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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Reportable Segments
In connection with the Company’s previously announced plan to separate its Solta business into an independent publicly traded entity from the remainder of Bausch Health Companies Inc., the Company had begun managing its operations in a manner which was consistent with the organizational structure of the two separate entities as proposed by the Solta IPO. As a result, during the first quarter of 2022, the Company’s Chief Executive Officer (“CEO”), who is the Company’s Chief Operating Decision Maker, commenced managing the business differently through changes in its operating and reportable segments, which necessitated a realignment of the Company’s historical segment structure. This realignment is consistent with how the Company’s CEO currently: (i) assesses operating performance on a regular basis, (ii) makes resource allocation decisions and (iii) designates responsibilities of his direct reports. Pursuant to these changes, effective in the first quarter of 2022, the Company operates in the following reportable segments: (i) Salix, (ii) International (formerly International Rx), (iii) Diversified Products, (iv) Solta Medical and (v) Bausch + Lomb. The new segment structure does not impact the Company’s reporting units but realigns the two reporting units of the former Ortho Dermatologics segment whereby its medical dermatology reporting unit (Ortho Dermatologics) is now part of the current Diversified Products segment and the Solta reporting unit is now the sole reporting unit of the new Solta Medical segment. Prior period presentation of segment revenues and segment profits has been recast to conform to the current segment reporting structure.
On June 16, 2022, the Company announced it was suspending plans for the Solta IPO; however, the Company is continuing to manage and operate the business in its current reportable segment structure. See Note 2, “SIGNIFICANT ACCOUNTING POLICIES” for additional information.
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 represented 81% and 80% of the Salix segment’s revenues for the three and six months ended June 30, 2022, respectively.
•The International segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta aesthetic medical devices, outside the U.S. and Puerto Rico of branded pharmaceutical products, branded generic pharmaceutical products and OTC products.
•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, (iii) Ortho Dermatologics (dermatological) products and (iv) dentistry products.
•The Solta Medical segment consists of global sales of Solta aesthetic medical devices.
•The Bausch + Lomb segment consists of global sales of Bausch + Lomb Vision Care, Surgical and Ophthalmic 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, separation and IPO 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 June 30,Six Months Ended June 30,
(in millions)2022202120222021
Revenues:
Salix$501 $516 $965 $988 
International233 313 477 619 
Diversified Products235 264 484 560 
Solta Medical57 73 129 145 
Bausch + Lomb941 934 1,830 1,815 
$1,967 $2,100 $3,885 $4,127 
Segment profits:
Salix$354 $370 $676 $697 
International66 103 157 212 
Diversified Products141 162 299 362 
Solta Medical20 39 55 80 
Bausch + Lomb208 213 414 452 
789 887 1,601 1,803 
Corporate(202)(199)(396)(380)
Amortization of intangible assets(302)(360)(612)(717)
Goodwill impairments(83)— (83)(469)
Asset impairments, including loss on assets held for sale(6)(47)(14)(195)
Restructuring, integration, separation and IPO costs(35)(9)(48)(21)
Other income (expense), net— (542)(2)(512)
Operating income (loss)161 (270)446 (491)
Interest income3 2 5 4 
Interest expense(410)(364)(772)(732)
Gain (loss) on extinguishment of debt113 (45)113 (50)
Foreign exchange and other4 7 (3)8 
Loss before income taxes$(129)$(670)$(211)$(1,261)
Revenues by Segment and Product Category
Revenues by segment and product category were as follows:
(in millions)SalixInternationalDiversified ProductsSolta MedicalBausch + LombTotal
Three Months Ended June 30, 2022
Pharmaceuticals$501 $69 $197 $— $117 $884 
Devices— — — 57 392 449 
OTC— 35 1 — 364 400 
Branded and Other Generics — 122 31 — 61 214 
Other revenues— 7 6 — 7 20 
$501 $233 $235 $57 $941 $1,967 
Three Months Ended June 30, 2021
Pharmaceuticals$514 $67 $223 $— $138 $942 
Devices— — — 73 397 470 
OTC— 32 2 — 325 359 
Branded and Other Generics— 206 31 — 68 305 
Other revenues2 8 8 — 6 24 
$516 $313 $264 $73 $934 $2,100 
Six Months Ended June 30, 2022
Pharmaceuticals$965 $134 $402 $— $227 $1,728 
Devices— — — 129 778 907 
OTC— 73 3 — 699 775 
Branded and Other Generics— 255 67 — 113 435 
Other revenues— 15 12 13 40 
$965 $477 $484 $129 $1,830 $3,885 
Six Months Ended June 30, 2021
Pharmaceuticals$984 $126 $465 $— $259 $1,834 
Devices— — — 145 779 924 
OTC— 57 4 — 645 706 
Branded and Other Generics— 418 78 — 119 615 
Other revenues4 18 13 — 13 48 
$988 $619 $560 $145 $1,815 $4,127 
The top ten products for the six months ended June 30, 2022 and 2021 represented 48% and 43% of total revenues for the six months ended June 30, 2022 and 2021, respectively.
Geographic Information
Revenues are attributed to a geographic region based on the location of the customer and were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2022202120222021
U.S. and Puerto Rico$1,190 $1,216 $2,305 $2,378 
China74 119 177 229 
Canada88 87 166 163 
Poland63 71 139 133 
Mexico69 56 130 125 
France58 56 115 110 
Japan50 55 101 115 
Germany35 28 80 70 
United Kingdom29 27 57 52 
Russia38 33 63 64 
Spain23 23 44 42 
Italy23 21 43 38 
South Korea20 20 39 40 
Other207 288 426 568 
$1,967 $2,100 $3,885 $4,127 
Certain reclassifications have been made and are reflected in the table above.
Major Customers
Customers that accounted for 10% or more of total revenues were as follows:
Six Months Ended June 30,
20222021
AmerisourceBergen Corporation16%17%
McKesson Corporation (including McKesson Specialty)13%16%
Cardinal Health, Inc.11%12%