2021 Q4 Form 10-Q Financial Statement

#000088559021000055 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $2.196B $2.111B $2.138B
YoY Change -0.77% -1.26% -3.21%
Cost Of Revenue $626.0M $582.0M $590.0M
YoY Change -2.95% -1.36% 1.03%
Gross Profit $1.570B $1.529B $1.548B
YoY Change 0.13% -1.23% -4.74%
Gross Profit Margin 71.49% 72.43% 72.4%
Selling, General & Admin $680.0M $653.0M $572.0M
YoY Change 6.92% 14.16% -11.73%
% of Gross Profit 43.31% 42.71% 36.95%
Research & Development $117.0M $121.0M $103.0M
YoY Change -1.68% 17.48% -16.26%
% of Gross Profit 7.45% 7.91% 6.65%
Depreciation & Amortization $363.0M $382.0M $436.0M
YoY Change -15.19% -12.39% -16.15%
% of Gross Profit 23.12% 24.98% 28.17%
Operating Expenses $1.117B $774.0M $675.0M
YoY Change -1.85% 14.67% -12.45%
Operating Profit $453.0M $574.0M $460.0M
YoY Change -9160.0% 24.78% 39.82%
Interest Expense -$346.0M -$346.0M -$385.0M
YoY Change -9.19% -10.13% -2.53%
% of Operating Profit -76.38% -60.28% -83.7%
Other Income/Expense, Net $183.0M -$18.00M
YoY Change -1116.67% 80.0%
Pretax Income $21.00M $216.0M $75.00M
YoY Change -105.33% 188.0% -213.64%
Income Tax -$51.00M $25.00M $5.000M
% Of Pretax Income -242.86% 11.57% 6.67%
Net Earnings $69.00M $188.0M $71.00M
YoY Change -145.1% 164.79% -247.92%
Net Earnings / Revenue 3.14% 8.91% 3.32%
Basic Earnings Per Share $0.52 $0.20
Diluted Earnings Per Share $191.6K $0.52 $0.20
COMMON SHARES
Basic Shares Outstanding 359.3M shares 359.6M shares 355.6M shares
Diluted Shares Outstanding 364.0M shares 357.8M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $582.0M $690.0M $977.0M
YoY Change -3.8% -29.38% 18.42%
Cash & Equivalents $582.0M $690.0M $977.0M
Short-Term Investments
Other Short-Term Assets $2.257B $1.846B $1.737B
YoY Change 9.24% 6.28% 174.41%
Inventory $993.0M $1.058B $1.224B
Prepaid Expenses
Receivables $1.775B $1.730B $1.733B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.607B $5.324B $5.671B
YoY Change 4.96% -6.12% 31.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.598B $1.584B $1.550B
YoY Change 1.98% 2.19% 11.51%
Goodwill $12.46B $12.48B $13.16B
YoY Change -4.5% -5.19% 0.83%
Intangibles $6.948B $7.258B $8.923B
YoY Change -17.73% -18.66% -16.22%
Long-Term Investments
YoY Change
Other Assets $340.0M $343.0M $345.0M
YoY Change -48.8% -0.58% -14.18%
Total Long-Term Assets $23.60B $23.93B $25.89B
YoY Change -8.75% -7.58% -5.38%
TOTAL ASSETS
Total Short-Term Assets $5.607B $5.324B $5.671B
Total Long-Term Assets $23.60B $23.93B $25.89B
Total Assets $29.20B $29.25B $31.56B
YoY Change -6.4% -7.32% -0.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $407.0M $455.0M $379.0M
YoY Change 20.77% 20.05% -13.27%
Accrued Expenses $4.791B $4.982B $4.353B
YoY Change 4.7% 14.45% 36.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $5.198B $5.437B $4.732B
YoY Change 5.8% 14.9% 26.69%
LONG-TERM LIABILITIES
Long-Term Debt $22.65B $22.36B $24.34B
YoY Change -5.31% -8.15% 3.74%
Other Long-Term Liabilities $653.0M $872.0M $907.0M
YoY Change -35.47% -3.86% 19.34%
Total Long-Term Liabilities $23.31B $23.23B $25.25B
YoY Change -6.54% -8.0% 4.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.198B $5.437B $4.732B
Total Long-Term Liabilities $23.31B $23.23B $25.25B
Total Liabilities $29.24B $29.39B $30.91B
YoY Change -4.44% -4.92% 6.18%
SHAREHOLDERS EQUITY
Retained Earnings -$8.961B -$9.030B -$7.860B
YoY Change 11.83% 14.89% 32.41%
Common Stock $10.78B $10.75B $10.65B
YoY Change 0.92% 0.89% 0.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$106.0M -$204.0M $587.0M
YoY Change
Total Liabilities & Shareholders Equity $29.20B $29.25B $31.56B
YoY Change -6.4% -7.32% -0.33%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $69.00M $188.0M $71.00M
YoY Change -145.1% 164.79% -247.92%
Depreciation, Depletion And Amortization $363.0M $382.0M $436.0M
YoY Change -15.19% -12.39% -16.15%
Cash From Operating Activities $24.00M $564.0M $256.0M
YoY Change -93.91% 120.31% -50.29%
INVESTING ACTIVITIES
Capital Expenditures -$83.00M -$68.00M -$82.00M
YoY Change -1.19% -17.07% -1.2%
Acquisitions
YoY Change
Other Investing Activities $3.000M $656.0M $12.00M
YoY Change 5366.67% 20.0%
Cash From Investing Activities -$80.00M $588.0M -$70.00M
YoY Change -4.76% -940.0% -4.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 275.0M -1.157B -117.0M
YoY Change -154.67% 888.89% -75.32%
NET CHANGE
Cash From Operating Activities 24.00M 564.0M $256.0M
Cash From Investing Activities -80.00M 588.0M -70.00M
Cash From Financing Activities 275.0M -1.157B -117.0M
Net Change In Cash 219.0M -5.000M $256.0M
YoY Change -44.42% -101.95% -50.29%
FREE CASH FLOW
Cash From Operating Activities $24.00M $564.0M $256.0M
Capital Expenditures -$83.00M -$68.00M -$82.00M
Free Cash Flow $107.0M $632.0M $338.0M
YoY Change -77.62% 86.98% -43.48%

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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q3 us-gaap Profit Loss
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CY2020Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2021Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2020Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2020Q3 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2021Q3 us-gaap Profit Loss
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CY2020Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Depreciation And Amortization
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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bhc Goodwill Impairment Loss Not Included In Asset Impairment Charges
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bhc Goodwill Impairment Loss Not Included In Asset Impairment Charges
GoodwillImpairmentLossNotIncludedInAssetImpairmentCharges
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bhc Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset Cash
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bhc Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset Cash
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bhc Allowances For Losses On Accounts Receivable And Inventories
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bhc Allowances For Losses On Accounts Receivable And Inventories
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bhc Deferred Income Tax Noncash Expense Benefit
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bhc Deferred Income Tax Noncash Expense Benefit
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us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Gain Loss On Disposition Of Assets1
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bhc Gain Loss Related To Litigation Settlement Gross
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bhc Gain Loss Related To Litigation Settlement Gross
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us-gaap Payments For Legal Settlements
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
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bhc Derivative Gain Excluded Component
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bhc Derivative Gain Excluded Component
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us-gaap Gains Losses On Extinguishment Of Debt
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bhc Payment For Contingent Consideration Liability Including Accretion Operating Activities
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bhc Payment For Contingent Consideration Liability Including Accretion Operating Activities
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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bhc Interest Settlement On Cross Currency Swaps
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bhc Interest Settlement On Cross Currency Swaps
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Nature Of Operations
NatureOfOperations
DESCRIPTION OF BUSINESS Bausch Health Companies Inc. (the “Company” or "Bausch Health") is a multinational, specialty pharmaceutical and medical device company that develops, manufactures and markets, primarily in the therapeutic areas of eye health, gastroenterology ("GI") and dermatology, a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter (“OTC”) products and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment and aesthetics devices) which are marketed directly or indirectly in approximately 100 countries.
CY2021Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
100 country
CY2021Q3 bhc Proposed Business Separation And Initial Public Offering Number Of Companies Established
ProposedBusinessSeparationAndInitialPublicOfferingNumberOfCompaniesEstablished
3 company
CY2021Q3 bhc Proposed Business Separation And Initial Public Offering Number Of Companies Established
ProposedBusinessSeparationAndInitialPublicOfferingNumberOfCompaniesEstablished
3 company
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing the unaudited 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 the COVID-19 pandemic will have on its operations and cash flows. The estimates and assumptions used by the Company affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited Consolidated Financial Statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates and the differences could be material. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business 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, the Company’s results of operations and financial position could be materially impacted.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to prior year amounts to conform to the current year presentation.</span></div>
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
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us-gaap Valuation Allowances And Reserves Charged To Other Accounts
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4062000000 USD
us-gaap Valuation Allowances And Reserves Deductions
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3924000000 USD
CY2021Q3 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
1951000000 USD
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
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2050000000 USD
us-gaap Valuation Allowances And Reserves Charged To Other Accounts
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3697000000 USD
us-gaap Valuation Allowances And Reserves Deductions
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3845000000 USD
CY2020Q3 us-gaap Valuation Allowances And Reserves Balance
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
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bhc Accounts Receivable Effect Of Retrospective Application Of Accounting Standards Update
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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bhc Accounts Receivable Allowance For Foreign Exchange And Other
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bhc Accounts Receivable Allowance For Foreign Exchange And Other
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CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q2 us-gaap Payments To Acquire Equity Securities Fv Ni
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CY2021Q3 bhc Additional Payments To Acquire Equity Securities Fvni Expected
AdditionalPaymentsToAcquireEquitySecuritiesFVNIExpected
0 USD
bhc Highly Liquid Investments Maturity Period
HighlyLiquidInvestmentsMaturityPeriod
P3M
us-gaap Payments For Proceeds From Hedge Investing Activities
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us-gaap Payments For Proceeds From Hedge Investing Activities
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CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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26000000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2021Q3 bhc Legalsettlementsandrelatedfees
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CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2021Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2021Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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us-gaap Income Tax Examination Estimate Of Possible Loss
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CY2021Q3 us-gaap Net Income Loss
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CY2020Q3 us-gaap Net Income Loss
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q3 bhc Amortization Of Intangible Assets Excluding Amortization Allocated To Revenues Cost Of Good Sold
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391000000 USD
bhc Amortization Of Intangible Assets Excluding Amortization Allocated To Revenues Cost Of Good Sold
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bhc Amortization Of Intangible Assets Excluding Amortization Allocated To Revenues Cost Of Good Sold
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1263000000 USD
CY2021Q3 bhc Goodwill Impairment Loss Not Included In Asset Impairment Charges
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CY2020Q3 bhc Goodwill Impairment Loss Not Included In Asset Impairment Charges
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bhc Goodwill Impairment Loss Not Included In Asset Impairment Charges
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469000000 USD
bhc Goodwill Impairment Loss Not Included In Asset Impairment Charges
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us-gaap Asset Impairment Charges
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CY2021Q3 bhc Restructuring Charges And Initial Public Offering Costs
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CY2020Q3 bhc Restructuring Charges And Initial Public Offering Costs
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bhc Restructuring Charges And Initial Public Offering Costs
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bhc Restructuring Charges And Initial Public Offering Costs
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us-gaap Operating Income Loss
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GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-62000000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-51000000 USD
CY2021Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
3000000 USD
CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-13000000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
11000000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-26000000 USD
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
216000000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
75000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1045000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-540000000 USD
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2111000000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2138000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6238000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5814000000 USD
bhc Concentration Risk Number Of Products
ConcentrationRiskNumberOfProducts
10 product
bhc Concentration Risk Number Of Products
ConcentrationRiskNumberOfProducts
10 product
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2111000000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2138000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6238000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5814000000 USD

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