Bausch + Lomb (BLCO) 10-K 22 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-41380
Entity Registrant Name	Bausch & Lomb Corp
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-1613662
Entity Address, Address Line One	520 Applewood Crescent
Entity Address, City or Town	Vaughan
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	L4K 4B4
City Area Code	905
Local Phone Number	695-7700
Title of 12(b) Security	Common Shares, No Par Value
Trading Symbol	BLCO
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 602,747,441
Entity Common Stock, Shares Outstanding (in shares)		350,000,933
Documents Incorporated by Reference	Part III incorporates certain information by reference from the registrant’s proxy statement for the 2023 Annual Meeting of Shareholders. Such proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2022.
Entity Central Index Key	0001860742
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

AUDIT INFORMATION

AUDIT INFORMATION	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Florham Park, New Jersey

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 354	$ 174
Restricted cash	26	3
Trade receivables, net (Note 3)	724	721
Inventories, net	628	572
Prepaid expenses and other current assets (Note 3)	405	165
Total current assets	2,137	1,635
Property, plant and equipment, net	1,300	1,225
Intangible assets, net	2,058	2,264
Goodwill	4,507	4,586
Deferred tax assets, net	927	933
Other non-current assets (Note 3)	215	180
Total assets	11,144	10,823
Current liabilities:
Accounts payable (Note 3)	370	239
Accrued and other current liabilities	901	860
Current portion of long-term debt	25	0
Total current liabilities	1,296	1,099
Deferred tax liabilities, net	7	24
Other non-current liabilities	329	298
Long-term debt	2,411	0
Total liabilities	4,043	1,421
Commitments and contingencies (Notes 20 and 21)
Equity
Common shares, no par value, unlimited shares authorized, 350,000,749 shares issued and outstanding (Note 18)	0	0
Additional paid-in capital	8,285	0
Accumulated earnings	6	0
BHC investment	0	10,364
Accumulated other comprehensive loss	(1,258)	(1,035)
Total Bausch + Lomb Corporation shareholders’ equity	7,033	9,329
Noncontrolling interest	68	73
Total equity	7,101	9,402
Total liabilities and equity	$ 11,144	$ 10,823

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2022	Apr. 28, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common shares, issued (in shares)	350,000,749	350,000,000	350,000,749
Common shares, outstanding (in shares)	350,000,749	350,000,000	350,000,749

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 3,768	$ 3,765	$ 3,412
Expenses
Selling, general and administrative (Note 3)	1,478	1,389	1,253
Research and development (Note 3)	307	271	253
Amortization of intangible assets	244	292	323
Other expense, net	13	17	38
Total expenses	3,561	3,436	3,152
Operating income	207	329	260
Interest income	6	0	3
Interest expense (Note 3)	(146)	0	0
Foreign exchange and other	6	(11)	27
Income before provision for income taxes	73	318	290
Provision for income taxes	(58)	(125)	(307)
Net income (loss)	15	193	(17)
Net income attributable to noncontrolling interest	(9)	(11)	(1)
Net income (loss) attributable to Bausch + Lomb Corporation	$ 6	$ 182	$ (18)
Basic (loss) income per share attributable to Bausch + Lomb Corporation (in usd per share)	$ 0.02	$ 0.52	$ (0.05)
Diluted (loss) income per share attributable to Bausch + Lomb Corporation (in usd per share)	$ 0.02	$ 0.52	$ (0.05)
Basic weighted-average common shares (in shares)	350	350	350
Diluted weighted-average common shares (in shares)	350.2	350	350
Product sales
Revenues
Total revenues	$ 3,746	$ 3,737	$ 3,381
Expenses
Cost of goods sold (excluding amortization and impairments of intangible assets) (Note 3) and Cost of other revenues	1,511	1,458	1,269
Other revenues
Revenues
Total revenues	22	28	31
Expenses
Cost of goods sold (excluding amortization and impairments of intangible assets) (Note 3) and Cost of other revenues	$ 8	$ 9	$ 16

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 15	$ 193	$ (17)
Pension and postretirement benefit plan adjustments:
Net actuarial (loss) gain arising during the year	(4)	24	(9)
Amortization of prior service credit	(3)	(4)	(4)
Amortization of net loss and settlements	10	10	1
Income tax (expense) benefit	(14)	6	3
Foreign currency impact	1	2	(4)
Net pension and postretirement benefit plan adjustments	(10)	38	(13)
Foreign currency translation adjustment	(216)	(182)	173
Other comprehensive (loss) income	(226)	(144)	160
Comprehensive (loss) income	(211)	49	143
Comprehensive income attributable to noncontrolling interest	(6)	(13)	(4)
Comprehensive (loss) income attributable to Bausch + Lomb Corporation	$ (217)	$ 36	$ 139

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Bausch + Lomb Corporation Shareholders’ Equity	Common Shares	BHC Investment	Additional Paid in Capital	Accumulated Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest
Beginning Balance (in shares) at Dec. 31, 2019			0
Beginning Balance at Dec. 31, 2019	$ 10,032	$ 9,959	$ 0	$ 11,005	$ 0	$ 0	$ (1,046)	$ 73
Increase (Decrease) in Shareholders' Equity
Net decrease in BHC investment	(180)	(180)		(180)
Noncontrolling interest distributions	(7)							(7)
Net (loss) income	(17)	(18)		(18)				1
Other comprehensive (loss) income	160	157					157	3
Ending Balance (in shares) at Dec. 31, 2020			0
Ending Balance at Dec. 31, 2020	9,988	9,918	$ 0	10,807	0	0	(889)	70
Increase (Decrease) in Shareholders' Equity
Net decrease in BHC investment	(625)	(625)		(625)
Noncontrolling interest distributions	(10)							(10)
Net (loss) income	193	182		182				11
Other comprehensive (loss) income	$ (144)	(146)					(146)	2
Ending Balance (in shares) at Dec. 31, 2021	350,000,749		0
Ending Balance at Dec. 31, 2021	$ 9,402	9,329	$ 0	10,364	0	0	(1,035)	73
Increase (Decrease) in Shareholders' Equity
Issuance of common shares (Note 18) (in shares)			350,000,000
Issuance of common shares (Note 18)	0			(8,164)	8,164
Issuance of BHC Purchase Debt (Note 3)	(2,200)	(2,200)		(2,200)
Net distributions to BHC and affiliates (Note 3)	75	75			75
Noncontrolling interest distributions	(11)							(11)
Share-based compensation	46	46			46
Net (loss) income	15	6				6		9
Other comprehensive (loss) income	$ (226)	(223)					(223)	(3)
Ending Balance (in shares) at Dec. 31, 2022	350,000,749		350,000,000
Ending Balance at Dec. 31, 2022	$ 7,101	$ 7,033	$ 0	$ 0	$ 8,285	$ 6	$ (1,258)	$ 68

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities
Net income (loss)	$ 15	$ 193	$ (17)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangible assets	379	415	442
Amortization and write-off of debt premiums, discounts and issuance costs	8	0	0
Asset impairments	1	12	1
Allowances for losses on trade receivables and inventories	25	37	30
Deferred income taxes	(90)	116	97
Additions (payments) to accrued legal settlements	(4)	(1)	(6)
Share-based compensation	62	62	50
Foreign exchange (loss) gain	(7)	12	(19)
Gain excluded from hedge effectiveness	(6)	0	0
Other	(19)	(1)	3
Changes in operating assets and liabilities:
Trade receivables	(95)	(107)	77
Inventories	(106)	(15)	(32)
Prepaid expenses and other current assets	(7)	(13)	40
Accounts payable, accrued and other liabilities	189	163	(144)
Net cash provided by operating activities	345	873	522
Cash Flows From Investing Activities
Acquisitions and other investments	(45)	0	0
Acquisitions of intangible assets	0	(16)	(6)
Purchases of property, plant and equipment	(175)	(193)	(253)
Purchases of marketable securities	(17)	(19)	(6)
Proceeds from sale of marketable securities	22	14	9
Net cash used in investing activities	(215)	(214)	(256)
Cash Flows From Financing Activities
Issuance of long-term debt, net of discounts	2,440	0	0
Repayments of debt	(13)	0	0
Payments of financing costs	(3)	0	0
Payments of noncontrolling interest distributions	(11)	(10)	(7)
Net borrowings under BHC pooled financing arrangements (Note 3)	31	28	0
Net transfers to BHC (Note 3)	(2,363)	(730)	(225)
Net cash provided by (used in) financing activities	81	(712)	(232)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(8)	(8)	12
Net increase (decrease) in cash and cash equivalents and restricted cash	203	(61)	46
Cash and cash equivalents and restricted cash, beginning of period	177	238	192
Cash and cash equivalents and restricted cash, end of period	380	177	238
Non-cash Financing Activity
Issuance of BHC Purchase Debt (Note 3)	$ 2,200	$ 0	$ 0

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Overview Bausch + Lomb Corporation ( “Bausch + Lomb” or the “ Company”) is a subsidiary of Bausch Health Companies Inc. ( “BHC ”) and is a leading global eye health company dedicated to protecting and enhancing the gift of sight for millions of people around the world – from the moment of birth through every phase of life. The Company operates in three reportable segments: (i) Vision Care segment which includes both a contact lens business and a consumer eye care business that consists of contact lens care products, over-the-counter (“OTC”) eye drops and eye vitamins, (ii) Ophthalmic Pharmaceuticals segment which consists of a broad line of proprietary and generic pharmaceutical products for post-operative treatments and treatments for a number of eye conditions, such as glaucoma, eye inflammation, ocular hypertension, dry eyes and retinal diseases and (iii) Surgical segment which consists of medical device equipment, consumables and instrumental tools and technologies for the treatment of corneal, cataracts and vitreous and retinal eye conditions, and includes intraocular lenses and delivery systems, phacoemulsification equipment and other surgical instruments and devices necessary for cataract surgery. See Note 22, “SEGMENT INFORMATION” for additional information regarding these reportable segments. Separation of Bausch + Lomb On August 6, 2020, BHC announced its plan to separate Bausch + Lomb into an independent, publicly traded company, separate from the remainder of BHC (the “Separation”), commencing with an initial public offering of Bausch + Lomb's common shares (as further described below). Prior to January 1, 2022, Bausch + Lomb had nominal assets and liabilities. In connection with the B+L IPO (as defined below), BHC transferred to Bausch + Lomb, in a series of steps, all the entities, assets, liabilities and obligations that Bausch + Lomb held upon completion of the B+L IPO pursuant to a Master Separation Agreement (the “MSA”) with BHC. The registration statement related to the initial public offering (the “IPO”) of Bausch + Lomb’s common shares (the “B+L IPO”) was declared effective on May 5, 2022, and Bausch + Lomb’s common shares began trading on the New York Stock Exchange and the Toronto Stock Exchange, in each case under the ticker symbol “BLCO”, on May 6, 2022. Bausch + Lomb also obtained a final receipt to its final Canadian base PREP prospectus on May 5, 2022. Prior to the B+L IPO, Bausch + Lomb was a wholly-owned subsidiary of BHC. On May 10, 2022, a wholly-owned subsidiary of BHC (the “Selling Shareholder”) sold 35,000,000 common shares of Bausch + Lomb, at an offering price of $18.00 per share (less the applicable underwriting discount), pursuant to the Bausch + Lomb prospectuses. In addition, the Selling Shareholder granted the underwriters an option for a period of 30 days from the date of the B+L IPO to purchase up to an additional 5,250,000 common shares to cover over-allotments at the IPO price less underwriting commissions. On May 31, 2022, the underwriters for the B+L IPO partially exercised the over-allotment option granted by the Selling Shareholder and, on June 1, 2022, the Selling Shareholder sold an additional 4,550,357 common shares of Bausch + Lomb at an offering price of $18.00 per share (less the applicable underwriting discount). The remainder of the over-allotment option granted to the underwriters expired. The Selling Shareholder received all net proceeds from the B+L IPO and the partial exercise of the over-allotment option by the underwriters. As of February 17, 2023, BHC directly or indirectly holds 310,449,643 Bausch + Lomb common shares, which represents approximately 88.7% of Bausch + Lomb common shares. The completion of the full Separation of Bausch + Lomb, which includes the transfer of all or a portion of BHC’s remaining direct or indirect equity interest in Bausch + Lomb to its shareholders (the “Distribution”), is subject to the achievement of targeted debt leverage ratios, market conditions and the receipt of applicable shareholder and other necessary approvals and other factors and is subject to various risk factors relating to the Separation. See Item 1A. “Risk Factors” of this Form 10-K for additional information on the risks associated with the Separation. Bausch + Lomb understands that BHC continues to believe that completing the B+L Separation makes strategic sense and that BHC continues to evaluate all factors and considerations related to completing the Separation, including the effect of the lawsuit filed against Norwich Pharmaceuticals Inc. in connection with its Abbreviated New Drug Application ("ANDA") for Xifaxan ® (rifaxamin) 550 mg tablets (including BHC’s ability to successfully appeal the decision of the U.S. District Court for the District of Delaware in such lawsuit).

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In connection with the B+L IPO, effective January 1, 2022, BHC transferred to Bausch + Lomb substantially all the entities, assets, liabilities and obligations related to the Bausch + Lomb business, such that the accompanying audited financial statements for all periods presented, including the historical results of the Company prior to January 1, 2022, are now referred to as “Consolidated Financial Statements”, and have been prepared pursuant to the rules and regulations for reporting on Form 10-K. Prior to January 1, 2022, the Company’s Consolidated Financial Statements were prepared on a combined basis and were derived from BHC’s historical consolidated financial statements. Periods prior to the B+L IPO Prior to the B+L IPO, Bausch + Lomb had historically operated as part of BHC; therefore, separate financial statements were not historically prepared. The accompanying audited Consolidated Financial Statements for periods prior to the B+L IPO were prepared from BHC’s historical accounting records. Prior to the B+L IPO, Bausch + Lomb relied on BHC’s corporate and other support functions. Therefore, certain corporate and shared costs for periods prior to the B+L IPO were allocated to Bausch + Lomb, including expenses related to BHC support functions that were provided on a centralized basis, including expenses for executive oversight, treasury, accounting, legal, human resources, shared services, compliance, procurement, information technology and other corporate functions. The expenses associated with these services generally included all payroll and benefit costs, certain share-based compensation expenses related to BHC’s long-term incentive program for BHC employees who are providing corporate services to Bausch + Lomb, certain expenses associated with corporate insurance coverage and medical, pension, postretirement and other health plan costs for employees participating in BHC sponsored plans, as well as overhead costs related to the support functions. These expenses were allocated to Bausch + Lomb based on a specific identification basis or, when specific identification is not practicable, a proportional cost allocation method. Allocations were based on direct usage where identifiable as well a number of other utilization measures including headcount and relative revenues. See Note 3, “RELATED PARTIES” for further information regarding allocated expenses between Bausch + Lomb and BHC. Management believes these cost allocations are a reasonable reflection of the utilization of services provided to, or the benefit derived by, the Company during the periods presented, though the allocations may not be indicative of the actual costs that would have been incurred had the Company operated as a standalone public company. Actual costs that may have been incurred if the Company had been a standalone company would depend on a number of factors, including the chosen organizational structure, whether functions were outsourced or performed by the Company employees, and strategic decisions made in areas such as research and development, information technology and infrastructure. The Company's Consolidated Balance Sheets include all assets and liabilities directly attributable to Bausch + Lomb. To the extent that assets such as facilities are shared between Bausch + Lomb and other BHC owned businesses, the assets and any related lease liabilities are not included in the Company's Consolidated Balance Sheets, however a charge was allocated in the Company's Consolidated Statements of Operations for Bausch + Lomb’s utilization of these assets. The Company's Consolidated Statements of Operations include all revenues and expenses directly attributable to Bausch + Lomb, including charges and allocations for facilities, functions and services used by Bausch + Lomb. All charges and allocations for facilities, functions and services performed by BHC have been recorded through BHC Investment by Bausch + Lomb to BHC in the period in which the cost was recorded in the Consolidated Statements of Operations. Prior to the B+L IPO, BHC’s cumulative interest in the assets and liabilities of the Company, inclusive of operating results, is presented as BHC investment on the Consolidated Balance Sheets. As part of the B+L IPO, BHC Investment was reclassified to Additional paid-in capital. Current and deferred income taxes in the Consolidated Financial Statements were calculated on a separate return basis. However, because the Company filed as part of BHC’s tax group in certain jurisdictions, the Company’s actual tax balances may differ from those reported. The Company's portion of its domestic and certain income taxes for jurisdictions outside the U.S. are deemed to have been settled in the period the related tax expense was recorded. Prior to the IPO, BHC’s third-party debt and related interest expense were not attributed to the Company because the borrowings were not specifically identifiable to the Company. However, in connection with the B+L IPO, the Company incurred indebtedness directly attributable to the Company and has therefore recorded the related interest expense beginning in 2022. BHC had entered into cross currency swaps and foreign currency exchange contracts to hedge certain foreign exchange exposures across BHC’s business. These instruments were attributed to the Company based on a specific identification basis or, when specific identification is not practicable, the related income or expense for these instruments was allocated based on relative net assets and revenues. Periods subsequent to the B+L IPO On May 10, 2022, Bausch + Lomb became an independent publicly traded company. The audited financial statements for all periods presented have been prepared by Bausch + Lomb in United States (“U.S.”) dollars and in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial reporting and pursuant to the rules and regulations for reporting on Form 10-K. The Consolidated Financial Statements include the accounts of the Company and those of its subsidiaries and any variable interest entities for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated. Following the B+L IPO, certain functions that BHC provided to Bausch + Lomb prior to the B+L IPO continued to be provided to Bausch + Lomb by BHC under a Transition Services Agreement (the “TSA”) or were (and continue to be) performed using Bausch + Lomb’s own resources or third-party service providers. Bausch + Lomb has incurred certain costs in its establishment as a standalone public company, and expects additional ongoing costs associated with operating as an independent, publicly traded company. See Note 3, “RELATED PARTIES” for further information regarding agreements between B+L and BHC. Out of Period Adjustments During the preparation of the Condensed Consolidated Financial Statements for the three months ended March 31, 2022, management identified immaterial prior period accounting misstatements related to the income tax impact of unrealized gains and losses of Bausch + Lomb’s pension and postretirement benefit plan, which are included in Other comprehensive loss in the Condensed Consolidated Statements of Comprehensive Income and related to the impact of deferred taxes on the Condensed Consolidated Statements of Cash Flows. The misstatements resulted in an overstatement of Other comprehensive loss and of Net cash provided by operating activities of $6 million and an overstatement of Net cash used in financing activities of $6 million for the year ended December 31, 2022 and in an understatement of $10 million of Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheet as of December 31, 2021. Bausch + Lomb recorded out of period corrections for the misstatements during the year ended December 31, 2022, resulting in an out of period unrealized loss of $10 million, reflected in the Pension and postretirement benefit plan adjustments, net of income taxes caption of its Consolidated Statements of Comprehensive Income (Loss). The out of period correction also resulted in a decrease in the Deferred income taxes caption and an offsetting increase in the Net Transfers to BHC caption of its Consolidated Statements of Cash Flows of $10 million for the year ended December 31, 2022. Management has evaluated this misstatement and related out of period correction in relation to the current period financial statements as well as the period in which it originated and concluded that this misstatement is not material to the impacted period. Use of Estimates In preparing Bausch + Lomb’s Consolidated Financial Statements, management is required to make estimates and assumptions. This includes estimates and assumptions regarding the nature, timing and extent of the impacts that certain global macroeconomic conditions, including, but not limited to, those related to the COVID-19 pandemic and its overall impact on inflation and supply chain, will have on Bausch + Lomb's operations and cash flows. The estimates and assumptions used by Bausch + Lomb affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: provisions for product returns, rebates, chargebacks, discounts and allowances and distribution fees paid to certain wholesalers; useful lives of finite-lived intangible assets and property, plant and equipment; expected future cash flows used in evaluating intangible assets for impairment, assessing compliance with debt covenants, reporting unit fair values for testing goodwill for impairment; acquisition-related contingent consideration liabilities; provisions for loss contingencies; provisions for income taxes, uncertain tax positions and realizability of deferred tax assets; the fair value of cross-currency swaps; and the fair value of foreign currency exchange contracts. Prior to the B+L IPO, significant estimates made by management also included the related allocations described in the basis of presentation. All allocations and estimates in these Consolidated Financial Statements are based on assumptions that management believes are reasonable. On an ongoing basis, management reviews its allocations and estimates to ensure that these allocations and estimates appropriately reflect changes in Bausch + Lomb and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, Bausch + Lomb’s Consolidated Financial Statements could be materially impacted. The extent to which certain global macroeconomic conditions, including, but not limited to, those related to the COVID-19 pandemic and its overall impact on inflation and supply chain, may continue to impact Bausch + Lomb’s business, financial condition, cash flows and results of operations, in particular, will depend on future developments which are highly uncertain and many of which are outside Bausch + Lomb’s control. Bausch + Lomb has assessed the possible effects and outcomes of these macroeconomic conditions on, among other things, its supply chain, customers and distributors, discounts and rebates, employee base, product sustainability, research and development efforts, product pipeline and consumer demand and currently believes that its estimates are reasonable. Changes in Reportable Segments Commencing in the second quarter of 2021, the Company began operating in the following reportable segments: (i) Vision Care (formerly named Vision Care/Consumer Health Care), (ii) Ophthalmic Pharmaceuticals and (iii) Surgical. Prior to the second quarter of 2021, the Company operated in one reportable segment. Prior period presentations have been recast to conform to the current segment reporting structure. See Note 22, “SEGMENT INFORMATION” for additional information. Fair Value of Financial Instruments The estimated fair values of cash and cash equivalents, trade receivables, accounts payable and accrued liabilities approximate their carrying values due to their short maturity periods. The fair value of acquisition-related contingent consideration is based on estimated discounted future cash flows analyses and assessment of the probability of occurrence of potential future events. Fair Value of Derivative Instruments The accounting for changes in the fair value of a derivative instrument depends on whether the instrument has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. For derivative instruments designated and qualifying as hedging instruments, the hedging instrument must be designated, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of the foreign currency exposure of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the Consolidated Statements of Operations during the current period. The Company’s cross-currency swaps qualify for and have been designated as an accounting hedge of the foreign currency exposure of a net investment in a foreign operation and are remeasured at each reporting date to reflect changes in their fair values. The fair value is determined via a mark-to-market analysis, using observable (Level 2) inputs. These inputs may include: (i) the foreign currency exchange spot rate between the euro and U.S. dollar, (ii) the interest rate yield curves in the euro and U.S. dollar and (iii) the credit risk rating for each applicable counterparty. The net change in fair value of cross-currency swaps is reported as a gain or loss in the Consolidated Statements of Comprehensive (Loss) Income as part of Foreign currency translation adjustment to the extent they are effective, and remain in Accumulated other comprehensive (loss) income until either the sale or complete, or substantially complete, liquidation of the subsidiary. No portion of the cross-currency swaps was ineffective. The Company uses the spot method of assessing hedge effectiveness. The Company has elected to amortize amounts excluded from the assessment of effectiveness over the term of its cross-currency swaps as a reduction of Interest expense in the Consolidated Statements of Operations. The Company uses foreign currency exchange contracts to economically hedge the foreign exchange exposure on certain of the Company's intercompany balances. The Company's foreign currency exchange contracts are remeasured at each reporting date to reflect changes in their fair values determined using forward rates, which are observable market inputs, multiplied by the notional amount. These contracts have not been designated as an accounting hedge, and therefore the net change in their fair value is reported as a gain or loss in the Consolidated Statements of Operations as part of Foreign exchange and other. Cash and Cash Equivalents Cash and cash equivalents consist of cash in bank accounts and highly liquid investments with maturities of three months or less when purchased, and that is legally owned by the Company. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, trade receivables, cross-currency swaps and foreign currency exchange contracts. Cash deposited at banks may exceed the amount of insurance provided on such deposits. Generally, these cash deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate such risks by spreading its risk across multiple counterparties and monitoring the risk profiles of these counterparties. Outside of the U.S., concentrations of credit risk with respect to trade receivables, which are typically unsecured, are limited due to the number of customers using the Company’s products, as well as their dispersion across many different geographic regions. The Company performs periodic credit evaluations of customers and does not require collateral. The Company monitors economic conditions, including volatility associated with international economies, and related impacts on the relevant financial markets and its business, especially in light of sovereign credit issues. The credit and economic conditions within Argentina, Brazil, Belarus, Greece, Russia, Serbia, South Africa, Turkey, Ukraine and Venezuela have been weak in recent years. These conditions have increased, and may continue to increase, the average length of time that it takes to collect on the Company’ trade receivables outstanding in these countries. In February 2022, Russia invaded Ukraine. As military activity and sanctions against Russia, Belarus and specific areas of Ukraine have continued, the war has increasingly affected economic and global financial markets and exacerbated ongoing economic challenges, including issues such as rising inflation and global supply-chain disruption. These matters and events have had no material impact on the timing and extent of the Company's revenues and collection of accounts receivable through December 31, 2022. However, the ongoing conflict in this region and the sanctions and other actions by the global community in response has hindered (and the Company anticipates will continue to hinder) our ability to conduct business with customers and vendors in this region. This includes the Company's ability to conduct business as usual and could, among other things effect the timing and recognition of revenues and collections of receivables in the future. Management continues to monitor the impacts of the Russian-Ukraine war on macroeconomic conditions and continually assess the effect these matters may have on its businesses. The Company's revenues attributable to Russia for the years 2022, 2021 and 2020 were $132 million, $116 million and $102 million, respectively. The Company's revenues attributable to Ukraine for the years 2022, 2021 and 2020 were $7 million, $12 million and $14 million, respectively. The Company's revenues attributable to Belarus for the years 2022, 2021 and 2020 were $8 million, $7 million and $8 million, respectively. The Company's net trade receivable balances from Russia, Belarus and Ukraine as of December 31, 2022 was $54 million. As of December 31, 2022, the Company's net trade receivable balance from Argentina, Brazil, Belarus, Greece, Russia, Serbia, South Africa, Turkey, Ukraine and Venezuela amounted to $95 million, the majority of which is current or less than 90 days past due. The portion of the net trade receivable from these countries that is past due more than 90 days amounted to $1 million. Allowance for Credit Losses An allowance is maintained for potential credit losses. Bausch + Lomb estimates the current expected credit loss on its receivables based on various factors, including historical credit loss experience, customer credit worthiness, value of collaterals (if any), and any relevant current and reasonably supportable future economic factors. Additionally, Bausch + Lomb generally estimates the expected credit loss on a pooled basis when customers are deemed to have similar risk characteristics. Trade receivable balances are written off against the allowance when it is deemed probable that the trade receivable will not be collected. Trade receivables, net are stated net of certain sales provisions and the allowance for credit losses. The activity in the allowance for credit losses for trade receivables for the years 2022, 2021 and 2020 is as follows: (in millions) 2022 2021 2020 Balance, beginning of period $ 16 $ 17 $ 20 Provision 4 2 — Write-offs (2) (2) (2) Foreign exchange and other 4 (1) (1) Balance, end of period $ 22 $ 16 $ 17 Inventories Inventories comprise raw materials, work in process and finished goods, which are valued at the lower of cost or net realizable value, on a first-in, first-out basis. The cost value for work in process and finished goods inventories includes materials, direct labor and an allocation of overheads. The Company evaluates the carrying value of inventories on a regular basis, taking into account such factors as historical and anticipated future sales compared with quantities on hand, the price the Company expects to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods on hand. Property, Plant and Equipment Property, plant and equipment are reported at cost, less accumulated depreciation. Costs incurred on assets under construction are capitalized as construction in progress. Depreciation is calculated using the straight-line method, commencing when the assets become available for productive use, based on the following estimated useful lives: Land improvements 15 - 30 years Buildings and improvements Up to 40 years Machinery and equipment Up to 20 years Other equipment 3 - 10 years Leasehold improvements Lesser of term of lease or 10 years Intangible Assets A substantial portion of the Intangible assets related to the Company are specific to the 2013 acquisition of the Company by BHC and have been included based on BHC's historical cost. Intangible assets are reported at cost, less accumulated amortization and impairments. Intangible assets with finite lives are amortized over their estimated useful lives. Amortization is calculated primarily using the straight-line method based on the following estimated useful lives: Product brands 2 - 15 years Corporate brands 10 - 17 years Product rights 8 - 15 years Out-licensed technology and other 8 years Acquired In-Process Research and Development The fair value of in-process research and development ("IPR&D") acquired through a business combination is capitalized as an indefinite-lived intangible asset until the completion or abandonment of the related research and development activities. When the related research and development is completed, the asset will be assigned a useful life and amortized. The fair value of an acquired IPR&D intangible asset is typically determined using an income approach. This approach starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. The net cash flows reflect the asset’s stage of completion, the probability of technical success, the projected costs to complete, expected market competition and an assessment of the asset’s life-cycle. The net cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the expected cash flow streams. Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment are present, the asset group is tested for recoverability by comparing the carrying value of the asset group to the related estimated undiscounted future cash flows expected to be derived from the asset group, which include the amount and timing of the projected future cash flows. If the expected undiscounted cash flows are less than the carrying value of the asset, then the asset is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. Impairment losses are included in Other expense, net in the Consolidated Statements of Operations. Indefinite-lived intangible assets, which includes acquired IPR&D and the corporate trademark acquired in 2013 as part of the acquisition of the Company (the ‘‘B&L Trademark’’), are tested for impairment annually or more frequently if events or changes in circumstances between annual tests indicate that the asset may be impaired. Impairment losses on indefinite-lived intangible assets are recognized based on a comparison of the fair value of the asset to its carrying value. Goodwill Goodwill is recorded with the acquisition of a business and is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. A substantial portion of goodwill allocated to the Company is specific to the 2013 acquisition of the Company by BHC and has been allocated based on BHC's historical cost. Other goodwill amounts relate to other acquisitions by the Company. If a historical BHC acquisition contributed to both the Company and other BHC businesses, goodwill from the acquisition, based on BHC's historical cost, was allocated to the Company based on a relative fair value basis. Goodwill is not amortized but is tested for impairment at least annually as of October 1st at the reporting unit level. Goodwill impairment is measured as the amount by which a reporting unit's carrying value exceeds its fair value. A reporting unit is the same as, or one level below, an operating segment. A n entity is permitted to first assess qualitatively whether it is necessary to perform a quantitative impairment test for any of its reporting units. The quantitative impairment test is required if the Company concludes that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company considers the totality of all relevant events or circumstances that affect the fair value or carrying amount of a reporting unit. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants. Bausch + Lomb estimates the fair values of a reporting unit using a discounted cash flow model which utilizes Level 3 unobservable inputs. The discounted cash flow model relies on assumptions regarding revenue growth rates, gross profit, projected working capital needs, selling, general and administrative expenses, research and development expenses, capital expenditures, income tax rates, discount rates and terminal growth rates. To estimate fair value, Bausch + Lomb discounts the forecasted cash flows of each reporting unit. The discount rate Bausch + Lomb uses represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in its reporting unit operations and the rate of return a market participant would expect to earn. The quantitative fair value test is performed utilizing long-term growth rates and discount rates applied to the estimated cash flows in estimation of fair value. To estimate cash flows beyond the final year of its model, Bausch + Lomb estimates a terminal value by applying an in-perpetuity growth assumption and discount factor to determine the reporting unit’s terminal value. To forecast a reporting unit’s cash flows, Bausch + Lomb takes into consideration economic conditions and trends, estimated future operating results, management’s and a market participant’s view of growth rates and product lives and anticipates future economic conditions. Revenue growth rates inherent in these forecasts are based on input from internal and external market research that compare factors such as growth in global economies, recent industry trends and product life-cycles. Macroeconomic factors such as changes in economies, changes in the competitive landscape including the unexpected loss of exclusivity to Bausch + Lomb’s product portfolio, changes in government legislation, product life-cycles, industry consolidations and other changes beyond Bausch + Lomb’s control could have a positive or negative impact on achieving its targets. Accordingly, if market conditions deteriorate, or if Bausch + Lomb is unable to execute its strategies, it may be necessary to record impairment charges in the future. An interim goodwill impairment test in advance of the annual impairment assessment may be required if adverse events occur that indicate an impairment might be present. For example, changes in reportable segments, unexpected adverse business conditions, economic factors and unanticipated competitive activities may signal that an interim impairment test is needed. Accordingly, among other factors, the Company monitors changes in its share price between annual impairment tests. The Company considers a decline in its share price that corresponds to an overall deterioration in stock market conditions to be less of an indicator of goodwill impairment than a unilateral decline in its share price reflecting adverse changes in its underlying operating performance, cash flows, financial condition and/or liquidity. In the event that the Company’s market capitalization does decline below its book value, the Company would consider the length and severity of the decline and the reason for the decline when assessing whether potential goodwill impairment exists. The Company believes that short-term fluctuations in share prices may not necessarily reflect underlying values. Debt Discounts and Premiums, Issuance Costs and Deferred Financing Costs Debt discounts, premiums and issuance costs are presented in the Consolidated Balance Sheets as a direct deduction from or addition to the carrying amount of the related debt and are amortized or accreted, using the effective interest method, as interest expense over the contractual lives of the related credit facilities or notes. Deferred financing costs associated with revolving credit facility arrangements are included in the balances of Prepaid expenses and other current assets and Other non-current assets in the Consolidated Balance Sheets and are amortized as interest expense over the contractual life of the related revolving credit facility. Foreign Currency Translation The assets and liabilities of the Company's foreign operations having a functional currency other than the U.S. dollar are translated into U.S. dollars at the exchange rate prevailing at the balance sheet date, and at the average exchange rate for the reporting period for revenue and expense accounts. The cumulative foreign currency translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Foreign currency exchange gains and losses on transactions occurring in a currency other than an operation’s functional currency are recognized as a component of Foreign exchange and other in the Consolidated Statements of Operations. Foreign currency translation recorded in these Consolidated Financial Statements, is based on currency movements specific to the Company's Consolidated Financial Statements during the periods presented. Revenue Recognition Bausch + Lomb’s revenues are primarily generated from product sales in the therapeutic areas of eye health that consist of: (i) branded prescription eye-medications and pharmaceuticals, (ii) generic and branded generic prescription eye medications and pharmaceuticals, (iii) OTC vitamin and supplement products and (iv) medical devices (contact lenses, intraocular lenses and ophthalmic surgical equipment). Other revenues include alliance and service revenue from the licensing and co-promotion of products and contract service revenue. Contract service revenue is derived primarily from contract manufacturing for third parties and is not material. See Note 22, “SEGMENT INFORMATION” for the disaggregation of revenues which depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by the economic factors of each category of customer contracts. Bausch + Lomb recognizes revenue when the customer obtains control of promised goods or services and in an amount that reflects the consideration to which Bausch + Lomb expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, Bausch + Lomb applies the five-step revenue model to contracts within its scope: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Product Sales A contract with Bausch + Lomb’s customers exists for each pr

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES Prior to May 10, 2022, Bausch + Lomb had been managed and operated in the ordinary course of business with other affiliates of BHC. Accordingly, certain corporate and shared costs prior to May 10, 2022 were allocated to Bausch + Lomb and reflected as expenses in the Consolidated Financial Statements. On May 10, 2022, Bausch + Lomb became an independent publicly traded company. However, as of February 17, 2023 BHC directly or indirectly holds 310,449,643 Bausch + Lomb common shares, which represents approximately 88.7% of Bausch + Lomb common shares. Additionally, there have been no sales made to related parties for all periods presented. Allocated Centralized Costs Prior to May 10, 2022 Prior to May 10, 2022, the Consolidated Financial Statements have been prepared on a standalone basis and were derived from the consolidated financial statements and accounting records of BHC. BHC incurred significant corporate costs for services it provided to Bausch + Lomb, as well as to other BHC businesses. The allocated corporate and shared costs to Bausch + Lomb for 2022, 2021 and 2020 were $76 million, $390 million and $354 million, respectively. The allocated corporate and shared costs to Bausch + Lomb are included in Cost of goods sold (excluding amortization and impairments of intangible assets), Selling, general and administrative and Research and development in the Consolidated Statements of Operations. All such amounts have been deemed to have been incurred and settled by Bausch + Lomb in the period in which the costs were recorded and are included in Additional paid-in capital during 2022 and in BHC investment during 2021. See Note 2, “SIGNIFICANT ACCOUNTING POLICIES” for additional information on the allocation of functional service expenses and general corporate expenses. In the opinion of management of BHC and Bausch + Lomb, the expense and cost allocations have been determined on a basis considered to be a reasonable reflection of the utilization of services provided or the benefit received by Bausch + Lomb during 2022, 2021 and 2020. The amounts that would have been, or will be incurred, on a standalone basis could differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees or other factors. In addition, the future results of operations, financial position and cash flows could differ materially from the historical results presented herein. Accounts Receivable and Payable Certain related party transactions between Bausch + Lomb and BHC have been included in Additional paid-in capital during 2022 and in BHC investment during 2021 when the related party transactions were not settled in cash. Certain transactions between Bausch + Lomb and BHC and affiliate businesses are cash-settled on a current basis and, therefore, are reflected in the Consolidated Balance Sheets. Amounts payable to BHC and its affiliates related to related party transactions were $53 million and $6 million as of December 31, 2022 and December 31, 2021 respectively, and are included within Accounts payable in the Condensed Consolidated Balance Sheets. Amounts due from BHC and its affiliates related to related party transactions were $102 million and $32 million as of December 31, 2022 and December 31, 2021, respectively, of which $0 and $32 million are included within Trade receivables, net, $90 million and $0 are included within Prepaid expenses and other current assets and $12 million and $0 are included within Other non-current assets on the Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021, respectively. These amounts are inclusive of the receivables and payables associated with the separation agreements entered into in connection with the B+L IPO, as discussed below. BHC Pooled Financing Arrangements Prior to the B+L IPO, certain legal entities comprising Bausch + Lomb participated in BHC pooled financing arrangements, which allowed for individual legal entities participating in the arrangements to borrow from the sponsoring bank. Total borrowings by the BHC pool participants was limited to the aggregate cash maintained in accounts held by the sponsoring bank. Net borrowings under BHC pooled financing arrangements from legal entities comprising Bausch + Lomb were $0 and $28 million as of December 31, 2022 and 2021, respectively. BHC held a net positive cash balance in this pool, as these borrowings were more than offset by cash held by other BHC owned legal entities, including legal entities which have commingled Bausch + Lomb and non-Bausch + Lomb activities. Cash from these commingled legal entities has generally not been included in Bausch + Lomb’s Consolidated Balance Sheets as such cash is not specifically identifiable to Bausch + Lomb. These borrowings are presented on the Consolidated Balance Sheets within Accrued and other current liabilities and in the Cash Flows From Financing Activities section of the Consolidated Statements of Cash Flows as Net borrowings under BHC pooled financing arrangements. Interest incurred on such borrowings were not material for any period presented. Net Transfers to BHC The total effect of the settlement of related party transactions is reflected as a financing activity in the Consolidated Statements of Cash Flows. The components of the Net transfers to BHC for the years 2022, 2021 and 2020 are as follows: (in millions) 2022 2021 2020 Cash pooling and general financing activities $ (226) $ (1,317) $ (428) Corporate allocations 76 390 354 Benefit from income taxes 225 302 (106) Total net transfers to BHC (as reflected in the Consolidated Statements of Equity) 75 (625) (180) Payment of BHC Purchase Debt (2,200) — — Share-based compensation (16) (62) (50) Other, net (222) (43) 5 Net transfers to BHC (as reflected in the Consolidated Statements of Cash Flows) $ (2,363) $ (730) $ (225) Repayment of BHC Purchase Debt and Return of Capital On January 1, 2022, in anticipation of the B+L IPO, Bausch + Lomb issued a $2,200 million promissory note to BHC (the “BHC Purchase Debt”) in conjunction with a legal reorganization. The BHC Purchase Debt had an original maturity of two years and, interest at the rate of 3.625% per annum. On May 1, 2022, the Company entered into an addendum to amend the interest rate of the BHC Purchase Debt to a rate of 6.000% per annum. The cumulative catch-up for this amendment to the interest rate was recorded in the Consolidated Statements of Operations as part of Interest Expense. On May 10, 2022, Bausch + Lomb made payments to BHC of: (i) $2,200 million in full satisfaction of the BHC Purchase Debt and (ii) $229 million in return of capital using the proceeds from the Term Facility (as defined in Note 10, “CREDIT FACILITIES”) and cash on hand. Included in Interest expense in the Consolidated Statements of Operations for 2022 was $47 million of interest attributed to the BHC Purchase Debt. Separation Agreement with BHC In connection with the completion of the B+L IPO, the Company entered into the MSA, that, together with the other agreements summarized herein, govern the relationship between BHC and the Company following the completion of the B+L IPO. Other agreements that the Company entered into with BHC that govern aspects of Bausch + Lomb’s relationship with BHC following the B+L IPO include: • Transition Services Agreement - In connection with the completion of the B+L IPO, Bausch + Lomb entered into the TSA with BHC to provide each other, on a transitional basis, certain administrative, human resources, treasury and support services and other assistance, for a limited time to help ensure an orderly transition following the B+L IPO. The TSA specifies the calculation of Bausch + Lomb costs for these services. Under the TSA, Bausch + Lomb will receive certain services from BHC, including information technology services, technical and engineering support, application support for operations, legal, payroll, finance, tax and accounting, general administrative services and other support services, and will also provide certain similar services to BHC. Individual services provided under the TSA are scheduled for a specific period, generally ranging from six • Tax Matters Agreement - In connection with the completion of the B+L IPO, Bausch + Lomb entered into a Tax Matters Agreement with BHC that governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes following the B+L IPO. • Employee Matters Agreement - In connection with the completion of the B+L IPO, Bausch + Lomb entered into an Employee Matters Agreement with BHC that governs, among other things, the allocation of employee-related liabilities, the mechanics for the transfer of Bausch + Lomb employees, the treatment of outstanding equity awards and the treatment of Bausch + Lomb employees’ participation in BHC’s retirement and health and welfare plans. In addition to the previously discussed agreements, Bausch + Lomb has entered into certain other agreements with BHC including, but not limited to, the Intellectual Property Matters Agreement and the Real Estate Matters Agreement that provide a framework for the ongoing relationship with BHC.

ACQUISITIONS AND LICENSING AGRE

ACQUISITIONS AND LICENSING AGREEMENTS	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND LICENSING AGREEMENTS	ACQUISITIONS AND LICENSING AGREEMENTS As described below, during 2022, the Company entered a strategic licensing agreement and completed the following acquisitions for an aggregate up-front payment of $45 million. On July 28, 2022, the Company entered into an exclusive five year European distribution agreement with Sanoculis Ltd. ("Sanoculis") for Sanoculis' Minimally Invasive Micro Sclerostomy ("MIMS ® "). MIMS ® is an innovative minimally invasive surgical procedure for the treatment of glaucoma and is expected to complement existing Bausch + Lomb products within this market. As a part of the agreement, the Company agreed to purchase the MIMS ® product from Sanoculis for distribution in various European countries. On November 21, 2022, the Company acquired Paragon BioTeck, Inc., an eye-care focused drug development company, having a primary emphasis on the early detection of ocular diseases. The acquisition of Paragon Bioteck has been accounted for by the Company as an asset acquisition. The primary asset in the transaction, the trademarks, represented substantially all of the fair value of the gross assets acquired. There are no future sales milestones associated with this transaction. On December 12, 2022, the Company acquired Total Titanium, Inc., a privately held ophthalmic microsurgical instrument and machined parts manufacturing company. The transaction was completed to assist in driving revenue growth as well as increasing manufacturing capacity. The fair value of the acquisition of Total Titanium, Inc. has been accounted for as a business combination and included in the Surgical segment. Supplemental pro forma information related to revenue and earnings for 2022 are not provided as they did not have a material impact on the Company's operations. Additional contingent payments may be payable upon reaching key future milestone achievements related to sales and employee retention. Refer to Note 21, “COMMITMENTS AND CONTINGENCIES” for further detail regarding potential future milestone payments related to previously entered transactions and agreements. As a result of these transactions, recorded within the Consolidated Balance Sheet are Trade receivables, net of $1 million, Inventories, net of $1 million, Property, plant and equipment of $2 million, Intangibles, net of $43 million, Goodwill of $5 million and Deferred tax liabilities, net of $11 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value measurements are estimated based on valuation techniques and inputs categorized as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities; • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market activity and that are financial instruments whose values are determined using discounted cash flow methodologies, pricing models, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following fair value hierarchy table presents the components and classification of Bausch + Lomb’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021: 2022 2021 (in millions) Carrying Value Level 1 Level 2 Level 3 Carrying Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 81 $ 72 $ 9 $ — $ 12 $ — $ 12 $ — Foreign currency exchange contracts $ 5 $ — $ 5 $ — $ — $ — $ — $ — Liabilities: Acquisition-related contingent consideration $ 4 $ — $ — $ 4 $ 9 $ — $ — $ 9 Foreign currency exchange contracts $ 2 $ — $ 2 $ — $ — $ — $ — $ — Cross-currency swaps $ 39 $ — $ 39 $ — $ — $ — $ — $ — Cash equivalents consist of highly liquid investments, primarily money market funds, with maturities of three months or less when purchased, and are reflected in the Consolidated Balance Sheets at carrying value, which approximates fair value due to their short-term nature. There were no transfers into or out of Level 3 during 2022 and 2021. Cross-currency Swaps During the third quarter of 2022, the Company entered into cross-currency swaps, with an aggregate notional value of $1,000 million, to mitigate fluctuation in the value of a portion of its euro-denominated net investment in its Consolidated Financial Statements from fluctuation in exchange rates. The euro-denominated net investment being hedged is the Company’s investment in certain euro-denominated subsidiaries. Prior to the third quarter of 2022, the Company had no cross-currency swaps for any period presented. The assets and liabilities associated with the Company's cross-currency swaps as included in the Consolidated Balance Sheets as of December 31, 2022 and 2021 are as follows: (in millions) 2022 2021 Other non-current liabilities $ 45 $ — Prepaid expenses and other current assets $ 6 $ — Net fair value of liabilities $ 39 $ — The following table presents the effect of hedging instruments on the Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Operations as of December 31, 2022 and 2021 : (in millions) 2022 2021 Loss recognized in Other comprehensive loss $ 45 $ — Gain excluded from assessment of hedge effectiveness $ 6 $ — Location of gain of excluded component Interest Expense Interest Expense Interest settlement of the Company's cross-currency swaps occurs in January and July each year, with the first settlement occurring in January 2023. Interest settlements of the Company’s cross-currency swaps will be reported as investing activities in the Consolidated Statements of Cash Flows. Foreign Currency Exchange Contracts The Company enters into foreign currency exchange contracts to economically hedge the foreign exchange exposure on certain of the Company's intercompany balances. As of December 31, 2022, these contracts had an aggregate notional amount of $227 million. The fair value of the Company’s foreign currency exchange contracts asset as of December 31, 2022 was $3 million. Included in Accrued and other current liabilities are $2 million and included in Prepaid expenses and other current assets are $5 million of foreign currency exchange contracts. The fair value as of December 31, 2021 was not material. During 2022 and 2021, the net change in fair value was a gain of $3 million and a loss of $2 million, respectively. Settlements of the Company's foreign currency exchange contracts are reported as a gain or loss in the Consolidated Statements of Operations as part of Foreign exchange and other and reported as operating activities in the Consolidated Statements of Cash Flows. During 2022 and 2021, Bausch + Lomb reported a realized loss of $8 million and $2 million, respectively, related to settlements of the Company ’s foreign currency exchange contracts. Fair Value of Long-term Debt The fair value of long-term debt as of December 31, 2022 was $2,354 million, and was estimated using the quoted market prices for the same or similar debt issuances (Level 2).

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories, net as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Raw materials $ 163 $ 147 Work in process 44 34 Finished goods 421 391 $ 628 $ 572 Inventory write-offs were $21 million, $35 million and $30 million for 2022, 2021 and 2020, respectively.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT The major components of property, plant and equipment as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Land $ 44 $ 46 Buildings 614 484 Machinery and equipment 1,585 1,260 Other equipment and leasehold improvements 335 232 Construction in progress 237 527 2,815 2,549 Less accumulated depreciation (1,515) (1,324) $ 1,300 $ 1,225 Depreciation expense was $135 million, $123 million and $119 million for 2022, 2021 and 2020 respectively.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL Intangible Assets The major components of intangible assets as of December 31, 2022 and 2021 consist of: Weighted-Average Remaining Useful Lives (Years) 2022 2021 (in millions) Gross Carrying Amount Accumulated Amortization and Impairments Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Impairments Net Carrying Amount Finite-lived intangible assets: Product brands 3 $ 2,650 $ (2,373) $ 277 $ 2,656 $ (2,209) $ 447 Corporate brands 8 12 (7) 5 12 (6) 6 Product rights/patents 3 992 (919) 73 995 (882) 113 Technology and other 8 66 (61) 5 62 (62) — Total finite-lived intangible assets 3,720 (3,360) 360 3,725 (3,159) 566 B&L Trademark N/A 1,698 — 1,698 1,698 — 1,698 $ 5,418 $ (3,360) $ 2,058 $ 5,423 $ (3,159) $ 2,264 Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Impairment charges associated with these assets are included in Other expense, net in the Consolidated Statements of Operations. Bausch + Lomb continues to monitor the recoverability of its finite-lived intangible assets and tests the intangible assets for impairment if indicators of impairment are present. Asset impairments for 2022, 2021 and 2020 were $1 million, $12 million and $1 million, respectively, related to the discontinuance of certain product lines. Estimated amortization expense of finite-lived intangible assets for the five years ending December 31 and thereafter are as follows: (in millions) 2023 2024 2025 2026 2027 Thereafter Total Amortization $ 184 $ 89 $ 43 $ 10 $ 9 $ 25 $ 360 Goodwill The changes in the carrying amounts of goodwill during the years ended 2022, 2021 and 2020 were as follows: (in millions) Bausch + Lomb Vision Care Ophthalmic Pharmaceuticals Surgical Total Balance, January 1, 2020 $ 4,554 $ — $ — $ — $ 4,554 Assets held for sale reclassified to goodwill 10 — — — 10 Foreign exchange and other 121 — — — 121 Balance, December 31, 2020 4,685 — — — 4,685 Realignment of segment goodwill (4,685) 3,674 689 322 — Foreign exchange and other — (78) (14) (7) (99) Balance, December 31, 2021 — 3,596 675 315 4,586 Acquisitions (Note 4) — — — 5 5 Foreign exchange and other — (47) (30) (7) (84) Balance, December 31, 2022 $ — $ 3,549 $ 645 $ 313 $ 4,507 Goodwill is not amortized but is tested for impairment at least annually on October 1st at the reporting unit level. Refer below for results of the Company's recent goodwill impairment tests and impact of segment realignment on goodwill. Refer to Note 2, “SIGNIFICANT ACCOUNTING POLICIES” for further detail regarding the Company's policies and testing approach in relation to goodwill impairment testing. 2021 and 2020 Annual Goodwill Impairment Tests The Company conducted its annual goodwill impairment tests as of October 1, 2021 and 2020 by first assessing qualitative factors. In management's assessment, no qualitative factors were identified which suggested that it was more likely than not that the carrying amount of a reporting unit exceeded its fair value, and therefore concluded a quantitative fair value test for any of its reporting units was not required. Second Quarter 2021 - Realignment of Segments Bausch + Lomb has historically operated as part of BHC, reported under BHC’s segment structure and historically the Chief Operating Decision Maker (“CODM”) was the CODM of BHC. As Bausch + Lomb was transitioning into an independent, publicly traded company, BHC’s Chief Executive Officer (“CEO”), who was Bausch + Lomb’s CODM until the completion of the B+L IPO, evaluated how to view and measure Bausch + Lomb’s performance. This evaluation necessitated a realignment of Bausch + Lomb’s historical segment structure and, during the second quarter of 2021, Bausch + Lomb determined it is organized into three operating segments, which are also its reportable segments and reporting units. This realignment is consistent with how the CODM: (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 second quarter of 2021, Bausch + Lomb operates in the following operating and reportable segments which are generally determined based on the decision-making structure of Bausch + Lomb and the grouping of similar products and services: (i) Vision Care (formerly named Vision Care/Consumer Health Care), (ii) Ophthalmic Pharmaceuticals and (iii) Surgical. This realignment in segment structure resulted in a change in the former Bausch + Lomb reporting units, which are now divided between the: (i) Vision Care, (ii) Ophthalmic Pharmaceuticals and (iii) Surgical reporting units. As a result of this realignment, goodwill was reassigned to each of the aforementioned reporting units using a relative fair value approach. Immediately prior to the change in reporting units, Bausch + Lomb performed a qualitative fair value assessment for its former Bausch + Lomb reporting units. Based on the qualitative fair value assessment performed, Management believed that it was more likely than not that the carrying value of its former Bausch + Lomb reporting units were less than their respective fair values and therefore, concluded a quantitative assessment was not required. Immediately following the change in reporting units, as a result of the change in composition of the net assets for its current (i) Vision Care, (ii) Ophthalmic Pharmaceuticals and (iii) Surgical reporting units, Bausch + Lomb performed a quantitative fair value assessment. The quantitative fair value test utilized long-term growth rates of 2.0% and 3.0% and a range of discount rates between 7.0% and 10.0%, in estimation of the fair value of the reporting units. After completing the testing, the fair value of each of these reporting units exceeded its carrying value by more than 45%, and, therefore, there was no impairment to goodwill. June 30, 2022 Interim Goodwill Impairment Assessment During the three months ended June 30, 2022, management concluded that the change in the Company’s stock price, driven by overall macroeconomic conditions, such as the volatility in equity markets and interest rates, could result in a decline in the fair value of its reporting units. Therefore, as of June 30, 2022, management performed quantitative fair value tests for each of its three reporting units. The quantitative fair value test utilized the Company’s most recent cash flow projections and utilized long-term growth rates of 2.0% and 3.0% and discount rates of 9.0% and 11.5%. After completing the testing, the fair value of each of these reporting units exceeded its carrying value by more than 25%, and, therefore, there was no impairment to goodwill. 2022 Annual Goodwill Impairment Test The Company conducted its annual goodwill impairment test as of October 1, 2022 by performing a quantitative assessment for each of its reporting units. The quantitative assessment utilized long-term growth rates of 2.0% and 3.0% and discount rates of 9.5% and 12.25%, in estimation of the fair value of the reporting units. After completing the testing, the fair value of each of these reporting units exceeded its carrying value by more than 25%, and, therefore, there was no impairment to goodwill. December 31, 2022 Goodwill Impairment Assessment No events occurred or circumstances changed during the period from October 1, 2022 (the last time goodwill was tested for all reporting units) through December 31, 2022 that would indicate that the fair value of any reporting unit might be below its carrying value. If market conditions deteriorate, or if the Company is unable to execute its strategies, it may be necessary to record impairment charges in the future. There were no goodwill impairment charges through December 31, 2022.

ACCRUED AND OTHER CURRENT LIABI

ACCRUED AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
ACCRUED AND OTHER CURRENT LIABILITIES	ACCRUED AND OTHER CURRENT LIABILITIES Accrued and other current liabilities as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Employee compensation and benefit costs $ 196 $ 204 Product rebates 153 164 Discounts and allowances 85 88 Product returns 59 60 Net borrowings under BHC pooled financing arrangements (Note 4) — 28 Other 408 316 $ 901 $ 860

CREDIT FACILITIES

CREDIT FACILITIES	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
CREDIT FACILITIES	CREDIT FACILITIES On May 10, 2022, Bausch + Lomb entered into a credit agreement (the “Credit Agreement”, and the credit facilities thereunder, the “Credit Facilities”) providing for a term loan of $2,500 million with a five-year term to maturity (the “Term Facility”) and a five-year revolving credit facility of $500 million (the “Revolving Credit Facility”). The Credit Facilities are secured by substantially all of the assets of Bausch + Lomb and its material, wholly-owned Canadian, U.S., Dutch and Irish subsidiaries, subject to certain exceptions. The Term Facility is denominated in U.S. dollars, and borrowings under the revolving credit facility may be made available in U.S. dollars, euros, pounds sterling and Canadian dollars. As of December 31, 2022, the principal amount outstanding under the Term Facility was $2,488 million and $2,436 million net of issuance costs. As of December 31, 2022, the Company had no outstanding borrowings, $24 million of issued and outstanding letters of credit and remaining availability of $476 million under its Revolving Credit Facility Borrowings under the Revolving Credit Facility in: (i) U.S. dollars bear interest at a rate per annum equal to, at Bausch + Lomb’s option, either: (a) a term Secured Overnight Financing Rate ("SOFR")-based rate or (b) a U.S. dollar base rate, (ii) Canadian dollars bear interest at a rate per annum equal to, at Bausch + Lomb’s option, either: (a) Canadian Dollar Offered Rate ("CDOR") or (b) a Canadian dollar prime rate, (iii) euros bear interest at a rate per annum equal to EURIBOR and (iv) pounds sterling bear interest at a rate per annum equal to Sterling Overnight Index Average ("SONIA") (provided, however, that the term SOFR-based rate, CDOR, EURIBOR and SONIA shall be no less than 0.00% per annum at any time and the U.S. dollar base rate and the Canadian dollar prime rate shall be no less than 1.00% per annum at any time), in each case, plus an applicable margin. Term SOFR-based loans are subject to a credit spread adjustment of 0.10%. The applicable interest rate margins for borrowings under the Revolving Credit Facility are (i) between 0.75% to 1.75% with respect to U.S. dollar base rate or Canadian dollar prime rate borrowings and between 1.75% to 2.75% with respect to SOFR, EURIBOR, SONIA or CDOR borrowings based on Bausch + Lomb’s total net leverage ratio and (ii) after (x) Bausch + Lomb’s senior unsecured non-credit-enhanced long-term indebtedness for borrowed money receives an investment grade rating from at least two of S&P, Moody’s and Fitch and (y) the Term Facility has been repaid in full in cash (the “IG Trigger”), between 0.015% to 0.475% with respect to U.S. dollar base rate or Canadian dollar prime rate borrowings and between 1.015% to 1.475% with respect to SOFR, EURIBOR, SONIA or CDOR borrowings based on Bausch + Lomb’s debt rating. In addition, Bausch + Lomb is required to pay commitment fees of 0.25% per annum in respect of the unutilized commitments under the Revolving Credit Facility, payable quarterly in arrears until the IG Trigger and, thereafter, a facility fee between 0.110% to 0.275% of the total revolving commitments, whether used or unused, based on Bausch + Lomb’s debt rating and payable quarterly in arrears. Bausch + Lomb is also required to pay letter of credit fees on the maximum amount available to be drawn under all outstanding letters of credit in an amount equal to the applicable margin on SOFR borrowings under the Revolving Credit Facility on a per annum basis, payable quarterly in arrears, as well as customary fronting fees for the issuance of letters of credit and agency fees. Borrowings under the Term Facility bear interest at a rate per annum equal to, at Bausch + Lomb’s option, either (i) a term SOFR-based rate, plus an applicable margin of 3.25% or (ii) a U.S. dollar base rate, plus an applicable margin of 2.25% (provided, however, that the term SOFR-based rate shall be no less than 0.50% per annum at any time and the U.S. dollar base rate shall not be lower than 1.50% per annum at any time). Term SOFR-based loans are subject to a credit spread adjustment of 0.10%. The stated rate of interest under the Term Facility at December 31, 2022 was 7.84% per annum. Subject to certain exceptions and customary baskets set forth in the Credit Agreement, Bausch + Lomb is required to make mandatory prepayments of the loans under the Term Facility under certain circumstances, including from: (i) 100% of the net cash proceeds of insurance and condemnation proceeds for property or asset losses (subject to reinvestment rights, decrease based on leverage ratios and net proceeds threshold), (ii) 100% of the net cash proceeds from the incurrence of debt (other than permitted debt as described in the Credit Agreement), (iii) 50% of Excess Cash Flow (as defined in the Credit Agreement) subject to decrease based on leverage ratios and subject to a threshold amount and (iv) 100% of net cash proceeds from asset sales (subject to reinvestment rights, decrease based on leverage ratios and net proceeds threshold). These mandatory prepayments may be used to satisfy future amortization. The amortization rate for the Term Facility is 1.00% per annum, or $25 million, payable in quarterly installments and the first installment was paid on September 30, 2022. Bausch + Lomb may direct that prepayments be applied to such amortization payments in order of maturity. As of December 31, 2022, the remaining mandatory quarterly amortization payments for the Term Facility were $106 million through March 2027, with the remaining term loan balance being due in May 2027. Covenant Compliance The Credit Facilities contain customary affirmative and negative covenants and specified events of default. These affirmative and negative covenants include, among other things, and subject to certain qualifications and exceptions, covenants that restrict Bausch + Lomb’s ability and the ability of its subsidiaries to: incur or guarantee additional indebtedness; create or permit liens on assets; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; make certain investments and other restricted payments; engage in mergers, acquisitions, consolidations and amalgamations; transfer and sell certain assets; and engage in transactions with affiliates. The Revolving Credit Facility also contains financial covenants that (1) prior to the IG Trigger, require Bausch + Lomb to, if, as of the last day of any fiscal quarter of Bausch + Lomb (commencing with the fiscal quarter ending December 31, 2022), loans under the Revolving Credit Facility and swingline loans are outstanding in an aggregate amount greater than 40% of the total commitments in respect of the Revolving Credit Facility at such time, maintain a maximum first lien net leverage ratio of not greater than 4.50:1.00 and (2) after the IG Trigger, require Bausch + Lomb to, as of the last day of each fiscal quarter ending after the IG Trigger, (a) maintain a total leverage ratio of not greater than 4.00:1.00 (provided that such ratio will increase to 4.50:1.00 in connection with certain acquisitions for the four fiscal quarter period commencing with the quarter in which such acquisition is consummated) and (b) maintain an interest coverage ratio of not less than 3.00:1.00. The financial covenant in effect prior to the IG Trigger may be waived or amended without the consent of the term loan facility lenders and contains a customary term loan facility standstill and customary cure rights. As of December 31, 2022, the Company was in compliance with its financial covenant related to its debt obligations. Bausch + Lomb, based on its current forecast for the next twelve months from the date of issuance of these financial statements, expects to remain in compliance with its financial covenant and meet its debt service obligations over that same period.

PENSION AND POSTRETIREMENT EMPL

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS	PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS Bausch + Lomb has defined benefit plans and a participatory defined benefit postretirement medical and life insurance plan, which covers a closed grandfathered group of legacy U.S. employees and employees in certain other countries. The U.S. defined benefit accruals were frozen as of December 31, 2004 and benefits that were earned up to December 31, 2004 were preserved. Participants continue to earn interest credits on their cash balance at an interest crediting rate that is equal to the greater of: i) the average annual yield on 10-year Treasury bonds in effect for the November preceding the plan year or ii) 4.50%. The most significant non-U.S. plans are two defined benefit plans in Ireland. In 2011, both Ireland defined benefit plans were closed to future service benefit accruals; however, additional accruals related to annual salary increases continued. In December 2014, one of the Ireland defined benefit plans was amended effective August 2014 to eliminate future benefit accruals related to salary increases. All of the pension benefits accrued through the plan amendment date were preserved. As a result of the plan amendment, there are no active plan participants accruing benefits under the amended Ireland defined benefit plan. The U.S. postretirement benefit plan was amended effective January 1, 2005 to eliminate employer contributions after age 65 for participants who did not meet the minimum requirements of age and service on that date. The employer contributions for medical and prescription drug benefits for participants retiring after March 1, 1989 were frozen effective January 1, 2010. Effective January 1, 2014, the Company no longer offers medical and life insurance coverage to new retirees. In addition to the legacy benefit plans, outside of the U.S., a limited group of the Company's' employees are covered by defined benefit pension plans. The Company uses December 31 as the year-end measurement date for all of its defined benefit pension plans and the postretirement benefit plan. Accounting for Pension Benefit Plans and Postretirement Benefit Plan The Company recognizes in its Consolidated Balance Sheets an asset or liability equal to the over- or under-funded benefit obligation of each defined benefit pension plan and postretirement benefit plan. Actuarial gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost are recognized, net of tax, as a component of other comprehensive income (loss). The amounts included in Accumulated other comprehensive loss as of December 31, 2022 and 2021 were as follows: Pension Benefit Plans U.S. Postretirement U.S. Plan Non-U.S. Plans (in millions) 2022 2021 2022 2021 2022 2021 Unrecognized actuarial (losses) gains $ (35) $ (18) $ (23) $ (42) $ 3 $ (2) Unrecognized prior service credits $ — $ — $ 23 $ 25 $ 6 $ 8 Net Periodic (Benefit) Cost The following tables provides the components of net periodic (benefit) cost for Bausch + Lomb’s defined benefit pension plans and postretirement benefit plan for the years 2022, 2021 and 2020: Pension Benefit Plans U.S. Postretirement Benefit Plan U.S. Plan Non-U.S. Plans (in millions) 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ 1 $ 1 $ 1 $ 3 $ 2 $ 2 $ — $ — $ — Interest cost 5 4 6 3 3 3 1 1 1 Expected return on plan assets (10) (11) (13) (4) (5) (5) — — — Amortization of prior service credit — — — (1) (1) (1) (2) (3) (3) Amortization of net loss — — — 1 2 1 — — — Settlement loss recognized 1 — — 8 8 — — — — Net periodic (benefit) cost $ (3) $ (6) $ (6) $ 10 $ 9 $ — $ (1) $ (2) $ (2) Benefit Obligation, Change in Plan Assets and Funded Status The table below presents components of the change in projected benefit obligation, change in plan assets and funded status for 2022 and 2021: Pension Benefit Plans U.S. Postretirement U.S. Plan Non-U.S. Plans (in millions) 2022 2021 2022 2021 2022 2021 Change in Projected Benefit Obligation Projected benefit obligation, beginning of year $ 220 $ 236 $ 218 $ 280 $ 35 $ 39 Service cost 1 1 3 2 — — Interest cost 5 4 3 3 1 1 Employee contributions — — — — — — Settlements (7) (4) (50) (43) — — Benefits paid (11) (11) (4) 2 (4) (3) Actuarial (gains) losses (36) (6) (53) (8) (5) (2) Currency translation adjustments — — (15) (18) — — Projected benefit obligation, end of year 172 220 102 218 27 35 Change in Plan Assets Fair value of plan assets, beginning of year 224 231 171 185 — — Actual return on plan assets (44) 8 (40) 18 — — Employee contributions — — — — — — Company contributions — — 25 27 4 3 Settlements (7) (4) (50) (43) — — Benefits paid (11) (11) (4) (2) (4) (3) Currency translation adjustments — — (10) (14) — — Fair value of plan assets, end of year 162 224 92 171 — — Funded Status at end of year $ (10) $ 4 $ (10) $ (47) $ (27) $ (35) Recognized as: Other non-current assets $ — $ 4 $ 22 $ — $ — $ — Accrued and other current liabilities $ — $ — $ 2 $ 1 $ 4 $ 4 Other non-current liabilities $ 10 $ — $ 30 $ 46 $ 23 $ 31 Included in Settlement loss recognized and Settlements in the tables above are the costs and payments associated with the conversion of a portion of the Company's defined benefit plan in Ireland to a defined contribution plan. A number of the Company's pension benefit plans were underfunded as of December 31, 2022 and 2021, having accumulated benefit obligations exceeding the fair value of plan assets. Information for the underfunded pension benefit plans is as follows: U.S. Plan Non-U.S. Plans (in millions) 2022 2021 2022 2021 Projected benefit obligation $ 172 $ — $ 37 $ 220 Accumulated benefit obligation 172 — 32 212 Fair value of plan assets 162 — 6 172 The Company's policy for funding its pension benefit plans is to make contributions that meet or exceed the minimum statutory funding requirements. These contributions are determined based upon recommendations made by the actuary under accepted actuarial principles. In 2023, the Company expects to contribute $0, $3 million and $4 million to the U.S. pension benefit plan, the non-U.S. pension benefit plans and the U.S. postretirement benefit plan, respectively. The Company plans to use postretirement benefit plan assets and cash on hand, as necessary, to fund the U.S. postretirement benefit plan benefit payments in 2023. Estimated Future Benefit Payments Future benefit payments over the next 10 years for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows: (in millions) Pension Benefit Plans U.S. Postretirement U.S. Plan Non-U.S. Plans 2023 $ 14 $ 5 $ 4 2024 18 5 3 2025 17 5 3 2026 16 5 3 2027 17 5 3 2028 - 2032 70 28 10 Assumptions The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for 2022, 2021 and 2020 were as follows: Pension Benefit Plans U.S Postretirement Benefit Plan 2022 2021 2020 2022 2021 2020 For Determining Net Periodic (Benefit) Cost U.S. Plans: Discount rate 2.69 % 2.25 % 3.16 % 2.57 % 2.09 % 3.04 % Expected rate of return on plan assets 4.50 % 5.00 % 6.25 % — — — Rate of compensation increase — % — % — — — — Interest crediting rate 4.75 % 4.75 % 4.75 % Non-U.S. Plans: Discount rate 1.44 % 1.14 % 1.48 % Expected rate of return on plan assets 2.70 % 2.73 % 2.97 % Rate of compensation increase 2.55 % 2.49 % 2.99 % Pension Benefit Plans U.S. Postretirement Benefit Plan 2022 2021 2020 2022 2021 2020 For Determining Benefit Obligation U.S. Plans: Discount rate 5.41 % 2.69 % 2.25 % 5.39 % 2.57 % 2.09 % Rate of compensation increase — — — — — — Interest crediting rate 4.75 % 4.75 % 4.75 % Non-U.S. Plans: Discount rate 3.83 % 1.60 % 1.19 % Rate of compensation increase 2.92 % 2.60 % 2.50 % The expected long-term rate of return on plan assets was developed based on a capital markets model that uses expected asset class returns, variance and correlation assumptions. The expected asset class returns were developed starting with current Treasury (for the U.S. pension plan) or Eurozone (for the Ireland pension plans) government yields and then adding corporate bond spreads and equity risk premiums to develop the return expectations for each asset class. The expected asset class returns are forward-looking. The variance and correlation assumptions are also forward-looking. They take into account historical relationships but are adjusted to reflect expected capital market trends. The discount rate used to determine benefit obligations represents the current rate at which the benefit plan liabilities could be effectively settled considering the timing of expected payments for plan participants. The 2023 expected rate of return for the U.S. pension benefit plan will be 6.00%. The 2023 expected rate of return for the Ireland pension benefit plans will be 4.25%. Pension Benefit Plans Assets Pension benefit plan assets are invested in several asset categories. The following presents the actual asset allocation as of December 31, 2022 and 2021: 2022 2021 U.S. Plan Cash and cash equivalents 1 % 1 % Equity securities 40 % 30 % Fixed income securities 59 % 69 % Non-U.S. Plans Cash and cash equivalents 4 % 8 % Equity securities 24 % 32 % Fixed income securities 46 % 40 % Other 26 % 20 % The investment strategy underlying pension plan asset allocation is to manage the assets of the plan to provide for the non-current liabilities while maintaining sufficient liquidity to pay current benefits. Pension plan assets are diversified to protect against large investment losses and to reduce the probability of excessive performance volatility. Diversification of assets is achieved by allocating funds to various asset classes and investment styles within asset classes, and retaining investment management firm(s) with complementary investment philosophies, styles and approaches. The Company's pension plan assets are managed by outside investment managers using a total return investment approach, whereby a mix of equity and debt securities investments are used to maximize the long-term rate of return on plan assets. A significant portion of the assets of the U.S. and Ireland pension plans have been invested in equity securities, as equity portfolios have historically provided higher returns than debt and other asset classes over extended time horizons. Correspondingly, equity investments also entail greater risks than other investments. Equity risks are balanced by investing a significant portion of plan assets in broadly diversified fixed income securities. Fair Value of Plan Assets The Company measured the fair value of plan assets based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 5, “FAIR VALUE MEASUREMENTS” for details on the Company's' fair value measurements based on a three-tier hierarchy. The table below presents total plan assets by investment category as of December 31, 2022 and 2021 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value. There were no transfers between Level 1 and Level 2 during 2022 and 2021. Pension Benefit Plans - U.S. Plans December 31, 2022 December 31, 2021 (in millions) Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ 2 $ — $ 2 $ 1 $ — $ 1 Commingled funds: Equity securities: U.S. broad market — 34 34 — 36 36 Emerging markets — 7 7 — 6 6 Worldwide developed markets — 14 14 — 16 16 Other assets — 10 10 — 10 10 Fixed income securities: Investment grade — 95 95 — 155 155 $ 2 $ 160 $ 162 $ 1 $ 223 $ 224 Pension Benefit Plans - Non-U.S. Plans December 31, 2022 December 31, 2021 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Total Cash equivalents $ — $ 4 $ — $ 4 $ — $ 13 $ 13 Commingled funds: Equity securities: Emerging markets — 1 — 1 — 3 3 Developed markets — 21 — 21 — 51 51 Fixed income securities: Investment grade — 2 — 2 — 3 3 Global high yield — — — — — — — Government bond funds 1 39 — 40 1 65 66 Other assets — 12 12 24 — 35 35 $ 1 $ 79 $ 12 $ 92 $ 1 $ 170 $ 171 Cash equivalents consisted primarily of term deposits and money market instruments. The fair value of the term deposits approximates their carrying amounts due to their short-term maturities. The money market instruments also have short maturities and are valued using a market approach based on the quoted market prices of identical instruments. Commingled funds are not publicly traded. The underlying assets in these funds are publicly traded on the exchanges and have readily available price quotes. The Ireland pension plans held approximately 92% of the non-U.S. commingled funds in 2022 and 2021. The commingled funds held by the U.S. and Ireland pension plans are primarily invested in index funds. The underlying assets in the fixed income funds are generally valued using the net asset value per fund share, which is derived using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. Defined Contribution Plans The Company sponsors defined contribution plans in the U.S., Ireland and certain other countries. Under these plans, employees are allowed to contribute a portion of their salaries to the plans, and the sponsor matches a portion of the employee contributions. Prior to the B+L IPO, the Company participated in BHC sponsored defined contribution plans. The Company and BHC (prior to the B+L IPO) contributed $33 million, $36 million and $36 million to these plans during the years 2022, 2021 and 2020, respectively. Multiemployer Plans BHC offers certain of its defined benefit plans, a participatory defined benefit postretirement medical and life insurance plans and defined contribution plan to be shared amongst its businesses, including Bausch + Lomb, and the participation of its employees and retirees in these plans is reflected as though Bausch + Lomb participated in a multiemployer plan with BHC. A proportionate share of the cost associated with the multiemployer plan is reflected in the Consolidated Financial Statements, while any assets and liabilities associated with the multiemployer plan are retained by BHC and recorded on BHC’s balance sheet. Bausch + Lomb's proportionate share of these costs were not material for any period presented.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	LEASES Right-of-use assets and lease liabilities associated with the Company's operating leases are included in the Consolidated Balance Sheets as of December 31, 2022 and 2021 as follows: (in millions) 2022 2021 Right-of-use assets included in: Other non-current assets $ 119 $ 112 Lease liabilities included in: Accrued and other current liabilities $ 26 $ 20 Other non-current liabilities 92 92 Total lease liabilities $ 118 $ 112 As of as of December 31, 2022 and 2021, the Company's finance leases were not material and for 2022 and 2021 sub-lease income and short-term lease expense were not material. Lease expense for 2022 and 2021 includes: (in millions) 2022 2021 Operating lease costs $ 37 $ 39 Variable operating lease costs $ 7 $ 6 Other information related to operating leases for 2022 and 2021 is as follows: (dollars in millions) 2022 2021 Cash paid from operating cash flows for amounts included in the measurement of lease liabilities $ 35 $ 29 Right-of-use assets obtained in exchange for new operating lease liabilities $ 28 $ 33 Weighted-average remaining lease term 7.5 years 8.6 years Weighted-average discount rate 6.4 % 5.9 % As of December 31, 2022, future payments under noncancellable operating leases for each of the five succeeding years ending December 31 and thereafter are as follows: (in millions) 2023 $ 32 2024 25 2025 19 2026 15 2027 13 Thereafter 46 Total 150 Less: Imputed interest 32 Present value of remaining lease payments 118 Less: Current portion 26 Non-current portion 92

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION BHC Long-term Incentive Program Prior to May 5, 2022, Bausch + Lomb employees participated in BHC’s long-term incentive program. Therefore, prior to May 5, 2022, share-based compensation expense attributable to Bausch + Lomb was derived from: (i) the specific identification of Bausch + Lomb employees and (ii) an allocation of charges from BHC, related to BHC employees providing corporate services to Bausch + Lomb. Accordingly, the amounts presented are not necessarily indicative of future awards and do not necessarily reflect the results that Bausch + Lomb would have experienced as an independent company for the periods presented. Subsequent to May 5, 2022, share-based compensation expense attributable to Bausch + Lomb employees participating in BHC’s long-term incentive program for grants made prior to May 5, 2022 is recognized as expense by Bausch + Lomb over the remaining vesting period. Bausch + Lomb 2022 Omnibus Incentive Plan Effective May 5, 2022, Bausch + Lomb established the Bausch + Lomb Corporation 2022 Omnibus Incentive Plan (the “Plan”). A total of 28,000,000 common shares of Bausch + Lomb are authorized for issuance under the Plan. The Plan provides for the grant of various types of awards including restricted stock units (“RSUs”), restricted stock, stock appreciation rights, stock options, performance-based awards and cash awards. Under the Plan, the exercise price of awards, if any, is set on the grant date and may not be less than the fair market value per share on that date. Generally, stock options have a term of ten years and a three-year vesting period, subject to limited exceptions. On May 5, 2022, in connection with the B+L IPO, Bausch + Lomb granted certain awards to certain eligible recipients (the "IPO Founder Grants"). Eligible recipients are individuals employed by Bausch + Lomb or employed by an affiliate of Bausch + Lomb. Approximately 3,900,000 IPO Founder Grants were issued to Bausch + Lomb executive officers and were awarded 50% in the form of stock options and 50% in the form of RSUs. Additionally, Bausch + Lomb granted approximately 5,700,000 stock options and RSUs to non-executive eligible recipients, of which approximately 4,300,000 were IPO Founder Grants. The IPO Founder Grants in the form of stock options have a three-year graded vesting period and the IPO Founder RSUs vest 50% in the second year and 50% in the third year after the grant. With the exception of the separation agreement and retention program, as discussed below, vesting of the IPO Founder Grants are linked to the completion of the Distribution and expense recognition will begin near the time of the Distribution. On July 19, 2022, the Company entered into a separation agreement in connection with the departure of the Company's CEO. Under the terms of the separation agreement, the CEO’s IPO Founder Grants in the form of RSUs will vest upon his termination of service date (pro-rated based on his period of service relative to the original three year vesting period associated with such grants), but the shares received upon settlement will remain fully restricted and nontransferable until the earliest to occur of the Distribution Date (as defined in the MSA), a Change in Control (as defined in the MSA), the date the Board of Directors of the Company (the "Board") determines that the Company will no longer pursue a Distribution (as defined in the MSA), and the two-year anniversary of the termination of service date (such applicable date, the “Unrestricted Date”). Under the terms of the separation agreement, the CEO’s IPO Founder Grants in the form of stock options will vest and become exercisable (pro-rated based on his period of service relative to the original three year vesting period associated with such grants) upon the Unrestricted Date and will remain exercisable for two years following this date. On December 22, 2022, the Company entered into an Amended and Restated Separation Agreement (the “A&R Separation Agreement”) in connection with the departure of the Company's CEO. Under the A&R Separation Agreement, the Company’s CEO agreed to continue serving as CEO until at least March 4, 2023 and lasting until such date as the Board determines in its discretion or his successor is appointed, but no later than June 30, 2023. On the CEO's termination date, in lieu of pro-rated vesting, partial vesting of a set number of the CEO’s IPO Founder Grants, in the amount of: (a) 315,592 of the CEO’s IPO Founder Grants in the form of restricted stock units will accelerate and vest, but the shares received upon settlement will still remain fully restricted and nontransferable until the Unrestricted Date, and (b) 1,248,496 of the CEO’s IPO Founder Grants in the form of stock options will remain eligible to vest upon the Unrestricted Date and remain exercisable for two years following the Unrestricted Date. During the third quarter of 2022, the Talent and Compensation Committee of the Board approved a retention program that includes the Company’s named executive officers (other than the CEO) and certain other employees. This program provides these executive officers (other than the CEO) for, among other benefits, pro-rata vesting of the IPO Founder Grants previously issued to these named executives, subject to certain restrictions, in the event of an involuntary termination of employment by the Company without "cause" or the employee's resignation for "good reason", in each case within the one-year following the Company’s appointment of the successor to the CEO (pro-rated based on the period of service relative to the original three-year vesting period associated with such grants). However, the IPO Founder Grants in the form of RSUs (while settled in connection with the termination of employment) will not be transferrable until, and the IPO Founder Grants in the form of stock options will not be exercisable until, the earliest to occur of: (i) the date BHC completes the spinoff distribution of the Company, (ii) a “change in control” (as defined in the applicable retention award letter), (iii) the date the Board of Directors of BHC determines that BHC will no longer pursue the spinoff distribution of the Company and (iv) the two-year anniversary of the executive’s termination of employment and the IPO Founder Grants in the form of stock options will be exercisable for two years following the later of this date and the termination date Additionally, these named executive officers (other than the CEO) and certain other employees were granted a one-time award of approximately 850,000 RSUs in the aggregate under the retention program pursuant to the Plan. The retention grant will generally vest in 1/3 installments on each of the first three Approximately 17,500,000 common shares were available for future grants as of December 31, 2022. Bausch + Lomb uses reserved and unissued common shares to satisfy its obligations under its share-based compensation plans. The components and classification of share-based compensation expense related to stock options and RSUs directly attributable to those employees specifically identified as Bausch + Lomb employees for both the BHC Long-term Incentive Program and Bausch + Lomb Corporation 2022 Omnibus Incentive Plan for the years 2022, 2021 and 2020 were as follows: (in millions) 2022 2021 2020 Stock options $ 4 $ 3 $ 3 RSUs 52 35 27 Share-based compensation expense $ 56 $ 38 $ 30 Research and development expenses $ 6 $ 6 $ 5 Selling, general and administrative expenses 50 32 25 Share-based compensation expense $ 56 $ 38 $ 30 In addition to share-based compensation expense attributable to employees that are specific to Bausch + Lomb's business, share-based compensation expense also includes $6 million, $24 million and $20 million for the years 2022, 2021 and 2020 respectively, of allocated charges from BHC, based on revenues, related to BHC employees providing corporate services to Bausch + Lomb. Stock Options Stock options granted under the Bausch + Lomb Corporation 2022 Omnibus Incentive Plan generally expire on the ten The fair values of all stock options granted under the Bausch + Lomb Corporation 2022 Omnibus Incentive Plan for the year 2022 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: 2022 Expected stock option life (years) 3.0 Expected volatility 31.5 % Risk-free interest rate 3.1 % Expected dividend yield — % The expected stock option life was determined based on historical exercise and forfeiture patterns associated with historical stock options granted to Bausch + Lomb employees under BHC’s long-term incentive plan. The expected volatility was determined based on implied and historical volatility of Bausch + Lomb’s selected peer companies. Bausch + Lomb will continue to leverage BHC’s historical stock option experience and peer company data until it has sufficient experience with its own equity awards and market data. The risk-free interest rate was determined based on the rate at the time of grant for zero-coupon U.S. government bonds with maturity dates equal to the expected life of the stock option. The expected dividend yield was determined based on the stock option’s exercise price and expected Bausch + Lomb annual dividend rate at the time of grant. The Black-Scholes option-pricing model used by the Company to calculate stock option values was developed to estimate the fair value of freely tradable, fully transferable stock options without vesting restrictions, which significantly differ from Bausch + Lomb's stock option awards. This model also requires highly subjective assumptions, including future stock price volatility and expected time until exercise, which greatly affect the calculated values. The following table summarizes stock option activity under Bausch + Lomb’s Plan during 2022: (in millions, except per share amounts) Options Weighted- Weighted- Aggregate Outstanding, January 1, 2022 0.0 $ 0.00 Granted 6.4 $ 18.00 Exercised — $ — Expired or forfeited (0.1) $ 18.00 Outstanding, December 31, 2022 6.3 $ 18.00 9.4 $ — Vested and expected to vest, December 31, 2022 1.2 $ 18.00 4.5 $ — Vested and exercisable, December 31, 2022 — $ — — $ — The weighted-average fair values of stock options granted to Bausch + Lomb employees in 2022 was $3.84. There were no stock options exercised in 2022. As of December 31, 2022, the total remaining unrecognized compensation expense related to non-vested stock options amounted to $4 million, which will be amortized over the weighted-average remaining requisite service period of approximately 0.7 years. Unrecognized compensation does not include IPO Founder Grants as they are linked to the completion of the Separation and expense recognition will begin near the time of the separation. There were no stock options that vested during 2022. RSUs RSUs under the Bausch + Lomb Corporation 2022 Omnibus Incentive Plan generally vest 33% a year over a three-year period with the exception of IPO Founder RSUs which vest 50% in the second year and 50% in the third year after the grant. RSUs are credited with dividend equivalents, in the form of additional RSUs, when dividends are paid on the Bausch + Lomb’s common shares. Such additional RSUs will have the same vesting dates and will vest under the same terms as the RSUs in respect of which such additional RSUs are credited. To the extent provided for in a RSU agreement, Bausch + Lomb may, in lieu of all or a portion of the common shares which would otherwise be provided to a holder, elect to pay a cash amount equivalent to the market price of the Company's common shares on the vesting date for each vested RSU. The amount of cash payment will be determined based on the average market price of the Company's common shares on the vesting date. The Company's current intent is to settle vested RSUs through the issuance of common shares. Each vested RSU represents the right of a holder to receive one of the Company's common shares. The fair value of each RSU granted is estimated based on the trading price of the Company's common shares on the date of grant. The following table summarizes non-vested RSU activity under Bausch + Lomb's Plan during 2022: (in millions, except per share amounts) Restricted Stock Units (RSUs) Weighted- Non-vested, January 1, 2022 0.0 $ 0.00 Granted 4.3 $ 16.70 Vested — $ — Forfeited (0.1) $ 17.93 Non-vested, December 31, 2022 4.2 $ 16.67 As of December 31, 2022, the total remaining unrecognized compensation expense related to non-vested RSUs amounted to $41 million, which will be amortized over the weighted-average remaining requisite service period of approximately 1.5 years. Unrecognized compensation does not include IPO Founder Grants as they are linked to the completion of the Separation and expense recognition will begin near the time of the separation. The total fair value of RSUs vested in 2022 was not material. In addition, while Bausch + Lomb did not grant performance-based RSUs during 2022, certain Bausch + Lomb employees continued to participate in BHC’s performance-based RSUs granted prior to May 5, 2022. As of December 31, 2022, the total remaining unrecognized compensation expense related to non-vested performance-based RSUs amounted to $4 million, which will be amortized over the weighted-average remaining requisite service period of approximately 0.2 years.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Foreign currency translation adjustment $ (1,231) $ (1,018) Pension adjustment, net of tax (27) (17) $ (1,258) $ (1,035) Income taxes are not provided for foreign currency translation adjustments arising on the translation of Bausch + Lomb’s operations having a functional currency other than the U.S. dollar, except to the extent of translation adjustments related to Bausch + Lomb’s retained earnings for foreign jurisdictions in which Bausch + Lomb is not considered to be permanently reinvested.

RESEARCH AND DEVELOPMENT

RESEARCH AND DEVELOPMENT	12 Months Ended
	Dec. 31, 2022
Research and Development [Abstract]
RESEARCH AND DEVELOPMENT	RESEARCH AND DEVELOPMENT Included in Research and development are costs related to product development and quality assurance programs. Quality assurance are the costs incurred to meet evolving customer and regulatory standards. Research and development costs for the years 2022, 2021 and 2020 consist of: (in millions) 2022 2021 2020 Product related research and development $ 284 $ 254 $ 236 Quality assurance 23 17 17 Research and development $ 307 $ 271 $ 253

OTHER EXPENSE, NET

OTHER EXPENSE, NET	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
OTHER EXPENSE, NET	OTHER EXPENSE, NET Other expense, net for the years 2022, 2021 and 2020 consist of: (in millions) 2022 2021 2020 Asset impairments $ 1 $ 12 $ 1 Restructuring, integration and separation costs 14 2 2 Litigation and other matters 1 (1) 6 Acquired in-process research and development costs 1 5 28 Acquisition-related costs 1 — — Acquisition-related contingent consideration (5) — — Other, net — (1) 1 Other expense, net $ 13 $ 17 $ 38 Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. Asset impairments are discussed in Note 8, “INTANGIBLE ASSETS AND GOODWILL”. As a result of the completion of the B+L IPO, and as the Company prepares for post-Separation operations, the Company is launching certain initiatives that may result in certain changes to, and investment in, its organizational structure and operations. The Company refers to the charges related to these initiatives as "Business Transformation Costs". These costs are recorded in SG&A in the Consolidated Statements of Operations and include third-party advisory costs, as well as certain severance-related costs. Further, in connection with the Separation, the Company continues to evaluate opportunities to improve our operating results and may initiate cost savings programs to streamline our operations and eliminate redundant processes and expenses. These cost savings programs may include, but are not limited to: (i) reducing headcount, (ii) eliminating real estate costs associated with unused or under-utilized facilities and (iii) implementing contribution margin improvement and other cost reduction initiatives. Although a specific plan does not exist at this time, the Company may identify and take additional exit and cost-rationalization restructuring actions in the future, the costs of which could be material. In connection with the Separation, the Company has incurred and will continue to incur additional costs associated with activities taken to separate the Bausch + Lomb business from the remainder of BHC. Separation costs are incremental costs directly related to the Separation, and include but are not limited to: (i) legal, audit and advisory fees, (ii) talent acquisition costs and (iii) costs associated with establishing new boards of directors and related board committees for Bausch + Lomb. Included in Other expense for the years 2022, 2021 and 2020 are Separation costs of $9 million, $0 and $0, respectively. The Company has also incurred, and will continue to incur, separation-related costs which are incremental costs indirectly related to the Separation and include, but are not limited to: (i) IT infrastructure and software licensing costs, (ii) rebranding costs and (iii) costs associated with facility relocation and/or modification. The extent and timing of future charges for these costs cannot be reasonably estimated at this time and could be material. Included in SG&A for the years 2022, 2021 and 2020 are Separation-related costs of $26 million, $3 million and $0, respectively. In 2020, Acquired in-process research and development costs of $28 million, primarily consisted of costs associated with the upfront payments to enter into certain exclusive licensing agreements.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The components of Income before provision for income taxes for 2022, 2021 and 2020 consist of: (in millions) 2022 2021 2020 Domestic $ (59) $ 365 $ 387 Foreign 132 (47) (97) $ 73 $ 318 $ 290 The components of (Provision for) income taxes for 2022, 2021 and 2020 consist of: (in millions) 2022 2021 2020 Current: Domestic $ (3) $ (109) $ (122) Foreign (68) (90) (33) (71) (199) (155) Deferred: Domestic 1 2 (582) Foreign 12 72 430 13 74 (152) $ (58) $ (125) $ (307) The Provision for income taxes differs from the expected amount calculated by applying the Company's Canadian statutory rate of 26.5% to Income before provision for income taxes for 2022, 2021 and 2020 as follows: (in millions) 2022 2021 2020 Income before provision for income taxes $ 73 $ 318 $ 290 Provision for income taxes Expected provision for income taxes at Canadian statutory rate $ (19) $ (86) $ (78) Adjustments to tax attributes (1) 6 (2) Non-deductible amount of share-based compensation (8) 2 — Change in valuation allowance 3 (2) 68 Change in uncertain tax positions 5 15 38 Withholding tax (6) 1 1 Return to provision 1 5 18 Foreign tax rate differences (34) (56) (63) Tax provision on intra-entity transfers — — (284) Other 1 (10) (5) $ (58) $ (125) $ (307) The tax provision on intra-entity transfers is related to the deferred tax effects of transfers of certain assets among the Company's subsidiaries. The difference between the statutory tax rate and effective tax rate was primarily attributable to jurisdictional mix of earnings and discrete tax effects of internal restructurings. Deferred tax assets and liabilities as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Deferred tax assets: Tax loss and credit carryforwards $ 686 $ 484 Intangible assets 210 309 Provisions 157 151 Share-based compensation 10 9 Other 28 26 Total deferred tax assets 1,091 979 Less valuation allowance (54) (17) Net deferred tax assets 1,037 962 Deferred tax liabilities: Plant, equipment and technology 89 37 Outside basis differences 28 16 Total deferred tax liabilities 117 53 Net deferred tax asset $ 920 $ 909 The following table presents a reconciliation of the deferred tax asset valuation allowance for 2022, 2021 and 2020: (in millions) 2022 2021 2020 Balance, beginning of year $ 17 $ 15 $ 86 Charged to Benefit from income taxes (3) 2 (71) Other 40 — — Balance, end of year $ 54 $ 17 $ 15 The realization of deferred tax assets is dependent on the Company generating sufficient domestic and foreign taxable income in the years that the temporary differences become deductible. A valuation allowance has been provided for the portion of the deferred tax assets that the Company determined is more likely than not to remain unrealized based on estimated future taxable income and tax planning strategies. The valuation allowance increased by $37 million during 2022 primarily due to additional losses transferred to the Company in connection with the Separation. Other changes in valuation allowances are the result of changing from the separate return methodology to the consolidated tax return, resulting in no current year income tax expense impact. As of December 31, 2022 the Company had accumulated taxable losses available to offset future years' federal taxable income in the U.S. of approximately $50 million and expire from 2023 to 2036. These taxable losses are subject to annual loss limitations as a result of previous ownership changes. As of December 31, 2022, the Company U.S. research and development credits available to offset future years’ federal income taxes in the U.S. were approximately $57 million, which includes acquired research and development credits and which expire in years 2023 through 2042. As of December 31, 2022 the Company had accumulated taxable losses available to offset future years taxable income in Ireland of approximately $4,171 million. These taxable losses do not expire. The Company provides for withholding tax on the unremitted earnings of its direct foreign affiliates except for its direct U.S. subsidiaries. The Company continues to assert that the unremitted earnings of its U.S. subsidiaries will be permanently reinvested and not repatriated. The Company provides for withholding tax on the unremitted earnings of its direct foreign affiliates except for its direct U.S. subsidiaries. The Company continues to assert that the unremitted earnings of its U.S. subsidiaries will be permanently reinvested and not repatriated. As of December 31, 2022, the Company estimates that there will be no tax liability attributable to unremitted earnings of its U.S. subsidiaries. However, future distributions could be subject to U.S. withholding tax. As of December 31, 2022, unrecognized tax benefits (including interest and penalties) were $70 million, of which $63 million would affect the effective income tax rate if recognized. The Company provides for interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of December 31, 2022 and 2021, accrued interest and penalties related to unrecognized tax benefits were approximately $9 million and $6 million, respectively. In 2022, the Company recognized a net increase of $3 million in interest and penalties. In 2021 and 2020, the Company recognized a net decrease of approximately $1 million and $2 million of interest and penalties, respectively. The Company and one or more of its subsidiaries file federal income tax returns in Canada, the U.S. and other foreign jurisdictions, as well as various provinces and states in Canada and the U.S. The Company and its subsidiaries have open tax years, primarily from 2006 to 2021, with significant taxing jurisdictions listed in the table below, respectively, including Canada and the U.S. These open years contain certain matters that could be subject to differing interpretations of applicable tax laws and regulations and tax treaties, as they relate to the amount, timing, or inclusion of revenues and expenses, or the sustainability of income tax positions of the Company and its subsidiaries. Certain of these tax years are expected to remain open indefinitely. The Company’s subsidiaries in Germany are under audit for tax years 2014 through 2016. At this time, the Company does not expect that proposed adjustments, if any, would be material to the Company’s Consolidated Financial Statements. Any liability to arise from this audit would be indemnified by BHC. Jurisdiction: Open Years United States - Federal 2015 - 2021 Canada 2021 Germany 2014 - 2021 France 2013 - 2021 Ireland 2018 - 2021 China 2017 - 2021 The following table presents a reconciliation of the unrecognized tax benefits for 2022, 2021 and 2020: (in millions) 2022 2021 2020 Balance, beginning of year $ 74 $ 62 $ 100 Additions based on tax positions related to the current year 8 1 — Additions for tax positions of prior years 1 48 8 Reductions for tax positions of prior years (11) (7) (42) Lapse of statute of limitations (2) (30) (4) Balance, end of year $ 70 $ 74 $ 62 The Company believes that it is reasonably possible that the total amount of unrecognized tax benefits at December 31, 2022 could decrease by an immaterial amount in the next 12 months as a result of the resolution of certain tax audits and other events.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE On April 28, 2022, Bausch + Lomb effected a share consolidation as a result of which it had 350,000,000 issued and outstanding common shares. T hese common shares are treated as issued and outstanding at January 1, 2020 for purposes of calculating Basic and diluted income (loss) per share attributable to Bausch + Lomb Corporation. Income (loss) per share attributable to Bausch + Lomb Corporation for 2022, 2021 and 2020 were calculated as follows: (in millions, except per share amounts) 2022 2021 2020 Net income (loss) attributable to Bausch + Lomb Corporation $ 6.0 $ 182.0 $ (18.0) Basic weighted-average common shares outstanding 350.0 350.0 350.0 Diluted effect of stock options and RSUs 0.2 — — Diluted weighted-average common shares outstanding $ 350.2 $ 350.0 $ 350.0 Earnings (loss) per share attributable to Bausch + Lomb Corporation Basic $ 0.02 $ 0.52 $ (0.05) Diluted $ 0.02 $ 0.52 $ (0.05) In 2022, RSUs and stock options to purchase approximately 2,068,000

SUPPLEMENTAL CASH FLOW DISCLOSU

SUPPLEMENTAL CASH FLOW DISCLOSURES	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years 2022, 2021 and 2020 are as follows: (in millions) 2022 2021 2020 Other Payments Interest paid (Note 3) $ 132 $ — $ 3 Income taxes paid $ 83 $ 53 $ 57 Interest paid during 2022 includes $47 million of interest attributed to the BHC Purchase Debt. Refer to Note 3, “RELATED PARTIES” for further detail regarding the BHC Purchase Debt.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS	LEGAL PROCEEDINGS Bausch + Lomb is involved, and, from time to time, may become involved, in various legal and administrative proceedings, which include or may include product liability, intellectual property, commercial, tax, antitrust, governmental and regulatory investigations, related private litigation and ordinary course employment-related issues. From time to time, Bausch + Lomb also initiates or may initiate actions or file counterclaims. Bausch + Lomb could be subject to counterclaims or other suits in response to actions it may initiate. Bausch + Lomb believes that the prosecution of these actions and counterclaims is important to preserve and protect Bausch + Lomb, its reputation and its assets. On a quarterly basis, Bausch + Lomb evaluates developments in legal proceedings, potential settlements and other matters that could increase or decrease the amount of the liability accrued. As of December 31, 2022, Bausch + Lomb’s Consolidated Balance Sheets includes accrued current loss contingencies of $2 million related to matters which are both probable and reasonably estimable. For all other matters, unless otherwise indicated, Bausch + Lomb cannot reasonably predict the outcome of these legal proceedings, nor can it estimate the amount of loss, or range of loss, if any, that may result from these proceedings. An adverse outcome in certain of these proceedings could have a material adverse effect on Bausch + Lomb’s business, financial condition and results of operations, and could cause the market value of its common shares to decline. Antitrust Generic Pricing Antitrust Litigation BHC’s subsidiaries, Oceanside Pharmaceuticals, Inc. (“Oceanside”), Bausch Health US, LLC (formerly Valeant Pharmaceuticals North America LLC) (“Bausch Health US”), and Bausch Health Americas, Inc. (formerly Valeant Pharmaceuticals International) (“Bausch Health Americas”) (for the purposes of this paragraph, collectively, the “Company”), are defendants in multidistrict antitrust litigation (“MDL”) entitled In re: Generic Pharmaceuticals Pricing Antitrust Litigation, pending in the U.S. District Court for the Eastern District of Pennsylvania (MDL 2724, 16 MD-2724). The lawsuits seek damages under federal and state antitrust laws, state consumer protection and unjust enrichment laws and allege that the Company’s subsidiaries entered into a conspiracy to fix, stabilize, and raise prices, rig bids and engage in market and customer allocation for generic pharmaceuticals. The lawsuits, which have been brought as putative class actions by direct purchasers, end payers, and indirect resellers, and as direct actions by direct purchasers, end payers, insurers, States, and various Counties, Cities, and Towns, have been consolidated into the MDL. There are also additional, separate complaints which have been consolidated in the same MDL that do not name the Company or any of its subsidiaries as a defendant. There are cases pending in the Court of Common Pleas of Philadelphia County against the Company and other defendants related to the multidistrict litigation, but no complaint has been filed in these cases. The cases have been put in deferred status. The Company disputes the claims against it and these cases will be defended vigorously. Additionally, BHC and certain U.S. and Canadian subsidiaries (for the purposes of this paragraph, collectively “the Company”) have been named as defendants in a proposed class proceeding entitled Kathryn Eaton v. Teva Canada Limited, et al. in the Federal Court in Toronto, Ontario, Canada (Court File No. T-607-20). The plaintiff seeks to certify a proposed class action on behalf of persons in Canada who purchased generic drugs in the private sector, alleging that the Company and other defendants violated the Competition Act by conspiring to allocate the market, fix prices, and maintain the supply of generic drugs, and seeking damages under federal law. The proposed class action contains similar allegations to the In re: Generic Pharmaceuticals Pricing Antitrust Litigation pending in the United States Court for the Eastern District of Pennsylvania. The Company disputes the claims against it and this case will be defended vigorously. These lawsuits cover products of both Bausch + Lomb and BHC’s other businesses. It is anticipated that Bausch + Lomb and BHC will split the fees and expenses associated with defending these claims, as well as any potential damages or other liabilities awarded in or otherwise arising from these claims, in the manner set forth in the Master Separation Agreement. PreserVision ® AREDS 2 Antitrust Litigation Bausch & Lomb Incorporated ("B&L Inc.") is a defendant in an antitrust suit filed by a competitor on December 20, 2021, in the United States District Court for the Eastern District of Missouri (ZeaVision, LLC v. Bausch & Lomb Incorporated, et al., Civil Action No. 4:21-cv-01487). The complaint alleged various antitrust and Lanham act claims. After B&L Inc. moved to dismiss the original complaint on March 4, 2022, ZeaVision filed its First Amended Complaint, dismissing B&L Inc.’s co-defendant and its conspiracy to monopolize claim. The First Amended Complaint alleges that B&L Inc.’s efforts to enforce its patents constitutes sham litigation, that certain B&L Inc. advertising is false and violates antitrust laws and that certain conduct by B&L constitutes monopolization. It also includes a false advertising claim under the Lanham Act. On April 1, 2022, B&L Inc. filed a motion to dismiss, or in the alternative, to stay or transfer the First Amended Complaint. On November 21, 2022, B&L Inc.’s motion was granted, and the action was dismissed for lack of personal jurisdiction. ZeaVision has appealed this decision to the Eighth Circuit Court of Appeals. B&L Inc. disputes the claims against it and will defend the case vigorously. Product Liability Shower to Shower ® Products Liability Litigation Since 2016, BHC and its affiliates, including Bausch + Lomb, have been named in a number of product liability lawsuits involving the Shower to Shower ® body powder product acquired in September 2012 from Johnson & Johnson; due to dismissals, twenty-six (26) of such product liability suits currently remain pending. In three (3) cases pending in the Atlantic County, New Jersey Multi-County Litigation, agreed stipulations of dismissal have been entered by the Court, thus dismissing the Company from those cases. Potential liability (including its attorneys’ fees and costs) arising out of these remaining suits is subject to full indemnification obligations of Johnson & Johnson owed to BHC and its affiliates, including Bausch + Lomb, and legal fees and costs will be paid by Johnson & Johnson. Twenty-five (25) of these lawsuits filed by individual plaintiffs allege that the use of Shower to Shower ® caused the plaintiffs to develop ovarian cancer, mesothelioma or breast cancer. The allegations in these cases include failure to warn, design defect, manufacturing defect, negligence, gross negligence, breach of express and implied warranties, civil conspiracy concert in action, negligent misrepresentation, wrongful death, loss of consortium and/or punitive damages. The damages sought include compensatory damages, including medical expenses, lost wages or earning capacity, loss of consortium and/or compensation for pain and suffering, mental anguish anxiety and discomfort, physical impairment and loss of enjoyment of life. Plaintiffs also seek pre- and post-judgment interest, exemplary and punitive damages, and attorneys’ fees. Additionally, two proposed class actions were filed in Canada against BHC and various Johnson & Johnson entities (one in the Supreme Court of British Columbia and one in the Superior Court of Quebec), on behalf of persons who have purchased or used Johnson & Johnson’s Baby Powder or Shower to Shower ® . The class actions allege the use of the product increases certain health risks (British Columbia) or negligence in failing to properly test, failing to warn of health risks, and failing to remove the products from the market in a timely manner (Quebec). The plaintiffs in these actions are seeking awards of general, special, compensatory and punitive damages. On November 17, 2020, the British Columbia court issued a judgment declining to certify a class as to BHC or Shower to Shower ® , and at this time no appeal of that judgment has been filed. On December 16, 2021, the plaintiff in the British Columbia class action filed a Second Amended Notice of Civil Claim and Application for Certification, removing BHC as a defendant; as a result, the British Columbia class action is concluded as to BHC. Johnson & Johnson, through one or more subsidiaries has purported to have completed a Texas divisional merger with respect to any talc liabilities at Johnson & Johnson Consumer, Inc. (“JJCI”). LTL Management, LLC (“LTL”), the resulting entity of the divisional merger, assumed JJCI’s talc liabilities and thereafter filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Western District of North Carolina. Pursuant to court orders entered in November 2021, the case was transferred to the United States District Court for the District of New Jersey (the "Bankruptcy Court"), and substantially all cases related to Johnson & Johnson’s talc liability were stayed for a period of sixty (60) days pursuant to a preliminary injunction. Notwithstanding the divisional merger and LTL’s bankruptcy case, BHC and Bausch + Lomb continue to have indemnification claims and rights against Johnson & Johnson and LTL pursuant to the terms of the indemnification agreement entered into between JJCI and its affiliates and BHC and its affiliates, which indemnification agreement remains in effect. As a result, it is Bausch + Lomb’s current expectation that BHC and Bausch + Lomb will not incur any material impairments with respect to its indemnification claims as a result of the divisional merger or the bankruptcy. In December 2021, certain talc claimants filed motions to dismiss the bankruptcy case. Shortly thereafter, LTL filed a motion in the Bankruptcy Court to extend the 60-day preliminary injunction. On February 25, 2022, the Bankruptcy Court entered orders denying the motions to dismiss and extending the preliminary injunction staying substantially all cases subject to the indemnification agreement related to Johnson & Johnson’s talc liability through at least June 29, 2022, which it later extended indefinitely. The order denying the motions to dismiss and the order extending the preliminary injunction were subject to appeal and the Bankruptcy Court certified their appeals directly to the United States Court of Appeals for the Third Circuit. On May 11, 2022, the Third Circuit granted authorization for the parties to proceed with their direct appeals. Oral argument before the Third Circuit was held on September 19, 2022. On January 30, 2023, a unanimous three-judge Third Circuit Court of Appeals panel issued its decision directing the Bankruptcy Court to dismiss LTL’s bankruptcy case, concluding that LTL was not in financial distress and could not file a bankruptcy case in good faith. LTL has requested a rehearing en banc. If the bankruptcy case is ultimately dismissed, BHC’s and Bausch + Lomb’s position vis a vis Johnson & Johnson would return to the status quo prior to the filing. The litigation against BHC, Bausch + Lomb and other defendants will no longer be stayed, and LTL and Johnson & Johnson will continue to have indemnification obligations running to BHC and its affiliates, including Bausch + Lomb, for Shower-to-Shower related product liability litigation. During the pendency of the appeal, the Bankruptcy Court was considering competing motions by Debtor LTL to extend its exclusive period to file a chapter 11 plan and the talc claimants to terminate LTL’s exclusivity. In light of the Third Circuit’s decision, on January 31, 2023, the Bankruptcy Court adjourned any hearing on the exclusivity motions to March 20, 2023. To the extent that any cases proceed during the pendency of the bankruptcy case, or if the case is ultimately dismissed, it is Bausch + Lomb’s expectation that Johnson & Johnson, in accordance with the indemnification agreement, will continue to vigorously defend BHC and Bausch + Lomb in each of the remaining actions. General Civil Actions U.S. Securities Litigation - New Jersey Declaratory Judgment Lawsuit On March 24, 2022, BHC and Bausch + Lomb were named in a declaratory judgment action in the Superior Court of New Jersey, Somerset County, Chancery Division, brought by certain individual investors in BHC’s common shares and debt securities who are also maintaining individual securities fraud claims against BHC and certain current or former officers and directors as part of the U.S. Securities Litigation. This action seeks a declaratory judgment that alleged transfers of certain BHC assets to Bausch + Lomb would constitute a voidable transfer under the New Jersey Voidable Transactions Act and that Bausch + Lomb be liable for damages, if any, awarded against BHC in the individual opt-out actions. The declaratory judgment action alleges that the potential future separation of Bausch + Lomb from BHC by distribution of Bausch + Lomb stock to BHC’s shareholders would leave BHC with inadequate financial resources to satisfy these plaintiffs’ alleged securities fraud damages in the underlying individual opt-out actions. None of the plaintiffs in this declaratory judgment action have obtained a judgment against BHC in the underlying individual opt-out actions and BHC disputes the claims against it in those underlying actions. The underlying individual opt-out actions assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), and certain actions assert claims under Section 18 of the Exchange Act. The allegations in those underlying individual opt out actions are made against BHC and several of its former officers and directors only and relate to, among other things, allegedly false and misleading statements made during the 2013-2016 time period by BHC and/or failures to disclose information about BHC’s business and prospects including relating to drug pricing and the use of specialty pharmacies. On March 31, 2022, BHC and Bausch + Lomb removed the declaratory judgment action to the U.S. District Court for the District of New Jersey. On April 29, 2022, Plaintiffs filed a motion to remand. On November 29, 2022, the District Court granted Plaintiffs’ remand motion and the case was remanded to the New Jersey Superior Court. On December 8, 2022, Plaintiffs filed a proposed Order to Show Cause and motion for a preliminary injunction and sought interim relief including expedited discovery. On December 13, 2022, the Court denied Plaintiffs’ proposed Order to Show Cause and stayed discovery pending the resolution of BHC’s and Bausch + Lomb’s forthcoming motions to dismiss, while instructing BHC to provide certain notice to plaintiffs of the intended completion of the distribution referenced above under certain circumstances. On December 22, 2022, Plaintiffs filed an amended complaint. On January 11, 2023, BHC and Bausch + Lomb moved to dismiss the amended complaint. That motion is pending. Both BHC and Bausch + Lomb dispute the claims in this declaratory judgment action and intend to vigorously defend this matter. California Proposition 65 Related Matter On June 19, 2019, plaintiffs filed a proposed class action in California state court against Bausch Health US and Johnson & Johnson (Gutierrez, et al. v. Johnson & Johnson, et al., Case No. 37-2019-00025810-CU-NP-CTL), asserting claims for purported violations of the California Consumer Legal Remedies Act, False Advertising Law and Unfair Competition Law in connection with their sale of talcum powder products that the plaintiffs allege violated Proposition 65 and/or the California Safe Cosmetics Act. This lawsuit was served on Bausch Health US in June 2019 and was subsequently removed to the United States District Court for the Southern District of California, where it is currently pending. Plaintiffs seek damages, disgorgement of profits, injunctive relief, and reimbursement/restitution. BHC filed a motion to dismiss Plaintiffs’ claims, which was granted in April 2020 without prejudice. In May 2020, Plaintiffs filed an amended complaint and in June 2020, filed a motion for leave to amend the complaint further, which was granted. In August 2020, Plaintiffs filed the Fifth Amended Complaint. On January 22, 2021, the Court granted the motion to dismiss with prejudice. On February 19, 2021, Plaintiffs filed a Notice of Appeal with the Ninth Circuit Court of Appeals. On July 1, 2021, Appellants (Plaintiffs) filed their opening brief; Appellees’ response briefs were filed October 8, 2021. This matter was stayed by the Ninth Circuit on December 7, 2021, due to the preliminary injunction entered by the Bankruptcy Court in the LTL bankruptcy proceeding. This stay included Appellants’ reply brief deadline, which was previously due to be filed on or before December 2, 2021. On March 9, 2022, the Ninth Circuit issued an order extending the stay through July 29, 2022. On July 29, 2022, Johnson & Johnson filed a status report in the Gutierrez appeal, outlining the developments since the last status report and the imposition of the stay. Johnson & Johnson noted that following a July 26, 2022, hearing, the Bankruptcy Court left the preliminary injunction in place, and asked the Ninth Circuit to continue to stay this action while the bankruptcy preliminary injunction remained in place. On January 20, 2023, the Ninth Circuit extended the stay until February 17, 2023. On February 17, 2023, Johnson & Johnson requested that the court afford it 60 days – until April 18, 2023, or seven (7) days following any lifting of the LTL Bankruptcy Court’s preliminary injunction, whichever comes earliest – to provide an additional status report about the bankruptcy proceeding and the Third Circuit dismissal for which the LTL has requested a rehearing. Bausch Health US disputes the claims in this lawsuit and will defend it vigorously. New Mexico Attorney General Consumer Protection Actio n BHC and Bausch Health US were named in an action brought by State of New Mexico ex rel. Hector H. Balderas, Attorney General of New Mexico, in the County of Santa Fe New Mexico First Judicial District Court (New Mexico ex rel. Balderas v. Johnson & Johnson, et al., Civil Action No. D-101-CV-2020-00013, filed on January 2, 2020), alleging consumer protection claims against Johnson & Johnson and Johnson & Johnson Consumer, Inc., BHC and Bausch Health US related to Shower to Shower ® and its alleged causal link to mesothelioma and other cancers. In April 2020, Bausch Health US filed a motion to dismiss, which in September 2020, the Court granted in part as to the New Mexico Medicaid Fraud Act and New Mexico Fraud Against Taxpayers Act claims and denied as to all other claims. The State of New Mexico brings claims against all defendants under the New Mexico Unfair Practices Act and other common law and equitable causes of action, alleging defendants engaged in wrongful marketing, sale and promotion of talcum powder products. The lawsuit seeks to recover the cost of the talcum powder products as well as the cost of treating asbestos-related cancers allegedly caused by those products. Bausch Health US filed its answer on November 16, 2020. On December 30, 2020, Johnson & Johnson filed a Motion for Partial Judgment on the Pleadings and on January 4, 2021, Bausch Health US filed a joinder to that motion, which was denied on March 8, 2021. Trial is scheduled to begin on May 30, 2023. On July 14, 2022, LTL filed an adversary proceeding in the Bankruptcy Court (Case No. 21-30589, Adv. Pro. No. 22-01231) against the State of New Mexico ex rel. Hector H. Balderas, Attorney General, and a motion seeking an injunction barring the New Mexico Attorney General from continuing to prosecute the action while the bankruptcy case is pending. A hearing was held on September 14, 2022, and, on October 4, 2022, the Bankruptcy Court entered an order granting the injunction. The New Mexico and Mississippi AGs appealed the order granting the preliminary injunction and sought direct appeal to the Third Circuit. The Bankruptcy Court certified the matter for direct appeal to the Third Circuit Court of Appeals. BHC and Bausch Health US dispute the claims against them and this lawsuit will be defended vigorously. Doctors Allergy Formula Lawsuit In April 2018, Doctors Allergy Formula, LLC (“Doctors Allergy”), filed a lawsuit against Bausch Health Americas in the Supreme Court of the State of New York, County of New York, asserting breach of contract and related claims under a 2015 Asset Purchase Agreement, which purports to include milestone payments that Doctors Allergy alleges should have been paid by Bausch Health Americas. Doctors Allergy claims its damages are not less than $23 million. Bausch Health Americas has asserted counterclaims against Doctors Allergy. Bausch Health Americas filed a motion seeking an order granting Bausch Health Americas summary judgment on its counterclaims against Plaintiff and dismissing Plaintiff’s claims against Bausch Health Americas. The motion was fully briefed as of May 2021.The Court held a hearing on the motion on January 25, 2022. The motion remains pending. Bausch Health Americas disputes the claims against it and this lawsuit will be defended vigorously. Intellectual Property Matters PreserVision ® AREDS Patent Litigation PreserVision ® AREDS and PreserVision ® AREDS 2 are OTC eye vitamin formulas for those with moderate-to-advanced AMD. The PreserVision ® U.S. formulation patent expired in March 2021, but a patent covering methods of using the formulation remains in force into 2026. B&L Inc. has filed patent infringement proceedings against 19 named defendants in 16 proceedings claiming infringement of these patents and, in certain circumstances, related unfair competition and false advertising causes of action. Twelve of these proceedings were subsequently settled; two resulted in a default. As of the date of this filing, there are two ongoing actions: (1) Bausch & Lomb Inc. & PF Consumer Healthcare 1 LLC v. ZeaVision LLC, C.A. No. 6:20-cv-06452-CJS (W.D.N.Y.); and (2) Bausch & Lomb Inc. & PF Consumer Healthcare 1 LLC v. SBH Holdings LLC, C.A. No. 20-cv-01463-VAC-CJB (D. Del.). Bausch + Lomb remains confident in the strength of these patents and B&L Inc. will continue to vigorously pursue these matters and defend its intellectual property. Patent Litigation against Certain Ocuvite and PreserVision On June 22, 2021, ZeaVision, LLC (“ZeaVision”) filed a complaint for patent infringement against certain of the Ocuvite ® and PreserVision ® products in the Eastern District of Missouri (Case No. 4:21-cv-00739-RWS). On June 29, 2021, ZeaVision amended its complaint to assert a second patent against certain of the Ocuvite ® and PreserVision ® products. On November 16, 2021, ZeaVision filed an additional complaint for patent infringement to assert a third patent against certain of the PreserVision ® products (Case No. 4:21-cv-01352-RWS). On March 1, 2022, the cases were consolidated. On March 10, 2022, the court granted Bausch + Lomb’s motion to stay all proceedings pending inter partes review. On July 1, 2022, ZeaVision filed a motion to partially lift the stay to allow Case No. 4:21-cv-01352-RWS to proceed, and this motion was denied. The Company disputes the claims and intends to vigorously defend this matter. Lumify ® Paragraph IV Proceedings On August 16, 2021, B&L Inc. received a Notice of Paragraph IV Certification from Slayback Pharma LLC (“Slayback”), in which Slayback asserted that certain U.S. patents, each of which is listed in the FDA’s Orange Book for Lumify ® (brimonidine tartrate solution) drops, are either invalid, unenforceable and/or will not be infringed by the commercial manufacture, use or sale of Slayback’s generic drops, for which an Abbreviated New Drug Application (“ANDA”) has been filed by Slayback. B&L Inc., through its affiliate Bausch + Lomb Ireland Limited, exclusively licenses the Lumify Patents (as defined below) from Eye Therapies, LLC (“Eye Therapies”). On September 10, 2021, B&L Inc., Bausch + Lomb Ireland Limited and Eye Therapies filed suit against Slayback pursuant to the Hatch-Waxman Act, alleging infringement by Slayback of one or more claims of the Lumify Patents, thereby triggering a 30-month stay of the approval of the Slayback ANDA. On January 20, 2022, B&L Inc. received a Notice of Paragraph IV Certification from Lupin Ltd. (“Lupin”), in which Lupin asserted that certain U.S. patents, each of which is listed in the FDA’s Orange Book for Lumify ® (brimonidine tartrate solution) drops (the “Lumify Patents”), are either invalid, unenforceable and/or will not be infringed by the commercial manufacture, use or sale of Lupin’s generic brimonidine tartrate solution, for which its ANDA No. 216716 has been filed by Lupin. On February 2, 2022, B&L Inc., Bausch + Lomb Ireland Limited and Eye Therapies filed suit against Lupin pursuant to the Hatch-Waxman Act, alleging patent infringement by Lupin of one or more claims of the Lumify Patents, thereby triggering a 30-month stay of the approval of the Lupin ANDA. Bausch + Lomb remains confident in the strength of the Lumify ® related patents and B&L Inc. intends to vigorously defend its intellectual property. In addition to the intellectual property matters described above, in connection with the Vyzulta ® and Lotemax ® SM products, the Company has commenced ongoing infringement proceedings against a potential generic competitor in the U.S. Completed or Inactive Matters The following matters have concluded, have settled, are the subject of an agreement to settle or have otherwise been closed since January 1, 2022, have been inactive from the Company’s perspective for several fiscal quarters or the Company anticipates that no further material activity will take place with respect thereto. Due to the closure, settlement, inactivity or change in status of the matters referenced below, these matters will no longer appear in the Company's next public reports and disclosures, unless required. With respect to inactive matters, to the extent material activity takes place in subsequent quarters with respect thereto, the Company will provide updates as required or as deemed appropriate. PreserVision ® AREDS 2 Antitrust Litigation B&L Inc. was a defendant in an antitrust suit filed by a competitor on December 8, 2021 in the United States District Court for the Central District of California (Pharmavite LLC v. Bausch & Lomb Incorporated, et al., Case No. 2:21-CV-09507 (the “Pharmavite case”)). The lawsuit asserted that B&L Inc.’s efforts to enforce one of its patents against the competitor in a patent infringement suit in Delaware (Bausch & Lomb Inc., et al. v. Nature Made Nutritional Products & Pharmavite LLC, C.A. No. 21-cv-01030-UNA (D. Del.)) (the “Delaware Action”) and certain B&L Inc. marketing statements constitute monopolization, attempted monopolization, and a conspiracy to monopolize the alleged product market of eye health dietary supplements. Plaintiff sought damages and injunctive relief under Section 2 of the Sherman Act, and a declaratory judgment finding that the competitor does not infringe the relevant patent, that the relevant patent is invalid, and that B&L Inc. has misused the relevant patent. On April 26, 2022, the Parties notified the court that they had reached a settlement in principle and asked the court to vacate pending deadlines. On April 28, 2022, the court dismissed the Pharmavite case “without prejudice to the right ... to reopen the action if settlement is not consummated.” The Parties have since reached a final settlement agreement and final dismissal orders were entered with the courts. California Proposition 65 Related Matter On January 29, 2020, Plaintiff Jan Graham filed a lawsuit (Graham v. Bausch Health Companies, Inc., et al., Case No. 20STCV03578) in Los Angeles County Superior Court against BHC, Bausch Health US (as defined below) and several other manufacturers, distributors and retailers of talcum powder products, alleging violations of California Proposition 65 by manufacturing and distributing talcum powder products containing chemicals listed under the statute, without a compliant warning on the label. On January 29, 2021, certain defendants including BHC and Bausch Health US filed a Motion for Summary Judgment or in the Alternative Motion for Summary Adjudication, which was granted with prejudice on May 26, 2021; Plaintiff waived the right to appeal. Pre-Suit Notice and Demand Letter re Eye Drop Products On August 31, 2021, B&L Inc. received a pre-suit notice and demand letter pursuant to California Civil Code Section 1782, attaching a proposed Class Action Complaint (the “Notice Letter”) from an attorney on behalf of an individual seeking to represent a class of purchasers of Soothe ® eye drop products labeled “preservative free.” The Notice Letter alleges B&L Inc. may be liable under the California Consumer Legal Remedies Act, False Advertising Law, and Unfair Competition Law in connection with, inter alia, the labeling and marketing of Soothe ® eye drop products as “preservative free” when they contain the alleged preservative boric acid. Pursuant to a negotiated resolution for a non-material amount with the claimant, this claimant will forego the filing of a lawsuit and the Company now considers this matter closed.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company has commitments related to capital expenditures of approximately $36 million as of December 31, 2022. Under certain agreements, the Company may be required to make payments contingent upon the achievement of specific developmental, regulatory, or commercial milestones. As of December 31, 2022, the Company believes it is reasonably possible that it may potentially make milestone and license fee payments, including sales-based milestone payments, of approximately $129 million over time, in the aggregate, to third parties for products currently under development or being marketed, primarily consisting of the following: • Under the terms of a December 2019 agreement with Novaliq GmbH, the Company has acquired an exclusive license for the commercialization and development in the U.S. and Canada of NOV03 (perfluorohexyloctane), an investigational drug to treat dry eye disease associated with Meibomian gland dysfunction and may be required to make sales-based milestone payments. The Company believes it is reasonably possible that these payments over time may approximate $48 million, in the aggregate, as well as royalties on future sales. • Under the terms of an October 2020 agreement with Eyenovia, Inc., the Company has acquired an exclusive license in the United States and Canada for the development and commercialization of an investigational microdose formulation of atropine ophthalmic solution, which is being investigated for the reduction of pediatric myopia progression, also known as nearsightedness, in children ages 3-12. Under the terms of the agreement, the Company may be required to make development and sales-based milestone payments. The Company believes it is reasonably possible that these payments over time may approximate $35 million, in the aggregate. • Under the terms of a May 2020 agreement with STADA Arzneimittel AG and its development partner, Xbrane Biopharma AB, to commercialize in the United States and Canada a biosimilar candidate to Lucentis (ranibizumab), the Business may be required to make development and sales-based milestone payments. Due to the nature of these arrangements, the future potential payments related to the attainment of the specified milestones over a period of several years are inherently uncertain. As of December 31, 2022, no accruals related to the aforementioned agreements exist because the milestone targets are not yet probable of being achieved. Indemnification Provisions In the normal course of operations, the Company enters into agreements that include indemnification provisions for product liability and other matters. These provisions are generally subject to maximum amounts, specified claim periods and other conditions and limits. In addition, the Company is obligated to indemnify its officers and directors in respect of any legal claims or actions initiated against them in their capacity as officers and directors of the Company in accordance with applicable law. Pursuant to such indemnities, the Company is indemnifying certain former officers and directors in respect of certain litigation and regulatory matters. As of December 31, 2022 and 2021, no material amounts were accrued for the Company obligations under these indemnification provisions.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Reportable Segments Bausch + Lomb has historically operated as part of BHC, reported under BHC’s segment structure and historically the CODM was the CODM of BHC. In 2021, as Bausch + Lomb was transitioning into an independent, publicly traded company, BHC’s CEO, who was Bausch + Lomb’s CODM until the closing of the B+L IPO, evaluated how to view and measure Bausch + Lomb’s performance. This evaluation necessitated a realignment of Bausch + Lomb’s historical segment structure, and, during the second quarter of 2021, Bausch + Lomb determined it is organized into three operating segments, which are also its reportable segments. This realignment is consistent with how the CODM: (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 second quarter of 2021, Bausch + Lomb operates in the following reportable segments which are generally determined based on the decision-making structure of Bausch + Lomb and the grouping of similar products and services: (i) Vision Care, (ii) Ophthalmic Pharmaceuticals and (iii) Surgical. As of March 31, 2022, the Vision Care/Consumer Health Care segment name was changed to Vision Care. • The Vision Care segment consists of: (i) sales of contact lenses that span the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses, and (ii) sales of contact lens care products and over-the-counter ( “ OTC”) eye drops, eye vitamins and mineral supplements that address various conditions including eye allergies, conjunctivitis and dry eye. • The Ophthalmic Pharmaceuticals segment consists of sales of a broad line of proprietary and generic pharmaceutical products for post-operative treatments and the treatment of a number of eye conditions, such as glaucoma, ocular hypertension and retinal diseases. • The Surgical segment consists of sales of medical devices and technologies for the treatment of cataracts, cornea, vitreous and retinal eye conditions and includes intraocular lenses and delivery systems, phacoemulsification and vitrectomy equipment and other surgical instruments and devices. Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as Amortization of intangible assets 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 Bausch + Lomb’s businesses and incurs certain expenses, gains and losses related to the overall management of Bausch + Lomb, 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 Profit Segment revenues and profits for the years 2022, 2021 and 2020 were as follows: (in millions) 2022 2021 2020 Revenues: Vision Care $ 2,373 $ 2,343 $ 2,109 Ophthalmic Pharmaceuticals 677 704 726 Surgical 718 718 577 Total revenues 3,768 3,765 3,412 Segment profit: Vision Care 637 587 579 Ophthalmic Pharmaceuticals 202 290 302 Surgical 42 75 18 Total segment profit 881 952 899 Corporate (417) (314) (278) Amortization of intangible assets (244) (292) (323) Other expense, net (13) (17) (38) Operating income 207 329 260 Interest income 6 — 3 Interest expense (Note 3) (146) — — Foreign exchange and other 6 (11) 27 Income before provision for income taxes $ 73 $ 318 $ 290 Capital Expenditures Capital expenditures paid by segment for the years 2022, 2021 and 2020 were as follows: (in millions) 2022 2021 2020 Vision Care $ 115 $ 137 $ 209 Ophthalmic Pharmaceuticals 27 35 33 Surgical 24 21 11 166 193 253 Corporate 9 — — $ 175 $ 193 $ 253 Revenues by Segment and by Product Category The top ten products/franchises represented 58%, 57% and 55% of total revenues for the years 2022, 2021 and 2020, respectively. Revenues by segment and product category were as follows: Vision Care Ophthalmic Pharmaceuticals Surgical Total (in millions) 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Pharmaceuticals $ 15 $ 25 $ 11 $ 466 $ 489 $ 497 $ — $ — $ — $ 481 $ 514 $ 508 Devices 866 889 752 — — — 706 706 562 1,572 1,595 1,314 OTC 1,453 1,389 1,310 — — — — — — 1,453 1,389 1,310 Branded and Other Generics 32 31 27 208 208 222 — — — 240 239 249 Other revenues 7 9 9 3 7 7 12 12 15 22 28 31 $ 2,373 $ 2,343 $ 2,109 $ 677 $ 704 $ 726 $ 718 $ 718 $ 577 $ 3,768 $ 3,765 $ 3,412 Geographic Information Revenues are attributed to a geographic region based on the location of the customer for the years 2022, 2021 and 2020 and were as follows: (in millions) 2022 2021 2020 U.S. and Puerto Rico $ 1,695 $ 1,618 $ 1,558 China 343 390 280 France 195 201 174 Japan 192 224 220 Germany 138 149 137 Russia 132 116 102 United Kingdom 108 111 84 Canada 101 101 92 Spain 77 80 66 Italy 72 75 67 Mexico 55 40 32 South Korea 44 46 48 Poland 44 42 36 Other 572 572 516 $ 3,768 $ 3,765 $ 3,412 Certain reclassifications have been made and are reflected in the table above. 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, 2022 and 2021 were as follows: (in millions) 2022 2021 U.S. and Puerto Rico $ 639 $ 604 Ireland 356 331 Germany 89 85 Canada 67 59 France 44 39 China 26 29 Italy 20 21 Spain 13 12 Other 46 45 $ 1,300 $ 1,225 Major Customers No individual customer accounted for 10% or more of total revenues.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Acquisition of AcuFocus, Inc. On January 17, 2023, the Company acquired AcuFocus, Inc. ("AcuFocus"). AcuFocus is an ophthalmic medical device company. The acquisition was made by the Company to acquire breakthrough small aperture intraocular technology for certain cataract patients. The purchase price was $35 million and additional payments may become due upon achievement of future sales milestones. Appointment of Chief Executive Officer On February 15, 2023, the Company announced the appointment of Brent Saunders as Chief Executive Officer of the Company, effective March 6, 2023 (the “Transition Date”). Joseph C. Papa will continue serving as Chief Executive Officer and principal executive officer of the Company until the Transition Date. To facilitate an orderly transition, Mr. Saunders joined the Company on February 16, 2023, in an advisory capacity, where he will work closely with Mr. Papa. Concurrent with Mr. Saunders’ appointment as Chief Executive Officer on the Transition Date, and as previously announced, Joseph C. Papa will step down from his roles as Chief Executive Officer and member of the board of directors of the Company (the “Board”). Also on February 15, 2023, the Company announced the Board’s appointment of Mr. Saunders to the Board, effective as of the Transition Date, to fill the vacancy that will result following Mr. Papa’s stepping down. Mr. Saunders will also serve as the new Chair of the Board as of that date.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In connection with the B+L IPO, effective January 1, 2022, BHC transferred to Bausch + Lomb substantially all the entities, assets, liabilities and obligations related to the Bausch + Lomb business, such that the accompanying audited financial statements for all periods presented, including the historical results of the Company prior to January 1, 2022, are now referred to as “Consolidated Financial Statements”, and have been prepared pursuant to the rules and regulations for reporting on Form 10-K. Prior to January 1, 2022, the Company’s Consolidated Financial Statements were prepared on a combined basis and were derived from BHC’s historical consolidated financial statements. Periods prior to the B+L IPO Prior to the B+L IPO, Bausch + Lomb had historically operated as part of BHC; therefore, separate financial statements were not historically prepared. The accompanying audited Consolidated Financial Statements for periods prior to the B+L IPO were prepared from BHC’s historical accounting records. Prior to the B+L IPO, Bausch + Lomb relied on BHC’s corporate and other support functions. Therefore, certain corporate and shared costs for periods prior to the B+L IPO were allocated to Bausch + Lomb, including expenses related to BHC support functions that were provided on a centralized basis, including expenses for executive oversight, treasury, accounting, legal, human resources, shared services, compliance, procurement, information technology and other corporate functions. The expenses associated with these services generally included all payroll and benefit costs, certain share-based compensation expenses related to BHC’s long-term incentive program for BHC employees who are providing corporate services to Bausch + Lomb, certain expenses associated with corporate insurance coverage and medical, pension, postretirement and other health plan costs for employees participating in BHC sponsored plans, as well as overhead costs related to the support functions. These expenses were allocated to Bausch + Lomb based on a specific identification basis or, when specific identification is not practicable, a proportional cost allocation method. Allocations were based on direct usage where identifiable as well a number of other utilization measures including headcount and relative revenues. See Note 3, “RELATED PARTIES” for further information regarding allocated expenses between Bausch + Lomb and BHC. Management believes these cost allocations are a reasonable reflection of the utilization of services provided to, or the benefit derived by, the Company during the periods presented, though the allocations may not be indicative of the actual costs that would have been incurred had the Company operated as a standalone public company. Actual costs that may have been incurred if the Company had been a standalone company would depend on a number of factors, including the chosen organizational structure, whether functions were outsourced or performed by the Company employees, and strategic decisions made in areas such as research and development, information technology and infrastructure. The Company's Consolidated Balance Sheets include all assets and liabilities directly attributable to Bausch + Lomb. To the extent that assets such as facilities are shared between Bausch + Lomb and other BHC owned businesses, the assets and any related lease liabilities are not included in the Company's Consolidated Balance Sheets, however a charge was allocated in the Company's Consolidated Statements of Operations for Bausch + Lomb’s utilization of these assets. The Company's Consolidated Statements of Operations include all revenues and expenses directly attributable to Bausch + Lomb, including charges and allocations for facilities, functions and services used by Bausch + Lomb. All charges and allocations for facilities, functions and services performed by BHC have been recorded through BHC Investment by Bausch + Lomb to BHC in the period in which the cost was recorded in the Consolidated Statements of Operations. Prior to the B+L IPO, BHC’s cumulative interest in the assets and liabilities of the Company, inclusive of operating results, is presented as BHC investment on the Consolidated Balance Sheets. As part of the B+L IPO, BHC Investment was reclassified to Additional paid-in capital. Current and deferred income taxes in the Consolidated Financial Statements were calculated on a separate return basis. However, because the Company filed as part of BHC’s tax group in certain jurisdictions, the Company’s actual tax balances may differ from those reported. The Company's portion of its domestic and certain income taxes for jurisdictions outside the U.S. are deemed to have been settled in the period the related tax expense was recorded. Prior to the IPO, BHC’s third-party debt and related interest expense were not attributed to the Company because the borrowings were not specifically identifiable to the Company. However, in connection with the B+L IPO, the Company incurred indebtedness directly attributable to the Company and has therefore recorded the related interest expense beginning in 2022. BHC had entered into cross currency swaps and foreign currency exchange contracts to hedge certain foreign exchange exposures across BHC’s business. These instruments were attributed to the Company based on a specific identification basis or, when specific identification is not practicable, the related income or expense for these instruments was allocated based on relative net assets and revenues. Periods subsequent to the B+L IPO On May 10, 2022, Bausch + Lomb became an independent publicly traded company. The audited financial statements for all periods presented have been prepared by Bausch + Lomb in United States (“U.S.”) dollars and in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial reporting and pursuant to the rules and regulations for reporting on Form 10-K. The Consolidated Financial Statements include the accounts of the Company and those of its Following the B+L IPO, certain functions that BHC provided to Bausch + Lomb prior to the B+L IPO continued to be provided to Bausch + Lomb by BHC under a Transition Services Agreement (the “TSA”) or were (and continue to be) performed using Bausch + Lomb’s own resources or third-party service providers. Bausch
Use of Estimates	Use of Estimates In preparing Bausch + Lomb’s Consolidated Financial Statements, management is required to make estimates and assumptions. This includes estimates and assumptions regarding the nature, timing and extent of the impacts that certain global macroeconomic conditions, including, but not limited to, those related to the COVID-19 pandemic and its overall impact on inflation and supply chain, will have on Bausch + Lomb's operations and cash flows. The estimates and assumptions used by Bausch + Lomb affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: provisions for product returns, rebates, chargebacks, discounts and allowances and distribution fees paid to certain wholesalers; useful lives of finite-lived intangible assets and property, plant and equipment; expected future cash flows used in evaluating intangible assets for impairment, assessing compliance with debt covenants, reporting unit fair values for testing goodwill for impairment; acquisition-related contingent consideration liabilities; provisions for loss contingencies; provisions for income taxes, uncertain tax positions and realizability of deferred tax assets; the fair value of cross-currency swaps; and the fair value of foreign currency exchange contracts. Prior to the B+L IPO, significant estimates made by management also included the related allocations described in the basis of presentation. All allocations and estimates in these Consolidated Financial Statements are based on assumptions that management believes are reasonable. On an ongoing basis, management reviews its allocations and estimates to ensure that these allocations and estimates appropriately reflect changes in Bausch + Lomb and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, Bausch + Lomb’s Consolidated Financial Statements could be materially impacted. The extent to which certain global macroeconomic conditions, including, but not limited to, those related to the COVID-19 pandemic and its overall impact on inflation and supply chain, may continue to impact Bausch + Lomb’s business, financial condition, cash flows and results of operations, in particular, will depend on future developments which are highly uncertain and many of which are outside Bausch + Lomb’s control. Bausch + Lomb has assessed the possible effects and outcomes of these macroeconomic conditions on, among other things, its supply chain, customers and distributors, discounts and rebates, employee base, product sustainability, research and development efforts, product pipeline and consumer demand and currently believes that its estimates are reasonable.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The estimated fair values of cash and cash equivalents, trade receivables, accounts payable and accrued liabilities approximate their carrying values due to their short maturity periods. The fair value of acquisition-related contingent consideration is based on estimated discounted future cash flows analyses and assessment of the probability of occurrence of potential future events.
Fair Value of Derivative Instruments	Fair Value of Derivative Instruments The accounting for changes in the fair value of a derivative instrument depends on whether the instrument has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. For derivative instruments designated and qualifying as hedging instruments, the hedging instrument must be designated, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of the foreign currency exposure of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the Consolidated Statements of Operations during the current period. The Company’s cross-currency swaps qualify for and have been designated as an accounting hedge of the foreign currency exposure of a net investment in a foreign operation and are remeasured at each reporting date to reflect changes in their fair values. The fair value is determined via a mark-to-market analysis, using observable (Level 2) inputs. These inputs may include: (i) the foreign currency exchange spot rate between the euro and U.S. dollar, (ii) the interest rate yield curves in the euro and U.S. dollar and (iii) the credit risk rating for each applicable counterparty. The net change in fair value of cross-currency swaps is reported as a gain or loss in the Consolidated Statements of Comprehensive (Loss) Income as part of Foreign currency translation adjustment to the extent they are effective, and remain in Accumulated other comprehensive (loss) income until either the sale or complete, or substantially complete, liquidation of the subsidiary. No portion of the cross-currency swaps was ineffective. The Company uses the spot method of assessing hedge effectiveness. The Company has elected to amortize amounts excluded from the assessment of effectiveness over the term of its cross-currency swaps as a reduction of Interest expense in the Consolidated Statements of Operations. The Company uses foreign currency exchange contracts to economically hedge the foreign exchange exposure on certain of the Company's intercompany balances. The Company's foreign currency exchange contracts are remeasured at each reporting date to reflect changes in their fair values determined using forward rates, which are observable market inputs, multiplied by the notional amount. These contracts have not been designated as an accounting hedge, and therefore the net change in their fair value is reported as a gain or loss in the Consolidated Statements of Operations as part of Foreign exchange and other.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash in bank accounts and highly liquid investments with maturities of three months or less when purchased, and that is legally owned by the Company.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, trade receivables, cross-currency swaps and foreign currency exchange contracts. Cash deposited at banks may exceed the amount of insurance provided on such deposits. Generally, these cash deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate such risks by spreading its risk across multiple counterparties and monitoring the risk profiles of these counterparties. Outside of the U.S., concentrations of credit risk with respect to trade receivables, which are typically unsecured, are limited due to the number of customers using the Company’s products, as well as their dispersion across many different geographic regions. The Company performs periodic credit evaluations of customers and does not require collateral. The Company monitors economic conditions, including volatility associated with international economies, and related impacts on the relevant financial markets and its business, especially in light of sovereign credit issues. The credit and economic conditions within Argentina, Brazil, Belarus, Greece, Russia, Serbia, South Africa, Turkey, Ukraine and Venezuela have been weak in
Allowance for Credit Losses	Allowance for Credit Losses An allowance is maintained for potential credit losses. Bausch + Lomb estimates the current expected credit loss on its receivables based on various factors, including historical credit loss experience, customer credit worthiness, value of collaterals (if any), and any relevant current and reasonably supportable future economic factors. Additionally, Bausch + Lomb generally estimates the expected credit loss on a pooled basis when customers are deemed to have similar risk characteristics. Trade receivable balances are written off against the allowance when it is deemed probable that the trade receivable will not be collected. Trade receivables, net are stated net of certain sales provisions and the allowance for credit losses.
Inventories	Inventories Inventories comprise raw materials, work in process and finished goods, which are valued at the lower of cost or net realizable value, on a first-in, first-out basis. The cost value for work in process and finished goods inventories includes materials, direct labor and an allocation of overheads. The Company evaluates the carrying value of inventories on a regular basis, taking into account such factors as historical and anticipated future sales compared with quantities on hand, the price the Company expects to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods on hand.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are reported at cost, less accumulated depreciation. Costs incurred on assets under construction are capitalized as construction in progress. Depreciation is calculated using the straight-line method, commencing when the assets become available for productive use, based on the following estimated useful lives: Land improvements 15 - 30 years Buildings and improvements Up to 40 years Machinery and equipment Up to 20 years Other equipment 3 - 10 years Leasehold improvements Lesser of term of lease or 10 years
Intangible Assets	Intangible Assets A substantial portion of the Intangible assets related to the Company are specific to the 2013 acquisition of the Company by BHC and have been included based on BHC's historical cost. Intangible assets are reported at cost, less accumulated amortization and impairments. Intangible assets with finite lives are amortized over their estimated useful lives. Amortization is calculated primarily using the straight-line method based on the following estimated useful lives: Product brands 2 - 15 years Corporate brands 10 - 17 years Product rights 8 - 15 years Out-licensed technology and other 8 years
Acquired In-Process Research and Development	Acquired In-Process Research and Development The fair value of in-process research and development ("IPR&D") acquired through a business combination is capitalized as an indefinite-lived intangible asset until the completion or abandonment of the related research and development activities. When the related research and development is completed, the asset will be assigned a useful life and amortized. The fair value of an acquired IPR&D intangible asset is typically determined using an income approach. This approach starts with a forecast of the net cash flows expected to be generated by the asset over its estimated useful life. The net cash flows reflect the asset’s stage of completion, the probability of technical success, the projected costs to complete, expected market competition and an assessment of the asset’s life-cycle. The net cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the expected cash flow streams.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment are present, the asset group is tested for recoverability by comparing the carrying value of the asset group to the related estimated undiscounted future cash flows expected to be derived from the asset group, which include the amount and timing of the projected future cash flows. If the expected undiscounted cash flows are less than the carrying value of the asset, then the asset is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. Impairment losses are included in Other expense, net in the Consolidated Statements of Operations.
Goodwill	Goodwill Goodwill is recorded with the acquisition of a business and is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. A substantial portion of goodwill allocated to the Company is specific to the 2013 acquisition of the Company by BHC and has been allocated based on BHC's historical cost. Other goodwill amounts relate to other acquisitions by the Company. If a historical BHC acquisition contributed to both the Company and other BHC businesses, goodwill from the acquisition, based on BHC's historical cost, was allocated to the Company based on a relative fair value basis. Goodwill is not amortized but is tested for impairment at least annually as of October 1st at the reporting unit level. Goodwill impairment is measured as the amount by which a reporting unit's carrying value exceeds its fair value. A reporting unit is the same as, or one level below, an operating segment. A n entity is permitted to first assess qualitatively whether it is necessary to perform a quantitative impairment test for any of its reporting units. The quantitative impairment test is required if the Company concludes that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company considers the totality of all relevant events or circumstances that affect the fair value or carrying amount of a reporting unit. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants. Bausch + Lomb estimates the fair values of a reporting unit using a discounted cash flow model which utilizes Level 3 unobservable inputs. The discounted cash flow model relies on assumptions regarding revenue growth rates, gross profit, projected working capital needs, selling, general and administrative expenses, research and development expenses, capital expenditures, income tax rates, discount rates and terminal growth rates. To estimate fair value, Bausch + Lomb discounts the forecasted cash flows of each reporting unit. The discount rate Bausch + Lomb uses represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in its reporting unit operations and the rate of return a market participant would expect to earn. The quantitative fair value test is performed utilizing long-term growth rates and discount rates applied to the estimated cash flows in estimation of fair value. To estimate cash flows beyond the final year of its model, Bausch + Lomb estimates a terminal value by applying an in-perpetuity growth assumption and discount factor to determine the reporting unit’s terminal value. To forecast a reporting unit’s cash flows, Bausch + Lomb takes into consideration economic conditions and trends, estimated future operating results, management’s and a market participant’s view of growth rates and product lives and anticipates future economic conditions. Revenue growth rates inherent in these forecasts are based on input from internal and external market research that compare factors such as growth in global economies, recent industry trends and product life-cycles. Macroeconomic factors such as changes in economies, changes in the competitive landscape including the unexpected loss of exclusivity to Bausch + Lomb’s product portfolio, changes in government legislation, product life-cycles, industry consolidations and other changes beyond Bausch + Lomb’s control could have a positive or negative impact on achieving its targets. Accordingly, if market conditions deteriorate, or if Bausch + Lomb is unable to execute its strategies, it may be necessary to record impairment charges in the future. An interim goodwill impairment test in advance of the annual impairment assessment may be required if adverse events occur that indicate an impairment might be present. For example, changes in reportable segments, unexpected adverse business conditions, economic factors and unanticipated competitive activities may signal that an interim impairment test is needed. Accordingly, among other factors, the Company monitors changes in its share price between annual impairment tests. The Company considers a decline in its share price that corresponds to an overall deterioration in stock market conditions to be less of an indicator of goodwill impairment than a unilateral decline in its share price reflecting adverse changes in its underlying operating performance, cash flows, financial condition and/or liquidity. In the event that the Company’s market capitalization does decline below its book value, the Company would consider the length and severity of the decline and the reason for the decline when assessing whether potential goodwill impairment exists. The Company believes that short-term fluctuations in share prices may not necessarily reflect underlying values.
Debt Discounts and Premiums, Issuance Costs and Deferred Financing Costs	Debt Discounts and Premiums, Issuance Costs and Deferred Financing Costs Debt discounts, premiums and issuance costs are presented in the Consolidated Balance Sheets as a direct deduction from or addition to the carrying amount of the related debt and are amortized or accreted, using the effective interest method, as interest expense over the contractual lives of the related credit facilities or notes. Deferred financing costs associated with revolving credit facility arrangements are included in the balances of Prepaid expenses and other current assets and Other non-current assets in the Consolidated Balance Sheets and are amortized as interest expense over the contractual life of the related revolving credit facility.
Foreign Currency Translation	Foreign Currency Translation The assets and liabilities of the Company's foreign operations having a functional currency other than the U.S. dollar are translated into U.S. dollars at the exchange rate prevailing at the balance sheet date, and at the average exchange rate for the reporting period for revenue and expense accounts. The cumulative foreign currency translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Foreign currency exchange gains and losses on transactions occurring in a currency other than an operation’s functional currency are recognized as a component of Foreign exchange and other in the Consolidated Statements of Operations. Foreign currency translation recorded in these Consolidated Financial Statements, is based on currency movements specific to the Company's Consolidated Financial Statements during the periods presented.
Revenue Recognition	Revenue Recognition Bausch + Lomb’s revenues are primarily generated from product sales in the therapeutic areas of eye health that consist of: (i) branded prescription eye-medications and pharmaceuticals, (ii) generic and branded generic prescription eye medications and pharmaceuticals, (iii) OTC vitamin and supplement products and (iv) medical devices (contact lenses, intraocular lenses and ophthalmic surgical equipment). Other revenues include alliance and service revenue from the licensing and co-promotion of products and contract service revenue. Contract service revenue is derived primarily from contract manufacturing for third parties and is not material. See Note 22, “SEGMENT INFORMATION” for the disaggregation of revenues which depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by the economic factors of each category of customer contracts. Bausch + Lomb recognizes revenue when the customer obtains control of promised goods or services and in an amount that reflects the consideration to which Bausch + Lomb expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, Bausch + Lomb applies the five-step revenue model to contracts within its scope: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Product Sales A contract with Bausch + Lomb’s customers exists for each product sale. Where a contract with a customer contains more than one performance obligation, Bausch + Lomb allocates the transaction price to each distinct performance obligation based on its relative standalone selling price. The transaction price is adjusted for variable consideration which is discussed further below. Bausch + Lomb recognizes revenue for product sales at a point in time, when the customer obtains control of the products in accordance with contracted delivery terms, which is generally upon shipment or customer receipt. Contracted delivery terms will vary by customer and geography. In the U.S., control is generally transferred to the customer upon receipt. Revenue from sales of surgical equipment and related software is generally recognized upon delivery and installation of the equipment. Intraocular lenses and delivery systems, disposable surgical packs and other surgical instruments are distinct from the surgical equipment and may be sold together with the surgical equipment in a single contract or on a standalone basis. Revenue from the sale of delivery systems, disposable surgical packs and other surgical instruments is recognized in accordance with the contracted delivery terms, generally upon shipment or customer receipt. Intraocular lenses are sold primarily on a consignment basis and revenue is recognized upon notification of use, which typically occurs when a replacement order is placed. When a sale transaction in the Surgical segment contains multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative standalone sales price and revenue is recognized upon satisfaction of each performance obligation. Product Sales Provisions As is customary in the eye health industry, gross product sales of certain product categories are subject to a variety of deductions in arriving at reported net product sales. The transaction price for such product categories is typically adjusted for variable consideration, which may be in the form of cash discounts, allowances, returns, rebates, chargebacks and distribution fees paid to customers. Provisions for variable consideration are established to reflect Bausch + Lomb’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. The amount of variable consideration included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in the future period. Provisions for these deductions are recorded concurrently with the recognition of gross product sales revenue and include cash discounts and allowances, chargebacks and distribution fees, which are paid to direct customers, as well as rebates and returns, which can be paid to direct and indirect customers. Returns provision balances and volume discounts to direct customers are included in Accrued and other current liabilities. All other provisions related to direct customers are included in Trade receivables, net, while provision balances related to indirect customers are included in Accrued and other current liabilities. The following tables present the activity and ending balances of Bausch + Lomb’s variable consideration provisions for years 2022 and 2021: (in millions) Discounts and Allowances Returns Rebates Chargebacks Distribution Fees Total Reserve balance, January 1, 2021 $ 147 $ 77 $ 149 $ 30 $ 24 $ 427 Current period provision 330 68 525 336 17 1,276 Payments and credits (310) (85) (479) (337) (24) (1,235) Reserve balance, December 31, 2021 167 60 195 29 17 468 Current period provision 315 69 528 442 22 1,376 Payments and credits (336) (70) (535) (398) (21) (1,360) Reserve balance, December 31, 2022 $ 146 $ 59 $ 188 $ 73 $ 18 $ 484 Included in Rebates in the table above are cooperative advertising credits due to customers of approximately $35 million and $31 million as of December 31, 2022 and 2021, respectively, which are reflected as a reduction of Trade accounts receivable, net in the Consolidated Balance Sheets. The Company continually monitors its variable consideration provisions and evaluates the estimates used as additional information becomes available. Adjustments will be made to these provisions periodically to reflect new facts and circumstances that may indicate that historical experience may not be indicative of current and/or future results. The Company is required to make subjective judgments based primarily on its evaluation of current market conditions and trade inventory levels related to the Company's products. These judgments include the potential impact of the COVID-19 pandemic on, among other things, unemployment and related changes in customer health insurance levels, customer behaviors during the COVID-19 pandemic and government stimulus bills that focus on ensuring availability and access to lifesaving drugs during a public health crisis. This evaluation may result in an increase or decrease in the experience rate that is applied to current and future sales, or require an adjustment related to past sales, or both. If the trend in actual amounts of variable consideration varies from the Company's prior estimates, the Company adjusts these estimates, when such trend is believed to be sustainable. At that time, the Company would record the necessary adjustments which would affect net product revenue and earnings reported in the current period. The Company applies this method consistently for contracts with similar characteristics. The following describes the major sources of variable consideration in the Company’s customer arrangements and the methodology, estimates and judgments applied to estimate each type of variable consideration. Cash Discounts and Allowances Cash discounts are offered for prompt payment and allowances for volume purchases. Provisions for cash discounts and allowances are estimated at the time of sale and recorded as direct reductions to trade receivables and revenue. Management estimates the provisions for cash discounts and allowances based on contractual sales terms with customers, an analysis of unpaid invoices and historical payment experience. Estimated cash discounts and allowances have historically been predictable and less subjective, due to the limited number of assumptions involved, the consistency of historical experience and the fact that these amounts are generally settled within one month of incurring the liability. Returns Consistent with industry practice, customers are generally allowed to return certain products, primarily of our consumer and ophthalmic businesses, within a specified period of time before and after the product's expiration date. The returns provision is estimated utilizing historical sales and return rates over the period during which customers have a right of return, taking into account available information on competitive products and contract changes. The information utilized to estimate the returns provision includes: (i) historical return and exchange levels, (ii) external data with respect to inventory levels in the wholesale distribution channel, (iii) external data with respect to prescription demand for products, (iv) remaining shelf lives of products at the date of sale and (v) estimated returns liability to be processed by year of sale based on an analysis of lot information related to actual historical returns. In determining the estimate for returns, management is required to make certain assumptions regarding the timing of the introduction of new products and the potential of these products to capture market share. In addition, certain assumptions with respect to the extent and pattern of decline associated with generic competition are necessary. These assumptions are formulated using market data for similar products, past experience and other available information. These assumptions are continually reassessed, and changes to the estimates and assumptions are made as new information becomes available. Rebates and Chargebacks Certain product sales, primarily proprietary and generic pharmaceutical products within the Ophthalmic Pharmaceuticals segment, made under governmental and managed-care pricing programs in the U.S. are subject to rebates. The Company participates in state government-managed Medicaid programs, as well as certain other qualifying federal and state government programs whereby rebates are provided to participating government entities. Medicaid rebates are generally billed 45 days to 270 days after the quarter in which the product is dispensed to the Medicaid participant. As a result, the Medicaid rebate reserve includes an estimate of outstanding claims for end-customer sales that occurred, but for which the related claim has not been billed and/or paid, and an estimate for future claims that will be made when inventory in the distribution channel is sold through to plan participants. The calculation of the Medicaid rebate reserve also requires other estimates, such as estimates of sales mix, to determine which sales are subject to rebates and the amount of such rebates. Quarterly, the Medicaid rebate reserve is adjusted based on actual claims paid. Due to the delay in billing, adjustments to actual claims paid may incorporate revisions of that reserve for several periods. Managed Care rebates relate to contractual agreements to sell products to managed care organizations and pharmacy benefit managers at contractual rebate percentages in exchange for volume and/or market share. Chargebacks relate to contractual agreements to sell certain products, primarily proprietary and generic pharmaceutical products within the Ophthalmic Pharmaceuticals segment to government agencies, group purchasing organizations and other indirect customers at contractual prices that are lower than the list prices the Company charges wholesalers. When these group purchasing organizations or other indirect customers purchase products through wholesalers at these reduced prices, the wholesaler charges the Company for the difference between the prices they paid the Company and the prices at which they sold the products to the indirect customers. In estimating provisions for rebates and chargebacks, management considers relevant statutes with respect to governmental pricing programs and contractual sales terms with managed-care providers and group purchasing organizations. Management estimates the amount of product sales subject to these programs based on historical utilization levels. Changes in the level of utilization of products through private or public benefit plans and group purchasing organizations will affect the amount of rebates and chargebacks that the Company is obligated to pay. Management continually updates these factors based on new contractual or statutory requirements, and any significant changes in sales trends that may impact the percentage of products subject to rebates or chargebacks. The amount of Managed Care, Medicaid and other rebates and chargebacks as it relates to proprietary and generic pharmaceutical products within the Ophthalmic Pharmaceuticals segment, has become more significant as a result of a combination of deeper discounts implemented in each of the last three years and increased Medicaid utilization due to expansion of government funding for these programs. Management’s estimate for rebates and chargebacks may be impacted by a number of factors, but the principal factor relates to the level of inventory in the distribution channel. Rebate provisions are based on factors such as timing and terms of plans under contract, time to process rebates, product pricing, sales volumes, amount of inventory in the distribution channel and prescription trends. Adjustments to actual for the years 2022 and 2021 were not material to the Company's revenues or earnings. Patient Co-Pay Assistance programs, Consumer Rebates and Loyalty Programs are rebates offered on a limited number of the Company’s products. Patient Co-Pay Assistance Programs are patient discount programs offered in the form of coupon cards or point of sale discounts, with which patients receive certain discounts off their prescription at participating pharmacies, as defined by the specific product program. An accrual for these programs is established, equal to management’s estimate of the discount, rebate and loyalty incentives attributable to a sale. That estimate is based on historical experience and other relevant factors. The accrual is adjusted throughout each quarter based on actual experience and changes in other factors, if any. Distribution Fees The Company sells products to certain wholesalers, and large pharmacy chains such as CVS and Walmart, usually under Distribution Services Agreements ("DSAs"). Under the DSAs, the wholesalers agree to provide services, and the Company pays the contracted DSA distribution service fees for these services based on product volumes. Additionally, price appreciation credits are generated when the Company increases a product’s wholesaler acquisition cost (“WAC”) under contracts with certain wholesalers. Under such contracts, the Company is entitled to credits from such wholesalers for the impact of that WAC increase on inventory currently on hand at the wholesalers. Such credits are offset against the total distribution service fees paid to each such wholesaler. The variable consideration associated with price appreciation credits is reflected in the transaction price of products sold when it is determined to be probable that a significant reversal will not occur. Contract Assets and Contract Liabilities There are no contract assets for any period presented. Contract liabilities consist of deferred revenue, the balance of which is not material to any period presented. Sales Commissions Sales commissions are generally attributed to periods shorter than one year and therefore are expensed when incurred. Sales commissions are included in selling, general and administrative expenses. Financing Component
Research and Development Expenses	Research and Development Expenses Costs related to internal research and development programs, including costs associated with the development of acquired IPR&D, are expensed as goods are delivered or services are performed. Under certain research and development arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific developmental, regulatory and/or commercial milestones. Milestone payments made to third parties before a product receives regulatory approval, but after the milestone is determined to be probable, are expensed and included in Research and development expenses . Milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the estimated useful life of the approved product. Amounts due from third parties as reimbursement of development activities conducted under certain research and development arrangements are recognized as a reduction of Research and development expenses.
Legal Costs	Legal Costs Legal fees and other costs related to litigation and other legal proceedings or services are expensed as incurred and are included in Selling, general and administrative expenses. Certain legal costs associated with acquisitions are included in Acquisition-related costs and certain legal costs associated with divestitures, legal settlements and other business development activities are included in Litigation and other matters or Gain on investments, net within Other expense, net, as
Advertising Costs	Advertising CostsAdvertising costs comprise product samples, print media, promotional materials and television advertising and are expensed on the first use of the advertisement.
Share-Based Compensation	Share-Based Compensation Prior to the B+L IPO, the Company participated in BHC’s long-term incentive program. Stock-based compensation expense reflected in the accompanying Consolidated Financial Statements for the years 2021 and 2020 relates to stock plan awards of BHC awarded to Bausch + Lomb employees and not stock awards of Bausch + Lomb as Bausch + Lomb did not grant stock awards for any period presented prior to the B+L IPO. In addition to share-based compensation expense attributable to employees that are specific to the Bausch + Lomb business, share-based compensation expense also includes allocated charges from BHC, related to BHC employees providing corporate services to Bausch + Lomb. Accordingly, the amounts presented for the years 2021 and 2020 are not necessarily indicative of future awards and do not necessarily reflect the results that Bausch + Lomb would have experienced as an independent company for the periods presented. Effective May 5, 2022, Bausch + Lomb established the Bausch + Lomb Corporation 2022 Omnibus Incentive Plan (the “Plan”). A total of 28,000,000 common shares of Bausch + Lomb are authorized under the Plan. The Plan provides for the grant of various types of awards including restricted stock units (“RSUs”), stock appreciation rights, stock options, performance-based awards and cash awards. Under the Plan, the exercise price of awards, if any, is set on the grant date and may not be less than the fair market value per share on that date. Generally, stock options have a term of ten years and a three-year vesting period, subject to limited exceptions. The Company recognizes all share-based payments to employees of the Company, including grants of employee stock options and RSUs, at estimated fair value. The Company amortizes the fair value of stock option or RSU grants on a straight-line basis over the requisite service period of the individual stock option or RSU grant, which generally equals the vesting period. Stock option and RSU forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Share-based compensation is recorded in Research and development expenses and Selling, general and administrative expenses, as appropriate.
Acquisition-Related Contingent Consideration	Acquisition-Related Contingent Consideration Acquisition-related contingent consideration, which primarily consists of potential milestone payments and royalty obligations, is recorded in the Consolidated Balance Sheets at its acquisition date estimated fair value, in accordance with the acquisition method of accounting. The fair value of the acquisition-related contingent consideration is remeasured each reporting period, with changes in fair value recorded in the Consolidated Statements of Operations. The fair value measurement of contingent consideration obligations arising from business combinations is determined via a probability-weighted discounted cash flow analysis, using unobservable (Level 3) inputs. These inputs may include: (i) the estimated amount and timing of projected cash flows, (ii) the probability of the achievement of the factor(s) on which the contingency is based and (iii) the risk-adjusted discount rate used to present value the probability-weighted cash flows. Significant increases or decreases in any of those inputs in isolation could result in a significantly higher or lower fair value measurement.
Interest Expense	Interest Expense Interest expense includes interest on outstanding debt currently held by the Company, previous intercompany financing arrangements with BHC (refer to Note 3, “RELATED PARTIES”, for more detail), standby fees, the amortization of debt discounts and deferred financing costs, accretion of debt premiums and the amortization of amounts excluded from the assessment of effectiveness related to the Company's cross-currency swaps. Interest costs are expensed as incurred, except to the extent such interest is related to construction in progress, in which case interest is capitalized.
Income Taxes	Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the temporary differences between the financial statement and income tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. A valuation allowance is provided for the portion of deferred tax assets that is more likely than not to remain unrealized. Deferred tax assets and liabilities are measured using enacted tax rates and laws. Deferred tax assets for outside basis differences in investments in subsidiaries are only recognized if the difference will be realized in the foreseeable future. The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The tax benefits recognized from such position are measured based on the amount for which there is a greater than 50% likelihood of being realized upon settlement. Liabilities associated with uncertain tax positions are classified as long-term unless expected to be paid within one year. Interest and penalties related to uncertain tax positions, if any, are recorded in the provision for income taxes and classified with the related liability on the Consolidated balance sheets. Prior to the B+L IPO, income tax expense and deferred tax balances in the Consolidated Financial Statements were calculated on a separate tax return basis. The Company's operations were included in the tax returns of certain respective BHC entities of which the Company is a part.
Earnings Per Share Attributable to Bausch + Lomb Corporation	Earnings Per Share Attributable to Bausch + Lomb Corporation Basic earnings per share attributable to Bausch + Lomb Corporation is calculated by dividing Net income attributable to Bausch + Lomb Corporation by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share attributable to Bausch + Lomb Corporation is calculated by dividing Net income attributable to Bausch + Lomb Corporation by the weighted-average number of common shares outstanding during the reporting period after giving effect to dilutive potential common shares for stock options and RSUs, determined using the treasury stock method.
Comprehensive (Loss) Income	Comprehensive (Loss) Income Comprehensive (loss) income comprises Net (loss) income and Other comprehensive (loss) income. Other comprehensive (loss) income includes items such as foreign currency translation adjustments and certain pension and other postretirement benefit plan adjustments. Accumulated other comprehensive loss is recorded as a component of equity.
Contingencies	Contingencies In the normal course of business, the Company is subject to loss contingencies, such as claims and assessments arising from litigation and other legal proceedings, contractual indemnities, product and environmental liabilities and tax matters. Accruals for loss contingencies are recorded when the Company determines that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the estimate of the amount of the loss is a range and some amount within the range appears to be a better estimate than any other amount within the range, that amount is accrued as a liability. If no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued as a liability. These accruals are adjusted periodically as assessments change or additional information becomes available. If no accrual is made for a loss contingency because the amount of loss cannot be reasonably estimated, the Company will disclose contingent liabilities when there is at least a reasonable possibility that a loss or an additional loss may have been incurred.
Employee Benefit Plans	Employee Benefit Plans The Company sponsors various retirement and pension plans, including defined benefit pension plans, defined contribution plans and a participatory defined benefit postretirement plan. The determination of defined benefit pension and postretirement plan obligations and their associated expenses requires the use of actuarial valuations to estimate the benefits employees earn while working, as well as the present value of those benefits. Net actuarial gains and losses that exceed 10% of the greater of the plan’s projected benefit obligations or the market-related value of assets are amortized to earnings over the shorter of the estimated average future service period of the plan participants (or the estimated average future lifetime of the plan participants if the majority of plan participants are inactive) or the period until any anticipated final plan settlements. In addition, BHC offers certain of its defined benefit plans, a participatory defined benefit postretirement medical and life insurance plans and defined contribution plan to be shared amongst its businesses, including the Company, and the participation of its employees and retirees in these plans is reflected as though the Company participated in a multiemployer plan with BHC. For the periods presented prior to the B+L IPO, a proportionate share of the cost associated with the multiemployer plan is reflected in the Consolidated Financial Statements, while any assets and liabilities associated with the multiemployer plan are retained by BHC and recorded on BHC’s balance sheet.
BHC Investment	BHC Investment Prior to the B+L IPO, BHC’s cumulative interest in the assets and liabilities of the Company, inclusive of operating results, is presented as BHC investment on the Consolidated Balance Sheets. The Consolidated Statements of Equity include net cash
Adoption of New Accounting Standards	Adoption of New Accounting Standards There were no new accounting standards adopted during 2022.
Segment Reporting	Corporate includes the finance, treasury, certain research and development programs, tax and legal operations of Bausch + Lomb’s businesses and incurs certain expenses, gains and losses related to the overall management of Bausch + Lomb, 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.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of activity in allowance for credit losses	The activity in the allowance for credit losses for trade receivables for the years 2022, 2021 and 2020 is as follows: (in millions) 2022 2021 2020 Balance, beginning of period $ 16 $ 17 $ 20 Provision 4 2 — Write-offs (2) (2) (2) Foreign exchange and other 4 (1) (1) Balance, end of period $ 22 $ 16 $ 17
Schedule of estimated useful lives of property, plant and equipment	Depreciation is calculated using the straight-line method, commencing when the assets become available for productive use, based on the following estimated useful lives: Land improvements 15 - 30 years Buildings and improvements Up to 40 years Machinery and equipment Up to 20 years Other equipment 3 - 10 years Leasehold improvements Lesser of term of lease or 10 years
Schedule of estimated useful lives of intangible assets	Amortization is calculated primarily using the straight-line method based on the following estimated useful lives: Product brands 2 - 15 years Corporate brands 10 - 17 years Product rights 8 - 15 years Out-licensed technology and other 8 years
Summary of variable consideration provisions	The following tables present the activity and ending balances of Bausch + Lomb’s variable consideration provisions for years 2022 and 2021: (in millions) Discounts and Allowances Returns Rebates Chargebacks Distribution Fees Total Reserve balance, January 1, 2021 $ 147 $ 77 $ 149 $ 30 $ 24 $ 427 Current period provision 330 68 525 336 17 1,276 Payments and credits (310) (85) (479) (337) (24) (1,235) Reserve balance, December 31, 2021 167 60 195 29 17 468 Current period provision 315 69 528 442 22 1,376 Payments and credits (336) (70) (535) (398) (21) (1,360) Reserve balance, December 31, 2022 $ 146 $ 59 $ 188 $ 73 $ 18 $ 484

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of net transfers to BHC	The components of the Net transfers to BHC for the years 2022, 2021 and 2020 are as follows: (in millions) 2022 2021 2020 Cash pooling and general financing activities $ (226) $ (1,317) $ (428) Corporate allocations 76 390 354 Benefit from income taxes 225 302 (106) Total net transfers to BHC (as reflected in the Consolidated Statements of Equity) 75 (625) (180) Payment of BHC Purchase Debt (2,200) — — Share-based compensation (16) (62) (50) Other, net (222) (43) 5 Net transfers to BHC (as reflected in the Consolidated Statements of Cash Flows) $ (2,363) $ (730) $ (225)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
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 Bausch + Lomb’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021: 2022 2021 (in millions) Carrying Value Level 1 Level 2 Level 3 Carrying Value Level 1 Level 2 Level 3 Assets: Cash equivalents $ 81 $ 72 $ 9 $ — $ 12 $ — $ 12 $ — Foreign currency exchange contracts $ 5 $ — $ 5 $ — $ — $ — $ — $ — Liabilities: Acquisition-related contingent consideration $ 4 $ — $ — $ 4 $ 9 $ — $ — $ 9 Foreign currency exchange contracts $ 2 $ — $ 2 $ — $ — $ — $ — $ — Cross-currency swaps $ 39 $ — $ 39 $ — $ — $ — $ — $ —
Schedule of assets and liabilities associated with derivatives, included in the Consolidated Balance Sheets	The assets and liabilities associated with the Company's cross-currency swaps as included in the Consolidated Balance Sheets as of December 31, 2022 and 2021 are as follows: (in millions) 2022 2021 Other non-current liabilities $ 45 $ — Prepaid expenses and other current assets $ 6 $ — Net fair value of liabilities $ 39 $ —
Schedule of effect of hedging instruments on financial statements	The following table presents the effect of hedging instruments on the Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Operations as of December 31, 2022 and 2021 : (in millions) 2022 2021 Loss recognized in Other comprehensive loss $ 45 $ — Gain excluded from assessment of hedge effectiveness $ 6 $ — Location of gain of excluded component Interest Expense Interest Expense

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Schedule of the components of inventories, net	Inventories, net as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Raw materials $ 163 $ 147 Work in process 44 34 Finished goods 421 391 $ 628 $ 572 Inventory write-offs were $21 million, $35 million and $30 million for 2022, 2021 and 2020, respectively.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	The major components of property, plant and equipment as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Land $ 44 $ 46 Buildings 614 484 Machinery and equipment 1,585 1,260 Other equipment and leasehold improvements 335 232 Construction in progress 237 527 2,815 2,549 Less accumulated depreciation (1,515) (1,324) $ 1,300 $ 1,225

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of indefinite-lived intangible assets	The major components of intangible assets as of December 31, 2022 and 2021 consist of: Weighted-Average Remaining Useful Lives (Years) 2022 2021 (in millions) Gross Carrying Amount Accumulated Amortization and Impairments Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Impairments Net Carrying Amount Finite-lived intangible assets: Product brands 3 $ 2,650 $ (2,373) $ 277 $ 2,656 $ (2,209) $ 447 Corporate brands 8 12 (7) 5 12 (6) 6 Product rights/patents 3 992 (919) 73 995 (882) 113 Technology and other 8 66 (61) 5 62 (62) — Total finite-lived intangible assets 3,720 (3,360) 360 3,725 (3,159) 566 B&L Trademark N/A 1,698 — 1,698 1,698 — 1,698 $ 5,418 $ (3,360) $ 2,058 $ 5,423 $ (3,159) $ 2,264
Schedule of finite-lived intangible assets	The major components of intangible assets as of December 31, 2022 and 2021 consist of: Weighted-Average Remaining Useful Lives (Years) 2022 2021 (in millions) Gross Carrying Amount Accumulated Amortization and Impairments Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Impairments Net Carrying Amount Finite-lived intangible assets: Product brands 3 $ 2,650 $ (2,373) $ 277 $ 2,656 $ (2,209) $ 447 Corporate brands 8 12 (7) 5 12 (6) 6 Product rights/patents 3 992 (919) 73 995 (882) 113 Technology and other 8 66 (61) 5 62 (62) — Total finite-lived intangible assets 3,720 (3,360) 360 3,725 (3,159) 566 B&L Trademark N/A 1,698 — 1,698 1,698 — 1,698 $ 5,418 $ (3,360) $ 2,058 $ 5,423 $ (3,159) $ 2,264
Schedule of estimated aggregate amortization expense for each of the five succeeding years	Estimated amortization expense of finite-lived intangible assets for the five years ending December 31 and thereafter are as follows: (in millions) 2023 2024 2025 2026 2027 Thereafter Total Amortization $ 184 $ 89 $ 43 $ 10 $ 9 $ 25 $ 360
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amounts of goodwill during the years ended 2022, 2021 and 2020 were as follows: (in millions) Bausch + Lomb Vision Care Ophthalmic Pharmaceuticals Surgical Total Balance, January 1, 2020 $ 4,554 $ — $ — $ — $ 4,554 Assets held for sale reclassified to goodwill 10 — — — 10 Foreign exchange and other 121 — — — 121 Balance, December 31, 2020 4,685 — — — 4,685 Realignment of segment goodwill (4,685) 3,674 689 322 — Foreign exchange and other — (78) (14) (7) (99) Balance, December 31, 2021 — 3,596 675 315 4,586 Acquisitions (Note 4) — — — 5 5 Foreign exchange and other — (47) (30) (7) (84) Balance, December 31, 2022 $ — $ 3,549 $ 645 $ 313 $ 4,507

ACCRUED AND OTHER CURRENT LIA_2

ACCRUED AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Schedule of accrued and other current liabilities	Accrued and other current liabilities as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Employee compensation and benefit costs $ 196 $ 204 Product rebates 153 164 Discounts and allowances 85 88 Product returns 59 60 Net borrowings under BHC pooled financing arrangements (Note 4) — 28 Other 408 316 $ 901 $ 860

PENSION AND POSTRETIREMENT EM_2

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Schedule of amounts recognized in accumulated other comprehensive loss	The amounts included in Accumulated other comprehensive loss as of December 31, 2022 and 2021 were as follows: Pension Benefit Plans U.S. Postretirement U.S. Plan Non-U.S. Plans (in millions) 2022 2021 2022 2021 2022 2021 Unrecognized actuarial (losses) gains $ (35) $ (18) $ (23) $ (42) $ 3 $ (2) Unrecognized prior service credits $ — $ — $ 23 $ 25 $ 6 $ 8
Components of net periodic (benefit) cost	The following tables provides the components of net periodic (benefit) cost for Bausch + Lomb’s defined benefit pension plans and postretirement benefit plan for the years 2022, 2021 and 2020: Pension Benefit Plans U.S. Postretirement Benefit Plan U.S. Plan Non-U.S. Plans (in millions) 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ 1 $ 1 $ 1 $ 3 $ 2 $ 2 $ — $ — $ — Interest cost 5 4 6 3 3 3 1 1 1 Expected return on plan assets (10) (11) (13) (4) (5) (5) — — — Amortization of prior service credit — — — (1) (1) (1) (2) (3) (3) Amortization of net loss — — — 1 2 1 — — — Settlement loss recognized 1 — — 8 8 — — — — Net periodic (benefit) cost $ (3) $ (6) $ (6) $ 10 $ 9 $ — $ (1) $ (2) $ (2)
Components of the change in projected benefit obligations, change in plan assets and funded status	The table below presents components of the change in projected benefit obligation, change in plan assets and funded status for 2022 and 2021: Pension Benefit Plans U.S. Postretirement U.S. Plan Non-U.S. Plans (in millions) 2022 2021 2022 2021 2022 2021 Change in Projected Benefit Obligation Projected benefit obligation, beginning of year $ 220 $ 236 $ 218 $ 280 $ 35 $ 39 Service cost 1 1 3 2 — — Interest cost 5 4 3 3 1 1 Employee contributions — — — — — — Settlements (7) (4) (50) (43) — — Benefits paid (11) (11) (4) 2 (4) (3) Actuarial (gains) losses (36) (6) (53) (8) (5) (2) Currency translation adjustments — — (15) (18) — — Projected benefit obligation, end of year 172 220 102 218 27 35 Change in Plan Assets Fair value of plan assets, beginning of year 224 231 171 185 — — Actual return on plan assets (44) 8 (40) 18 — — Employee contributions — — — — — — Company contributions — — 25 27 4 3 Settlements (7) (4) (50) (43) — — Benefits paid (11) (11) (4) (2) (4) (3) Currency translation adjustments — — (10) (14) — — Fair value of plan assets, end of year 162 224 92 171 — — Funded Status at end of year $ (10) $ 4 $ (10) $ (47) $ (27) $ (35) Recognized as: Other non-current assets $ — $ 4 $ 22 $ — $ — $ — Accrued and other current liabilities $ — $ — $ 2 $ 1 $ 4 $ 4 Other non-current liabilities $ 10 $ — $ 30 $ 46 $ 23 $ 31
Schedule of underfunded plans	Information for the underfunded pension benefit plans is as follows: U.S. Plan Non-U.S. Plans (in millions) 2022 2021 2022 2021 Projected benefit obligation $ 172 $ — $ 37 $ 220 Accumulated benefit obligation 172 — 32 212 Fair value of plan assets 162 — 6 172
Future benefit payments for the pension benefit plans	Future benefit payments over the next 10 years for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows: (in millions) Pension Benefit Plans U.S. Postretirement U.S. Plan Non-U.S. Plans 2023 $ 14 $ 5 $ 4 2024 18 5 3 2025 17 5 3 2026 16 5 3 2027 17 5 3 2028 - 2032 70 28 10
Weighted-average assumptions used to determine net periodic benefit costs and benefit obligations	The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for 2022, 2021 and 2020 were as follows: Pension Benefit Plans U.S Postretirement Benefit Plan 2022 2021 2020 2022 2021 2020 For Determining Net Periodic (Benefit) Cost U.S. Plans: Discount rate 2.69 % 2.25 % 3.16 % 2.57 % 2.09 % 3.04 % Expected rate of return on plan assets 4.50 % 5.00 % 6.25 % — — — Rate of compensation increase — % — % — — — — Interest crediting rate 4.75 % 4.75 % 4.75 % Non-U.S. Plans: Discount rate 1.44 % 1.14 % 1.48 % Expected rate of return on plan assets 2.70 % 2.73 % 2.97 % Rate of compensation increase 2.55 % 2.49 % 2.99 % Pension Benefit Plans U.S. Postretirement Benefit Plan 2022 2021 2020 2022 2021 2020 For Determining Benefit Obligation U.S. Plans: Discount rate 5.41 % 2.69 % 2.25 % 5.39 % 2.57 % 2.09 % Rate of compensation increase — — — — — — Interest crediting rate 4.75 % 4.75 % 4.75 % Non-U.S. Plans: Discount rate 3.83 % 1.60 % 1.19 % Rate of compensation increase 2.92 % 2.60 % 2.50 %
Actual asset allocations	The following presents the actual asset allocation as of December 31, 2022 and 2021: 2022 2021 U.S. Plan Cash and cash equivalents 1 % 1 % Equity securities 40 % 30 % Fixed income securities 59 % 69 % Non-U.S. Plans Cash and cash equivalents 4 % 8 % Equity securities 24 % 32 % Fixed income securities 46 % 40 % Other 26 % 20 %
Fair value of pension and postretirement benefit plan assets assumed in connection with the Acquisition	The table below presents total plan assets by investment category as of December 31, 2022 and 2021 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value. There were no transfers between Level 1 and Level 2 during 2022 and 2021. Pension Benefit Plans - U.S. Plans December 31, 2022 December 31, 2021 (in millions) Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ 2 $ — $ 2 $ 1 $ — $ 1 Commingled funds: Equity securities: U.S. broad market — 34 34 — 36 36 Emerging markets — 7 7 — 6 6 Worldwide developed markets — 14 14 — 16 16 Other assets — 10 10 — 10 10 Fixed income securities: Investment grade — 95 95 — 155 155 $ 2 $ 160 $ 162 $ 1 $ 223 $ 224 Pension Benefit Plans - Non-U.S. Plans December 31, 2022 December 31, 2021 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Total Cash equivalents $ — $ 4 $ — $ 4 $ — $ 13 $ 13 Commingled funds: Equity securities: Emerging markets — 1 — 1 — 3 3 Developed markets — 21 — 21 — 51 51 Fixed income securities: Investment grade — 2 — 2 — 3 3 Global high yield — — — — — — — Government bond funds 1 39 — 40 1 65 66 Other assets — 12 12 24 — 35 35 $ 1 $ 79 $ 12 $ 92 $ 1 $ 170 $ 171

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Summary of right-of-use assets and right-of-use liabilities	Right-of-use assets and lease liabilities associated with the Company's operating leases are included in the Consolidated Balance Sheets as of December 31, 2022 and 2021 as follows: (in millions) 2022 2021 Right-of-use assets included in: Other non-current assets $ 119 $ 112 Lease liabilities included in: Accrued and other current liabilities $ 26 $ 20 Other non-current liabilities 92 92 Total lease liabilities $ 118 $ 112
Summary of lease expenses	Lease expense for 2022 and 2021 includes: (in millions) 2022 2021 Operating lease costs $ 37 $ 39 Variable operating lease costs $ 7 $ 6
Summary of other operating lease information	Other information related to operating leases for 2022 and 2021 is as follows: (dollars in millions) 2022 2021 Cash paid from operating cash flows for amounts included in the measurement of lease liabilities $ 35 $ 29 Right-of-use assets obtained in exchange for new operating lease liabilities $ 28 $ 33 Weighted-average remaining lease term 7.5 years 8.6 years Weighted-average discount rate 6.4 % 5.9 %
Summary of operating lease future payments	As of December 31, 2022, future payments under noncancellable operating leases for each of the five succeeding years ending December 31 and thereafter are as follows: (in millions) 2023 $ 32 2024 25 2025 19 2026 15 2027 13 Thereafter 46 Total 150 Less: Imputed interest 32 Present value of remaining lease payments 118 Less: Current portion 26 Non-current portion 92

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of the components and classification of share-based compensation expense	The components and classification of share-based compensation expense related to stock options and RSUs directly attributable to those employees specifically identified as Bausch + Lomb employees for both the BHC Long-term Incentive Program and Bausch + Lomb Corporation 2022 Omnibus Incentive Plan for the years 2022, 2021 and 2020 were as follows: (in millions) 2022 2021 2020 Stock options $ 4 $ 3 $ 3 RSUs 52 35 27 Share-based compensation expense $ 56 $ 38 $ 30 Research and development expenses $ 6 $ 6 $ 5 Selling, general and administrative expenses 50 32 25 Share-based compensation expense $ 56 $ 38 $ 30
Schedule of weighted-average assumption as of the date of grant using the Black Scholes option-pricing model	The fair values of all stock options granted under the Bausch + Lomb Corporation 2022 Omnibus Incentive Plan for the year 2022 were estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: 2022 Expected stock option life (years) 3.0 Expected volatility 31.5 % Risk-free interest rate 3.1 % Expected dividend yield — %
Summary of stock option activity	The following table summarizes stock option activity under Bausch + Lomb’s Plan during 2022: (in millions, except per share amounts) Options Weighted- Weighted- Aggregate Outstanding, January 1, 2022 0.0 $ 0.00 Granted 6.4 $ 18.00 Exercised — $ — Expired or forfeited (0.1) $ 18.00 Outstanding, December 31, 2022 6.3 $ 18.00 9.4 $ — Vested and expected to vest, December 31, 2022 1.2 $ 18.00 4.5 $ — Vested and exercisable, December 31, 2022 — $ — — $ —
Summary of non-vested time-based RSU activity	The following table summarizes non-vested RSU activity under Bausch + Lomb's Plan during 2022: (in millions, except per share amounts) Restricted Stock Units (RSUs) Weighted- Non-vested, January 1, 2022 0.0 $ 0.00 Granted 4.3 $ 16.70 Vested — $ — Forfeited (0.1) $ 17.93 Non-vested, December 31, 2022 4.2 $ 16.67

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of the components of Accumulated other comprehensive loss	Accumulated other comprehensive loss as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Foreign currency translation adjustment $ (1,231) $ (1,018) Pension adjustment, net of tax (27) (17) $ (1,258) $ (1,035)

RESEARCH AND DEVELOPMENT (Table

RESEARCH AND DEVELOPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Research and Development [Abstract]
Summary of research and development	Quality assurance are the costs incurred to meet evolving customer and regulatory standards. Research and development costs for the years 2022, 2021 and 2020 consist of: (in millions) 2022 2021 2020 Product related research and development $ 284 $ 254 $ 236 Quality assurance 23 17 17 Research and development $ 307 $ 271 $ 253

OTHER EXPENSE, NET (Tables)

OTHER EXPENSE, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
Schedule of other expense, net	Other expense, net for the years 2022, 2021 and 2020 consist of: (in millions) 2022 2021 2020 Asset impairments $ 1 $ 12 $ 1 Restructuring, integration and separation costs 14 2 2 Litigation and other matters 1 (1) 6 Acquired in-process research and development costs 1 5 28 Acquisition-related costs 1 — — Acquisition-related contingent consideration (5) — — Other, net — (1) 1 Other expense, net $ 13 $ 17 $ 38 Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. Asset impairments are discussed in Note 8, “INTANGIBLE ASSETS AND GOODWILL”.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Components of income before provision for income taxes	The components of Income before provision for income taxes for 2022, 2021 and 2020 consist of: (in millions) 2022 2021 2020 Domestic $ (59) $ 365 $ 387 Foreign 132 (47) (97) $ 73 $ 318 $ 290
Components of (provision for) income taxes	The components of (Provision for) income taxes for 2022, 2021 and 2020 consist of: (in millions) 2022 2021 2020 Current: Domestic $ (3) $ (109) $ (122) Foreign (68) (90) (33) (71) (199) (155) Deferred: Domestic 1 2 (582) Foreign 12 72 430 13 74 (152) $ (58) $ (125) $ (307)
Reconciliation of (provision for) benefit from income taxes from the expected amount calculated by applying the Canadian statutory rate to income (loss) before income taxes	The Provision for income taxes differs from the expected amount calculated by applying the Company's Canadian statutory rate of 26.5% to Income before provision for income taxes for 2022, 2021 and 2020 as follows: (in millions) 2022 2021 2020 Income before provision for income taxes $ 73 $ 318 $ 290 Provision for income taxes Expected provision for income taxes at Canadian statutory rate $ (19) $ (86) $ (78) Adjustments to tax attributes (1) 6 (2) Non-deductible amount of share-based compensation (8) 2 — Change in valuation allowance 3 (2) 68 Change in uncertain tax positions 5 15 38 Withholding tax (6) 1 1 Return to provision 1 5 18 Foreign tax rate differences (34) (56) (63) Tax provision on intra-entity transfers — — (284) Other 1 (10) (5) $ (58) $ (125) $ (307)
Schedule of tax effect of major items recorded as deferred tax assets and liabilities and valuation allowance	Deferred tax assets and liabilities as of December 31, 2022 and 2021 consist of: (in millions) 2022 2021 Deferred tax assets: Tax loss and credit carryforwards $ 686 $ 484 Intangible assets 210 309 Provisions 157 151 Share-based compensation 10 9 Other 28 26 Total deferred tax assets 1,091 979 Less valuation allowance (54) (17) Net deferred tax assets 1,037 962 Deferred tax liabilities: Plant, equipment and technology 89 37 Outside basis differences 28 16 Total deferred tax liabilities 117 53 Net deferred tax asset $ 920 $ 909 The following table presents a reconciliation of the deferred tax asset valuation allowance for 2022, 2021 and 2020: (in millions) 2022 2021 2020 Balance, beginning of year $ 17 $ 15 $ 86 Charged to Benefit from income taxes (3) 2 (71) Other 40 — — Balance, end of year $ 54 $ 17 $ 15
Summary of open tax years by jurisdiction	Jurisdiction: Open Years United States - Federal 2015 - 2021 Canada 2021 Germany 2014 - 2021 France 2013 - 2021 Ireland 2018 - 2021 China 2017 - 2021
Reconciliation of the beginning and ending amounts of unrecognized tax benefits	The following table presents a reconciliation of the unrecognized tax benefits for 2022, 2021 and 2020: (in millions) 2022 2021 2020 Balance, beginning of year $ 74 $ 62 $ 100 Additions based on tax positions related to the current year 8 1 — Additions for tax positions of prior years 1 48 8 Reductions for tax positions of prior years (11) (7) (42) Lapse of statute of limitations (2) (30) (4) Balance, end of year $ 70 $ 74 $ 62

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of calculation of income per share	Income (loss) per share attributable to Bausch + Lomb Corporation for 2022, 2021 and 2020 were calculated as follows: (in millions, except per share amounts) 2022 2021 2020 Net income (loss) attributable to Bausch + Lomb Corporation $ 6.0 $ 182.0 $ (18.0) Basic weighted-average common shares outstanding 350.0 350.0 350.0 Diluted effect of stock options and RSUs 0.2 — — Diluted weighted-average common shares outstanding $ 350.2 $ 350.0 $ 350.0 Earnings (loss) per share attributable to Bausch + Lomb Corporation Basic $ 0.02 $ 0.52 $ (0.05) Diluted $ 0.02 $ 0.52 $ (0.05)

SUPPLEMENTAL CASH FLOW DISCLO_2

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow disclosures	Supplemental cash flow disclosures for the years 2022, 2021 and 2020 are as follows: (in millions) 2022 2021 2020 Other Payments Interest paid (Note 3) $ 132 $ — $ 3 Income taxes paid $ 83 $ 53 $ 57

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of segment revenues and profit	Segment revenues and profits for the years 2022, 2021 and 2020 were as follows: (in millions) 2022 2021 2020 Revenues: Vision Care $ 2,373 $ 2,343 $ 2,109 Ophthalmic Pharmaceuticals 677 704 726 Surgical 718 718 577 Total revenues 3,768 3,765 3,412 Segment profit: Vision Care 637 587 579 Ophthalmic Pharmaceuticals 202 290 302 Surgical 42 75 18 Total segment profit 881 952 899 Corporate (417) (314) (278) Amortization of intangible assets (244) (292) (323) Other expense, net (13) (17) (38) Operating income 207 329 260 Interest income 6 — 3 Interest expense (Note 3) (146) — — Foreign exchange and other 6 (11) 27 Income before provision for income taxes $ 73 $ 318 $ 290
Schedule of capital expenditures paid	Capital expenditures paid by segment for the years 2022, 2021 and 2020 were as follows: (in millions) 2022 2021 2020 Vision Care $ 115 $ 137 $ 209 Ophthalmic Pharmaceuticals 27 35 33 Surgical 24 21 11 166 193 253 Corporate 9 — — $ 175 $ 193 $ 253
Schedule of revenues by segment and product category	Revenues by segment and product category were as follows: Vision Care Ophthalmic Pharmaceuticals Surgical Total (in millions) 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Pharmaceuticals $ 15 $ 25 $ 11 $ 466 $ 489 $ 497 $ — $ — $ — $ 481 $ 514 $ 508 Devices 866 889 752 — — — 706 706 562 1,572 1,595 1,314 OTC 1,453 1,389 1,310 — — — — — — 1,453 1,389 1,310 Branded and Other Generics 32 31 27 208 208 222 — — — 240 239 249 Other revenues 7 9 9 3 7 7 12 12 15 22 28 31 $ 2,373 $ 2,343 $ 2,109 $ 677 $ 704 $ 726 $ 718 $ 718 $ 577 $ 3,768 $ 3,765 $ 3,412
Schedule of revenue attributed to a geographic region	Revenues are attributed to a geographic region based on the location of the customer for the years 2022, 2021 and 2020 and were as follows: (in millions) 2022 2021 2020 U.S. and Puerto Rico $ 1,695 $ 1,618 $ 1,558 China 343 390 280 France 195 201 174 Japan 192 224 220 Germany 138 149 137 Russia 132 116 102 United Kingdom 108 111 84 Canada 101 101 92 Spain 77 80 66 Italy 72 75 67 Mexico 55 40 32 South Korea 44 46 48 Poland 44 42 36 Other 572 572 516 $ 3,768 $ 3,765 $ 3,412
Schedule of long-lived assets by geographic region	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, 2022 and 2021 were as follows: (in millions) 2022 2021 U.S. and Puerto Rico $ 639 $ 604 Ireland 356 331 Germany 89 85 Canada 67 59 France 44 39 China 26 29 Italy 20 21 Spain 13 12 Other 46 45 $ 1,300 $ 1,225

DESCRIPTION OF BUSINESS - Narra

DESCRIPTION OF BUSINESS - Narrative (Details)					3 Months Ended	12 Months Ended
	Feb. 17, 2023 shares	Jun. 01, 2022 $ / shares shares	May 10, 2022 $ / shares shares	Mar. 31, 2021 segment	Jun. 30, 2021 segment	Dec. 31, 2022 segment shares	Apr. 28, 2022 shares	Dec. 31, 2021 shares
Subsidiary, Sale of Stock [Line Items]
Number of operating segments | segment					3	3
Number of reportable segments | segment				1	3	3
Common shares, outstanding (in shares)						350,000,749	350,000,000	350,000,749
BHC | Bausch + Lomb | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Common shares, outstanding (in shares)	310,449,643
Percentage of shares held	88.70%
B+L IPO | BHC
Subsidiary, Sale of Stock [Line Items]
Shares sold (in shares)			35,000,000
Price of shares sold (in usd per share) | $ / shares			$ 18
Over-Allotment | BHC
Subsidiary, Sale of Stock [Line Items]
Shares sold (in shares)		4,550,357
Price of shares sold (in usd per share) | $ / shares		$ 18
Underwriters option to purchase additional shares, term			30 days
Number of additional shares available for issuance (in shares)			5,250,000

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions			3 Months Ended	12 Months Ended
	May 05, 2022 shares	Mar. 31, 2021 segment	Jun. 30, 2021 segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Subsidiary, Sale of Stock [Line Items]
Out of period correction, overstatement of other comprehensive loss				$ 226	$ 144	$ (160)
Out of period correction, overstatement of net cash provided by operating activities				345	873	522
Out of period correction, overstatement of net cash used in financing activities				81	(712)	(232)
Out of period correction, understatement of accumulated other comprehensive loss				1,258	1,035
Out of period correction, decrease in deferred income taxes				90	(116)	(97)
Out of period correction, increase net transfers to BHC				$ 2,363	730	225
Number of reportable segments | segment		1	3	3
Total revenues				$ 3,768	3,765	3,412
Cooperative advertising credits included in rebates				$ 484	468	427
Settlement period for cash discounts and allowances				1 month
Advertising expense				$ 319	335	285
Capitalized interest				$ 63	58
Tax benefit recognition, measurement percentage (greater than)				50%
Minimum period to classify uncertain tax position liabilities as long term liabilities				1 year
Threshold percentage for amortization of net actuarial gains and losses				10%
Revision of Prior Period, Error Correction, Overstatement
Subsidiary, Sale of Stock [Line Items]
Out of period correction, overstatement of other comprehensive loss				$ 6
Out of period correction, overstatement of net cash provided by operating activities				6
Out of period correction, overstatement of net cash used in financing activities				(6)
Revision of Prior Period, Error Correction, Adjustment
Subsidiary, Sale of Stock [Line Items]
Out of period correction, pension and postretirement benefit plan adjustments, net of income taxes, unrealized loss				10
Out of period correction, decrease in deferred income taxes				10
Out of period correction, increase net transfers to BHC				$ 10
Revision of Prior Period, Error Correction, Understatement
Subsidiary, Sale of Stock [Line Items]
Out of period correction, understatement of accumulated other comprehensive loss					10
2022 Omnibus Incentive Plan
Subsidiary, Sale of Stock [Line Items]
Incentive stock plan, shares authorized (in shares) | shares	28,000,000
2022 Omnibus Incentive Plan | Stock options
Subsidiary, Sale of Stock [Line Items]
Incentive stock plan, term	10 years
Incentive stock plan, vesting period	3 years
Minimum
Subsidiary, Sale of Stock [Line Items]
Payment terms				30 days
Lease term				1 year
Lease renewal term				1 year
Maximum
Subsidiary, Sale of Stock [Line Items]
Payment terms				90 days
Lease term				20 years
Lease renewal term				5 years
Rebates, Advertising Credits Portion
Subsidiary, Sale of Stock [Line Items]
Cooperative advertising credits included in rebates				$ 35	31
Russia, Belarus and Ukraine
Subsidiary, Sale of Stock [Line Items]
Net trade receivables				54
Russia
Subsidiary, Sale of Stock [Line Items]
Total revenues				132	116	102
Ukraine
Subsidiary, Sale of Stock [Line Items]
Total revenues				7	12	14
Belarus
Subsidiary, Sale of Stock [Line Items]
Total revenues				8	$ 7	$ 8
Argentina, Brazil, Belarus, Greece, Russia, Serbia, South Africa, Turkey, Ukraine, and Venezuela
Subsidiary, Sale of Stock [Line Items]
Net trade receivables				$ 95
Past due period for receivables to be negligible (less than)				90 days	90 days
Period net trade receivable balance outstanding (more than)				90 days	90 days
Portion of net trade receivables that is past due				$ 1

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 16	$ 17	$ 20
Provision	4	2	0
Write-offs	(2)	(2)	(2)
Foreign exchange and other	4	(1)	(1)
Balance, end of period	$ 22	$ 16	$ 17

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Minimum | Land improvements
Property, plant and equipment [Line Items]
Estimated useful lives	15 years
Minimum | Other equipment
Property, plant and equipment [Line Items]
Estimated useful lives	3 years
Maximum | Land improvements
Property, plant and equipment [Line Items]
Estimated useful lives	30 years
Maximum | Buildings and improvements
Property, plant and equipment [Line Items]
Estimated useful lives	40 years
Maximum | Machinery and equipment
Property, plant and equipment [Line Items]
Estimated useful lives	20 years
Maximum | Other equipment
Property, plant and equipment [Line Items]
Estimated useful lives	10 years
Maximum | Leasehold improvements
Property, plant and equipment [Line Items]
Estimated useful lives	10 years

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Product brands
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	3 years
Corporate brands
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	8 years
Product rights/patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	3 years
Out-licensed technology and other
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	8 years
Minimum | Product brands
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	2 years
Minimum | Corporate brands
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	10 years
Minimum | Product rights/patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	8 years
Maximum | Product brands
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	15 years
Maximum | Corporate brands
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	17 years
Maximum | Product rights/patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	15 years

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Variable Consideration Provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	$ 468	$ 427
Current period provision	1,376	1,276
Payments and credits	(1,360)	(1,235)
Balance, end of year	484	468
Discounts and Allowances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	167	147
Current period provision	315	330
Payments and credits	(336)	(310)
Balance, end of year	146	167
Returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	60	77
Current period provision	69	68
Payments and credits	(70)	(85)
Balance, end of year	59	60
Rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	195	149
Current period provision	528	525
Payments and credits	(535)	(479)
Balance, end of year	188	195
Chargebacks
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	29	30
Current period provision	442	336
Payments and credits	(398)	(337)
Balance, end of year	73	29
Distribution Fees
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	17	24
Current period provision	22	17
Payments and credits	(21)	(24)
Balance, end of year	$ 18	$ 17

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) - USD ($)			12 Months Ended
	Feb. 17, 2023	May 10, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 01, 2022	Apr. 28, 2022	Jan. 01, 2022
Related Party Transaction [Line Items]
Common shares, outstanding (in shares)			350,000,749	350,000,749			350,000,000
Corporate allocations			$ 76,000,000	$ 390,000,000	$ 354,000,000
Accounts payable, related party			53,000,000	6,000,000
Accounts receivable, related party			102,000,000	32,000,000
Net borrowings, related party			0	28,000,000
Payment of BHC purchase debt			2,200,000,000	0	$ 0
Trade receivables, net
Related Party Transaction [Line Items]
Accounts receivable, current, related party			0	32,000,000
Prepaid expenses and other current assets
Related Party Transaction [Line Items]
Accounts receivable, current, related party			90,000,000	0
Other non-current liabilities
Related Party Transaction [Line Items]
Accounts receivable, noncurrent, related party			12,000,000	$ 0
BHC
Related Party Transaction [Line Items]
Return of capital		$ 229,000,000
Charges incurred, Separation Agreement with BHC			8,000,000
BHC | Minimum
Related Party Transaction [Line Items]
Related party transaction, term		6 months
BHC | Maximum
Related Party Transaction [Line Items]
Related party transaction, term		12 months
Promissory Note | BHC
Related Party Transaction [Line Items]
Debt, principal amount								$ 2,200,000,000
Debt, maturity period								2 years
Debt, interest rate						6%		3.625%
Payment of BHC purchase debt		$ 2,200,000,000
Debt, interest expense			$ 47,000,000
Subsequent Event | Bausch + Lomb | BHC
Related Party Transaction [Line Items]
Common shares, outstanding (in shares)	310,449,643
Percentage of shares held	88.70%

RELATED PARTIES - Schedule of N

RELATED PARTIES - Schedule of Net Transfers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Cash pooling and general financing activities	$ (226)	$ (1,317)	$ (428)
Corporate allocations	76	390	354
Benefit from income taxes	225	302	(106)
Total net transfers to BHC (as reflected in the Consolidated Statements of Equity)	75	(625)	(180)
Payment of BHC Purchase Debt	(2,200)	0	0
Share-based compensation	(16)	(62)	(50)
Other, net	(222)	(43)	5
Net transfers to BHC (as reflected in the Consolidated Statements of Cash Flows)	$ (2,363)	$ (730)	$ (225)

ACQUISITIONS AND LICENSING AG_2

ACQUISITIONS AND LICENSING AGREEMENTS - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset Acquisition And Business Combination [Line Items]
Trade receivables, net		$ 724	$ 721
Inventories, net		628	572
Property, plant and equipment, net		1,300	1,225
Intangible assets, net		2,058	2,264
Goodwill		4,507	4,586	$ 4,685	$ 4,554
Deferred tax liabilities, net		7	$ 24
Sanoculis Ltd. | European Distribution Agreement
Asset Acquisition And Business Combination [Line Items]
Term of agreement	5 years
Paragon Bio Teck Inc. Asset Acquisition and Total Titanium Inc. Business Combination
Asset Acquisition And Business Combination [Line Items]
Aggregate upfront payment		45
Trade receivables, net		1
Inventories, net		1
Property, plant and equipment, net		2
Intangible assets, net		43
Goodwill		5
Deferred tax liabilities, net		$ 11

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Foreign currency exchange contracts | Not Designated as Hedging Instrument
Assets:
Foreign currency exchange contracts	$ 3	$ 0
Cross-currency swaps | Designated as Hedging Instrument | Net Investment Hedging
Liabilities:
Derivative Liabilities	39	0
Recurring basis
Assets:
Cash equivalents	81	12
Liabilities:
Acquisition-related contingent consideration	4	9
Recurring basis | Foreign currency exchange contracts | Not Designated as Hedging Instrument
Assets:
Foreign currency exchange contracts	5	0
Liabilities:
Derivative Liabilities	2	0
Recurring basis | Cross-currency swaps | Designated as Hedging Instrument | Net Investment Hedging
Liabilities:
Derivative Liabilities	39	0
Recurring basis | Level 1
Assets:
Cash equivalents	72	0
Liabilities:
Acquisition-related contingent consideration	0	0
Recurring basis | Level 1 | Foreign currency exchange contracts | Not Designated as Hedging Instrument
Assets:
Foreign currency exchange contracts	0	0
Liabilities:
Derivative Liabilities	0	0
Recurring basis | Level 1 | Cross-currency swaps | Designated as Hedging Instrument | Net Investment Hedging
Liabilities:
Derivative Liabilities	0	0
Recurring basis | Level 2
Assets:
Cash equivalents	9	12
Liabilities:
Acquisition-related contingent consideration	0	0
Recurring basis | Level 2 | Foreign currency exchange contracts | Not Designated as Hedging Instrument
Assets:
Foreign currency exchange contracts	5	0
Liabilities:
Derivative Liabilities	2	0
Recurring basis | Level 2 | Cross-currency swaps | Designated as Hedging Instrument | Net Investment Hedging
Liabilities:
Derivative Liabilities	39	0
Recurring basis | Level 3
Assets:
Cash equivalents	0	0
Liabilities:
Acquisition-related contingent consideration	4	9
Recurring basis | Level 3 | Foreign currency exchange contracts | Not Designated as Hedging Instrument
Assets:
Foreign currency exchange contracts	0	0
Liabilities:
Derivative Liabilities	0	0
Recurring basis | Level 3 | Cross-currency swaps | Designated as Hedging Instrument | Net Investment Hedging
Liabilities:
Derivative Liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	$ 2,354,000,000
Designated as Hedging Instrument | Cross-currency swaps | Net Investment Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amounts			$ 1,000,000,000
Not Designated as Hedging Instrument | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amounts	227,000,000
Fair value	3,000,000	$ 0
Gain (loss) related to changes in fair value	3,000,000	(2,000,000)
Loss related to settlements	8,000,000	$ 2,000,000
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Accrued and other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities	2,000,000
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepaid expenses and other current assets	$ 5,000,000

FAIR VALUE MEASUREMENTS - Cross

FAIR VALUE MEASUREMENTS - Cross-currency Swaps Included in Condensed Consolidated Balance Sheets (Details) - Cross-currency swaps - Net Investment Hedging - Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net fair value of liabilities	$ 39	$ 0
Other non-current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net fair value of liabilities	45	0
Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net fair value of liabilities	$ 6	$ 0

FAIR VALUE MEASUREMENTS - Cro_2

FAIR VALUE MEASUREMENTS - Cross-currency Swaps, Effect of Hedging Instruments on Financial Instruments (Details) - Net Investment Hedging - Cross-currency swaps - Designated as Hedging Instrument - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in Other comprehensive loss	$ 45	$ 0
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain excluded from assessment of hedge effectiveness	$ 6	$ 0

INVENTORIES - Components of Inv

INVENTORIES - Components of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 163	$ 147
Work in process	44	34
Finished goods	421	391
Total Inventories	$ 628	$ 572

INVENTORIES - Narrative (Detail

INVENTORIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory write-offs	$ 21	$ 35	$ 30

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Major Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	$ 2,815	$ 2,549
Less accumulated depreciation	(1,515)	(1,324)
Property, plant and equipment, net	1,300	1,225
Land
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	44	46
Buildings
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	614	484
Machinery and equipment
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	1,585	1,260
Other equipment and leasehold improvements
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	335	232
Construction in progress
Property, plant and equipment [Line Items]
Property, plant and equipment, gross	$ 237	$ 527

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 135	$ 123	$ 119

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Major Components of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-lived intangible assets:
Gross Carrying Amount	$ 3,720	$ 3,725
Accumulated Amortization and Impairments	(3,360)	(3,159)
Net Carrying Amount	360	566
Total intangible assets
Gross Carrying Amount	5,418	5,423
Net Carrying Amount	2,058	2,264
B&L Trademark
Indefinite-lived intangible assets:
Net Carrying Amount	1,698	1,698
Product brands
Finite-lived intangible assets:
Gross Carrying Amount	2,650	2,656
Accumulated Amortization and Impairments	(2,373)	(2,209)
Net Carrying Amount	$ 277	447
Total intangible assets
Weighted-Average Remaining Useful Lives (Years)	3 years
Corporate brands
Finite-lived intangible assets:
Gross Carrying Amount	$ 12	12
Accumulated Amortization and Impairments	(7)	(6)
Net Carrying Amount	$ 5	6
Total intangible assets
Weighted-Average Remaining Useful Lives (Years)	8 years
Product rights/patents
Finite-lived intangible assets:
Gross Carrying Amount	$ 992	995
Accumulated Amortization and Impairments	(919)	(882)
Net Carrying Amount	$ 73	113
Total intangible assets
Weighted-Average Remaining Useful Lives (Years)	3 years
Technology and other
Finite-lived intangible assets:
Gross Carrying Amount	$ 66	62
Accumulated Amortization and Impairments	(61)	(62)
Net Carrying Amount	$ 5	$ 0
Total intangible assets
Weighted-Average Remaining Useful Lives (Years)	8 years

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details)			3 Months Ended		12 Months Ended
	Oct. 01, 2022 USD ($)	Mar. 31, 2021 segment	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Goodwill [Line Items]
Number of operating segments | segment				3	3
Number of reportable segments | segment		1		3	3
Number of reporting units | segment			3	3
Goodwill impairment | $					$ 0
Vision Care, Ophthalmic Pharmaceuticals and Surgical
Goodwill [Line Items]
Fair value of reporting value, greater than its carrying value	25%		25%	45%
Goodwill impairment | $	$ 0		$ 0	$ 0
Minimum | Vision Care, Ophthalmic Pharmaceuticals and Surgical
Goodwill [Line Items]
Reporting unit, impairment test, long-term growth rate	2%		2%	2%
Reporting unit, impairment test, discount rate	9.50%		9%	7%
Maximum | Vision Care, Ophthalmic Pharmaceuticals and Surgical
Goodwill [Line Items]
Reporting unit, impairment test, long-term growth rate	3%		3%	3%
Reporting unit, impairment test, discount rate	12.25%		11.50%	10%
Discontinued Product Lines
Goodwill [Line Items]
Impairment of intangible assets | $					$ 1,000,000	$ 12,000,000	$ 1,000,000

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 184
2024	89
2025	43
2026	10
2027	9
Thereafter	25
Net Carrying Amount	$ 360	$ 566

INTANGIBLE ASSETS AND GOODWIL_5

INTANGIBLE ASSETS AND GOODWILL - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in the carrying amount of goodwill
Balance at the beginning of the period	$ 4,586	$ 4,685	$ 4,554
Assets held for sale reclassified to goodwill			10
Realignment of segment goodwill		0
Acquisitions (Note 4)	5
Foreign exchange and other	(84)	(99)	121
Balance at the end of the period	4,507	4,586	4,685
Bausch + Lomb
Change in the carrying amount of goodwill
Balance at the beginning of the period	0	4,685	4,554
Assets held for sale reclassified to goodwill			10
Realignment of segment goodwill		(4,685)
Acquisitions (Note 4)	0
Foreign exchange and other	0	0	121
Balance at the end of the period	0	0	4,685
Vision Care
Change in the carrying amount of goodwill
Balance at the beginning of the period	3,596	0	0
Assets held for sale reclassified to goodwill			0
Realignment of segment goodwill		3,674
Acquisitions (Note 4)	0
Foreign exchange and other	(47)	(78)	0
Balance at the end of the period	3,549	3,596	0
Ophthalmic Pharmaceuticals
Change in the carrying amount of goodwill
Balance at the beginning of the period	675	0	0
Assets held for sale reclassified to goodwill			0
Realignment of segment goodwill		689
Acquisitions (Note 4)	0
Foreign exchange and other	(30)	(14)	0
Balance at the end of the period	645	675	0
Surgical
Change in the carrying amount of goodwill
Balance at the beginning of the period	315	0	0
Assets held for sale reclassified to goodwill			0
Realignment of segment goodwill		322
Acquisitions (Note 4)	5
Foreign exchange and other	(7)	(7)	0
Balance at the end of the period	$ 313	$ 315	$ 0

ACCRUED AND OTHER CURRENT LIA_3

ACCRUED AND OTHER CURRENT LIABILITIES - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Employee compensation and benefit costs	$ 196	$ 204
Product rebates	153	164
Discounts and allowances	85	88
Product returns	59	60
Net borrowings under BHC pooled financing arrangements (Note 4)	0	28
Other	408	316
Accrued and other current liabilities	$ 901	$ 860

CREDIT FACILITIES - Narrative (

CREDIT FACILITIES - Narrative (Details) - USD ($)	Dec. 31, 2022	May 10, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Minimum aggregate amount of loans outstanding of total commitments, percent		40%
Maximum first lien net leverage ratio		4.50
Maximum total leverage ratio		4
Maximum total leverage ratio two, if circumstances met		4.50
Minimum interest coverage ratio		3
Term Loan Due May 2027
Debt Instrument [Line Items]
Debt, principal amount		$ 2,500,000,000
Term		5 years
Principal amount outstanding	$ 2,488,000,000
Long-term debt	$ 2,436,000,000
Debt, interest rate	7.84%
Annual amortization rate (as a percent)		1%
Quarterly amortization payments		$ 25,000,000
Remaining quarterly amortization payments	$ 106,000,000
Term Loan Due May 2027 | SOFR, CDOR, EURIBOR and SONIA Rates | Minimum
Debt Instrument [Line Items]
Variable rate (as a percent)		1.015%
Term Loan Due May 2027 | SOFR, CDOR, EURIBOR and SONIA Rates | Maximum
Debt Instrument [Line Items]
Variable rate (as a percent)		1.475%
Term Loan Due May 2027 | U.S. Dollar Base Rate and Canadian Dollar Prime Rate | Minimum
Debt Instrument [Line Items]
Variable rate (as a percent)		0.015%
Term Loan Due May 2027 | U.S. Dollar Base Rate and Canadian Dollar Prime Rate | Maximum
Debt Instrument [Line Items]
Variable rate (as a percent)		0.475%
Term Loan Due May 2027 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable rate (as a percent)		3.25%
Credit spread adjustment (as a percent)		0.10%
Term Loan Due May 2027 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Variable rate (as a percent)		0.50%
Term Loan Due May 2027 | Base Rate
Debt Instrument [Line Items]
Variable rate (as a percent)		2.25%
Term Loan Due May 2027 | Base Rate | Minimum
Debt Instrument [Line Items]
Variable rate (as a percent)		1.50%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility
Debt Instrument [Line Items]
Term		5 years
Maximum borrowing capacity		$ 500,000,000
Principal amount outstanding	0
Remaining borrowings	476,000,000
Facility fee (as a percent)		0.25%
Percentage of net cash proceeds of insurance and condemnation proceeds for property or asset losses		100%
Percentage of cash proceeds from incurrence of debt		100%
Percentage of annual excess cash flow		50%
Percentage of cash proceeds from asset sales outside the ordinary course of business payable as mandatory prepayments		100%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.11%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.275%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility | SOFR, CDOR, EURIBOR and SONIA Rates
Debt Instrument [Line Items]
Variable rate (as a percent)		0%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility | SOFR, CDOR, EURIBOR and SONIA Rates | Minimum
Debt Instrument [Line Items]
Variable rate (as a percent)		1.75%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility | SOFR, CDOR, EURIBOR and SONIA Rates | Maximum
Debt Instrument [Line Items]
Variable rate (as a percent)		2.75%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility | U.S. Dollar Base Rate and Canadian Dollar Prime Rate
Debt Instrument [Line Items]
Variable rate (as a percent)		1%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility | U.S. Dollar Base Rate and Canadian Dollar Prime Rate | Minimum
Debt Instrument [Line Items]
Variable rate (as a percent)		0.75%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility | U.S. Dollar Base Rate and Canadian Dollar Prime Rate | Maximum
Debt Instrument [Line Items]
Variable rate (as a percent)		1.75%
Revolving Credit Facility Due May 2027 | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Credit spread adjustment (as a percent)		0.10%
Revolving Credit Facility Due May 2027 | Letter of Credit
Debt Instrument [Line Items]
Long-term debt	$ 24,000,000

PENSION AND POSTRETIREMENT EM_3

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022 USD ($) defined_benefit_plan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Future benefit payments period		10 years
B+L and BHC
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions recognized		$ 33	$ 36	$ 36
Pension Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit accrual, interest percentage earned on cash balance		4.50%
Pension Benefit Plans | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated company contributions in next fiscal year		$ 3
Percentage of expected return on plan assets		2.70%	2.73%	2.97%
Pension Benefit Plans | Ireland
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of defined benefit plans | defined_benefit_plan		2
Number of defined benefit plans amended | defined_benefit_plan		1
Percentage allocation of fund		92%	92%
Pension Benefit Plans | Ireland | Scenario, Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of expected return on plan assets	4.25%
Pension Benefit Plans | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated company contributions in next fiscal year		$ 0
Percentage of expected return on plan assets		4.50%	5%	6.25%
Pension Benefit Plans | U.S. Plan | Scenario, Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of expected return on plan assets	6%
U.S. Postretirement Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contribution maximum age		65 years
U.S. Postretirement Benefit Plan | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated company contributions in next fiscal year		$ 4
Percentage of expected return on plan assets		0%	0%	0%

PENSION AND POSTRETIREMENT EM_4

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
U.S. Plan | Pension Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized actuarial (losses) gains	$ (35)	$ (18)
Unrecognized prior service credits	0	0
U.S. Plan | U.S Postretirement Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized actuarial (losses) gains	3	(2)
Unrecognized prior service credits	6	8
Non-U.S. Plans | Pension Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized actuarial (losses) gains	(23)	(42)
Unrecognized prior service credits	$ 23	$ 25

PENSION AND POSTRETIREMENT EM_5

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S. Plan | Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1	$ 1
Interest cost	5	4	6
Expected return on plan assets	(10)	(11)	(13)
Amortization of prior service credit	0	0	0
Amortization of net loss	0	0	0
Settlement loss recognized	1	0	0
Net periodic (benefit) cost	(3)	(6)	(6)
U.S. Plan | U.S Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0
Interest cost	1	1	1
Expected return on plan assets	0	0	0
Amortization of prior service credit	(2)	(3)	(3)
Amortization of net loss	0	0	0
Settlement loss recognized	0	0	0
Net periodic (benefit) cost	(1)	(2)	(2)
Non-U.S. Plans | Pension Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	2	2
Interest cost	3	3	3
Expected return on plan assets	(4)	(5)	(5)
Amortization of prior service credit	(1)	(1)	(1)
Amortization of net loss	1	2	1
Settlement loss recognized	8	8	0
Net periodic (benefit) cost	$ 10	$ 9	$ 0

PENSION AND POSTRETIREMENT EM_6

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Change in Benefit Obligation, Plan Assets and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S. Plan | Pension Benefit Plans
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$ 220	$ 236
Service cost	1	1	$ 1
Interest cost	5	4	6
Employee contributions	0	0
Settlements	(7)	(4)
Benefits paid	(11)	(11)
Actuarial (gains) losses	(36)	(6)
Currency translation adjustments	0	0
Projected benefit obligation, end of year	172	220	236
Change in Plan Assets
Fair value of plan assets, beginning of year	224	231
Actual return on plan assets	(44)	8
Employee contributions	0	0
Company contributions	0	0
Settlements	(7)	(4)
Benefits paid	(11)	(11)
Currency translation adjustments	0	0
Fair value of plan assets, end of year	162	224	231
Funded Status at end of year	(10)	4
Recognized as:
Other non-current assets	0	4
Accrued and other current liabilities	0	0
Other non-current liabilities	10	0
U.S. Plan | U.S Postretirement Benefit Plan
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	35	39
Service cost	0	0	0
Interest cost	1	1	1
Employee contributions	0	0
Settlements	0	0
Benefits paid	(4)	(3)
Actuarial (gains) losses	(5)	(2)
Currency translation adjustments	0	0
Projected benefit obligation, end of year	27	35	39
Change in Plan Assets
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets	0	0
Employee contributions	0	0
Company contributions	4	3
Settlements	0	0
Benefits paid	(4)	(3)
Currency translation adjustments	0	0
Fair value of plan assets, end of year	0	0	0
Funded Status at end of year	(27)	(35)
Recognized as:
Other non-current assets	0	0
Accrued and other current liabilities	4	4
Other non-current liabilities	23	31
Non-U.S. Plans | Pension Benefit Plans
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	218	280
Service cost	3	2	2
Interest cost	3	3	3
Employee contributions	0	0
Settlements	(50)	(43)
Benefits paid	(4)	2
Actuarial (gains) losses	(53)	(8)
Currency translation adjustments	(15)	(18)
Projected benefit obligation, end of year	102	218	280
Change in Plan Assets
Fair value of plan assets, beginning of year	171	185
Actual return on plan assets	(40)	18
Employee contributions	0	0
Company contributions	25	27
Settlements	(50)	(43)
Benefits paid	(4)	(2)
Currency translation adjustments	(10)	(14)
Fair value of plan assets, end of year	92	171	$ 185
Funded Status at end of year	(10)	(47)
Recognized as:
Other non-current assets	22	0
Accrued and other current liabilities	2	1
Other non-current liabilities	$ 30	$ 46

PENSION AND POSTRETIREMENT EM_7

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Underfunded Plans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
U.S. Plan
Underfunded plans having accumulated benefit obligations exceeding the fair value of plan assets
Projected benefit obligation	$ 172	$ 0
Accumulated benefit obligation	172	0
Fair value of plan assets	162	0
Non-U.S. Plans
Underfunded plans having accumulated benefit obligations exceeding the fair value of plan assets
Projected benefit obligation	37	220
Accumulated benefit obligation	32	212
Fair value of plan assets	$ 6	$ 172

PENSION AND POSTRETIREMENT EM_8

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Future Benefit Payments for the Pension Benefit Plans (Details) $ in Millions	Dec. 31, 2022 USD ($)
Pension Benefit Plans | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2023	$ 14
2024	18
2025	17
2026	16
2027	17
2028 - 2032	70
Pension Benefit Plans | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2023	5
2024	5
2025	5
2026	5
2027	5
2028 - 2032	28
U.S Postretirement Benefit Plan | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2023	4
2024	3
2025	3
2026	3
2027	3
2028 - 2032	$ 10

PENSION AND POSTRETIREMENT EM_9

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Costs and Benefit Obligations (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefit Plans | U.S. Plans
For Determining Net Periodic (Benefit) Cost
Discount rate	2.69%	2.25%	3.16%
Expected rate of return on plan assets	4.50%	5%	6.25%
Rate of compensation increase	0%	0%	0%
Interest crediting rate	4.75%	4.75%	4.75%
For Determining Benefit Obligation
Discount rate	5.41%	2.69%	2.25%
Rate of compensation increase	0%	0%	0%
Interest crediting rate	4.75%	4.75%	4.75%
Pension Benefit Plans | Non-U.S. Plans
For Determining Net Periodic (Benefit) Cost
Discount rate	1.44%	1.14%	1.48%
Expected rate of return on plan assets	2.70%	2.73%	2.97%
Rate of compensation increase	2.55%	2.49%	2.99%
For Determining Benefit Obligation
Discount rate	3.83%	1.60%	1.19%
Rate of compensation increase	2.92%	2.60%	2.50%
U.S Postretirement Benefit Plan | U.S. Plans
For Determining Net Periodic (Benefit) Cost
Discount rate	2.57%	2.09%	3.04%
Expected rate of return on plan assets	0%	0%	0%
Rate of compensation increase	0%	0%	0%
For Determining Benefit Obligation
Discount rate	5.39%	2.57%	2.09%
Rate of compensation increase	0%	0%	0%

PENSION AND POSTRETIREMENT E_10

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Actual Asset Allocations (Details) - Pension Benefit Plans	Dec. 31, 2022	Dec. 31, 2021
U.S. Plan | Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, percentage of actual plan asset allocations	1%	1%
U.S. Plan | Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, percentage of actual plan asset allocations	40%	30%
U.S. Plan | Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, percentage of actual plan asset allocations	59%	69%
Non-U.S. Plans | Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, percentage of actual plan asset allocations	4%	8%
Non-U.S. Plans | Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, percentage of actual plan asset allocations	24%	32%
Non-U.S. Plans | Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, percentage of actual plan asset allocations	46%	40%
Non-U.S. Plans | Other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, percentage of actual plan asset allocations	26%	20%

PENSION AND POSTRETIREMENT E_11

PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS - Fair Value of Pension and Postretirement Benefit Plan Assets Assumed in Connection with the Acquisition (Details) - Pension Benefit Plans - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	$ 162	$ 224	$ 231
Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	92	171	$ 185
Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	162	224
Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	92	171
Level 1 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	2	1
Level 1 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	1	1
Level 2 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	160	223
Level 2 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	79	170
Level 3 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	12
Cash and cash equivalents | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	2	1
Cash and cash equivalents | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	4	13
Cash and cash equivalents | Level 1 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	2	1
Cash and cash equivalents | Level 1 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents | Level 2 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents | Level 2 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	4	13
Cash and cash equivalents | Level 3 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0
U.S. broad market | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	34	36
U.S. broad market | Level 1 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
U.S. broad market | Level 2 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	34	36
Emerging markets | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	7	6
Emerging markets | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	1	3
Emerging markets | Level 1 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Emerging markets | Level 1 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Emerging markets | Level 2 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	7	6
Emerging markets | Level 2 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	1	3
Emerging markets | Level 3 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0
Worldwide developed markets | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	14	16
Worldwide developed markets | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	21	51
Worldwide developed markets | Level 1 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Worldwide developed markets | Level 1 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Worldwide developed markets | Level 2 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	14	16
Worldwide developed markets | Level 2 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	21	51
Worldwide developed markets | Level 3 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0
Other assets | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	10	10
Other assets | Level 1 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Other assets | Level 2 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	10	10
Investment grade | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	95	155
Investment grade | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	2	3
Investment grade | Level 1 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Investment grade | Level 1 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Investment grade | Level 2 | Recurring basis | U.S. Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	95	155
Investment grade | Level 2 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	2	3
Investment grade | Level 3 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0
Global high yield | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Global high yield | Level 1 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Global high yield | Level 2 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Global high yield | Level 3 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0
Government bond funds | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	40	66
Government bond funds | Level 1 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	1	1
Government bond funds | Level 2 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	39	65
Government bond funds | Level 3 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0
Other assets | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	24	35
Other assets | Level 1 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	0	0
Other assets | Level 2 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	12	$ 35
Other assets | Level 3 | Recurring basis | Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	$ 12

LEASES - Right-of-use Assets an

LEASES - Right-of-use Assets and Right-of-use Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Right-of-use assets included in:
Other non-current assets	$ 119	$ 112
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets (Note 3)	Other non-current assets (Note 3)
Lease liabilities included in:
Accrued and other current liabilities	$ 26	$ 20
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued and other current liabilities	Accrued and other current liabilities
Other non-current liabilities	$ 92	$ 92
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities	Other non-current liabilities
Total lease liabilities	$ 118	$ 112

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Finance leases	$ 0	$ 0
Sub-lease income	0	0
Short-term lease expense	$ 0	$ 0

LEASES - Lease Expenses (Detail

LEASES - Lease Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease costs	$ 37	$ 39
Variable operating lease costs	$ 7	$ 6

LEASES - Lease Additional Infor

LEASES - Lease Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid from operating cash flows for amounts included in the measurement of lease liabilities	$ 35	$ 29
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 28	$ 33
Weighted-average remaining lease term	7 years 6 months	8 years 7 months 6 days
Weighted-average discount rate	6.40%	5.90%

LEASES - Lease Future Payments

LEASES - Lease Future Payments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 32
2024	25
2025	19
2026	15
2027	13
Thereafter	46
Total	150
Less: Imputed interest	32
Total lease liabilities	118	$ 112
Less: Current portion	26	20
Non-current portion	$ 92	$ 92

SHARE-BASED COMPENSATION - 2022

SHARE-BASED COMPENSATION - 2022 Omnibus Incentive Plan (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Jul. 19, 2022	May 05, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 22, 2022
Components and classification of share-based compensation expense
Number of shares available for future grant (in shares)				17,500,000
Share-based compensation expense				$ 56	$ 38	$ 30
BHC
Components and classification of share-based compensation expense
Share-based compensation expense				6	24	20
Stock options
Components and classification of share-based compensation expense
Share-based compensation expense				$ 4	3	3
RSUs
Components and classification of share-based compensation expense
Granted (in shares)				4,300,000
Share-based compensation expense				$ 52	$ 35	$ 27
Non-Executive Eligible Recipients | Stock options and RSUs
Components and classification of share-based compensation expense
Incentive stock plan, grants in period (in shares)		5,700,000
2022 Omnibus Incentive Plan
Components and classification of share-based compensation expense
Incentive stock plan, shares authorized (in shares)		28,000,000
2022 Omnibus Incentive Plan | Stock options
Components and classification of share-based compensation expense
Incentive stock plan, term		10 years
Incentive stock plan, vesting period		3 years
2022 Omnibus Incentive Plan | Stock options | Vesting Period One
Components and classification of share-based compensation expense
Award vesting rights, percentage		33%
2022 Omnibus Incentive Plan | Stock options | Vesting Period Two
Components and classification of share-based compensation expense
Award vesting rights, percentage		33%
2022 Omnibus Incentive Plan | Stock options | Vesting Period Three
Components and classification of share-based compensation expense
Award vesting rights, percentage		33%
2022 Omnibus Incentive Plan | RSUs
Components and classification of share-based compensation expense
Incentive stock plan, vesting period		3 years
2022 Omnibus Incentive Plan | RSUs | Vesting Period One
Components and classification of share-based compensation expense
Award vesting rights, percentage		33%
2022 Omnibus Incentive Plan | RSUs | Vesting Period Two
Components and classification of share-based compensation expense
Award vesting rights, percentage		33%
2022 Omnibus Incentive Plan | RSUs | Vesting Period Three
Components and classification of share-based compensation expense
Award vesting rights, percentage		33%
2022 Omnibus Incentive Plan, Retention Program | Executive Officer and Certain Other Employees, Excluding the Chief Executive Officer | RSUs
Components and classification of share-based compensation expense
Incentive stock plan, vesting period			3 years
Granted (in shares)			850,000
2022 Omnibus Incentive Plan, Retention Program | Executive Officer and Certain Other Employees, Excluding the Chief Executive Officer | RSUs | Vesting Period One
Components and classification of share-based compensation expense
Award vesting rights, percentage			33.33%
2022 Omnibus Incentive Plan, Retention Program | Executive Officer and Certain Other Employees, Excluding the Chief Executive Officer | RSUs | Vesting Period Two
Components and classification of share-based compensation expense
Award vesting rights, percentage			33.33%
2022 Omnibus Incentive Plan, Retention Program | Executive Officer and Certain Other Employees, Excluding the Chief Executive Officer | RSUs | Vesting Period Three
Components and classification of share-based compensation expense
Award vesting rights, percentage			33.33%
IPO Founders Grants | RSUs | Vesting Period One
Components and classification of share-based compensation expense
Award vesting rights, percentage		50%
IPO Founders Grants | RSUs | Vesting Period Two
Components and classification of share-based compensation expense
Award vesting rights, percentage		50%
IPO Founders Grants | Executive Officer
Components and classification of share-based compensation expense
Incentive stock plan, grants in period (in shares)		3,900,000
IPO Founders Grants | Executive Officer | Stock options
Components and classification of share-based compensation expense
Incentive stock plan, award type, percent		50%
IPO Founders Grants | Executive Officer | RSUs
Components and classification of share-based compensation expense
Incentive stock plan, award type, percent		50%
IPO Founders Grants | Non-Executive Eligible Recipients | Stock options and RSUs
Components and classification of share-based compensation expense
Incentive stock plan, grants in period (in shares)		4,300,000
IPO Founders Grants | Non-Executive Eligible Recipients | Stock options
Components and classification of share-based compensation expense
Incentive stock plan, vesting period		3 years
IPO Founders Grants | Non-Executive Eligible Recipients | RSUs | Vesting Period One
Components and classification of share-based compensation expense
Award vesting rights, percentage		50%
IPO Founders Grants | Non-Executive Eligible Recipients | RSUs | Vesting Period Two
Components and classification of share-based compensation expense
Award vesting rights, percentage		50%
IPO Founders Grants | Chief Executive Officer | Stock options
Components and classification of share-based compensation expense
Incentive stock plan, vesting period		3 years
Involuntary termination, program criteria, if circumstances met, anniversary period			2 years
Involuntary termination, program criteria, if circumstances met, exercisable period following the anniversary period	2 years		2 years
Involuntary termination program criteria, if circumstances met, number of shares that will remain eligible to vest (in shares)							1,248,496
IPO Founders Grants | Chief Executive Officer | RSUs
Components and classification of share-based compensation expense
Incentive stock plan, vesting period		3 years
Involuntary termination, program criteria, if circumstances met, anniversary period	2 years
Involuntary termination program criteria, if circumstances met, number of shares that will vest (in shares)							315,592
IPO Founders Grants | Executive Officer, Excluding the Chief Executive Officer | Stock options and RSUs
Components and classification of share-based compensation expense
Incentive stock plan, vesting period		3 years
Involuntary termination, program criteria, if circumstances met, period			1 year

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components and classification of share-based compensation expense
Share-based compensation expense	$ 56	$ 38	$ 30
Research and development expenses
Components and classification of share-based compensation expense
Share-based compensation expense	6	6	5
Selling, general and administrative expenses
Components and classification of share-based compensation expense
Share-based compensation expense	50	32	25
Stock options
Components and classification of share-based compensation expense
Share-based compensation expense	4	3	3
RSUs
Components and classification of share-based compensation expense
Share-based compensation expense	$ 52	$ 35	$ 27

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Options (Details) - Stock options - 2022 Omnibus Incentive Plan - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	May 05, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock plan, term	10 years
Incentive stock plan, vesting period	3 years
Weighted-average grant date fair value (in usd per share)		$ 3.84
Options, exercised (in shares)		0
Remaining unrecognized compensation expense related to non-vested awards		$ 4
Weighted average service period over which compensation cost is expected to be recognized (in years)		8 months 12 days
Options, vested (in shares)		0
Method and assumptions on valuation of stock options
Expected stock option life (years)		3 years
Expected volatility		31.50%
Risk-free interest rate		3.10%
Expected dividend yield		0%
Options
Beginning of the period (in shares)		0
Granted (in shares)		6,400,000
Exercised (in shares)		0
Expired or forfeited (in shares)		(100,000)
End of the period (in shares)		6,300,000
Vested and expected to vest at the end of the period (in shares)		1,200,000
Vested and exercisable at the end of the period (in shares)		0
Weighted- Average Exercise Price Per Share
Beginning of the period (in dollars per share)		$ 0
Granted (in dollars per share)		18
Exercised (in dollars per share)		0
Expired or forfeited (in dollars per share)		18
End of the period (in dollars per share)		18
Vested and expected to vest at the end of the period (in dollars per share)		18
Vested and exercisable at the end of the period (in dollars per share)		$ 0
Weighted- Average Remaining Contractual Term (Years)
Outstanding at the end of the period		9 years 4 months 24 days
Vested and expected to vest at the end of the period		4 years 6 months
Aggregate Intrinsic Value
Outstanding at the end of the period		$ 0
Vested and expected to vest at the end of the period		0
Vested and exercisable at the end of the period		$ 0
Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33%
Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33%
Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33%

SHARE-BASED COMPENSATION - RSUs

SHARE-BASED COMPENSATION - RSUs (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	May 05, 2022	Dec. 31, 2022
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unrecognized compensation expense related to non-vested awards		$ 41
Weighted average service period over which compensation cost is expected to be recognized (in years)		1 year 6 months
Restricted Stock Units (RSUs)
Beginning of the period (in shares)		0
Granted (in shares)		4.3
Vested (in shares)		0
Forfeited (in shares)		(0.1)
End of the period (in shares)		4.2
Weighted- Average Grant-Date Fair Value Per Share
Beginning of the period (in dollars per share)		$ 0
Granted (in dollars per share)		16.70
Vested (in dollars per share)		0
Forfeited (in dollars per share)		17.93
End of the period (in dollars per share)		$ 16.67
RSUs | 2022 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock plan, vesting period	3 years
RSUs | 2022 Omnibus Incentive Plan | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33%
RSUs | 2022 Omnibus Incentive Plan | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33%
RSUs | 2022 Omnibus Incentive Plan | Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33%
RSUs | IPO Founders Grants | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50%
RSUs | IPO Founders Grants | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50%
Performance-Based RSUs | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unrecognized compensation expense related to non-vested awards		$ 4
Weighted average service period over which compensation cost is expected to be recognized (in years)		2 months 12 days

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income
Accumulated other comprehensive loss	$ 7,101	$ 9,402	$ 9,988	$ 10,032
Foreign currency translation adjustment
Accumulated Other Comprehensive Income
Accumulated other comprehensive loss	(1,231)	(1,018)
Pension adjustment, net of tax
Accumulated Other Comprehensive Income
Accumulated other comprehensive loss	(27)	(17)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income
Accumulated other comprehensive loss	$ (1,258)	$ (1,035)	$ (889)	$ (1,046)

RESEARCH AND DEVELOPMENT - Summ

RESEARCH AND DEVELOPMENT - Summary of Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Research and Development [Abstract]
Product related research and development	$ 284	$ 254	$ 236
Quality assurance	23	17	17
Research and development	$ 307	$ 271	$ 253

OTHER EXPENSE, NET - Summary of

OTHER EXPENSE, NET - Summary of Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Asset impairments	$ 1	$ 12	$ 1
Restructuring, integration and separation costs	14	2	2
Litigation and other matters	1	(1)	6
Acquired in-process research and development costs	1	5	28
Acquisition-related costs	1	0	0
Acquisition-related contingent consideration	(5)	0	0
Other, net	0	(1)	1
Other expense, net	$ 13	$ 17	$ 38

OTHER EXPENSE, NET - Narrative

OTHER EXPENSE, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Acquired in-process research and development costs	$ 1	$ 5	$ 28
Cost-rationalization and integration initiatives
Restructuring costs	14	2	2
Separation Costs | Other expense
Cost-rationalization and integration initiatives
Restructuring costs	9	0	0
Separation-Related Costs | Selling, general and administrative expenses
Cost-rationalization and integration initiatives
Restructuring costs	$ 26	$ 3	$ 0

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Before (Provision for) Benefit from Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of loss before benefit of income taxes
Domestic	$ (59)	$ 365	$ 387
Foreign	132	(47)	(97)
Income before provision for income taxes	73	318	290
Current:
Domestic	(3)	(109)	(122)
Foreign	(68)	(90)	(33)
Total	(71)	(199)	(155)
Deferred:
Domestic	1	2	(582)
Foreign	12	72	430
Total	13	74	(152)
(Provision for) benefit from income taxes	$ (58)	$ (125)	$ (307)

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Canadian statutory rate	26.50%	26.50%	26.50%
Income before provision for income taxes	$ 73	$ 318	$ 290
Provision for income taxes
Expected provision for income taxes at Canadian statutory rate	(19)	(86)	(78)
Adjustments to tax attributes	(1)	6	(2)
Non-deductible amount of share-based compensation	(8)	2	0
Change in valuation allowance	3	(2)	68
Change in uncertain tax positions	5	15	38
Withholding tax	(6)	1	1
Return to provision	1	5	18
Foreign tax rate differences	(34)	(56)	(63)
Tax provision on intra-entity transfers	0	0	(284)
Other	1	(10)	(5)
(Provision for) benefit from income taxes	$ (58)	$ (125)	$ (307)

INCOME TAXES - Tax Effect of Ma

INCOME TAXES - Tax Effect of Major Items Recorded as Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Tax loss and credit carryforwards	$ 686	$ 484
Intangible assets	210	309
Provisions	157	151
Share-based compensation	10	9
Other	28	26
Total deferred tax assets	1,091	979
Less valuation allowance	(54)	(17)
Net deferred tax assets	1,037	962
Deferred tax liabilities:
Plant, equipment and technology	89	37
Outside basis differences	28	16
Total deferred tax liabilities	117	53
Net deferred tax asset	$ 920	$ 909

INCOME TAXES - Schedule of Reco

INCOME TAXES - Schedule of Reconciliation of Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	$ 468	$ 427
Other	1,376	1,276
Balance, end of year	484	468	$ 427
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	17	15	86
Charged to Benefit from income taxes	(3)	2	(71)
Other	40	0	0
Balance, end of year	$ 54	$ 17	$ 15

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) subsidiary	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Income Tax [Line Items]
Unrecognized tax benefits including interest and penalties	$ 70
Portion of unrecognized tax benefits, if recognized, would affect the Company's effective tax rate	63
Accrued interest and penalties related to unrecognized tax benefits	9	$ 6
Net increase (decrease) recognized in interest and penalties	$ 3	$ (1)	$ (2)
Number of subsidiaries file federal income tax returns in Canada, U.S., and other foreign jurisdictions (or more) | subsidiary	1
Canadian Federal and Provincial
Income Tax [Line Items]
Increase in valuation allowance	$ 37
United States - Federal
Income Tax [Line Items]
Accumulated losses available for federal and provincial purposes	50
Unclaimed investment tax credits and research and development credits	57
Ireland | Revenue Commissioners, Ireland
Income Tax [Line Items]
Accumulated losses available for federal and provincial purposes	$ 4,171

INCOME TAXES - Federal Income T

INCOME TAXES - Federal Income Tax Returns by Jurisdiction (Details)	12 Months Ended
	Dec. 31, 2022
United States - Federal | Minimum
Income Taxes
Open Years	2015
United States - Federal | Maximum
Income Taxes
Open Years	2021
Canada
Income Taxes
Open Years	2021
Germany | Minimum
Income Taxes
Open Years	2014
Germany | Maximum
Income Taxes
Open Years	2021
France | Minimum
Income Taxes
Open Years	2013
France | Maximum
Income Taxes
Open Years	2021
Ireland | Minimum
Income Taxes
Open Years	2018
Ireland | Maximum
Income Taxes
Open Years	2021
China | Minimum
Income Taxes
Open Years	2017
China | Maximum
Income Taxes
Open Years	2021

INCOME TAXES - Reconciliation S

INCOME TAXES - Reconciliation Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of year	$ 74	$ 62	$ 100
Additions based on tax positions related to the current year	8	1	0
Additions for tax positions of prior years	1	48	8
Reductions for tax positions of prior years	(11)	(7)	(42)
Lapse of statute of limitations	(2)	(30)	(4)
Balance, end of year	$ 70	$ 74	$ 62

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2022	Apr. 28, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Common shares, issued (in shares)	350,000,749	350,000,000	350,000,749
Common shares, outstanding (in shares)	350,000,749	350,000,000	350,000,749
Time-based RSUs, Performance-based RSUs and Stock Options
Anti-dilutive shares not included in the computation of diluted earnings per share
Dilutive effect of potential common shares (in shares)	2,068,000
Employee Stock Options and Restricted Stock Units (RSUs) | IPO Founders Grants
Anti-dilutive shares not included in the computation of diluted earnings per share
Dilutive effect of potential common shares (in shares)	5,207,000

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to Bausch + Lomb Corporation	$ 6	$ 182	$ (18)
Basic weighted-average common shares outstanding (in shares)	350	350	350
Diluted effect of stock options and RSUs (in shares)	0.2	0	0
Diluted weighted-average common shares outstanding (in shares)	350.2	350	350
Earnings (loss) per share attributable to Bausch + Lomb Corporation
Basic (in usd per share)	$ 0.02	$ 0.52	$ (0.05)
Diluted (in usd per share)	$ 0.02	$ 0.52	$ (0.05)

SUPPLEMENTAL CASH FLOW DISCLO_3

SUPPLEMENTAL CASH FLOW DISCLOSURES - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Payments
Interest paid (Note 3)	$ 132	$ 0	$ 3
Income taxes paid	$ 83	$ 53	$ 57

SUPPLEMENTAL CASH FLOW DISCLO_4

SUPPLEMENTAL CASH FLOW DISCLOSURES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Promissory Note | BHC
Supplemental Cash Flow Disclosure [Line Items]
Debt, interest expense	$ 47

LEGAL PROCEEDINGS - Legal Proce

LEGAL PROCEEDINGS - Legal Proceedings (Details) $ in Millions	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Current accrued loss contingencies	$ 2

LEGAL PROCEEDINGS - Product Lia

LEGAL PROCEEDINGS - Product Liability (Details) - BHC - case	1 Months Ended
	Dec. 31, 2021	Nov. 30, 2021	Dec. 31, 2022
Shower to Shower Product Liability Litigation
Loss Contingencies [Line Items]
Stay of approval, period		60 days
Stay of approval, motion to extend, period	60 days
Shower to Shower Product Liability Litigation | Canada
Loss Contingencies [Line Items]
Number of lawsuits pending			2
Shower to Shower Product Liability Litigation | BRITISH COLUMBIA
Loss Contingencies [Line Items]
Number of lawsuits pending			1
Shower to Shower Product Liability Litigation | QUEBEC
Loss Contingencies [Line Items]
Number of lawsuits pending			1
Shower to Shower Product Liability Litigation | Pending Litigation
Loss Contingencies [Line Items]
Number of lawsuits pending			26
Shower to Shower Product Liability Litigation, Atlantic County, New Jersey Multi-County, Stipulations of Dismissal Submitted | Pending Litigation
Loss Contingencies [Line Items]
Number of lawsuits pending			3
Shower to Shower Product Liability Litigation, Alleging Caused Ovarian Cancer, Mesothelioma or Breast Cancer | Pending Litigation
Loss Contingencies [Line Items]
Number of lawsuits pending			25

LEGAL PROCEEDINGS - General Civ

LEGAL PROCEEDINGS - General Civil Actions (Details) - USD ($) $ in Millions		1 Months Ended
	Feb. 17, 2023	Apr. 30, 2018
California Proposition 65 Related Matter Litigation | BHC | Subsequent Event
Loss Contingencies [Line Items]
Stay of approval, motion to extend, period one	60 days
Stay of approval, motion to extend, period two	7 days
Doctors Allergy Formula, LLC Litigation | Bausch Health Americas
Loss Contingencies [Line Items]
Damages sought		$ 23

LEGAL PROCEEDINGS - Intellectua

LEGAL PROCEEDINGS - Intellectual Property Matters (Details)				1 Months Ended	12 Months Ended
	Feb. 22, 2023 defendant	Feb. 02, 2022	Sep. 10, 2021	Mar. 31, 2021 proceeding defendant	Dec. 31, 2022 defendant
PreserVision® AREDS Patent Litigation | Pending Litigation
Loss Contingencies [Line Items]
Number of defendants				19
Number of proceedings | proceeding				16
PreserVision® AREDS Patent Litigation | Pending Litigation | Subsequent Event
Loss Contingencies [Line Items]
Number of defendants	2
PreserVision® AREDS Patent Litigation | Settled Litigation
Loss Contingencies [Line Items]
Number of defendants					12
PreserVision® AREDS Patent Litigation | Default Judgement
Loss Contingencies [Line Items]
Number of defendants					2
Lumify® Paragraph IV Proceedings, Slayback ANDA Litigation
Loss Contingencies [Line Items]
Stay of approval, period			30 months
Lumify® Paragraph IV Proceedings, Lupin ANDA Litigation
Loss Contingencies [Line Items]
Stay of approval, period		30 months

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Dec. 31, 2022 USD ($)
Other commitments
Capital expenditures	$ 36,000,000
Milestone payments in terms of collaboration and license agreements, aggregate	129,000,000
Novaliq GmbH
Other commitments
Milestone payments in terms of collaboration and license agreements, aggregate	48,000,000
Eyenovia, Inc.
Other commitments
Milestone payments in terms of collaboration and license agreements, aggregate	$ 35,000,000

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)		3 Months Ended	12 Months Ended
	Mar. 31, 2021 segment	Jun. 30, 2021 segment	Dec. 31, 2022 segment product	Dec. 31, 2021 product	Dec. 31, 2020 product
Disaggregation of Revenue [Line Items]
Number of operating segments		3	3
Number of reportable segments	1	3	3
Number of products/franchises represented of total revenue | product			10	10	10
Product Concentration Risk | Revenues | Customer, Top Ten Products
Disaggregation of Revenue [Line Items]
Concentration risk percentage			58%	57%	55%

SEGMENT INFORMATION - Segment R

SEGMENT INFORMATION - Segment Revenues and Profit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment reporting information
Total revenues	$ 3,768	$ 3,765	$ 3,412
Operating income	207	329	260
Amortization of intangible assets	(244)	(292)	(323)
Other expense, net	(13)	(17)	(38)
Interest income	6	0	3
Interest expense (Note 3)	(146)	0	0
Foreign exchange and other	6	(11)	27
Income before provision for income taxes	73	318	290
Vision Care
Segment reporting information
Total revenues	2,373	2,343	2,109
Ophthalmic Pharmaceuticals
Segment reporting information
Total revenues	677	704	726
Surgical
Segment reporting information
Total revenues	718	718	577
Operating Segment
Segment reporting information
Total revenues	3,768	3,765	3,412
Operating income	881	952	899
Operating Segment | Vision Care
Segment reporting information
Total revenues	2,373	2,343	2,109
Operating income	637	587	579
Operating Segment | Ophthalmic Pharmaceuticals
Segment reporting information
Total revenues	677	704	726
Operating income	202	290	302
Operating Segment | Surgical
Segment reporting information
Total revenues	718	718	577
Operating income	42	75	18
Corporate
Segment reporting information
Operating income	$ (417)	$ (314)	$ (278)

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment reporting information
Capital expenditures paid	$ 175	$ 193	$ 253
Operating Segment
Segment reporting information
Capital expenditures paid	166	193	253
Operating Segment | Vision Care
Segment reporting information
Capital expenditures paid	115	137	209
Operating Segment | Ophthalmic Pharmaceuticals
Segment reporting information
Capital expenditures paid	27	35	33
Operating Segment | Surgical
Segment reporting information
Capital expenditures paid	24	21	11
Corporate
Segment reporting information
Capital expenditures paid	$ 9	$ 0	$ 0

SEGMENT INFORMATION - Disaggreg

SEGMENT INFORMATION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,768	$ 3,765	$ 3,412
Pharmaceuticals
Disaggregation of Revenue [Line Items]
Total revenues	481	514	508
Devices
Disaggregation of Revenue [Line Items]
Total revenues	1,572	1,595	1,314
OTC
Disaggregation of Revenue [Line Items]
Total revenues	1,453	1,389	1,310
Branded and Other Generics
Disaggregation of Revenue [Line Items]
Total revenues	240	239	249
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	22	28	31
Vision Care
Disaggregation of Revenue [Line Items]
Total revenues	2,373	2,343	2,109
Vision Care | Pharmaceuticals
Disaggregation of Revenue [Line Items]
Total revenues	15	25	11
Vision Care | Devices
Disaggregation of Revenue [Line Items]
Total revenues	866	889	752
Vision Care | OTC
Disaggregation of Revenue [Line Items]
Total revenues	1,453	1,389	1,310
Vision Care | Branded and Other Generics
Disaggregation of Revenue [Line Items]
Total revenues	32	31	27
Vision Care | Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	7	9	9
Ophthalmic Pharmaceuticals
Disaggregation of Revenue [Line Items]
Total revenues	677	704	726
Ophthalmic Pharmaceuticals | Pharmaceuticals
Disaggregation of Revenue [Line Items]
Total revenues	466	489	497
Ophthalmic Pharmaceuticals | Devices
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
Ophthalmic Pharmaceuticals | OTC
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
Ophthalmic Pharmaceuticals | Branded and Other Generics
Disaggregation of Revenue [Line Items]
Total revenues	208	208	222
Ophthalmic Pharmaceuticals | Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	3	7	7
Surgical
Disaggregation of Revenue [Line Items]
Total revenues	718	718	577
Surgical | Pharmaceuticals
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
Surgical | Devices
Disaggregation of Revenue [Line Items]
Total revenues	706	706	562
Surgical | OTC
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
Surgical | Branded and Other Generics
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
Surgical | Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 12	$ 12	$ 15

SEGMENT INFORMATION - Revenue b

SEGMENT INFORMATION - Revenue by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 3,768	$ 3,765	$ 3,412
U.S. and Puerto Rico
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	1,695	1,618	1,558
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	343	390	280
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	195	201	174
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	192	224	220
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	138	149	137
Russia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	132	116	102
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	108	111	84
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	101	101	92
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	77	80	66
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	72	75	67
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	55	40	32
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	44	46	48
Poland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	44	42	36
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 572	$ 572	$ 516

SEGMENT INFORMATION - Geographi

SEGMENT INFORMATION - Geographical Information, Long-Lived Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,300	$ 1,225
U.S. and Puerto Rico
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	639	604
Ireland
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	356	331
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	89	85
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	67	59
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	44	39
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	26	29
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	20	21
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	13	12
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 46	$ 45

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ in Millions	Jan. 17, 2023 USD ($)
Subsequent Event | AcuFocus, Inc. Acquisition
Subsequent Event [Line Items]
Payments to acquire business	$ 35