v3.25.4
PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of amounts recognized in accumulated other comprehensive loss
The amounts included in Accumulated other comprehensive loss as of December 31, 2025 and 2024 were as follows:
Pension Benefit PlansU.S. Postretirement
Benefit Plan
U.S. PlanNon-U.S. Plans
(in millions)202520242025202420252024
Unrecognized actuarial (losses) gains$(26)$(29)$(22)$(23)$5 $4 
Unrecognized prior service credits$— $— $23 $21 $— $1 
Schedule of components of net periodic (benefit) cost
The following tables provides the components of Net periodic cost (benefit) for Bausch + Lomb’s defined benefit pension plans and postretirement benefit plan for the years 2025, 2024 and 2023:
 Pension Benefit Plans
U.S. Postretirement
Benefit Plan
U.S. Plan
Non-U.S. Plans
(in millions)202520242023202520242023202520242023
Service cost$1 $1 $2 $2 $2 $2 $— $— $— 
Interest cost8 8 9 4 4 4 1 1 1 
Expected return on plan assets(8)(9)(9)(5)(4)(3)— — — 
Amortization of prior service credit— — — — (1)(1)(1)(2)(2)
Amortization of net loss1 1 1 — — — — — — 
Settlement loss recognized— — — — — 1 — — — 
Net periodic cost (benefit)$2 $1 $3 $1 $1 $3 $— $(1)$(1)
Schedule of components of the change in projected benefit obligations, change in plan assets and funded status
The table below presents components of the change in projected benefit obligation, change in plan assets and funded status for 2025 and 2024:
 Pension Benefit Plans U.S. Postretirement
Benefit Plan
U.S. PlanNon-U.S. Plans
(in millions)202520242025202420252024
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year$161 $170 $103 $111 $23 $25 
Service cost1 1 2 2 — — 
Interest cost8 8 4 4 1 1 
Settlements— — (1)(2)— — 
Benefits paid(16)(15)(4)(5)(2)(2)
Actuarial losses (gains)4 (3)(12)1 — (1)
Currency translation adjustments— — 12 (8)— — 
Projected benefit obligation, end of year158 161 104 103 22 23 
Change in Plan Assets
Fair value of plan assets, beginning of year155 162 94 98 — — 
Actual return on plan assets16 6 (4)6 — — 
Company contributions— 2 2 3 2 2 
Settlements— — (2)(2)— — 
Benefits paid(16)(15)(4)(5)(2)(2)
Currency translation adjustments— — 12 (6)— — 
Fair value of plan assets, end of year155 155 98 94 — — 
Funded Status at end of year$(3)$(6)$(6)$(9)$(22)$(23)
Recognized as:
Other non-current assets$— $— $27 $22 $— $— 
Accrued and other current liabilities$— $— $2 $1 $3 $3 
Other non-current liabilities$3 $6 $31 $30 $19 $20 
Schedule of underfunded plans Information for the underfunded pension benefit plans is as follows:
U.S. PlanNon-U.S. Plans
(in millions)2025202420252024
Projected benefit obligation$158 $161 $36 $35 
Accumulated benefit obligation158 161 31 30 
Fair value of plan assets155 155 3 4 
Schedule of future benefit payments for the pension benefit plans
Future 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 Plan
U.S. PlanNon-U.S. Plans
2026$14 $4 $3 
202719 5 3 
202817 6 3 
202916 5 2 
203015 5 2 
2031 - 203562 33 8 
Schedule of weighted-average assumptions used to determine net periodic benefit costs and benefit obligations
The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for 2025, 2024 and 2023 were as follows:
Pension Benefit PlansU.S. Postretirement Benefit Plan
202520242023202520242023
For Determining Net periodic cost (benefit)
U.S. Plans:
Discount rate5.53 %5.11 %5.41 %5.44 %5.08 %5.39 %
Expected rate of return on plan assets5.50 %6.00 %6.00 %— — — 
Rate of compensation increase— — — — — — 
Interest crediting rate4.75 %4.75 %4.75 %
Non-U.S. Plans:
Discount rate3.47 %3.60 %3.83 %
Expected rate of return on plan assets4.38 %4.37 %4.10 %
Rate of compensation increase3.00 %2.94 %2.92 %
 Pension Benefit PlansU.S. Postretirement Benefit Plan
202520242023202520242023
For Determining Benefit Obligation
U.S. Plans:
Discount rate5.19 %5.53 %5.11 %5.01 %5.44 %5.08 %
Rate of compensation increase— — — — — — 
Interest crediting rate4.75 %4.75 %4.75 %
Non-U.S. Plans:
Discount rate4.24 %3.47 %3.60 %
Rate of compensation increase2.95 %3.00 %2.94 %
Schedule of actual asset allocations The following presents the actual asset allocation as of December 31, 2025 and 2024:
20252024
U.S. Plan
Cash and cash equivalents1 %1 %
Equity securities30 %29 %
Fixed income securities69 %70 %
Non-U.S. Plans
Cash and cash equivalents24 %12 %
Equity securities20 %25 %
Fixed income securities15 %15 %
Other41 %48 %
Schedule of fair value of pension and postretirement benefit plan assets assumed in connection with the Acquisition
The table below presents total plan assets by investment category as of December 31, 2025 and 2024 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value. There were no transfers between Level 1, Level 2 or Level 3 during 2025 and 2024.
Pension Benefit Plans - U.S. Plans
December 31, 2025December 31, 2024
(in millions)Level 1Level 2TotalLevel 1Level 2Total
Cash and cash equivalents$2 $— $2 $1 $— $1 
Commingled funds: 
Equity securities:
U.S. broad market— 25 25 — 24 24 
Emerging markets— 5 5 — 5 5 
Worldwide developed markets— 11 11 — 11 11 
Other assets— 6 6 — 6 6 
Fixed income securities:
Investment grade— 106 106 — 108 108 
$2 $153 $155 $1 $154 $155 
Pension Benefit Plans - Non-U.S. Plans
December 31, 2025December 31, 2024
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents$— $23 $— $23 $— $11 $— $11 
Commingled funds: 
Equity securities:
Emerging markets— 1 — 1 — 1 — 1 
Developed markets— 19 — 19 — 23 — 23 
Fixed income securities:
Investment grade— 1 — 1 — 1 — 1 
Government bond funds1 13 — 14 1 12 — 13 
Other assets— 31 9 40 — 32 13 45 
$1 $88 $9 $98 $1 $80 $13 $94