Company: BLCO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001860742-25-000004
Chunk: 402

Company: Bausch & Lomb Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1A
Chunk 402
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17 Charged to Benefit from income taxes30 42 (3)Other(1)54 40 Balance, end of year$179 $150 $54 The realization of deferred tax assets is dependent on the Company generating sufficient domestic and foreign taxable income in the years that the temporary differences become deductible. A valuation allowance has been provided for the portion of the deferred tax assets that the Company determined is more likely than not to remain unrealized based on estimated future taxable income and tax planning strategies. The valuation allowance increased by $29 million during 2024 primarily due to the losses incurred during the year in jurisdictions for which the Company has established a full valuation allowance.As of December 31, 2024 the Company had accumulated taxable losses available to offset future years' federal taxable income in the U.S. of approximately $89 million and expire from 2025 to 2035. These taxable losses are subject to annual loss limitations as a result of previous ownership changes. As of December 31, 2024, the Company U.S. research and development credits available to offset future years’ federal income taxes in the U.S. were approximately $7 million, which includes acquired research and development credits and which expire in years 2025 through 2043.  As of December 31, 2024 the Company had accumulated taxable losses available to offset future years taxable income in Ireland of approximately $5,841 million. These taxable losses do not expire.The Company provides for withholding tax on the unremitted earnings of its direct foreign affiliates except for its direct U.S. subsidiaries.  The Company continues to assert that the unremitted earnings of its U.S. subsidiaries will be permanently reinvested and not repatriated. The Company provides for withholding tax on the unremitted earnings of its direct foreign affiliates except for its direct U.S. subsidiaries.  The Company continues to assert that the unremitted earnings of its U.S. subsidiaries will be permanently reinvested and not repatriated. As of December 31, 2024, the Company estimates that there will be no tax liability attributable to unremitted earnings of its U.S. subsidiaries. However, future distributions could be subject to U.S. withholding tax.As of December 31, 2024, unrecognized tax benefits (including interest and penalties) were $64 million, of which $56 million would affect the effective income tax rate if recognized.  The Company provides for interest and penalties related