Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 142

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7A
Chunk 142
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3)(3)5 $(71)$(82)$(58)Deferred tax assets and liabilities consist of:(in millions)December 31, 2024December 31, 2023Deferred tax assets:  Tax loss and credit carryforwards$923 $834 Intangible assets25 122 Provisions145 177 Share-based compensation15 11 Leases14 13 Other45 18 Total deferred tax assets1,167 1,175 Less valuation allowance(179)(150)Net deferred tax assets988 1,025 Deferred tax liabilities: Plant, equipment and technology64 74 Leases and Right of Use Assets14 12 Outside basis differences38 32 Total deferred tax liabilities116 118 Net deferred tax asset$872 $907 

F-51

The following table presents a reconciliation of the deferred tax asset valuation allowance for 2024, 2023 and 2022: (in millions)202420232022Balance, beginning of year$150 $54 $17 Charged to Benefit from income taxes30 42 (3)Other(1)54 40 Balance, end of year$179 $150 $54 The realization of deferred tax assets is dependent on the Company generating sufficient domestic and foreign taxable income in the years that the temporary differences become deductible. A valuation allowance has been provided for the portion of the deferred tax assets that the Company determined is more likely than not to remain unrealized based on estimated future taxable income and tax planning strategies. The valuation allowance increased by $29 million during 2024 primarily due to the losses incurred during the year in jurisdictions for which the Company has established a full valuation allowance.As of December 31, 2024 the Company had accumulated taxable losses available to offset future years' federal taxable income in the U.S. of approximately $89 million and expire from 2025 to 2035. These taxable losses are subject to annual loss limitations as a result of previous ownership changes. As of December 31, 2024, the Company U.S. research and development credits available to offset future years’ federal income taxes in the U.S. were approximately $7 million, which includes acquired research and development credits and which expire in years 2025 through 2043.  As of December 31, 2024 the Company had accumulated taxable losses available to offset future years taxable income in Ireland of approximately $5,