Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 555

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 2
Chunk 555
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 were preserved. As a result of the plan amendment, there are no active plan participants accruing benefits under the amended Ireland defined benefit plan. The U.S. postretirement benefit plan was amended effective January 1, 2005 to eliminate employer contributions after age 65 for participants who did not meet the minimum requirements of age and service on that date. The employer contributions for medical and prescription drug benefits for participants retiring after March 1, 1989 were frozen effective January 1, 2010. Effective January 1, 2014, the Company no longer offers medical and life insurance coverage to new retirees.In addition to the legacy benefit plans, outside of the U.S., a limited group of the Company's' employees are covered by defined benefit pension plans.The Company uses December 31 as the year-end measurement date for all of its defined benefit pension plans and the postretirement benefit plan.Accounting for Pension Benefit Plans and Postretirement Benefit PlanThe Company recognizes in its Consolidated Balance Sheets an asset or liability equal to the over- or under-funded benefit obligation of each defined benefit pension plan and postretirement benefit plan. Actuarial gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic cost (benefit) are recognized, net of tax, as a component of other comprehensive income (loss).

F-39

The amounts included in Accumulated other comprehensive loss as of December 31, 2024 and 2023 were as follows:Pension Benefit PlansU.S.  PostretirementBenefit PlanU.S. PlanNon-U.S. Plans(in millions)202420232024202320242023Unrecognized actuarial (losses) gains$(29)$(31)$(23)$(26)$4 $3 Unrecognized prior service credits$— $— $21 $23 $1 $3 Net periodic cost (benefit)The following tables provides the components of Net periodic cost (benefit) for Bausch + Lomb’s defined benefit pension plans and postretirement benefit plan for the years 2024, 2023 and 2022:  Pension Benefit PlansU.S.            PostretirementBenefit PlanU.S. PlanNon-U.S. Plans(in millions)202420232022202420232022202420232022Service cost$1 $2 $1 $2 $2 $3 $— $— $—