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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Reportable Segments
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 represent approximately 80% of the Salix segment revenues.
•The International segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta Medical aesthetic medical devices, outside the U.S. and Puerto Rico of branded pharmaceutical products, branded generic pharmaceutical products and OTC products.
•The Solta Medical segment consists of global sales of Solta Medical aesthetic medical devices.
•The Diversified segment consists of sales in the U.S. of: (i) pharmaceutical products in the areas of neurology and certain other therapeutic classes, (ii) dermatology products, (iii) generic pharmaceutical products and (iv) dentistry products.
•The Bausch + Lomb segment consists of global sales of Bausch + Lomb Vision Care, Surgical and 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 and separation 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 March 31,
(in millions)20242023
Revenues:
Salix$499 $496 
International265 247 
Solta Medical88 73 
Diversified202 197 
Bausch + Lomb1,099 931 
$2,153 $1,944 
Segment profits:
Salix$329 $314 
International87 77 
Solta Medical40 36 
Diversified114 107 
Bausch + Lomb242 211 
812 745 
Corporate(244)(251)
Amortization of intangible assets(274)(273)
Asset impairments(1)(13)
Restructuring, integration and separation costs(12)(10)
Other expense, net— (23)
Operating income281 175 
Interest income9 6 
Interest expense(355)(307)
Gain on extinguishment of debt11 — 
Foreign exchange and other(15)(10)
Loss before income taxes$(69)$(136)
Revenues by Segment and Product Category
Revenues by segment and product category were as follows:
(in millions)SalixInternationalSolta MedicalDiversifiedBausch + LombTotal
Three Months Ended March 31, 2024
Pharmaceuticals$499 $56 $— $171 $209 $935 
Devices— — 88 — 424 512 
OTC— 41 — 1 395 437 
Branded and Other Generics — 153 — 26 66 245 
Other revenues— 15 — 4 5 24 
$499 $265 $88 $202 $1,099 $2,153 
Three Months Ended March 31, 2023
Pharmaceuticals$496 $57 $— $162 $108 $823 
Devices— — 73 — 406 479 
OTC— 39 — 2 353 394 
Branded and Other Generics— 138 — 27 61 226 
Other revenues— 13 — 6 3 22 
$496 $247 $73 $197 $931 $1,944 
The top ten products for the three months ended March 31, 2024 and 2023 represented 48% of total revenues for each of the three months ended March 31, 2024 and 2023, respectively.
Geographic Information
Revenues are attributed to a geographic region based on the location of the customer and were as follows:
Three Months Ended March 31,
(in millions)20242023
U.S. and Puerto Rico$1,254 $1,111 
China97 88 
Canada90 84 
Poland86 75 
Mexico76 69 
France61 57 
Germany44 43 
Japan43 50 
Russia36 34 
United Kingdom33 30 
South Korea30 22 
Italy24 21 
Spain23 22 
Other256 238 
$2,153 $1,944 
Major Customers
Customers that accounted for 10% or more of total revenues were as follows:
Three Months Ended March 31,
20242023
Cencora Inc.18%19%
McKesson Corporation (including McKesson Specialty)16%14%
Cardinal Health, Inc.14%13%