Company: BSX
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000885725-25-000011
Chunk: 171

Company: BOSTON SCIENTIFIC CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 171
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 $10 million, $16 million and $21 million in 2024, 2023 and 2022, respectively, and impacted Net income (loss) per common share - diluted by $0.01, $0.01 and $0.02 in 2024, 2023 and 2022, respectively. Additionally, we benefit from tax incentive rates in Malaysia through the Principal Hub Incentive which allows a 100 percent exemption from income tax, and the Pioneer Business Exemption which allows a full tax exemption on manufacturing of specific medical device products, both of which have an option to renew for additional five-year terms and will expire in 2028 and 2029, respectively. These incentives have resulted in income tax savings of $27 million, $20 million and $17 million in 2024, 2023 and 2022, respectively and impacted Net income (loss) per common share - diluted by $0.02, $0.01 and $0.01 in 2024, 2023 and 2022, respectively. Lastly, the Company benefits from tax rate incentives on certain taxable profits in China through a High and New Technology Enterprise Regime, which will expire in 2026 with the option to renew every three years. This incentive resulted in income tax savings of less than $1 million and $6 million in 2024 and 2023, respectively, and was not applicable during 2022. The impact on Net income (loss) per common share - diluted was de minimis for both 2024 and 2023.As of December 31, 2024, we had $506 million of gross unrecognized tax benefits, of which a net $423 million, if recognized, would affect our effective tax rate. As of December 31, 2023, we had $467 million of gross unrecognized tax benefits, of which a net $395 million, if recognized, would affect our effective tax rate. As of December 31, 2022, we had $492 million of gross unrecognized tax benefits, of which a net $410 million, if recognized, would affect our effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31,(in millions)202420232022Beginning Balance$467 $492 $255 Additions based on positions related to the current year58 65 88 Additions based on positions related to prior years20 67