Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 387

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1A
Chunk 387
---
tlements— — (2)(5)— — Benefits paid(15)(16)(5)(3)(2)(3)Actuarial (gain) losses(3)3 1 8 (1)— Currency translation adjustments— — (8)3 — — Projected benefit obligation, end of year161 170 103 111 23 25 Change in Plan AssetsFair value of plan assets, beginning of year162 162 98 92 — — Actual return on plan assets6 16 6 9 — — Company contributions2 — 3 2 2 3 Settlements— — (2)(5)— — Benefits paid(15)(16)(5)(3)(2)(3)Currency translation adjustments— — (6)3 — — Fair value of plan assets, end of year155 162 94 98 — — Funded Status at end of year$(6)$(8)$(9)$(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