Company: BSX
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000885725-25-000011
Chunk: 193

Company: BOSTON SCIENTIFIC CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 193
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 A – Significant Accounting Policies for additional information on our accounting policies relating to revenue recognition.

NOTE O – CHANGES IN OTHER COMPREHENSIVE INCOME The following table provides the reclassifications out of Other comprehensive income, net of tax attributable to Boston Scientific common stockholders:(in millions)Foreign Currency Translation AdjustmentsNet Change in Derivative Financial InstrumentsNet Change in Defined Benefit Pensions and Other ItemsTotalBalance as of December 31, 2023$(96)$154 $(8)$49 Other comprehensive income (loss) before reclassifications246 142 (9)379 (Income) loss amounts reclassified from accumulated other comprehensive income(14)(141)1 (154)Total other comprehensive income (loss)232 1 (8)225 Balance as of December 31, 2024$136 $155 $(16)$275 (in millions)Foreign Currency Translation AdjustmentsNet Change in Derivative Financial InstrumentsNet Change in Defined Benefit Pensions and Other ItemsTotalBalance as of December 31, 2022$(1)$269 $1 $269 Other comprehensive income (loss) before reclassifications(87)63 (10)(34)(Income) loss amounts reclassified from accumulated other comprehensive income(8)(178)1 (185)Total other comprehensive income (loss)(95)(115)(9)(219)Balance as of December 31, 2023$(96)$154 $(8)$49 Refer to Note D – Hedging Activities and Fair Value Measurements for further detail on our net investment hedges recorded in Foreign currency translation adjustment and our cash flow hedges recorded in Net change in derivative financial instruments.

The gains and losses on defined benefit and pension items before reclassifications and gains and losses on defined benefit and pension items reclassified from Accumulated other comprehensive income (loss), net of tax were reduced by income tax impacts of approximately $3 million in 2024 and approximately $5 million in 2023. 

NOTE P – NEW ACCOUNTING PRONOUNCEMENTS Periodically, new accounting pronouncements are issued by the FASB or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, we evaluate the pronouncements to determine the potential effects of adoption on our consolidated financial statements. During 2024, we implemented the following standards, none of which had a material impact on our consolidated financial statements:

119

ASC Update No. 2022-03