Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 449

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 2
Chunk 449
---
%. The increase was primarily driven by increased contribution, primarily driven by XIIDRA® and MIEBO®, partially offset by: (i) higher selling and advertising and promotional expenses related to MIEBO® and XIIDRA® and (ii) the amortization of inventory step-up, related to the XIIDRA Acquisition.Surgical Segment ProfitThe Surgical segment profit was $44 million and $50 million for 2024 and 2023, respectively, a decrease of $6 million, or 12%, primarily due to increases in selling, cost of goods sold and R&D expenses, partially offset by higher revenues, as previously discussed.Non-Operating Income and ExpenseInterest Expense Interest expense primarily consists of interest payments due, amortization of debt discounts and deferred issuance costs on indebtedness under our credit facilities.Interest expense was $399 million and $283 million for 2024 and 2023, respectively, an increase of $116 million. The increase was primarily attributable to: (i) interest expense associated with our October 2028 Secured Notes, September 2028 Term Facility and May 2027 Incremental Term Facility (each as defined and discussed in further detail, under Item “— Liquidity and Capital Resources — Liquidity and Debt — Long-term Debt”) and (ii) interest expense related to our Revolving Credit Facility (as defined and discussed in further detail, under Item “— Liquidity and Capital Resources — Liquidity and Debt — Long-term Debt”), partially offset by certain upfront financing commitment costs incurred in connection with the XIIDRA Acquisition during the prior period. See Note 10, “FINANCING ARRANGEMENTS” to our audited Consolidated Financial Statements for further details regarding our financing arrangements.Foreign Exchange and OtherForeign exchange and other primarily includes translation gains/losses on intercompany balances and third-party liabilities and the gain/loss due to the change in fair value of foreign currency exchange contracts. Foreign exchange and other was a net loss of $12 million and $28 million for 2024 and 2023, respectively.Income TaxesProvision for income taxes were $71 million and $82 million for 2024 and 2023, respectively, a decrease of $11 million. The decrease in income taxes was primarily related to: (i) a change in the jurisdictional mix of earnings and (ii) discrete tax effects of: (a) establishing a valuation allowance in Canada during the previous year and (b) an increase in non-deductible items, offset by an