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Table of Contents

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, 2022
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 31, 2022 was 1,432,311,282.

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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)2022202120222021
Net sales$3,170 $2,932 $9,440 $8,761 
Cost of products sold979 900 2,945 2,739 
Gross profit2,191 2,032 6,495 6,022 
Operating expenses:
Selling, general and administrative expenses1,132 1,066 3,357 3,206 
Research and development expenses339 310 993 884 
Royalty expense11 14 34 38 
Amortization expense202 184 604 549 
Intangible asset impairment charges125 128 132 173 
Contingent consideration net expense (benefit)20 (26)68 (117)
Restructuring net charges (credits)4 9 18 18 
Litigation-related net charges (credits)— — 42 302 
Gain on disposal of businesses and assets— (40)— (48)
 1,833 1,645 5,248 5,003 
Operating income (loss)358 387 1,247 1,019 
Other income (expense):
Interest expense(63)(86)(406)(254)
Other, net(51)181 (96)192 
Income (loss) before income taxes245 483 745 957 
Income tax expense (benefit)57 64 188 10 
Net income (loss)188 419 558 946 
Preferred stock dividends(14)(14)(42)(42)
Net income (loss) available to common stockholders$174 $405 $516 $905 
Net income (loss) per common share — basic$0.12 $0.28 $0.36 $0.64 
Net income (loss) per common share — assuming dilution$0.12 $0.28 $0.36 $0.63 
Weighted-average shares outstanding
Basic1,431.6 1,423.8 1,429.7 1,421.3 
Assuming dilution1,440.0 1,435.6 1,438.7 1,433.0 




Refer to 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)2022202120222021
Net income (loss)$188 $419 $558 $946 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment26 (49)39 (130)
Net change in derivative financial instruments72 50 229 161 
Net change in defined benefit pensions and other items1 — 1 1 
Total other comprehensive income (loss)99 1 269 31 
Total comprehensive income (loss)$287 $420 $827 $978 









































Refer to notes to the unaudited consolidated financial statements. Amounts may not foot due to rounding.
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BOSTON SCIENTIFIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 As of
(in millions, except share and per share data)September 30, 2022December 31, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$338 $1,925 
Trade accounts receivable, net1,871 1,778 
Inventories1,788 1,610 
Prepaid income taxes262 205 
Other current assets884 799 
Total current assets5,144 6,317 
Property, plant and equipment, net2,273 2,252 
Goodwill12,852 11,988 
Other intangible assets, net6,058 6,121 
Deferred tax assets4,018 4,142 
Other long-term assets1,602 1,410 
TOTAL ASSETS$31,947 $32,229 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current debt obligations$20 $261 
Accounts payable803 794 
Accrued expenses1,974 2,436 
Other current liabilities752 783 
Total current liabilities3,549 4,274 
Long-term debt8,564 8,804 
Deferred income taxes278 310 
Other long-term liabilities1,916 2,220 
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, 2022 and December 31, 2021
— — 
Common stock, $0.01 par value - authorized 2,000,000,000 shares - issued 1,695,397,636 shares as of September 30, 2022 and 1,688,810,052 shares as of December 31, 2021
17 17 
Treasury stock, at cost - 263,289,848 shares as of September 30, 2022 and December 31, 2021
(2,251)(2,251)
Additional paid-in capital20,219 19,986 
Accumulated deficit(876)(1,392)
Accumulated other comprehensive income (loss), net of tax532 263 
Total stockholders’ equity17,640 16,622 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$31,947 $32,229 



Refer to 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)2022202120222021
Preferred stock shares issued
   Beginning10,062,500 10,062,500 10,062,500 10,062,500 
Preferred stock issuance— — — — 
   Ending10,062,500 10,062,500 10,062,500 10,062,500 
Common stock shares issued
   Beginning1,693,192,785 1,685,006,608 1,688,810,052 1,679,911,918 
Common stock issuance— — — — 
Impact of stock-based compensation plans2,204,851 3,017,030 6,587,584 8,111,720 
   Ending1,695,397,636 1,688,023,638 1,695,397,636 1,688,023,638 
Preferred stock
   Beginning$— $— $— $— 
Preferred stock issuance— — — — 
   Ending$— $— — $— 
Common stock
   Beginning$17 $17 $17 $17 
Common stock issuance— — — — 
Impact of stock-based compensation plans— — — — 
   Ending$17 $17 $17 $17 
Treasury Stock
Beginning$(2,251)$(2,251)$(2,251)$(2,251)
Repurchase of common stock— — — — 
Ending$(2,251)$(2,251)$(2,251)$(2,251)
Additional Paid-In Capital
Beginning$20,103 $19,817 $19,986 $19,732 
Impact of stock-based compensation plans116 113 233 199 
Ending$20,219 $19,930 $20,219 $19,930 
Accumulated Deficit
Beginning$(1,050)$(1,878)$(1,392)$(2,378)
Net income (loss)188 419 558 946 
Preferred stock dividends(14)(14)(42)(42)
Ending$(876)$(1,473)$(876)$(1,473)
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning$433 $237 $263 $207 
Changes in other comprehensive income (loss)99 1 269 31 
Ending$532 $238 $532 $238 
Total stockholders' equity$17,640 $16,462 17,640 16,462 







Refer to 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)20222021
Net income (loss)$558 $946 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities
Gain on disposal of businesses and assets— (48)
Depreciation and amortization842 803 
Deferred and prepaid income taxes(70)(49)
Stock-based compensation expense165 145 
Goodwill and other intangible asset impairment charges132 173 
Net loss (gain) on investments and notes receivable46 (208)
Contingent consideration net expense (benefit)68 (117)
Inventory step-up amortization32 15 
Debt extinguishment costs194 — 
Other, net92 48 
Increase (decrease) in operating assets and liabilities, excluding purchase accounting:
Trade accounts receivable(176)(131)
Inventories(275)(315)
Other assets(298)(145)
Accounts payable, accrued expenses and other liabilities(590)275 
Cash provided by (used for) operating activities719 1,392 
Investing activities:  
Purchases of property, plant and equipment and internal use software(376)(288)
Proceeds from sale of property, plant and equipment10 10 
Payments for acquisitions of businesses, net of cash acquired(1,542)(2,014)
Proceeds from (payments for) investments and acquisitions of certain technologies(36)279 
Proceeds from disposal of certain businesses and assets5 801 
Proceeds from royalty rights54 62 
Proceeds from settlements of hedge contracts56 15 
Cash provided by (used for) investing activities(1,828)(1,136)
Financing activities:  
Payment of contingent consideration previously established in purchase accounting(335)(14)
Payments for royalty rights(75)(85)
Payments on short-term borrowings(250)— 
Net increase (decrease) in commercial paper(1)— 
Payments on long-term borrowings and debt extinguishment costs(3,184)— 
Proceeds from long-term borrowings, net of debt issuance costs3,270 — 
Cash dividends paid on preferred stock(42)(42)
Cash used to net share settle employee equity awards(49)(48)
Proceeds from issuances of common stock pursuant to employee stock compensation and purchase plans117 102 
Cash provided by (used for) financing activities(549)(87)
Effect of foreign exchange rates on cash(12)(5)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents(1,671)164 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period2,168 1,995 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$497 $2,159 

Refer to 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)20222021
Supplemental Information
Stock-based compensation expense$165 $145 
Fair value of contingent consideration recorded in purchase accounting— 384 
Non-cash impact of transferred royalty rights(54)(62)

As of September 30,
Reconciliation to amounts within the unaudited consolidated balance sheets:20222021
Cash and cash equivalents$338 $1,947 
Restricted cash and restricted cash equivalents included in Other current assets
112 155 
Restricted cash equivalents included in Other long-term assets
48 57 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$497 $2,159 
























Refer to 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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.

In the first quarter of 2022, we reorganized our operational structure in order to strengthen our category leadership in the markets we serve and, in particular, benefit our Cardiology customers and patients. Following the reorganization, we have aggregated our core businesses into two reportable segments: MedSurg and Cardiovascular, each of which generates revenues from the sale of medical devices. We have revised prior periods to conform to the current year presentation.

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 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 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.

On June 15, 2022, we announced our entry into a definitive agreement with Synergy Innovation Co, Ltd, to purchase its majority stake of M.I. Tech Co., Ltd., (M.I. Tech), a publicly traded Korean manufacturer and distributor of medical devices for endoscopic and urological procedures. The agreement, whereby we will purchase approximately 64 percent of the outstanding shares of M.I. Tech, consists of a purchase price of KRW 291.2 billion or approximately $230 million at foreign currency exchange rates locked into at the time of the agreement via forward currency contracts. The acquisition is expected to close during the fourth quarter of 2022, subject to customary closing conditions. The M.I. Tech stent portfolio complements our existing Endoscopy portfolio which will provide physicians with more treatment options to meet specific patient needs.

2022 Acquisition

On February 14, 2022, we completed our acquisition of Baylis Medical Company Inc. (Baylis Medical), a privately-held company which has developed the radiofrequency (RF) NRG™ and VersaCross™ Transseptal Platforms as well as a family of guidewires, sheaths and dilators used to support left heart access, which expands our electrophysiology and structural heart product portfolios. The transaction consisted of an upfront cash payment of $1.463 billion, net of cash acquired, subject to closing adjustments. We are integrating the Baylis Medical business into our Cardiology division.


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Purchase Price Allocation

The preliminary purchase price 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 will be completed within the measurement period in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 805, Business Combinations (FASB ASC Topic 805).

(in millions)
Payment for acquisition, net of cash acquired$1,463 
$1,463 

The preliminary purchase price allocation was comprised of the following components:
(in millions)
Goodwill$988 
Amortizable intangible assets657 
Other assets acquired112 
Liabilities assumed(287)
Net deferred tax liabilities(7)
$1,463 

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.

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
Amortizable intangible assets:
Technology-related$622 1111%
Other intangible assets36 1111%
$657 
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 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 had 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 during 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 an additional revenue-based milestone payment of $216 million made during the second quarter of 2022. The Preventice business is being managed by our Cardiology division.

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On August 6, 2021, we completed our acquisition of the remaining shares of Farapulse, Inc. (Farapulse), a privately-held company that 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 had 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, $114 million of milestone and revenue-based payments made to date, as well as approximately $120 million in future revenue-based milestone payments. The Farapulse business is being integrated into our Cardiology 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 $1.032 billion, net of cash acquired. The Lumenis business is being integrated into our Urology and Pelvic Health division.

Purchase Price Allocation

We accounted for these acquisitions as business combinations, and in accordance with FASB ASC Topic 805, we recorded the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The final purchase prices were comprised of the following components:

(in millions)PreventiceLumenisFarapulseTotal
Payment for acquisition, net of cash acquired$706 $1,032 $268 $2,007 
Fair value of contingent consideration221 — 162 384 
Fair value of prior interest269 — 222 491 
$1,197 $1,032 $653 $2,882 

(in millions)PreventiceLumenisFarapulseTotal
Goodwill$926 $534 $384 $1,843 
Amortizable intangible assets237 423 267 928 
Indefinite-lived intangible assets— 69 43 112 
Other assets acquired65 297 9 372 
Liabilities assumed(32)(282)(10)(323)
Net deferred tax liabilities— (9)(40)(49)
$1,197 $1,032 $653 $2,882 

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We allocated a portion of the 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$388 1211%
Other intangible assets35 1111%
Indefinite-lived intangible assets:
In-process research and development (IPR&D)69 N/A12%
$492 
Farapulse:
Amortizable intangible assets:
Technology-related$267 1216%
Indefinite-lived intangible assets:
In-process research and development (IPR&D)43 N/A17%
$310 

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.

During the first nine months of 2022, we recorded certain measurement period adjustments related to our prior year acquisition of the surgical business of Lumenis. We recorded an accrued income tax liability within Other non-current liabilities within our accompanying unaudited consolidated balance sheets of $183 million related to uncertain tax positions assumed in connection with the acquisition. We were indemnified by the sellers for the majority of such tax obligations and recognized a corresponding indemnification asset of $177 million at the acquisition date within Other non-current assets within our accompanying unaudited consolidated balance sheets. Subsequent to the acquisition date, interest and penalties accrued on the tax liability are being recorded within Income tax expense (benefit) and corresponding adjustments to the indemnification asset are being recorded in Other, net within our accompanying unaudited consolidated statements of operations. The outcome of these matters is subject to uncertainty and ultimately, the amount of tax due and the related indemnification reimbursement we receive will be dependent on the outcome of tax return examinations by relevant authorities. Refer to Note F – Supplemental Balance Sheet Information for further details regarding our indemnification asset.

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, 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.

During the third quarter and first nine months of 2021, we recognized a Gain on disposal of businesses and assets associated with the transaction within our accompanying unaudited consolidated statements of operations. 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.
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Contingent Consideration

Changes in the fair value of our contingent consideration liability during the first nine months of 2022 were as follows:

(in millions)
Balance as of December 31, 2021$486 
Contingent consideration net expense (benefit)68 
Contingent consideration payments(371)
Balance as of September 30, 2022$182 

The payments made during the first nine months of 2022 were primarily related to our prior year acquisitions of Farapulse and Preventice. As of September 30, 2022, the maximum amount of future contingent consideration (undiscounted) that we could be required to pay associated with our completed acquisitions was approximately $400 million. 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, 2022Valuation TechniqueUnobservable InputRange
Weighted Average(1)
R&D, Regulatory and Commercialization-based Milestones$48 millionDiscounted Cash FlowDiscount Rate1%-2%1%
Probability of Payment70%-80%74%
Projected Year of Payment2023-20252024
Revenue-based Payments$134 millionDiscounted Cash FlowDiscount Rate6%-14%7%
Probability of Payment100%100%
Projected Year of Payment2023-20242023
(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 milestones and revenue-based payments 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, 2022.

Strategic Investments

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

As of
(in millions)September 30, 2022December 31, 2021
Equity method investments$207 $259 
Measurement alternative investments(1)
171 142 
Publicly-held securities(2)
3 10 
Notes receivable8 — 
$389 $412 
(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 securities are measured at fair value with changes in fair value recognized in Other, net within our accompanying unaudited consolidated statements of operations.

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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.

As of September 30, 2022, the cost of our aggregated equity method investments exceeded our share of the underlying equity in net assets by $242 million, which represents amortizable intangible assets, in-process research and development (IPR&D), goodwill and deferred tax liabilities.

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 goodwill impairment charges are as follows:
As of September 30, 2022As of December 31, 2021
(in millions)Gross Carrying AmountAccumulated Amortization/ Write-offsGross Carrying AmountAccumulated Amortization/ Write-offs
Technology-related$12,339 $(7,190)$11,957 $(6,754)
Patents488 (395)494 (398)
Other intangible assets1,975 (1,390)1,900 (1,325)
Amortizable