Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 391

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1A
Chunk 391
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— 2 — 2 Government bond funds1 12 — 13 1 44 — 45 Other assets— 32 13 45 — 5 13 18 $1 $80 $13 $94 $1 $84 $13 $98 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 90% and 93% of the non-U.S. commingled funds in 2024 and 2023, respectively. 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 PlansThe 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 $36 million, $34 million and $33 million to these plans during the years 2024, 2023 and 2022, respectively.12.LEASESRight-of-use assets and lease liabilities associated with the Company's operating leases are included in the Consolidated Balance Sheets as follows:(in millions)December 31, 2024December 31, 2023Right-of-use assets included in:Other non-current assets$151 $114 Lease liabilities included in:Accrued and other current liabilities$32 $27 Other non-current liabilities120 87 Total lease liabilities$152 $114 As of December 31, 2024 and 2023, the Company's finance leases were not material and for 2024 and 2023 sub-lease income and short-term lease expense were