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Pursuant to the 2023 Restructuring Plan, we recorded the following restructuring and restructuring-related charges:
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Pursuant to the 2023 Restructuring Plan and the ACURATE discontinuation, we recorded the following restructuring and restructuring-related charges:
Read in the filing ↗ Also in 10-Q of Nov 3, 2025, 10-K of Feb 17, 2026
The following table presents our restructuring and restructuring-related charges:
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The following table presents our restructuring and restructuring-related net charges:
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We previously undertook a global restructuring program that began in February 2023 and was expanded in July 2025 (the 2023 Restructuring Plan). The activities associated with the 2023 Restructuring Plan, including the expansion, were fully completed during the second quarter of 2026. We have recorded related costs of $748 million since the inception of the 2023 Restructuring Plan.
Read in the filing ↗ Also in 10-Q of Nov 2, 2026
On February 22, 2023, our Board of Directors approved, and we committed to, a new global restructuring program (the 2023 Restructuring Plan). For additional information, refer to "2023 Restructuring Plan" under the heading Liquidity and Capital Resources below.
Read in the filing ↗ Also in 10-Q of Aug 1, 2025, 10-Q of Nov 3, 2025, 10-K of Feb 18, 2025
restructuring and restructuring-related net charges (credits) associated with management's decision to discontinue worldwide sales of the ACURATE neo2 TM and ACURATE Prime TM Aortic Valve Systems. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring-related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance.
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The financial covenant requirement, as amended on May 10, 2024, provides for an exclusion from the calculation of consolidated EBITDA through maturity, of certain charges and expenses. The credit agreement amendment reset the starting date for purposes of calculating such permitted exclusions related to restructuring charges and restructuring-related expenses from December 31, 2022 to March 31, 2024. Permitted exclusions include up to $500 million in cash and non-cash restructuring charges and restructuring-related expenses associated with our current or future restructuring plans. As of December 31, 2024, we had $322 million of the restructuring charge exclusion remaining. In addition, any cash litigation
Read in the filing ↗ Also in 10-Q of Nov 3, 2025, 10-K of Feb 17, 2026, 10-K of Feb 17, 2026, 10-K of Feb 18, 2025, 10-Q of Aug 1, 2025, 10-Q of Aug 1, 2025, 10-Q of Nov 3, 2025
Our restructuring liability is primarily comprised of accruals for termination benefits. The following table presents our restructuring reserve balance:
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In February 2023, we committed to a global restructuring program (the 2023 Restructuring Plan). On July 29, 2025, our Board of Directors approved expanding the 2023 Restructuring Plan by up to $250 million in aggregate additional pre-tax charges. The 2023 Restructuring Plan, including the expansion, is estimated to result in total pre-tax charges of approximately $700 million to $800 million. The activities associated with our 2023 Restructuring Plan, including the expansion, were substantially complete at the end of 2025. The following table provides a summary of cumulative pre-tax charges associated with the 2023 Restructuring Plan, including the expansion, by major type of cost:
Read in the filing ↗ Also in 10-Q of Aug 3, 2026
of 2025, we incurred restructuring and restructuring-related net charges associated with management's decision to discontinue worldwide sales of the ACURATE neo2 TM and ACURATE Prime TM Aortic Valve Systems. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring-related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance.
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quarter of 2025, we incurred restructuring and restructuring-related net charges (credits) associated with management's decision to discontinue worldwide sales of the ACURATE neo2 TM and ACURATE Prime TM Aortic Valve Systems. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring- related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance.
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In February 2023, we committed to a global restructuring program (the 2023 Restructuring Plan). The 2023 Restructuring Plan helped to advance our Global Supply Chain Optimization strategy to simplify our manufacturing and distribution network by transferring certain production lines among facilities and expanding operational efficiencies and resiliency. Key activities under the 2023 Restructuring Plan also included optimizing certain functional capabilities to achieve cost synergies and better support business growth.
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On July 21, 2026, our Board of Directors approved, and we committed to, a new global restructuring program. For additional information on the new restructuring plan, refer to Note M - Restructuring-Related Activities to our unaudited consolidated financial statements contained in Part I, Item 1 of this Quarterly Report.
Read in the filing ↗ Also in 10-Q of Aug 3, 2026
• Restructuring and restructuring-related net charges (credits) - These adjustments primarily represent severance and other compensation-related charges, fixed asset write-offs, contract cancellations, project management fees, facility shut down costs, costs to transfer manufacturing lines between geographically dispersed facilities and other direct costs associated with our restructuring plans. These restructuring plans each consist of distinct initiatives that are fundamentally different …
Read in the filing ↗ Also in 10-Q of Aug 1, 2025, 10-Q of Nov 3, 2025, 10-K of Feb 18, 2025, 10-Q of May 1, 2026, 10-Q of Aug 3, 2026, 8-K of Oct 28, 2026, 10-Q of Nov 2, 2026, 8-K of Jul 29, 2026, 8-K of Jul 23, 2025, 8-K of Feb 4, 2026, 8-K of Apr 22, 2026, 8-K of Oct 22, 2025
Type of Cost (in millions) Total Amount Incurred ─────────────────────────────────────────────────────────────────────── Restructuring charges: Termination benefits(1) $ 104 Other(2) 39 Restructuring-related expenses: Transfer costs(3) 312 Other(4) 213 $ 668
Read in the filing ↗ Also in 10-Q of May 1, 2026
On July 21, 2026, our Board of Directors approved, and we committed to, a new global restructuring program (the 2026 Restructuring Plan). The 2026 Restructuring Plan is intended to support our efforts to drive sustained cost efficiencies and enable continued growth by ensuring that we are structured and resourced to support our strategic priorities.
Read in the filing ↗ Also in 10-Q of Nov 2, 2026, 10-Q of Nov 2, 2026
On July 21, 2026, the Board of Directors of Boston Scientific Corporation (the “Company”) approved a new global restructuring program (the “2026 Restructuring Plan”). The 2026 Restructuring Plan is intended to support the Company’s efforts to drive sustained cost efficiencies and enable continued growth by ensuring that the Company is structured and resourced to support its strategic priorities.
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On July 29, 2025, our Board of Directors approved expanding the 2023 Restructuring Plan by up to $250 million in aggregate additional pre-tax charges, to include further related activities under the program to drive operational efficiencies and optimize functional capabilities. The 2023 Restructuring Plan, including the expansion, is estimated to result in total pre-tax charges of approximately $700 million to $800 million. The activities associated with our 2023 Restructuring Plan, including the expansion, were substantially complete at the end of 2025. The following table provides a summary of cumulative pre-tax charges associated with the 2023 Restructuring Plan, including the expansion, by major type of cost:
Read in the filing ↗ Also in 10-Q of Aug 1, 2025, 10-Q of Nov 3, 2025
charges such as severance and other compensation-related charges, fixed asset write-offs, contract cancellations, facility shutdown costs, and inventory write-downs associated with discontinuations of significant product lines. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring- related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance.
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For additional information related to our restructuring plans, including associated net charges (credits) recorded for the three and nine months ended September 30, 2026 and the corresponding prior year periods, refer to Note M - Restructuring-Related Activities to our unaudited consolidated financial statements contained in Part I, Item 1 of this Quarterly Report.
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As of (in millions) June 30, 2025 December 31, 2024 Restructuring reserve balance $ 101 $26
Read in the filing ↗ Also in 10-Q of Aug 3, 2026
As of (in millions) September 30, 2025 December 31, 2024 Restructuring reserve balance $ 69 $26
Read in the filing ↗ Also in 10-Q of Nov 2, 2026
As of (in millions) March 31, 2026 December 31, 2025 Restructuring reserve balance $ 40 $59
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While we expect limited role reductions as a result of these restructuring activities, we anticipate that our overall employee base will remain relatively unchanged upon completion of the 2023 Restructuring Plan as new jobs are created in areas of growth and resources are deployed to support an expanding portfolio and growing global market needs.
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• Risks associated with changes made or expected to be made to our organizational and operational structure, pursuant to our restructuring plans as well as any further restructuring or optimization plans we may undertake in the future or any divestitures of assets or businesses, and our ability to recognize benefits and cost reductions from such actions,
Read in the filing ↗ Also in 10-Q of Aug 1, 2025, 10-Q of Nov 3, 2025
considered part of our core, ongoing operations. In addition, we may incur certain charges such as severance and other compensation-related charges, fixed asset write-offs, contract cancellations, facility shutdown costs, and inventory write-downs associated with discontinuations of significant product lines. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring- related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance.
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Other costs associated with exit activities may include contract termination costs and consulting fees, which are expensed in accordance with FASB ASC Topic 420 and are included within Restructuring net charges (credits) in our consolidated statements of operations. We recorded Restructuring net charges (credits) of $ 16 million in 2024, $ 69 million in 2023 and $ 24 million in 2022. The restructuring reserve balance as of December 31, 2024 and 2023 was $ 26 million and $ 41 million, respectively. Additionally, costs directly related to our active restructuring initiatives, including program management costs, accelerated depreciation, fixed asset write-offs and costs to transfer product lines among facilities are included within Costs of products sold, Selling, general and administrative expenses and Research and development expenses within our consolidated statements of operations. Impairment of right of use lease assets and lease termination costs directly related to our active restructuring initiatives are expensed in accordance with FASB ASC Topic 842, Leases (FASB ASC Topic 842) and included within Costs of products sold or Selling, general and administrative expenses in our consolidated statements of operations.
Read in the filing ↗ Also in 10-K of Feb 17, 2026
… Key activities under the 2023 Restructuring Plan were initiated during the first quarter of 2023 and were substantially complete by the end of 2025. The 2023 Restructuring Plan is expected to result in total pre-tax charges of approximately $700 million to $800 million and reduce gross annual pre-tax expenses by approximately $350 million to $400 million as program …
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(4)Comprised of other costs directly related to the restructuring program, including program management, accelerated depreciation and fixed
Read in the filing ↗ Also in 10-K of Feb 18, 2025, 10-Q of Aug 1, 2025
3 Adjusted EPS excludes the impacts of certain charges (credits) which may include amortization expense, goodwill and intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio gains and losses, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), European Union Medical Device Regulation (EU MDR) implementation costs, debt extinguishment charges, deferred tax expenses (benefits) and discrete tax items.
Read in the filing ↗ Also in 8-K of Apr 22, 2026, 8-K of Apr 24, 2024, 8-K of Jul 24, 2024, 8-K of Oct 23, 2024, 8-K of Feb 5, 2025, 8-K of Apr 23, 2025, 8-K of Jul 23, 2025, 8-K of Oct 22, 2025, 8-K of Feb 4, 2026
… As a result of these assessments, we have undertaken prior restructuring and optimization initiatives to enhance our growth potential and position us for long-term success. On February 22, 2023, our Board of Directors approved, and we committed to, a new global restructuring program (the 2023 Restructuring Plan) intended to support our efforts to expand operating performance and meet evolving …
Read in the filing ↗ Also in 10-K of Feb 17, 2026
In addition, on May 28, 2025, we announced the discontinuation of worldwide sales of the ACURATE neo2™ and ACURATE Prime™ Aortic Valve Systems and that we would no longer pursue U.S. FDA approval for ACURATE or approval in other geographies. The decision resulted in total pre-tax restructuring and restructuring-related net charges of approximately $87 million in 2025. The activity was substantially complete at the end of 2025.
Read in the filing ↗ Also in 10-Q of Nov 3, 2025, 10-Q of Aug 1, 2025
The following presents costs (credits) by major type and line item within our accompanying unaudited condensed consolidated statements of operations associated with our restructuring plans:
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(4)Comprised of other costs directly related to the restructuring program, including program management, impairment of right of use lease assets, accelerated depreciation and fixed asset write-offs.
Read in the filing ↗ Also in 10-Q of May 1, 2026
These measures could yield unintended consequences, such as distraction of our management and employees, reduced employee productivity, business disruption, and inability to attract or retain key personnel, which could negatively affect our business, sales, financial condition and results of operations. Moreover, our restructuring and optimization initiatives result in charges and expenses which impact our operating results. We cannot guarantee that the activities under our restructuring plans or other optimization initiatives will result in the desired efficiencies and estimated cost savings.
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The company has not provided reconciliations of the forward-looking adjusted EPS guidance to GAAP guidance as it is unable to predict with reasonable certainty and without unreasonable efforts the impact of certain items such as intangible asset impairment charges, acquisition-related charges, restructuring and restructuring-related charges and litigation-related charges. The combined impact of these items is uncertain, dependent on various factors and cannot be predicted with reasonable certainty, and could be material to our GAAP measures of financial results.
Read in the filing ↗ Also in 8-K of Apr 22, 2026, 8-K of Jul 29, 2026, 8-K of Oct 28, 2026
The following table provides a summary of our estimates of total pre-tax charges and the cumulative pre-tax charges associated with the 2026 Restructuring Plan by major type of cost:
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(3) Consists of consulting fees and costs associated with contractual cancellations as well as other costs directly related to the restructuring program, including program management, accelerated depreciation and fixed asset write-offs.
Read in the filing ↗ Also in 10-Q of Aug 3, 2026, 10-Q of Nov 2, 2026
Those items requiring disclosure (non-recognized subsequent events) in the financial statements have been disclosed accordingly. Refer to Note H - Commitments and Contingencies and Note M - Restructuring-Related Activities for further details.
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While new jobs are created in areas of growth and resources are deployed to support our portfolio and global market needs, we do expect some headcount reductions to result from these restructuring activities.
Read in the filing ↗ Also in 10-Q of Nov 2, 2026
restructuring charges and restructuring-related expenses that may be excluded from consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), as defined by the credit agreement, for purposes of our maximum leverage ratio covenant, from December 31, 2022 to March 31, 2024, as further discussed under Financial Covenant below. This facility provides backing for our commercial paper program, and outstanding commercial paper directly reduces borrowing capacity under the 2021 Revolving Credit Facility. We had no amounts outstanding under the 2021 Revolving Credit Facility as of December 31, 2024 or December 31, 2023.
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