EDWARDS LIFESCIENCES CORP, 10-K filed on 2/12/2024
Annual Report
v3.24.0.1
Cover - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 31, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-15525    
Entity Registrant Name EDWARDS LIFESCIENCES CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 36-4316614    
Entity Address, Address Line One One Edwards Way    
Entity Address, City or Town Irvine    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 92614    
City Area Code 949    
Local Phone Number 250-2500    
Title of 12(b) Security Common Stock, par value $1.00 per share    
Trading Symbol EW    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 56,849,824,065
Entity Common Stock, Shares Outstanding   601.3  
Documents Incorporated by Reference
Portions of the registrant's proxy statement for the 2024 Annual Meeting of Stockholders (to be filed within 120 days of December 31, 2023) are incorporated by reference into Part III, as indicated herein.
    
Entity Central Index Key 0001099800    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Irvine, California
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 1,144.0 $ 769.0
Short-term investments (Note 7) 500.5 446.3
Accounts receivable, net of allowances of $8.3 and $7.9, respectively 775.1 643.0
Other receivables 61.8 56.1
Inventories (Note 5) 1,168.2 875.5
Prepaid expenses 146.8 110.0
Other current assets 239.3 195.9
Total current assets 4,035.7 3,095.8
Long-term investments (Note 7) 583.9 1,239.0
Property, plant, and equipment, net (Note 5) 1,749.4 1,632.8
Operating lease right-of-use assets (Note 6) 94.0 92.3
Goodwill (Note 10) 1,253.5 1,164.3
Other intangible assets, net (Note 10) 428.4 285.2
Deferred income taxes 754.6 484.0
Other assets 463.7 299.1
Total assets 9,363.2 8,292.5
Current liabilities    
Accounts payable 201.4 201.9
Accrued and other liabilities (Note 5) 969.1 795.0
Operating lease liabilities (Note 6) 24.9 25.5
Total current liabilities 1,195.4 1,022.4
Long-term debt (Note 11) 597.0 596.3
Contingent consideration liabilities (Note 12) 0.0 26.2
Taxes payable (Note 18) 80.6 143.4
Operating lease liabilities (Note 6) 73.0 69.5
Uncertain tax positions (Note 18) 339.3 267.5
Litigation settlement accrual (Note 3) 94.2 143.0
Other liabilities 264.3 217.5
Total liabilities 2,643.8 2,485.8
Commitments and contingencies (Notes 6, 11, and 19)
Stockholders' equity (Note 15)    
Preferred stock, $0.01 par value, authorized 50.0 shares, no shares outstanding 0.0 0.0
Common stock, $1.00 par value, 1,050.0 shares authorized, 650.5 and 646.3 shares issued, and 601.1 and 608.3 shares outstanding, respectively 650.5 646.3
Additional paid-in capital 2,274.4 1,969.3
Retained earnings 8,992.4 7,590.0
Accumulated other comprehensive loss (Note 16) (242.8) (254.9)
Treasury stock, at cost, 49.4 and 38.0 shares, respectively (5,024.5) (4,144.0)
Total Edwards Lifesciences Corporation stockholders' equity 6,650.0 5,806.7
Noncontrolling interest (Note 9) 69.4 0.0
Total stockholders' equity 6,719.4 5,806.7
Total liabilities and stockholders' equity $ 9,363.2 $ 8,292.5
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 8.3 $ 7.9
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 50,000,000.0 50,000,000.0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 1.00 $ 1.00
Common stock, shares authorized (in shares) 1,050,000,000 1,050,000,000
Common stock, shares issued (in shares) 650,500,000 646,300,000
Common stock, shares outstanding (in shares) 601,100,000 608,300,000
Treasury stock (in shares) 49,400,000 38,000,000.0
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Net sales $ 6,004.8 $ 5,382.4 $ 5,232.5
Cost of sales 1,379.8 1,080.4 1,248.9
Gross profit 4,625.0 4,302.0 3,983.6
Selling, general, and administrative expenses 1,824.6 1,567.6 1,493.7
Research and development expenses 1,071.8 945.2 903.1
Intellectual property agreement and litigation expense (Note 3) 203.5 15.8 20.6
Change in fair value of contingent consideration liabilities (Note 12) (26.2) (35.8) (124.1)
Special charge and separation costs (Note 4) 17.2 60.7 0.0
Operating income 1,534.1 1,748.5 1,690.3
Interest expense 17.6 19.2 18.4
Interest income (67.2) (35.5) (17.4)
Other income, net (Note 17) (14.4) (2.6) (12.7)
Income before provision for income taxes 1,598.1 1,767.4 1,702.0
Provision for income taxes (Note 18) 198.7 245.5 198.9
Net income 1,399.4 1,521.9 1,503.1
Net loss attributable to noncontrolling interest (3.0) 0.0 0.0
Net income attributable to Edwards Lifesciences Corporation. $ 1,402.4 $ 1,521.9 $ 1,503.1
Earnings per share attributable to Edwards Lifesciences Corporation:      
Basic (in dollars per share) $ 2.31 $ 2.46 $ 2.41
Diluted (in dollars per share) $ 2.30 $ 2.44 $ 2.38
Weighted-average number of common shares outstanding attributable to Edwards Lifesciences Corporation:      
Basic (in shares) 606.7 619.0 623.3
Diluted (in shares) 609.4 624.2 631.2
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 1,399.4 $ 1,521.9 $ 1,503.1
Other comprehensive income (loss), net of tax (Note 16):      
Foreign currency translation adjustments 4.3 (46.3) (50.1)
Unrealized (loss) gain on hedges (23.1) (5.9) 57.4
Unrealized pension (costs) credits (9.9) 13.7 11.6
Unrealized gain (loss) on available-for-sale investments 40.8 (58.7) (15.5)
Other comprehensive income (loss), net of tax 12.1 (97.2) 3.4
Comprehensive income 1,411.5 1,424.7 1,506.5
Comprehensive loss attributable to noncontrolling interest (3.0) 0.0 0.0
Comprehensive income attributable to Edwards Lifesciences Corporation $ 1,414.5 $ 1,424.7 $ 1,506.5
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 1,399.4 $ 1,521.9 $ 1,503.1
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 144.9 139.6 134.8
Non-cash operating lease cost 28.2 27.2 28.5
Stock-based compensation (Notes 2 and 15) 139.4 126.8 109.3
Impairment charges (Note 4) 0.0 55.1 4.0
Change in fair value of contingent consideration liabilities (Note 12) (26.2) (35.8) (124.1)
Loss (gain) on investments, net 0.1 51.5 (36.8)
Deferred income taxes (272.1) (254.5) (41.4)
Other 8.4 7.8 9.4
Changes in operating assets and liabilities:      
Accounts and other receivables, net (141.2) (84.1) (91.1)
Inventories (289.0) (213.4) 19.0
Prepaid expenses and other current assets (81.8) 0.1 7.9
Accounts payable and accrued liabilities 146.0 (21.4) 195.2
Intellectual property agreement accrual (33.0) (45.0) (29.2)
Income taxes (5.8) (5.6) 62.0
Long-term prepaid royalties (Note 3) (109.9) 0.0 0.0
Other (11.6) (52.0) (18.5)
Net cash provided by operating activities 895.8 1,218.2 1,732.1
Cash flows from investing activities      
Capital expenditures (253.0) (244.6) (325.8)
Purchases of held-to-maturity investments (Note 7) (66.4) (353.5) (250.0)
Proceeds from sales and maturities of held-to-maturity investments (Note 7) 97.9 419.5 138.0
Purchases of available-for-sale investments (Note 7) (9.1) (315.8) (1,629.3)
Proceeds from sales and maturities of available-for-sale investments (Note 7) 617.9 939.6 391.2
Business combination, net of cash (Note 9) (95.2) 0.0 0.0
Payments for acquisition options (Note 8) (30.0) (109.6) (13.1)
Issuances of notes receivable (62.5) (52.3) (5.1)
Collections of notes receivable 0.0 18.0 20.0
Investments in intangible assets (13.3) (20.2) (4.0)
Other (12.5) (28.8) (44.4)
Net cash provided by (used in) investing activities 173.8 252.3 (1,722.5)
Cash flows from financing activities      
Proceeds from issuance of debt 0.0 0.0 5.2
Payments on debt and finance lease obligations (0.3) (0.2) (7.0)
Purchases of treasury stock (879.6) (1,727.1) (512.8)
Proceeds from stock plans 169.9 146.4 158.6
Other (1.0) (3.6) (0.3)
Net cash used in financing activities (711.0) (1,584.5) (356.3)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 16.8 19.2 13.9
Net increase (decrease) in cash, cash equivalents, and restricted cash 375.4 (94.8) (332.8)
Cash, cash equivalents, and restricted cash at beginning of year 772.6 867.4 1,200.2
Cash, cash equivalents, and restricted cash at end of year (Note 5) $ 1,148.0 $ 772.6 $ 867.4
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Total Edwards Lifesciences Corporation Stockholders' Equity
Common Stock
Treasury Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interest
Common stock, beginning balance (in shares) at Dec. 31, 2020     636.4          
Beginning balance at Dec. 31, 2020 $ 4,574.3 $ 4,574.3 $ 636.4 $ (1,904.1) $ 1,438.1 $ 4,565.0 $ (161.1) $ 0.0
Treasury stock, beginning balance (in shares) at Dec. 31, 2020       12.1        
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 1,503.1 1,503.1       1,503.1    
Other comprehensive income (loss), net of tax 3.4 3.4         3.4  
Common stock issued under equity plans (in shares)     5.6          
Common stock issued under equity plans 158.6 158.6 $ 5.6   153.0      
Stock-based compensation expense 109.3 109.3     109.3      
Purchases of treasury stock (in shares)       5.8        
Purchases of treasury stock (512.8) (512.8)   $ (512.8)        
Common stock, ending balance (in shares) at Dec. 31, 2021     642.0          
Ending balance at Dec. 31, 2021 5,835.9 5,835.9 $ 642.0 $ (2,416.9) 1,700.4 6,068.1 (157.7) 0.0
Treasury stock, ending balance (in shares) at Dec. 31, 2021       17.9        
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 1,521.9 1,521.9       1,521.9    
Other comprehensive income (loss), net of tax (97.2) (97.2)         (97.2)  
Common stock issued under equity plans (in shares)     4.3          
Common stock issued under equity plans 146.4 146.4 $ 4.3   142.1      
Stock-based compensation expense 126.8 126.8     126.8      
Purchases of treasury stock (in shares)       20.1        
Purchases of treasury stock $ (1,727.1) (1,727.1)   $ (1,727.1)        
Common stock, ending balance (in shares) at Dec. 31, 2022 608.3   646.3          
Ending balance at Dec. 31, 2022 $ 5,806.7 5,806.7 $ 646.3 $ (4,144.0) 1,969.3 7,590.0 (254.9) 0.0
Treasury stock, ending balance (in shares) at Dec. 31, 2022 38.0     38.0        
Increase (Decrease) in Stockholders' Equity                
Net income (loss) $ 1,399.4 1,402.4       1,402.4   (3.0)
Other comprehensive income (loss), net of tax 12.1 12.1         12.1  
Common stock issued under equity plans (in shares)     4.2          
Common stock issued under equity plans 169.9 169.9 $ 4.2   165.7      
Stock-based compensation expense 139.4 139.4     139.4      
Purchases of treasury stock (in shares)       11.4        
Purchases of treasury stock (880.5) (880.5)   $ (880.5)        
Changes to noncontrolling interest (Note 9) $ 72.4             72.4
Common stock, ending balance (in shares) at Dec. 31, 2023 601.1   650.5          
Ending balance at Dec. 31, 2023 $ 6,719.4 $ 6,650.0 $ 650.5 $ (5,024.5) $ 2,274.4 $ 8,992.4 $ (242.8) $ 69.4
Treasury stock, ending balance (in shares) at Dec. 31, 2023 49.4     49.4        
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DESCRIPTION OF BUSINESS
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS DESCRIPTION OF BUSINESS
Edwards Lifesciences Corporation ("Edwards Lifesciences," "Edwards," or the "Company") conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. Edwards Lifesciences is focused on technologies that treat structural heart disease and critically ill patients. The products and technologies provided by Edwards Lifesciences are categorized into the following main groups: Transcatheter Aortic Valve Replacement ("TAVR"), Transcatheter Mitral and Tricuspid Therapies ("TMTT"), Surgical Structural Heart ("Surgical"), and Critical Care. On December 7, 2023, the Company announced its intention to complete a tax-free spin-off of its Critical Care product group around the end of 2024. The planned separation will enable the Company to pursue expanded opportunities for TAVR, TMTT, and Surgical patients, as well as new investments in interventional heart failure technologies.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Edwards Lifesciences, its wholly-owned subsidiaries, and variable interest entities for which the Company is the primary beneficiary (see Note 8). The Company attributes the net income or losses of its consolidated variable interest entities to controlling and noncontrolling interests using the hypothetical liquidation at book value method. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The consolidated financial statements of Edwards Lifesciences have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") which have been applied consistently in all material respects. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.

Foreign Currency Translation

When the local currency of the Company's foreign entities is the functional currency, all assets and liabilities are translated into United States dollars at the rate of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted-average exchange rate prevailing during the period. The effects of foreign currency translation adjustments for these entities are deferred and reported in stockholders' equity as a component of "Accumulated Other Comprehensive Loss." The effects of foreign currency transactions denominated in a currency other than an entity's functional currency are included in "Other Income, net."

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products or services.

The Company generates nearly all of its revenue from direct product sales and sales of products under consignment arrangements. Revenue from direct product sales is recognized at a point in time when the performance obligation is satisfied upon delivery of the product. Revenue from sales of consigned inventory is recognized at a point in time when the performance obligation is satisfied once the product has been implanted or used by the customer. The Company periodically reviews consignment inventories to confirm the accuracy of customer reporting. The Company also generates a small portion of its revenue from service contracts, which is recognized ratably over the term of the contracts. Sales taxes and other similar taxes that the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company does not typically have any significant unusual payment terms beyond 90 days in its contracts with customers. In addition, the Company
receives royalty payments for the licensing of certain intellectual property and recognizes the royalty when the subsequent sale of product using the intellectual property occurs.

The amount of consideration the Company ultimately receives varies depending upon the return terms, sales rebates, discounts, and other incentives that the Company may offer, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely upon an assessment of historical payment experience, historical relationship to revenues, estimated customer inventory levels, and current contract sales terms with direct and indirect customers.

The Company's sales adjustment related to distributor rebates given to the Company's United States distributors represents the difference between the Company's sales price to the distributor and the negotiated price to be paid by the end-customer. This distributor rebate is recorded as a reduction to sales and a reduction to the distributor's accounts receivable at the time of sale to a distributor. The Company periodically monitors current pricing trends and distributor inventory levels to ensure the credit for future distributor rebates is fairly stated.

The Company offers volume rebates to certain group purchasing organizations ("GPOs") and customers based upon targeted sales levels. Volume rebates offered to GPOs are recorded as a reduction to sales and an obligation to the GPOs, as the Company expects to pay in cash. Volume rebates offered to customers are recorded as a reduction to sales and either a reduction to accounts receivable if the Company expects a net payment from the customer, or as an obligation to the customer if the Company expects to pay in cash. The provision for volume rebates is estimated based upon customers' contracted rebate programs, projected sales levels, and historical experience of rebates paid. The Company periodically monitors its customer rebate programs to ensure that the allowance and liability for accrued rebates is fairly stated.

Product returns are typically not significant because returns are generally not allowed unless the product is damaged at time of receipt. In limited circumstances, the Company may allow customers to return previously purchased products, such as for next-generation product offerings. For these transactions, the Company defers recognition of revenue on the sale of the earlier generation product based upon an estimate of the amount of product to be returned when the next-generation products are shipped to the customer.

The Company sells separately priced service contracts, which range from 12 to 36 months, to owners of its hemodynamic monitors. The Company invoices the customer the total amount of consideration at the inception of the contract and recognizes revenue ratably over the term of the contract. As of December 31, 2023 and 2022, $13.3 million and $10.6 million, respectively, of deferred revenue associated with outstanding service contracts was recorded in “Accrued and Other Liabilities” and "Other Liabilities." During 2023, the Company recognized as revenue $7.6 million that was included in the balance of deferred revenue as of December 31, 2022, and during 2022, the Company recognized as revenue $7.2 million that was included in the balance of deferred revenue as of December 31, 2021.

A limited number of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the transaction price is allocated to each performance obligation based on its relative standalone selling price charged to other customers.

The Company applies the optional exemption of not disclosing the amount of the transaction price allocated to unsatisfied performance obligations for contracts with an original expected duration of one year or less.

Shipping and Handling Costs

Shipping costs, which are costs incurred to physically move product from the Company's premises or third party distribution centers, including storage, to the customer's premises, are included in "Selling, General, and Administrative Expenses." Handling costs, which are costs incurred to store at the Company's premises, move, and prepare products for shipment, are included in "Cost of Sales." For the years ended December 31, 2023, 2022, and 2021, shipping costs of $99.4 million, $87.4 million, and $85.3 million, respectively, were included in "Selling, General, and Administrative Expenses."
Cash Equivalents

The Company considers highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. These investments are valued at cost, which approximates fair value.

Investments

The Company invests its excess cash in debt securities, including time deposits, commercial paper, United States government and agency securities, asset-backed securities, corporate debt securities, and municipal debt securities. Investments with maturities of one year or less are classified as short-term, and investments with maturities greater than one year are classified as long-term. Investments that the Company has the ability and intent to hold until maturity are classified as held-to-maturity and carried at amortized cost. Investments in debt securities that are classified as available-for-sale are carried at fair value with unrealized gains and losses included in "Accumulated Other Comprehensive Loss." The Company determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such designation at each balance sheet date.

The Company also has long-term equity investments in companies that are in various stages of development. These investments are reported at fair value or under the equity method of accounting, as appropriate. Equity investments that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Company accounts for investments in limited partnerships and limited liability corporations, whereby the Company owns a minimum of 3% of the investee's outstanding voting stock, under the equity method of accounting. These investments are recorded at the amount of the Company's investment and adjusted each period for the Company's share of the investee's income or loss, and dividends paid.

Realized gains and losses on investments that are sold are determined using the specific identification method, or the first-in, first-out method, depending on the investment type, and recorded to "Other Income, net." Income relating to investments in debt securities is recorded to "Interest Income."

Equity investments without readily determinable fair value are considered impaired when there is an indication that the fair value of the Company's interest is less than the carrying amount. Equity method investments are considered impaired when there is an indication of an other-than-temporary decline in value below the carrying amount. Impairments of equity investments are recorded in "Other Income, net."

Debt securities in an unrealized loss position are written down to fair value through "Other Income, net" if the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the length of time and the extent to which the security's fair value has been below cost, changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security to the amortized cost basis of the security to determine the allowance amount that should be recorded, if any.

Accounts Receivable

The majority of the Company’s accounts receivable arise from direct product sales and sales of products under consignment arrangements, and have payment terms that generally require payment within 30 to 90 days. The Company does not adjust its receivables for the effects of a significant financing component at contract inception if collection of the receivable is expected within one year or less from the time of sale. In countries where the Company has experienced a pattern of payments extending beyond the stated terms and collection of the receivable is expected beyond one year from the time of sale, the Company assesses whether the customer has a significant financing component and discounts the receivable and reduces the related revenues over the period of time that the Company estimates those amounts will be paid using the country’s market-based borrowing rate for such period.
The Company provides reserves against accounts receivable for estimated losses that may result from a customer’s inability to pay based on customer-specific analysis and general matters such as current assessments of past due balances, economic conditions and forecasts, and historical credit loss activity. Amounts determined to be uncollectible are charged or written-off against the reserve.

Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Market value for raw materials is based on replacement costs, and for other inventory classifications is based on net realizable value.

A write-down for excess or slow moving inventory is recorded for inventory which is obsolete, damaged, nearing its expiration date (generally triggered at six months prior to expiration), or slow moving (generally defined as quantities in excess of a two-year supply).

The Company allocates to inventory general and administrative costs that are related to the production process. These costs include insurance, manufacturing accounting and human resources personnel, and information technology. During the years ended December 31, 2023, 2022, and 2021, the Company allocated $96.9 million, $88.1 million, and $77.9 million, respectively, of general and administrative costs to inventory. General and administrative costs included in inventory at December 31, 2023 and 2022 were $45.7 million and $43.7 million, respectively.

At December 31, 2023 and 2022, $164.6 million and $128.6 million, respectively, of the Company's finished goods inventories were held on consignment.

Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost. Depreciation is principally calculated for financial reporting purposes on the straight-line method over the estimated useful lives of the related assets, which range from 10 to 40 years for buildings and improvements, from 3 to 15 years for machinery and equipment, and from 3 to 5 years for software. Leasehold improvements are amortized over the life of the related facility leases or the asset, whichever is shorter. Straight-line and accelerated methods of depreciation are used for income tax purposes. Construction in progress is not depreciated until the asset is ready for its intended use.

Depreciation expense for property, plant, and equipment was $138.9 million, $133.9 million, and $127.0 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Leases

The Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments. The Company's incremental borrowing rate is determined based on the estimated rate of interest for collateralized borrowing over a similar term as the associated lease. Right-of-use assets also include any lease payments made at or before lease commencement and any initial direct costs incurred, and exclude any lease incentives received.

The Company determines the lease term as the noncancellable period of the lease, and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recognized on the balance sheet. Certain of the Company’s leases include variable lease payments that are based on costs incurred or actual usage, or adjusted periodically based on an index or a rate. The Company’s leases do not contain any residual value guarantees.

The Company accounts for the lease and non-lease components as a single lease component for all of its leases except vehicle leases, for which the lease and non-lease components are accounted for separately.
Operating leases are included in “Operating Lease Right-of-Use Assets” and “Operating Lease Liabilities” on the Company’s consolidated balance sheets. See Note 6 for further information.

Acquisitions

Businesses that the Company acquires are included in its results of operations as of the acquisition date. The purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Contingent consideration obligations incurred in connection with a business combination are recorded at their fair values on the acquisition date and remeasured on a quarterly basis, with changes in their fair value recorded as an adjustment to earnings, until the related contingencies have been resolved. When the assets acquired do not meet the definition of a business combination, the transactions is accounted for as an asset acquisition. In an asset acquisition, the cost of the acquisition is allocated to the assets acquired and liabilities assumed based on their relative fair values. Upfront payments related to in-process research and development projects with no alternative future use are expensed upon acquisition.

Impairment of Goodwill and Long-lived Assets

Goodwill is reviewed for impairment annually in the fourth quarter of each fiscal year, or whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the Company performs a quantitative impairment test. The Company determined, after performing a qualitative review of each reporting unit, that it is more likely than not that the fair value of each of its reporting units substantially exceeds the respective carrying amounts. Accordingly, in 2023, 2022, and 2021, the Company did not record any goodwill impairment loss.

Indefinite-lived intangible assets relate to in-process research and development acquired in business combinations. The estimated fair values of in-process research and development projects acquired in a business combination which have not reached technological feasibility are capitalized and accounted for as indefinite-lived intangible assets subject to impairment testing until completion or abandonment of the projects. Upon successful completion of the project, the capitalized amount is amortized over its estimated useful life. If the project is abandoned, all remaining capitalized amounts are written off immediately. Indefinite-lived intangible assets are reviewed for impairment annually in the fourth quarter of each fiscal year, or whenever an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment loss is recognized when the asset's carrying value exceeds its fair value. In-process research and development projects acquired in an asset acquisition are expensed unless the project has an alternative future use.

Management reviews the carrying amounts of other finite-lived intangible assets and long-lived tangible assets whenever events or circumstances indicate that the carrying amounts of an asset may not be recoverable. Impairment indicators include, among other conditions, cash flow deficits, historic or anticipated declines in revenue or operating profit, and adverse legal or regulatory developments. If it is determined that such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization periods, their carrying values are reduced to estimated fair market value. Estimated fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. For the purposes of identifying and measuring impairment, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

In 2022, the Company recorded a $52.7 million impairment of certain developed technology and in-process research and development assets. For further information, see Note 4 and Note 9. In 2023 and 2021, the Company did not record any impairment loss related to its in-process research and development assets.
Income Taxes

The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company recognizes the financial statement benefit of a tax position only after determining that a position would more likely than not be sustained based upon its technical merit if challenged by the relevant taxing authority and taken by management to the court of last resort. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the relevant tax authority. The Company recognizes interest and penalties related to income tax matters in income tax expense. The Company has made an accounting policy election to recognize the United States tax effects of global intangible low-taxed income as a component of income tax expense in the period the tax arises.

Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. The Company evaluates quarterly the realizability of its deferred tax assets by assessing its valuation allowance and adjusting the amount, if necessary. The factors used to assess the likelihood of realization are both historical experience and the Company's forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in the applicable taxing jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings.

Research and Development Costs

Research and development costs are charged to expense when incurred.

Earnings per Share

Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, nonvested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive.

The table below presents the computation of basic and diluted earnings per share (in millions, except for per share information):
 Years Ended December 31,
 202320222021
Basic:   
Net income attributable to Edwards Lifesciences Corporation$1,402.4 $1,521.9 $1,503.1 
Weighted-average shares outstanding606.7 619.0 623.3 
Basic earnings per share$2.31 $2.46 $2.41 
Diluted:
Net income attributable to Edwards Lifesciences Corporation$1,402.4 $1,521.9 $1,503.1 
Weighted-average shares outstanding606.7 619.0 623.3 
Dilutive effect of stock plans2.7 5.2 7.9 
Dilutive weighted-average shares outstanding609.4 624.2 631.2 
Diluted earnings per share$2.30 $2.44 $2.38 

Outstanding stock options, unvested restricted stock units, and unvested market-based restricted stock units to purchase approximately 6.6 million, 3.6 million, and 1.8 million shares for the years ended December 31, 2023, 2022, and 2021,
respectively, were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.

Stock-based Compensation

The Company measures and recognizes compensation expense for all stock-based awards based on estimated fair values. Stock-based awards consist of stock options, restricted stock units (service-based and market-based), and employee stock purchase subscriptions. Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over each award's requisite service period (vesting period) on a straight-line basis. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Upon exercise of stock options or vesting of restricted stock units, the Company issues common stock.

Total stock-based compensation expense was as follows (in millions):
 Years Ended December 31,
 202320222021
Cost of sales$23.6 $22.8 $20.4 
Selling, general, and administrative expenses82.4 75.3 65.6 
Research and development expenses33.4 28.7 23.3 
Total stock-based compensation expense139.4 126.8 109.3 
Income tax benefit(24.1)(21.6)(18.9)
Total stock-based compensation expense, net of tax$115.3 $105.2 $90.4 

Upon a participant's retirement, all unvested stock options are immediately forfeited. In addition, upon retirement, a participant will immediately vest in 25% of service-based restricted stock units for each full year of employment with the Company measured from the grant date. All remaining unvested service-based restricted stock units are immediately forfeited. For market-based restricted stock units, upon retirement and in certain other specified cases, a participant will receive a pro-rated portion of the shares that would ultimately be issued based on attainment of the performance goals as determined on the vesting date. The pro-rated portion is based on the participant's whole months of service with the Company during the performance period prior to the date of termination.

Derivatives

The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk. It is the Company's policy not to enter into derivative financial instruments for speculative purposes.

Derivative financial instruments involve credit risk in the event the counterparty should default. It is the Company's policy to execute such instruments with global financial institutions that the Company believes to be creditworthy. The Company diversifies its derivative financial instruments among counterparties to minimize exposure to any one of these entities. The Company also uses International Swap Dealers Association master-netting agreements. The master-netting agreements provide for the net settlement of all contracts through a single payment in a single currency in the event of default, as defined by the agreements.

The Company uses foreign currency forward exchange contracts and cross currency swap contracts to manage its exposure to changes in currency exchange rates from (1) future cash flows associated with intercompany transactions and certain local currency expenses expected to occur within approximately 1 year (designated as cash flow hedges), (2) its net investment in certain foreign subsidiaries (designated as net investment hedges) and (3) foreign currency denominated assets or liabilities (designated as fair value hedges). The Company also uses foreign currency forward exchange contracts that are not designated as hedging instruments to offset the transaction gains and losses associated with the revaluation of certain assets and liabilities denominated in currencies other than their functional currencies, resulting principally from intercompany and local currency transactions.
All derivative financial instruments are recognized at fair value in the consolidated balance sheets. For each derivative instrument that is designated as a fair value hedge, the gain or loss on the derivative included in the assessment of hedge effectiveness is recognized immediately to earnings, and offsets the loss or gain on the underlying hedged item. The Company reports in "Accumulated Other Comprehensive Loss" the gain or loss on derivative financial instruments that are designated, and that qualify, as cash flow hedges. The Company reclassifies these gains and losses into earnings in the same line item and in the same period in which the underlying hedged transactions affect earnings. Changes in the fair value of net investment hedges are reported in "Accumulated Other Comprehensive Loss" as a part of the cumulative translation adjustment and would be reclassified into earnings if the underlying net investment is sold or substantially liquidated. The portion of the change in fair value related to components excluded from the hedge effectiveness assessment are amortized into earnings over the life of the derivative. The gains and losses on derivative financial instruments for which the Company does not elect hedge accounting treatment are recognized in the consolidated statements of operations in each period based upon the change in the fair value of the derivative financial instrument. Upon settlement, cash flows from net investment hedges are reported as investing activities in the consolidated statements of cash flows, and cash flows from all other derivative financial instruments are reported as operating activities.

New Accounting Standards Not Yet Adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on income taxes which requires entities to provide additional information in the rate reconciliation and additional disaggregated disclosures about income taxes paid. This guidance requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of this guidance to impact its financial statements, but the guidance will impact its income tax disclosures.

In November 2023, the FASB issued an amendment to the accounting guidance on segment reporting. The amendments require disclosure of significant segment expenses and other segment items and requires entities to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The amendment also requires disclosure of the title and position of the chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. The Company is curently evaluating the impact the guidance will have on its consolidated financial statements.

In March 2023, the FASB issued an amendment to the accounting guidance on investments in tax credit structures to allow entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial results or disclosures.
v3.24.0.1
INTELLECTUAL PROPERTY AGREEMENT AND EXPENSE
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
INTELLECTUAL PROPERTY AGREEMENT AND EXPENSE INTELLECTUAL PROPERTY AGREEMENT AND EXPENSE
The Company incurred intellectual property litigation expenses, including settlements and external legal costs, of $203.5 million, $15.8 million and $20.6 million during 2023, 2022 and 2021, respectively.

On April 12, 2023, Edwards entered into an Intellectual Property Agreement (the "Intellectual Property Agreement") with Medtronic, Inc. ("Medtronic") pursuant to which the parties agreed to a 15-year global covenant not to sue ("CNS") for infringement of certain patents in the structural heart space owned or controlled by each other. In consideration for the global CNS and related mutual access to certain intellectual property rights, Edwards paid to Medtronic a one-time, lump sum payment of $300.0 million and is paying annual royalty payments that are tied to net sales of certain Edwards products. Based upon the terms of the Intellectual Property Agreement, the Company identified the relevant elements for accounting purposes and allocated the $300.0 million upfront payment based on their respective fair values. The Company recorded a $37.0 million pre-tax charge in "Intellectual Property Agreement and Litigation Expense" in March 2023 related primarily to prior commercial sales incurred through March 31, 2023. The Company recorded a prepaid royalty asset of $124.0 million in April
2023 related to future commercial sales, which will be amortized to expense during the term of the Intellectual Property Agreement. Separately, the Company recorded a $139.0 million pre-tax charge in "Intellectual Property Agreement and Litigation Expense" in April 2023 related to products currently in development.
v3.24.0.1
SPECIAL CHARGE AND SEPARATION COSTS
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
SPECIAL CHARGE AND SEPARATION COSTS SPECIAL CHARGE AND SEPARATION COSTS
On December 7, 2023, the Company announced its intention to complete a spin-off of its Critical Care product group as a separate publicly traded company to Edwards Lifesciences' shareholders. The proposed spin-off is intended to be a tax-free transaction for U.S. federal income tax purposes and is expected to be completed around the end of 2024, subject to the satisfaction of customary conditions including final approval by the Company's board of directors, receipt of a favorable opinion and Internal Revenue Service ruling with respect to the tax-free nature of the transaction, and the effectiveness of a registration statement on Form 10. The Company recorded a charge to its United States segment of $17.2 million, primarily related to costs incurred for consulting, legal, tax, and other professional advisory services associated with the planned spin-off.
In September 2022, the Company decided to exit its HARPOON surgical mitral repair system program. As a result, the Company recorded a charge to its United States segment of $62.3 million, of which $60.7 million was included in "Special Charge and Separation Costs" and $1.6 million was included in "Cost of Sales" on the consolidated statements of operations. The charge primarily related to the full impairment of intangible assets associated with the technology for $52.7 million (see Note 9 and Note 10) and other related exit costs. The Company believes that no additional contingent consideration is due and, in September 2022, recorded an $11.7 million contingent consideration gain associated with the exit (see Note 12).
v3.24.0.1
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS
Composition of Certain Financial Statement Captions

Components of selected captions in the consolidated balance sheets are as follows:
 As of December 31,
 20232022
 (in millions)
Inventories  
Raw materials$252.6 $156.4 
Work in process220.1 177.4 
Finished products695.5 541.7 
$1,168.2 $875.5 
Property, plant, and equipment, net  
Land$116.4 $116.3 
Buildings and leasehold improvements1,234.2 1,189.2 
Machinery and equipment775.8 697.6 
Equipment with customers37.9 37.4 
Software87.2 87.5 
Construction in progress355.3 255.2 
2,606.8 2,383.2 
Accumulated depreciation(857.4)(750.4)
$1,749.4 $1,632.8 
Accrued and other liabilities  
Employee compensation and withholdings$371.2 $268.7 
Accrued rebates131.4 116.1 
Property, payroll, and other taxes63.0 45.6 
 As of December 31,
 20232022
 (in millions)
Research and development accruals74.1 66.9 
Legal and insurance (Notes 3 and 19)30.7 28.1 
Litigation settlement69.1 53.3 
Taxes payable59.3 50.6 
Fair value of derivatives15.2 20.7 
Accrued marketing expenses15.0 17.0 
Accrued professional services8.8 6.6 
Accrued realignment reserves12.3 15.6 
Accrued relocation costs19.2 25.2 
Accrued warranties10.08.4 
Other accrued liabilities89.8 72.2 
$969.1 $795.0 
Supplemental Cash Flow Information
(in millions)
Years Ended December 31,
202320222021
Cash paid during the year for:   
Interest$19.9 $19.3 $20.2 
Income taxes$470.1 $504.1 $182.5 
Amounts included in the measurement of operating lease liabilities$28.8 $28.1 $31.9 
Non-cash investing and financing transactions:   
Right-of-use assets obtained in exchange for new lease liabilities$29.3 $31.9 $28.7 
Capital expenditures accruals$45.5 $42.6 $54.3 
Conversion of notes receivable to equity investment$— $— $21.5 

Cash, Cash Equivalents, and Restricted Cash
(in millions)
Years Ended December 31,
202320222021
Cash and cash equivalents$1,144.0 $769.0 $862.8 
Restricted cash included in other current assets3.3 0.5 1.5 
Restricted cash included in other assets0.7 3.1 3.1 
Total cash, cash equivalents, and restricted cash$1,148.0 $772.6 $867.4 
Amounts included in restricted cash primarily represent funds placed in escrow related to litigation.
v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
The Company leases certain office space, manufacturing facilities, land, apartments, warehouses, vehicles, and equipment with remaining lease terms ranging from less than 1 year to 17 years, some of which include options to extend or terminate the leases.
Operating lease costs for the years ended December 31, 2023, 2022, and 2021 were $30.1 million, $28.8 million, and $29.7 million, respectively. Short-term and variable lease costs were not material for the years ended December 31, 2023, 2022, and 2021.

Supplemental balance sheet information related to operating leases was as follows (in millions, except lease term and discount rate):
As of December 31,
20232022
Operating lease right-of-use assets$94.0 $92.3 
Operating lease liabilities, current portion$24.9 $25.5 
Operating lease liabilities, long-term portion73.0 69.5 
Total operating lease liabilities
$97.9 $95.0 

Maturities of operating lease liabilities at December 31, 2023 were as follows (in millions):
2024$26.8 
202519.6 
202616.3 
202712.9 
20289.5 
Thereafter20.7 
Total lease payments
105.8 
Less: imputed interest
(7.9)
Total lease liabilities
$97.9 

The following table provides information on the lease terms and discount rates:
Years Ended December 31,
20232022
Weighted-average remaining lease term (in years)5.96.4
Weighted-average discount rate2.3 %1.8 %
As of December 31, 2023, the Company had additional operating lease commitments of $16.0 million for office spaces that have not yet commenced.
v3.24.0.1
INVESTMENTS
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Debt Securities

Investments in debt securities at the end of each period were as follows (in millions):

 December 31, 2023December 31, 2022
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Bank time deposits$64.5 $— $— $64.5 $96.0 $— $— $96.0 
Available-for-sale
U.S. government and agency securities$72.7 $0.1 $(2.8)$70.0 $137.7 $— $(6.1)$131.6 
Asset-backed securities192.1 — (7.8)184.3 380.6 — (14.0)366.6 
Corporate debt securities658.5 — (16.7)641.8 1,028.1 — (47.8)980.3 
Municipal securities2.8 — (0.2)2.6 2.7 — (0.2)2.5 
$926.1 $0.1 $(27.5)$898.7 $1,549.1 $— $(68.1)$1,481.0 

The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2023 were as follows:

 Held-to-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
 (in millions)
Due in 1 year or less$64.5 $64.5 $443.2 $436.0 
Due after 1 year through 5 years— — 267.8 257.0 
Due after 10 years— — 0.9 0.9 
Instruments not due at a single maturity date (a)
— — 214.2 204.8 
$64.5 $64.5 $926.1 $898.7 
_______________________________________
(a)     Consists of mortgage- and asset-backed securities.

Actual maturities may differ from the contractual maturities due to call or prepayment rights.
The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2023 and 2022, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
December 31, 2023
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $67.1 $(2.8)$67.1 $(2.8)
Asset-backed securities10.2 (1.8)172.7 (6.0)182.9 (7.8)
Corporate debt securities25.0 (0.1)601.3 (16.6)626.3 (16.7)
Municipal securities— — 2.6 (0.2)2.6 (0.2)
$35.2 $(1.9)$843.7 $(25.6)$878.9 $(27.5)
December 31, 2022
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$61.6 $(1.5)$69.5 $(4.6)$131.1 $(6.1)
Asset-backed securities103.3 (1.3)254.6 (12.7)357.9 (14.0)
Corporate debt securities189.0 (5.3)784.8 (42.5)973.8 (47.8)
Municipal securities— — 2.5 (0.2)2.5 (0.2)
$353.9 $(8.1)$1,111.4 $(60.0)$1,465.3 $(68.1)

The Company reviews its investments in debt securities to determine if there has been an other-than-temporary decline in fair value. Consideration is given to 1) the financial condition and near-term prospects of the issuer, including the credit quality of the security's issuer, 2) the Company's intent to sell the security, and 3) whether it is more likely than not the Company will have to sell the security before recovery of its amortized cost. The decline in fair value of the debt securities was largely due to changes in interest rates, not credit quality, and as of December 31, 2023, the Company did not intend to sell the securities, and it was not more likely than not that it will be required to sell the securities before recovery of the unrealized losses, and, therefore, the unrealized losses are considered temporary.

Investments in Unconsolidated Entities

The Company has a number of equity investments in unconsolidated entities. These investments are recorded in "Long-term Investments" on the consolidated balance sheets, and are as follows:

 December 31,
 20232022
 (in millions)
Equity method investments  
Carrying value of equity method investments$33.6 $21.4 
Equity securities  
Carrying value of non-marketable equity securities87.6 86.9 
Total investments in unconsolidated entities$121.2 $108.3 
During 2023, the Company made $12.1 million of equity investments in limited liability companies that invest in qualified community development entities ("CDEs") through the New Markets Tax Credit ("NMTC") program. The NMTC program provides federal tax incentives to investors to make investments in distressed communities and promotes economic improvements through the development of successful businesses in these communities. The NMTC is equal to 39% of the qualified investment and is taken over seven years. These limited liability companies are variable interest entities ("VIEs"). The Company determined that it is not the primary beneficiary of the VIEs because it does not have the power to direct the activities that most significantly impact the economic performance of the VIEs, and, therefore, the Company does not consolidate these entities. Instead, the NMTC investments are accounted for as equity method investments.

Non-marketable equity securities consist of investments in privately held companies without readily determinable fair values, and are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. During 2023, the Company did not record any upward or downward adjustments due to observable price changes or impairments. During 2022, the Company recorded an upward adjustment of $0.8 million based on observable price changes and a downward adjustment of $0.5 million due to an impairment. As of December 31, 2023, the Company had recorded cumulative upward adjustments of $8.8 million based on observable price changes, and cumulative downward adjustments of $3.1 million due to impairments and observable price changes.

During 2023, 2022, and 2021, the gross realized gains or losses from sales of available-for-sale investments were not material.
v3.24.0.1
INVESTMENTS IN VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2023
Variable Interest Entities [Abstract]  
INVESTMENTS IN VARIABLE INTEREST ENTITIES INVESTMENTS IN VARIABLE INTEREST ENTITIES
The Company reviews its investments in other entities to determine whether the Company is the primary beneficiary of a variable interest entity ("VIE"). The Company would be the primary beneficiary of the VIE, and would be required to consolidate the VIE, if it has the power to direct the significant activities of the entity and the obligation to absorb losses or receive benefits from the entity that may be significant to the VIE. The Company's maximum loss exposure to variable interest entities, prior to the exercise of options to acquire the entities, is limited to its investment in the variable interest entities, which include equity investments, options to acquire, and promissory notes.

Consolidated VIEs

In February 2023, the Company acquired a majority equity interest in a medical technology company pursuant to a preferred stock purchase agreement, and amended and restated a previous option agreement to acquire the remaining equity interest. Edwards concluded that it is the primary beneficiary and consolidated the VIE. See Note 9 for additional information.

Unconsolidated VIEs

Edwards has relationships with various VIEs that it does not consolidate as Edwards lacks the power to direct the activities that significantly impact the economic success of these entities.

In March 2023, the Company agreed to pay a medical device company up to $45.0 million as consideration for an option to acquire the medical device company, of which $30.0 million had been paid as of December 31, 2023. Also, in March 2023, Edwards advanced $5.0 million to the medical device company under a convertible promissory note. The option and the note are included in "Other Assets" on the consolidated balance sheet as of December 31, 2023.

In August 2022, the Company entered into an option agreement with a medical device company. Under the option agreement, Edwards paid $47.1 million for an option to acquire the medical device company. The $47.1 million option is included in "Other Assets" on the consolidated balance sheets.

In June 2022, the Company entered into a convertible promissory note and amended its existing warrant agreement with a medical device company. Under the convertible promissory note agreement, the Company agreed to loan the medical device company up to $47.5 million, of which $32.5 million had been advanced as of December 31, 2023. In addition, in 2019, the Company paid $35.0 million for an option to acquire the medical device company. The $35.0 million option and the $32.5 million note receivable are included in "Other Assets" on the consolidated balance sheets.
In May 2022, the Company entered into an option agreement with a medical technology company. Under the option agreement, Edwards paid $60.0 million for an option to acquire the medical technology company, of which $10.0 million was paid in 2021. In addition, during 2023, the Company entered into two promissory notes totaling $25.0 million with the medical technology company. The $60.0 million option and the $25.0 million note receivable are included in "Other Assets" on the consolidated balance sheets.

In April 2021, the Company entered into a $45.0 million secured promissory note agreement with a privately-held medical device company (the "Investee"), of which $30.0 million had been advanced as of December 31, 2023. Also in 2021, the Company invested $39.3 million, included in "Long-term Investments," in the Investee's preferred equity securities and paid $13.1 million, included in "Other Assets," for an option to acquire the Investee. Pursuant to the agreement, the Company may be required to invest up to an additional $6.5 million in the Investee's preferred equity securities and up to an additional $14.4 million for the option to acquire the Investee.

In addition, Edwards has made equity investments through the NMTC program in limited liability companies that are considered VIEs. For more information, see Note 7.
v3.24.0.1
BUSINESS COMBINATIONS
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
On February 28, 2023, the Company acquired 61% of the then outstanding shares of a medical technology company in an all cash transaction. The Company determined it was the primary beneficiary of this VIE, and the VIE has been consolidated in the Company's consolidated financial statements. In addition, the Company amended and restated its previous option agreement with the medical technology company. The option agreement gives Edwards the option to acquire the remaining equity interest in the medical technology company.

The medical technology company is dedicated to developing technologies for detecting and managing patients with cardiovascular disease. The transaction was accounted for as a business combination. Tangible and intangible assets and liabilities acquired were recorded based on their estimated fair values at the acquisition date. The excess of the purchase price over the fair value of net assets acquired was recorded to goodwill. The following table summarizes the fair values of the assets acquired and liabilities assumed (in millions):

Assets$8.1 
Goodwill (b)
133.2 
In-process research and development136.6 
Liabilities assumed(1.7)
Deferred tax liabilities(28.0)
Fair value of net assets acquired248.2 
Less: Noncontrolling interest (a)
(72.4)
Total purchase price
175.8 
Less: cash acquired(6.8)
Total purchase price, net of cash acquired (b)
$169.0 
_______________________________________
(a) Includes the fair value of the noncontrolling interest of $94.4 million, offset by the purchase consideration allocated to the option of $22.0 million, which was ascribed to the noncontrolling interest.
(b)     Includes $22.5 million paid in a previous year under option agreements, $5.3 million for the settlement of a pre-existing note, and $46.0 million of cash paid directly to the acquired company which was included in Edwards' consolidated cash balance and offset against goodwill post acquisition.

Goodwill includes expected synergies and other benefits the Company believes will result from the acquisition. Goodwill was assigned to the Company’s Rest of World segment and is not deductible for tax purposes.
Pro forma results have not been presented as the results of the medical technology company are not material in relation to the consolidated financial statements of Edwards Lifesciences.

In-process Research and Development Assets

The business combination referred to above and the Company's previous acquisitions of Harpoon Medical, Inc ("Harpoon") on December 1, 2017 and CardiAQ Valve Technologies, Inc. ("CardiAQ") on July 3, 2015 included the acquisition of in-process research and development assets. The in-process research and development assets were capitalized at fair value, which was determined using the income approach. This approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return. Completion of successful design developments, bench testing, pre-clinical studies and human clinical studies are required prior to selling any product. The risks and uncertainties associated with completing development within a reasonable period of time include those related to the design, development, and manufacturability of the product, the success of pre-clinical and clinical studies, and the timing of regulatory approvals.

The discount rate used to determine the fair value of the in-process research and development assets acquired from the medical technology company referred to above was 13.0%. The valuation assumed $68.6 million of additional research and development expenditures would be incurred prior to the date of product introduction and net cash inflows were modeled to commence in 2028. Upon completion of development, the underlying research and development intangible asset will be amortized over its estimated useful life.

In September 2022, the Company decided to exit the HARPOON program and recorded a $28.1 million impairment charge to fully write off the in-process research and development assets. See Note 4 for further information.

The valuation for CardiAQ assumed $97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction and that net cash inflows would commence in late 2018. As a result of certain design enhancements to increase the product's commercial life and applicability to a broader group of patients, the Company has incurred incremental research and development expenditures. Net cash inflows commenced in Europe in late 2023 and the associated in-process research and development assets of $69.0 million were reclassified to developed technology. Net cash inflows in the United States are now expected to commence in 2024.
Upon completion of development, the underlying research and development intangible assets will commence amortization over their estimated useful lives.
v3.24.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and in-process research and development assets resulting from purchase business combinations are not subject to amortization. Other acquired intangible assets with finite lives are amortized over their expected useful lives on a straight-line basis, or if reliably determinable, based on the pattern in which the economic benefit of the asset is expected to be used. The Company expenses costs incurred to renew or extend the term of acquired intangible assets.

The changes in the carrying amount of goodwill, by segment, during the years ended December 31, 2023 and 2022 were as follows:
 United
States		EuropeRest of WorldTotal
 (in millions)
Goodwill at December 31, 2021
$773.7 $63.0 $331.2 $1,167.9 
Currency translation adjustment— (3.6)— (3.6)
Goodwill at December 31, 2022
773.7 59.4 331.2 1,164.3 
Goodwill acquired during the year (Note 9)— — 87.2 87.2 
Currency translation adjustment— 2.0 — 2.0 
Goodwill at December 31, 2023
$773.7 $61.4 $418.4 $1,253.5 
Other intangible assets consist of the following (in millions):

 December 31,
 Weighted-Average Useful Life (in years)20232022
 CostAccumulated
Amortization		Net
Carrying
Value		CostAccumulated
Amortization		Net
Carrying
Value
Finite-lived intangible assets      
Patents9.9$119.3 $(87.6)$31.7 $205.5 $(185.0)$20.5 
Developed technology10.8197.6 (61.9)135.7 128.1 (57.9)70.2 
Other10.012.3 (8.9)3.4 12.2 (7.7)4.5 
10.6329.2 (158.4)170.8 345.8 (250.6)95.2 
Indefinite-lived intangible assets      
In-process research and development257.6 — 257.6 190.0 — 190.0 
$586.8 $(158.4)$428.4 $535.8 $(250.6)$285.2 

Amortization expense related to other intangible assets for the years ended December 31, 2023, 2022, and 2021 was $6.1 million, $5.7 million, and $7.7 million, respectively. Estimated amortization expense for each of the years ending December 31 is as follows (in millions):
2024$5.8 
20257.0 
20269.4 
202710.9 
202814.8 
v3.24.0.1
DEBT AND CREDIT FACILITIES
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES
In June 2018, the Company issued $600.0 million of fixed-rate unsecured senior notes (the "Notes") due June 15, 2028. Interest is payable semi-annually in arrears, with payments due in June and December of each year. The Company may redeem the Notes, in whole or in part, at any time and from time to time at specified redemption prices. In addition, upon the occurrence of certain change of control triggering events, the Company may be required to repurchase all or a portion of the Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. The Notes also include covenants that limit the Company's ability to incur secured indebtedness, enter into sale and leaseback transactions, and consolidate, merge, or transfer all or substantially all of its assets.

The following is a summary of the Notes as of December 31, 2023 and 2022:
 December 31,
 2023 2022
 AmountEffective
Interest Rate		 AmountEffective
Interest Rate
(in millions)(in millions)
Fixed-rate 4.3% Notes
$600.0 4.329 %$600.0 4.329 %
Unamortized discount(0.7)  (0.9) 
Unamortized debt issuance costs(2.3)(2.8)
Total carrying amount$597.0   $596.3  
As of December 31, 2023 and 2022, the fair value of the Notes was $591.6 million and $575.2 million, respectively, based on observable market prices in less active markets and categorized as Level 2 (Note 12). The debt issuance costs, as well as the discount, are being amortized to interest expense over the term of the Notes.

The Company has a Five-Year Credit Agreement ("the Credit Agreement") which provides for a $750.0 million multi-currency unsecured revolving credit facility and matures on July 15, 2027. Subject to certain terms and conditions and the agreement of the lenders, the Company may increase the amount available under the Credit Agreement by up to an additional $250.0 million in the aggregate and extend the maturity date for an additional year. Borrowings under the Credit Agreement bear interest at a variable rate based on the Secured Overnight Financing Rate ("SOFR"), plus a spread ranging from 0.785% to 1.3%, depending on the leverage ratio or credit rating, as defined in the Credit Agreement, plus a 0.1% credit spread adjustment. The Company will also pay a facility fee ranging from 0.09% to 0.20%, depending on the Company's leverage ratio or credit rating, on the entire credit commitment available, whether or not drawn. The facility fee is expensed as incurred. During 2023, under the Credit Agreement, the spread over SOFR was 0.9% and the facility fee was 0.1%. Issuance costs of $2.1 million are being amortized to interest expense over the term of the Credit Agreement. As of December 31, 2023 and 2022, there were no borrowings outstanding. Amounts outstanding under the Credit Agreement, if any from time to time, are classified as long-term obligations in accordance with the terms of the Credit Agreement. The Credit Agreement is unsecured and contains various financial and other covenants, including a maximum leverage ratio, as defined in the Credit Agreement. The Company was in compliance with all covenants under the Credit Agreement at December 31, 2023.
The weighted-average interest rate under all debt obligations, including the impact of the cross currency swap contract (see Note 13), was 3.4% at both December 31, 2023 and 2022.
v3.24.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Company prioritizes the inputs used to determine fair values in one of the following three categories:

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs, other than quoted prices in active markets, that are observable, either directly or indirectly.

Level 3—Unobservable inputs that are not corroborated by market data.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The consolidated financial statements include financial instruments for which the fair market value of such instruments may differ from amounts reflected on a historical cost basis. Financial instruments of the Company consist of cash deposits, accounts and other receivables, investments, accounts payable, certain accrued liabilities, and borrowings under a revolving credit agreement. The carrying value of these financial instruments generally approximates fair value due to their short-term nature. Financial instruments also include Notes payable. See Note 11 for further information on the fair value of the Notes payable.
Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis as of December 31, 2023 and 2022 (in millions):

December 31, 2023Level 1Level 2Level 3Total
Assets    
Cash equivalents$579.2 $— $— $579.2 
Available-for-sale investments: 
Corporate debt securities— 641.8 — 641.8 
Asset-backed securities— 184.3 — 184.3 
United States government and agency securities— 70.0 — 70.0 
Municipal securities— 2.6 — 2.6 
Investments held for deferred compensation plans125.8 — — 125.8 
Derivatives— 47.1 — 47.1 
$705.0 $945.8 $— $1,650.8 
Liabilities    
Derivatives$— $15.2 $— $15.2 
Other— — 10.3 10.3 
$— $15.2 $10.3 $25.5 
December 31, 2022
Assets
Cash equivalents$280.4 $— $— $280.4 
Available-for-sale investments: 
Corporate debt securities— 980.3 — 980.3 
Asset-backed securities— 366.6 — 366.6 
United States government and agency securities37.1 94.5 — 131.6 
Municipal securities— 2.5 — 2.5 
Investments held for deferred compensation plans112.1 — — 112.1 
Derivatives— 65.5 — 65.5 
$429.6 $1,509.4 $— $1,939.0 
Liabilities    
Derivatives$— $27.2 $— $27.2 
Contingent consideration liabilities— — 26.2 26.2 
Other— — 14.0 14.0 
$— $27.2 $40.2 $67.4 
Cash Equivalents and Available-for-sale Investments

Cash equivalents included money market funds for the periods presented above. The Company estimates the fair values of its money market funds based on quoted prices in active markets for identical assets. The Company estimates the fair values of its corporate debt securities, asset-backed securities, United States and foreign government and agency securities, and municipal securities by taking into consideration valuations obtained from third-party pricing services. The pricing services use industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades and broker-dealer quotes on the same or similar securities, benchmark yields, credit spreads, prepayment and default projections based on historical data, and other observable inputs. The Company independently reviews and validates the pricing received from the third-party pricing service by comparing the prices to prices reported by a secondary pricing source. The Company’s validation procedures have not resulted in an adjustment to the pricing received from the pricing service.

Deferred Compensation Plans

The Company holds investments in a variety of money market and mutual funds related to its deferred compensation plans. The fair values of these investments are based on quoted market prices.

Derivative Instruments

The Company uses derivative financial instruments in the form of foreign currency forward exchange contracts and cross currency swap contracts to manage foreign currency exposures. All derivatives contracts are recognized on the balance sheet at their fair value. The fair value of the derivative financial instruments was estimated based on quoted market foreign exchange rates, cross currency swap basis rates, and market discount rates. Judgment was employed in interpreting market data to develop estimates of fair value; accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions or valuation methodologies could have a material effect on the estimated fair value amounts.

Contingent Consideration Liabilities

Certain of the Company's acquisitions involve contingent consideration arrangements. Payment of additional consideration is contingent upon the acquired company reaching certain performance milestones, such as attaining specified sales levels or obtaining regulatory approvals. These contingent consideration liabilities are measured at estimated fair value using either a probability weighted discounted cash flow analysis or a Monte Carlo simulation model, both of which consider significant unobservable inputs. As of December 31, 2023, the probability of milestone achievement was determined to be 0% and, accordingly, the contingent consideration liability was zero.

The following table summarizes the changes in fair value of Level 3 financial instruments measured at fair value on a recurring basis for the years ended December 31, 2023 and 2022 (in millions):

Contingent ConsiderationOtherTotal
Fair value, December 31, 2021
$62.0 $14.0 $76.0 
Changes in fair value(35.8)— (35.8)
Fair value, December 31, 2022
$26.2 $14.0 $40.2 
Changes in fair value(26.2)(3.7)(29.9)
Fair value, December 31, 2023
$— $10.3 $10.3 
v3.24.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.
 Notional Amount
As of December 31,
 20232022
 (in millions)
Foreign currency forward exchange contracts$1,786.2 $1,678.4 
Cross currency swap contracts300.0 300.0 

The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets (in millions):

  Fair Value
As of December 31,
 Balance Sheet Location20232022
Derivatives designated as hedging instruments   
Assets   
Foreign currency contractsOther current assets$23.7 $24.9 
Cross currency swap contractsOther assets$23.4 $40.6 
Liabilities   
Foreign currency contractsAccrued and other liabilities$15.2 $20.7 
Foreign currency contractsOther liabilities$— $6.5 

The following table presents the effect of master-netting agreements and rights of offset on the consolidated balance sheets (in millions):

    Gross Amounts Not Offset in the Consolidated Balance Sheet 
  Gross Amounts
Offset in the
Consolidated
Balance Sheet		Net Amounts
Presented in the
Consolidated
Balance Sheet
December 31, 2023Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative Assets      
Foreign currency contracts$23.7 $— $23.7 $(9.4)$— $14.3 
Cross currency swap contracts$23.4 $— $23.4 $— $— $23.4 
Derivative Liabilities      
Foreign currency contracts$15.2 $— $15.2 $(9.4)$— $5.8 
December 31, 2022      
Derivative Assets      
Foreign currency contracts$24.9 $— $24.9 $(12.0)$— $12.9 
Cross currency swap contracts$40.6 $— $40.6 $— $— $40.6 
Derivative Liabilities      
Foreign currency contracts$27.2 $— $27.2 $(12.0)$— $15.2 
 
The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated statements of operations and consolidated statements of comprehensive income:

 Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)Location of Gain or (Loss) Reclassified from Accumulated OCI into IncomeAmount of Gain or (Loss) Reclassified from Accumulated OCI into Income
 
 2023202220232022
(in millions)(in millions)
Cash flow hedges
Foreign currency contracts$29.2 $81.7 Cost of sales$58.9 $88.4 
 Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)		Location of Gain or (Loss) Reclassified from Accumulated OCI into IncomeAmount of Gain or (Loss)
Recognized in Income on Derivative (Amount Excluded from
 Effectiveness Testing)
2023202220232022
(in millions) (in millions)
Net investment hedges
Cross currency swap contracts$(17.3)$21.6 Interest income, net$6.9 $7.0 

The cross currency swap contracts have an expiration date of June 15, 2028. At maturity of the cross currency swap contracts, the Company will deliver the notional amount of €257.2 million and will receive $300.0 million from the counterparties. The Company receives semi-annual interest payments from the counterparties based on a fixed interest rate until maturity of the agreements.
  Amount of Gain or
(Loss) Recognized in
Income on Derivative
 Location of Gain or
(Loss) Recognized in
Income on Derivative
 202320222021
 (in millions)
Fair value hedges
Foreign currency contractsOther income, net$13.9 $(3.9)$11.6 

  Amount of Gain or
(Loss) Recognized in
Income on Derivative
 Location of Gain or
(Loss) Recognized in
Income on Derivative
 202320222021
 (in millions)
Derivatives not designated as hedging instruments
Foreign currency contractsOther income, net$7.4 $44.0 $27.4 
The following tables present the effect of fair value and cash flow hedge accounting on the consolidated statements of operations:

Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 Twelve Months Ended December 31, 2023
 Cost of salesOther income, net
Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded$(1,379.8)$14.4 
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items
— (9.2)
Derivatives designated as hedging instruments
— 9.2 
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach
— 4.7 
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income
58.9 — 
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 Twelve Months Ended December 31, 2022
 Cost of salesOther income, net
Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded$(1,080.4)$2.6 
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items
— 5.5 
Derivatives designated as hedging instruments
— (5.5)
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach
— 1.6 
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income
88.4 — 
The Company expects that during 2024 it will reclassify to earnings a $2.7 million gain currently recorded in "Accumulated Other Comprehensive Loss." For the years ended December 31, 2023, 2022, and 2021, the Company did not record any gains or losses due to hedge ineffectiveness.
v3.24.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Defined Benefit Plans

The Company maintains defined benefit pension plans in Japan and certain European countries.
 Years Ended December 31,
 20232022
(in millions)
Change in projected benefit obligation:  
Beginning of year$94.1 $117.9 
Service cost4.3 5.5 
Interest cost2.3 0.5 
Participant contributions1.9 1.6 
Actuarial loss (gain)9.9 (22.6)
Benefits paid(3.8)(0.6)
Plan amendment(0.4)(0.3)
Settlements and curtailment gain— (1.8)
Currency exchange rate changes and other3.4 (6.1)
End of year$111.7 $94.1 
Change in fair value of plan assets:  
Beginning of year$70.6 $76.9 
Actual return on plan assets0.8 (4.9)
Employer contributions3.5 3.5 
Participant contributions1.9 1.6 
Settlements— (1.8)
Benefits paid(3.8)(0.6)
Currency exchange rate changes and other2.5 (4.1)
End of year$75.5 $70.6 
Funded Status  
Projected benefit obligation$(111.7)$(94.1)
Plan assets at fair value75.5 70.6 
Underfunded status$(36.2)$(23.5)
Net amounts recognized on the consolidated balance sheet:  
Other liabilities$36.2 $23.5 
Accumulated other comprehensive loss, net of tax:  
Net actuarial (loss) gain$(10.3)$1.5 
Net prior service credit5.2 5.3 
Deferred income tax benefit (expense)0.9 (1.1)
Total$(4.2)$5.7 

The accumulated benefit obligation ("ABO") for all defined benefit pension plans was $106.8 million and $86.7 million as of December 31, 2023 and 2022, respectively. The projected benefit obligation and ABO were in excess of plan assets for all pension plans as of December 31, 2023 and 2022.
The components of net periodic pension benefit cost are as follows (in millions):

 Years Ended December 31,
 202320222021
Service cost, net$4.3 $5.5 $6.5 
Interest cost2.3 0.5 0.4 
Expected return on plan assets(2.7)(1.5)(1.1)
Settlements and curtailment gain— 0.1 — 
Amortization of actuarial loss— 0.5 1.7 
Amortization of prior service credit (0.8)(0.7)(0.7)
Net periodic pension benefit cost$3.1 $4.4 $6.8 

Expected long-term returns for each of the plans' strategic asset classes were developed through consultation with investment advisors. Several factors were considered, including a survey of investment managers' expectations, current market data, minimum guaranteed returns in certain insurance contracts, and historical market returns over long periods. Using policy target allocation percentages and the asset class expected returns, a weighted-average expected return was calculated.

To select the discount rates for the defined benefit pension plans, the Company uses a modeling process that involves matching the expected duration of its benefit plans to a yield curve constructed from a portfolio of AA-rated fixed-income debt instruments, or their equivalent. For each country, the Company uses the implied yield of this hypothetical portfolio at the appropriate duration as a discount rate benchmark.

The weighted-average assumptions used to determine the benefit obligations are as follows:
 December 31,
 20232022
Discount rate1.8 %2.5 %
Rate of compensation increase2.9 %2.9 %
Cash balance interest crediting rate1.5 %1.5 %
Social securities increase1.8 %1.8 %
Pension increase2.2 %2.2 %

The weighted-average assumptions used to determine the net periodic pension benefit cost are as follows:
 Years ended December 31,
 202320222021
Discount rate2.5 %0.5 %0.3 %
Expected return on plan assets3.7 %2.1 %1.5 %
Rate of compensation increase2.9 %2.6 %2.6 %
Cash balance interest crediting rate1.5 %1.5 %2.5 %
Social securities increase1.8 %1.6 %1.6 %
Pension increase2.2 %1.8 %1.8 %
Plan Assets

The Company's investment strategy for plan assets is to seek a competitive rate of return relative to an appropriate level of risk and to earn performance rates of return in accordance with the benchmarks adopted for each asset class. Risk management practices include diversification across asset classes and investment styles, and periodic rebalancing toward asset allocation targets.

The Company's Administrative and Investment Committee decides on the defined benefit plan provider in each location and that provider decides the target allocation for the Company's defined benefit plan at that location. The target asset allocation selected reflects a risk/return profile the Company feels is appropriate relative to the plans' liability structure and return goals. In certain plans, asset allocations may be governed by local requirements. Target weighted-average asset allocations at December 31, 2023, by asset category, are as follows:
Equity securities31.3 %
Debt securities38.9 %
Real estate11.4 %
Other18.4 %
Total100.0 %

The fair values of the Company's defined benefit plan assets at December 31, 2023 and 2022, by asset category, are as follows (in millions):
December 31, 2023Level 1Level 2Level 3Total
Asset Category    
Cash$2.0 $— $— $2.0 
Equity securities:    
United States equities2.6 — — 2.6 
International equities21.0 — — 21.0 
Debt securities:    
United States government bonds3.5 — — 3.5 
International government bonds26.0 — — 26.0 
Real estate— 8.7 — 8.7 
Mortgages— 4.0 — 4.0 
Insurance contracts— — 0.8 0.8 
Total plan assets measured at fair value
$55.1 $12.7 $0.8 $68.6 
Alternative investments measured at net asset value (a)6.9 
Total plan assets
$75.5 
 
December 31, 2022Level 1Level 2Level 3Total
Asset Category
Cash$3.6 $— $— $3.6 
Equity securities:
United States equities1.5 — — 1.5 
International equities17.5 — — 17.5 
Debt securities:
United States government bonds4.4 — — 4.4 
International government bonds25.6 — — 25.6 
Real estate— 7.6 — 7.6 
Mortgages— 3.5 — 3.5 
Insurance contracts— — 0.8 0.8 
Total plan assets $52.6 $11.1 $0.8 $64.5 
Alternative investments measured at net asset value (a)6.1 
Total plan assets $70.6 
_______________________________________
(a)     Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total plan assets.

The following table summarizes the changes in fair value of the Company's defined benefit plan assets that have been classified as Level 3 for the years ended December 31, 2023 and 2022 (in millions):

 Insurance
Contracts
Balance at December 31, 2021$0.9 
Actual return on plan assets: 
Relating to assets still held at December 31, 2022
0.2 
Purchases, sales and settlements(0.2)
Currency exchange rate impact(0.1)
Balance at December 31, 20220.8 
Actual return on plan assets: 
Relating to assets still held at December 31, 2023
0.2 
Purchases, sales and settlements(0.2)
Balance at December 31, 2023$0.8 

Equity and debt securities are valued at fair value based on quoted market prices reported on the active markets on which the individual securities are traded. Real estate investments are valued by discounting to present value the cash flows expected to be generated by the specific properties. Investments in mortgages are valued at cost, which is deemed to approximate its fair value. The insurance contracts are valued at the cash surrender value of the contracts, which is deemed to approximate its fair value. Alternative investments include hedge funds, private equity funds and other miscellaneous investments, and are valued using the net asset value provided by the fund administrator as a practical expedient. The net asset value is based on the fair value of the underlying assets owned by the fund divided by the number of shares outstanding.
The following benefit payments, which reflect expected future service, as appropriate, at December 31, 2023, are expected to be paid (in millions):

2024$7.3 
20255.9 
20266.9 
20276.8 
20288.1 
2029-203339.0 

As of December 31, 2023, expected employer contributions for 2024 are $2.7 million.

Defined Contribution Plans

The Company's employees in the United States and Puerto Rico are eligible to participate in a qualified defined contribution plan. In the United States, participants may contribute up to 25% of their eligible compensation (subject to tax code limitation) to the plan. Edwards Lifesciences matches the first 4% of the participant's annual eligible compensation contributed to the plan on a dollar-for-dollar basis. Edwards Lifesciences matches the next 2% of the participant's annual eligible compensation to the plan on a 50% basis. In Puerto Rico, participants may contribute up to 25% of their annual compensation (subject to tax code limitation) to the plan. Edwards Lifesciences matches the first 4% of participant's annual eligible compensation contributed to the plan on a 50% basis. The Company also provides a 2% profit sharing contribution calculated on eligible earnings for each employee. Matching contributions relating to Edwards Lifesciences employees were $51.0 million, $45.1 million, and $38.6 million in 2023, 2022, and 2021, respectively.

The Company also has nonqualified deferred compensation plans for a select group of employees. The plans provide eligible participants the opportunity to defer eligible compensation to future dates specified by the participant with a return based on investment alternatives selected by the participant. The amount accrued under these nonqualified plans was $125.6 million and $112.6 million at December 31, 2023 and 2022, respectively.
v3.24.0.1
COMMON STOCK
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
COMMON STOCK COMMON STOCK
Treasury Stock

In July 2022, the Board of Directors approved a stock repurchase program authorizing the Company to purchase up to $1.5 billion of the Company's common stock, effective July 28, 2022. In December 2023, the Board of Directors approved an additional $1.0 billion of repurchases of the Company's common stock under this program. The repurchase program does not have an expiration date. Stock repurchased under these programs may be used to offset the impact of the Company's employee stock-based benefit programs and stock-based business acquisitions, and will reduce the total shares outstanding.

During 2023, 2022, and 2021, the Company repurchased 11.4 million, 20.1 million, and 5.8 million shares, respectively, at an aggregate cost of $880.5 million, $1,727.1 million, and $512.8 million, respectively, including shares purchased under a Rule 10b5-1 trading plan, the accelerated share repurchase ("ASR") agreements described below, and shares acquired to satisfy tax withholding obligations in connection with the vesting of restricted stock units issued to employees. The timing and size of any future stock repurchases are subject to a variety of factors, including expected dilution from stock plans, cash capacity, and the market price of the Company's common stock.
Accelerated Share Repurchase

During 2023 and 2022, the Company entered into ASR agreements providing for the repurchase of the Company's common stock based on the volume-weighted average price ("VWAP") of the Company's common stock during the term of the applicable agreements, less a discount. The following table summarizes the terms of the ASR agreements (dollars and shares in millions, except per share data):
  Initial DeliveryFinal Settlement
Agreement DateAmount
Paid		Shares
Received		Price per
Share		Value of
Shares as %
of Contract
Value		Settlement
Date		Total Shares
Received		Average Price
per Share
January 2022$250.0 1.9 $104.87 80 %February 20222.3 $110.31 
October 2022$750.0 8.3 $72.43 80 %December 202210.3 $72.91 
February 2023$200.0 2.0 $80.44 80 %March 20232.5 $79.28 
December 2023$400.0 4.6 $70.31 80 %December 20235.3 $72.91 

The ASR agreements were each accounted for as two separate transactions: (1) the value of the initial delivery of shares was recorded as shares of common stock acquired in a treasury stock transaction on the acquisition date and (2) the remaining amount of the purchase price paid was recorded as a forward contract indexed to the Company's own common stock and was initially recorded in "Additional Paid-in Capital" and subsequently, upon settlement, was transferred to "Treasury Stock" on the consolidated balance sheets. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The Company determined that the forward contracts indexed to the Company's common stock met all the applicable criteria for equity classification and, therefore, were not accounted for as a derivative instrument.

Employee and Director Stock Plans

The Edwards Lifesciences Corporation Long-term Stock Incentive Compensation Program (the "Program") provides for the grant of incentive and non-qualified stock options, restricted stock, and restricted stock units for eligible employees of the Company. Under the Program, these grants are awarded at a price equal to the fair market value at the date of grant based upon the closing price on that date. Options to purchase shares of the Company's common stock granted under the Program generally vest over predetermined periods of between three to four years and expire seven years after the date of grant. Service-based restricted stock units of the Company's common stock granted under the Program generally vest over predetermined periods, typically four years after the date of grant. Market-based restricted stock units of the Company's common stock granted under the Program vest over three years based on a combination of certain service and market conditions. The actual number of shares issued will be determined based on the Company's total stockholder return relative to a selected industry peer group. Under the Program, the number of shares of common stock authorized for issuance under the Program was 327.6 million shares. No more than 33.6 million shares reserved for issuance may be granted in the form of restricted stock or restricted stock units.

The Company also maintains the Nonemployee Directors Stock Incentive Compensation Program (the "Nonemployee Directors Program"). Under the Nonemployee Directors Program, annually each nonemployee director may receive up to 120,000 stock options or 48,000 restricted stock units of the Company's common stock, or a combination thereof. These grants generally vest over one year from the date of grant. Under the Nonemployee Directors Program, an aggregate of 8.4 million shares of the Company's common stock has been authorized for issuance.

The Company has an employee stock purchase plan for United States employees and a plan for employees outside of the United States (collectively "ESPP"). Under the ESPP, eligible employees may purchase shares of the Company's common stock at 85% of the lower of the fair market value of Edwards Lifesciences common stock on the effective date of subscription or the date of purchase. Under the ESPP, employees can authorize the Company to withhold up to 15% of their compensation for common stock purchases, subject to certain limitations. The ESPP is available to all active employees of the Company paid from the United States payroll and to eligible employees of the Company outside of the United States, to the extent permitted
by local law. The ESPP for United States employees is qualified under Section 423 of the Internal Revenue Code. The number of shares of common stock authorized for issuance under the ESPP was 50.4 million shares.

The fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following tables. The risk-free interest rate is estimated using the United States Treasury yield curve and is based on the expected term of the award. Expected volatility is estimated based on a blend of the weighted-average of the historical volatility of Edwards Lifesciences' stock and the implied volatility from traded options on Edwards Lifesciences' stock. The expected term of awards granted is estimated from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that awards granted are expected to be outstanding. The Company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.4%.

The Black-Scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods:

Option Awards
Years Ended December 31,
202320222021
Risk-free interest rate3.4 %3.0 %0.8 %
Expected dividend yieldNoneNoneNone
Expected volatility32.8 %31.4 %33.5 %
Expected term (years)5.15.05.0
Fair value, per share$30.97 $34.59 $28.90 

The Black-Scholes option pricing model was used with the following weighted-average assumptions for ESPP subscriptions granted during the following periods:

ESPP
Years Ended December 31,
202320222021
Risk-free interest rate4.6 %0.5 %0.1 %
Expected dividend yieldNoneNoneNone
Expected volatility31.5 %32.0 %36.6 %
Expected term (years)0.60.60.6
Fair value, per share$19.03 $28.18 $23.07 

The fair value of market-based restricted stock units was determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements. The weighted-average assumptions used to determine the fair value of the market-based restricted stock units granted during the years ended December 31, 2023, 2022, and 2021 included a risk-free interest rate of 3.6%, 2.9%, and 0.4%, respectively, and an expected volatility rate of 32.6%, 33.9%, and 34.4%, respectively.
Stock option activity during the year ended December 31, 2023 under the Program and the Nonemployee Directors Program was as follows (in millions, except years and per-share amounts):

 SharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term		Aggregate
Intrinsic Value
Outstanding as of December 31, 2022
11.6 $63.67   
Options granted2.0 88.27   
Options exercised(2.2)38.54   
Options forfeited(0.4)97.32   
Outstanding as of December 31, 2023
11.0 71.90 3.5 years$136.9 
Exercisable as of December 31, 2023
7.3 61.68 2.4 years$135.5 
Vested and expected to vest as of December 31, 2023
10.5 70.91 3.4 years$136.7 

The following table summarizes nonvested restricted stock unit activity during the year ended December 31, 2023 under the Program and the Nonemployee Directors Program (in millions, except per-share amounts):

 SharesWeighted-
Average
Grant-Date
Fair Value
Nonvested as of December 31, 2022
2.0 $92.30 
Granted1.1 89.03 
Vested(0.8)83.17 
Forfeited(0.2)99.82 
Nonvested as of December 31, 2023
2.1 94.35 



The intrinsic value of stock options exercised and restricted stock units vested during the years ended December 31, 2023, 2022, and 2021 were $162.7 million, $264.5 million, and $359.8 million, respectively. The intrinsic value of stock options is calculated as the amount by which the market price of the Company's common stock exceeds the exercise price of the option. During the years ended December 31, 2023, 2022, and 2021, the Company received cash from exercises of stock options of $83.4 million, $64.8 million, and $82.2 million, respectively, and tax benefits from exercises of stock options and vesting of restricted stock units of $35.9 million, $56.9 million, and $76.5 million, respectively. The total grant-date fair value of stock options vested during the years ended December 31, 2023, 2022, and 2021 were $41.3 million, $40.4 million, and $36.2 million, respectively.

As of December 31, 2023, the total remaining unrecognized compensation expense related to nonvested stock options, restricted stock units, market-based restricted stock units, and employee stock purchase plan subscription awards amounted to $224.9 million, which will be amortized on a straight-line basis over each award's requisite service period. The weighted-average remaining requisite service period is 31 months.
v3.24.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
Presented below is a summary of activity for each component of "Accumulated Other Comprehensive Loss" for the years ended December 31, 2023, 2022, and 2021.

 Foreign
Currency
Translation
Adjustments		Unrealized (Loss) Gain on HedgesUnrealized Gain (Loss) on
Available-for-sale
Investments		Unrealized
Pension
(Costs) Credits (a)		Total
Accumulated
Other
Comprehensive
Loss
 (in millions)
December 31, 2020$(122.4)$(27.7)$8.6 $(19.6)$(161.1)
Other comprehensive (loss) income before reclassifications
(39.2)66.3 (29.2)12.8 10.7 
Amounts reclassified from accumulated other comprehensive loss(6.4)12.0 8.6 1.0 15.2 
Deferred income tax (expense) benefit
(4.5)(20.9)5.1 (2.2)(22.5)
December 31, 2021(172.5)29.7 (6.9)(8.0)(157.7)
Other comprehensive (loss) income before reclassifications
(33.9)75.2 (77.9)17.3 (19.3)
Amounts reclassified from accumulated other comprehensive loss(7.0)(84.5)18.8 (0.1)(72.8)
Deferred income tax (expense) benefit
(5.4)3.4 0.4 (3.5)(5.1)
December 31, 2022(218.8)23.8 (65.6)5.7 (254.9)
Other comprehensive income (loss) before reclassifications
6.9 43.3 32.6 (11.1)71.7 
Amounts reclassified from accumulated other comprehensive loss(6.9)(72.8)8.1 (0.8)(72.4)
Deferred income tax benefit
4.3 6.4 0.1 2.0 12.8 
December 31, 2023$(214.5)$0.7 $(24.8)$(4.2)$(242.8)
_______________________________________________________________________________
(a)For the years ended December 31, 2023, 2022, and 2021, the change in unrealized pension costs consisted of the following (in millions):
 Pre-Tax
Amount		Tax (Expense) BenefitNet of Tax
Amount
2023   
Prior service credit arising during period$0.7 $0.9 $1.6 
Amortization of prior service credit(0.8)0.1 (0.7)
Net prior service cost arising during period(0.1)1.0 0.9 
Net actuarial loss arising during period(11.8)1.0 (10.8)
Unrealized pension costs, net$(11.9)$2.0 $(9.9)
2022   
Prior service credit arising during period$— $(1.1)$(1.1)
Amortization of prior service credit(0.7)0.3 (0.4)
Net prior service cost arising during period(0.7)(0.8)(1.5)
Net actuarial gain arising during period17.9 (2.7)15.2 
Unrealized pension credits, net$17.2 $(3.5)$13.7 
2021   
Prior service credit arising during period$0.1 $— $0.1 
Amortization of prior service credit(0.7)0.1 (0.6)
Net prior service cost arising during period(0.6)0.1 (0.5)
Net actuarial gain arising during period14.4 (2.3)12.1 
Unrealized pension credits, net$13.8 $(2.2)$11.6 

The following table provides information about amounts reclassified from "Accumulated Other Comprehensive Loss" (in millions):
 Years Ended December 31, 
Details about Accumulated Other Comprehensive Loss
Components		20232022Affected Line on Consolidated
Statements of Operations
Foreign currency translation adjustments$6.9 $7.0 Other income, net
(1.7)(1.7)Provision for income taxes
$5.2 $5.3 Net of tax
(Loss) gain on hedges$58.9 $88.4 Cost of sales
13.9 (3.9)Other income, net
72.8 84.5 Total before tax
(15.8)(22.2)Provision for income taxes
$57.0 $62.3 Net of tax
Gain (loss) on available-for-sale investments$(8.1)$(18.8)Other income, net
2.2 4.6 Provision for income taxes
$(5.9)$(14.2)Net of tax
Amortization of pension adjustments$0.8 $0.1 Other income, net
(0.2)— Provision for income taxes
$0.6 $0.1 Net of tax
v3.24.0.1
OTHER INCOME, NET
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
OTHER INCOME, NET OTHER INCOME, NET
 Years Ended December 31,
 202320222021
(in millions)
Foreign exchange (gains) losses, net$(10.5)$1.2 $(5.0)
Loss (gain) on investments0.7 1.1 (5.8)
Non-service cost components of net periodic pension benefit cost(1.2)(1.1)0.3 
Gain on insurance settlement— (3.8)— 
Other(3.4)— (2.2)
Total other income, net$(14.4)$(2.6)$(12.7)
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company's income before provision for income taxes was generated from operations in the United States and outside of the United States as follows (in millions):
 Years Ended December 31,
 202320222021
United States$348.0 $634.4 $610.9 
Outside of the United States, including Puerto Rico1,250.1 1,133.0 1,091.1 
$1,598.1 $1,767.4 $1,702.0 

The provision for income taxes consists of the following (in millions):
 Years Ended December 31,
 202320222021
Current   
United States:   
Federal$317.3 $369.1 $125.2 
State and local58.1 60.6 25.1 
Outside of the United States, including Puerto Rico85.3 66.7 92.6 
Current income tax expense$460.7 $496.4 $242.9 
Deferred   
United States:   
Federal$(187.5)$(187.7)$(9.4)
State and local(54.2)(58.9)(25.4)
Outside of the United States, including Puerto Rico(20.3)(4.3)(9.2)
Deferred income tax benefit(262.0)(250.9)(44.0)
Total income tax provision$198.7 $245.5 $198.9 
The components of deferred tax assets and liabilities are as follows (in millions):
 December 31,
 20232022
Deferred tax assets  
   Capitalized research and development expenses (a)
$371.1 $199.7 
Compensation and benefits117.9 100.6 
Benefits from uncertain tax positions63.4 42.1 
Net tax credit carryforwards172.9 160.8 
Net operating loss carryforwards75.9 71.7 
Accrued liabilities132.8 93.7 
Inventories15.3 11.9 
Cash flow and net investment hedges1.6 6.6 
State income taxes0.2 0.3 
Investments0.6 0.6 
Lease liability obligations5.8 6.7 
Other0.8 1.9 
Total deferred tax assets958.3 696.6 
Deferred tax liabilities  
Property, plant, and equipment(78.2)(80.2)
Deferred tax on foreign earnings(3.6)(19.2)
Right-of-use assets (4.7)(6.0)
Other intangible assets(53.0)(19.9)
Other(2.5)(2.9)
Total deferred tax liabilities(142.0)(128.2)
Valuation allowance(90.2)(99.1)
Net deferred tax assets$726.1 $469.3 
______________________________________
(a)     As required by the 2017 Tax Cuts and Jobs Act, effective January 1, 2022, the Company's research and development expenditures were capitalized and amortized which resulted in substantially higher cash paid for taxes in 2023 and 2022 with an equal amount of deferred tax benefits.

During 2023, net deferred tax assets increased $256.8 million, including items that were recorded to stockholders' equity and which did not impact the Company's income tax provision.

The valuation allowance of $90.2 million as of December 31, 2023 reduces certain deferred tax assets to amounts that are more likely than not to be realized. This allowance primarily relates to the net operating loss carryforwards of certain non-United States subsidiaries and certain non-United States credit carryforwards.
Net operating loss and capital loss carryforwards and the related carryforward periods at December 31, 2023 are summarized as follows (in millions):
 Carryforward
Amount		Tax Benefit
Amount		Valuation
Allowance		Net Tax
Benefit		Carryforward
Period Ends
United States federal net operating losses$9.0 $1.9 $— $1.9 2033-2037
United States federal net operating losses1.8 0.4 — 0.4 Indefinite
United States state net operating losses35.7 1.8 (1.7)0.1 2026-2041
United States state net operating losses2.6 0.1 (0.1)— Indefinite
Non-United States net operating losses416.5 71.6 (54.5)17.1 Indefinite
United States capital losses33.4 0.1 (0.1)— 2024
Total$499.0 $75.9 $(56.4)$19.5  

Certain tax attributes are subject to an annual limitation as a result of the acquisition of CASMED, which constitute a change of ownership as defined under Internal Revenue Code Section 382.

The gross tax credit carryforwards and the related carryforward periods at December 31, 2023 are summarized as follows (in millions):
 Carryforward
Amount		Valuation
Allowance		Net Tax
Benefit		Carryforward
Period Ends
California research expenditure tax credits$211.3 $— $211.3 Indefinite
Federal research expenditure tax credits1.3 — 1.3 2026-2039
Foreign tax and general business credits0.7 — 0.7 2030-2033
Puerto Rico purchases credits26.2 (26.2)— 2025
Puerto Rico purchases credits1.2 (1.2)— Indefinite
Total$240.7 $(27.4)$213.3  

The Company has $211.3 million of gross California research expenditure tax credits it expects to use in future periods. The credits may be carried forward indefinitely. Based upon anticipated future taxable income, the Company expects that it is more likely than not that all California research expenditure tax credits will be utilized, although the utilization of the full benefit is expected to occur over a number of years into the distant future. Accordingly, no valuation allowance has been provided. The Company has $27.4 million of Puerto Rico purchases credits. Throughout its history and into the future, the Company's Puerto Rico operations generate, or are expected to generate, credits each year in excess of its ability to utilize credits in those years. As a result, even though the credits currently have an indefinite life, the Company continues to record a valuation allowance on the purchases credits carryforwards. The Company recently renegotiated its tax grant under Puerto Rico Act 52-2022 ("Act 52") effective January 1, 2023. Among other items, Act 52 introduced new requirements and limitations on the availability and claiming of tax credits. As a result, the Company now expects that its purchases credits generated through December 31, 2022 will expire in 2025 while the purchases credits generated after December 31, 2022 will have an indefinite life.

On December 22, 2017, Public Law 115-97, commonly referred to as the Tax Cuts and Jobs Act (the "2017 Act"), was signed into law. The 2017 Act a) reduced the United States federal corporate tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017, b) required companies to pay a one-time mandatory deemed repatriation tax on the cumulative earnings of certain foreign subsidiaries that were previously tax deferred, and c) created new taxes on certain foreign earnings in future years. The Company elected to pay the repatriation tax in installments over eight years.

The Company asserts that $961.6 million of its foreign earnings continue to be indefinitely reinvested and it intends to repatriate $1.2 billion of its foreign earnings as of December 31, 2023. The estimated net tax liability on the indefinitely reinvested earnings if repatriated is $5.1 million.
The Company has received tax incentives in certain non-United States tax jurisdictions, the primary benefit for which will expire in 2029. The tax reductions as compared to the local statutory rates were $333.2 million ($0.55 per diluted share), $247.4 million ($0.40 per diluted share), and $208.0 million ($0.33 per diluted share) for the years ended December 31, 2023, 2022, and 2021, respectively.

A reconciliation of the United States federal statutory income tax rate to the Company's effective income tax rate is as follows (in millions):
 Years Ended December 31,
 202320222021
Income tax expense at United States federal statutory rate$335.6 $371.1 $357.4 
Foreign income taxed at different rates(128.3)(123.9)(122.2)
State and local taxes, net of federal tax benefit18.7 21.1 11.9 
Tax credits, federal and state(62.5)(50.0)(48.4)
Build of reserve for prior years' uncertain tax positions(2.9)11.6 3.6 
Tax on global intangible low-taxed income78.7 61.4 56.5 
Foreign-derived intangible income deduction(23.0)(15.0)(1.3)
Contingent consideration liabilities(5.5)(7.5)(26.1)
United States federal deductible employee share-based compensation(13.1)(31.6)(47.8)
Nondeductible employee share-based compensation6.6 5.8 5.3 
Other(5.6)2.5 10.0 
Income tax provision$198.7 $245.5 $198.9 

The Company's effective tax rate for 2023 decreased in comparison to 2022 primarily due to the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. On July 21, 2023, the IRS issued Notice 2023-55 which delayed the application of certain U.S. foreign tax credit regulations that had previously limited the Company's ability to claim credits on certain foreign taxes for tax years 2022 and 2023. In addition, there was a tax benefit from the Intellectual Property Agreement with Medtronic (see Note 3), partially offset by a reduced tax benefit from employee share-based compensation. The Company's effective tax rate for 2022 increased in comparison to 2021 primarily due to the decrease in the tax benefit from the change in fair value of contingent consideration liabilities and the decrease in the excess tax benefit from employee share-based compensation.
Uncertain Tax Positions

As of December 31, 2023 and 2022, the gross uncertain tax positions were $583.9 million and $475.3 million, respectively. The Company estimates that these liabilities would be reduced by $250.7 million and $182.1 million, respectively, from offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, state income taxes, and timing adjustments. The net amounts of $333.2 million and $293.2 million, respectively, if not required, would favorably affect the Company's effective tax rate.
A reconciliation of the beginning and ending amount of uncertain tax positions, excluding interest, penalties, and foreign exchange, is as follows (in millions):
 December 31,
 202320222021
Uncertain gross tax positions, January 1$475.3 $358.4 $281.8 
Current year tax positions
127.0 120.6 82.1 
Increase in prior year tax positions
0.8 3.8 2.3 
Decrease in prior year tax positions
(16.2)(0.6)(4.8)
Settlements
(3.0)(0.4)(0.3)
Lapse of statutes of limitations
— (6.5)(2.7)
Uncertain gross tax positions, December 31$583.9 $475.3 $358.4 

The table above summarizes the gross amounts of uncertain tax positions without regard to reduction in tax liabilities or additions to deferred tax assets and liabilities if such uncertain tax positions were settled.

The Company recognizes interest and penalties, if any, related to uncertain tax positions in the provision for income taxes. As of December 31, 2023, the Company had accrued $41.4 million (net of $29.9 million tax benefit) of interest related to uncertain tax positions, and as of December 31, 2022, the Company had accrued $29.1 million (net of $15.4 million tax benefit) of interest related to uncertain tax positions. During 2023, 2022, and 2021, the Company recognized interest expense, net of tax benefit, of $12.3 million, $9.6 million, and $5.2 million, respectively, in "Provision for Income Taxes" on the consolidated statements of operations.

In the normal course of business, the IRS and other taxing authorities are in different stages of examining various years of the Company's tax filings. During these audits the Company may receive proposed audit adjustments that could be material. Therefore, there is a possibility that an adverse outcome in these audits could have a material effect on the Company's results of operations and financial condition. The Company strives to resolve open matters with each tax authority at the examination level and could reach agreement with a tax authority at any time. While the Company has accrued for matters it believes are more likely than not to require settlement, the final outcome with a tax authority may result in a tax liability that is materially different from that reflected in the consolidated financial statements. Furthermore, the Company may later decide to challenge any assessments, if made, and may exercise its right to appeal. The uncertain tax positions are reviewed quarterly and adjusted as events occur that affect potential liabilities for additional taxes, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, negotiations between tax authorities, identification of new issues, and issuance of new legislation, regulations, or case law. Management believes that adequate amounts of tax and related penalty and interest have been provided for any adjustments that may result from these uncertain tax positions.

The Company executed an Advance Pricing Agreement (“APA”) in 2018 between the United States and Switzerland governments for tax years 2009 through 2020 covering various, but not all, transfer pricing matters. The unagreed transfer pricing matters, namely Surgical Structural Heart and Transcatheter Aortic Valve Replacement (collectively "Surgical/TAVR") intercompany royalty transactions, then reverted to IRS examination for further consideration as part of the respective years' regular tax audits. In addition, the Company executed other bilateral APAs as follows: during 2017, an APA between the United States and Japan covering tax years 2015 through 2019; and during 2018, APAs between Singapore and Japan and between Switzerland and Japan covering tax years 2015 through 2019. The Company has filed to renew all three of the APAs with Japan for the years 2020 and forward. An APA between Switzerland and Japan covering tax years 2020 through 2024 was executed in 2021. An APA between the United States and Japan covering tax years 2020 through 2024 was executed in 2023. The execution of some or all these APA renewals depends on many variables outside of Edwards' control.

The audits of the Company’s United States federal income tax returns through 2014 have been closed. The IRS audit field work for the 2015 through 2017 tax years was completed during the second quarter of 2021, except for transfer pricing and related matters. The IRS is currently examining the 2018 through 2020 tax years.

At December 31, 2023, all material state, local, and foreign income tax matters have been concluded for years through 2015. While not material, the Company continues to address matters in India for years from 2010 and on.
During 2021, the Company received a Notice of Proposed Adjustment (“NOPA”) from the IRS for the 2015 through 2017 tax years relating to transfer pricing involving Surgical/TAVR intercompany royalty transactions between the Company's United States and Switzerland subsidiaries. The NOPA proposed a substantial increase to the Company's United States taxable income, which could result in additional tax expense for this period of approximately $230.0 million and represented a departure from a transfer pricing method the Company had previously agreed upon with the IRS. The Company disagreed with the NOPA and pursued an administrative appeal with the IRS Independent Office of Appeals ("Appeals"). The Appeals process culminated in the third quarter of 2023 when the Company and Appeals concluded that a satisfactory resolution of the matter at the administrative level was not possible.

During the fourth quarter of 2023, Appeals issued a notice of deficiency ("NOD") increasing the Company's 2015 through 2017 United States federal income tax in amounts resulting from the income adjustments previously reflected in the NOPA. The additional tax sought in excess of the Company's filing position is $269.3 million before consideration of interest and a repatriation tax offset.

The Company plans to vigorously contest the additional tax claimed by the IRS through the judicial process. Final resolution of this matter is not likely within the next 12 months. The Company believes the amounts previously accrued related to this uncertain tax position are appropriate for a number of reasons, including the interpretation and application of relevant tax law and accounting standards to the Company's facts and, accordingly, has not accrued any additional amount based on the NOD and other proceedings to date. Nonetheless, the outcome of the judicial process cannot be predicted with certainty, and it is possible that the outcome of that process could have a material impact on the Company's consolidated financial statements. As noted below, similar material tax disputes may arise for the 2018 through 2023 tax years. While no payment of any amount related to the NOPA or NOD has yet been required, the Company made a partial deposit with the IRS in November 2022 to prevent the further accrual of interest on that portion of any additional tax the Company may ultimately be found to owe. The Company intends to make an additional deposit in the range of $200 million to $300 million with the IRS by the second quarter of 2024 in order to further mitigate interest on potential tax liabilities while the Company prepares to contest through the judicial process the IRS's entitlement to any of the additional tax claimed by the IRS.
Surgical/TAVR intercompany royalty transactions covering tax years 2018 through 2023 remain subject to IRS examination, and those transactions and related tax positions remain uncertain as of December 31, 2023. The Company has considered this information, as well as information regarding the NOD and other proceedings described above, in its evaluation of its uncertain tax positions. The impact of these unresolved transfer pricing matters, net of any correlative tax adjustments, may be significant to the Company’s consolidated financial statements. Based on the information currently available and numerous possible outcomes, the Company cannot reasonably estimate what, if any, changes in its existing uncertain tax positions may occur in the next 12 months and, therefore, has continued to record the uncertain tax positions as a long-term liability.
v3.24.0.1
LEGAL PROCEEDINGS
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
LEGAL PROCEEDINGS LEGAL PROCEEDINGS
In 2021, the Company initiated an internal review and investigation into whether business activities in Japan and other markets violated certain provisions of the Foreign Corrupt Practices Act ("FCPA"). The Company voluntarily notified the SEC and the United States Department of Justice ("DOJ") during 2021 that it has engaged outside counsel to conduct this review and investigation. The Company has provided status updates to the SEC and DOJ since that time. Any determination that the Company’s operations or activities are not in compliance with existing laws, including the FCPA, could result in the imposition of fines, penalties, and equitable remedies. The Company cannot currently predict the final outcome of the investigation or any potential impact on its financial statements.

On September 28, 2021, Aortic Innovations LLC, a non-practicing entity, filed a lawsuit against Edwards Lifesciences Corporation and certain of its subsidiaries ("Edwards") in the United States District Court for the District of Delaware alleging that Edwards’ SAPIEN 3 Ultra product infringes certain of its patents. The Company is unable to predict the ultimate outcome of this matter or estimate a range of possible exposure; therefore, no amounts have been accrued. The Company intends to vigorously defend itself in this litigation.
The European Commission (the "Commission") is investigating certain business practices of Edwards including its unilateral pro-innovation (anti-copycat) policy and patent practices. The Company is committed to healthy competition and is cooperating with the Commission. The Company cannot predict the outcome of the investigation or the potential impact on its financial statements.

The Company is or may be a party to, or may otherwise be responsible for, pending or threatened lawsuits including those related to products and services currently or formerly manufactured or performed, as applicable, by the Company, workplace and employment matters, matters involving real estate, Company operations or health care regulations, contingent consideration, or governmental investigations (the "Lawsuits"). The Lawsuits raise difficult and complex factual and legal issues and are subject to many uncertainties, including, but not limited to, the facts and circumstances of each particular case or claim, the jurisdiction in which each suit is brought, and differences in applicable law. Management does not believe that any loss relating to the Lawsuits would have a material adverse effect on the Company's overall financial condition, results of operations or cash flows. However, the resolution of one or more of the Lawsuits in any reporting period, could have a material adverse impact on the Company's financial results for that period. The Company is not able to estimate the amount or range of any loss for legal contingencies related to the Lawsuits for which there is no reserve or additional loss for matters already reserved.

The Company is subject to various environmental laws and regulations both within and outside of the United States. The Company's operations, like those of other medical device companies, involve the use of substances regulated under environmental laws, primarily in manufacturing and sterilization processes. While it is difficult to quantify the potential impact of continuing compliance with environmental protection laws, management believes that such compliance will not have a material impact on the Company's financial results. The Company's threshold of disclosing material environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.
v3.24.0.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Edwards Lifesciences conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. All regions sell products that are used to treat advanced cardiovascular disease.

The Company's geographic segments are reported based on the financial information provided to the Chief Operating Decision Maker (the Chief Executive Officer). The Company evaluates the performance of its geographic segments based on net sales and operating income. The accounting policies of the segments are the same as those described in Note 2. Segment net sales and segment operating income are based on internally derived foreign exchange rates and do not include inter-segment profits. Because of the interdependence of the reportable segments, the operating profit as presented may not be representative of the geographical distribution that would occur if the segments were not interdependent. Net sales by geographic area are based on the location of the customer. There were no customers that represented 10% or more of the Company's total net sales.

Certain items are maintained at the corporate level and are not allocated to the segments. The non-allocated items include corporate research and development expenses, manufacturing variances, corporate headquarters costs, net interest income, global marketing expenses, special gains and charges, stock-based compensation, foreign currency hedging activities, certain litigation costs, changes in the fair value of contingent consideration liabilities, and most of the Company's amortization expense. Although most of the Company's depreciation expense is included in segment operating income, due to the Company's methodology for cost build-up, it is impractical to determine the amount of depreciation expense included in each segment and, therefore, a portion is maintained at the corporate level. The Company neither discretely allocates assets to its operating segments, nor evaluates the operating segments using discrete asset information.
The table below presents information about Edwards Lifesciences' reportable segments (in millions):
 Years Ended December 31,
 202320222021
Segment Net Sales   
United States$3,508.7 $3,132.6 $2,963.1 
Europe1,337.4 1,213.7 1,099.6 
Japan436.7 559.3 528.0 
Rest of World716.9 610.7 533.2 
Total segment net sales$5,999.7 $5,516.3 $5,123.9 
Segment Operating Income  
United States$2,306.1 $2,130.9 $2,051.0 
Europe709.5 652.2 569.1 
Japan259.1 376.7 348.0 
Rest of World310.4 247.7 185.2 
Total segment operating income$3,585.1 $3,407.5 $3,153.3 

The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions):
 Years Ended December 31,
 202320222021
Net Sales Reconciliation   
Segment net sales$5,999.7 $5,516.3 $5,123.9 
Foreign currency5.1 (133.9)108.6 
Consolidated net sales$6,004.8 $5,382.4 $5,232.5 
Pre-tax Income Reconciliation  
Segment operating income$3,585.1 $3,407.5 $3,153.3 
Unallocated amounts:
Corporate items(1,920.9)(1,714.1)(1,613.8)
Special charge and separation costs(17.2)(60.7)— 
Intellectual property agreement and litigation expense(203.5)(15.8)(20.6)
Change in fair value of contingent consideration liabilities26.2 35.8 124.1 
Foreign currency64.4 95.8 47.3 
Consolidated operating income1,534.1 1,748.5 1,690.3 
Non-operating income64.0 18.9 11.7 
Consolidated pre-tax income$1,598.1 $1,767.4 $1,702.0 
Enterprise-Wide Information
(in millions)

Enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated financial statements.

 As of or for the Years Ended December 31,
 202320222021
Net Sales by Geographic Region   
United States$3,508.7 $3,132.6 $2,963.1 
Europe1,334.5 1,174.8 1,190.3 
Japan452.4 473.6 528.9 
Rest of World709.2 601.4 550.2 
$6,004.8 $5,382.4 $5,232.5 
Net Sales by Major Product Group  
Transcatheter Aortic Valve Replacement$3,879.8 $3,518.2 $3,422.5 
Transcatheter Mitral and Tricuspid Therapies197.6 116.1 86.0 
Surgical Structural Heart999.3 893.1 889.1 
Critical Care928.1 855.0 834.9 
$6,004.8 $5,382.4 $5,232.5 
Long-lived Tangible Assets by Geographic Region   
United States$1,269.7 $1,188.5 $1,195.8 
Europe196.4191.8197.9
Japan23.813.219.7
Rest of World353.5331.6335.5
$1,843.4 $1,725.1 $1,748.9 
v3.24.0.1
VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
VALUATION AND QUALIFYING ACCOUNTS VALUATION AND QUALIFYING ACCOUNTS
  Additions  
 Balance at
Beginning
of Period		Charged to
Costs and
Expenses		Charged to
Other
Accounts		DeductionsBalance at
End of
Period
 (in millions)
Year ended December 31, 2023
     
Allowance for credit losses (a)$11.7 $2.0 $— $(1.9)$11.8 
Tax valuation allowance (b)99.1 — 0.1 (9.0)90.2 
Year ended December 31, 2022
     
Allowance for credit losses (a)$15.7 $0.9 $0.1 $(5.0)$11.7 
Tax valuation allowance (b)82.5 3.0 14.2 (0.6)99.1 
Year ended December 31, 2021
     
Allowance for credit losses (a)$16.4 $1.2 $0.6 $(2.5)$15.7 
Tax valuation allowance (b)71.6 12.4 — (1.5)82.5 
_______________________________________________________________________________
(a)    The deductions related to allowances for credit losses represent accounts receivable which are written off.

(b)     The tax valuation allowances are provided for other-than-temporary impairments and unrealized losses related to certain investments that may not be recognized due to the uncertainty of the ready marketability of certain impaired investments, and net operating loss and credit carryforwards that may not be recognized due to insufficient taxable income.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net Income (Loss) $ 1,402.4 $ 1,521.9 $ 1,503.1
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Donald Bobo, Jr [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 14, 2023, Donald Bobo, Jr., Corporate Vice President, Strategy & Corporate Development, entered into a 10b5-1 trading plan (the “Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The Plan provides for the potential sale of 70,500 shares of the Company’s stock commencing May 10, 2024. The Plan terminates on the earlier of April 14, 2025 or the date all shares are sold.
Name Donald Bobo, Jr  
Title Corporate Vice President, Strategy & Corporate Development  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 14, 2023  
Arrangement Duration 339 days  
Aggregate Available 70,500 70,500
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Edwards Lifesciences, its wholly-owned subsidiaries, and variable interest entities for which the Company is the primary beneficiary (see Note 8). The Company attributes the net income or losses of its consolidated variable interest entities to controlling and noncontrolling interests using the hypothetical liquidation at book value method. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The consolidated financial statements of Edwards Lifesciences have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") which have been applied consistently in all material respects. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.
Foreign Currency Translation
Foreign Currency Translation

When the local currency of the Company's foreign entities is the functional currency, all assets and liabilities are translated into United States dollars at the rate of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted-average exchange rate prevailing during the period. The effects of foreign currency translation adjustments for these entities are deferred and reported in stockholders' equity as a component of "Accumulated Other Comprehensive Loss." The effects of foreign currency transactions denominated in a currency other than an entity's functional currency are included in "Other Income, net."
Revenue Recognition and Shipping and Handling Costs
Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products or services.

The Company generates nearly all of its revenue from direct product sales and sales of products under consignment arrangements. Revenue from direct product sales is recognized at a point in time when the performance obligation is satisfied upon delivery of the product. Revenue from sales of consigned inventory is recognized at a point in time when the performance obligation is satisfied once the product has been implanted or used by the customer. The Company periodically reviews consignment inventories to confirm the accuracy of customer reporting. The Company also generates a small portion of its revenue from service contracts, which is recognized ratably over the term of the contracts. Sales taxes and other similar taxes that the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company does not typically have any significant unusual payment terms beyond 90 days in its contracts with customers. In addition, the Company
receives royalty payments for the licensing of certain intellectual property and recognizes the royalty when the subsequent sale of product using the intellectual property occurs.

The amount of consideration the Company ultimately receives varies depending upon the return terms, sales rebates, discounts, and other incentives that the Company may offer, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely upon an assessment of historical payment experience, historical relationship to revenues, estimated customer inventory levels, and current contract sales terms with direct and indirect customers.

The Company's sales adjustment related to distributor rebates given to the Company's United States distributors represents the difference between the Company's sales price to the distributor and the negotiated price to be paid by the end-customer. This distributor rebate is recorded as a reduction to sales and a reduction to the distributor's accounts receivable at the time of sale to a distributor. The Company periodically monitors current pricing trends and distributor inventory levels to ensure the credit for future distributor rebates is fairly stated.

The Company offers volume rebates to certain group purchasing organizations ("GPOs") and customers based upon targeted sales levels. Volume rebates offered to GPOs are recorded as a reduction to sales and an obligation to the GPOs, as the Company expects to pay in cash. Volume rebates offered to customers are recorded as a reduction to sales and either a reduction to accounts receivable if the Company expects a net payment from the customer, or as an obligation to the customer if the Company expects to pay in cash. The provision for volume rebates is estimated based upon customers' contracted rebate programs, projected sales levels, and historical experience of rebates paid. The Company periodically monitors its customer rebate programs to ensure that the allowance and liability for accrued rebates is fairly stated.

Product returns are typically not significant because returns are generally not allowed unless the product is damaged at time of receipt. In limited circumstances, the Company may allow customers to return previously purchased products, such as for next-generation product offerings. For these transactions, the Company defers recognition of revenue on the sale of the earlier generation product based upon an estimate of the amount of product to be returned when the next-generation products are shipped to the customer.

The Company sells separately priced service contracts, which range from 12 to 36 months, to owners of its hemodynamic monitors. The Company invoices the customer the total amount of consideration at the inception of the contract and recognizes revenue ratably over the term of the contract. As of December 31, 2023 and 2022, $13.3 million and $10.6 million, respectively, of deferred revenue associated with outstanding service contracts was recorded in “Accrued and Other Liabilities” and "Other Liabilities." During 2023, the Company recognized as revenue $7.6 million that was included in the balance of deferred revenue as of December 31, 2022, and during 2022, the Company recognized as revenue $7.2 million that was included in the balance of deferred revenue as of December 31, 2021.

A limited number of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the transaction price is allocated to each performance obligation based on its relative standalone selling price charged to other customers.

The Company applies the optional exemption of not disclosing the amount of the transaction price allocated to unsatisfied performance obligations for contracts with an original expected duration of one year or less.

Shipping and Handling Costs
Shipping costs, which are costs incurred to physically move product from the Company's premises or third party distribution centers, including storage, to the customer's premises, are included in "Selling, General, and Administrative Expenses." Handling costs, which are costs incurred to store at the Company's premises, move, and prepare products for shipment, are included in "Cost of Sales."
Cash Equivalents
Cash Equivalents

The Company considers highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. These investments are valued at cost, which approximates fair value.
Investments
Investments

The Company invests its excess cash in debt securities, including time deposits, commercial paper, United States government and agency securities, asset-backed securities, corporate debt securities, and municipal debt securities. Investments with maturities of one year or less are classified as short-term, and investments with maturities greater than one year are classified as long-term. Investments that the Company has the ability and intent to hold until maturity are classified as held-to-maturity and carried at amortized cost. Investments in debt securities that are classified as available-for-sale are carried at fair value with unrealized gains and losses included in "Accumulated Other Comprehensive Loss." The Company determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such designation at each balance sheet date.

The Company also has long-term equity investments in companies that are in various stages of development. These investments are reported at fair value or under the equity method of accounting, as appropriate. Equity investments that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Company accounts for investments in limited partnerships and limited liability corporations, whereby the Company owns a minimum of 3% of the investee's outstanding voting stock, under the equity method of accounting. These investments are recorded at the amount of the Company's investment and adjusted each period for the Company's share of the investee's income or loss, and dividends paid.

Realized gains and losses on investments that are sold are determined using the specific identification method, or the first-in, first-out method, depending on the investment type, and recorded to "Other Income, net." Income relating to investments in debt securities is recorded to "Interest Income."

Equity investments without readily determinable fair value are considered impaired when there is an indication that the fair value of the Company's interest is less than the carrying amount. Equity method investments are considered impaired when there is an indication of an other-than-temporary decline in value below the carrying amount. Impairments of equity investments are recorded in "Other Income, net."
Debt securities in an unrealized loss position are written down to fair value through "Other Income, net" if the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the length of time and the extent to which the security's fair value has been below cost, changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security to the amortized cost basis of the security to determine the allowance amount that should be recorded, if any.
Accounts Receivable
Accounts Receivable

The majority of the Company’s accounts receivable arise from direct product sales and sales of products under consignment arrangements, and have payment terms that generally require payment within 30 to 90 days. The Company does not adjust its receivables for the effects of a significant financing component at contract inception if collection of the receivable is expected within one year or less from the time of sale. In countries where the Company has experienced a pattern of payments extending beyond the stated terms and collection of the receivable is expected beyond one year from the time of sale, the Company assesses whether the customer has a significant financing component and discounts the receivable and reduces the related revenues over the period of time that the Company estimates those amounts will be paid using the country’s market-based borrowing rate for such period.
The Company provides reserves against accounts receivable for estimated losses that may result from a customer’s inability to pay based on customer-specific analysis and general matters such as current assessments of past due balances, economic conditions and forecasts, and historical credit loss activity. Amounts determined to be uncollectible are charged or written-off against the reserve.
Inventories
Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Market value for raw materials is based on replacement costs, and for other inventory classifications is based on net realizable value.

A write-down for excess or slow moving inventory is recorded for inventory which is obsolete, damaged, nearing its expiration date (generally triggered at six months prior to expiration), or slow moving (generally defined as quantities in excess of a two-year supply).
The Company allocates to inventory general and administrative costs that are related to the production process. These costs include insurance, manufacturing accounting and human resources personnel, and information technology.
Property, Plant and Equipment
Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost. Depreciation is principally calculated for financial reporting purposes on the straight-line method over the estimated useful lives of the related assets, which range from 10 to 40 years for buildings and improvements, from 3 to 15 years for machinery and equipment, and from 3 to 5 years for software. Leasehold improvements are amortized over the life of the related facility leases or the asset, whichever is shorter. Straight-line and accelerated methods of depreciation are used for income tax purposes. Construction in progress is not depreciated until the asset is ready for its intended use.
Leases
Leases

The Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments. The Company's incremental borrowing rate is determined based on the estimated rate of interest for collateralized borrowing over a similar term as the associated lease. Right-of-use assets also include any lease payments made at or before lease commencement and any initial direct costs incurred, and exclude any lease incentives received.

The Company determines the lease term as the noncancellable period of the lease, and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recognized on the balance sheet. Certain of the Company’s leases include variable lease payments that are based on costs incurred or actual usage, or adjusted periodically based on an index or a rate. The Company’s leases do not contain any residual value guarantees.

The Company accounts for the lease and non-lease components as a single lease component for all of its leases except vehicle leases, for which the lease and non-lease components are accounted for separately.
Operating leases are included in “Operating Lease Right-of-Use Assets” and “Operating Lease Liabilities” on the Company’s consolidated balance sheets. See Note 6 for further information.
Acquisitions
Acquisitions

Businesses that the Company acquires are included in its results of operations as of the acquisition date. The purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Contingent consideration obligations incurred in connection with a business combination are recorded at their fair values on the acquisition date and remeasured on a quarterly basis, with changes in their fair value recorded as an adjustment to earnings, until the related contingencies have been resolved. When the assets acquired do not meet the definition of a business combination, the transactions is accounted for as an asset acquisition. In an asset acquisition, the cost of the acquisition is allocated to the assets acquired and liabilities assumed based on their relative fair values. Upfront payments related to in-process research and development projects with no alternative future use are expensed upon acquisition.
Impairment of Goodwill and Long-lived Assets
Impairment of Goodwill and Long-lived Assets

Goodwill is reviewed for impairment annually in the fourth quarter of each fiscal year, or whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the Company performs a quantitative impairment test. The Company determined, after performing a qualitative review of each reporting unit, that it is more likely than not that the fair value of each of its reporting units substantially exceeds the respective carrying amounts. Accordingly, in 2023, 2022, and 2021, the Company did not record any goodwill impairment loss.

Indefinite-lived intangible assets relate to in-process research and development acquired in business combinations. The estimated fair values of in-process research and development projects acquired in a business combination which have not reached technological feasibility are capitalized and accounted for as indefinite-lived intangible assets subject to impairment testing until completion or abandonment of the projects. Upon successful completion of the project, the capitalized amount is amortized over its estimated useful life. If the project is abandoned, all remaining capitalized amounts are written off immediately. Indefinite-lived intangible assets are reviewed for impairment annually in the fourth quarter of each fiscal year, or whenever an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment loss is recognized when the asset's carrying value exceeds its fair value. In-process research and development projects acquired in an asset acquisition are expensed unless the project has an alternative future use.

Management reviews the carrying amounts of other finite-lived intangible assets and long-lived tangible assets whenever events or circumstances indicate that the carrying amounts of an asset may not be recoverable. Impairment indicators include, among other conditions, cash flow deficits, historic or anticipated declines in revenue or operating profit, and adverse legal or regulatory developments. If it is determined that such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization periods, their carrying values are reduced to estimated fair market value. Estimated fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. For the purposes of identifying and measuring impairment, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.
In 2022, the Company recorded a $52.7 million impairment of certain developed technology and in-process research and development assets. For further information, see Note 4 and Note 9. In 2023 and 2021, the Company did not record any impairment loss related to its in-process research and development assets.
Income Taxes
Income Taxes

The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company recognizes the financial statement benefit of a tax position only after determining that a position would more likely than not be sustained based upon its technical merit if challenged by the relevant taxing authority and taken by management to the court of last resort. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the relevant tax authority. The Company recognizes interest and penalties related to income tax matters in income tax expense. The Company has made an accounting policy election to recognize the United States tax effects of global intangible low-taxed income as a component of income tax expense in the period the tax arises.

Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. The Company evaluates quarterly the realizability of its deferred tax assets by assessing its valuation allowance and adjusting the amount, if necessary. The factors used to assess the likelihood of realization are both historical experience and the Company's forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in the applicable taxing jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings.
Research and Development Costs
Research and Development Costs

Research and development costs are charged to expense when incurred.
Earnings per Share
Earnings per Share

Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, nonvested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive.
Stock-based Compensation
Stock-based Compensation

The Company measures and recognizes compensation expense for all stock-based awards based on estimated fair values. Stock-based awards consist of stock options, restricted stock units (service-based and market-based), and employee stock purchase subscriptions. Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over each award's requisite service period (vesting period) on a straight-line basis. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Upon exercise of stock options or vesting of restricted stock units, the Company issues common stock.
Upon a participant's retirement, all unvested stock options are immediately forfeited. In addition, upon retirement, a participant will immediately vest in 25% of service-based restricted stock units for each full year of employment with the Company measured from the grant date. All remaining unvested service-based restricted stock units are immediately forfeited. For market-based restricted stock units, upon retirement and in certain other specified cases, a participant will receive a pro-rated portion of the shares that would ultimately be issued based on attainment of the performance goals as determined on the vesting date. The pro-rated portion is based on the participant's whole months of service with the Company during the performance period prior to the date of termination.
Derivatives
Derivatives

The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk. It is the Company's policy not to enter into derivative financial instruments for speculative purposes.

Derivative financial instruments involve credit risk in the event the counterparty should default. It is the Company's policy to execute such instruments with global financial institutions that the Company believes to be creditworthy. The Company diversifies its derivative financial instruments among counterparties to minimize exposure to any one of these entities. The Company also uses International Swap Dealers Association master-netting agreements. The master-netting agreements provide for the net settlement of all contracts through a single payment in a single currency in the event of default, as defined by the agreements.

The Company uses foreign currency forward exchange contracts and cross currency swap contracts to manage its exposure to changes in currency exchange rates from (1) future cash flows associated with intercompany transactions and certain local currency expenses expected to occur within approximately 1 year (designated as cash flow hedges), (2) its net investment in certain foreign subsidiaries (designated as net investment hedges) and (3) foreign currency denominated assets or liabilities (designated as fair value hedges). The Company also uses foreign currency forward exchange contracts that are not designated as hedging instruments to offset the transaction gains and losses associated with the revaluation of certain assets and liabilities denominated in currencies other than their functional currencies, resulting principally from intercompany and local currency transactions.
All derivative financial instruments are recognized at fair value in the consolidated balance sheets. For each derivative instrument that is designated as a fair value hedge, the gain or loss on the derivative included in the assessment of hedge effectiveness is recognized immediately to earnings, and offsets the loss or gain on the underlying hedged item. The Company reports in "Accumulated Other Comprehensive Loss" the gain or loss on derivative financial instruments that are designated, and that qualify, as cash flow hedges. The Company reclassifies these gains and losses into earnings in the same line item and in the same period in which the underlying hedged transactions affect earnings. Changes in the fair value of net investment hedges are reported in "Accumulated Other Comprehensive Loss" as a part of the cumulative translation adjustment and would be reclassified into earnings if the underlying net investment is sold or substantially liquidated. The portion of the change in fair value related to components excluded from the hedge effectiveness assessment are amortized into earnings over the life of the derivative. The gains and losses on derivative financial instruments for which the Company does not elect hedge accounting treatment are recognized in the consolidated statements of operations in each period based upon the change in the fair value of the derivative financial instrument. Upon settlement, cash flows from net investment hedges are reported as investing activities in the consolidated statements of cash flows, and cash flows from all other derivative financial instruments are reported as operating activities.
New Accounting Standards Not Yet Adopted
New Accounting Standards Not Yet Adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on income taxes which requires entities to provide additional information in the rate reconciliation and additional disaggregated disclosures about income taxes paid. This guidance requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of this guidance to impact its financial statements, but the guidance will impact its income tax disclosures.

In November 2023, the FASB issued an amendment to the accounting guidance on segment reporting. The amendments require disclosure of significant segment expenses and other segment items and requires entities to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The amendment also requires disclosure of the title and position of the chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. The Company is curently evaluating the impact the guidance will have on its consolidated financial statements.

In March 2023, the FASB issued an amendment to the accounting guidance on investments in tax credit structures to allow entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial results or disclosures.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The table below presents the computation of basic and diluted earnings per share (in millions, except for per share information):
 Years Ended December 31,
 202320222021
Basic:   
Net income attributable to Edwards Lifesciences Corporation$1,402.4 $1,521.9 $1,503.1 
Weighted-average shares outstanding606.7 619.0 623.3 
Basic earnings per share$2.31 $2.46 $2.41 
Diluted:
Net income attributable to Edwards Lifesciences Corporation$1,402.4 $1,521.9 $1,503.1 
Weighted-average shares outstanding606.7 619.0 623.3 
Dilutive effect of stock plans2.7 5.2 7.9 
Dilutive weighted-average shares outstanding609.4 624.2 631.2 
Diluted earnings per share$2.30 $2.44 $2.38 
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in millions):
 Years Ended December 31,
 202320222021
Cost of sales$23.6 $22.8 $20.4 
Selling, general, and administrative expenses82.4 75.3 65.6 
Research and development expenses33.4 28.7 23.3 
Total stock-based compensation expense139.4 126.8 109.3 
Income tax benefit(24.1)(21.6)(18.9)
Total stock-based compensation expense, net of tax$115.3 $105.2 $90.4 
v3.24.0.1
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Components of Selected Captions in the Consolidated Balance Sheets
Components of selected captions in the consolidated balance sheets are as follows:
 As of December 31,
 20232022
 (in millions)
Inventories  
Raw materials$252.6 $156.4 
Work in process220.1 177.4 
Finished products695.5 541.7 
$1,168.2 $875.5 
Property, plant, and equipment, net  
Land$116.4 $116.3 
Buildings and leasehold improvements1,234.2 1,189.2 
Machinery and equipment775.8 697.6 
Equipment with customers37.9 37.4 
Software87.2 87.5 
Construction in progress355.3 255.2 
2,606.8 2,383.2 
Accumulated depreciation(857.4)(750.4)
$1,749.4 $1,632.8 
Accrued and other liabilities  
Employee compensation and withholdings$371.2 $268.7 
Accrued rebates131.4 116.1 
Property, payroll, and other taxes63.0 45.6 
 As of December 31,
 20232022
 (in millions)
Research and development accruals74.1 66.9 
Legal and insurance (Notes 3 and 19)30.7 28.1 
Litigation settlement69.1 53.3 
Taxes payable59.3 50.6 
Fair value of derivatives15.2 20.7 
Accrued marketing expenses15.0 17.0 
Accrued professional services8.8 6.6 
Accrued realignment reserves12.3 15.6 
Accrued relocation costs19.2 25.2 
Accrued warranties10.08.4 
Other accrued liabilities89.8 72.2 
$969.1 $795.0 
Schedule of Cash Flow Information
Supplemental Cash Flow Information
(in millions)
Years Ended December 31,
202320222021
Cash paid during the year for:   
Interest$19.9 $19.3 $20.2 
Income taxes$470.1 $504.1 $182.5 
Amounts included in the measurement of operating lease liabilities$28.8 $28.1 $31.9 
Non-cash investing and financing transactions:   
Right-of-use assets obtained in exchange for new lease liabilities$29.3 $31.9 $28.7 
Capital expenditures accruals$45.5 $42.6 $54.3 
Conversion of notes receivable to equity investment$— $— $21.5 
Schedule of Cash and Cash Equivalents
Cash, Cash Equivalents, and Restricted Cash
(in millions)
Years Ended December 31,
202320222021
Cash and cash equivalents$1,144.0 $769.0 $862.8 
Restricted cash included in other current assets3.3 0.5 1.5 
Restricted cash included in other assets0.7 3.1 3.1 
Total cash, cash equivalents, and restricted cash$1,148.0 $772.6 $867.4 
Schedule of Restricted Cash
Cash, Cash Equivalents, and Restricted Cash
(in millions)
Years Ended December 31,
202320222021
Cash and cash equivalents$1,144.0 $769.0 $862.8 
Restricted cash included in other current assets3.3 0.5 1.5 
Restricted cash included in other assets0.7 3.1 3.1 
Total cash, cash equivalents, and restricted cash$1,148.0 $772.6 $867.4 
v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Assets And Liabilities of Lessee
Supplemental balance sheet information related to operating leases was as follows (in millions, except lease term and discount rate):
As of December 31,
20232022
Operating lease right-of-use assets$94.0 $92.3 
Operating lease liabilities, current portion$24.9 $25.5 
Operating lease liabilities, long-term portion73.0 69.5 
Total operating lease liabilities
$97.9 $95.0 
Schedule of Lessee, Operating Lease, Liability, Maturity
Maturities of operating lease liabilities at December 31, 2023 were as follows (in millions):
2024$26.8 
202519.6 
202616.3 
202712.9 
20289.5 
Thereafter20.7 
Total lease payments
105.8 
Less: imputed interest
(7.9)
Total lease liabilities
$97.9 

The following table provides information on the lease terms and discount rates:
Years Ended December 31,
20232022
Weighted-average remaining lease term (in years)5.96.4
Weighted-average discount rate2.3 %1.8 %
v3.24.0.1
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments in Debt Securities
Investments in debt securities at the end of each period were as follows (in millions):

 December 31, 2023December 31, 2022
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Bank time deposits$64.5 $— $— $64.5 $96.0 $— $— $96.0 
Available-for-sale
U.S. government and agency securities$72.7 $0.1 $(2.8)$70.0 $137.7 $— $(6.1)$131.6 
Asset-backed securities192.1 — (7.8)184.3 380.6 — (14.0)366.6 
Corporate debt securities658.5 — (16.7)641.8 1,028.1 — (47.8)980.3 
Municipal securities2.8 — (0.2)2.6 2.7 — (0.2)2.5 
$926.1 $0.1 $(27.5)$898.7 $1,549.1 $— $(68.1)$1,481.0 
Schedule of Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity
The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2023 were as follows:

 Held-to-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
 (in millions)
Due in 1 year or less$64.5 $64.5 $443.2 $436.0 
Due after 1 year through 5 years— — 267.8 257.0 
Due after 10 years— — 0.9 0.9 
Instruments not due at a single maturity date (a)
— — 214.2 204.8 
$64.5 $64.5 $926.1 $898.7 
_______________________________________
(a)     Consists of mortgage- and asset-backed securities.
Schedule of Gross Unrealized Losses and Fair Values for Investments in Unrealized Loss Position
The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2023 and 2022, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
December 31, 2023
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $67.1 $(2.8)$67.1 $(2.8)
Asset-backed securities10.2 (1.8)172.7 (6.0)182.9 (7.8)
Corporate debt securities25.0 (0.1)601.3 (16.6)626.3 (16.7)
Municipal securities— — 2.6 (0.2)2.6 (0.2)
$35.2 $(1.9)$843.7 $(25.6)$878.9 $(27.5)
December 31, 2022
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$61.6 $(1.5)$69.5 $(4.6)$131.1 $(6.1)
Asset-backed securities103.3 (1.3)254.6 (12.7)357.9 (14.0)
Corporate debt securities189.0 (5.3)784.8 (42.5)973.8 (47.8)
Municipal securities— — 2.5 (0.2)2.5 (0.2)
$353.9 $(8.1)$1,111.4 $(60.0)$1,465.3 $(68.1)
Schedule of Investments in Unconsolidated Affiliates
The Company has a number of equity investments in unconsolidated entities. These investments are recorded in "Long-term Investments" on the consolidated balance sheets, and are as follows:

 December 31,
 20232022
 (in millions)
Equity method investments  
Carrying value of equity method investments$33.6 $21.4 
Equity securities  
Carrying value of non-marketable equity securities87.6 86.9 
Total investments in unconsolidated entities$121.2 $108.3 
v3.24.0.1
BUSINESS COMBINATIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Fair Values of Assets Acquired and Liabilities Assumed The following table summarizes the fair values of the assets acquired and liabilities assumed (in millions):
Assets$8.1 
Goodwill (b)
133.2 
In-process research and development136.6 
Liabilities assumed(1.7)
Deferred tax liabilities(28.0)
Fair value of net assets acquired248.2 
Less: Noncontrolling interest (a)
(72.4)
Total purchase price
175.8 
Less: cash acquired(6.8)
Total purchase price, net of cash acquired (b)
$169.0 
_______________________________________
(a) Includes the fair value of the noncontrolling interest of $94.4 million, offset by the purchase consideration allocated to the option of $22.0 million, which was ascribed to the noncontrolling interest.
(b)     Includes $22.5 million paid in a previous year under option agreements, $5.3 million for the settlement of a pre-existing note, and $46.0 million of cash paid directly to the acquired company which was included in Edwards' consolidated cash balance and offset against goodwill post acquisition.
v3.24.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in the Carrying Amount of Goodwill, by Segment
The changes in the carrying amount of goodwill, by segment, during the years ended December 31, 2023 and 2022 were as follows:
 United
States		EuropeRest of WorldTotal
 (in millions)
Goodwill at December 31, 2021
$773.7 $63.0 $331.2 $1,167.9 
Currency translation adjustment— (3.6)— (3.6)
Goodwill at December 31, 2022
773.7 59.4 331.2 1,164.3 
Goodwill acquired during the year (Note 9)— — 87.2 87.2 
Currency translation adjustment— 2.0 — 2.0 
Goodwill at December 31, 2023
$773.7 $61.4 $418.4 $1,253.5 
Schedule of Finite-Lived Other Intangible Assets
Other intangible assets consist of the following (in millions):

 December 31,
 Weighted-Average Useful Life (in years)20232022
 CostAccumulated
Amortization		Net
Carrying
Value		CostAccumulated
Amortization		Net
Carrying
Value
Finite-lived intangible assets      
Patents9.9$119.3 $(87.6)$31.7 $205.5 $(185.0)$20.5 
Developed technology10.8197.6 (61.9)135.7 128.1 (57.9)70.2 
Other10.012.3 (8.9)3.4 12.2 (7.7)4.5 
10.6329.2 (158.4)170.8 345.8 (250.6)95.2 
Indefinite-lived intangible assets      
In-process research and development257.6 — 257.6 190.0 — 190.0 
$586.8 $(158.4)$428.4 $535.8 $(250.6)$285.2 
Schedule of Indefinite-Lived Other Intangible Assets
Other intangible assets consist of the following (in millions):

 December 31,
 Weighted-Average Useful Life (in years)20232022
 CostAccumulated
Amortization		Net
Carrying
Value		CostAccumulated
Amortization		Net
Carrying
Value
Finite-lived intangible assets      
Patents9.9$119.3 $(87.6)$31.7 $205.5 $(185.0)$20.5 
Developed technology10.8197.6 (61.9)135.7 128.1 (57.9)70.2 
Other10.012.3 (8.9)3.4 12.2 (7.7)4.5 
10.6329.2 (158.4)170.8 345.8 (250.6)95.2 
Indefinite-lived intangible assets      
In-process research and development257.6 — 257.6 190.0 — 190.0 
$586.8 $(158.4)$428.4 $535.8 $(250.6)$285.2 
Schedule of Estimated Amortization Expense Estimated amortization expense for each of the years ending December 31 is as follows (in millions):
2024$5.8 
20257.0 
20269.4 
202710.9 
202814.8 
v3.24.0.1
DEBT AND CREDIT FACILITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of the Notes
The following is a summary of the Notes as of December 31, 2023 and 2022:
 December 31,
 2023 2022
 AmountEffective
Interest Rate		 AmountEffective
Interest Rate
(in millions)(in millions)
Fixed-rate 4.3% Notes
$600.0 4.329 %$600.0 4.329 %
Unamortized discount(0.7)  (0.9) 
Unamortized debt issuance costs(2.3)(2.8)
Total carrying amount$597.0   $596.3  
v3.24.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis
The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis as of December 31, 2023 and 2022 (in millions):

December 31, 2023Level 1Level 2Level 3Total
Assets    
Cash equivalents$579.2 $— $— $579.2 
Available-for-sale investments: 
Corporate debt securities— 641.8 — 641.8 
Asset-backed securities— 184.3 — 184.3 
United States government and agency securities— 70.0 — 70.0 
Municipal securities— 2.6 — 2.6 
Investments held for deferred compensation plans125.8 — — 125.8 
Derivatives— 47.1 — 47.1 
$705.0 $945.8 $— $1,650.8 
Liabilities    
Derivatives$— $15.2 $— $15.2 
Other— — 10.3 10.3 
$— $15.2 $10.3 $25.5 
December 31, 2022
Assets
Cash equivalents$280.4 $— $— $280.4 
Available-for-sale investments: 
Corporate debt securities— 980.3 — 980.3 
Asset-backed securities— 366.6 — 366.6 
United States government and agency securities37.1 94.5 — 131.6 
Municipal securities— 2.5 — 2.5 
Investments held for deferred compensation plans112.1 — — 112.1 
Derivatives— 65.5 — 65.5 
$429.6 $1,509.4 $— $1,939.0 
Liabilities    
Derivatives$— $27.2 $— $27.2 
Contingent consideration liabilities— — 26.2 26.2 
Other— — 14.0 14.0 
$— $27.2 $40.2 $67.4 
Schedule of Changes in Fair Value of Contingent Consideration Obligation
The following table summarizes the changes in fair value of Level 3 financial instruments measured at fair value on a recurring basis for the years ended December 31, 2023 and 2022 (in millions):

Contingent ConsiderationOtherTotal
Fair value, December 31, 2021
$62.0 $14.0 $76.0 
Changes in fair value(35.8)— (35.8)
Fair value, December 31, 2022
$26.2 $14.0 $40.2 
Changes in fair value(26.2)(3.7)(29.9)
Fair value, December 31, 2023
$— $10.3 $10.3 
v3.24.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments Used to Manage Currency Exchange and Interest Rate Risk
The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.
 Notional Amount
As of December 31,
 20232022
 (in millions)
Foreign currency forward exchange contracts$1,786.2 $1,678.4 
Cross currency swap contracts300.0 300.0 
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets
The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets (in millions):

  Fair Value
As of December 31,
 Balance Sheet Location20232022
Derivatives designated as hedging instruments   
Assets   
Foreign currency contractsOther current assets$23.7 $24.9 
Cross currency swap contractsOther assets$23.4 $40.6 
Liabilities   
Foreign currency contractsAccrued and other liabilities$15.2 $20.7 
Foreign currency contractsOther liabilities$— $6.5 
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Assets
The following table presents the effect of master-netting agreements and rights of offset on the consolidated balance sheets (in millions):

    Gross Amounts Not Offset in the Consolidated Balance Sheet 
  Gross Amounts
Offset in the
Consolidated
Balance Sheet		Net Amounts
Presented in the
Consolidated
Balance Sheet
December 31, 2023Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative Assets      
Foreign currency contracts$23.7 $— $23.7 $(9.4)$— $14.3 
Cross currency swap contracts$23.4 $— $23.4 $— $— $23.4 
Derivative Liabilities      
Foreign currency contracts$15.2 $— $15.2 $(9.4)$— $5.8 
December 31, 2022      
Derivative Assets      
Foreign currency contracts$24.9 $— $24.9 $(12.0)$— $12.9 
Cross currency swap contracts$40.6 $— $40.6 $— $— $40.6 
Derivative Liabilities      
Foreign currency contracts$27.2 $— $27.2 $(12.0)$— $15.2 
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Liabilities
The following table presents the effect of master-netting agreements and rights of offset on the consolidated balance sheets (in millions):

    Gross Amounts Not Offset in the Consolidated Balance Sheet 
  Gross Amounts
Offset in the
Consolidated
Balance Sheet		Net Amounts
Presented in the
Consolidated
Balance Sheet
December 31, 2023Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative Assets      
Foreign currency contracts$23.7 $— $23.7 $(9.4)$— $14.3 
Cross currency swap contracts$23.4 $— $23.4 $— $— $23.4 
Derivative Liabilities      
Foreign currency contracts$15.2 $— $15.2 $(9.4)$— $5.8 
December 31, 2022      
Derivative Assets      
Foreign currency contracts$24.9 $— $24.9 $(12.0)$— $12.9 
Cross currency swap contracts$40.6 $— $40.6 $— $— $40.6 
Derivative Liabilities      
Foreign currency contracts$27.2 $— $27.2 $(12.0)$— $15.2 
Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income
The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated statements of operations and consolidated statements of comprehensive income:

 Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)Location of Gain or (Loss) Reclassified from Accumulated OCI into IncomeAmount of Gain or (Loss) Reclassified from Accumulated OCI into Income
 
 2023202220232022
(in millions)(in millions)
Cash flow hedges
Foreign currency contracts$29.2 $81.7 Cost of sales$58.9 $88.4 
 Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)		Location of Gain or (Loss) Reclassified from Accumulated OCI into IncomeAmount of Gain or (Loss)
Recognized in Income on Derivative (Amount Excluded from
 Effectiveness Testing)
2023202220232022
(in millions) (in millions)
Net investment hedges
Cross currency swap contracts$(17.3)$21.6 Interest income, net$6.9 $7.0 

The cross currency swap contracts have an expiration date of June 15, 2028. At maturity of the cross currency swap contracts, the Company will deliver the notional amount of €257.2 million and will receive $300.0 million from the counterparties. The Company receives semi-annual interest payments from the counterparties based on a fixed interest rate until maturity of the agreements.
  Amount of Gain or
(Loss) Recognized in
Income on Derivative
 Location of Gain or
(Loss) Recognized in
Income on Derivative
 202320222021
 (in millions)
Fair value hedges
Foreign currency contractsOther income, net$13.9 $(3.9)$11.6 

  Amount of Gain or
(Loss) Recognized in
Income on Derivative
 Location of Gain or
(Loss) Recognized in
Income on Derivative
 202320222021
 (in millions)
Derivatives not designated as hedging instruments
Foreign currency contractsOther income, net$7.4 $44.0 $27.4 
Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Condensed Statements of Operations
The following tables present the effect of fair value and cash flow hedge accounting on the consolidated statements of operations:

Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 Twelve Months Ended December 31, 2023
 Cost of salesOther income, net
Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded$(1,379.8)$14.4 
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items
— (9.2)
Derivatives designated as hedging instruments
— 9.2 
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach
— 4.7 
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income
58.9 — 
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 Twelve Months Ended December 31, 2022
 Cost of salesOther income, net
Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded$(1,080.4)$2.6 
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items
— 5.5 
Derivatives designated as hedging instruments
— (5.5)
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach
— 1.6 
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income
88.4 — 
v3.24.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Information Regarding Defined Benefit Pension Plans
The Company maintains defined benefit pension plans in Japan and certain European countries.
 Years Ended December 31,
 20232022
(in millions)
Change in projected benefit obligation:  
Beginning of year$94.1 $117.9 
Service cost4.3 5.5 
Interest cost2.3 0.5 
Participant contributions1.9 1.6 
Actuarial loss (gain)9.9 (22.6)
Benefits paid(3.8)(0.6)
Plan amendment(0.4)(0.3)
Settlements and curtailment gain— (1.8)
Currency exchange rate changes and other3.4 (6.1)
End of year$111.7 $94.1 
Change in fair value of plan assets:  
Beginning of year$70.6 $76.9 
Actual return on plan assets0.8 (4.9)
Employer contributions3.5 3.5 
Participant contributions1.9 1.6 
Settlements— (1.8)
Benefits paid(3.8)(0.6)
Currency exchange rate changes and other2.5 (4.1)
End of year$75.5 $70.6 
Funded Status  
Projected benefit obligation$(111.7)$(94.1)
Plan assets at fair value75.5 70.6 
Underfunded status$(36.2)$(23.5)
Net amounts recognized on the consolidated balance sheet:  
Other liabilities$36.2 $23.5 
Accumulated other comprehensive loss, net of tax:  
Net actuarial (loss) gain$(10.3)$1.5 
Net prior service credit5.2 5.3 
Deferred income tax benefit (expense)0.9 (1.1)
Total$(4.2)$5.7 
Schedule of Net Periodic Benefit Cost
The components of net periodic pension benefit cost are as follows (in millions):

 Years Ended December 31,
 202320222021
Service cost, net$4.3 $5.5 $6.5 
Interest cost2.3 0.5 0.4 
Expected return on plan assets(2.7)(1.5)(1.1)
Settlements and curtailment gain— 0.1 — 
Amortization of actuarial loss— 0.5 1.7 
Amortization of prior service credit (0.8)(0.7)(0.7)
Net periodic pension benefit cost$3.1 $4.4 $6.8 
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations
The weighted-average assumptions used to determine the benefit obligations are as follows:
 December 31,
 20232022
Discount rate1.8 %2.5 %
Rate of compensation increase2.9 %2.9 %
Cash balance interest crediting rate1.5 %1.5 %
Social securities increase1.8 %1.8 %
Pension increase2.2 %2.2 %

The weighted-average assumptions used to determine the net periodic pension benefit cost are as follows:
 Years ended December 31,
 202320222021
Discount rate2.5 %0.5 %0.3 %
Expected return on plan assets3.7 %2.1 %1.5 %
Rate of compensation increase2.9 %2.6 %2.6 %
Cash balance interest crediting rate1.5 %1.5 %2.5 %
Social securities increase1.8 %1.6 %1.6 %
Pension increase2.2 %1.8 %1.8 %
Schedule of Target Weighted-Average Asset Allocations and Fair Value Target weighted-average asset allocations at December 31, 2023, by asset category, are as follows:
Equity securities31.3 %
Debt securities38.9 %
Real estate11.4 %
Other18.4 %
Total100.0 %

The fair values of the Company's defined benefit plan assets at December 31, 2023 and 2022, by asset category, are as follows (in millions):
December 31, 2023Level 1Level 2Level 3Total
Asset Category    
Cash$2.0 $— $— $2.0 
Equity securities:    
United States equities2.6 — — 2.6 
International equities21.0 — — 21.0 
Debt securities:    
United States government bonds3.5 — — 3.5 
International government bonds26.0 — — 26.0 
Real estate— 8.7 — 8.7 
Mortgages— 4.0 — 4.0 
Insurance contracts— — 0.8 0.8 
Total plan assets measured at fair value
$55.1 $12.7 $0.8 $68.6 
Alternative investments measured at net asset value (a)6.9 
Total plan assets
$75.5 
 
December 31, 2022Level 1Level 2Level 3Total
Asset Category
Cash$3.6 $— $— $3.6 
Equity securities:
United States equities1.5 — — 1.5 
International equities17.5 — — 17.5 
Debt securities:
United States government bonds4.4 — — 4.4 
International government bonds25.6 — — 25.6 
Real estate— 7.6 — 7.6 
Mortgages— 3.5 — 3.5 
Insurance contracts— — 0.8 0.8 
Total plan assets $52.6 $11.1 $0.8 $64.5 
Alternative investments measured at net asset value (a)6.1 
Total plan assets $70.6 
_______________________________________
(a)     Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
Schedule of Changes in Fair Value of Defined Benefit Plan Assets Classified as Level 3
The following table summarizes the changes in fair value of the Company's defined benefit plan assets that have been classified as Level 3 for the years ended December 31, 2023 and 2022 (in millions):

 Insurance
Contracts
Balance at December 31, 2021$0.9 
Actual return on plan assets: 
Relating to assets still held at December 31, 2022
0.2 
Purchases, sales and settlements(0.2)
Currency exchange rate impact(0.1)
Balance at December 31, 20220.8 
Actual return on plan assets: 
Relating to assets still held at December 31, 2023
0.2 
Purchases, sales and settlements(0.2)
Balance at December 31, 2023$0.8 
Schedule of Benefit Payments Which Reflect Expected Future Service
The following benefit payments, which reflect expected future service, as appropriate, at December 31, 2023, are expected to be paid (in millions):

2024$7.3 
20255.9 
20266.9 
20276.8 
20288.1 
2029-203339.0 
v3.24.0.1
COMMON STOCK (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Accelerated Share Repurchases The following table summarizes the terms of the ASR agreements (dollars and shares in millions, except per share data):
  Initial DeliveryFinal Settlement
Agreement DateAmount
Paid		Shares
Received		Price per
Share		Value of
Shares as %
of Contract
Value		Settlement
Date		Total Shares
Received		Average Price
per Share
January 2022$250.0 1.9 $104.87 80 %February 20222.3 $110.31 
October 2022$750.0 8.3 $72.43 80 %December 202210.3 $72.91 
February 2023$200.0 2.0 $80.44 80 %March 20232.5 $79.28 
December 2023$400.0 4.6 $70.31 80 %December 20235.3 $72.91 
Schedule of Weighted-Average Assumptions for Options Granted
The Black-Scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods:

Option Awards
Years Ended December 31,
202320222021
Risk-free interest rate3.4 %3.0 %0.8 %
Expected dividend yieldNoneNoneNone
Expected volatility32.8 %31.4 %33.5 %
Expected term (years)5.15.05.0
Fair value, per share$30.97 $34.59 $28.90 
Schedule of Weighted-Average Assumptions for ESPP Subscriptions
The Black-Scholes option pricing model was used with the following weighted-average assumptions for ESPP subscriptions granted during the following periods:

ESPP
Years Ended December 31,
202320222021
Risk-free interest rate4.6 %0.5 %0.1 %
Expected dividend yieldNoneNoneNone
Expected volatility31.5 %32.0 %36.6 %
Expected term (years)0.60.60.6
Fair value, per share$19.03 $28.18 $23.07 
Schedule of Stock Option Activity
Stock option activity during the year ended December 31, 2023 under the Program and the Nonemployee Directors Program was as follows (in millions, except years and per-share amounts):

 SharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term		Aggregate
Intrinsic Value
Outstanding as of December 31, 2022
11.6 $63.67   
Options granted2.0 88.27   
Options exercised(2.2)38.54   
Options forfeited(0.4)97.32   
Outstanding as of December 31, 2023
11.0 71.90 3.5 years$136.9 
Exercisable as of December 31, 2023
7.3 61.68 2.4 years$135.5 
Vested and expected to vest as of December 31, 2023
10.5 70.91 3.4 years$136.7 
Schedule of Restricted Stock Unit Activity
The following table summarizes nonvested restricted stock unit activity during the year ended December 31, 2023 under the Program and the Nonemployee Directors Program (in millions, except per-share amounts):

 SharesWeighted-
Average
Grant-Date
Fair Value
Nonvested as of December 31, 2022
2.0 $92.30 
Granted1.1 89.03 
Vested(0.8)83.17 
Forfeited(0.2)99.82 
Nonvested as of December 31, 2023
2.1 94.35 
v3.24.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Activity for Each Component of Accumulated Other Comprehensive Loss
Presented below is a summary of activity for each component of "Accumulated Other Comprehensive Loss" for the years ended December 31, 2023, 2022, and 2021.

 Foreign
Currency
Translation
Adjustments		Unrealized (Loss) Gain on HedgesUnrealized Gain (Loss) on
Available-for-sale
Investments		Unrealized
Pension
(Costs) Credits (a)		Total
Accumulated
Other
Comprehensive
Loss
 (in millions)
December 31, 2020$(122.4)$(27.7)$8.6 $(19.6)$(161.1)
Other comprehensive (loss) income before reclassifications
(39.2)66.3 (29.2)12.8 10.7 
Amounts reclassified from accumulated other comprehensive loss(6.4)12.0 8.6 1.0 15.2 
Deferred income tax (expense) benefit
(4.5)(20.9)5.1 (2.2)(22.5)
December 31, 2021(172.5)29.7 (6.9)(8.0)(157.7)
Other comprehensive (loss) income before reclassifications
(33.9)75.2 (77.9)17.3 (19.3)
Amounts reclassified from accumulated other comprehensive loss(7.0)(84.5)18.8 (0.1)(72.8)
Deferred income tax (expense) benefit
(5.4)3.4 0.4 (3.5)(5.1)
December 31, 2022(218.8)23.8 (65.6)5.7 (254.9)
Other comprehensive income (loss) before reclassifications
6.9 43.3 32.6 (11.1)71.7 
Amounts reclassified from accumulated other comprehensive loss(6.9)(72.8)8.1 (0.8)(72.4)
Deferred income tax benefit
4.3 6.4 0.1 2.0 12.8 
December 31, 2023$(214.5)$0.7 $(24.8)$(4.2)$(242.8)
Schedule of Change in Unrealized Pension Costs For the years ended December 31, 2023, 2022, and 2021, the change in unrealized pension costs consisted of the following (in millions):
 Pre-Tax
Amount		Tax (Expense) BenefitNet of Tax
Amount
2023   
Prior service credit arising during period$0.7 $0.9 $1.6 
Amortization of prior service credit(0.8)0.1 (0.7)
Net prior service cost arising during period(0.1)1.0 0.9 
Net actuarial loss arising during period(11.8)1.0 (10.8)
Unrealized pension costs, net$(11.9)$2.0 $(9.9)
2022   
Prior service credit arising during period$— $(1.1)$(1.1)
Amortization of prior service credit(0.7)0.3 (0.4)
Net prior service cost arising during period(0.7)(0.8)(1.5)
Net actuarial gain arising during period17.9 (2.7)15.2 
Unrealized pension credits, net$17.2 $(3.5)$13.7 
2021   
Prior service credit arising during period$0.1 $— $0.1 
Amortization of prior service credit(0.7)0.1 (0.6)
Net prior service cost arising during period(0.6)0.1 (0.5)
Net actuarial gain arising during period14.4 (2.3)12.1 
Unrealized pension credits, net$13.8 $(2.2)$11.6 
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss
The following table provides information about amounts reclassified from "Accumulated Other Comprehensive Loss" (in millions):
 Years Ended December 31, 
Details about Accumulated Other Comprehensive Loss
Components		20232022Affected Line on Consolidated
Statements of Operations
Foreign currency translation adjustments$6.9 $7.0 Other income, net
(1.7)(1.7)Provision for income taxes
$5.2 $5.3 Net of tax
(Loss) gain on hedges$58.9 $88.4 Cost of sales
13.9 (3.9)Other income, net
72.8 84.5 Total before tax
(15.8)(22.2)Provision for income taxes
$57.0 $62.3 Net of tax
Gain (loss) on available-for-sale investments$(8.1)$(18.8)Other income, net
2.2 4.6 Provision for income taxes
$(5.9)$(14.2)Net of tax
Amortization of pension adjustments$0.8 $0.1 Other income, net
(0.2)— Provision for income taxes
$0.6 $0.1 Net of tax
v3.24.0.1
OTHER INCOME, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Schedule of Other Income, Net
 Years Ended December 31,
 202320222021
(in millions)
Foreign exchange (gains) losses, net$(10.5)$1.2 $(5.0)
Loss (gain) on investments0.7 1.1 (5.8)
Non-service cost components of net periodic pension benefit cost(1.2)(1.1)0.3 
Gain on insurance settlement— (3.8)— 
Other(3.4)— (2.2)
Total other income, net$(14.4)$(2.6)$(12.7)
v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Before Provisions for Income Taxes
The Company's income before provision for income taxes was generated from operations in the United States and outside of the United States as follows (in millions):
 Years Ended December 31,
 202320222021
United States$348.0 $634.4 $610.9 
Outside of the United States, including Puerto Rico1,250.1 1,133.0 1,091.1 
$1,598.1 $1,767.4 $1,702.0 
Schedule of Provision for Income Taxes
The provision for income taxes consists of the following (in millions):
 Years Ended December 31,
 202320222021
Current   
United States:   
Federal$317.3 $369.1 $125.2 
State and local58.1 60.6 25.1 
Outside of the United States, including Puerto Rico85.3 66.7 92.6 
Current income tax expense$460.7 $496.4 $242.9 
Deferred   
United States:   
Federal$(187.5)$(187.7)$(9.4)
State and local(54.2)(58.9)(25.4)
Outside of the United States, including Puerto Rico(20.3)(4.3)(9.2)
Deferred income tax benefit(262.0)(250.9)(44.0)
Total income tax provision$198.7 $245.5 $198.9 
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities are as follows (in millions):
 December 31,
 20232022
Deferred tax assets  
   Capitalized research and development expenses (a)
$371.1 $199.7 
Compensation and benefits117.9 100.6 
Benefits from uncertain tax positions63.4 42.1 
Net tax credit carryforwards172.9 160.8 
Net operating loss carryforwards75.9 71.7 
Accrued liabilities132.8 93.7 
Inventories15.3 11.9 
Cash flow and net investment hedges1.6 6.6 
State income taxes0.2 0.3 
Investments0.6 0.6 
Lease liability obligations5.8 6.7 
Other0.8 1.9 
Total deferred tax assets958.3 696.6 
Deferred tax liabilities  
Property, plant, and equipment(78.2)(80.2)
Deferred tax on foreign earnings(3.6)(19.2)
Right-of-use assets (4.7)(6.0)
Other intangible assets(53.0)(19.9)
Other(2.5)(2.9)
Total deferred tax liabilities(142.0)(128.2)
Valuation allowance(90.2)(99.1)
Net deferred tax assets$726.1 $469.3 
______________________________________
(a)     As required by the 2017 Tax Cuts and Jobs Act, effective January 1, 2022, the Company's research and development expenditures were capitalized and amortized which resulted in substantially higher cash paid for taxes in 2023 and 2022 with an equal amount of deferred tax benefits.
Schedule of Net Operating Loss Carryforwards
Net operating loss and capital loss carryforwards and the related carryforward periods at December 31, 2023 are summarized as follows (in millions):
 Carryforward
Amount		Tax Benefit
Amount		Valuation
Allowance		Net Tax
Benefit		Carryforward
Period Ends
United States federal net operating losses$9.0 $1.9 $— $1.9 2033-2037
United States federal net operating losses1.8 0.4 — 0.4 Indefinite
United States state net operating losses35.7 1.8 (1.7)0.1 2026-2041
United States state net operating losses2.6 0.1 (0.1)— Indefinite
Non-United States net operating losses416.5 71.6 (54.5)17.1 Indefinite
United States capital losses33.4 0.1 (0.1)— 2024
Total$499.0 $75.9 $(56.4)$19.5  
Schedule of Tax Credit Carryforwards
The gross tax credit carryforwards and the related carryforward periods at December 31, 2023 are summarized as follows (in millions):
 Carryforward
Amount		Valuation
Allowance		Net Tax
Benefit		Carryforward
Period Ends
California research expenditure tax credits$211.3 $— $211.3 Indefinite
Federal research expenditure tax credits1.3 — 1.3 2026-2039
Foreign tax and general business credits0.7 — 0.7 2030-2033
Puerto Rico purchases credits26.2 (26.2)— 2025
Puerto Rico purchases credits1.2 (1.2)— Indefinite
Total$240.7 $(27.4)$213.3  
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate
A reconciliation of the United States federal statutory income tax rate to the Company's effective income tax rate is as follows (in millions):
 Years Ended December 31,
 202320222021
Income tax expense at United States federal statutory rate$335.6 $371.1 $357.4 
Foreign income taxed at different rates(128.3)(123.9)(122.2)
State and local taxes, net of federal tax benefit18.7 21.1 11.9 
Tax credits, federal and state(62.5)(50.0)(48.4)
Build of reserve for prior years' uncertain tax positions(2.9)11.6 3.6 
Tax on global intangible low-taxed income78.7 61.4 56.5 
Foreign-derived intangible income deduction(23.0)(15.0)(1.3)
Contingent consideration liabilities(5.5)(7.5)(26.1)
United States federal deductible employee share-based compensation(13.1)(31.6)(47.8)
Nondeductible employee share-based compensation6.6 5.8 5.3 
Other(5.6)2.5 10.0 
Income tax provision$198.7 $245.5 $198.9 
Schedule of Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions
A reconciliation of the beginning and ending amount of uncertain tax positions, excluding interest, penalties, and foreign exchange, is as follows (in millions):
 December 31,
 202320222021
Uncertain gross tax positions, January 1$475.3 $358.4 $281.8 
Current year tax positions
127.0 120.6 82.1 
Increase in prior year tax positions
0.8 3.8 2.3 
Decrease in prior year tax positions
(16.2)(0.6)(4.8)
Settlements
(3.0)(0.4)(0.3)
Lapse of statutes of limitations
— (6.5)(2.7)
Uncertain gross tax positions, December 31$583.9 $475.3 $358.4 
v3.24.0.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Information About Reportable Segments and Reconciliation of Segment Net Sales and Pre-Tax Income
The table below presents information about Edwards Lifesciences' reportable segments (in millions):
 Years Ended December 31,
 202320222021
Segment Net Sales   
United States$3,508.7 $3,132.6 $2,963.1 
Europe1,337.4 1,213.7 1,099.6 
Japan436.7 559.3 528.0 
Rest of World716.9 610.7 533.2 
Total segment net sales$5,999.7 $5,516.3 $5,123.9 
Segment Operating Income  
United States$2,306.1 $2,130.9 $2,051.0 
Europe709.5 652.2 569.1 
Japan259.1 376.7 348.0 
Rest of World310.4 247.7 185.2 
Total segment operating income$3,585.1 $3,407.5 $3,153.3 

The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions):
 Years Ended December 31,
 202320222021
Net Sales Reconciliation   
Segment net sales$5,999.7 $5,516.3 $5,123.9 
Foreign currency5.1 (133.9)108.6 
Consolidated net sales$6,004.8 $5,382.4 $5,232.5 
Pre-tax Income Reconciliation  
Segment operating income$3,585.1 $3,407.5 $3,153.3 
Unallocated amounts:
Corporate items(1,920.9)(1,714.1)(1,613.8)
Special charge and separation costs(17.2)(60.7)— 
Intellectual property agreement and litigation expense(203.5)(15.8)(20.6)
Change in fair value of contingent consideration liabilities26.2 35.8 124.1 
Foreign currency64.4 95.8 47.3 
Consolidated operating income1,534.1 1,748.5 1,690.3 
Non-operating income64.0 18.9 11.7 
Consolidated pre-tax income$1,598.1 $1,767.4 $1,702.0 
Schedule of Enterprise-Wide Information
Enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated financial statements.

 As of or for the Years Ended December 31,
 202320222021
Net Sales by Geographic Region   
United States$3,508.7 $3,132.6 $2,963.1 
Europe1,334.5 1,174.8 1,190.3 
Japan452.4 473.6 528.9 
Rest of World709.2 601.4 550.2 
$6,004.8 $5,382.4 $5,232.5 
Net Sales by Major Product Group  
Transcatheter Aortic Valve Replacement$3,879.8 $3,518.2 $3,422.5 
Transcatheter Mitral and Tricuspid Therapies197.6 116.1 86.0 
Surgical Structural Heart999.3 893.1 889.1 
Critical Care928.1 855.0 834.9 
$6,004.8 $5,382.4 $5,232.5 
Long-lived Tangible Assets by Geographic Region   
United States$1,269.7 $1,188.5 $1,195.8 
Europe196.4191.8197.9
Japan23.813.219.7
Rest of World353.5331.6335.5
$1,843.4 $1,725.1 $1,748.9 
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred revenue $ 13.3 $ 10.6
Revenue recognized that was previously deferred excluding opening balance $ 7.6  
Revenue recognized that was previously deferred   $ 7.2
Hemodynamic Monitors | Minimum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) 12 months  
Hemodynamic Monitors | Maximum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) 36 months  
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Shipping and Handling Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Product Information [Line Items]      
Cost of sales $ 1,379.8 $ 1,080.4 $ 1,248.9
Shipping and Handling      
Product Information [Line Items]      
Cost of sales $ 99.4 $ 87.4 $ 85.3
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments (Details)
Dec. 31, 2023
Minimum | Investees Voting Stock  
Schedule of Equity Method Investments [Line Items]  
Equity method investment, ownership percentage (as a percent) 3.00%
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details)
 12 Months Ended
Dec. 31, 2023
Minimum  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accounts receivable, required payment terms (in days) 30 days
Maximum  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accounts receivable, required payment terms (in days) 90 days
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Period prior to expiration date which triggers write-down of inventory (in months) 6 months    
Period used to evaluate slow-moving inventory levels (in years) 2 years    
General and administrative costs allocated to inventory $ 96.9 $ 88.1 $ 77.9
General and administrative costs included in inventory 45.7 43.7  
Finished goods inventories held on consignment $ 164.6 $ 128.6  
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Depreciation expense for property, plant and equipment $ 138.9 $ 133.9 $ 127.0
Buildings and improvements | Minimum      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 10 years    
Buildings and improvements | Maximum      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 40 years    
Machinery and equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 3 years    
Machinery and equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 15 years    
Software | Minimum      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 3 years    
Software | Maximum      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 5 years    
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Intangible Assets (Details) - USD ($)
 1 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Developed Technology and In-Process Research and Development        
Indefinite-lived Intangible Assets [Line Items]        
Impairment of intangible assets $ 52,700,000   $ 52,700,000  
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]     Special charge and separation costs (Note 4)  
In-process research and development        
Indefinite-lived Intangible Assets [Line Items]        
Impairment of intangible assets   $ 0   $ 0
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Basic:      
Net income attributable to Edwards Lifesciences Corporation $ 1,402.4 $ 1,521.9 $ 1,503.1
Weighted-average shares outstanding (in shares) 606.7 619.0 623.3
Basic earnings per share (in dollars per share) $ 2.31 $ 2.46 $ 2.41
Diluted:      
Net income attributable to Edwards Lifesciences Corporation $ 1,402.4 $ 1,521.9 $ 1,503.1
Weighted-average shares outstanding (in shares) 606.7 619.0 623.3
Dilutive effect of stock plans (in shares) 2.7 5.2 7.9
Dilutive weighted-average shares outstanding (in shares) 609.4 624.2 631.2
Diluted earnings per share (in dollars per share) $ 2.30 $ 2.44 $ 2.38
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings per Share - Narrative (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock compensation plan      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities excluded from the computation of earnings per share (in shares) 6.6 3.6 1.8
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Allocation of stock-based compensation expense      
Total stock-based compensation expense $ 139.4 $ 126.8 $ 109.3
Income tax benefit (24.1) (21.6) (18.9)
Total stock-based compensation expense, net of tax 115.3 105.2 90.4
Cost of sales      
Allocation of stock-based compensation expense      
Total stock-based compensation expense 23.6 22.8 20.4
Selling, general, and administrative expenses      
Allocation of stock-based compensation expense      
Total stock-based compensation expense 82.4 75.3 65.6
Research and development expenses      
Allocation of stock-based compensation expense      
Total stock-based compensation expense $ 33.4 $ 28.7 $ 23.3
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation Narrative (Details)
 12 Months Ended
Dec. 31, 2023
Restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage vesting upon retirement for each full year of employment subsequent to the grant date (as a percent) 25.00%
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivatives (Details)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Period when cash flows associated with future transactions and certain local currency expenses are expected to occur (in months) 1 year
v3.24.0.1
INTELLECTUAL PROPERTY AGREEMENT AND EXPENSE (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Apr. 12, 2023
Apr. 30, 2023
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]            
Intellectual property litigation expenses, settlements, and legal costs       $ 203.5 $ 15.8 $ 20.6
Intellectual property agreement term 15 years          
Medtronic Inc            
Loss Contingencies [Line Items]            
Payments for legal settlements $ 300.0          
Intellectual property litigation expenses   $ 139.0 $ 37.0      
Prepaid royalty asset   $ 124.0        
v3.24.0.1
SPECIAL CHARGE AND SEPARATION COSTS (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 07, 2023
Sep. 30, 2022
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]      
Special charge $ 17.2 $ 62.3  
Restructuring contingent consideration gain   11.7  
Developed Technology and In-Process Research and Development      
Restructuring Cost and Reserve [Line Items]      
Impairment of intangible assets   52.7 $ 52.7
Special Charge      
Restructuring Cost and Reserve [Line Items]      
Special charge   60.7  
Cost of sales      
Restructuring Cost and Reserve [Line Items]      
Special charge   $ 1.6  
v3.24.0.1
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Components of Selected Captions (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Inventories    
Raw materials $ 252.6 $ 156.4
Work in process 220.1 177.4
Finished products 695.5 541.7
Total inventories 1,168.2 875.5
Property, plant, and equipment, net    
Land 116.4 116.3
Buildings and leasehold improvements 1,234.2 1,189.2
Machinery and equipment 775.8 697.6
Equipment with customers 37.9 37.4
Software 87.2 87.5
Construction in progress 355.3 255.2
Total property, plant and equipment, gross 2,606.8 2,383.2
Accumulated depreciation (857.4) (750.4)
Total property, plant and equipment, net 1,749.4 1,632.8
Accrued and other liabilities    
Employee compensation and withholdings 371.2 268.7
Accrued rebates 131.4 116.1
Property, payroll, and other taxes 63.0 45.6
Research and development accruals 74.1 66.9
Legal and insurance (Notes 3 and 19) 30.7 28.1
Litigation settlement 69.1 53.3
Taxes payable 59.3 50.6
Fair value of derivatives 15.2 20.7
Accrued marketing expenses 15.0 17.0
Accrued professional services 8.8 6.6
Accrued realignment reserves 12.3 15.6
Accrued relocation costs 19.2 25.2
Accrued warranties 10.0 8.4
Other accrued liabilities 89.8 72.2
Total accrued and other liabilities $ 969.1 $ 795.0
v3.24.0.1
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash paid during the year for:      
Interest $ 19.9 $ 19.3 $ 20.2
Income taxes 470.1 504.1 182.5
Amounts included in the measurement of operating lease liabilities 28.8 28.1 31.9
Non-cash investing and financing transactions:      
Right-of-use assets obtained in exchange for new lease liabilities 29.3 31.9 28.7
Capital expenditures accruals 45.5 42.6 54.3
Conversion of notes receivable to equity investment $ 0.0 $ 0.0 $ 21.5
v3.24.0.1
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 1,144.0 $ 769.0 $ 862.8  
Restricted cash included in other current assets 3.3 0.5 1.5  
Restricted cash included in other assets 0.7 3.1 3.1  
Total cash, cash equivalents, and restricted cash $ 1,148.0 $ 772.6 $ 867.4 $ 1,200.2
v3.24.0.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lessee, Lease, Description [Line Items]      
Operating lease cost $ 30.1 $ 28.8 $ 29.7
Lease commitments for leases not yet commenced $ 16.0    
Minimum      
Lessee, Lease, Description [Line Items]      
Lease term (in years) 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease term (in years) 17 years    
v3.24.0.1
LEASES - Assets and Liabilities of Operating Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating lease right-of-use assets $ 94.0 $ 92.3
Operating lease liabilities, current portion 24.9 25.5
Operating lease liabilities, long-term portion 73.0 69.5
Total operating lease liabilities $ 97.9 $ 95.0
v3.24.0.1
LEASES - Maturities Of Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024 $ 26.8  
2025 19.6  
2026 16.3  
2027 12.9  
2028 9.5  
Thereafter 20.7  
Total lease payments 105.8  
Less: imputed interest (7.9)  
Total lease liabilities $ 97.9 $ 95.0
Weighted-average remaining lease term (in years) 5 years 10 months 24 days 6 years 4 months 24 days
Weighted-average discount rate 2.30% 1.80%
v3.24.0.1
INVESTMENTS - Schedule of Investments in Debt Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Held-to-maturity    
Amortized Cost $ 64.5  
Fair Value 64.5  
Available-for-sale    
Amortized Cost 926.1 $ 1,549.1
Gross Unrealized Gains 0.1 0.0
Gross Unrealized Losses (27.5) (68.1)
Fair Value 898.7 1,481.0
Bank time deposits    
Held-to-maturity    
Amortized Cost 64.5 96.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Fair Value 64.5 96.0
U.S. government and agency securities    
Available-for-sale    
Amortized Cost 72.7 137.7
Gross Unrealized Gains 0.1 0.0
Gross Unrealized Losses (2.8) (6.1)
Fair Value 70.0 131.6
Asset-backed securities    
Available-for-sale    
Amortized Cost 192.1 380.6
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (7.8) (14.0)
Fair Value 184.3 366.6
Corporate debt securities    
Available-for-sale    
Amortized Cost 658.5 1,028.1
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (16.7) (47.8)
Fair Value 641.8 980.3
Municipal securities    
Available-for-sale    
Amortized Cost 2.8 2.7
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (0.2) (0.2)
Fair Value $ 2.6 $ 2.5
v3.24.0.1
INVESTMENTS - Schedule of Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Amortized Cost    
Due in 1 year or less $ 64.5  
Due after 1 year through 5 years 0.0  
Due after 10 years 0.0  
Instruments not due at a single maturity date 0.0  
Amortized Cost 64.5  
Fair Value    
Due in 1 year or less 64.5  
Due after 1 year through 5 years 0.0  
Due after 10 years 0.0  
Instruments not due at a single maturity date 0.0  
Fair Value 64.5  
Amortized Cost    
Due in 1 year or less 443.2  
Due after 1 year through 5 years 267.8  
Due after 10 years 0.9  
Instruments not due at a single maturity date 214.2  
Amortized Cost 926.1 $ 1,549.1
Fair Value    
Due in 1 year or less 436.0  
Due after 1 year through 5 years 257.0  
Due after 10 years 0.9  
Instruments not due at a single maturity date 204.8  
Fair Value $ 898.7 $ 1,481.0
v3.24.0.1
INVESTMENTS - Schedule of Unrealized Losses on Debt Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than 12 months $ 35.2 $ 353.9
Gross unrealized losses, less than 12 months (1.9) (8.1)
Fair value, 12 months or greater 843.7 1,111.4
Gross unrealized losses, 12 months or greater (25.6) (60.0)
Total fair value 878.9 1,465.3
Total gross unrealized losses (27.5) (68.1)
U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than 12 months 0.0 61.6
Gross unrealized losses, less than 12 months 0.0 (1.5)
Fair value, 12 months or greater 67.1 69.5
Gross unrealized losses, 12 months or greater (2.8) (4.6)
Total fair value 67.1 131.1
Total gross unrealized losses (2.8) (6.1)
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than 12 months 10.2 103.3
Gross unrealized losses, less than 12 months (1.8) (1.3)
Fair value, 12 months or greater 172.7 254.6
Gross unrealized losses, 12 months or greater (6.0) (12.7)
Total fair value 182.9 357.9
Total gross unrealized losses (7.8) (14.0)
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than 12 months 25.0 189.0
Gross unrealized losses, less than 12 months (0.1) (5.3)
Fair value, 12 months or greater 601.3 784.8
Gross unrealized losses, 12 months or greater (16.6) (42.5)
Total fair value 626.3 973.8
Total gross unrealized losses (16.7) (47.8)
Municipal securities    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than 12 months 0.0 0.0
Gross unrealized losses, less than 12 months 0.0 0.0
Fair value, 12 months or greater 2.6 2.5
Gross unrealized losses, 12 months or greater (0.2) (0.2)
Total fair value 2.6 2.5
Total gross unrealized losses $ (0.2) $ (0.2)
v3.24.0.1
INVESTMENTS - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity method investments      
Carrying value of equity method investments $ 33.6 $ 21.4  
Equity securities      
Carrying value of non-marketable equity securities 87.6 86.9 $ 39.3
Total investments in unconsolidated entities $ 121.2 $ 108.3  
v3.24.0.1
INVESTMENTS - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]    
Carrying value of equity method investments $ 33,600,000 $ 21,400,000
Annual upward price adjustments 0 800,000
Annual downward price adjustment 0 $ 500,000
Cumulative increase in non-marketable equity securities due to observable price changes 8,800,000  
Cumulative decrease in non-marketable equity securities due to observable price changes $ 3,100,000  
Limited Liability Company    
Debt and Equity Securities, FV-NI [Line Items]    
Investments taken period 7 years  
New Markets Tax Credit | Limited Liability Company    
Debt and Equity Securities, FV-NI [Line Items]    
Carrying value of equity method investments $ 12,100,000  
Investment percentage (in percent) 39.00%  
v3.24.0.1
INVESTMENTS IN VARIABLE INTEREST ENTITIES (Details)
$ in Millions
 1 Months Ended 10 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
Aug. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
May 31, 2022
USD ($)
note
Dec. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2019
USD ($)
Apr. 30, 2021
USD ($)
Variable Interest Entity [Line Items]                    
Payment for acquisition options           $ 30.0 $ 109.6 $ 13.1    
Number of promissory notes entered | note       2            
Maximum secured promissory note                   $ 45.0
Investee drew additional amount         $ 30.0 30.0        
Carrying value of non-marketable equity securities         87.6 87.6 $ 86.9 39.3    
Investment option to acquire               13.1    
Maximum additional required investment               6.5    
Maximum additional option to acquire investment               14.4    
Medical Device Company | Variable Interest Entity, Not Primary Beneficiary                    
Variable Interest Entity [Line Items]                    
Loans receivables, maximum lending amount $ 45.0   $ 47.5              
Payment for acquisition options   $ 47.1     30.0       $ 35.0  
Financing receivable         32.5 32.5        
Option to acquire investment amount   $ 47.1     35.0 35.0        
Maximum secured promissory note       $ 25.0            
Medical Device Company | Variable Interest Entity, Not Primary Beneficiary | Convertible Promissory Note                    
Variable Interest Entity [Line Items]                    
Financing receivable $ 5.0                  
Medical Technology Company | Variable Interest Entity, Not Primary Beneficiary                    
Variable Interest Entity [Line Items]                    
Payment for acquisition options       60.0       $ 10.0    
Option to acquire investment amount       $ 60.0            
Maximum secured promissory note         $ 25.0 $ 25.0        
v3.24.0.1
BUSINESS COMBINATIONS - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2023
Dec. 31, 2021
Feb. 28, 2023
Dec. 31, 2022
Jul. 03, 2015
Business Acquisition [Line Items]            
Developed technology   $ 329,200,000     $ 345,800,000  
In-process Research and Development            
Business Acquisition [Line Items]            
Impairment charges   0 $ 0      
Developed technology            
Business Acquisition [Line Items]            
Developed technology   197,600,000     $ 128,100,000  
Medical Technology Company            
Business Acquisition [Line Items]            
Additional research and development expenditures to be incurred prior to product introduction       $ 68,600,000    
Medical Technology Company | Measurement Input, Discount Rate            
Business Acquisition [Line Items]            
Percentage of discount rate       13.00%    
Medical Technology Company | Variable Interest Entity, Primary Beneficiary            
Business Acquisition [Line Items]            
Percentage of interest acquired       61.00%    
Harpoon Medical | In-process Research and Development            
Business Acquisition [Line Items]            
Impairment charges $ 28,100,000          
CardiAQ            
Business Acquisition [Line Items]            
Additional research and development expenditures to be incurred prior to product introduction           $ 97,700,000
CardiAQ | Developed technology            
Business Acquisition [Line Items]            
Developed technology   $ 69,000,000        
v3.24.0.1
BUSINESS COMBINATIONS - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 28, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]        
Goodwill   $ 1,253.5 $ 1,164.3 $ 1,167.9
Payment for acquisition options   $ 30.0 $ 109.6 $ 13.1
Variable Interest Entity, Primary Beneficiary | Medical Technology Company        
Business Acquisition [Line Items]        
Assets $ 8.1      
Goodwill 133.2      
In-process research and development 136.6      
Liabilities assumed (1.7)      
Deferred tax liabilities (28.0)      
Fair value of net assets acquired 248.2      
Less: Noncontrolling interest (72.4)      
Total purchase price 175.8      
Less: cash acquired (6.8)      
Total purchase price, net of cash acquired 169.0      
Noncontrolling interest, gross 94.4      
Payment for option to acquire company 22.0      
Payment for acquisition options 22.5      
Repayments of pre-existing notes 5.3      
Cash paid directly to acquired company, netted against goodwill $ 46.0      
v3.24.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Changes in the Carrying Amount of Goodwill, by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill    
Beginning balance $ 1,164.3 $ 1,167.9
Currency translation adjustment 2.0 (3.6)
Goodwill acquired during the year 87.2  
Ending balance 1,253.5 1,164.3
United States    
Goodwill    
Beginning balance 773.7 773.7
Currency translation adjustment 0.0 0.0
Goodwill acquired during the year 0.0  
Ending balance 773.7 773.7
Europe    
Goodwill    
Beginning balance 59.4 63.0
Currency translation adjustment 2.0 (3.6)
Goodwill acquired during the year 0.0  
Ending balance 61.4 59.4
Rest of World    
Goodwill    
Beginning balance 331.2 331.2
Currency translation adjustment 0.0 0.0
Goodwill acquired during the year 87.2  
Ending balance $ 418.4 $ 331.2
v3.24.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Finite-lived intangible assets    
Weighted-Average Useful Life (in years) 10 years 7 months 6 days  
Cost $ 329.2 $ 345.8
Accumulated Amortization (158.4) (250.6)
Net Carrying Value 170.8 95.2
Indefinite-lived intangible assets    
Cost 586.8 535.8
Net Carrying Value $ 428.4 285.2
Patents    
Finite-lived intangible assets    
Weighted-Average Useful Life (in years) 9 years 10 months 24 days  
Cost $ 119.3 205.5
Accumulated Amortization (87.6) (185.0)
Net Carrying Value $ 31.7 20.5
Developed technology    
Finite-lived intangible assets    
Weighted-Average Useful Life (in years) 10 years 9 months 18 days  
Cost $ 197.6 128.1
Accumulated Amortization (61.9) (57.9)
Net Carrying Value $ 135.7 70.2
Other    
Finite-lived intangible assets    
Weighted-Average Useful Life (in years) 10 years  
Cost $ 12.3 12.2
Accumulated Amortization (8.9) (7.7)
Net Carrying Value 3.4 4.5
In-process research and development    
Indefinite-lived intangible assets    
In-process research and development $ 257.6 $ 190.0
v3.24.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense related to other intangible assets $ 6.1 $ 5.7 $ 7.7
v3.24.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 5.8
2025 7.0
2026 9.4
2027 10.9
2028 $ 14.8
v3.24.0.1
DEBT AND CREDIT FACILITIES - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Weighted-average interest rate under all debt obligations (as a percent)   3.40% 3.40%
Credit Agreement | Revolving Credit Facility      
Debt Instrument [Line Items]      
Term of the credit agreement (in years)   5 years  
Aggregate borrowings in multiple currencies   $ 750,000,000  
Accordion feature, increase limit   $ 250,000,000  
Basis spread on variable rate (as a percent)   0.10%  
Debt instrument, credit spread adjustment   0.10%  
Issuance costs   $ 2,100,000  
Borrowings outstanding   $ 0 $ 0
Credit Agreement | Revolving Credit Facility | Secured Overnight Financing Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent)   0.90%  
Credit Agreement | Revolving Credit Facility | Low      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent)   0.09%  
Credit Agreement | Revolving Credit Facility | Low | Secured Overnight Financing Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent)   0.785%  
Credit Agreement | Revolving Credit Facility | High      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent)   0.20%  
Credit Agreement | Revolving Credit Facility | High | Secured Overnight Financing Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent)   1.30%  
Senior Notes | Fixed-rate 4.3% Notes      
Debt Instrument [Line Items]      
Fixed-rate unsecured senior notes $ 600,000,000    
2018 Notes      
Debt Instrument [Line Items]      
Price equal to principal amount, plus accrued and unpaid interest (as a percent) 101.00%    
2018 Notes | Level 2      
Debt Instrument [Line Items]      
Fair value of the notes, based on Level 2 inputs   $ 591,600,000 $ 575,200,000
v3.24.0.1
DEBT AND CREDIT FACILITIES - Schedule of the Notes (Details) - Senior Notes - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Unamortized discount $ (0.7) $ (0.9)
Unamortized debt issuance costs (2.3) (2.8)
Total carrying amount $ 597.0 596.3
Fixed-rate 4.3% Notes    
Debt Instrument [Line Items]    
Fixed interest rate 4.30%  
Amount $ 600.0 $ 600.0
Effective Interest Rate 4.329% 4.329%
v3.24.0.1
FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Available-for-sale investments: $ 898.7 $ 1,481.0
Corporate debt securities    
Assets    
Available-for-sale investments: 641.8 980.3
Asset-backed securities    
Assets    
Available-for-sale investments: 184.3 366.6
United States government and agency securities    
Assets    
Available-for-sale investments: 70.0 131.6
Municipal securities    
Assets    
Available-for-sale investments: 2.6 2.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis    
Assets    
Cash equivalents 579.2 280.4
Investments held for deferred compensation plans 125.8 112.1
Derivatives 47.1 65.5
Total assets 1,650.8 1,939.0
Liabilities    
Derivatives 15.2 27.2
Contingent consideration liabilities   26.2
Other 10.3 14.0
Total liabilities 25.5 67.4
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Corporate debt securities    
Assets    
Available-for-sale investments: 641.8 980.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Asset-backed securities    
Assets    
Available-for-sale investments: 184.3 366.6
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | United States government and agency securities    
Assets    
Available-for-sale investments: 70.0 131.6
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Municipal securities    
Assets    
Available-for-sale investments: 2.6 2.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1    
Assets    
Cash equivalents 579.2 280.4
Investments held for deferred compensation plans 125.8 112.1
Derivatives 0.0 0.0
Total assets 705.0 429.6
Liabilities    
Derivatives 0.0 0.0
Contingent consideration liabilities   0.0
Other 0.0 0.0
Total liabilities 0.0 0.0
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1 | Corporate debt securities    
Assets    
Available-for-sale investments: 0.0 0.0
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1 | Asset-backed securities    
Assets    
Available-for-sale investments: 0.0 0.0
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1 | United States government and agency securities    
Assets    
Available-for-sale investments: 0.0 37.1
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1 | Municipal securities    
Assets    
Available-for-sale investments: 0.0 0.0
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2    
Assets    
Cash equivalents 0.0 0.0
Investments held for deferred compensation plans 0.0 0.0
Derivatives 47.1 65.5
Total assets 945.8 1,509.4
Liabilities    
Derivatives 15.2 27.2
Contingent consideration liabilities   0.0
Other 0.0 0.0
Total liabilities 15.2 27.2
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Corporate debt securities    
Assets    
Available-for-sale investments: 641.8 980.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Asset-backed securities    
Assets    
Available-for-sale investments: 184.3 366.6
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | United States government and agency securities    
Assets    
Available-for-sale investments: 70.0 94.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Municipal securities    
Assets    
Available-for-sale investments: 2.6 2.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 3    
Assets    
Cash equivalents 0.0 0.0
Investments held for deferred compensation plans 0.0 0.0
Derivatives 0.0 0.0
Total assets 0.0 0.0
Liabilities    
Derivatives 0.0 0.0
Contingent consideration liabilities   26.2
Other 10.3 14.0
Total liabilities 10.3 40.2
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 3 | Corporate debt securities    
Assets    
Available-for-sale investments: 0.0 0.0
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 3 | Asset-backed securities    
Assets    
Available-for-sale investments: 0.0 0.0
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 3 | United States government and agency securities    
Assets    
Available-for-sale investments: 0.0 0.0
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 3 | Municipal securities    
Assets    
Available-for-sale investments: $ 0.0 $ 0.0
v3.24.0.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - Contingent Consideration
Dec. 31, 2023
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Contingent consideration, liability $ 0
Measurement Input, Probability of Milestone Achievement  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Contingent consideration liability measurement input 0
v3.24.0.1
FAIR VALUE MEASUREMENTS - Schedule of Changes in Fair Value of Contingent Consideration Obligation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Change in fair value of contingent consideration liabilities (Note 12) Change in fair value of contingent consideration liabilities (Note 12)
Level 3 | Fair Value on a Recurring Basis    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value beginning balance $ 40.2 $ 76.0
Changes in fair value (29.9) (35.8)
Fair value ending balance 10.3 40.2
Contingent Consideration | Level 3 | Fair Value on a Recurring Basis    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value beginning balance 26.2 62.0
Changes in fair value (26.2) (35.8)
Fair value ending balance 0.0 26.2
Other | Level 3 | Fair Value on a Recurring Basis    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value beginning balance 14.0 14.0
Changes in fair value (3.7) 0.0
Fair value ending balance $ 10.3 $ 14.0
v3.24.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk (Details) - Derivatives designated as hedging instruments - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Foreign currency forward exchange contracts    
Derivative [Line Items]    
Notional Amount $ 1,786.2 $ 1,678.4
Cross currency swap contracts    
Derivative [Line Items]    
Notional Amount $ 300.0 $ 300.0
v3.24.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets, Other assets Other current assets, Other assets
Liabilities    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities, Accrued and other liabilities (Note 5) Other liabilities, Accrued and other liabilities (Note 5)
Foreign currency contracts    
Assets    
Fair value of derivative assets $ 23.7 $ 24.9
Liabilities    
Fair value of derivative liabilities 15.2 27.2
Cross currency swap contracts    
Assets    
Fair value of derivative assets 23.4 40.6
Derivatives designated as hedging instruments | Foreign currency contracts    
Assets    
Fair value of derivative assets 23.7 24.9
Derivatives designated as hedging instruments | Foreign currency contracts | Accrued and other liabilities    
Liabilities    
Fair value of derivative liabilities 15.2 20.7
Derivatives designated as hedging instruments | Foreign currency contracts | Other liabilities    
Liabilities    
Fair value of derivative liabilities 0.0 6.5
Derivatives designated as hedging instruments | Cross currency swap contracts    
Assets    
Fair value of derivative assets $ 23.4 $ 40.6
v3.24.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Foreign currency contracts    
Derivative Assets    
Gross Amounts $ 23.7 $ 24.9
Gross Amounts Offset in the Consolidated Balance Sheet 0.0 0.0
Net Amounts Presented in the Consolidated Balance Sheet 23.7 24.9
Gross Amounts Not Offset in the Consolidated Balance Sheet    
Financial Instruments (9.4) (12.0)
Cash Collateral Received 0.0 0.0
Net Amount 14.3 12.9
Derivative Liabilities    
Gross Amounts 15.2 27.2
Gross Amounts Offset in the Consolidated Balance Sheet 0.0 0.0
Net Amounts Presented in the Consolidated Balance Sheet 15.2 27.2
Gross Amounts Not Offset in the Consolidated Balance Sheet    
Financial Instruments (9.4) (12.0)
Cash Collateral Received 0.0 0.0
Net Amount 5.8 15.2
Cross currency swap contracts    
Derivative Assets    
Gross Amounts 23.4 40.6
Gross Amounts Offset in the Consolidated Balance Sheet 0.0 0.0
Net Amounts Presented in the Consolidated Balance Sheet 23.4 40.6
Gross Amounts Not Offset in the Consolidated Balance Sheet    
Financial Instruments 0.0 0.0
Cash Collateral Received 0.0 0.0
Net Amount $ 23.4 $ 40.6
v3.24.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Foreign currency contracts | Derivatives not designated as hedging instruments      
Derivative Instruments, Gain (Loss)      
Amount of Gain or (Loss) Recognized in Income on Derivative $ 7.4 $ 44.0 $ 27.4
Cash flow hedges | Foreign currency contracts | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss)      
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) 29.2 81.7  
Cash flow hedges | Foreign currency contracts | Cost of sales | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss)      
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income 58.9 88.4  
Net investment hedges | Cross currency swap contracts | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss)      
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) (17.3) 21.6  
Net investment hedges | Cross currency swap contracts | Interest income, net | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss)      
Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 6.9 7.0  
Fair value hedges | Foreign currency contracts | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss)      
Amount of Gain or (Loss) Recognized in Income on Derivative $ 13.9 $ (3.9) $ 11.6
v3.24.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2022
USD ($)
Derivative Instruments, Gain (Loss)      
Cash flow hedge loss to be reclassified $ 2.7    
Cross currency swap contracts | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss)      
Notional Amount 300.0   $ 300.0
Cross currency swap contracts | Net investment hedges | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss)      
Notional Amount $ 300.0 € 257.2  
v3.24.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Condensed Statements of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss)      
Cost of sales $ (1,379.8) $ (1,080.4) $ (1,248.9)
Selling, general, and administrative expenses (1,824.6) (1,567.6) (1,493.7)
Other income, net 14.4 2.6 $ 12.7
Foreign currency contracts | Cost of sales      
Gain (loss) on fair value hedging relationships:      
Hedged items 0.0 0.0  
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach 0.0 0.0  
Gain (loss) on cash flow hedging relationships:      
Amount of gain (loss) reclassified from accumulated OCI into income 58.9 88.4  
Foreign currency contracts | Cost of sales | Derivatives designated as hedging instruments      
Gain (loss) on fair value hedging relationships:      
Derivatives designated as hedging instruments 0.0 0.0  
Foreign currency contracts | Other income, net      
Gain (loss) on fair value hedging relationships:      
Hedged items (9.2) 5.5  
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach 4.7 1.6  
Gain (loss) on cash flow hedging relationships:      
Amount of gain (loss) reclassified from accumulated OCI into income 0.0 0.0  
Foreign currency contracts | Other income, net | Derivatives designated as hedging instruments      
Gain (loss) on fair value hedging relationships:      
Derivatives designated as hedging instruments $ 9.2 $ (5.5)  
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Information Regarding Defined Benefit Pension Plans (Details) - Defined benefit pension plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Change in projected benefit obligation:      
Beginning of year $ 94.1 $ 117.9  
Service cost 4.3 5.5 $ 6.5
Interest cost 2.3 0.5 0.4
Participant contributions 1.9 1.6  
Actuarial loss (gain) 9.9 (22.6)  
Benefits paid (3.8) (0.6)  
Plan amendment (0.4) (0.3)  
Settlements and curtailment gain 0.0 (1.8)  
Currency exchange rate changes and other 3.4 (6.1)  
End of year 111.7 94.1 117.9
Change in fair value of plan assets:      
Beginning of year 70.6 76.9  
Actual return on plan assets 0.8 (4.9)  
Employer contributions 3.5 3.5  
Participant contributions 1.9 1.6  
Settlements 0.0 (1.8)  
Benefits paid (3.8) (0.6)  
Currency exchange rate changes and other 2.5 (4.1)  
End of year 75.5 70.6 76.9
Funded Status      
Projected benefit obligation (111.7) (94.1) (117.9)
Plan assets at fair value 75.5 70.6 $ 76.9
Underfunded status (36.2) (23.5)  
Accumulated other comprehensive loss, net of tax:      
Net actuarial (loss) gain (10.3) 1.5  
Net prior service credit 5.2 5.3  
Deferred income tax benefit (expense) 0.9 (1.1)  
Total (4.2) 5.7  
Other liabilities      
Net amounts recognized on the consolidated balance sheet:      
Other liabilities $ 36.2 $ 23.5  
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Contribution Plans      
Expected employer contributions $ 2.7    
Matching contributions relating to entity's employees 51.0 $ 45.1 $ 38.6
Nonqualified deferred compensation plans      
Defined Contribution Plans      
Amount accrued under nonqualified plans $ 125.6 112.6  
United States      
Defined Contribution Plans      
Maximum contributions of a participant's eligible compensation (as a percent) 25.00%    
Dollar-for-dollar match of employee's annual eligible compensation (as a percent) 4.00%    
Company match of eligible compensation after dollar-for-dollar basis (as a percent) 2.00%    
Company match, second level (as a percent) 50.00%    
Foreign Plan      
Defined Contribution Plans      
Maximum contributions of a participant's eligible compensation (as a percent) 25.00%    
Dollar-for-dollar match of employee's annual eligible compensation (as a percent) 4.00%    
Company match, first level (as a percent) 50.00%    
Profit sharing contribution calculated on eligible earnings (as a percent) 2.00%    
Defined benefit pension plans      
Defined Contribution Plans      
Accumulated benefit obligation $ 106.8 $ 86.7  
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Net Periodic Benefit Cost (Details) - Defined benefit pension plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Service cost, net $ 4.3 $ 5.5 $ 6.5
Interest cost 2.3 0.5 0.4
Expected return on plan assets (2.7) (1.5) (1.1)
Settlements and curtailment gain 0.0 0.1 0.0
Amortization of actuarial loss 0.0 0.5 1.7
Amortization of prior service credit (0.8) (0.7) (0.7)
Net periodic pension benefit cost $ 3.1 $ 4.4 $ 6.8
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations (Details) - Defined benefit pension plans
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Weighted-average assumptions used to determine the benefit obligations      
Discount rate (as a percent) 1.80% 2.50%  
Rate of compensation increase (as a percent) 2.90% 2.90%  
Cash balance interest crediting rate (as a percent) 1.50% 1.50%  
Social securities increase (as a percent) 1.80% 1.80%  
Pension increase (as a percent) 2.20% 2.20%  
Weighted-average assumptions used to determine the net periodic benefit cost      
Discount rate (as a percent) 2.50% 0.50% 0.30%
Expected return on plan assets (as a percent) 3.70% 2.10% 1.50%
Rate of compensation increase (as a percent) 2.90% 2.60% 2.60%
Cash balance interest crediting rate (as a percent) 1.50% 1.50% 2.50%
Social securities increase (as a percent) 1.80% 1.60% 1.60%
Pension increase (as a percent) 2.20% 1.80% 1.80%
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Target Weighted-Average Asset Allocations and Fair Value (Details) - Defined benefit pension plans - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocations (as a percent) 100.00%    
Plan assets at fair value $ 75.5 $ 70.6 $ 76.9
Total plan assets measured at fair value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 68.6 64.5  
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 55.1 52.6  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 12.7 11.1  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.8 0.8  
Alternative investments measured at net asset value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 6.9 6.1  
Cash | Total plan assets measured at fair value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 2.0 3.6  
Cash | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 2.0 3.6  
Cash | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
Cash | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value $ 0.0 0.0  
Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocations (as a percent) 31.30%    
United States equities | Total plan assets measured at fair value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value $ 2.6 1.5  
United States equities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 2.6 1.5  
United States equities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
United States equities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
International equities | Total plan assets measured at fair value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 21.0 17.5  
International equities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 21.0 17.5  
International equities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
International equities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value $ 0.0 0.0  
Debt securities      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocations (as a percent) 38.90%    
United States government bonds | Total plan assets measured at fair value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value $ 3.5 4.4  
United States government bonds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 3.5 4.4  
United States government bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
United States government bonds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
International government bonds | Total plan assets measured at fair value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 26.0 25.6  
International government bonds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 26.0 25.6  
International government bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
International government bonds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value $ 0.0 0.0  
Real estate      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocations (as a percent) 11.40%    
Real estate | Total plan assets measured at fair value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value $ 8.7 7.6  
Real estate | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
Real estate | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 8.7 7.6  
Real estate | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
Mortgages | Total plan assets measured at fair value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 4.0 3.5  
Mortgages | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
Mortgages | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 4.0 3.5  
Mortgages | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
Insurance contracts | Total plan assets measured at fair value      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.8 0.8  
Insurance contracts | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
Insurance contracts | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value 0.0 0.0  
Insurance contracts | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets at fair value $ 0.8 $ 0.8 $ 0.9
Other      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocations (as a percent) 18.40%    
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Changes in Fair Value of Defined Benefit Plan Assets Classified as Level 3 (Details) - Defined benefit pension plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Insurance Contracts    
Beginning of year $ 70.6 $ 76.9
Currency exchange rate impact 2.5 (4.1)
End of year 75.5 70.6
Level 3    
Insurance Contracts    
Beginning of year 0.8  
End of year 0.8 0.8
Level 3 | Insurance Contracts    
Insurance Contracts    
Beginning of year 0.8 0.9
Relating to assets still held at December 31, 2023 0.2 0.2
Purchases, sales and settlements (0.2) (0.2)
Currency exchange rate impact   (0.1)
End of year $ 0.8 $ 0.8
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Benefit Payments Which Reflect Expected Future Service (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Retirement Benefits [Abstract]  
2024 $ 7.3
2025 5.9
2026 6.9
2027 6.8
2028 8.1
2029-2033 $ 39.0
v3.24.0.1
COMMON STOCK - Treasury Stock (Details) - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jul. 31, 2022
Treasury Stock        
Purchases of treasury stock $ 880,500,000 $ 1,727,100,000 $ 512,800,000  
Treasury Stock        
Treasury Stock        
Purchases of treasury stock (in shares) 11.4 20.1 5.8  
Purchases of treasury stock $ 880,500,000 $ 1,727,100,000 $ 512,800,000  
July 2022 Stock Repurchase Program        
Treasury Stock        
Authorized amount for share repurchase       $ 1,500,000,000
Additional authorized amount $ 1,000,000,000      
v3.24.0.1
COMMON STOCK - Schedule of Accelerated Share Repurchases (Details) - USD ($)
$ / shares in Units, shares in Millions
 1 Months Ended
Dec. 31, 2023
Mar. 31, 2023
Feb. 28, 2023
Dec. 31, 2022
Oct. 31, 2022
Feb. 28, 2022
Jan. 31, 2022
Oct. 01, 2022
Initial Delivery Of Shares Settled January 2022                
Accelerated Share Repurchase                
Amount Paid             $ 250,000,000.0  
Shares Received (in shares)             1.9  
Initial delivery, price per Share (in dollars per share)             $ 104.87  
Value of Shares as % of Contract Value             80.00%  
January 2022 Stock Repurchase Program Shares Sold In February 2022                
Accelerated Share Repurchase                
Shares Received (in shares)           2.3    
Final Settlement Average Price per Share (in dollars per share)           $ 110.31    
Initial Delivery Of Shares Settled October 2022                
Accelerated Share Repurchase                
Amount Paid               $ 750,000,000.0
Shares Received (in shares)         8.3      
Initial delivery, price per Share (in dollars per share)         $ 72.43      
Value of Shares as % of Contract Value         80.00%      
October 2022 Stock Repurchase Program Shares Sold In December 2022                
Accelerated Share Repurchase                
Shares Received (in shares)       10.3        
Final Settlement Average Price per Share (in dollars per share)       $ 72.91        
Initial Delivery Of Shares Settled February 2023                
Accelerated Share Repurchase                
Amount Paid     $ 200,000,000.0          
Shares Received (in shares)     2.0          
Initial delivery, price per Share (in dollars per share)     $ 80.44          
Value of Shares as % of Contract Value     80.00%          
February 2023 Stock Repurchase Program, Shares Sold In March 2023                
Accelerated Share Repurchase                
Shares Received (in shares)   2.5            
Final Settlement Average Price per Share (in dollars per share)   $ 79.28            
Initial Delivery Of Shares Settled December 2023                
Accelerated Share Repurchase                
Amount Paid $ 400,000,000.0              
Shares Received (in shares) 4.6              
Initial delivery, price per Share (in dollars per share) $ 70.31              
Value of Shares as % of Contract Value 80.00%              
December 2023 Stock Repurchase Program, Shares Sold In December 2023                
Accelerated Share Repurchase                
Shares Received (in shares) 5.3              
Final Settlement Average Price per Share (in dollars per share) $ 72.91              
v3.24.0.1
COMMON STOCK - Employee and Director Stock Plans (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Option Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Estimated annual forfeiture rate (as a percent) 6.40%    
Risk-free interest rate 3.40% 3.00% 0.80%
Expected volatility 32.80% 31.40% 33.50%
MRSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 3.60% 2.90% 0.40%
Expected volatility 32.60% 33.90% 34.40%
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.60% 0.50% 0.10%
Expected volatility 31.50% 32.00% 36.60%
The Program      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock available for issuance (in shares) 327,600,000    
The Program | Option Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration date (in years) 7 years    
The Program | Option Awards | Low      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years    
The Program | Option Awards | High      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 4 years    
The Program | Restricted stock units | High      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 4 years    
The Program | MRSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years    
The Program | Restricted stock or restricted stock units | High      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock available for issuance (in shares) 33,600,000    
Nonemployee Directors Program      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock available for issuance (in shares) 8,400,000    
Nonemployee Directors Program | Option Awards | Awards granted in 2012 and later      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 1 year    
Nonemployee Directors Program | Option Awards | High | Annual award to nonemployee director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock available for issuance (in shares) 120,000    
Nonemployee Directors Program | Restricted stock units | High | Annual award to nonemployee director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock available for issuance (in shares) 48,000    
ESPP | ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock available for issuance (in shares) 50,400,000    
Percentage of lower of fair market value of common stock on effective date of subscription or date of purchase (as a percent) 85.00%    
Maximum percentage of compensation employees can authorize to be withheld for common stock purchases (as a percent) 15.00%    
v3.24.0.1
COMMON STOCK - Schedule of Weighted-Average Assumptions (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Option Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 3.40% 3.00% 0.80%
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility 32.80% 31.40% 33.50%
Expected term (years) 5 years 1 month 6 days 5 years 5 years
Fair value, per share (in dollars per share) $ 30.97 $ 34.59 $ 28.90
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.60% 0.50% 0.10%
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility 31.50% 32.00% 36.60%
Expected term (years) 7 months 6 days 7 months 6 days 7 months 6 days
Fair value, per share (in dollars per share) $ 19.03 $ 28.18 $ 23.07
v3.24.0.1
COMMON STOCK - Schedule of Stock Option (Details) - Stock option activity
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 11.6
Options granted (in shares) | shares 2.0
Options exercised (in shares) | shares (2.2)
Options forfeited (in shares) | shares (0.4)
Ending balance (in shares) | shares 11.0
Exercisable as of period end (in shares) | shares 7.3
Vested and expected to vest as of period end (in shares) | shares 10.5
Weighted- Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 63.67
Options granted (in dollars per share) | $ / shares 88.27
Options exercised (in dollars per share) | $ / shares 38.54
Options forfeited (in dollars per share) | $ / shares 97.32
Ending balance (in dollars per share) | $ / shares 71.90
Exercisable as of period end (in dollars per share) | $ / shares 61.68
Vested and expected to vest as of period end (in dollars per share) | $ / shares $ 70.91
Weighted- Average Remaining Contractual Term  
Outstanding as of period end 3 years 6 months
Exercisable as of period end 2 years 4 months 24 days
Vested and expected to vest as of period end 3 years 4 months 24 days
Aggregate Intrinsic Value  
Outstanding as of period end | $ $ 136.9
Exercisable as of period end | $ 135.5
Vested and expected to vest as of period end | $ $ 136.7
v3.24.0.1
COMMON STOCK - Schedule of Restricted Stock Unit Activity (Details) - Nonvested restricted stock unit activity
shares in Millions
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 2.0
Granted (in shares) | shares 1.1
Vested (in shares) | shares (0.8)
Forfeited (in shares) | shares (0.2)
Ending balance (in shares) | shares 2.1
Weighted- Average Grant-Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 92.30
Granted (in dollars per share) | $ / shares 89.03
Vested (in dollars per share) | $ / shares 83.17
Forfeited (in dollars per share) | $ / shares 99.82
Ending balance (in dollars per share) | $ / shares $ 94.35
v3.24.0.1
COMMON STOCK - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity [Abstract]      
Intrinsic value of stock options exercised and restricted stock units vested $ 162.7 $ 264.5 $ 359.8
Cash from exercises of stock options 83.4 64.8 82.2
Realized tax benefits from exercises of stock options and vesting of restricted stock units 35.9 56.9 76.5
Total grant date fair value of stock options vested 41.3 $ 40.4 $ 36.2
Employee stock purchase subscriptions $ 224.9    
Weighted-average remaining requisite service period (in months) 31 months    
v3.24.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Activity for Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax      
Beginning balance $ 5,806.7    
Ending balance 6,650.0 $ 5,806.7  
Total Accumulated Other Comprehensive Loss      
AOCI Attributable to Parent, Net of Tax      
Beginning balance (254.9) (157.7) $ (161.1)
Other comprehensive (loss) income before reclassifications 71.7 (19.3) 10.7
Amounts reclassified from accumulated other comprehensive loss (72.4) (72.8) 15.2
Deferred income tax (expense) benefit 12.8 (5.1) (22.5)
Ending balance (242.8) (254.9) (157.7)
Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax      
Beginning balance (218.8) (172.5) (122.4)
Other comprehensive (loss) income before reclassifications 6.9 (33.9) (39.2)
Amounts reclassified from accumulated other comprehensive loss (6.9) (7.0) (6.4)
Deferred income tax (expense) benefit 4.3 (5.4) (4.5)
Ending balance (214.5) (218.8) (172.5)
Unrealized (Loss) Gain on Hedges      
AOCI Attributable to Parent, Net of Tax      
Beginning balance 23.8 29.7 (27.7)
Other comprehensive (loss) income before reclassifications 43.3 75.2 66.3
Amounts reclassified from accumulated other comprehensive loss (72.8) (84.5) 12.0
Deferred income tax (expense) benefit 6.4 3.4 (20.9)
Ending balance 0.7 23.8 29.7
Unrealized Gain (Loss) on Available-for-sale Investments      
AOCI Attributable to Parent, Net of Tax      
Beginning balance (65.6) (6.9) 8.6
Other comprehensive (loss) income before reclassifications 32.6 (77.9) (29.2)
Amounts reclassified from accumulated other comprehensive loss 8.1 18.8 8.6
Deferred income tax (expense) benefit 0.1 0.4 5.1
Ending balance (24.8) (65.6) (6.9)
Unrealized Pension (Costs) Credits      
AOCI Attributable to Parent, Net of Tax      
Beginning balance 5.7 (8.0) (19.6)
Other comprehensive (loss) income before reclassifications (11.1) 17.3 12.8
Amounts reclassified from accumulated other comprehensive loss (0.8) (0.1) 1.0
Deferred income tax (expense) benefit 2.0 (3.5) (2.2)
Ending balance $ (4.2) $ 5.7 $ (8.0)
v3.24.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Change in Unrealized Pension Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net prior service cost arising during period      
Pre-Tax Amount      
Prior service credit arising during period $ 0.7 $ 0.0 $ 0.1
Amortization of prior service credit (0.8) (0.7) (0.7)
Other comprehensive income (loss) (0.1) (0.7) (0.6)
Tax (Expense) Benefit      
Prior service credit arising during period 0.9 (1.1) 0.0
Amortization of prior service credit 0.1 0.3 0.1
Other comprehensive income (loss) 1.0 (0.8) 0.1
Net of Tax Amount      
Prior service credit arising during period 1.6 (1.1) 0.1
Amortization of prior service credit (0.7) (0.4) (0.6)
Other comprehensive income (loss) 0.9 (1.5) (0.5)
Net actuarial gain (loss) arising during period      
Pre-Tax Amount      
Other comprehensive income (loss) (11.8) 17.9 14.4
Tax (Expense) Benefit      
Other comprehensive income (loss) 1.0 (2.7) (2.3)
Net of Tax Amount      
Other comprehensive income (loss) (10.8) 15.2 12.1
Unrealized pension costs, net      
Pre-Tax Amount      
Prior service credit arising during period (11.1) 17.3 12.8
Other comprehensive income (loss) (11.9) 17.2 13.8
Tax (Expense) Benefit      
Other comprehensive income (loss) 2.0 (3.5) (2.2)
Net of Tax Amount      
Other comprehensive income (loss) $ (9.9) $ 13.7 $ 11.6
v3.24.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations      
Other income, net $ 14.4 $ 2.6 $ 12.7
Provision for income taxes (198.7) (245.5) (198.9)
Net income 1,399.4 1,521.9 1,503.1
Cost of sales (1,379.8) (1,080.4) $ (1,248.9)
Amount Reclassified from Accumulated Other Comprehensive Loss | Foreign currency translation adjustments      
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations      
Other income, net 6.9 7.0  
Provision for income taxes (1.7) (1.7)  
Net income 5.2 5.3  
Amount Reclassified from Accumulated Other Comprehensive Loss | (Loss) gain on hedges      
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations      
Provision for income taxes (15.8) (22.2)  
Net income 57.0 62.3  
Cost of sales 58.9 88.4  
Other income, net 13.9 (3.9)  
Total segment operating income 72.8 84.5  
Amount Reclassified from Accumulated Other Comprehensive Loss | Gain (loss) on available-for-sale investments      
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations      
Other income, net (8.1) (18.8)  
Provision for income taxes 2.2 4.6  
Net income (5.9) (14.2)  
Amount Reclassified from Accumulated Other Comprehensive Loss | Amortization of pension adjustments      
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations      
Other income, net 0.8 0.1  
Provision for income taxes (0.2) 0.0  
Net income $ 0.6 $ 0.1  
v3.24.0.1
OTHER INCOME, NET (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other Income and Expenses [Abstract]      
Foreign exchange (gains) losses, net $ (10.5) $ 1.2 $ (5.0)
Loss (gain) on investments 0.7 1.1 (5.8)
Non-service cost components of net periodic pension benefit cost (1.2) (1.1) 0.3
Gain on insurance settlement 0.0 (3.8) 0.0
Other (3.4) 0.0 (2.2)
Total other income, net $ (14.4) $ (2.6) $ (12.7)
v3.24.0.1
INCOME TAXES - Schedule of Income Before Provisions for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
United States $ 348.0 $ 634.4 $ 610.9
Outside of the United States, including Puerto Rico 1,250.1 1,133.0 1,091.1
Income before provision for income taxes $ 1,598.1 $ 1,767.4 $ 1,702.0
v3.24.0.1
INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
United States:      
Federal $ 317.3 $ 369.1 $ 125.2
State and local 58.1 60.6 25.1
Outside of the United States, including Puerto Rico 85.3 66.7 92.6
Current income tax expense 460.7 496.4 242.9
United States:      
Federal (187.5) (187.7) (9.4)
State and local (54.2) (58.9) (25.4)
Outside of the United States, including Puerto Rico (20.3) (4.3) (9.2)
Deferred income tax benefit (262.0) (250.9) (44.0)
Total income tax provision $ 198.7 $ 245.5 $ 198.9
v3.24.0.1
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets    
Capitalized research and development expenses $ 371.1 $ 199.7
Compensation and benefits 117.9 100.6
Benefits from uncertain tax positions 63.4 42.1
Net tax credit carryforwards 172.9 160.8
Net operating loss carryforwards 75.9 71.7
Accrued liabilities 132.8 93.7
Inventories 15.3 11.9
Cash flow and net investment hedges 1.6 6.6
State income taxes 0.2 0.3
Investments 0.6 0.6
Lease liability obligations 5.8 6.7
Other 0.8 1.9
Total deferred tax assets 958.3 696.6
Deferred tax liabilities    
Property, plant, and equipment (78.2) (80.2)
Deferred tax on foreign earnings (3.6) (19.2)
Right-of-use assets (4.7) (6.0)
Other intangible assets (53.0) (19.9)
Other (2.5) (2.9)
Total deferred tax liabilities (142.0) (128.2)
Valuation allowance (90.2) (99.1)
Net deferred tax assets $ 726.1 $ 469.3
v3.24.0.1
INCOME TAXES - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Loss Carryforwards [Line Items]          
Net deferred tax assets increase   $ 256.8      
Valuation allowance that reduces certain deferred tax assets   90.2 $ 99.1    
Carryforward amount   240.7      
Foreign earnings to be indefinitely reinvested   961.6      
Foreign earnings to be repatriated   1,200.0      
Estimated net tax liability on permanently reinvested earnings   5.1      
Liability for income taxes associated with uncertain tax positions   583.9 475.3 $ 358.4 $ 281.8
Decrease in unrecognized tax benefits is reasonably possible   250.7 182.1    
Net amounts that would favorably affect effective tax rate   333.2 293.2    
Accrued interest related to unrecognized tax benefits, net of tax benefit   41.4 29.1    
Tax benefit of accrued interest   29.9 15.4    
Interest expense (benefit), net of tax benefit   12.3 9.6 5.2  
Estimate of additional tax expense   230.0      
Additional tax sought in excess of filing position   269.3      
Low | Subsequent Event          
Operating Loss Carryforwards [Line Items]          
Additional deposit $ 200.0        
High | Subsequent Event          
Operating Loss Carryforwards [Line Items]          
Additional deposit $ 300.0        
Non-U.S.          
Operating Loss Carryforwards [Line Items]          
Tax reductions compared to local statutory rates   $ 333.2 $ 247.4 $ 208.0  
Tax reductions compared to local statutory rates per diluted share (in dollars per share)   $ 0.55 $ 0.40 $ 0.33  
Carryforward period indefinite | California | State and local jurisdiction | Research expenditure tax credits          
Operating Loss Carryforwards [Line Items]          
Carryforward amount   $ 211.3      
Carryforward period indefinite | Puerto Rico | Non-U.S. | Puerto Rico purchases credit          
Operating Loss Carryforwards [Line Items]          
Carryforward amount   $ 27.4      
v3.24.0.1
INCOME TAXES - Schedule of Net Operating Loss Carryforwards (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Operating Loss Carryforwards [Line Items]  
Carryforward Amount $ 499.0
Tax Benefit Amount 75.9
Valuation Allowance (56.4)
Net Tax Benefit 19.5
United States federal net operating losses | United States | Carryforward Period Ends 2033-2037  
Operating Loss Carryforwards [Line Items]  
Carryforward Amount 9.0
Tax Benefit Amount 1.9
Valuation Allowance 0.0
Net Tax Benefit 1.9
United States federal net operating losses | United States | Carryforward Period Indefinite  
Operating Loss Carryforwards [Line Items]  
Carryforward Amount 1.8
Tax Benefit Amount 0.4
Valuation Allowance 0.0
Net Tax Benefit 0.4
United States federal net operating losses | United States | Carryforward Period Ends 2022  
Capital Loss Carryforward [Abstract]  
Carryforward Amount 33.4
Tax Benefit Amount 0.1
Valuation Allowance (0.1)
Net Tax Benefit 0.0
United States state net operating losses | United States | Carryforward Period Indefinite  
Operating Loss Carryforwards [Line Items]  
Carryforward Amount 2.6
Tax Benefit Amount 0.1
Valuation Allowance (0.1)
Net Tax Benefit 0.0
United States state net operating losses | United States | Carryforward Period Ends 2026-2041  
Operating Loss Carryforwards [Line Items]  
Carryforward Amount 35.7
Tax Benefit Amount 1.8
Valuation Allowance (1.7)
Net Tax Benefit 0.1
Non-United States net operating losses | International | Carryforward Period Indefinite  
Operating Loss Carryforwards [Line Items]  
Carryforward Amount 416.5
Tax Benefit Amount 71.6
Valuation Allowance (54.5)
Net Tax Benefit $ 17.1
v3.24.0.1
INCOME TAXES - Schedule of Tax Credit Carryforwards (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Tax credit carryforwards and the related carryforward periods  
Carryforward Amount $ 240.7
Valuation Allowance (27.4)
Net Tax Benefit 213.3
California research expenditure tax credits | California | Research expenditure tax credits | Carryforward Period Indefinite  
Tax credit carryforwards and the related carryforward periods  
Carryforward Amount 211.3
Valuation Allowance 0.0
Net Tax Benefit 211.3
Federal research expenditure tax credits | United States | Research expenditure tax credits | Tax Carryforwards Expiration Period Years 2026-2039  
Tax credit carryforwards and the related carryforward periods  
Carryforward Amount 1.3
Valuation Allowance 0.0
Net Tax Benefit 1.3
Foreign tax authority | Foreign | Foreign tax and general business credits | Tax Carryforwards Expiration Period Years 2030-2033  
Tax credit carryforwards and the related carryforward periods  
Carryforward Amount 0.7
Valuation Allowance 0.0
Net Tax Benefit 0.7
Foreign tax authority | Puerto Rico | Purchase credit | Carryforward Period Indefinite  
Tax credit carryforwards and the related carryforward periods  
Carryforward Amount 1.2
Valuation Allowance (1.2)
Net Tax Benefit 0.0
Foreign tax authority | Puerto Rico | Purchase credit | Tax Carryforwards Expiration Period Ends 2025  
Tax credit carryforwards and the related carryforward periods  
Carryforward Amount 26.2
Valuation Allowance (26.2)
Net Tax Benefit $ 0.0
v3.24.0.1
INCOME TAXES - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Income tax expense at United States federal statutory rate $ 335.6 $ 371.1 $ 357.4
Foreign income taxed at different rates (128.3) (123.9) (122.2)
State and local taxes, net of federal tax benefit 18.7 21.1 11.9
Tax credits, federal and state (62.5) (50.0) (48.4)
Build of reserve for prior years' uncertain tax positions (2.9) 11.6 3.6
Tax on global intangible low-taxed income 78.7 61.4 56.5
Foreign-derived intangible income deduction (23.0) (15.0) (1.3)
Contingent consideration liabilities (5.5) (7.5) (26.1)
United States federal deductible employee share-based compensation (13.1) (31.6) (47.8)
Nondeductible employee share-based compensation 6.6 5.8 5.3
Other (5.6) 2.5 10.0
Total income tax provision $ 198.7 $ 245.5 $ 198.9
v3.24.0.1
INCOME TAXES - Schedule of Reconciliation of Uncertain Tax Positions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns      
Uncertain gross tax positions, beginning balance $ 475.3 $ 358.4 $ 281.8
Current year tax positions 127.0 120.6 82.1
Increase in prior year tax positions 0.8 3.8 2.3
Decrease in prior year tax positions (16.2) (0.6) (4.8)
Settlements (3.0) (0.4) (0.3)
Lapse of statutes of limitations 0.0 (6.5) (2.7)
Uncertain gross tax positions, ending balance $ 583.9 $ 475.3 $ 358.4
v3.24.0.1
LEGAL PROCEEDINGS (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
lawsuit
Commitments and Contingencies Disclosure [Abstract]  
Number of lawsuits that if settled could have a material adverse impact on net income or cash flows | lawsuit 1
Threshold of disclosing material environmental legal proceedings | $ $ 1
v3.24.0.1
SEGMENT INFORMATION - Schedule of Information about Reportable Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Net Sales      
Total segment net sales $ 6,004.8 $ 5,382.4 $ 5,232.5
Operating segments      
Segment Net Sales      
Total segment net sales 5,999.7 5,516.3 5,123.9
Segment Operating Income      
Total segment operating income 3,585.1 3,407.5 3,153.3
Operating segments | United States      
Segment Net Sales      
Total segment net sales 3,508.7 3,132.6 2,963.1
Segment Operating Income      
Total segment operating income 2,306.1 2,130.9 2,051.0
Operating segments | Europe      
Segment Net Sales      
Total segment net sales 1,337.4 1,213.7 1,099.6
Segment Operating Income      
Total segment operating income 709.5 652.2 569.1
Operating segments | Japan      
Segment Net Sales      
Total segment net sales 436.7 559.3 528.0
Segment Operating Income      
Total segment operating income 259.1 376.7 348.0
Operating segments | Rest of World      
Segment Net Sales      
Total segment net sales 716.9 610.7 533.2
Segment Operating Income      
Total segment operating income $ 310.4 $ 247.7 $ 185.2
v3.24.0.1
SEGMENT INFORMATION - Schedule of Reconciliation of Segment Net Sales and Pre-Tax Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Net Sales      
Net sales $ 6,004.8 $ 5,382.4 $ 5,232.5
Segment Operating Income      
Operating income 1,534.1 1,748.5 1,690.3
Unallocated amounts:      
Special charge and separation costs (17.2) (60.7) 0.0
Change in fair value of contingent consideration liabilities 26.2 35.8 124.1
Foreign currency 10.5 (1.2) 5.0
Income before provision for income taxes 1,598.1 1,767.4 1,702.0
Operating segments      
Segment Net Sales      
Net sales 5,999.7 5,516.3 5,123.9
Segment Operating Income      
Operating income 3,585.1 3,407.5 3,153.3
Reconciling items      
Segment Net Sales      
Net sales 5.1 (133.9) 108.6
Unallocated amounts:      
Special charge and separation costs (17.2) (60.7) 0.0
Intellectual property agreement and litigation expense (203.5) (15.8) (20.6)
Foreign currency 64.4 95.8 47.3
Non-operating income 64.0 18.9 11.7
Corporate items      
Unallocated amounts:      
Corporate items $ (1,920.9) $ (1,714.1) $ (1,613.8)
v3.24.0.1
SEGMENT INFORMATION - Schedule of Enterprise-Wide Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net Sales by Geographic Area and by Major Product Area      
Net sales $ 6,004.8 $ 5,382.4 $ 5,232.5
Long-lived Tangible Assets by Geographic Region      
Long-lived tangible assets 1,843.4 1,725.1 1,748.9
Transcatheter Aortic Valve Replacement      
Net Sales by Geographic Area and by Major Product Area      
Net sales 3,879.8 3,518.2 3,422.5
Transcatheter Mitral and Tricuspid Therapies      
Net Sales by Geographic Area and by Major Product Area      
Net sales 197.6 116.1 86.0
Surgical Structural Heart      
Net Sales by Geographic Area and by Major Product Area      
Net sales 999.3 893.1 889.1
Critical Care      
Net Sales by Geographic Area and by Major Product Area      
Net sales 928.1 855.0 834.9
United States      
Net Sales by Geographic Area and by Major Product Area      
Net sales 3,508.7 3,132.6 2,963.1
Long-lived Tangible Assets by Geographic Region      
Long-lived tangible assets 1,269.7 1,188.5 1,195.8
Europe      
Net Sales by Geographic Area and by Major Product Area      
Net sales 1,334.5 1,174.8 1,190.3
Long-lived Tangible Assets by Geographic Region      
Long-lived tangible assets 196.4 191.8 197.9
Japan      
Net Sales by Geographic Area and by Major Product Area      
Net sales 452.4 473.6 528.9
Long-lived Tangible Assets by Geographic Region      
Long-lived tangible assets 23.8 13.2 19.7
Rest of World      
Net Sales by Geographic Area and by Major Product Area      
Net sales 709.2 601.4 550.2
Long-lived Tangible Assets by Geographic Region      
Long-lived tangible assets $ 353.5 $ 331.6 $ 335.5
v3.24.0.1
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Allowance for credit losses      
Movement in Valuation Allowances and Reserves      
Balance at Beginning of Period $ 11.7 $ 15.7 $ 16.4
Charged to Costs and Expenses 2.0 0.9 1.2
Charged to Other Accounts 0.0 0.1 0.6
Deductions (1.9) (5.0) (2.5)
Balance at End of Period 11.8 11.7 15.7
Tax valuation allowance      
Movement in Valuation Allowances and Reserves      
Balance at Beginning of Period 99.1 82.5 71.6
Charged to Costs and Expenses 0.0 3.0 12.4
Charged to Other Accounts 0.1 14.2 0.0
Deductions (9.0) (0.6) (1.5)
Balance at End of Period $ 90.2 $ 99.1 $ 82.5