |  |  | 33 |  |  | 140 |  |  | 114
Diversified | 189 |  |  | 172 |  |  | 469 |  |  | 417
Bausch + Lomb | 283 |  |  | 244 |  |  | 799 |  |  | 699 |
| 1,066 |  |  | 969 |  |  | 2,828 |  |  | 2,595 |
Corporate | (248) |  |  | (222) |  |  | (746) |  |  | (703) |
Amortization of intangible assets | (274) |  |  | (253) |  |  | (818) |  |  | (795) |
Goodwill impairments | — |  |  | (402) |  |  | — |  |  | (402) |
Asset impairments | — |  |  | (4) |  |  | (6) |  |  | (54) |
Restructuring, integration and separation costs | (1) |  |  | (14) |  |  | (25) |  |  | (40) |
Other expense, net | (225) |  |  | (60) |  |  | (245) |  |  | — |
Operating income | 318 |  |  | 14 |  |  | 988 |  |  | 601 |
Interest income | 7 |  |  | 6 |  |  | 24 |  |  | 19
Interest expense | (346) |  |  | (339) |  |  | (1,051) |  |  | (965) |
Gain on extinguishment of debt | — |  |  | — |  |  | 23 |  |  | — |
Foreign exchange and other | — |  |  | (7) |  |  | (26) |  |  | (38) |
Loss before income taxes | $ | (21) |  |  | $ | (326) |  |  | $ | (42) |  |  | $ | (383) |
Schedule of revenues by segment and product category | Revenues by segment and product category were as follows:
(in millions) | Salix |  | International |  | Solta Medical |  | Diversified |  | Bausch + Lomb |  | Total
| Three Months Ended September 30, 2024
Pharmaceuticals | $ | 642 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 246 |  |  | $ | 247 |  |  | $ | 1,198 |
Devices | — |  |  | — |  |  | 112 |  |  | — |  |  | 455 |  |  | 567 |
OTC | — |  |  | 50 |  |  | — |  |  | 2 |  |  | 420 |  |  | 472 |
Branded and Other Generics | — |  |  | 161 |  |  | — |  |  | 14 |  |  | 70 |  |  | 245 |
Other revenues | — |  |  | 17 |  |  | — |  |  | 7 |  |  | 4 |  |  | 28 |
| $ | 642 |  |  | $ | 291 |  |  | $ | 112 |  |  | $ | 269 |  |  | $ | 1,196 |  |  | $ | 2,510 |
| Three Months Ended September 30, 2023
Pharmaceuticals | $ | 613 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 210 |  |  | $ | 113 |  |  | $ | 999 |
Devices | — |  |  | — |  |  | 83 |  |  | — |  |  | 411 |  |  | 494 |
OTC | — |  |  | 47 |  |  | — |  |  | 2 |  |  | 408 |  |  | 457 |
Branded and Other Generics | — |  |  | 151 |  |  | — |  |  | 40 |  |  | 72 |  |  | 263 |
Other revenues | 1 |  |  | 14 |  |  | — |  |  | 7 |  |  | 3 |  |  | 25 |
| $ | 614 |  |  | $ | 275 |  |  | $ | 83 |  |  | $ | 259 |  |  | $ | 1,007 |  |  | $ | 2,238 |
| Nine Months Ended September 30, 2024
Pharmaceuticals | $ | 1,698 |  |  | $ | 184 |  |  | $ | — |  |  | $ | 637 |  |  | $ | 701 |  |  | $ | 3,220 |
Devices | — |  |  | — |  |  | 302 |  |  | — |  |  | 1,324 |  |  | 1,626 |
OTC | — |  |  | 131 |  |  | — |  |  | 5 |  |  | 1,262 |  |  | 1,398 |
Branded and Other Generics | — |  |  | 469 |  |  | — |  |  | 65 |  |  | 212 |  |  | 746 |
Other revenues | 1 |  |  | 48 |  |  | — |  |  | 15 |  |  | 12 |  |  | 76 |
| $ | 1,699 |  |  | $ | 832 |  |  | $ | 302 |  |  | $ | 722 |  |  | $ | 3,511 |  |  | $ | 7,066 |
| Nine Months Ended September 30, 2023
Pharmaceuticals | $ | 1,668 |  |  | $ | 178 |  |  | $ | — |  |  | $ | 567 |  |  | $ | 355 |  |  | $ | 2,768 |
Devices | — |  |  | — |  |  | 244 |  |  | — |  |  | 1,225 |  |  | 1,469 |
OTC | — |  |  | 125 |  |  | — |  |  | 6 |  |  | 1,182 |  |  | 1,313 |
Branded and Other Generics | — |  |  | 438 |  |  | — |  |  | 92 |  |  | 201 |  |  | 731 |
Other revenues | (1) |  |  | 40 |  |  | — |  |  | 19 |  |  | 10 |  |  | 68 |
| $ | 1,667 |  |  | $ | 781 |  |  | $ | 244 |  |  | $ | 684 |  |  | $ | 2,973 |  |  | $ | 6,349 |
Schedule of revenue attributed to a geographic region | Revenues are attributed to a geographic region based on the location of the customer and were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
U.S. and Puerto Rico | $ | 1,535 |  |  | $ | 1,358 |  |  | $ | 4,227 |  |  | $ | 3,738 |
China | 132 |  |  | 113 |  |  | 351 |  |  | 315 |
Canada | 104 |  |  | 92 |  |  | 293 |  |  | 268 |
Poland | 92 |  |  | 82 |  |  | 256 |  |  | 232 |
Mexico | 88 |  |  | 90 |  |  | 248 |  |  | 234 |
France | 52 |  |  | 49 |  |  | 178 |  |  | 169 |
Japan | 46 |  |  | 47 |  |  | 136 |  |  | 145 |
Russia | 42 |  |  | 35 |  |  | 117 |  |  | 105 |
Germany | 40 |  |  | 34 |  |  | 125 |  |  | 119 |
South Korea | 38 |  |  | 24 |  |  | 102 |  |  | 69 |
United Kingdom | 34 |  |  | 32 |  |  | 100 |  |  | 92 |
Italy | 23 |  |  | 20 |  |  | 71 |  |  | 64 |
Spain | 21 |  |  | 20 |  |  | 71 |  |  | 67 |
Other | 263 |  |  | 242 |  |  | 791 |  |  | 732 |
| $ | 2,510 |  |  | $ | 2,238 |  |  | $ | 7,066 |  |  | $ | 6,349 |
Schedule of customers that accounted for 10% or more of total revenues | Customers that accounted for 10% or more of total revenues were as follows:
| Nine Months Ended September 30,
| 2024 |  | 2023
Cencora Inc. | 19% |  | 19%
McKesson Corporation (including McKesson Specialty) | 16% |  | 15%
Cardinal Health, Inc. | 14% |  | 13%

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