Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 570

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 2
Chunk 570
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. The Company refers to the charges related to these initiatives as "Business Transformation Costs". These costs are recorded in SG&A in the audited Consolidated Statements of Operations and include third-party advisory costs, as well as certain compensation-related costs associated with changes in the Company's executive officers, such as severance-related costs associated with the departure of the Company's former executives and the costs associated with the appointment of the Company's new executives. Further, the Company continues to evaluate opportunities to improve its operating performance and may initiate cost savings programs to streamline its operations and eliminate redundant processes and expenses. These cost savings programs may include, but are not limited to: (i) reducing headcount, (ii) eliminating real estate costs associated with unused or under-utilized facilities and (iii) implementing contribution margin improvement and other cost reduction initiatives. Although a specific plan does not exist at this time, the Company may identify and take additional exit and cost-rationalization restructuring actions in the future, the costs of which could be material.16.INCOME TAXESThe components of (Loss) income before provision for income taxes for 2024, 2023 and 2022 consist of:(in millions)202420232022Domestic$(159)$(194)$(59)Foreign(75)28 132 $(234)$(166)$73 The components of Provision for income taxes for 2024, 2023 and 2022 consist of: (in millions)202420232022Current:   Domestic$(1)$— $(3)Foreign(74)(71)(68)(75)(71)(71)Deferred: Domestic(1)(20)1 Foreign5 9 12 4 (11)13 $(71)$(82)$(58)

F-50

As a Canadian domiciled company, the Provision for income taxes differs from the expected amount calculated by applying the Company's Canadian statutory federal plus provincial rate of 26.5% to Income (Loss) before income taxes for 2024, 2023 and 2022 as follows:(in millions)202420232022(Loss) income before provision for income taxes$(234)$(166)$73 Provision for income taxesExpected provision for income taxes at Canadian statutory rate$62 $44 $(19)Adjustments to tax attributes2 1 (1)Non-deductible amount of share-based compensation(10)(7)(8)Change in valuation allowance(44)(42)3 Change