Company: BSX
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000885725-25-000011
Chunk: 168

Company: BOSTON SCIENTIFIC CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 168
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 reserves$177 $206 Payroll and related liabilities1,288 1,051 Rebates494 389 Contingent consideration63 304 Other751 696  $2,773 $2,646 Other current liabilities As of December 31,(in millions)20242023Deferred revenue$306 $266 Taxes payable268 220 Other313 328  $887 $814 Other long-term liabilities As of December 31,(in millions)20242023Accrued income taxes$357 $470 Legal reserves149 172 Contingent consideration108 100 Operating lease liabilities401 390 Deferred revenue329 311 Other527 525  $1,870 $1,967 

NOTE H – INCOME TAXES Our Income (loss) before income taxes consisted of the following:Year Ended December 31,(in millions)202420232022Domestic$(261)$(394)$(1,119)Foreign2,542 2,379 2,260 $2,282 $1,985 $1,141 

101

The related expense (benefit) for income taxes consisted of the following:Year Ended December 31,(in millions)202420232022CurrentFederal$310 $189 $51 State31 15 19 Foreign184 116 381 526 320 451 DeferredFederal(131)(82)(92)State(52)(22)(32)Foreign92 176 117 (90)73 (7)$436 $393 $443 The reconciliation of income taxes at the federal statutory rate to the reported rate for income taxes is as follows:Year Ended December 31,202420232022U.S. federal statutory income tax rate21.0 %21.0 %21.0 %State income taxes, net of federal benefit0.1 %0.7 %0.7 %Domestic taxes on foreign earnings9.2 %6.9 %15.3 %Effect of foreign taxes(12.2)%(15.3)%(3.8)%Acquisition-related1.5 %2.2 %4.4 %Research credit(3.1)%(2.9)%(4.5)%Valuation allowance0.4 %7.5 %(1.3)%Comp