$OGN
Organon & Co.

2022 Q1 Form 10-Q Financial Statement

#000182182522000006 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $1.567B $1.506B
YoY Change 4.05% -15.39%
Cost Of Revenue $561.0M $591.0M
YoY Change -5.08% 9.85%
Gross Profit $1.006B $915.0M
YoY Change 9.95% -26.33%
Gross Profit Margin 64.2% 60.76%
Selling, General & Admin $371.0M $382.0M
YoY Change -2.88% 20.5%
% of Gross Profit 36.88% 41.75%
Research & Development $96.00M $67.00M
YoY Change 43.28% 48.89%
% of Gross Profit 9.54% 7.32%
Depreciation & Amortization $25.00M $18.00M
YoY Change 38.89% 50.0%
% of Gross Profit 2.49% 1.97%
Operating Expenses $467.0M $449.0M
YoY Change 4.01% 24.03%
Operating Profit $539.0M $466.0M
YoY Change 15.67% -47.05%
Interest Expense $97.00M $0.00
YoY Change -100.0%
% of Operating Profit 18.0% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $442.0M $467.0M
YoY Change -5.35% -44.67%
Income Tax $94.00M $72.00M
% Of Pretax Income 21.27% 15.42%
Net Earnings $348.0M $399.0M
YoY Change -12.78% -43.24%
Net Earnings / Revenue 22.21% 26.49%
Basic Earnings Per Share $1.37 $1.58
Diluted Earnings Per Share $1.36 $1.58
COMMON SHARES
Basic Shares Outstanding 253.6M shares 253.5M shares
Diluted Shares Outstanding 255.1M shares 253.5M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $694.0M $141.0M
YoY Change 392.2%
Cash & Equivalents $694.0M $141.0M
Short-Term Investments
Other Short-Term Assets $757.0M $782.0M
YoY Change -3.2%
Inventory $946.0M $924.0M
Prepaid Expenses
Receivables $1.322B $1.010B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.719B $2.977B
YoY Change 24.92%
LONG-TERM ASSETS
Property, Plant & Equipment $970.0M $986.0M
YoY Change -1.62%
Goodwill $4.603B $4.603B
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $640.0M $594.0M
YoY Change 7.74%
Total Long-Term Assets $6.878B $6.665B
YoY Change 3.2%
TOTAL ASSETS
Total Short-Term Assets $3.719B $2.977B
Total Long-Term Assets $6.878B $6.665B
Total Assets $10.60B $9.642B
YoY Change 9.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.081B $264.0M
YoY Change 309.47%
Accrued Expenses $1.014B $759.0M
YoY Change 33.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $966.0M
YoY Change -100.0%
Long-Term Debt Due $9.000M
YoY Change
Total Short-Term Liabilities $2.306B $2.875B
YoY Change -19.79%
LONG-TERM LIABILITIES
Long-Term Debt $9.085B $0.00
YoY Change
Other Long-Term Liabilities $454.0M $1.847B
YoY Change -75.42%
Total Long-Term Liabilities $9.539B $1.847B
YoY Change 416.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.306B $2.875B
Total Long-Term Liabilities $9.539B $1.847B
Total Liabilities $11.85B $4.722B
YoY Change 150.85%
SHAREHOLDERS EQUITY
Retained Earnings -$724.0M
YoY Change
Common Stock $3.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.250B $4.722B
YoY Change
Total Liabilities & Shareholders Equity $10.60B $9.642B
YoY Change 9.9%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $348.0M $399.0M
YoY Change -12.78% -43.24%
Depreciation, Depletion And Amortization $25.00M $18.00M
YoY Change 38.89% 50.0%
Cash From Operating Activities $123.0M $1.504B
YoY Change -91.82% 125.83%
INVESTING ACTIVITIES
Capital Expenditures $33.00M $38.00M
YoY Change -13.16% -5.0%
Acquisitions
YoY Change
Other Investing Activities -$30.00M $0.00
YoY Change -100.0%
Cash From Investing Activities -$63.00M -$38.00M
YoY Change 65.79% -22.45%
FINANCING ACTIVITIES
Cash Dividend Paid $71.00M $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.000M $0.00
YoY Change
Cash From Financing Activities -91.00M -1.361B
YoY Change -93.31% 120.23%
NET CHANGE
Cash From Operating Activities 123.0M 1.504B
Cash From Investing Activities -63.00M -38.00M
Cash From Financing Activities -91.00M -1.361B
Net Change In Cash -$43.00M $91.00M
YoY Change -147.25% -9200.0%
FREE CASH FLOW
Cash From Operating Activities $123.0M $1.504B
Capital Expenditures $33.00M $38.00M
Free Cash Flow $90.00M $1.466B
YoY Change -93.86% 134.19%

Facts In Submission

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
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CY2021Q1 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Nature Of Operations
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Background and Nature of Operations<div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Organon &amp; Co. (“Organon” or the "Company") is a global health care company formed through a spinoff from Merck &amp; Co., Inc. (“Merck”) to focus on improving the health of women throughout their lives. Organon develops and delivers innovative health solutions through a portfolio of prescription therapies within women's health, biosimilars and established brands (the "Organon Products"). Organon has a portfolio of more than 60 medicines and products across a range of therapeutic areas. The Company sells these products through various channels including drug wholesalers and retailers, hospitals, government agencies and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions. The Company operates six manufacturing facilities, which are located in Belgium, Brazil, Indonesia, Mexico, the Netherlands and the United Kingdom ("UK").</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s operations include the following product portfolios:</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">Women’s Health: the Company has a portfolio of contraception and fertility brands, such as </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Nexplanon® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(etonogestrel implant) (sold as </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Implanon NXT™ </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in some countries outside the US), a long-acting reversible contraceptive, which is a class of contraceptives that are recognized as the most effective type of hormonal contraception available to patients with a lower long-term average cost.</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">Biosimilars: the Company’s current portfolio spans across immunology and oncology treatments. All five of the biosimilars in Organon’s portfolio have launched in certain countries globally, including two biosimilars in the United States.</span></div><div style="margin-top:6pt;padding-left:72pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">Established Brands: the Company has a portfolio of established brands, which generally are beyond market exclusivity, including leading brands in cardiovascular, respiratory, dermatology and non-opioid pain management.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On June 2, 2021, Organon and Merck entered into a Separation and Distribution Agreement (the "Separation and Distribution Agreement"). Pursuant to the Separation and Distribution Agreement, Merck agreed to spin off the Organon Products into Organon, a new, publicly traded company (the "Separation"). </span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the Separation, on June 2, 2021, Merck distributed (the "Distribution"), on a pro rata basis, to holders of the outstanding shares of common stock of Merck, par value $0.50 per share (the "Merck Common Stock") on May 17, 2021 (the "Record Date"), all of the outstanding shares of common stock, par value $0.01 per share, of Organon (the "Common Stock"). Each Merck stockholder was entitled to receive one-tenth of a share of the Common Stock for each share of Merck Common Stock held on the Record Date. Organon is now a standalone publicly traded company and, on June 3, 2021, regular-way trading of the Common Stock commenced on the New York Stock Exchange under the ticker symbol "OGN."</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Separation was completed pursuant to the Separation and Distribution Agreement and other agreements with Merck related to the Separation, including, but not limited to a tax matters agreement (the "Tax Matters Agreement" or "TMA"), an employee matters agreement (the "Employee Matters Agreement" or "EMA") and a transition services agreement (the "Transition Service Agreement" or "TSA"). Following the Separation, certain functions continue to be provided by Merck under the TSA or are being performed using the Company’s own resources or third-party service providers. Additionally, under manufacturing and supply agreements, the Company manufactures certain products for Merck, or its applicable affiliate and Merck manufactures certain products for the Company or its applicable affiliate (see Note 14 for additional details). The Company incurred certain costs in its establishment as a standalone public company and expects to incur ongoing additional costs associated with operating as an independent, publicly traded company.</span></div>
CY2022Q1 ogn Number Of Manufacturing Facilities
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6 manufacturingFacility
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2022Q1 us-gaap Basis Of Accounting
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Basis of Presentation<div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited financial statements for all periods presented, including the historical results of the Company prior to June 2, 2021, are referred to as "Condensed Consolidated Financial Statements", and have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by U.S. generally accepted accounting principles ("GAAP") for complete consolidated financial statements are not included herein. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. In the Company’s opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. All intercompany transactions and accounts within Organon have been eliminated. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in Organon’s Annual Report on Form 10-K for the year ended December 31, 2021. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the Separation on June 2, 2021, the Company’s historical Consolidated financial statements were prepared on a standalone basis and were derived from Merck’s consolidated financial statements and accounting records. The assets, liabilities, revenue and expenses of the Company were reflected in the Condensed Consolidated Financial Statements on a </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">historical cost basis, as included in the consolidated financial statements of Merck, using the historical accounting policies applied by Merck, following a legal entity approach. For such periods prior to the Separation, certain corporate and shared costs were allocated to the Company based on a specific identification basis or, when specific identification was not practicable, a proportional cost allocation method. Refer to Note 2 of the audited Consolidated Financial Statements in the Company's 2021 Form 10-K for additional details on Organon's basis of presentation during periods prior to the Separation, at Separation and post Separation.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s historical results prior to the Separation included certain Merck non-U.S. legal entities that were conveyed to Organon in connection with the Separation (collectively, the "Transferred Entities" and each, a "Transferred Entity") and included operations related to other Merck products that were retained by Merck (the "Merck Retained Products"). The Merck Retained Products business of the Transferred Entities was contributed by the Company to Merck and its affiliates and any remaining assets and liabilities were transferred as of June 2, 2021. Accordingly, the historical results of operations of the Merck Retained Products have been reflected as discontinued operations in these Condensed Consolidated Financial Statements.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the Separation, income tax expense in the Condensed Consolidated Statement of Income was calculated on a separate tax return basis and the Company’s operations were included in the tax returns of certain Organon Entities, Transferred Entities, or the respective Merck entities of which the Company’s business was a part. As of June 2, 2021 and in connection with the Separation, the Company adjusted its deferred tax balances and computed its related tax provision to reflect operations as a standalone entity. As a standalone entity, the Company files tax returns on its own behalf, and tax balances and effective income tax rates may differ from the amounts reported in the historical periods.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain assets and liabilities, including accounts receivables, inventories and trade payables included on the Condensed Consolidated Balance Sheet prior to the Separation, were retained by Merck post-Separation and therefore were recorded through Net investment from Merck &amp; Co., Inc. in the Company’s Condensed Consolidated Financial Statements. As part of the Separation, Net investment from Merck &amp; Co., Inc. was reclassified to Common Stock and Accumulated Deficit</span></div><div style="margin-top:6pt"><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-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The presentation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. GAAP require management to make estimates and assumptions that affect the amounts reported, as further described in our Form 10-K for the year ended December 31, 2021. Accordingly, actual results could differ materially from management's estimates and assumptions.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the significant uncertainty that exists relative to the duration and overall impact of the COVID-19 pandemic, our future operating performance, particularly in the short-term, may be subject to volatility. The assessment of certain accounting matters and specifically its effect on the Company's results require consideration of forecasted financial information in the context of the information reasonably available to the Company and the unknown future impacts of the COVID-19 pandemic at March 31, 2022 and through the date of this report.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently Adopted Accounting Standards </span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There were no recently issued accounting standards adopted by the Company during the first quarter of 2022. Refer to Note 3 of the audited Condensed Consolidated Financial Statements in Organon's Form 10-K for the year ended December 31, 2021 for standards adopted in 2021.</span></div><div style="margin-top:6pt;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%">Recently Issued Accounting Standards Not Yet Adopted</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2022, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting for credit losses on financial instruments. This amendment eliminates the recognition and measurement guidance on trouble debt restructurings for creditors that have adopted the new credit losses guidance in Accounting Standards Codification 326 ("ASC 326"), and requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The new guidance also requires public business entities to present gross write-offs by year of origination in their vintage disclosures. The guidance is effective for the Company on January 1, 2023, including interim periods. Early adoption is permitted, and the amendment applied prospectively, except for the recognition and remeasurement of trouble debt restructurings. Entities can elect to adopt the guidance on trouble debt restructurings using either a prospective or modified retrospective transition. If an entity elects to apply a modified retrospective transition, it will record a cumulative effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of adoption on its Condensed Consolidated Financial Statements.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2021, the FASB issued new guidance requiring disclosures about transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model. The guidance increases transparency about the types of transactions, the accounting for the transactions, and the effect of the transactions to the Company’s financial statements. The guidance is effective for annual periods in 2022 and can be applied on a prospective or retrospective basis. The </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company is currently evaluating the impact of adoption on its Consolidated Financial Statements. The Company does not anticipate a material impact to its Consolidated Financial Statements.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> October 2021, the FASB issued guidance to improve the accounting for contract assets and contract liabilities from acquired revenue contracts with customers in a business combination. The guidance addresses diversity in practice and inconsistency related to the recognition of an acquired contract liability, payment terms and their effect on subsequent revenue recognized by an acquirer. The guidance is effective for the Company on January 1, 2023 and its amendments will be applied prospectively to business combinations occurring on or after the effective date of the guidance. Early adoption is permitted, including adoption in an interim period and subject to different transition requirements. T</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he Company is currently evaluating the impact of adoption on its Condensed Consolidated Financial Statements. </span></div>In March 2020, the FASB issued optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting and subsequently issued clarifying amendments. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The optional guidance is effective upon issuance and can be applied on a prospective basis at any time between January 1, 2020 and December 31, 2022. The Company is currently evaluating the impact of adoption on its Condensed Consolidated Financial Statements.
CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-top:6pt"><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-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The presentation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. GAAP require management to make estimates and assumptions that affect the amounts reported, as further described in our Form 10-K for the year ended December 31, 2021. Accordingly, actual results could differ materially from management's estimates and assumptions.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:45pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the significant uncertainty that exists relative to the duration and overall impact of the COVID-19 pandemic, our future operating performance, particularly in the short-term, may be subject to volatility. The assessment of certain accounting matters and specifically its effect on the Company's results require consideration of forecasted financial information in the context of the information reasonably available to the Company and the unknown future impacts of the COVID-19 pandemic at March 31, 2022 and through the date of this report.</span></div>
CY2022Q1 us-gaap Fair Value Hedge Assets At Fair Value
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CY2022Q1 us-gaap Fair Value Hedge Liabilities At Fair Value
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CY2022Q1 us-gaap Accounts Receivable Sale
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CY2022Q1 us-gaap Inventory Raw Materials
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CY2022Q1 us-gaap Inventory Work In Process
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CY2022Q1 us-gaap Inventory Gross
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CY2022Q1 us-gaap Inventory Net
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CY2021Q4 us-gaap Inventory Net
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CY2022Q1 us-gaap Inventory Noncurrent
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CY2021Q4 us-gaap Inventory Noncurrent
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CY2022Q1 us-gaap Lifo Inventory Amount
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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124000000 USD
CY2022Q1 us-gaap Long Term Debt
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CY2022Q1 us-gaap Long Term Debt Noncurrent
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CY2022Q1 us-gaap Long Term Debt Fair Value
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9000000000 USD
CY2022Q1 us-gaap Long Term Debt
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9100000000 USD
CY2021Q4 us-gaap Long Term Debt Fair Value
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9400000000 USD
CY2021Q4 us-gaap Long Term Debt
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9100000000 USD
CY2022Q1 ogn Debt Instrument Interest Payments
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CY2022Q1 ogn Debt Instrument Average Maturity
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P6Y8M12D
CY2022Q1 us-gaap Long Term Debt Weighted Average Interest Rate Over Time
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0.039
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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9000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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9000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
37000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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43000000 USD
CY2022Q1 ogn Long Term Debt Maturity After Year Four
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9108000000 USD
CY2022Q1 us-gaap Litigation Reserve
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9000000 USD
CY2021Q4 us-gaap Litigation Reserve
LitigationReserve
9000000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3000000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0312
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0247
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4343
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M20D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4394000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
34.35
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
8.63
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
556000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
34.93
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.34
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
37.39
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
9.72
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4935000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
34.40
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
8.93
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4650000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
34.40
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
7000000 USD
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y10D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1439000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
30.59
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
7000000 USD
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y4M17D
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
178000000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y5M1D
CY2022Q1 ogn Foreign Currency Transaction Gain Loss Before Tax And Derivative Gain Loss
ForeignCurrencyTransactionGainLossBeforeTaxAndDerivativeGainLoss
4000000 USD
CY2021Q1 ogn Foreign Currency Transaction Gain Loss Before Tax And Derivative Gain Loss
ForeignCurrencyTransactionGainLossBeforeTaxAndDerivativeGainLoss
4000000 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
97000000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
0 USD
CY2022Q1 ogn Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
-4000000 USD
CY2021Q1 ogn Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
-2000000 USD
CY2022Q1 ogn Other Operating And Nonoperating Income Expense
OtherOperatingAndNonoperatingIncomeExpense
-97000000 USD
CY2021Q1 ogn Other Operating And Nonoperating Income Expense
OtherOperatingAndNonoperatingIncomeExpense
2000000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.155
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
18000000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
29000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-65000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
3000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-68000000 USD
CY2021Q1 ogn Transfers Of Benefit Plans To Related Party Affiliates
TransfersOfBenefitPlansToRelatedPartyAffiliates
1000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-16000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-16000000 USD
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022Q1 us-gaap Revenues
Revenues
1567000000 USD
CY2021Q1 us-gaap Revenues
Revenues
1506000000 USD
CY2022Q1 us-gaap Revenues
Revenues
1567000000 USD
CY2021Q1 us-gaap Revenues
Revenues
1506000000 USD
CY2022Q1 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
358000000 USD
CY2021Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
403000000 USD
CY2022Q1 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
700000000 USD
CY2021Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
928000000 USD
CY2021Q1 ogn Related Party Cash Pooling And General Financing Activities
RelatedPartyCashPoolingAndGeneralFinancingActivities
867000000 USD
CY2021Q1 ogn Related Party Cost Allocations Excluding Non Cash Share Based Compensation
RelatedPartyCostAllocationsExcludingNonCashShareBasedCompensation
158000000 USD
CY2021Q1 ogn Related Party Tax Payments
RelatedPartyTaxPayments
123000000 USD
CY2021Q1 ogn Related Party Allocated Derivative Gain Loss On Derivative
RelatedPartyAllocatedDerivativeGainLossOnDerivative
-35000000 USD
CY2021Q1 ogn Related Party Net Transfers Included In Net Cash Provided By Used In Continuing Operations
RelatedPartyNetTransfersIncludedInNetCashProvidedByUsedInContinuingOperations
551000000 USD
CY2021Q1 ogn Related Party Net Transfers Included In Net Cash Provided By Used In Discontinued Operations
RelatedPartyNetTransfersIncludedInNetCashProvidedByUsedInDiscontinuedOperations
482000000 USD
CY2021Q1 ogn Related Party Net Transfers Included Net Cash Provided By Used In Cash Flows
RelatedPartyNetTransfersIncludedNetCashProvidedByUsedInCashFlows
1033000000 USD
CY2021Q1 ogn Related Party Net Transfers Allocated Share Based Payment Arrangement Noncash Expense
RelatedPartyNetTransfersAllocatedShareBasedPaymentArrangementNoncashExpense
11000000 USD
CY2021Q1 ogn Related Party Transaction Contributions Distributions To Affiliates
RelatedPartyTransactionContributionsDistributionsToAffiliates
-72000000 USD
CY2021Q1 ogn Related Party Derecognition Of Employee Benefit Plan Transfers Recognized In Accumulated Other Comprehensive Income
RelatedPartyDerecognitionOfEmployeeBenefitPlanTransfersRecognizedInAccumulatedOtherComprehensiveIncome
1000000 USD
CY2021Q1 ogn Net Transfer
NetTransfer
1095000000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
253516000 shares
CY2022Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
348000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
395000000 USD
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
4000000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
348000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
399000000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
253583000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
253516000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1469000 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
255052000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
253516000 shares
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.37
CY2021Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.56
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.02
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.37
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.58
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.36
CY2021Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.56
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.02
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.36
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.58
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.28
CY2021Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.28
CY2021Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.28

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