Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 401

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1A
Chunk 401
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 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 in uncertain tax positions1 2 5 Withholding tax(7)(5)(6)Return to provision5 (1)1 Foreign tax rate differences(74)(57)(34)Foreign exchange impact on USD denominated debt in Canada25 — (4)Disallowed interest(28)(14)— Other(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 $