
	March 31, 2026						December 31, 2025
(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	$	4,382	$	(3,056)	$	1,326	$	4,441	$	(3,064)	$	1,377
Corporate brands	102		(29)		73		102		(26)		76
Product rights/patents	999		(988)		11		999		(988)		11
Other	87		(69)		18		87		(68)		19
Total finite-lived intangible assets	5,570		(4,142)		1,428		5,629		(4,146)		1,483
Acquired in-process research and development intangible asset	100		—		100		100		—		100
B&L Trademark	1,698		—		1,698		1,698		—		1,698
	$	7,368	$	(4,142)	$	3,226	$	7,427	$	(4,146)	$	3,281

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 Condensed 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.

Estimated amortization expense of finite-lived intangible assets for the remainder of 2026 and the five succeeding years ending December 31 and thereafter are as follows:

The changes in the carrying amounts of goodwill during the three months ended March 31, 2026 and the year ended December 31, 2025 were as follows:


(in millions)	Vision Care		Pharmaceuticals		Surgical		Total
Balance, January 1, 2025	$	3,529	$	644	$	350	$	4,523
Acquisitions (Note 5)	—		—		97		97
Foreign exchange and other	26		100		12		138
Balance, December 31, 2025	3,555		744		459		4,758


Foreign exchange and other	(5)		(13)		(3)		(21)
Balance, March 31, 2026	$	3,550	$	731	$	456	$	4,737

Goodwill is not amortized but is tested for impairment at least annually as of October 1st at the reporting unit level. A reporting unit is the same as, or one level below, an operating segment. Bausch + Lomb performs its annual impairment test by first assessing qualitative factors. Where the qualitative assessment suggests that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative fair value test is performed for that reporting unit (Step 1).

The Company conducted its annual goodwill impairment test as of October 1, 2025, by first assessing qualitative factors. Based on its qualitative assessment as of October 1, 2025, management believed that, it was more likely than not that the carrying amounts of each of its reporting units were less than their respective fair values and therefore concluded that a quantitative fair value test was not required.

No events occurred or circumstances changed during the period from October 1, 2025 (the last time goodwill was tested for all reporting units) through March 31, 2026 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.