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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
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:
 March 31, 2023December 31, 2022
(in millions)Carrying
Value		Level 1Level 2Level 3Carrying
Value		Level 1Level 2Level 3
Assets:        
Cash equivalents$45 $36 $9 $— $94 $85 $9 $— 
Restricted cash$13 $13 $— $— $27 $27 $— $— 
Foreign currency exchange contracts$6 $— $6 $— $6 $— $6 $— 
Liabilities:       
Acquisition-related contingent consideration$269 $— $— $269 $241 $— $— $241 
Cross-currency swaps$48 $— $48 $— $39 $— $39 $— 
Foreign currency exchange contracts$3 $— $3 $— $4 $— $4 $— 
Schedule of assets and liabilities associated with derivatives, included in the Consolidated Balance Sheets
The assets and liabilities associated with Bausch + Lomb’s cross-currency swaps as included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 are as follows:
(in millions)March 31,
2023		December 31,
2022
Other non-current liabilities$(51)$(45)
Prepaid expenses and other current assets$3 $6 
Net fair value$(48)$(39)
The assets and liabilities associated with the Company’s foreign exchange contracts as included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 are as follows:
(in millions)March 31,
2023		December 31,
2022
Accrued and other current liabilities$(3)$(4)
Prepaid expenses and other current assets$6 $6 
Net fair value$3 $2 
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 Loss and the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022:
Three Months Ended
March 31,
(in millions)20232022
Loss recognized in Other comprehensive loss$6 $— 
Gain excluded from assessment of hedge effectiveness$3 $— 
Location of gain of excluded componentInterest 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 months ended March 31, 2023 and 2022:
Three Months Ended
March 31,
(in millions)20232022
Gain (loss) related to changes in fair value$1 $(7)
(Loss) gain related to settlements$(5)$7 
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 three months ended March 31, 2023 and 2022:
March 31,
(in millions)20232022
Balance, beginning of period$241 $241 
Adjustments to Acquisition-related contingent consideration:
Accretion for the time value of money$4 $4 
Fair value adjustments due to changes in estimates of other future payments27 (1)
Acquisition-related contingent consideration31 3 
Acquisition of AcuFocus Inc.5 — 
Payments/Settlements(8)(8)
Balance, end of period269 236 
Current portion included in Accrued and other current liabilities50 43 
Non-current portion$219 $193