Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 557

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 2
Chunk 557
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)$(13)$(23)$(25)Recognized as:Other non-current assets$— $— $22 $20 $— $— Accrued and other current liabilities$— $— $1 $2 $3 $3 Other non-current liabilities$6 $8 $30 $31 $20 $22 Included in Settlement loss recognized and Settlements in the tables above are the costs and payments associated with the conversion of a portion of the Company's defined benefit plan in Ireland to a defined contribution plan.A number of the Company's pension benefit plans were underfunded as of December 31, 2024 and 2023, having accumulated benefit obligations exceeding the fair value of plan assets. Information for the underfunded pension benefit plans is as follows:U.S. PlanNon-U.S. Plans(in millions)2024202320242023Projected benefit obligation$161 $170 $35 $38 Accumulated benefit obligation161 170 30 32 Fair value of plan assets155 162 4 5 The Company's policy for funding its pension benefit plans is to make contributions that meet or exceed the minimum statutory funding requirements. These contributions are determined based upon recommendations made by the actuary under accepted actuarial principles. In 2025, the Company expects to contribute $0, $2 million and $3 million to the U.S. pension benefit plan, the non-U.S. pension benefit plans and the U.S. postretirement benefit plan, respectively. The Company plans to use postretirement benefit plan assets and cash on hand, as necessary, to fund the U.S. postretirement benefit plan benefit payments in 2025.

F-41

Estimated Future Benefit PaymentsFuture benefit payments over the next 10 years for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows: (in millions)Pension Benefit PlansU.S. Postretirement Benefit PlanU.S. PlanNon-U.S. Plans2025$14 $4 $3 202619 4 3 202718 4 3 202817 5 3 202916 5 2 2030 - 203465 28 9 AssumptionsThe weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for 2024, 202