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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule 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 2024, 2023 and 2022:

(in millions)						2024						2023						2022
Stock options						$	13					$	17					$	15
RSUs						137						115						111
Share-based compensation expense						$	150					$	132					$	126
Research and development expenses						$	11					$	11					$	12
Selling, general and administrative expenses						139						121						114
Share-based compensation expense						$	150					$	132					$	126

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 and 2022 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

						2024						2023						2022
Expected stock option life (years)						N/A						3.0						3.0
Expected volatility						N/A						76.1		%				37.8		%
Risk-free interest rate						N/A						4.8		%				1.8		%
Expected dividend yield						N/A						—		%				—		%

The fair values of all stock options granted under the Bausch + Lomb Plan for the years 2024 and 2023 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

												2024						2023
Expected stock option life (years)												3.0						3.0
Expected volatility												35.1		%				35.3		%
Risk-free interest rate												4.5		%				4.6		%
Expected dividend yield												—		%				—		%

Schedule of stock option activity

The following table summarizes stock option activity during 2024:

(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, 2024						10.7						$	23.52
Granted						—						$	—
Exercised						—						$	—
Expired or forfeited						(2.6)						$	25.28
Outstanding, December 31, 2024						8.1						$	22.96					3.8						$	—
Vested and expected to vest, December 31, 2024						7.9						$	23.07					3.8						$	—
Vested and exercisable, December 31, 2024						7.0						$	23.75					3.3						$	—

The following table summarizes stock option activity under Bausch + Lomb’s Plan during 2024:

(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, 2024						8.0						$	18.07
Granted						1.3						$	16.96
Exercised						—						$	17.96
Expired or forfeited						(0.3)						$	17.99
Outstanding, December 31, 2024						9.0						$	17.90					6.9						$	2.3
Vested and expected to vest, December 31, 2024						8.4						$	17.90					6.3						$	2.1
Vested and exercisable, December 31, 2024						1.1						$	18.15					7.3						$	0.1

Schedule of non-vested RSU activity

The following table summarizes non-vested time-based RSU activity during 2024:

(in millions, except per share amounts)						Time-Based RSUs						Weighted- Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2024						8.0						$	11.61
Granted						5.3						$	8.89
Vested						(4.2)						$	13.05
Forfeited						(1.0)						$	9.37
Non-vested, December 31, 2024						8.1						$	9.34

The following table summarizes non-vested RSU activity under Bausch + Lomb’s Plan during 2024:

(in millions, except per share amounts)						RSUs						Weighted-Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2024						5.3						$	17.25
Granted						3.7						$	16.80
Vested						(2.4)						$	17.50
Forfeited						(0.4)						$	17.21
Non-vested, December 31, 2024						6.2						$	16.89

The following table summarizes the performance-based PSU activity during 2024:

(in millions, except per share amounts)						Performance-based RSUs						Weighted-Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2024						1.2						$	26.82
Granted						3.0						$	18.15
Vested						—						$	—
Forfeited						(0.1)						$	18.14
Non-vested, December 31, 2024						4.1						$	20.61

Schedule of assumptions used to calculate the fair values of performance-based RSUs

The fair values of performance-based RSUs granted during 2024 and 2023 were estimated with the following assumptions:

						2024						2023						2022
Contractual term (years)						3						3						N/A
Expected Company share volatility						64%						76%						N/A
Risk-free interest rate						4%						5%						N/A

The fair values of TSR PSUs granted during 2024 and 2023 were estimated with the following assumptions:

												2024						2023
Contractual term (years)												3.0						3.6
Expected volatility												35.1%						35.4%
Risk-free interest rate												4.5%						4.5%

Schedule of non-vested performance-based RSU activity

The following table summarizes non-vested performance-based RSU activity during 2024:

(in millions, except per share amounts)						Performance-based RSUs						Weighted- Average Grant-Date Fair Value Per Share
Non-vested, January 1, 2024						0.7						$	10.57
Granted						1.3						$	9.60
Vested						—						$	—
Forfeited						(0.1)						$	10.25
Non-vested, December 31, 2024						1.9						$	9.87

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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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