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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Reportable Segments
The Company’s CEO, who is the Company’s Chief Operating Decision Maker, manages the business through operating and reportable segments consistent with how the Company’s CEO: (i) assesses operating performance on a regular basis, (ii) makes resource allocation decisions and (iii) designates responsibilities of his direct reports. The Company operates in the following reportable segments: (i) Bausch + Lomb/International segment, (ii) Salix segment, (iii) Ortho Dermatologics segment and (iv) Diversified Products segment.
The following is a brief description of the Company’s segments:
•The Bausch + Lomb/International segment consists of: (i) sales in the U.S. of pharmaceutical products, OTC products and medical device products, primarily comprised of Bausch + Lomb products, with a focus on the Vision Care, Surgical, Consumer and Ophthalmology Rx products and (ii) with the exception of sales of Solta products, sales in Canada, Europe, Asia, Australia, Latin America, Africa and the Middle East of branded pharmaceutical products, branded generic pharmaceutical products, OTC products, medical device products and Bausch + Lomb products.
•The Salix segment consists of sales in the U.S. of GI products.
•The Ortho Dermatologics segment consists of: (i) sales in the U.S. of Ortho Dermatologics (dermatological) products and (ii) global sales of Solta medical aesthetic devices.
•The Diversified Products segment consists of sales in the U.S. of: (i) pharmaceutical products in the areas of neurology and certain other therapeutic classes, (ii) generic products and (iii) dentistry products.
Effective in the first quarter of 2019, one product historically included in the reported results of the Ortho Dermatologics business unit in the Ortho Dermatologics segment is now included in the reported results of the Generics business unit in the Diversified Products segment and another product historically included in the reported results of the Ortho Dermatologics business unit in the Ortho Dermatologics segment is now included in the reported results of the Dentistry business unit in the Diversified Products segment as management believes the products better align with the new respective business units. These changes in product alignment are not material. Prior period presentations of business unit and segment revenues and profits have been conformed to current segment and business unit reporting structures.
Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as Amortization of intangible assets, Asset impairments, including loss on assets held for sale, Restructuring, integration and separation costs, Acquisition-related contingent consideration costs and Other expense (income), 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.
In connection with the planned separation of its eye-health business into an independent publicly traded entity from the remainder of Bausch Health Companies Inc., the Company has begun addressing the internal organizational design and structure of the new entity, which it anticipates having substantially complete by late 2021. As of the date of the issuance of these financial statements, these matters are in the planning phase. In connection with the Separation, the Company expects to realign and begin managing its operations in a manner consistent with the organizational structure of the two separate entities as proposed by the Separation during the first quarter of 2021. Accordingly, the Company expects to begin reporting under the following reporting segments on a retrospective basis beginning with its first quarter of 2021: Bausch + Lomb, International Rx, Salix, Ortho Dermatologics and Diversified Products.
Segment Revenues and Profit
Segment revenues and profits for the years 2020, 2019 and 2018 were as follows:
(in millions)202020192018
Revenues:   
Bausch + Lomb/International$4,408 $4,739 $4,664 
Salix1,904 2,022 1,749 
Ortho Dermatologics553 565 617 
Diversified Products1,162 1,275 1,350 
Total revenues$8,027 $8,601 $8,380 
Segment profit:   
Bausch + Lomb/International$1,159 $1,332 $1,330 
Salix1,338 1,349 1,149 
Ortho Dermatologics233 222 257 
Diversified Products848 932 1,012 
Total segment profit3,578 3,835 3,748 
Corporate(619)(609)(605)
Amortization of intangible assets(1,645)(1,897)(2,644)
Goodwill impairments— — (2,322)
Asset impairments, including loss on assets held for sale(114)(75)(568)
Restructuring, integration and separation costs(22)(31)(22)
Acquisition-related contingent consideration(48)(12)9 
Other (expense) income, net(454)(1,414)20 
Operating income (loss)676 (203)(2,384)
Interest income13 12 11 
Interest expense(1,534)(1,612)(1,685)
Loss on extinguishment of debt(59)(42)(119)
Foreign exchange and other(30)8 23 
Loss before benefit from income taxes$(934)$(1,837)$(4,154)
Capital Expenditures
Capital expenditures by segment for the years 2020, 2019 and 2018 were as follows:
(in millions)202020192018
Capital expenditures:   
Bausch + Lomb/International$282 $225 $139 
Salix3 2 2 
Ortho Dermatologics2 1 1 
Diversified Products2 2 2 
289 230 144 
Corporate13 40 13 
Total capital expenditures$302 $270 $157 
Revenues by Product and by Product Category
Revenues for the Company's top ten products for the years 2020, 2019 and 2018 represented 41%, 39% and 36% of total product sales, respectively. Revenues by segment and product category were as follows:
(in millions)Bausch + Lomb/ InternationalSalixOrtho DermatologicsDiversified ProductsTotal
202020192018202020192018202020192018202020192018202020192018
Pharmaceuticals$759 $885 $892 $1,899 $2,022 $1,752 $279 $355 $457 $741 $810 $927 $3,678 $4,072 $4,028 
Devices1,313 1,524 1,505 — — — 253 193 135 — — — 1,566 1,717 1,640 
OTC1,432 1,452 1,412 — — — — — — — — — 1,432 1,452 1,412 
Branded and Other Generics 838 801 784 — — — — — — 410 447 407 1,248 1,248 1,191 
Other revenues66 77 71 5 — (3)21 17 25 11 18 16 103 112 109 
$4,408 $4,739 $4,664 $1,904 $2,022 $1,749 $553 $565 $617 $1,162 $1,275 $1,350 $8,027 $8,601 $8,380 
Geographic Information
Revenues are attributed to a geographic region based on the location of the customer for the years 2020, 2019 and 2018 were as follows:
(in millions)202020192018
U.S. and Puerto Rico$4,791 $5,164 $5,011 
China341 368 361 
Canada331 339 319 
Egypt243 218 178 
Poland238 231 218 
Japan226 241 226 
Mexico225 228 211 
France179 201 205 
Germany144 150 170 
Russia137 180 154 
United Kingdom86 115 117 
Spain78 86 83 
Other1,008 1,080 1,127 
$8,027 $8,601 $8,380 
Long-lived assets consisting of property, plant and equipment, net of accumulated depreciation, are attributed to geographic regions based on their physical location as of December 31, 2020 and 2019 were as follows:
(in millions)20202019
U.S. and Puerto Rico$725 $656 
Ireland328 255 
Canada110 103 
Poland83 90 
Germany80 68 
Mexico49 50 
France34 30 
China31 27 
Serbia30 27 
Italy 23 22 
Other 74 138 
$1,567 $1,466 
Major Customers
Customers that accounted for 10% or more of total revenues were as follows:
202020192018
McKesson Corporation17%17%18%
AmerisourceBergen Corporation17%16%18%
Cardinal Health, Inc.13%14%13%