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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

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:

						June 30, 2025																								December 31, 2024
(in millions)						Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Assets:
Cash equivalents						$	984					$	980					$	4					$	—					$	567					$	557					$	10					$	—
Restricted cash						$	16					$	16					$	—					$	—					$	20					$	20					$	—					$	—
Cross-currency swaps						$	6					$	—					$	6					$	—					$	6					$	—					$	6					$	—
Foreign currency exchange contracts						$	4					$	—					$	4					$	—					$	10					$	—					$	10					$	—
Liabilities:
Acquisition-related contingent consideration						$	303					$	—					$	—					$	303					$	359					$	—					$	—					$	359
Cross-currency swaps						$	168					$	—					$	168					$	—					$	40					$	—					$	40					$	—
Foreign currency exchange contracts						$	8					$	—					$	8					$	—					$	5					$	—					$	5					$	—

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 June 30, 2025 and December 31, 2024 are as follows:

(in millions)			June 30, 2025						December 31, 2024
Other non-current liabilities			$	(168)					$	(40)
Prepaid expenses and other current assets			$	6					$	6
Net fair value			$	(162)					$	(34)

The assets and liabilities associated with the Company’s foreign exchange contracts as included in the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 are as follows:

(in millions)			June 30, 2025						December 31, 2024
Accrued and other current liabilities			$	(8)					$	(5)
Prepaid expenses and other current assets			$	4					$	10
Net fair value			$	(4)					$	5

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 Income (loss) and the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024:

						Three Months Ended June 30,												Six Months Ended June 30,
(in millions)						2025						2024						2025						2024
(Loss) gain recognized in Other comprehensive loss						$	(92)					$	6					$	(128)					$	26
Gain excluded from assessment of hedge effectiveness						$	3					$	3					$	6					$	6
Location of gain of excluded component						Interest Expense												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 and six months ended June 30, 2025 and 2024:

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2025						2024						2025						2024
(Loss) gain related to changes in fair value			$	(4)					$	(2)					$	(9)					$	1
(Loss) gain related to settlements			$	(11)					$	—					$	(13)					$	2

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 six months ended June 30, 2025 and 2024:

						June 30,
(in millions)						2025												2024
Balance, beginning of period												$	359											$	292
Adjustments to Acquisition-related contingent consideration:
Accretion for the time value of money						$	14											$	10
Fair value adjustments due to changes in estimates of future payments						(54)												(16)
Acquisition-related contingent consideration												(40)												(6)
Payments/Settlements												(16)												(17)
Balance, end of period												303												269
Current portion included in Accrued and other current liabilities												39												39
Non-current portion included in Other non-current liabilities												$	264											$	230

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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).

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Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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