CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows From Operating Activities
Net income (loss)	$ 223	$ (170)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of intangible assets	918	960
Amortization and write-off of debt premiums, discounts and issuance costs	72	41
Asset impairments	1	6
Acquisition-related contingent consideration	(72)	19
Allowances for losses on trade receivable and inventories	48	43
Deferred income taxes	(75)	(104)
Net gain on sale of assets	(6)	(10)
Adjustments to accrued legal settlements	40	215
Payments of accrued legal settlements	(198)	(222)
Share-based compensation	132	107
Gain excluded from hedge effectiveness	(8)	(10)
Gain on extinguishment of debt	(181)	(23)
Payments of contingent consideration adjustments, including accretion	(6)	(7)
Amortization of interim contract and inventory step-up resulting from acquisitions	62	61
Foreign exchange and other	(18)	(33)
Changes in operating assets and liabilities:
Trade receivables	(199)	(112)
Inventories	(7)	(218)
Prepaid expenses and other current assets	(29)	120
Accounts payable, accrued and other liabilities	208	333
Net cash provided by operating activities	905	996
Cash Flows From Investing Activities
Acquisitions and other investments	(17)	(45)
Purchases of property, plant and equipment	(305)	(231)
Acquisition of intangible assets and other assets	(10)	(2)
Purchases of marketable securities	(6)	(7)
Proceeds from sale of marketable securities	6	11
Proceeds from sale of assets and businesses, net of costs to sell	7	7
Interest settlements from cross-currency swaps	12	13
Net cash used in investing activities	(313)	(254)
Cash Flows From Financing Activities
Issuance of long-term debt, net of discounts	10,421	155
Repayments of long-term debt	(10,839)	(1,049)
Payments of employee withholding taxes related to share-based awards	(24)	(23)
Payments of acquisition-related contingent consideration	(18)	(20)
Payments of financing costs	(38)	(7)
Other	(9)	(9)
Net cash used in financing activities	(507)	(953)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	54	(1)
Net increase (decrease) in cash, cash equivalents and restricted cash	139	(212)
Cash, cash equivalents and restricted cash, beginning of period	1,201	962
Cash, cash equivalents and restricted cash, end of period	1,340	750
Cash and cash equivalents	1,308	719
Restricted cash	32	31
Cash, cash equivalents and restricted cash, end of period	$ 1,340	$ 750

Bausch Health Companies Inc. 10-Q