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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2024
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 represent approximately 80% of the 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, including between Bausch + Lomb and other segments. Certain costs such as Amortization of intangible assets, Asset impairments, Goodwill impairments, Restructuring, integration and separation costs and Other (income) 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 Profits 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) |
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 |
The top ten products for each of the nine months ended September 30, 2024 and 2023 represented 48% of total revenues for each of the nine months ended September 30, 2024 and 2023. Geographic Information 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 |
Major Customers 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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