XML 77 R66.htm IDEA: XBRL DOCUMENT v3.25.2
FINANCING ARRANGEMENTS - Senior Secured Credit Facilities (Details)
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 26, 2025
USD ($)
Apr. 08, 2025
USD ($)
shares
Nov. 01, 2024
USD ($)
May 10, 2022
USD ($)
Apr. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
rate
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
rate
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
shares
Sep. 29, 2023
USD ($)
Jun. 01, 2022
shares
Debt Instrument [Line Items]                        
Principal amount outstanding           $ 21,150,000,000   $ 21,150,000,000   $ 20,480,000,000    
Remaining quarterly amortization payments     $ 400,000,000                  
Total long-term debt and other           21,738,000,000   21,738,000,000   $ 21,616,000,000    
Loss on extinguishment of debt           $ (178,000,000) $ (12,000,000) $ (178,000,000) $ (23,000,000)      
Common shares, outstanding (in shares) | shares           369,749,489   369,749,489   367,843,058    
Secured Notes                        
Debt Instrument [Line Items]                        
Loss on extinguishment of debt         $ (191,000,000)     $ 25,000,000        
Debt issuance costs, net           $ 60,000,000   $ 60,000,000        
Applicable Rate | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               4.25%        
Bausch + Lomb                        
Debt Instrument [Line Items]                        
Common shares, outstanding (in shares) | shares   185,468,421                   310,449,643
Term Loan B Facility Due February 2027                        
Debt Instrument [Line Items]                        
Principal amount       $ 2,500,000,000                
Principal amount outstanding           0   $ 0   $ 2,187,000,000    
Total long-term debt and other           $ 0   0   2,166,000,000    
2025 Credit Agreement                        
Debt Instrument [Line Items]                        
Dividend and distribution threshold               $ 1,600,000,000        
2025 Credit Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Commitment fee (as a percent)               0.50%        
2025 Credit Agreement | SOFR Rate                        
Debt Instrument [Line Items]                        
Variable rate, floor (as a percent)               0.00%        
Variable rate (as a percent)               1.00%        
2025 Credit Agreement | SOFR Rate | Maximum                        
Debt Instrument [Line Items]                        
Variable rate, floor (as a percent)               1.00%        
2025 Credit Agreement | SOFR, EUTIBOT and Term CORRA | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               3.25%        
2025 Credit Agreement | Applicable Rate | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               0.25%        
Number of debt instruments | rate           2   2        
2025 Credit Agreement | Applicable Rate | Minimum | Line of Credit                        
Debt Instrument [Line Items]                        
Secured leverage ratio (not greater than)           2.1   2.1        
2025 Credit Agreement | Applicable Rate | Maximum | Line of Credit                        
Debt Instrument [Line Items]                        
Secured leverage ratio (not greater than)           2.6   2.6        
2025 Credit Agreement | Bausch + Lomb | Asset Pledged as Collateral                        
Debt Instrument [Line Items]                        
Common shares, outstanding (in shares) | shares           185,468,421   185,468,421        
Term Loan B Facility Due 2030                        
Debt Instrument [Line Items]                        
Principal amount   $ 3,000,000,000                    
Remaining quarterly amortization payments               $ 158,000,000        
Annual amortization rate (as a percent)           1.00%   1.00%        
Quarterly amortization payments               $ 30,000,000        
Term Loan B Facility Due 2030 | Secured Notes                        
Debt Instrument [Line Items]                        
Disposition of property threshold               100,000,000        
Term Loan B Facility Due 2030 | Line of Credit                        
Debt Instrument [Line Items]                        
Dividend and distribution threshold               $ 50,000,000        
Term Loan B Facility Due 2030 | Federal Funds Effective Rate and Overnight Bank Funding Rate                        
Debt Instrument [Line Items]                        
Variable rate, floor (as a percent)               0.00%        
Variable rate (as a percent)               0.50%        
Term Loan B Facility Due 2030 | SOFR Rate                        
Debt Instrument [Line Items]                        
Stated interest rate on debt (as a percent)           6.25%   6.25%        
Variable rate, floor (as a percent)               0.00%        
Term Loan B Facility Due 2030 | Alternate Base Rate                        
Debt Instrument [Line Items]                        
Stated interest rate on debt (as a percent)           5.25%   5.25%        
Revolving Credit Facility Due 2030 | Line of Credit                        
Debt Instrument [Line Items]                        
Customary fronting fees (as a percent)               0.125%        
Revolving Credit Facility Due 2030 | Federal Funds Effective Rate and Overnight Bank Funding Rate                        
Debt Instrument [Line Items]                        
Variable rate, floor (as a percent)               0.00%        
Variable rate (as a percent)               0.50%        
Revolving Credit Facility Due 2030 | SOFR Rate | Maximum                        
Debt Instrument [Line Items]                        
Variable rate, floor (as a percent)               0.00%        
Revolving Credit Facility Due 2030 | Canadian Overnight Repo Rate Average                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               0.00%        
Revolving Credit Facility Due 2030 | Canadian Overnight Repo Rate Average | One Month Interest Period                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               0.29547%        
Revolving Credit Facility Due 2030 | Canadian Overnight Repo Rate Average | Three Month Interest Period                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               0.32138%        
Revolving Credit Facility Due 2030 | Canadian Overnight Repo Rate Average | Minimum                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               1.00%        
Revolving Credit Facility Due 2030 | Canadian Overnight Repo Rate Average | Maximum                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               1.00%        
Revolving Credit Facility Due 2030 | EURIBOR                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               0.00%        
Revolving Credit Facility Due 2030 | Applicable Rate | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)               0.125%        
Number of debt instruments | rate           2   2        
Revolving Credit Facility Due 2030 | Applicable Rate | Minimum | Line of Credit                        
Debt Instrument [Line Items]                        
Secured leverage ratio (not greater than)           2.1   2.1        
Revolving Credit Facility Due 2030 | Applicable Rate | Maximum | Line of Credit                        
Debt Instrument [Line Items]                        
Secured leverage ratio (not greater than)           2.6   2.6        
2032 Senior Secured Notes | Secured Notes                        
Debt Instrument [Line Items]                        
Percentage of net cash proceeds of pro rata basis with obligations               100.00%        
Senior Secured Credit Facilities                        
Debt Instrument [Line Items]                        
Stated interest rate on debt (as a percent)           11.00%   11.00%        
Term Loan B Facility Due May 2027 | Bausch + Lomb                        
Debt Instrument [Line Items]                        
Principal amount       $ 2,500,000,000                
Principal amount outstanding           $ 0   $ 0   2,437,000,000    
Total long-term debt and other           0   0   2,412,000,000    
Term Loan B Facility Due September 2028 | Bausch + Lomb                        
Debt Instrument [Line Items]                        
Principal amount outstanding           491,000,000   491,000,000   494,000,000 $ 500,000,000  
Total long-term debt and other           484,000,000   484,000,000   486,000,000    
Incremental Term Loan B Due May 2027 | Bausch + Lomb                        
Debt Instrument [Line Items]                        
Principal amount outstanding           0   0   400,000,000    
Total long-term debt and other           0   0   396,000,000    
February 2027 Term Loan B Facility | Secured Notes                        
Debt Instrument [Line Items]                        
Principal amount outstanding   $ 2,156,000,000                    
Maximum percentage, present value of cash flows of new debt       10.00%                
Loss on extinguishment of debt       $ 9,000,000                
Debt issuance costs, net       130,000,000                
Payments of debt restructuring costs       20,000,000                
Term Loan B Due January 2031 | Bausch + Lomb                        
Debt Instrument [Line Items]                        
Principal amount outstanding $ 2,325,000,000                      
Remaining quarterly amortization payments $ 800,000,000                      
Term Loan B Due January 2031 | Line of Credit | Bausch + Lomb                        
Debt Instrument [Line Items]                        
Principal amount           2,325,000,000   2,325,000,000        
Term Loan Due January 2031 And Term Loan Due September 2028 | Line of Credit | Bausch + Lomb                        
Debt Instrument [Line Items]                        
Principal amount           491,000,000   491,000,000        
Revolving Credit Facility | 2027 Revolving Credit Facility                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity       $ 975,000,000                
Principal amount outstanding           0   0   0    
Total long-term debt and other           0   0   0    
Revolving Credit Facility | Revolving Credit Facility Due May 2027 | Bausch + Lomb                        
Debt Instrument [Line Items]                        
Term       5 years                
Maximum borrowing capacity       $ 500,000,000                
Principal amount outstanding           0   0   110,000,000    
Total long-term debt and other           $ 0   $ 0   $ 110,000,000    
Revolving Credit Facility | 2025 Credit Agreement                        
Debt Instrument [Line Items]                        
Fixed charge coverage ratio           4.25   4.25        
Secured leverage ratio           5.75   5.75        
Minimum liquidity               $ 400,000,000        
Revolving Credit Facility | 2025 Credit Agreement | Bausch + Lomb                        
Debt Instrument [Line Items]                        
Fixed charge coverage ratio           2.00   2.00        
Secured leverage ratio           6.50   6.50        
Revolving Credit Facility | Revolving Credit Facility Due 2030                        
Debt Instrument [Line Items]                        
Term   5 years                    
Maximum borrowing capacity   $ 500,000,000                    
Principal amount outstanding           $ 0   $ 0        
Alternate term, number of days prior to scheduled maturity in excess of principal amount threshold               91 days        
Alternate maturity, threshold, aggregate principal amount           1,000,000,000   $ 1,000,000,000        
Letter of Credit | Revolving Credit Facility Due 2030                        
Debt Instrument [Line Items]                        
Total long-term debt and other           25,000,000   25,000,000        
Letter of Credit | Term Loan B Due January 2031 | Line of Credit | Bausch + Lomb                        
Debt Instrument [Line Items]                        
Total long-term debt and other           $ 37,000,000   $ 37,000,000