Company: BSX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000885725-25-000026
Chunk: 135

Company: BOSTON SCIENTIFIC CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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 recorded net charges of $5 million and $17 million in the first quarter of 2025 and 2024, respectively. In addition, we did not make any payments during the first quarter of 2025 and we made payments of $123 million associated with prior acquisitions during the first quarter of 2024, following the achievement of revenue-based earnouts. Refer to Note B – Acquisitions and Strategic Investments to our unaudited consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details related to our contingent consideration arrangements. 

Restructuring and Restructuring-related Net Charges (Credits)

On February 22, 2023, our Board of Directors approved, and we committed to, a new global restructuring program (the 2023 Restructuring Plan). The 2023 Restructuring Plan is helping to advance our Global Supply Chain Optimization strategy, which is intended to simplify our manufacturing and distribution network by transferring certain production lines among facilities and drive operational efficiencies and resiliency. Key activities under the 2023 Restructuring Plan also include optimizing certain functional capabilities to achieve cost synergies and better support business growth. For more information, refer to 2023 Restructuring Plan contained in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our most recent Annual Report on Form 10-K.

Pursuant to the 2023 Restructuring Plan, we recorded the following restructuring and restructuring-related charges:

Three Months Ended March 31,(in millions)20252024Restructuring charges(1)$10 $3 Restructuring-related net charges (credits)(2)39 43 

(1)These charges are recorded in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 420, Exit or Disposal Cost Obligations.

(2)These charges are primarily recorded within Cost of products sold, SG&A Expenses and R&D Expenses.

The following table presents our restructuring reserve balance:

As of(in millions)March 31, 2025December 31, 2024Restructuring reserve balance$28 $26 

Litigation-related Net Charges (Credits)

We record certain legal and product liability charges, credits and costs of defense, which we consider to be unusual or infrequent and significant as Litigation-related net charges (credits) within our accompanying unaudited consolidated financial statements. We did not record any litigation-related net charges