EXHIBIT 12
BOSTON SCIENTIFIC CORPORATION
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (unaudited)
| Year Ended December 31, | |||||||||||||||
| in millions | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||
| Fixed charges | |||||||||||||||
| Interest expense and amortization of debt issuance costs (a) | $ | 216 | $ | 324 | $ | 261 | $ | 281 | $ | 393 | |||||
| Interest portion of rental expense | 25 | 25 | 27 | 18 | 18 | ||||||||||
| Total fixed charges | $ | 241 | $ | 349 | $ | 288 | $ | 299 | $ | 411 | |||||
| Earnings | |||||||||||||||
| Income (loss) before income taxes | $ | (509 | ) | $ | (223 | ) | $ | (4,107 | ) | $ | 642 | $ | (1,063 | ) | |
| Fixed charges, per above | 241 | 349 | 288 | 299 | 411 | ||||||||||
| Total earnings (deficit), adjusted | $ | (268 | ) | $ | 126 | $ | (3,819 | ) | $ | 941 | $ | (652 | ) | ||
| Ratio of earnings to fixed charges (b) | 0.36 | 3.15 | |||||||||||||
a) The interest expense included in fixed charges above reflects only interest on third party indebtedness and excludes any interest expense accrued on uncertain tax positions, as permitted by Financial Accounting Standards Board Accounting Standards Codification™ Topic 740, Income Taxes.
b) Earnings were deficient by $268 million in 2014, $3.819 billion in 2012 and $652 million in 2010.
The ratio of earnings to fixed charges for the year ended December 31, 2014, is not necessarily indicative of results that may be expected in future years. The data above include certain charges (credits) recorded in conjunction with goodwill and intangible asset impairments, acquisitions, divestitures, restructuring-related activities, debt extinguishment charges, amortization, and/or litigation-related charges. The ratios above should be read in conjunction with our consolidated financial statements, including the notes thereto, included in Item 8 of this Annual Report on Form 10-K, which are incorporated by reference herein.