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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 1-11083
BOSTON SCIENTIFIC CORPORATION
(Exact name of registrant as specified in its charter)
Delaware04-2695240
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
    300 Boston Scientific Way, Marlborough, Massachusetts                    01752-1234
        (Address of Principal Executive Offices)                         (Zip Code)
508 683-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBSXNew York Stock Exchange
0.625% Senior Notes due 2027BSX27New York Stock Exchange
5.50% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per shareBSX PR ANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The number of shares outstanding of Common Stock, $0.01 par value per share, as of October 29, 2021 was 1,424,992,477.

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TABLE OF CONTENTS
  Page No.
 
   
   
 
   
 
   
 
   
 
   
   
   
   
   
   
 
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PART I
FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

BOSTON SCIENTIFIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except per share data)2021202020212020
Net sales$2,932 $2,659 $8,761 $7,204 
Cost of products sold900 869 2,739 2,465 
Gross profit2,032 1,790 6,022 4,740 
Operating expenses:
Selling, general and administrative expenses1,066 984 3,206 2,760 
Research and development expenses310 315 884 857 
Royalty expense14 12 38 32 
Amortization expense184 197 549 595 
Intangible asset impairment charges128 219 173 452 
Contingent consideration net expense (benefit)(26)6 (117)(102)
Restructuring net charges (credits)9 3 18 16 
Litigation-related net charges (credits)— 260 302 260 
Gain on disposal of businesses and assets(40)— (48)— 
 1,645 1,995 5,003 4,870 
Operating income (loss)387 (205)1,019 (130)
Other income (expense):
Interest expense(86)(86)(254)(265)
Other, net181 64 192 9 
Income (loss) before income taxes483 (227)957 (386)
Income tax expense (benefit)64 (72)10 (94)
Net income (loss)419 (155)946 (292)
Preferred stock dividends(14)(14)(42)(19)
Net income (loss) available to common stockholders$405 $(169)$905 $(311)
Net income (loss) per common share — basic$0.28 $(0.12)$0.64 $(0.22)
Net income (loss) per common share — assuming dilution$0.28 $(0.12)$0.63 $(0.22)
Weighted-average shares outstanding
Basic1,423.8 1,430.9 1,421.3 1,413.0 
Assuming dilution1,435.6 1,430.9 1,433.0 1,413.0 




See notes to the unaudited consolidated financial statements. Amounts may not foot due to rounding.
3
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BOSTON SCIENTIFIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2021202020212020
Net income (loss)$419 $(155)$946 $(292)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment(49)84 (130)(104)
Net change in derivative financial instruments50 (64)161 (15)
Net change in defined benefit pensions and other items— — 1 — 
Total other comprehensive income (loss)1 20 31 (119)
Total comprehensive income (loss)$420 $(135)$978 $(411)









































See notes to the unaudited consolidated financial statements. Amounts may not foot due to rounding.
4
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BOSTON SCIENTIFIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 As of
(in millions, except share and per share data)September 30, 2021December 31, 2020
 (unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$1,947 $1,734 
Trade accounts receivable, net1,669 1,531 
Inventories1,603 1,351 
Prepaid income taxes217 194 
Assets held for sale— 1,133 
Other current assets792 751 
Total current assets6,229 6,694 
Property, plant and equipment, net2,109 2,084 
Goodwill11,820 9,951 
Other intangible assets, net6,227 5,917 
Deferred tax assets4,049 4,210 
Other long-term assets1,444 1,921 
TOTAL ASSETS$31,877 $30,777 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current debt obligations$261 $13 
Accounts payable674 513 
Accrued expenses2,418 2,197 
Other current liabilities669 958 
Total current liabilities4,022 3,681 
Long-term debt8,824 9,130 
Deferred income taxes274 330 
Other long-term liabilities2,296 2,309 
Commitments and contingencies
Stockholders’ equity  
Preferred stock, $0.01 par value - authorized 50,000,000 shares - issued 10,062,500 shares as of September 30, 2021 and December 31, 2020
— — 
Common stock, $0.01 par value - authorized 2,000,000,000 shares - issued 1,688,023,638 shares as of September 30, 2021 and 1,679,911,918 shares as of December 31, 2020
17 17 
Treasury stock, at cost - 263,289,848 shares as of September 30, 2021 and December 31, 2020
(2,251)(2,251)
Additional paid-in capital19,930 19,732 
Accumulated deficit(1,473)(2,378)
Accumulated other comprehensive income (loss), net of tax238 207 
Total stockholders’ equity16,462 15,326 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$31,877 $30,777 



See notes to the unaudited consolidated financial statements. Amounts may not foot due to rounding.
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BOSTON SCIENTIFIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except share data)2021202020212020
Preferred stock shares outstanding
   Beginning10,062,500 10,062,500 10,062,500 — 
Preferred stock issuance— — — 10,062,500 
   Ending10,062,500 10,062,500 10,062,500 10,062,500 
Common stock shares outstanding
   Beginning1,685,006,608 1,676,753,566 1,679,911,918 1,642,488,911 
Common stock issuance— — — 29,382,500 
Stock-based compensation3,017,030 2,674,643 8,111,720 7,556,798 
   Ending1,688,023,638 1,679,428,209 1,688,023,638 1,679,428,209 
Preferred stock
   Beginning$— $— $— $— 
Preferred stock issuance— — — — 
   Ending— $— — $— 
Common stock
   Beginning$17 $17 $17 $16 
Common stock issuance— — — — 
Stock-based compensation— — — — 
   Ending$17 $17 $17 $17 
Treasury Stock
Beginning$(2,251)$(1,717)$(2,251)$(1,717)
Repurchase of common stock— — — — 
Ending$(2,251)$(1,717)$(2,251)$(1,717)
Additional Paid-In Capital
Beginning$19,817 $19,590 $19,732 $17,561 
Preferred stock issuance— — — 975 
Common stock issuance— — — 975 
Stock-based compensation113 97 199 176 
Ending$19,930 $19,687 $19,930 $19,687 
Accumulated Deficit
Beginning$(1,878)$(2,405)$(2,378)$(2,253)
Net income (loss)419 (155)946 (292)
Cumulative effect adjustment for adoption of ASU 2016-13— — — (10)
Preferred stock dividends(14)(14)(42)(19)
Ending$(1,473)$(2,574)$(1,473)$(2,574)
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning$237 $131 $207 $270 
Total other comprehensive income (loss)1 20 31 (119)
Ending$238 $151 $238 $151 
Total stockholders' equity16,462 15,564 16,462 15,564 







See notes to the unaudited consolidated financial statements. Amounts may not foot due to rounding.
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BOSTON SCIENTIFIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30,
(in millions)20212020
Net income (loss)$946 $(292)
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities
Gain on disposal of businesses and assets(48)— 
Depreciation and amortization803 834 
Deferred and prepaid income taxes(49)(13)
Stock-based compensation expense145 128 
Intangible asset impairment charges173 452 
Net loss (gain) on investments and notes receivable(208)(29)
Contingent consideration net expense (benefit)(117)(102)
Inventory step-up amortization15 42 
Foreign exchange (gain) loss17 13 
Other, net32 46 
Increase (decrease) in operating assets and liabilities, excluding purchase accounting:
Trade accounts receivable(131)242 
Inventories(315)(1)
Other assets(145)(119)
Accounts payable, accrued expenses and other liabilities275 (364)
Cash provided by (used for) operating activities1,392 835 
Purchases of property, plant and equipment(288)(217)
Proceeds from sale of property, plant and equipment10 6 
Payments for acquisitions of businesses, net of cash acquired(2,014)(3)
Proceeds from royalty rights62 66 
Payments for investments and acquisitions of certain technologies(51)(130)
Proceeds from sale of investments and disposition of certain assets329 — 
Proceeds from disposal of businesses801 15 
Proceeds from settlements of hedge contracts15 — 
Cash provided by (used for) investing activities(1,136)(264)
Payment of contingent consideration previously established in purchase accounting(14)(35)
Payments for royalty rights(85)(97)
Payments on short-term borrowings— (2,950)
Proceeds from short-term borrowings, net of debt issuance costs— 2,245 
Net increase (decrease) in commercial paper— (714)
Payments on borrowings from credit facilities— (1,919)
Proceeds from borrowings on credit facilities— 1,916 
Payments on long-term borrowings and debt extinguishment costs— (1,000)
Proceeds from long-term borrowings, net of debt issuance costs— 1,683 
Cash dividends paid on preferred stock(42)(14)
Net proceeds from issuance of preferred stock in connection with public offering— 975 
Net proceeds from issuance of common stock in connection with public offering— 975 
Cash used to net share settle employee equity awards(48)(59)
Proceeds from issuances of common stock pursuant to employee stock compensation and purchase plans102 107 
Cash provided by (used for) financing activities(87)1,112 
Effect of foreign exchange rates on cash(5)(8)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents164 1,675 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period1,995 607 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$2,159 $2,282 
See notes to the unaudited consolidated financial statements. Amounts may not foot due to rounding.
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BOSTON SCIENTIFIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(SUPPLEMENTAL INFORMATION)

Nine Months Ended September 30,
(in millions)20212020
Supplemental Information
Stock-based compensation expense$145 $128 
Fair value of contingent consideration recorded in purchase accounting384 — 
Non-cash impact of transferred royalty rights(62)(66)

As of September 30,
Reconciliation to amounts in the unaudited consolidated balance sheets:20212020
Cash and cash equivalents$1,947 $2,022 
Restricted cash and restricted cash equivalents included in Other current assets
155 214 
Restricted cash equivalents included in Other long-term assets
57 46 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$2,159 $2,282 
























See notes to the unaudited consolidated financial statements. Amounts may not foot due to rounding.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE A – BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Boston Scientific Corporation have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X, and they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. When used in this report, the terms, "we," "us," "our," and "the Company" mean Boston Scientific Corporation and its divisions and subsidiaries. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Accordingly, our unaudited consolidated financial statements and footnotes thereto should be read in conjunction with our audited consolidated financial statements and footnotes thereto included in Item 8 of our most recent Annual Report on Form 10-K.

Amounts reported in millions within this Quarterly Report on Form 10-Q are computed based on the amounts in thousands. As a result, the sum of the components may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts.

Subsequent Events
We evaluate events occurring after the date of our accompanying unaudited consolidated balance sheet for potential recognition or disclosure in our financial statements. Those items requiring recognition in the financial statements have been recorded and disclosed accordingly. Those items requiring disclosure (non-recognized subsequent events) in the financial statements have been disclosed accordingly. Refer to Note B – Acquisitions, Divestitures and Strategic Investments, Note H – Commitments and Contingencies and Note I – Stockholders' Equity for further details.

NOTE B – ACQUISITIONS, DIVESTITURES AND STRATEGIC INVESTMENTS

Our accompanying unaudited consolidated financial statements include the operating results for acquired entities from the respective dates of acquisition. We completed three acquisitions and one divestiture in the first nine months of 2021 and did not complete any significant acquisitions or divestitures during the first nine months of 2020. We have not presented supplemental pro forma financial information for completed acquisitions or divestitures given their results are not material to our accompanying unaudited consolidated financial statements. Further, transaction costs were immaterial to our accompanying unaudited consolidated financial statements and were expensed as incurred.

In addition, on September 21, 2021, we announced our entry into a definitive agreement to acquire Devoro Medical, Inc. (Devoro Medical), a privately-held company which has developed the WOLF Thrombectomy® Platform, designed to capture and extract blood clots in arterial, venous and pulmonary embolism procedures. We have been an investor in Devoro Medical since 2019 and hold an equity stake of approximately 16 percent. The transaction price consists of an upfront cash payment of $320 million, or approximately $269 million after adjustments for our current equity ownership, debt, and other closing adjustments; and up to $80 million upon achievement of certain clinical and regulatory milestones, or approximately $67 million after adjustments for current equity ownership. The acquisition is expected to close in the fourth quarter of 2021, subject to customary closing conditions. Following the closing of the acquisition, we plan to integrate the Devoro Medical business into our Peripheral Interventions division.

Further, on October 6, 2021, we announced our entry into a definitive agreement to acquire Baylis Medical Company Inc. (Baylis Medical), a privately-held company which has developed the radiofrequcncy (RF) NRG™ and VersaCross™ Transseptal Platforms as well as a family of guidewires, sheaths and dilators used to support left heart access, which will expand our electrophysiology and structural heart product portfolios. The transaction consists of an upfront cash payment of $1.75 billion subject to closing adjustments. The acquisition is expected to close during the first quarter of 2022, subject to customary closing conditions. Following the closing of the acquisition, we plan to integrate the Baylis Medical business into our Electrophysiology division.

2021 Acquisitions

On March 1, 2021, we completed the acquisition of Preventice Solutions, Inc. (Preventice), a privately-held company which offers a full portfolio of mobile cardiac health solutions and services, ranging from ambulatory cardiac monitors, to cardiac
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event monitors and mobile cardiac telemetry. The transaction consisted of an upfront cash payment of $925 million and up to an additional $300 million in a potential commercial milestone payment. We have been an investor in Preventice since 2015 and held an equity stake of approximately 22 percent immediately prior to the acquisition date. We remeasured the fair value of our previously-held investment based on the allocation of the purchase price according to priority of equity interests, which resulted in a $195 million gain recognized within Other, net in the first quarter of 2021. The transaction price for the remaining stake consisted of an upfront cash payment of $706 million, net of cash acquired, and up to approximately $230 million in future milestone payments. The Preventice business is being managed by our Cardiac Rhythm Management division.

On August 6, 2021, we completed our acquisition of the remaining shares of Farapulse, Inc. (Farapulse), a privately-held company that has developed a non-thermal ablation system for the treatment of atrial fibrillation (AF) and other cardiac arrhythmias. The transaction consisted of an upfront cash payment of $450 million, up to $125 million upon achievement of certain clinical and regulatory milestones and additional revenue-based payments over the next three years. We have been an investor in Farapulse since 2014 and held an equity stake of approximately 27 percent immediately prior to the acquisition date. We remeasured the fair value of our previously-held investment based on the allocation of the purchase price according to priority of equity interests which resulted in a $222 million gain recognized within Other, net during the third quarter of 2021. The transaction price for the remaining stake consisted of an upfront cash payment of $268 million, net of cash acquired, and up to approximately $92 million in future milestone payments. The Farapulse business is being integrated into our Electrophysiology division.

On September 1, 2021, we completed our acquisition of the global surgical business of Lumenis LTD. (Lumenis), a privately-held company that develops and commercializes energy-based medical solutions, including innovative laser systems, fibers and accessories used for urology and otolaryngology procedures. The transaction consisted of an upfront cash payment of $1.039 billion, net of cash acquired. The Lumenis business is being integrated into our Urology and Pelvic Health division.

Purchase Price Allocation

The preliminary purchase price for the acquisitions completed during the first nine months of 2021 was comprised of the amounts presented below, which represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed. The final determination of the fair value of certain assets and liabilities, in particular those associated with our acquisition of Lumenis, will be completed within the measurement period in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 805, Business Combinations. Due to the timing of the Lumenis acquisition, efforts to obtain information and complete the valuation studies necessary to determine the fair value of the various purchase price components are still ongoing.

(in millions)PreventiceLumenisFarapulseTotal
Payment for acquisition, net of cash acquired$706 $1,039 $268 $2,014 
Fair value of contingent consideration221 — 162 384 
Fair value of prior interest269 — 222 491 
$1,197 $1,039 $653 $2,889 

The preliminary purchase price allocation for these acquisitions was comprised of the following components:
(in millions)PreventiceLumenisFarapulseTotal
Goodwill$926 $582 $386 $1,894 
Amortizable intangible assets237 459 267 964 
Indefinite-lived intangible assets— — 43 43 
Other assets acquired65 115 9 190 
Liabilities assumed(32)(86)(10)(127)
Net deferred tax liabilities— (32)(43)(74)
$1,197 $1,039 $653 $2,889 

Goodwill was primarily established due to synergies expected to be gained from leveraging our existing operations, as well as revenue and cash flow projections associated with future technologies and is not deductible for tax purposes.
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We allocated a portion of the preliminary purchase price to the specific intangible asset categories as follows:
Amount Assigned
(in millions)
Weighted Average Amortization Period
(in years)
Risk-Adjusted Discount
Rates used in Purchase Price Allocation
Preventice:
Amortizable intangible assets:
Technology-related$215 910%
Other intangible assets22 810%
$237 
Lumenis:
Amortizable intangible assets:
Technology-related$417 1411%
Other intangible assets42 1311%
$459 
Farapulse:
Amortizable intangible assets:
Technology-related$267 1216%
Indefinite-lived intangible assets:
In-process research and development (IPR&D)43 N/A17%
$310 

2021 Divestiture

On March 1, 2021, we completed the divestiture of the Specialty Pharmaceuticals business to Stark International Lux S.A.R.L., and SERB SAS, affiliates of SERB, a European specialty pharmaceutical group, for a purchase price of approximately $800 million, which was subject to certain adjustments including cash on hand at the closing of the transaction. The agreement included the transfer of five facilities and approximately 280 employees globally.

We classified the assets and liabilities of the Specialty Pharmaceuticals business (disposal group) as held for sale within our consolidated balance sheet as of December 31, 2020 at their respective carrying values, which approximated fair value, less costs to sell. Assets within the disposal group are presented within Assets held for sale and liabilities are presented within Other current liabilities within our consolidated balance sheet as of December 31, 2020. Refer to Note C – Assets and Liabilities Held for Sale to our audited financial statements contained in Item 8 of our most recent Annual Report on Form 10-K for additional information. In the first nine months of 2021, we recognized a Gain on disposal of businesses and assets associated with the transaction of $9 million within our accompanying unaudited consolidated statements of operations.

Contingent Consideration

Changes in the fair value of our contingent consideration liability during the first nine months of 2021 were as follows:

(in millions)
Balance as of December 31, 2020$196 
Amount recorded related to current year acquisitions384 
Contingent consideration net expense (benefit)(117)
Contingent consideration payments(14)
Balance as of September 30, 2021$448 

As of September 30, 2021, the maximum amount of future contingent consideration (undiscounted) that we could be required to pay associated with our completed acquisitions was $919 million, which includes amounts related to our recent acquisitions of
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Preventice and Farapulse. Refer to Note B – Acquisitions and Strategic Investments to our audited financial statements contained in Item 8 of our most recent Annual Report on Form 10-K for additional information.

The recurring Level 3 fair value measurements of our contingent consideration liability that we expect to be required to settle include the following significant unobservable inputs:
Contingent Consideration LiabilityFair Value as of September 30, 2021Valuation TechniqueUnobservable InputRange
Weighted Average(1)
R&D, Regulatory and Commercialization-based Milestones$109 millionDiscounted Cash FlowDiscount Rate1%-2%1%
Probability of Payment20%-95%79%
Projected Year of Payment2023-20272023
Revenue-based Payments$340 millionDiscounted Cash FlowDiscount Rate4%-14%6%
Probability of Payment100%100%
Projected Year of Payment2021-20242022
(1)    Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. For projected year of payment, the amount represents the median of the inputs and is not a weighted average.

Projected contingent payment amounts related to research and development (R&D), regulatory and commercialization-based and revenue-based milestones are discounted back to the current period, primarily using a discounted cash flow model. Significant increases or decreases in projected revenues, probabilities of payment, discount rates or the time until payment is made would have resulted in a significantly lower or higher fair value measurement as of September 30, 2021.

Strategic Investments

The aggregate carrying amount of our strategic investments was comprised of the following:

As of
(in millions)September 30, 2021December 31, 2020
Equity method investments$266 $319 
Measurement alternative investments(1)
164 183 
Publicly-held equity securities(2)
4 414 
Notes receivable— 2 
$434 $918 
(1)    Measurement alternative investments are privately-held equity securities without readily determinable fair values that are measured at cost less impairment, if any, adjusted to fair value for any observable price changes in orderly transactions for the identical or a similar investment of the same issuer, recognized in Other, net within our accompanying unaudited consolidated statements of operations.
(2)    Publicly-held equity securities are measured at fair value with changes in fair value recognized in Other, net within our accompanying unaudited consolidated statements of operations.

These investments are classified as Other long-term assets within our accompanying unaudited consolidated balance sheets, in accordance with U.S. GAAP and our accounting policies.

In the third quarter and first nine months of 2021, we recorded losses of $24 million and $178 million, respectively, on our investment in Pulmonx Corporation presented in Other, net associated with the remeasurement of our investment during the period to fair value based on observable market prices, as well as the disposition of our remaining ownership. On March 1, 2021, we completed our acquisition of Preventice, in which we previously held an equity interest of approximately 22 percent and on August 6, 2021, we completed the acquisition of the remaining shares of Farapulse, in which we previously held an equity stake of approximately 27 percent. As of September 30, 2021, the cost of our aggregated equity method investments exceeded our share of the underlying equity in net assets by $289 million, which represents amortizable intangible assets, in-process research and development (IPR&D), goodwill and deferred tax liabilities.

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NOTE C – GOODWILL AND OTHER INTANGIBLE ASSETS

The gross carrying amount of goodwill and other intangible assets and the related accumulated amortization for intangible assets subject to amortization and accumulated write-offs of goodwill are as follows:
As of September 30, 2021As of December 31, 2020
(in millions)Gross Carrying Amount
Accumulated Amortization/ Write-offs(1)
Gross Carrying AmountAccumulated Amortization/ Write-offs
Technology-related$11,787 $(6,590)$11,059 $(6,179)
Patents497 (399)511 (407)
Other intangible assets1,859 (1,301)1,775 (1,220)
Amortizable intangible assets$14,143 $(8,290)$13,345 $(7,806)
    
Goodwill$21,720 $(9,900)$19,924 $(9,973)
IPR&D$254 $257 
Technology-related120 120 
Indefinite-lived intangible assets$374 $377 
(1)    In the fourth quarter of 2020, we recorded goodwill impairment charges of $73 million related to the Specialty Pharmaceuticals business and classified the remaining assets and liabilities as held for sale as of December 31, 2020. On March 1, 2021, we completed the divestiture of the Specialty Pharmaceuticals business. The goodwill impairment charges of $73 million related to the Specialty Pharmaceuticals business are no longer presented within accumulated write-offs above as of September 30, 2021.

The increase in our balance of goodwill and intangible assets is primarily related to our acquisitions completed in the first nine months of 2021.

Our technology-related intangible assets consist of technical processes, intellectual property and institutional understanding with respect to products and processes that we intend to leverage in future products or processes and will carry forward from one product generation to the next. We used the multi-period excess earnings method, a form of the income approach, to derive the fair value of the technology-related intangible assets and are amortizing them on a straight-line basis over their assigned estimated useful lives. Our in-process research and development (IPR&D) represents intangible assets that are used in research and development activities but have not yet reached technological feasibility, regardless of whether they have alternative future use. The primary basis for determining the technological feasibility or completion of these projects is obtaining regulatory approval to market the underlying products in an applicable geographic region.

The following represents our goodwill balance by global reportable segment: