EDWARDS LIFESCIENCES CORP, 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
COVER - shares
shares in Millions
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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  
Zip Code 92614  
City Area Code 949  
Local Phone Number 250-2500  
Title of 12(b) Security Common Stock, par value $1.00 per share  
Trading Symbol EW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   587.1
Entity Central Index Key 0001099800  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 3,272.8 $ 3,045.2
Short-term investments (Note 5) 789.4 930.7
Accounts receivable, net of allowances of $12.7 and $11.6, respectively 697.0 609.1
Other receivables 205.6 118.3
Inventories (Note 2) 1,141.7 1,086.7
Prepaid expenses 110.0 121.0
Other current assets 314.4 347.6
Current assets of discontinued operations (Note 4) 46.3 26.8
Total current assets 6,577.2 6,285.4
Long-term investments (Note 5) 298.5 307.9
Property, plant, and equipment, net 1,726.6 1,686.0
Operating lease right-of-use assets 99.0 98.2
Goodwill 1,776.7 1,776.7
Other intangible assets, net 1,172.8 1,176.6
Deferred income taxes 1,082.1 992.1
Other assets (Note 2) 743.0 721.6
Non-current assets of discontinued operations (Note 4) 12.8 10.8
Total assets 13,488.7 13,055.3
Current liabilities    
Accounts payable 162.1 197.4
Accrued and other liabilities (Note 2) 1,214.4 1,282.4
Operating lease liabilities 25.9 23.4
Current liabilities of discontinued operations (Note 4) 2.3 2.0
Total current liabilities 1,404.7 1,505.2
Long-term debt 598.0 597.7
Operating lease liabilities 78.7 78.9
Uncertain tax positions 421.6 384.6
Other liabilities 379.2 426.0
Total liabilities 2,882.2 2,992.4
Commitments and contingencies (Note 11)
Stockholders' equity    
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, 657.6 and 654.8 shares issued, and 587.9 and 588.6 shares outstanding, respectively 657.6 654.8
Additional paid-in capital 2,750.0 2,613.4
Retained earnings 13,858.2 13,167.0
Accumulated other comprehensive loss (Note 12) (264.1) (244.5)
Treasury stock, at cost, 69.7 and 66.2 shares, respectively (6,456.4) (6,192.3)
Total Edwards Lifesciences Corporation stockholders' equity 10,545.3 9,998.4
Noncontrolling interest 61.2 64.5
Total stockholders' equity 10,606.5 10,062.9
Total liabilities and equity $ 13,488.7 $ 13,055.3
v3.25.2
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 12.7 $ 11.6
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (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) 657,600,000 654,800,000
Common stock, shares outstanding (in shares) 587,900,000 588,600,000
Treasury stock (in shares) 69,700,000 66,200,000
v3.25.2
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Net sales $ 1,532.2 $ 1,369.4 $ 2,944.9 $ 2,699.3
Cost of sales 344.4 275.5 646.0 562.4
Gross profit 1,187.8 1,093.9 2,298.9 2,136.9
Selling, general, and administrative expenses 502.0 447.5 967.7 875.9
Research and development expenses 276.2 271.8 530.8 528.5
Certain litigation expenses 15.5 8.1 26.4 17.0
Separation costs (Note 3) 4.2 0.0 8.4 0.0
Other operating income (21.3) 0.0 (40.4) 0.0
Operating income, net 411.2 366.5 806.0 715.5
Interest income, net (37.4) (15.5) (73.9) (32.0)
Loss on impairment 47.1 0.0 47.1 0.0
Other non-operating expense (income), net 1.3 (2.0) (1.3) (7.7)
Income from continuing operations before provision for income taxes 400.2 384.0 834.1 755.2
Provision for income taxes 64.3 20.0 134.6 66.3
Net income from continuing operations 335.9 364.0 699.5 688.9
(Loss) income from discontinued operations, net of tax (4.4) 1.0 (11.6) 27.1
Net income 331.5 365.0 687.9 716.0
Net loss attributable to noncontrolling interest (1.7) (1.3) (3.3) (2.2)
Net income attributable to Edwards Lifesciences Corporation $ 333.2 $ 366.3 $ 691.2 $ 718.2
Basic:        
Continuing operations (in dollars per share) $ 0.58 $ 0.61 $ 1.20 $ 1.15
Discontinued operations (in dollars per share) (0.01) 0 (0.02) 0.04
Basic earnings per share (in dollars per share) 0.57 0.61 1.18 1.19
Diluted:        
Continuing operations (in dollars per share) 0.57 0.61 1.20 1.15
Discontinued operations (in dollars per share) (0.01) 0 (0.02) 0.04
Diluted earnings per share (in dollars per share) $ 0.56 $ 0.61 $ 1.18 $ 1.19
Weighted-average number of common shares outstanding:        
Basic (in shares) 587.0 602.1 586.9 601.8
Diluted (in shares) 587.9 604.3 587.9 604.2
v3.25.2
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 331.5 $ 365.0 $ 687.9 $ 716.0
Other comprehensive (loss) income, net of tax (Note 12):        
Foreign currency translation adjustments 43.6 1.0 60.0 (25.1)
Unrealized (loss) gain on hedges (53.9) 6.9 (81.5) 33.8
Unrealized pension (costs) credits (0.1) (0.1) 0.0 0.2
Unrealized gain on available-for-sale investments 0.8 5.3 1.9 13.7
Other comprehensive (loss) income, net of tax (9.6) 13.1 (19.6) 22.6
Comprehensive income 321.9 378.1 668.3 738.6
Comprehensive loss attributable to noncontrolling interest (1.7) (1.3) (3.3) (2.2)
Comprehensive income attributable to Edwards Lifesciences Corporation $ 323.6 $ 379.4 $ 671.6 $ 740.8
v3.25.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 687.9 $ 716.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 74.7 78.1
Non-cash operating lease cost 12.5 15.1
Stock-based compensation (Note 9) 77.7 88.5
Deferred income taxes (45.2) (101.9)
Loss on impairment 47.1 0.0
Other 8.3 2.0
Changes in operating assets and liabilities:    
Accounts and other receivables, net (68.6) (32.0)
Inventories 41.5 (163.7)
Accounts payable and accrued liabilities 0.3 62.7
Income taxes (189.2) (370.0)
Prepaid expenses and other current assets (3.3) 40.1
Intellectual property agreement accrual (49.2) (11.8)
Other (23.9) (5.1)
Net cash provided by operating activities 570.6 318.0
Cash flows from investing activities    
Capital expenditures (105.3) (150.7)
Investments in unconsolidated affiliates (48.3) (6.0)
Purchases of held-to-maturity investments (Note 5) (18.8) (14.1)
Proceeds from held-to-maturity investments (Note 5) 32.0 25.2
Purchases of available-for-sale investments (Note 5) (1,258.8) (1.8)
Proceeds from available-for-sale investments (Note 5) 1,439.7 388.4
Investments in intangible assets 0.0 (20.0)
Payment for working capital adjustment for sale of product group (Note 4) (36.3) 0.0
Payment for acquisition options (17.0) (10.8)
Issuances of notes receivable (70.6) (17.5)
Other (3.4) (4.8)
Net cash (used in) provided by investing activities (86.8) 187.9
Cash flows from financing activities    
Purchases of treasury stock (264.1) (158.3)
Equity forward contract related to accelerated share repurchase agreement (Note 10) (50.0) 0.0
Proceeds from stock plans 107.1 116.4
Other 1.7 7.0
Net cash used in financing activities (205.3) (34.9)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash (47.3) 39.1
Net increase in cash, cash equivalents, and restricted cash 231.2 510.1
Cash, cash equivalents, and restricted cash at beginning of period 3,058.8 1,148.0
Cash, cash equivalents, and restricted cash at end of period (Note 2) $ 3,290.0 $ 1,658.1
v3.25.2
CONSOLIDATED CONDENSED 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, 2023     650.5          
Beginning 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, beginning balance (in shares) at Dec. 31, 2023       49.4        
Increase (Decrease) in Stockholders' Equity                
Net income 351.0 351.9       351.9   (0.9)
Other comprehensive (loss) gain, net of tax 9.5 9.5         9.5  
Common stock issued under stock plans and other (in shares)     1.3          
Common stock issued under stock plans and other 62.1 62.1 $ 1.3   60.8      
Stock-based compensation expense 44.6 44.6     44.6      
Purchases of treasury stock (0.2) (0.2)   $ (0.2)        
Common stock, ending balance (in shares) at Mar. 31, 2024     651.8          
Ending balance at Mar. 31, 2024 7,186.4 7,117.9 $ 651.8 $ (5,024.7) 2,379.8 9,344.3 (233.3) 68.5
Treasury stock, ending balance (in shares) at Mar. 31, 2024       49.4        
Common stock, beginning balance (in shares) at Dec. 31, 2023     650.5          
Beginning 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, beginning balance (in shares) at Dec. 31, 2023       49.4        
Increase (Decrease) in Stockholders' Equity                
Net income 716.0              
Common stock, ending balance (in shares) at Jun. 30, 2024     653.5          
Ending balance at Jun. 30, 2024 7,504.6 7,437.4 $ 653.5 $ (5,182.8) 2,476.3 9,710.6 (220.2) 67.2
Treasury stock, ending balance (in shares) at Jun. 30, 2024       51.2        
Common stock, beginning balance (in shares) at Mar. 31, 2024     651.8          
Beginning balance at Mar. 31, 2024 7,186.4 7,117.9 $ 651.8 $ (5,024.7) 2,379.8 9,344.3 (233.3) 68.5
Treasury stock, beginning balance (in shares) at Mar. 31, 2024       49.4        
Increase (Decrease) in Stockholders' Equity                
Net income 365.0 366.3       366.3   (1.3)
Other comprehensive (loss) gain, net of tax 13.1 13.1         13.1  
Common stock issued under stock plans and other (in shares)     1.7          
Common stock issued under stock plans and other 54.3 54.3 $ 1.7   52.6      
Stock-based compensation expense 43.9 43.9     43.9      
Purchases of treasury stock (in shares)       1.8        
Purchases of treasury stock (158.1) (158.1)   $ (158.1)        
Common stock, ending balance (in shares) at Jun. 30, 2024     653.5          
Ending balance at Jun. 30, 2024 $ 7,504.6 7,437.4 $ 653.5 $ (5,182.8) 2,476.3 9,710.6 (220.2) 67.2
Treasury stock, ending balance (in shares) at Jun. 30, 2024       51.2        
Common stock, beginning balance (in shares) at Dec. 31, 2024 588.6   654.8          
Beginning balance at Dec. 31, 2024 $ 10,062.9 9,998.4 $ 654.8 $ (6,192.3) 2,613.4 13,167.0 (244.5) 64.5
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 66.2     66.2        
Increase (Decrease) in Stockholders' Equity                
Net income $ 356.4 358.0       358.0   (1.6)
Other comprehensive (loss) gain, net of tax (10.0) (10.0)         (10.0)  
Common stock issued under stock plans and other (in shares)     1.1          
Common stock issued under stock plans and other 50.7 50.7 $ 1.1   49.6      
Stock-based compensation expense 40.2 40.2     40.2      
Purchases of treasury stock (in shares)       3.5        
Purchases of treasury stock (308.6) (308.6)   $ (258.6) (50.0)      
Common stock, ending balance (in shares) at Mar. 31, 2025     655.9          
Ending balance at Mar. 31, 2025 $ 10,191.6 10,128.7 $ 655.9 $ (6,450.9) 2,653.2 13,525.0 (254.5) 62.9
Treasury stock, ending balance (in shares) at Mar. 31, 2025       69.7        
Common stock, beginning balance (in shares) at Dec. 31, 2024 588.6   654.8          
Beginning balance at Dec. 31, 2024 $ 10,062.9 9,998.4 $ 654.8 $ (6,192.3) 2,613.4 13,167.0 (244.5) 64.5
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 66.2     66.2        
Increase (Decrease) in Stockholders' Equity                
Net income $ 687.9              
Common stock, ending balance (in shares) at Jun. 30, 2025 587.9   657.6          
Ending balance at Jun. 30, 2025 $ 10,606.5 10,545.3 $ 657.6 $ (6,456.4) 2,750.0 13,858.2 (264.1) 61.2
Treasury stock, ending balance (in shares) at Jun. 30, 2025 69.7     69.7        
Common stock, beginning balance (in shares) at Mar. 31, 2025     655.9          
Beginning balance at Mar. 31, 2025 $ 10,191.6 10,128.7 $ 655.9 $ (6,450.9) 2,653.2 13,525.0 (254.5) 62.9
Treasury stock, beginning balance (in shares) at Mar. 31, 2025       69.7        
Increase (Decrease) in Stockholders' Equity                
Net income 331.5 333.2       333.2   (1.7)
Other comprehensive (loss) gain, net of tax (9.6) (9.6)         (9.6)  
Common stock issued under stock plans and other (in shares)     1.7          
Common stock issued under stock plans and other 61.0 61.0 $ 1.7   59.3      
Stock-based compensation expense 37.5 37.5     37.5      
Purchases of treasury stock $ (5.5) (5.5)   $ (5.5)        
Common stock, ending balance (in shares) at Jun. 30, 2025 587.9   657.6          
Ending balance at Jun. 30, 2025 $ 10,606.5 $ 10,545.3 $ 657.6 $ (6,456.4) $ 2,750.0 $ 13,858.2 $ (264.1) $ 61.2
Treasury stock, ending balance (in shares) at Jun. 30, 2025 69.7     69.7        
v3.25.2
BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
1. BASIS OF PRESENTATION

The accompanying interim consolidated condensed financial statements and related disclosures have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes included in Edwards Lifesciences' Annual Report on Form 10-K for the year ended December 31, 2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted.

The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. The Company attributes the net income or losses of its consolidated VIE to controlling and noncontrolling interests using the hypothetical liquidation at book value method. All intercompany accounts and transactions have been eliminated in consolidation.

On September 3, 2024, the Company sold its Critical Care product group (“Critical Care”). The historical results of Critical Care are reflected as discontinued operations in the Company's consolidated condensed financial statements through the date of disposition. In addition, as a next step in the Company's disposal plan to exit businesses that are not focused on implantable medical innovations for structural heart disease, the historical results of a small non-core product group that the Company plans to sell are also included in discontinued operations for all periods presented. Unless otherwise indicated, the information in the notes to the consolidated condensed financial statements refer only to Edwards Lifesciences' continuing operations. For more information, see Note 4.

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.

In the opinion of management, the unaudited interim consolidated condensed financial statements reflect all adjustments necessary for a fair statement of the results for the interim periods presented. All such adjustments, unless otherwise noted herein, are of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.

There have been no material changes to the Company's significant accounting policies from those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

New Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting guidance on income statement presentation to require disclosure, in the notes to the financial statements, of disaggregated information about certain costs and expenses, including purchases of inventory, employee compensation, and depreciation and amortization included in each relevant expense caption within continuing operations. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements.

In December 2023, the 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 expects that the guidance will impact its income tax disclosures.
v3.25.2
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS
2. OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

Composition of Certain Financial Statement Captions
(in millions)

Components of selected captions in the consolidated condensed balance sheets consisted of the following:
June 30,
2025		December 31, 2024
Inventories
Raw materials$249.8 $241.1 
Work in process261.4 236.2 
Finished products630.5 609.4 
$1,141.7 $1,086.7 

At June 30, 2025 and December 31, 2024, $216.7 million and $181.7 million, respectively, of the Company's finished products inventories were held on consignment.

June 30,
2025		December 31, 2024
Other assets
Tax receivable (Note 14)
$297.8 $293.9 
Notes and other receivables205.6 129.3 
Acquisition options111.5 147.1 
Long-term prepaid royalties97.7 101.6 
Fair value of derivatives3.1 34.7 
Other long-term assets27.3 15.0 
$743.0 $721.6 
Accrued and other liabilities 
Employee compensation and withholdings$352.7 $358.6 
Taxes payable146.3 286.6 
Accrued rebates143.2 139.3 
Property, payroll, and other taxes78.5 88.1 
Litigation settlement77.3 73.8 
Research and development accruals74.4 74.1 
Liability under transition services agreement60.3 — 
Fair value of derivatives54.2 8.3 
Unfavorable contract liability36.8 53.7 
Accrued professional services28.3 20.1 
Legal and insurance26.4 26.8 
Accrued realignment reserves19.9 27.4 
Accrued marketing expenses16.4 13.8 
Accrued relocation costs14.4 15.4 
Other accrued liabilities85.3 96.4 
$1,214.4 $1,282.4 
Supplemental Cash Flow Information
(in millions)
Six Months Ended
June 30,
20252024
Cash paid during the year for:
Income taxes (a) (Note 14)
$375.7 $528.9 
Amounts included in the measurement of operating lease liabilities$14.5 $14.5 
Non-cash investing and financing transactions:  
Right-of-use assets obtained in exchange for new lease liabilities$8.7 $24.6 
Capital expenditures accruals$31.9 $24.1 
______________________________________
(a)     Includes cash paid for income taxes from discontinued operations of $7.1 million for the six months ended June 30, 2024. No cash was paid for income taxes from discontinued operations for the six months ended June 30, 2025.

Cash, Cash Equivalents, and Restricted Cash
(in millions)
June 30,
2025		December 31, 2024
Continuing operations
Cash and cash equivalents$3,272.8 $3,045.2 
Restricted cash included in other current assets1.2 3.2 
Restricted cash included in other assets1.0 0.8 
Total$3,275.0 $3,049.2 
Discontinued operations
Cash and cash equivalents$15.0 $9.6 
Total$15.0 $9.6 
Total cash, cash equivalents, and restricted cash$3,290.0 $3,058.8 

Amounts included in restricted cash primarily represent funds placed in escrow related to litigation.
v3.25.2
RESTRUCTURING CHARGES AND SEPARATION COSTS
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING CHARGES AND SEPARATION COSTS
3. RESTRUCTURING CHARGES AND SEPARATION COSTS

In September 2024, the Company recorded an expense of $32.9 million related primarily to severance expenses associated with a global workforce realignment impacting approximately 2% of the Company's employees. The following table presents details of the restructuring liability, which is included in Accrued and Other Liabilities (in millions):

 Restructuring Liability
Balance at December 31, 2024
$20.1 
Payments(9.8)
Balance at June 30, 2025
$10.3 

The Company's remaining severance obligations are expected to be substantially paid the second half of 2025.

In the three and six months ended June 30, 2025, the Company recorded expenses of $4.2 million and $8.4 million, respectively, primarily related to costs incurred for professional advisory services associated with the sale of Critical Care. For further information, see Note 4.
v3.25.2
DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
4. DISCONTINUED OPERATIONS

On June 3, 2024, the Company entered into a definitive agreement to sell Critical Care to Becton, Dickinson and Company (“BD”), and the sale was completed on September 3, 2024. In addition, as a next step in the Company's disposal plan to exit businesses that are not focused on implantable medical innovations for structural heart disease, the Company has committed to a plan to sell a non-core product group, with the sale expected to occur in 2025.

Critical Care and the aforementioned non-core product group (collectively, the “discontinued product groups”) were historically reported in each of the Company's segments (United States, Europe, Japan, and Rest of World).

The Company concluded that the Critical Care product group met the criteria to be classified as held-for-sale in June 2024 and that the non-core product group met the criteria to be classified as held-for-sale in September 2024. The Company determined that, when considered together, the conditions for discontinued operations presentation had been met with respect to the discontinued product groups. A component of an entity is reported in discontinued operations after meeting the criteria for held-for-sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. The Company analyzed the quantitative and qualitative factors relevant to the discontinued product groups, including their significance to the Company’s overall net income and total assets, and determined that those conditions for discontinued operations presentation had been met. As such, the historical financial condition and results of the discontinued product groups have been reflected as discontinued operations in the Company's consolidated condensed financial statements. The assets and liabilities associated with the discontinued product groups are classified as assets and liabilities of discontinued operations in the Company's consolidated condensed balance sheets. Prior period amounts have been adjusted to reflect the discontinued operations presentation.

In connection with the sale of Critical Care, the Company entered into a Transition Services Agreement (“TSA”) to provide certain support services for up to 36 months from the closing date of the sale (with certain extension rights as provided therein). These support services may be in the areas of accounting, information technology, human resources, quality assurance, regulatory affairs, customer support, and global supply chain, among others. In connection with the TSA, the Company recorded an unfavorable contract liability of $115.1 million, which will be recognized over the TSA term. As of June 30, 2025, the remaining unfavorable contract liability was $57.0 million, included in Accrued and Other Liabilities and Other Liabilities.

In addition, Edwards and BD entered into other agreements to provide a framework for the ongoing activities between the Company and BD after the sale and until the end of the TSA including, but not limited to, a manufacturing and supply agreement, a quality agreement, and interim operating model agreements to support the commercial operations until full transfer of all regulatory licenses to BD and completion of services under the TSA agreement. Under these agreements, the Company will continue to provide certain services to BD during the term of these agreements including serving as an undisclosed selling and purchasing agent for the Critical Care product group on behalf of BD for a period of up to 36 months.

As of June 30, 2025, the Company had a net payable of approximately $59.4 million to BD related to the services under the agreements. The Company recorded income from the TSA of $19.9 million and $37.8 million, respectively, during the three and six months ended June 30, 2025, which is recorded in Other Operating Income on the Company's consolidated condensed statements of operations.

During the six months ended June 30, 2025, the Company paid BD $36.3 million for certain working capital adjustments in connection with the sale of Critical Care.
Details of Income from Discontinued Operations are as follows (in millions):

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Net sales$16.3 $262.9 $33.3 $531.2 
Cost of sales10.2 101.0 19.9 199.7 
Gross profit6.1 161.9 13.4 331.5 
Selling, general, and administrative expenses5.3 61.0 11.0 122.3 
Research and development expenses1.1 31.4 2.5 59.9 
Separation costs5.2 79.7 10.5 121.0 
Operating (loss) income, net(5.5)(10.2)(10.6)28.3 
Other non-operating expense, net0.1 1.1 3.2 1.4 
(Loss) income from discontinued operations before provision for income taxes(5.6)(11.3)(13.8)26.9 
Benefit from income taxes from discontinued operations
(1.2)(12.3)(2.2)(0.2)
Net (loss) income from discontinued operations$(4.4)$1.0 $(11.6)$27.1 

Separation costs related primarily to consulting, legal, tax, and other professional advisory services associated with the sale of Critical Care and non-core product group.

Details of assets and liabilities of discontinued operations are as follows (in millions):

 June 30,
2025		December 31,
2024
Cash and cash equivalents$15.0 $9.6 
Accounts receivable, net of allowances11.1 — 
Inventories17.6 15.1 
Prepaid expenses2.6 2.1 
Total current assets of discontinued operations$46.3 $26.8 
Property, plant, and equipment, net$5.2 $3.4 
Operating lease right-of-use assets 0.1 — 
Goodwill 7.5 7.4 
Other assets— — 
Total non-current assets of discontinued operations$12.8 $10.8 
Accounts payable$0.1 $— 
Accrued and other liabilities2.1 2.0 
Operating lease liabilities0.1 — 
Total current liabilities of discontinued operations$2.3 $2.0 

Cash flows attributable to the Company's discontinued operations are included in the Company's consolidated condensed statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following (in millions):

 Six Months Ended
June 30,
 20252024
Depreciation and amortization— 11.9 
Stock-based compensation0.1 12.2 
Inventory reserves and write offs— 6.7 
Capital expenditures(1.7)13.0 
v3.25.2
INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
5. INVESTMENTS

Debt Securities

Investments in debt securities at the end of each period were as follows (in millions):
 June 30, 2025December 31, 2024
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Bank time deposits$44.7 $— $— $44.7 $57.9 $— $— $57.9 
Available-for-sale
Bank time deposits$— $— $— $— $13.9 $— $— $13.9 
Commercial paper416.4 — — 416.4 236.5 — — 236.5 
U.S. government and agency securities249.3 — (0.7)248.6 238.1 0.1 (1.1)237.1 
Asset-backed securities52.0 — (0.9)51.1 70.2 — (1.4)68.8 
Corporate debt securities121.7 0.1 (1.2)120.6 465.0 0.1 (2.8)462.3 
Municipal securities— — — — 2.7 — — 2.7 
Total$839.4 $0.1 $(2.8)$836.7 $1,026.4 $0.2 $(5.3)$1,021.3 
The cost and fair value of investments in debt securities, by contractual maturity, as of June 30, 2025, were as follows (in millions):
Held-to-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
Due in 1 year or less$44.7 $44.7 $745.4 $744.7 
Due after 1 year through 5 years— — 28.5 28.0 
Instruments not due at a single maturity date (a)
— — 65.5 64.0 
$44.7 $44.7 $839.4 $836.7 
_______________________________________
(a)     Consists of mortgage-backed 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 June 30, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):

June 30, 2025
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $15.6 $(0.7)$15.6 $(0.7)
Asset-backed securities8.7 (0.1)36.3 (0.8)45.0 (0.9)
Corporate debt securities— — 65.0 (1.2)65.0 (1.2)
$8.7 $(0.1)$116.9 $(2.7)$125.6 $(2.8)
December 31, 2024
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $19.9 $(1.1)$19.9 $(1.1)
Asset-backed securities8.4 (0.1)53.3 (1.3)61.7 (1.4)
Corporate debt securities— — 141.0 (2.8)141.0 (2.8)
$8.4 $(0.1)$214.2 $(5.2)$222.6 $(5.3)

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 unrealized losses on the debt securities were largely due to changes in interest rates, not credit quality, and as of June 30, 2025, the Company did not intend to sell the securities, and it was not more likely than not that it would 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 condensed balance sheets, and are as follows (in millions):
 June 30,
2025		December 31,
2024
Equity method investments  
Carrying value of equity method investments$34.6 $34.8 
Equity securities  
Carrying value of marketable equity securities5.1 5.5 
Carrying value of non-marketable equity securities166.8 119.1 
Total investments in unconsolidated entities$206.5 $159.4 

The Company makes equity investments in limited liability companies that invest in qualified community development entities 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. The NMTC is equal to 39% of the qualified investment and is taken over seven years. These limited liability companies are 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.

Marketable equity securities consist of investments with readily determinable fair values over which the Company does not own a controlling interest or exercise significant influence. 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. As of June 30, 2025, the Company had recorded cumulative upward adjustments of $9.3 million based on observable price changes and cumulative downward adjustments of $6.2 million due to impairments and observable price changes.
During the three and six months ended June 30, 2025, the gross realized gains or losses from sales of available-for-sale investments were not material.
v3.25.2
INVESTMENTS IN VARIABLE INTEREST ENTITIES
 6 Months Ended
Jun. 30, 2025
Variable Interest Entities [Abstract]  
INVESTMENTS IN VARIABLE INTEREST ENTITIES
6. INVESTMENTS IN VARIABLE INTEREST ENTITIES

The Company reviews its investments in other entities to determine whether the Company is the primary beneficiary of a 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 VIEs, prior to the exercise of options to acquire the entities, is limited to its investment in the VIEs, 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. The total assets and liabilities of the Company's consolidated VIE were $242.8 million and $23.3 million, respectively, as of June 30, 2025, and were $252.3 million and $24.3 million, respectively, as of December 31, 2024. The assets of the VIE can only be used to settle obligations of the VIE and general creditors have no recourse to the Company.

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 July 2024, the Company entered into an Agreement and Plan of Merger (“the Agreement”) to acquire JenaValve Technology, Inc. (“JenaValve”). Concurrently, the Company entered into a Promissory Note agreement (the “Promissory Note”) to loan JenaValve up to $75.0 million. The Promissory Note includes an automatic funding extension clause whereby the Company will continue to fund up to an additional $30.0 million through January 23, 2026, provided that the Agreement remains in effect and has not been terminated or expired. As of June 30, 2025 and December 31, 2024, the Company had advanced $52.5 million and $15.0 million, respectively, under the Promissory Note (included in Other Assets on the consolidated condensed balance sheets). In July 2025, the Company advanced an additional $7.5 million under the Promissory Note. The Agreement includes certain termination clauses under which, if the Agreement is terminated under specified circumstances, the Company will be required to forgive the outstanding Promissory Note as of the termination date and invest in a $45.0 million convertible promissory note as a termination loan.

In August 2022, the Company entered into an option agreement with a medical device company. Under the option agreement, the Company paid $47.1 million for an option to acquire the medical device company, which was included in Other Assets on the consolidated balance sheets as of December 31, 2024. In June 2025, the Company decided not to exercise its option to acquire the medical device company due to slower than anticipated progress by the medical device company toward achieving commercialization of the product. As a result, the Company recognized a $47.1 million loss on impairment, included in Loss on impairment on the consolidated condensed statement of operations. In July 2025, the Company entered into a simple agreement for future equity where it is required to invest $10.0 million in the medical device company’s stock.

In April 2021, the Company entered into a promissory note agreement, a preferred stock purchase agreement, and an option agreement with a privately-held medical device company (the “Investee”). The secured promissory note provides for borrowings up to $45.0 million. In April 2025, the Company invested an additional $1.8 million in the Investee's preferred equity securities and $4.0 million for the option to acquire the Investee. At both June 30, 2025 and December 31, 2024, the Company had advanced a total of $45.0 million under the promissory note (included in Other Assets). As of June 30, 2025 and December 31, 2024, the Company had invested $44.6 million and $42.8 million, respectively, in the Investee's preferred equity securities (included in Long-term Investments) and had paid $24.9 million and $20.9 million, respectively, for an option to acquire the Investee (included in Other Assets). Pursuant to the agreements, the Company may be required to invest up to an additional $1.2 million in the Investee's preferred equity securities and up to an additional $2.6 million for the option to acquire the Investee.

In December 2024, the Company entered into an option agreement and an amended preferred stock purchase agreement with a medical technology company. The Company had previously made an investment in preferred equity securities of the medical technology company under a prior preferred stock purchase agreement in 2021. Under the agreements, the Company paid $30.0 million in December 2024 for an option to acquire the medical technology company. The Company had invested $20.0 million in the preferred equity securities as of December 31, 2024. In addition, in May 2025, under the terms of the agreements, the Company paid an additional $10.0 million for the option and invested $15.0 million in the medical technology company’s preferred equity securities upon the medical technology company’s achievement of a pre-defined milestone. The Company also agreed to loan the
medical technology company up to $40.0 million upon the medical technology company's achievement of certain milestones. As of June 30, 2025 and December 31, 2024, the Company had invested $35.0 million and $20.0 million, respectively, in the medical technology company's preferred equity securities (included in Long-term Investments), and $40.0 million and $30.0 million, respectively, in the option to acquire the medical technology company (included in Other Assets).

In February 2019, the Company entered into a warrant agreement with a medical device company and paid $35.0 million for an option to acquire the medical device company. In June 2022, the Company entered into a convertible promissory note with the medical device company. Under the convertible promissory note agreement, the Company agreed to loan the medical device company up to $47.5 million. During the three months ended June 30, 2025, the Company entered into a new convertible promissory note agreement to loan the medical device company up to $30.0 million and amended its warrant agreement to provide the Company with the option to extend the warrant right period for consideration of $16.5 million. As of June 30, 2025 and December 31, 2024, the Company had advanced $77.5 million and $47.5 million, respectively, under the promissory notes (included in Other Assets). The $35.0 million for the option was included in Other Assets as of both June 30, 2025 and December 31, 2024.

In June 2025, the Company entered into a preferred share purchase agreement with a medical solutions company, under which the Company invested $30.0 million in the medical solutions company's preferred equity securities (included in Long-term Investments).

In addition, Edwards has made equity investments through the NMTC program in limited liability companies that are considered VIEs. For more information, see Note 5.
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
7. 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 condensed 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. As of June 30, 2025, the fair value of the notes payable, based on Level 2 inputs, was $599.7 million.
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 (in millions):
June 30, 2025Level 1Level 2Level 3Total
Assets    
Cash equivalents$1,613.1 $1,197.1 $— $2,810.2 
Available-for-sale investments:
Corporate debt securities— 120.6 — 120.6 
Asset-backed securities— 51.1 — 51.1 
U.S. government and agency securities
— 248.6 — 248.6 
Commercial paper— 416.4 — 416.4 
Equity investments in unconsolidated entities5.1 — — 5.1 
Investments held for deferred compensation plans154.5 — — 154.5 
Derivatives— 11.3 — 11.3 
$1,772.7 $2,045.1 $— $3,817.8 
Liabilities    
Derivatives$— $59.6 $— $59.6 
Contingent consideration liabilities— — 16.5 16.5 
Other— — 6.1 6.1 
$— $59.6 $22.6 $82.2 
December 31, 2024    
Assets    
Cash equivalents$1,394.4 $985.5 $— $2,379.9 
Available-for-sale investments:
Bank time deposits— 13.9 — 13.9 
Corporate debt securities— 462.3 — 462.3 
Asset-backed securities— 68.8 — 68.8 
U.S. government and agency securities
— 237.1 — 237.1 
Commercial paper— 236.5 — 236.5 
Municipal securities— 2.7 — 2.7 
Equity investments in unconsolidated entities5.5 — — 5.5 
Investments held for deferred compensation plans146.6 — — 146.6 
Derivatives— 82.1 — 82.1 
$1,546.5 $2,088.9 $— $3,635.4 
Liabilities    
Derivatives$— $8.2 $— $8.2 
Contingent consideration liabilities— — 16.5 16.5 
Other— — 5.0 5.0 
$— $8.2 $21.5 $29.7 
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, commercial paper, 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 related to its deferred compensation plans. The investments are in a variety of stock, bond, and money market mutual funds. 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 derivative instruments are recognized on the balance sheet at their fair value. Fair value was measured using quoted foreign exchange rates, interest rates, yield curves, and cross-currency swap basis rates. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

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. These inputs include (1) the discount rate used to calculate the present value of the projected cash flows (ranging from 0.0% to 10.6%; with a weighted average of 4.7%), (2) the probability of milestone achievement (ranging from 60% to 100%; with a weighted average of 64.7%), (3) the projected payment dates (ranging from 2025 to 2032; with a weighted average of 2028), and (4) the volatility of future revenue (21%). The weighted average of each of the above inputs was determined based on the relative fair value of each obligation. The use of different assumptions could have a material effect on the estimated fair value amounts.

The following tables summarize the changes in fair value of Level 3 financial instruments measured at fair value on a recurring basis (in millions):
 Contingent ConsiderationOtherTotal
Balance at December 31, 2024
$16.5 $5.0 $21.5 
Changes in fair value— 1.1 1.1 
Balance at June 30, 2025$16.5 $6.1 $22.6 
Contingent ConsiderationOtherTotal
Balance at December 31, 2023
$— $10.3 $10.3 
Changes in fair value— (5.3)(5.3)
Balance at June 30, 2024$— $5.0 $5.0 
v3.25.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
8. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company uses derivative financial instruments to manage its currency exchange rate risk and 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
 June 30,
2025		December 31, 2024
 (in millions)
Foreign currency forward exchange contracts$2,076.9 $1,926.9 
Cross-currency swap contracts300.0 300.0 

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 (a) future cash flows associated with intercompany transactions and certain local currency expenses expected to occur within approximately 1 to 1.5 years (designated as cash flow hedges), (b) its net investment in certain foreign subsidiaries (designated as net investment hedges) and (c) 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 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 condensed 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. 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.
The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions):
  Fair Value
Derivatives designated as hedging instrumentsBalance Sheet
Location		June 30,
2025		December 31, 2024
Assets   
Foreign currency contractsOther current assets$8.2 $47.4 
Foreign currency contractsOther assets$1.0 $— 
Cross-currency swap contractsOther assets$2.1 $34.7 
Liabilities   
Foreign currency contractsAccrued and other liabilities$54.2 $6.4 
Foreign currency contractsOther liabilities$5.4 $— 
Derivatives not designated as hedging instruments    
Liabilities
Foreign currency contractsAccrued and other liabilities$— $1.8 

The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed 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
June 30, 2025Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative assets      
Foreign currency contracts$9.2 $— $9.2 $(8.2)$— $1.0 
Cross-currency swap contracts$2.1 $— $2.1 $— $— $2.1 
Derivative liabilities      
Foreign currency contracts$59.6 $— $59.6 $(8.2)$— $51.4 
December 31, 2024      
Derivative assets      
Foreign currency contracts$47.4 $— $47.4 $(5.4)$— $42.0 
Cross-currency swap contracts$34.7 $— $34.7 $— $— $34.7 
Derivative liabilities   
Foreign currency contracts$8.2 $— $8.2 $(5.4)$— $2.8 
The following table presents the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions):
 Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative
(Effective Portion)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 
2025202420252024
Cash flow hedges
Foreign currency contracts$(61.8)$21.7 $(89.4)$57.9 
Net investment hedges
Cross-currency swap contracts$(24.5)$2.7 $(32.6)$7.1 

The cross-currency swap contracts have an expiration date of June 15, 2028. At the 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.

The following tables present the effect of derivative instruments on the consolidated condensed statements of operations (in millions):
 Location and Amount of Gain or (Loss) Recognized in Income
 Three Months Ended
June 30, 2025		Six Months Ended
June 30, 2025
 Cost of salesInterest income, netOther non-operating expense (income), netCost of salesInterest income, netOther non-operating expense (income), net
Total amounts presented in the consolidated condensed statements of operations$(344.4)$37.4 $(1.3)$(646.0)$73.9 $1.3 
The effects of cash flow hedges:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income$10.9 $— $— $21.1 $— $— 
The effects of net investment hedges:
Cross currency swap contracts:
Amount excluded from effectiveness testing$— $1.5 $— $— $3.2 $— 
The effects of non-designated hedges:
Foreign currency contracts$— $— $6.8 $— $— $(4.5)
 Location and Amount of Gain or (Loss) Recognized in Income
 Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2024
 Cost of salesInterest income, netOther non-operating expense (income), netCost of salesInterest income, netOther non-operating expense (income), net
Total amounts presented in the consolidated condensed statements of operations$(275.5)$15.5 $2.0 $(562.4)$32.0 $7.7 
The effects of fair value hedges:
Foreign currency contracts:
Hedged items$— $— $— $— $— $(4.0)
Derivatives designated as hedging instruments$— $— $— $— $— $4.0 
Amount excluded from effectiveness testing (amortized)$— $— $— $— $— $0.8 
The effects of cash flow hedges:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income$12.5 $— $— $14.9 $— $— 
The effects of net investment hedges:
Cross currency swap contracts:
Amount excluded from effectiveness testing$— $1.8 $— $— $3.5 $— 
The effects of non-designated hedges:
Foreign currency contracts$— $— $20.9 $— $— $33.3 

The Company expects that during the next twelve months it will reclassify to earnings a $8.5 million loss currently recorded in Accumulated Other Comprehensive Loss.
v3.25.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
9. STOCK-BASED COMPENSATION

Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and six months ended June 30, 2025 and 2024 was as follows (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Cost of sales$7.5 $7.5 $14.8 $14.7 
Selling, general, and administrative expenses19.6 20.2 42.4 42.0 
Research and development expenses10.4 9.6 20.4 19.6 
Total stock-based compensation expense37.5 37.3 77.6 76.3 
Income tax benefit(6.1)(6.0)(12.6)(11.5)
Total stock-based compensation expense, net of tax$31.4 $31.3 $65.0 $64.8 

At June 30, 2025, the total remaining compensation cost related to nonvested stock options, restricted stock units, market-based restricted stock units, and employee stock purchase plan (“ESPP”) subscription awards amounted to $346.1 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 33 months.

During the six months ended June 30, 2025, the Company granted 1.7 million stock options at a weighted-average exercise price per share of $74.64 and 1.4 million restricted stock units at a weighted-average grant-date fair value per share of $74.67. During the six months ended June 30, 2025, the Company also granted 0.1 million market-based restricted stock units at a weighted-average grant-date fair value per share of $89.94. The market-based restricted stock units granted during the six months ended June 30, 2025 vest 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 shareholder return relative to a selected industry peer group over a three-year performance period and may range from 0% to 175% of the target number of shares granted.

Fair Value Disclosures

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 six months ended June 30, 2025 and 2024 included a risk-free interest rate of 3.8% and 4.5%, respectively, and an expected volatility rate of 37.9% and 32.4%, respectively.

The following table includes the weighted-average grant-date fair values of stock options granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model:
 Option Awards
Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Risk-free interest rate4.0%4.5%4.0%4.5%
Expected dividend yieldNoneNoneNoneNone
Expected volatility34.1%30.9%34.1%30.9%
Expected term (years)5.25.25.25.2
Fair value, per option$28.17$31.24$28.17$31.26
The following table includes the weighted-average grant-date fair values for ESPP subscriptions granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model:
 ESPP
Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Risk-free interest rate4.2%5.2%4.3%5.2%
Expected dividend yieldNoneNoneNoneNone
Expected volatility34.3%29.3%30.8%33.5%
Expected term (years)0.70.70.60.6
Fair value, per share$21.05 $23.37 $18.81$25.01 
v3.25.2
ACCELERATED SHARE REPURCHASE
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
ACCELERATED SHARE REPURCHASE
10. ACCELERATED SHARE REPURCHASE

During 2025 and 2024, the Company entered into accelerated share repurchase (“ASR”) agreements providing for the repurchase of the Company's common stock based on the volume-weighted average price 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
April 2024$150.0 1.4 $85.95 80 %May 20241.7 $86.72 
August 2024$500.0 5.8 $68.93 80 %December 20247.5 $66.60 
February 2025$250.0 2.6 $76.00 80 %
July 2025
3.5 $71.06 

The ASR agreements were 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, will be transferred to Treasury Stock on the consolidated condensed 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.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
11. COMMITMENTS AND CONTINGENCIES

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 is vigorously defending 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 cooperating with the Commission and believes its business practices support healthy competition. The Company cannot predict the outcome of the investigation or the potential impact on its financial statements.

On March 22, 2024, Fortis Advisors, LLC, in its capacity as the designated representative of the former stockholders of Harpoon Medical, Inc. filed suit against the Company in the Court of Chancery of the State of Delaware, alleging breach of the Agreement and Plan of Merger, dated December 8, 2015, by and between Harpoon Medical, Inc. and Edwards (the “Agreement”). Fortis seeks acceleration and payment of all contingent milestone payments in the Agreement. The trial is scheduled for December 2025. 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 is vigorously defending itself in this litigation.
On October 14, 2024, a purported stockholder of Edwards filed a putative securities class action (the “Securities Class Action”) complaint against the Company and certain of its executive officers in the United States District Court for the Central District of California, captioned Patel v. Edwards Lifesciences Corporation, et al., No. 24-cv-02221. The complaint alleges violations of various securities laws based on alleged false or misleading statements regarding our business prospects. The complaint seeks damages, interest, costs and other fees.

On December 31, 2024, Plaintiff Manh Ho filed a shareholder derivative action in the United States District Court for the Central District of California, captioned Ho v. Zovighian, et al., Case No. 8:24-cv-02822, purportedly on behalf of Edwards against certain of our officers and directors for alleged violations of federal securities laws, breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets (the “Ho Action”). On January 17, 2025, Plaintiff Barbara Sheridan filed a different shareholder derivative action in the United States District Court for the Central District of California, Sheridan v. Zovighian, et al., Case No. 8:25-cv-00097, purportedly on behalf of Edwards against certain of our officers and directors for similar alleged violations (the “Sheridan Action”). Both the Ho Action and the Sheridan Action are based on the same facts as the Securities Class Action. On April 10, 2025, the Court consolidated the Ho Action and the Sheridan Action (now referred to as the “Consolidated Derivative Action”). The Company is unable to predict the ultimate outcome of the Securities Class Action and the Consolidated Derivative Action or estimate a range of possible exposure; therefore, no amounts have been accrued. The Company intends to defend itself against the lawsuits vigorously.

The Company is or may be a party to, or may otherwise be responsible for, other 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, the Company's operations or health care regulations, contingent consideration, commercial matters, 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 for disclosing material environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE LOSS
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS
12. ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables summarize the activity for each component of Accumulated Other Comprehensive Loss (in millions):
 Foreign
Currency
Translation
Adjustments
Unrealized Gain (Loss) on Hedges

Unrealized Loss on Available-for-sale Investments
Unrealized
Pension
Costs
Total
Accumulated
Other
Comprehensive
Loss
December 31, 2024$(274.1)$37.7 $(4.0)$(4.1)$(244.5)
Other comprehensive income (loss) before reclassifications
16.1 (27.6)18.3 0.1 6.9 
Amounts reclassified from accumulated other comprehensive loss(1.7)(10.2)(17.0)— (28.9)
Deferred income tax benefit (expense)
2.0 10.2 (0.2)— 12.0 
March 31, 2025$(257.7)$10.1 $(2.9)$(4.0)$(254.5)
Other comprehensive income (loss) before reclassifications
39.1 (61.8)20.1 (0.1)(2.7)
Amounts reclassified from accumulated other comprehensive loss(1.5)(10.9)(19.0)— (31.4)
Deferred income tax benefit (expense)
6.0 18.8 (0.3)— 24.5 
June 30, 2025$(214.1)$(43.8)$(2.1)$(4.1)$(264.1)

 Foreign
Currency
Translation
Adjustments		Unrealized Gain on Hedges
Unrealized Loss on Available-for-sale Investments		Unrealized
Pension
Credits		Total
Accumulated
Other
Comprehensive
Loss
December 31, 2023$(214.5)$0.7 $(24.8)$(4.2)$(242.8)
Other comprehensive (loss) income before reclassifications
(23.3)43.4 7.0 0.4 27.5 
Amounts reclassified from accumulated other comprehensive loss(1.7)(7.2)2.5 — (6.4)
Deferred income tax expense
(1.1)(9.3)(1.1)(0.1)(11.6)
March 31, 2024$(240.6)$27.6 $(16.4)$(3.9)$(233.3)
Other comprehensive income (loss) before reclassifications
3.4 21.8 4.2 (0.1)29.3 
Amounts reclassified from accumulated other comprehensive loss(1.8)(12.5)1.0 — (13.3)
Deferred income tax (expense) benefit
(0.6)(2.4)0.1 — (2.9)
June 30, 2024$(239.6)$34.5 $(11.1)$(4.0)$(220.2)
The following table provides information about amounts reclassified from Accumulated Other Comprehensive Loss (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,		 
 Affected Line on Consolidated Condensed
Statements of Operations
Details about Accumulated Other
Comprehensive Loss Components
2025202420252024
Foreign currency translation adjustments$1.5 $1.8 $3.2 $3.5 Other non-operating expense (income), net
(0.4)(0.4)(0.8)(0.8)Provision for income taxes
$1.1 $1.4 $2.4 $2.7 Net of tax
Gain on hedges
$10.9 $12.5 $21.1 $14.9 Cost of sales
— — — 4.8 Other non-operating expense (income), net
10.9 12.5 21.1 19.7 Total before tax
(2.8)(3.2)(5.5)(4.7)Provision for income taxes
$8.1 $9.3 $15.6 $15.0 Net of tax
Gain (loss) on available-for-sale investments
$19.0 $(1.0)$36.0 $(3.5)Interest income, net
(4.6)0.3 (8.8)0.9 Provision for income taxes
$14.4 $(0.7)$27.2 $(2.6)Net of tax
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
13. 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):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Net Income for Earnings Per Share Calculations:
Income from continuing operations, net of tax$335.9 $364.0 $699.5 $688.9 
Net loss attributable to noncontrolling interests(1.7)(1.3)(3.3)(2.2)
Income from continuing operations attributable to Edwards Lifesciences Corporation337.6 365.3 702.8 691.1 
(Loss) income from discontinued operations(4.4)1.0 (11.6)27.1 
Net income attributable to Edwards Lifesciences Corporation$333.2 $366.3 $691.2 $718.2 
Weighted Average Shares:
Basic weighted-average shares outstanding587.0 602.1 586.9 601.8 
Dilutive effect of stock plans0.9 2.2 1.0 2.4 
Dilutive weighted-average shares outstanding587.9 604.3 587.9 604.2 
Earnings per Share:
Basic:
Continuing operations$0.58 $0.61 $1.20 $1.15 
Discontinued operations(0.01)— (0.02)0.04 
Basic earnings per share$0.57 $0.61 $1.18 $1.19 
Diluted:
Continuing operations$0.57 $0.61 $1.20 $1.15 
Discontinued operations(0.01)— (0.02)0.04 
Diluted earnings per share$0.56 $0.61 $1.18 $1.19 

Stock options, restricted stock units, and market-based restricted stock units to purchase an aggregate of 9.6 million and 7.7 million common shares for the three months ended June 30, 2025 and 2024, respectively, and 8.8 million and 6.5 million shares for the six months ended June 30, 2025 and 2024, respectively, were outstanding but were not included in the computation of diluted earnings per share for such periods because the effect would have been anti-dilutive. Additionally, 0.9 million shares that would have been received if the ASR agreement discussed in Note 10 was settled as of June 30, 2025, were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
14. INCOME TAXES

The Company's effective income tax rate attributable to continuing operations was 16.1% and 5.2% for the three months ended June 30, 2025 and 2024, respectively, and 16.1% and 8.8% for the six months ended June 30, 2025 and 2024, respectively. The increase in the effective rate between the six months ended June 30, 2025 and 2024 was primarily due to an increase in global minimum tax (“Pillar Two,” as noted below), a decrease in the tax benefit from employee share-based compensation, and a decrease in the benefit from favorable global income tax audit settlements. In addition, the effective rates for the six months ended June 30, 2025 and 2024 were lower than the federal statutory rate of 21% primarily due to (1) foreign earnings taxed at lower rates, (2) United States federal and California research and development credits, and (3) the tax benefit from employee share-based compensation. The effective rates include a tax benefit (shortfall) from employee share-based compensation attributable to continuing operations of $(0.3) million and $3.8 million for the three months ended June 30, 2025 and 2024, respectively, and $1.0 million and $9.5 million for the six months ended June 30, 2025 and 2024, respectively.

Many countries are implementing some or all of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting Pillar Two (“Pillar Two”) rules that impose a global minimum tax of 15% on reported profits. Although Pillar Two provides a framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar Two. In addition, in January 2025, the United States issued an executive order announcing opposition to aspects of these rules. As countries continue to enact and refine the Pillar Two rules, the
Company will evaluate the potential effects of Pillar Two on its effective tax rate. In 2025, the Company expects the Pillar Two provisions to result in additional tax expense of approximately $50 million.

In the normal course of business, the Internal Revenue Service (“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 financial condition and results of operations. The Company strives to resolve open matters with each tax authority at the examination level and could reach an 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. 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.

As of June 30, 2025 and December 31, 2024, the gross liability recorded for income taxes associated with uncertain tax positions was $722.1 million and $678.8 million, respectively. The Company estimates that these liabilities would be reduced by $346.6 million and $319.9 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 $375.5 million and $358.9 million, respectively, if not required, would favorably affect the Company's effective tax rate. 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.

In the first quarter of 2022, the Company executed an Advance Pricing Agreement (“APA”) between Japan and Switzerland covering distribution transactions for tax years 2020 through 2024, and in 2023, the Company executed an APA between Japan and the United States covering tax years 2020 through 2024. The Company also executed an APA in the fourth quarter of 2024 between Japan and Singapore covering tax years 2022 through 2026 with roll-back terms to cover the distribution of transcatheter aortic valve replacement (“TAVR”) products beginning in 2020 and the distribution of Surgical Structural Heart (“Surgical”) products beginning in 2018. Also in the fourth quarter of 2024, the Company filed with the Japanese tax authorities an APA renewal application between Japan and the United States covering tax years 2025 through 2029. The Company filed the APA renewal application with the United States tax authorities in the first quarter of 2025.

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 June 30, 2025, all material state, local, and foreign income tax matters have been concluded for years through 2015.

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 the 2015 through 2017 period of approximately $250 million and reflects 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 laws 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 2024 tax years. The Company made deposits with the IRS of $75 million in November 2022, and $305.1 million in March 2024, to prevent the further accrual of interest on that portion of any additional tax and interest the Company may ultimately be found to owe while the Company prepares to contest through the judicial process the IRS's entitlement to any of the additional tax claimed by the IRS. The IRS converted those deposits to advance payments and, on December 20, 2024, the Company filed administrative claims for refunds of those payments with the IRS for the 2015 through 2017 tax years. The Company expects that the IRS will either deny or fail to act on those refund claims, thereby enabling the Company to sue for refunds in the appropriate judicial forum.

Surgical/TAVR intercompany royalty transactions covering tax years 2018 through 2024 remain subject to IRS examination, and those transactions and related tax positions remain uncertain as of June 30, 2025. 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.

During the first quarter of 2024, the Company received a notice of assessment from the Israel Tax Authority (the “ITA”) wherein the ITA claimed that the Company owes approximately $110 million of tax excluding interest and penalties in connection with a claimed 2017 transfer of intellectual property. On July 31, 2025, the ITA formally informed the Company that it was withdrawing its 2017 assessment but reserves the right to evaluate whether intellectual property was transferred in later years. The Company maintains that it did not transfer intellectual property outside of Israel and would vigorously defend that position through administrative proceedings including with appeals if the issue is raised in later years. If necessary, the Company expects to defend that position through judicial proceedings. During the fourth quarter of 2024, the Company received a notice of assessment from the ITA claiming that the Company owes additional tax of approximately $16 million excluding interest and penalties for the 2018 through 2022 tax years based entirely on the collateral impacts of the 2017 assessment. The Company filed a formal appeal in the first quarter of 2025 and, if necessary, expects to defend its position through judicial proceedings. While the appeals process for the 2018 through 2022 years runs through March 2026, the Company expects the 2018 through 2022 assessment to also be withdrawn prior to expiration of the appeals process based on the ITA’s conclusion that IP was not transferred in 2017.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing its impact on its consolidated financial statements.
v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
15. SEGMENT INFORMATION

Edwards Lifesciences conducts operations worldwide and is managed in the following four reportable segments: United States, Europe, Japan, and Rest of World. All regions sell products that are used to treat advanced cardiovascular disease. The Company's operating segments are organized primarily based on economic characteristics as well as other characteristics, including types of customers, nature of the regulatory environment, and product offerings.

The Company's geographic segments are reported based on the financial information provided to the Chief Operating Decision Maker (“CODM”), which is the Company's Chief Executive Officer. The CODM evaluates the performance of the Company's reportable segments based on segment net sales and segment operating income. The CODM considers budget or forecast-to-actual results variances for segment operating income on a periodic basis for evaluating the performance of each segment and making decisions about allocating capital and other resources to each segment.
Segment net sales are based on actual foreign exchange rates. Segment expenses 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, most of the Company's amortization, and a portion of the Company's depreciation expense. The CODM does not receive information on total assets by reportable segment.

The table below presents information about Edwards Lifesciences' reportable segments (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Segment Net Sales    
United States$889.7 $806.4 $1,728.6 $1,588.5 
Europe378.2 332.2 720.0 658.2 
Japan95.3 86.5 177.1 172.5 
Rest of World169.0 144.3 319.2 280.1 
Total segment net sales$1,532.2 $1,369.4 $2,944.9 $2,699.3 
Cost of Sales
United States$167.5 $146.4 $313.5 $286.1 
Europe84.8 74.4 167.0 148.0 
Japan13.6 12.6 25.9 24.4 
Rest of World43.9 40.3 83.7 78.7 
Total segment cost of sales$309.8 $273.7 $590.1 $537.2 
Selling, general, and administrative expenses
United States$135.7 $117.8 $268.9 $233.0 
Europe74.2 70.9 147.6 142.3 
Japan18.5 19.6 34.9 45.6 
Rest of World48.3 46.6 90.4 88.0 
Total segment selling, general, and administrative expenses$276.7 $254.9 $541.8 $508.9 
Other Segment Items
United States$0.6 $0.7 $1.2 $1.4 
Europe15.2 0.8 6.9 4.9 
Japan(0.2)(3.6)(4.8)(2.9)
Rest of World(7.9)(3.0)(17.1)(4.1)
Total other segment items (a)
$7.7 $(5.1)$(13.8)$(0.7)
Segment Operating Income    
United States$585.9 $541.5 $1,145.0 $1,068.0 
Europe204.0 186.1 398.5 363.0 
Japan63.4 57.9 121.1 105.4 
Rest of World84.7 60.4 162.2 117.5 
Total segment operating income$938.0 $845.9 $1,826.8 $1,653.9 
_______________________________________________________________________________
(a)    Other segment items include research and development expenses and foreign currency.
The table below presents a reconciliation of segment operating income to consolidated pre-tax income (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Pre-tax Income Reconciliation    
Segment operating income$938.0 $845.9 $1,826.8 $1,653.9 
Unallocated amounts:    
Corporate items(505.2)(480.8)(991.4)(927.8)
Separation costs (Note 3)
(4.2)— (8.4)— 
Certain litigation expenses(15.5)(8.1)(26.4)(17.0)
Foreign currency(1.9)9.5 5.4 6.4 
Consolidated operating income411.2 366.5 806.0 715.5 
Non-operating income(11.0)17.5 28.1 39.7 
Consolidated pre-tax income$400.2 $384.0 $834.1 $755.2 

Enterprise-wide Information
(in millions)

Enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated financial statements. Refer to the segment information above for United States net sales. Sales within any other individual country were less than 10 percent of the Company's consolidated net sales for all periods presented.

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Net Sales by Major Product Group    
Transcatheter Aortic Valve Replacement$1,130.9 $1,038.6 $2,177.5 $2,046.5 
Transcatheter Mitral and Tricuspid Therapies134.5 83.0 249.7 155.9 
Surgical Structural Heart266.8 247.8 517.7 496.9 
$1,532.2 $1,369.4 $2,944.9 $2,699.3 
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
16. SUBSEQUENT EVENT

On August 6, 2025, the United States Federal Trade Commission moved to block the proposed acquisition of JenaValve alleging anticompetitive concerns. The Company intends to continue to pursue the ability to close the acquisition and estimates final determination by the end of the first quarter of 2026. For more information, see Note 6.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
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
Scott B. Ullem [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On July 29, 2025, Scott B. Ullem, Corporate Vice President, Chief Financial Officer, entered into a Plan providing for the potential sale of 59,700 shares of the Company’s stock commencing November 6, 2025. Mr. Ullem's Plan terminates on the earlier of April 9, 2026, or the date all shares are sold.
Name Scott B. Ullem
Title Corporate Vice President, Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date July 29, 2025
Expiration Date April 9, 2026
Arrangement Duration 154 days
Aggregate Available 59,700
Daniel J. Lippis [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On July 30, 2025, Daniel J. Lippis, Corporate Vice President, Japan, Greater China and Asia Pacific, entered into a Plan providing for the potential sale of 7,134 shares of the Company’s stock commencing November 3, 2025. Mr. Lippis's Plan terminates on the earlier of May 1, 2026, or the date all shares are sold.
Name Daniel J. Lippis
Title Corporate Vice President
Rule 10b5-1 Arrangement Adopted true
Adoption Date July 30, 2025
Expiration Date May 1, 2026
Arrangement Duration 179 days
Aggregate Available 7,134
Bernard J. Zovighian [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
v3.25.2
BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying interim consolidated condensed financial statements and related disclosures have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes included in Edwards Lifesciences' Annual Report on Form 10-K for the year ended December 31, 2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted.
Consolidation
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. The Company attributes the net income or losses of its consolidated VIE to controlling and noncontrolling interests using the hypothetical liquidation at book value method. All intercompany accounts and transactions have been eliminated in consolidation.

On September 3, 2024, the Company sold its Critical Care product group (“Critical Care”). The historical results of Critical Care are reflected as discontinued operations in the Company's consolidated condensed financial statements through the date of disposition. In addition, as a next step in the Company's disposal plan to exit businesses that are not focused on implantable medical innovations for structural heart disease, the historical results of a small non-core product group that the Company plans to sell are also included in discontinued operations for all periods presented. Unless otherwise indicated, the information in the notes to the consolidated condensed financial statements refer only to Edwards Lifesciences' continuing operations. For more information, see Note 4.
Use of Estimates
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.
New Accounting Standards Not Yet Adopted
New Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting guidance on income statement presentation to require disclosure, in the notes to the financial statements, of disaggregated information about certain costs and expenses, including purchases of inventory, employee compensation, and depreciation and amortization included in each relevant expense caption within continuing operations. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements.

In December 2023, the 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 expects that the guidance will impact its income tax disclosures.
v3.25.2
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)
 6 Months Ended
Jun. 30, 2025
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 condensed balance sheets consisted of the following:
June 30,
2025		December 31, 2024
Inventories
Raw materials$249.8 $241.1 
Work in process261.4 236.2 
Finished products630.5 609.4 
$1,141.7 $1,086.7 
Schedule of Accrued and Other Liabilities
June 30,
2025		December 31, 2024
Other assets
Tax receivable (Note 14)
$297.8 $293.9 
Notes and other receivables205.6 129.3 
Acquisition options111.5 147.1 
Long-term prepaid royalties97.7 101.6 
Fair value of derivatives3.1 34.7 
Other long-term assets27.3 15.0 
$743.0 $721.6 
Accrued and other liabilities 
Employee compensation and withholdings$352.7 $358.6 
Taxes payable146.3 286.6 
Accrued rebates143.2 139.3 
Property, payroll, and other taxes78.5 88.1 
Litigation settlement77.3 73.8 
Research and development accruals74.4 74.1 
Liability under transition services agreement60.3 — 
Fair value of derivatives54.2 8.3 
Unfavorable contract liability36.8 53.7 
Accrued professional services28.3 20.1 
Legal and insurance26.4 26.8 
Accrued realignment reserves19.9 27.4 
Accrued marketing expenses16.4 13.8 
Accrued relocation costs14.4 15.4 
Other accrued liabilities85.3 96.4 
$1,214.4 $1,282.4 
Schedule of Supplemental Cash Flow Information
Supplemental Cash Flow Information
(in millions)
Six Months Ended
June 30,
20252024
Cash paid during the year for:
Income taxes (a) (Note 14)
$375.7 $528.9 
Amounts included in the measurement of operating lease liabilities$14.5 $14.5 
Non-cash investing and financing transactions:  
Right-of-use assets obtained in exchange for new lease liabilities$8.7 $24.6 
Capital expenditures accruals$31.9 $24.1 
______________________________________
(a)     Includes cash paid for income taxes from discontinued operations of $7.1 million for the six months ended June 30, 2024. No cash was paid for income taxes from discontinued operations for the six months ended June 30, 2025.
Schedule of Cash and Cash Equivalents
Cash, Cash Equivalents, and Restricted Cash
(in millions)
June 30,
2025		December 31, 2024
Continuing operations
Cash and cash equivalents$3,272.8 $3,045.2 
Restricted cash included in other current assets1.2 3.2 
Restricted cash included in other assets1.0 0.8 
Total$3,275.0 $3,049.2 
Discontinued operations
Cash and cash equivalents$15.0 $9.6 
Total$15.0 $9.6 
Total cash, cash equivalents, and restricted cash$3,290.0 $3,058.8 
Schedule of Restricted Cash
Cash, Cash Equivalents, and Restricted Cash
(in millions)
June 30,
2025		December 31, 2024
Continuing operations
Cash and cash equivalents$3,272.8 $3,045.2 
Restricted cash included in other current assets1.2 3.2 
Restricted cash included in other assets1.0 0.8 
Total$3,275.0 $3,049.2 
Discontinued operations
Cash and cash equivalents$15.0 $9.6 
Total$15.0 $9.6 
Total cash, cash equivalents, and restricted cash$3,290.0 $3,058.8 
v3.25.2
RESTRUCTURING CHARGES AND SEPARATION COSTS (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Liability The following table presents details of the restructuring liability, which is included in Accrued and Other Liabilities (in millions):
 Restructuring Liability
Balance at December 31, 2024
$20.1 
Payments(9.8)
Balance at June 30, 2025
$10.3 
v3.25.2
DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations
Details of Income from Discontinued Operations are as follows (in millions):

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Net sales$16.3 $262.9 $33.3 $531.2 
Cost of sales10.2 101.0 19.9 199.7 
Gross profit6.1 161.9 13.4 331.5 
Selling, general, and administrative expenses5.3 61.0 11.0 122.3 
Research and development expenses1.1 31.4 2.5 59.9 
Separation costs5.2 79.7 10.5 121.0 
Operating (loss) income, net(5.5)(10.2)(10.6)28.3 
Other non-operating expense, net0.1 1.1 3.2 1.4 
(Loss) income from discontinued operations before provision for income taxes(5.6)(11.3)(13.8)26.9 
Benefit from income taxes from discontinued operations
(1.2)(12.3)(2.2)(0.2)
Net (loss) income from discontinued operations$(4.4)$1.0 $(11.6)$27.1 
Details of assets and liabilities of discontinued operations are as follows (in millions):

 June 30,
2025		December 31,
2024
Cash and cash equivalents$15.0 $9.6 
Accounts receivable, net of allowances11.1 — 
Inventories17.6 15.1 
Prepaid expenses2.6 2.1 
Total current assets of discontinued operations$46.3 $26.8 
Property, plant, and equipment, net$5.2 $3.4 
Operating lease right-of-use assets 0.1 — 
Goodwill 7.5 7.4 
Other assets— — 
Total non-current assets of discontinued operations$12.8 $10.8 
Accounts payable$0.1 $— 
Accrued and other liabilities2.1 2.0 
Operating lease liabilities0.1 — 
Total current liabilities of discontinued operations$2.3 $2.0 

Cash flows attributable to the Company's discontinued operations are included in the Company's consolidated condensed statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following (in millions):

 Six Months Ended
June 30,
 20252024
Depreciation and amortization— 11.9 
Stock-based compensation0.1 12.2 
Inventory reserves and write offs— 6.7 
Capital expenditures(1.7)13.0 
v3.25.2
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
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):
 June 30, 2025December 31, 2024
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Bank time deposits$44.7 $— $— $44.7 $57.9 $— $— $57.9 
Available-for-sale
Bank time deposits$— $— $— $— $13.9 $— $— $13.9 
Commercial paper416.4 — — 416.4 236.5 — — 236.5 
U.S. government and agency securities249.3 — (0.7)248.6 238.1 0.1 (1.1)237.1 
Asset-backed securities52.0 — (0.9)51.1 70.2 — (1.4)68.8 
Corporate debt securities121.7 0.1 (1.2)120.6 465.0 0.1 (2.8)462.3 
Municipal securities— — — — 2.7 — — 2.7 
Total$839.4 $0.1 $(2.8)$836.7 $1,026.4 $0.2 $(5.3)$1,021.3 
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 June 30, 2025, were as follows (in millions):
Held-to-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
Due in 1 year or less$44.7 $44.7 $745.4 $744.7 
Due after 1 year through 5 years— — 28.5 28.0 
Instruments not due at a single maturity date (a)
— — 65.5 64.0 
$44.7 $44.7 $839.4 $836.7 
_______________________________________
(a)     Consists of mortgage-backed 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 June 30, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):

June 30, 2025
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $15.6 $(0.7)$15.6 $(0.7)
Asset-backed securities8.7 (0.1)36.3 (0.8)45.0 (0.9)
Corporate debt securities— — 65.0 (1.2)65.0 (1.2)
$8.7 $(0.1)$116.9 $(2.7)$125.6 $(2.8)
December 31, 2024
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $19.9 $(1.1)$19.9 $(1.1)
Asset-backed securities8.4 (0.1)53.3 (1.3)61.7 (1.4)
Corporate debt securities— — 141.0 (2.8)141.0 (2.8)
$8.4 $(0.1)$214.2 $(5.2)$222.6 $(5.3)
Schedule of Investments in Unconsolidated Affiliates These investments are recorded in Long-term Investments on the consolidated condensed balance sheets, and are as follows (in millions):
 June 30,
2025		December 31,
2024
Equity method investments  
Carrying value of equity method investments$34.6 $34.8 
Equity securities  
Carrying value of marketable equity securities5.1 5.5 
Carrying value of non-marketable equity securities166.8 119.1 
Total investments in unconsolidated entities$206.5 $159.4 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
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 (in millions):
June 30, 2025Level 1Level 2Level 3Total
Assets    
Cash equivalents$1,613.1 $1,197.1 $— $2,810.2 
Available-for-sale investments:
Corporate debt securities— 120.6 — 120.6 
Asset-backed securities— 51.1 — 51.1 
U.S. government and agency securities
— 248.6 — 248.6 
Commercial paper— 416.4 — 416.4 
Equity investments in unconsolidated entities5.1 — — 5.1 
Investments held for deferred compensation plans154.5 — — 154.5 
Derivatives— 11.3 — 11.3 
$1,772.7 $2,045.1 $— $3,817.8 
Liabilities    
Derivatives$— $59.6 $— $59.6 
Contingent consideration liabilities— — 16.5 16.5 
Other— — 6.1 6.1 
$— $59.6 $22.6 $82.2 
December 31, 2024    
Assets    
Cash equivalents$1,394.4 $985.5 $— $2,379.9 
Available-for-sale investments:
Bank time deposits— 13.9 — 13.9 
Corporate debt securities— 462.3 — 462.3 
Asset-backed securities— 68.8 — 68.8 
U.S. government and agency securities
— 237.1 — 237.1 
Commercial paper— 236.5 — 236.5 
Municipal securities— 2.7 — 2.7 
Equity investments in unconsolidated entities5.5 — — 5.5 
Investments held for deferred compensation plans146.6 — — 146.6 
Derivatives— 82.1 — 82.1 
$1,546.5 $2,088.9 $— $3,635.4 
Liabilities    
Derivatives$— $8.2 $— $8.2 
Contingent consideration liabilities— — 16.5 16.5 
Other— — 5.0 5.0 
$— $8.2 $21.5 $29.7 
Schedule of Changes in Fair Value of Contingent Consideration and Other Liability
The following tables summarize the changes in fair value of Level 3 financial instruments measured at fair value on a recurring basis (in millions):
 Contingent ConsiderationOtherTotal
Balance at December 31, 2024
$16.5 $5.0 $21.5 
Changes in fair value— 1.1 1.1 
Balance at June 30, 2025$16.5 $6.1 $22.6 
Contingent ConsiderationOtherTotal
Balance at December 31, 2023
$— $10.3 $10.3 
Changes in fair value— (5.3)(5.3)
Balance at June 30, 2024$— $5.0 $5.0 
v3.25.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk
The Company uses derivative financial instruments to manage its currency exchange rate risk and 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
 June 30,
2025		December 31, 2024
 (in millions)
Foreign currency forward exchange contracts$2,076.9 $1,926.9 
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 condensed balance sheets (in millions):
  Fair Value
Derivatives designated as hedging instrumentsBalance Sheet
Location		June 30,
2025		December 31, 2024
Assets   
Foreign currency contractsOther current assets$8.2 $47.4 
Foreign currency contractsOther assets$1.0 $— 
Cross-currency swap contractsOther assets$2.1 $34.7 
Liabilities   
Foreign currency contractsAccrued and other liabilities$54.2 $6.4 
Foreign currency contractsOther liabilities$5.4 $— 
Derivatives not designated as hedging instruments    
Liabilities
Foreign currency contractsAccrued and other liabilities$— $1.8 
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets
The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed 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
June 30, 2025Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative assets      
Foreign currency contracts$9.2 $— $9.2 $(8.2)$— $1.0 
Cross-currency swap contracts$2.1 $— $2.1 $— $— $2.1 
Derivative liabilities      
Foreign currency contracts$59.6 $— $59.6 $(8.2)$— $51.4 
December 31, 2024      
Derivative assets      
Foreign currency contracts$47.4 $— $47.4 $(5.4)$— $42.0 
Cross-currency swap contracts$34.7 $— $34.7 $— $— $34.7 
Derivative liabilities   
Foreign currency contracts$8.2 $— $8.2 $(5.4)$— $2.8 
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Liabilities
The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed 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
June 30, 2025Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
Derivative assets      
Foreign currency contracts$9.2 $— $9.2 $(8.2)$— $1.0 
Cross-currency swap contracts$2.1 $— $2.1 $— $— $2.1 
Derivative liabilities      
Foreign currency contracts$59.6 $— $59.6 $(8.2)$— $51.4 
December 31, 2024      
Derivative assets      
Foreign currency contracts$47.4 $— $47.4 $(5.4)$— $42.0 
Cross-currency swap contracts$34.7 $— $34.7 $— $— $34.7 
Derivative liabilities   
Foreign currency contracts$8.2 $— $8.2 $(5.4)$— $2.8 
Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income
The following table presents the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions):
 Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative
(Effective Portion)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 
2025202420252024
Cash flow hedges
Foreign currency contracts$(61.8)$21.7 $(89.4)$57.9 
Net investment hedges
Cross-currency swap contracts$(24.5)$2.7 $(32.6)$7.1 
Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Condensed Statements of Operations
The following tables present the effect of derivative instruments on the consolidated condensed statements of operations (in millions):
 Location and Amount of Gain or (Loss) Recognized in Income
 Three Months Ended
June 30, 2025		Six Months Ended
June 30, 2025
 Cost of salesInterest income, netOther non-operating expense (income), netCost of salesInterest income, netOther non-operating expense (income), net
Total amounts presented in the consolidated condensed statements of operations$(344.4)$37.4 $(1.3)$(646.0)$73.9 $1.3 
The effects of cash flow hedges:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income$10.9 $— $— $21.1 $— $— 
The effects of net investment hedges:
Cross currency swap contracts:
Amount excluded from effectiveness testing$— $1.5 $— $— $3.2 $— 
The effects of non-designated hedges:
Foreign currency contracts$— $— $6.8 $— $— $(4.5)
 Location and Amount of Gain or (Loss) Recognized in Income
 Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2024
 Cost of salesInterest income, netOther non-operating expense (income), netCost of salesInterest income, netOther non-operating expense (income), net
Total amounts presented in the consolidated condensed statements of operations$(275.5)$15.5 $2.0 $(562.4)$32.0 $7.7 
The effects of fair value hedges:
Foreign currency contracts:
Hedged items$— $— $— $— $— $(4.0)
Derivatives designated as hedging instruments$— $— $— $— $— $4.0 
Amount excluded from effectiveness testing (amortized)$— $— $— $— $— $0.8 
The effects of cash flow hedges:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income$12.5 $— $— $14.9 $— $— 
The effects of net investment hedges:
Cross currency swap contracts:
Amount excluded from effectiveness testing$— $1.8 $— $— $3.5 $— 
The effects of non-designated hedges:
Foreign currency contracts$— $— $20.9 $— $— $33.3 
v3.25.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and six months ended June 30, 2025 and 2024 was as follows (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Cost of sales$7.5 $7.5 $14.8 $14.7 
Selling, general, and administrative expenses19.6 20.2 42.4 42.0 
Research and development expenses10.4 9.6 20.4 19.6 
Total stock-based compensation expense37.5 37.3 77.6 76.3 
Income tax benefit(6.1)(6.0)(12.6)(11.5)
Total stock-based compensation expense, net of tax$31.4 $31.3 $65.0 $64.8 
Schedule of Weighted-Average Assumptions for Options Granted
The following table includes the weighted-average grant-date fair values of stock options granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model:
 Option Awards
Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Risk-free interest rate4.0%4.5%4.0%4.5%
Expected dividend yieldNoneNoneNoneNone
Expected volatility34.1%30.9%34.1%30.9%
Expected term (years)5.25.25.25.2
Fair value, per option$28.17$31.24$28.17$31.26
Schedule of Weighted-Average Assumptions for ESPP Subscriptions Granted
The following table includes the weighted-average grant-date fair values for ESPP subscriptions granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model:
 ESPP
Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Risk-free interest rate4.2%5.2%4.3%5.2%
Expected dividend yieldNoneNoneNoneNone
Expected volatility34.3%29.3%30.8%33.5%
Expected term (years)0.70.70.60.6
Fair value, per share$21.05 $23.37 $18.81$25.01 
v3.25.2
ACCELERATED SHARE REPURCHASE (Tables)
 6 Months Ended
Jun. 30, 2025
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
April 2024$150.0 1.4 $85.95 80 %May 20241.7 $86.72 
August 2024$500.0 5.8 $68.93 80 %December 20247.5 $66.60 
February 2025$250.0 2.6 $76.00 80 %
July 2025
3.5 $71.06 
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Activity for Each Component of Accumulated Other Comprehensive Loss
The following tables summarize the activity for each component of Accumulated Other Comprehensive Loss (in millions):
 Foreign
Currency
Translation
Adjustments
Unrealized Gain (Loss) on Hedges

Unrealized Loss on Available-for-sale Investments
Unrealized
Pension
Costs
Total
Accumulated
Other
Comprehensive
Loss
December 31, 2024$(274.1)$37.7 $(4.0)$(4.1)$(244.5)
Other comprehensive income (loss) before reclassifications
16.1 (27.6)18.3 0.1 6.9 
Amounts reclassified from accumulated other comprehensive loss(1.7)(10.2)(17.0)— (28.9)
Deferred income tax benefit (expense)
2.0 10.2 (0.2)— 12.0 
March 31, 2025$(257.7)$10.1 $(2.9)$(4.0)$(254.5)
Other comprehensive income (loss) before reclassifications
39.1 (61.8)20.1 (0.1)(2.7)
Amounts reclassified from accumulated other comprehensive loss(1.5)(10.9)(19.0)— (31.4)
Deferred income tax benefit (expense)
6.0 18.8 (0.3)— 24.5 
June 30, 2025$(214.1)$(43.8)$(2.1)$(4.1)$(264.1)

 Foreign
Currency
Translation
Adjustments		Unrealized Gain on Hedges
Unrealized Loss on Available-for-sale Investments		Unrealized
Pension
Credits		Total
Accumulated
Other
Comprehensive
Loss
December 31, 2023$(214.5)$0.7 $(24.8)$(4.2)$(242.8)
Other comprehensive (loss) income before reclassifications
(23.3)43.4 7.0 0.4 27.5 
Amounts reclassified from accumulated other comprehensive loss(1.7)(7.2)2.5 — (6.4)
Deferred income tax expense
(1.1)(9.3)(1.1)(0.1)(11.6)
March 31, 2024$(240.6)$27.6 $(16.4)$(3.9)$(233.3)
Other comprehensive income (loss) before reclassifications
3.4 21.8 4.2 (0.1)29.3 
Amounts reclassified from accumulated other comprehensive loss(1.8)(12.5)1.0 — (13.3)
Deferred income tax (expense) benefit
(0.6)(2.4)0.1 — (2.9)
June 30, 2024$(239.6)$34.5 $(11.1)$(4.0)$(220.2)
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss
The following table provides information about amounts reclassified from Accumulated Other Comprehensive Loss (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,		 
 Affected Line on Consolidated Condensed
Statements of Operations
Details about Accumulated Other
Comprehensive Loss Components
2025202420252024
Foreign currency translation adjustments$1.5 $1.8 $3.2 $3.5 Other non-operating expense (income), net
(0.4)(0.4)(0.8)(0.8)Provision for income taxes
$1.1 $1.4 $2.4 $2.7 Net of tax
Gain on hedges
$10.9 $12.5 $21.1 $14.9 Cost of sales
— — — 4.8 Other non-operating expense (income), net
10.9 12.5 21.1 19.7 Total before tax
(2.8)(3.2)(5.5)(4.7)Provision for income taxes
$8.1 $9.3 $15.6 $15.0 Net of tax
Gain (loss) on available-for-sale investments
$19.0 $(1.0)$36.0 $(3.5)Interest income, net
(4.6)0.3 (8.8)0.9 Provision for income taxes
$14.4 $(0.7)$27.2 $(2.6)Net of tax
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [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):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Net Income for Earnings Per Share Calculations:
Income from continuing operations, net of tax$335.9 $364.0 $699.5 $688.9 
Net loss attributable to noncontrolling interests(1.7)(1.3)(3.3)(2.2)
Income from continuing operations attributable to Edwards Lifesciences Corporation337.6 365.3 702.8 691.1 
(Loss) income from discontinued operations(4.4)1.0 (11.6)27.1 
Net income attributable to Edwards Lifesciences Corporation$333.2 $366.3 $691.2 $718.2 
Weighted Average Shares:
Basic weighted-average shares outstanding587.0 602.1 586.9 601.8 
Dilutive effect of stock plans0.9 2.2 1.0 2.4 
Dilutive weighted-average shares outstanding587.9 604.3 587.9 604.2 
Earnings per Share:
Basic:
Continuing operations$0.58 $0.61 $1.20 $1.15 
Discontinued operations(0.01)— (0.02)0.04 
Basic earnings per share$0.57 $0.61 $1.18 $1.19 
Diluted:
Continuing operations$0.57 $0.61 $1.20 $1.15 
Discontinued operations(0.01)— (0.02)0.04 
Diluted earnings per share$0.56 $0.61 $1.18 $1.19 
v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
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):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Segment Net Sales    
United States$889.7 $806.4 $1,728.6 $1,588.5 
Europe378.2 332.2 720.0 658.2 
Japan95.3 86.5 177.1 172.5 
Rest of World169.0 144.3 319.2 280.1 
Total segment net sales$1,532.2 $1,369.4 $2,944.9 $2,699.3 
Cost of Sales
United States$167.5 $146.4 $313.5 $286.1 
Europe84.8 74.4 167.0 148.0 
Japan13.6 12.6 25.9 24.4 
Rest of World43.9 40.3 83.7 78.7 
Total segment cost of sales$309.8 $273.7 $590.1 $537.2 
Selling, general, and administrative expenses
United States$135.7 $117.8 $268.9 $233.0 
Europe74.2 70.9 147.6 142.3 
Japan18.5 19.6 34.9 45.6 
Rest of World48.3 46.6 90.4 88.0 
Total segment selling, general, and administrative expenses$276.7 $254.9 $541.8 $508.9 
Other Segment Items
United States$0.6 $0.7 $1.2 $1.4 
Europe15.2 0.8 6.9 4.9 
Japan(0.2)(3.6)(4.8)(2.9)
Rest of World(7.9)(3.0)(17.1)(4.1)
Total other segment items (a)
$7.7 $(5.1)$(13.8)$(0.7)
Segment Operating Income    
United States$585.9 $541.5 $1,145.0 $1,068.0 
Europe204.0 186.1 398.5 363.0 
Japan63.4 57.9 121.1 105.4 
Rest of World84.7 60.4 162.2 117.5 
Total segment operating income$938.0 $845.9 $1,826.8 $1,653.9 
_______________________________________________________________________________
(a)    Other segment items include research and development expenses and foreign currency.
The table below presents a reconciliation of segment operating income to consolidated pre-tax income (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Pre-tax Income Reconciliation    
Segment operating income$938.0 $845.9 $1,826.8 $1,653.9 
Unallocated amounts:    
Corporate items(505.2)(480.8)(991.4)(927.8)
Separation costs (Note 3)
(4.2)— (8.4)— 
Certain litigation expenses(15.5)(8.1)(26.4)(17.0)
Foreign currency(1.9)9.5 5.4 6.4 
Consolidated operating income411.2 366.5 806.0 715.5 
Non-operating income(11.0)17.5 28.1 39.7 
Consolidated pre-tax income$400.2 $384.0 $834.1 $755.2 
Schedule of Enterprise-Wide Information
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Net Sales by Major Product Group    
Transcatheter Aortic Valve Replacement$1,130.9 $1,038.6 $2,177.5 $2,046.5 
Transcatheter Mitral and Tricuspid Therapies134.5 83.0 249.7 155.9 
Surgical Structural Heart266.8 247.8 517.7 496.9 
$1,532.2 $1,369.4 $2,944.9 $2,699.3 
v3.25.2
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Components of Selected Captions in the Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Inventories    
Raw materials $ 249.8 $ 241.1
Work in process 261.4 236.2
Finished products 630.5 609.4
Total inventories 1,141.7 1,086.7
Finished products inventories held on consignment $ 216.7 $ 181.7
v3.25.2
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Accrued and Other Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Other assets    
Tax receivable (Note 14) $ 297.8 $ 293.9
Notes and other receivables 205.6 129.3
Acquisition options 111.5 147.1
Long-term prepaid royalties 97.7 101.6
Fair value of derivatives 3.1 34.7
Other long-term assets 27.3 15.0
Other assets, noncurrent 743.0 721.6
Accrued and other liabilities    
Employee compensation and withholdings 352.7 358.6
Taxes payable 146.3 286.6
Accrued rebates 143.2 139.3
Property, payroll, and other taxes 78.5 88.1
Litigation settlement 77.3 73.8
Research and development accruals 74.4 74.1
Liability under transition services agreement 60.3 0.0
Fair value of derivatives 54.2 8.3
Unfavorable contract liability 36.8 53.7
Accrued professional services 28.3 20.1
Legal and insurance 26.4 26.8
Accrued realignment reserves 19.9 27.4
Accrued marketing expenses 16.4 13.8
Accrued relocation costs 14.4 15.4
Other accrued liabilities 85.3 96.4
Total accrued and other liabilities $ 1,214.4 $ 1,282.4
v3.25.2
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash paid during the year for:    
Income taxes $ 375,700,000 $ 528,900,000
Amounts included in the measurement of operating lease liabilities 14,500,000 14,500,000
Non-cash investing and financing transactions:    
Right-of-use assets obtained in exchange for new lease liabilities 8,700,000 24,600,000
Capital expenditures accruals 31,900,000 24,100,000
Income taxes 375,700,000 528,900,000
Discontinued Operations    
Cash paid during the year for:    
Income taxes 0 7,100,000
Non-cash investing and financing transactions:    
Income taxes $ 0 $ 7,100,000
v3.25.2
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Cash and cash equivalents $ 3,272.8 $ 3,045.2    
Total cash, cash equivalents, and restricted cash 3,290.0 3,058.8 $ 1,658.1 $ 1,148.0
Continuing Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Cash and cash equivalents 3,272.8 3,045.2    
Restricted cash included in other current assets 1.2 3.2    
Restricted cash included in other assets 1.0 0.8    
Total cash, cash equivalents, and restricted cash 3,275.0 3,049.2    
Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Cash and cash equivalents 15.0 9.6    
Total cash, cash equivalents, and restricted cash $ 15.0 $ 9.6    
v3.25.2
RESTRUCTURING CHARGES AND SEPARATION COSTS - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Sep. 30, 2024
Jun. 30, 2025
Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 32.9    
Expected number of positions eliminated, percent 2.00%    
Critical Care | Discontinued Operations, Disposed of by Sale      
Restructuring Cost and Reserve [Line Items]      
Separation costs   $ 4.2 $ 8.4
v3.25.2
RESTRUCTURING CHARGES AND SEPARATION COSTS - Schedule of Restructuring Liability (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Restructuring Liability  
Balance at December 31, 2024 $ 20.1
Payments (9.8)
Balance at June 30, 2025 $ 10.3
v3.25.2
DISCONTINUED OPERATIONS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 03, 2024
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Payment for working capital adjustment for sale of product group     $ 36.3 $ 0.0
Becton, Dickinson and Company        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Accounts payable   $ 59.4 59.4  
Critical Care | Becton, Dickinson and Company        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Payment for working capital adjustment for sale of product group     36.3  
Discontinued Operations, Disposed of by Sale | Critical Care        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Transition services agreement period 36 months      
Unfavorable contract liability $ 115.1 57.0 57.0  
Term for continued services 36 months      
Amortization of unfavorable contract liability   $ 19.9 $ 37.8  
v3.25.2
DISCONTINUED OPERATIONS - Schedule of Income from Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - Critical Care - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net sales $ 16.3 $ 262.9 $ 33.3 $ 531.2
Cost of sales 10.2 101.0 19.9 199.7
Gross profit 6.1 161.9 13.4 331.5
Selling, general, and administrative expenses 5.3 61.0 11.0 122.3
Research and development expenses 1.1 31.4 2.5 59.9
Separation costs 5.2 79.7 10.5 121.0
Operating (loss) income, net (5.5) (10.2) (10.6) 28.3
Other non-operating expense, net 0.1 1.1 3.2 1.4
(Loss) income from discontinued operations before provision for income taxes (5.6) (11.3) (13.8) 26.9
Benefit from income taxes from discontinued operations (1.2) (12.3) (2.2) (0.2)
Net (loss) income from discontinued operations $ (4.4) $ 1.0 $ (11.6) $ 27.1
v3.25.2
DISCONTINUED OPERATIONS - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Total current assets of discontinued operations $ 46.3 $ 26.8
Total non-current assets of discontinued operations 12.8 10.8
Total current liabilities of discontinued operations 2.3 2.0
Discontinued Operations, Disposed of by Sale | Critical Care    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and cash equivalents 15.0 9.6
Accounts receivable, net of allowances 11.1 0.0
Inventories 17.6 15.1
Prepaid expenses 2.6 2.1
Total current assets of discontinued operations 46.3 26.8
Property, plant, and equipment, net 5.2 3.4
Operating lease right-of-use assets 0.1 0.0
Goodwill 7.5 7.4
Other assets 0.0 0.0
Total non-current assets of discontinued operations 12.8 10.8
Accounts payable 0.1 0.0
Accrued and other liabilities 2.1 2.0
Operating lease liabilities 0.1 0.0
Total current liabilities of discontinued operations $ 2.3 $ 2.0
v3.25.2
DISCONTINUED OPERATIONS - Schedule of Consolidated Condensed Statements of Cash Flows (Details) - Discontinued Operations, Disposed of by Sale - Critical Care - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Depreciation and amortization $ 0.0 $ 11.9
Stock-based compensation 0.1 12.2
Inventory reserves and write offs 0.0 6.7
Capital expenditures $ (1.7) $ 13.0
v3.25.2
INVESTMENTS - Schedule of Investments in Debt Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Held-to-maturity    
Fair Value $ 44.7  
Available-for-sale    
Amortized Cost 839.4 $ 1,026.4
Gross Unrealized Gains 0.1 0.2
Gross Unrealized Losses (2.8) (5.3)
Fair Value 836.7 1,021.3
Bank time deposits    
Held-to-maturity    
Amortized Cost 44.7 57.9
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Fair Value 44.7 57.9
Available-for-sale    
Amortized Cost 0.0 13.9
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Fair Value 0.0 13.9
Commercial paper    
Available-for-sale    
Amortized Cost 416.4 236.5
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Fair Value 416.4 236.5
U.S. government and agency securities    
Available-for-sale    
Amortized Cost 249.3 238.1
Gross Unrealized Gains 0.0 0.1
Gross Unrealized Losses (0.7) (1.1)
Fair Value 248.6 237.1
Asset-backed securities    
Available-for-sale    
Amortized Cost 52.0 70.2
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (0.9) (1.4)
Fair Value 51.1 68.8
Corporate debt securities    
Available-for-sale    
Amortized Cost 121.7 465.0
Gross Unrealized Gains 0.1 0.1
Gross Unrealized Losses (1.2) (2.8)
Fair Value 120.6 462.3
Municipal securities    
Available-for-sale    
Amortized Cost 0.0 2.7
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Fair Value $ 0.0 $ 2.7
v3.25.2
INVESTMENTS - Schedule of Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Amortized Cost    
Due in 1 year or less $ 44.7  
Due after 1 year through 5 years 0.0  
Instruments not due at a single maturity date 0.0  
Amortized Cost 44.7  
Fair Value    
Due in 1 year or less 44.7  
Due after 1 year through 5 years 0.0  
Instruments not due at a single maturity date 0.0  
Fair Value 44.7  
Amortized Cost    
Due in 1 year or less 745.4  
Due after 1 year through 5 years 28.5  
Instruments not due at a single maturity date 65.5  
Amortized Cost 839.4 $ 1,026.4
Fair Value    
Due in 1 year or less 744.7  
Due after 1 year through 5 years 28.0  
Instruments not due at a single maturity date 64.0  
Fair Value $ 836.7 $ 1,021.3
v3.25.2
INVESTMENTS - Schedule of Gross Unrealized Losses and Fair Values for Investments in Unrealized Loss Position (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than 12 months $ 8.7 $ 8.4
Gross unrealized losses, less than 12 months (0.1) (0.1)
Fair value, 12 months or greater 116.9 214.2
Gross unrealized losses, 12 months or greater (2.7) (5.2)
Fair value, total 125.6 222.6
Gross unrealized losses, total (2.8) (5.3)
U.S. government and agency 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 15.6 19.9
Gross unrealized losses, 12 months or greater (0.7) (1.1)
Fair value, total 15.6 19.9
Gross unrealized losses, total (0.7) (1.1)
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than 12 months 8.7 8.4
Gross unrealized losses, less than 12 months (0.1) (0.1)
Fair value, 12 months or greater 36.3 53.3
Gross unrealized losses, 12 months or greater (0.8) (1.3)
Fair value, total 45.0 61.7
Gross unrealized losses, total (0.9) (1.4)
Corporate debt 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 65.0 141.0
Gross unrealized losses, 12 months or greater (1.2) (2.8)
Fair value, total 65.0 141.0
Gross unrealized losses, total $ (1.2) $ (2.8)
v3.25.2
INVESTMENTS - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Equity method investments    
Carrying value of equity method investments $ 34.6 $ 34.8
Equity securities    
Carrying value of marketable equity securities 5.1 5.5
Carrying value of non-marketable equity securities 166.8 119.1
Total investments in unconsolidated entities $ 206.5 $ 159.4
v3.25.2
INVESTMENTS - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Debt and Equity Securities, FV-NI [Line Items]  
Increase in non-marketable equity securities due to observable price changes $ 9.3
Decrease in non-marketable equity securities due to observable price changes $ (6.2)
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]  
Investment percentage (in percent) 39.00%
v3.25.2
INVESTMENTS IN VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2025
May 31, 2025
Apr. 30, 2025
Jul. 31, 2024
Aug. 31, 2022
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jul. 31, 2025
Dec. 31, 2024
Jun. 30, 2022
Apr. 30, 2021
Feb. 28, 2019
Variable Interest Entity [Line Items]                            
Assets $ 13,488.7         $ 13,488.7   $ 13,488.7     $ 13,055.3      
Liabilities 2,882.2         2,882.2   2,882.2     2,992.4      
Payment for acquisition options               17.0 $ 10.8          
Loss on impairment           47.1 $ 0.0 47.1 $ 0.0          
Investment in preferred equity securities 166.8         166.8   166.8     119.1      
Variable Interest Entity, Primary Beneficiary                            
Variable Interest Entity [Line Items]                            
Assets 242.8         242.8   242.8     252.3      
Liabilities 23.3         23.3   23.3     24.3      
Variable Interest Entity, Not Primary Beneficiary | JenaValve Technology, Inc                            
Variable Interest Entity [Line Items]                            
Maximum secured promissory note       $ 75.0                    
Automatic funding extension clause amount       30.0                    
Investee drew additional amount 52.5         52.5   52.5     15.0      
Termination loan clause       $ 45.0                    
Variable Interest Entity, Not Primary Beneficiary | JenaValve Technology, Inc | Subsequent Event                            
Variable Interest Entity [Line Items]                            
Investee drew additional amount                   $ 7.5        
Variable Interest Entity, Not Primary Beneficiary | Medical Device Company August 2022 Investment                            
Variable Interest Entity [Line Items]                            
Payment for acquisition options         $ 47.1                  
Loss on impairment 47.1                          
Variable Interest Entity, Not Primary Beneficiary | Medical Device Company August 2022 Investment | Subsequent Event                            
Variable Interest Entity [Line Items]                            
Additional required investment                   $ 10.0        
Variable Interest Entity, Not Primary Beneficiary | Medical Device Company, April 2021 Investment                            
Variable Interest Entity [Line Items]                            
Maximum secured promissory note                         $ 45.0  
Investee drew additional amount 45.0         45.0   45.0     45.0      
Additional required investment 1.2         1.2   1.2            
Payments to option to acquire     $ 1.8                      
Payments for option to acquire investment     $ 4.0                      
Investment in preferred equity securities 44.6         44.6   44.6     42.8      
Investment option to acquire 24.9         24.9   24.9     20.9      
Maximum additional option to acquire investment 2.6         2.6   2.6            
Variable Interest Entity, Not Primary Beneficiary | Medical Device Company December 2021 Investment                            
Variable Interest Entity [Line Items]                            
Maximum secured promissory note                     40.0      
Payments to option to acquire   $ 15.0                        
Payments for option to acquire investment   $ 10.0                        
Investment in preferred equity securities 35.0         35.0   35.0     20.0      
Investment option to acquire 40.0         40.0   40.0     30.0      
Variable Interest Entity, Not Primary Beneficiary | Medical Device Company February 2019 Investment                            
Variable Interest Entity [Line Items]                            
Maximum secured promissory note 30.0         30.0   30.0       $ 47.5    
Investee drew additional amount 77.5         77.5   77.5     47.5      
Investment option to acquire 35.0         35.0   35.0     $ 35.0     $ 35.0
Option to extend warrant right period, consideration           16.5                
Variable Interest Entity, Not Primary Beneficiary | Medical Device Company June 2025 Investment                            
Variable Interest Entity [Line Items]                            
Investment in preferred equity securities $ 30.0         $ 30.0   $ 30.0            
v3.25.2
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Discount Rate | Minimum  
Financial instruments  
Contingent consideration liability measurement input 0.000
Discount Rate | Maximum  
Financial instruments  
Contingent consideration liability measurement input 0.106
Discount Rate | Weighted Average  
Financial instruments  
Contingent consideration liability measurement input 0.047
Probability of Milestone Achievement | Minimum  
Financial instruments  
Contingent consideration liability measurement input 0.60
Probability of Milestone Achievement | Maximum  
Financial instruments  
Contingent consideration liability measurement input 1
Probability of Milestone Achievement | Weighted Average  
Financial instruments  
Contingent consideration liability measurement input 0.647
Revenue Volatility  
Financial instruments  
Contingent consideration liability measurement input 0.21
Level 2  
Financial instruments  
Notes payable fair value disclosure $ 599.7
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets    
Available-for-sale investments: $ 836.7 $ 1,021.3
Bank time deposits    
Assets    
Available-for-sale investments: 0.0 13.9
Corporate debt securities    
Assets    
Available-for-sale investments: 120.6 462.3
Asset-backed securities    
Assets    
Available-for-sale investments: 51.1 68.8
U.S. government and agency securities    
Assets    
Available-for-sale investments: 248.6 237.1
Commercial paper    
Assets    
Available-for-sale investments: 416.4 236.5
Municipal securities    
Assets    
Available-for-sale investments: 0.0 2.7
Fair Value on a Recurring Basis | Estimate of Fair Value Measurement    
Assets    
Cash equivalents 2,810.2 2,379.9
Investments held for deferred compensation plans 154.5 146.6
Derivatives 11.3 82.1
Assets 3,817.8 3,635.4
Liabilities    
Derivatives 59.6 8.2
Contingent consideration liabilities 16.5 16.5
Other 6.1 5.0
Liabilities 82.2 29.7
Fair Value on a Recurring Basis | Bank time deposits | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments:   13.9
Fair Value on a Recurring Basis | Corporate debt securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 120.6 462.3
Fair Value on a Recurring Basis | Asset-backed securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 51.1 68.8
Fair Value on a Recurring Basis | U.S. government and agency securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 248.6 237.1
Fair Value on a Recurring Basis | Commercial paper | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 416.4 236.5
Fair Value on a Recurring Basis | Municipal securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments:   2.7
Fair Value on a Recurring Basis | Equity investments in unconsolidated entities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 5.1 5.5
Fair Value on a Recurring Basis | Level 1 | Estimate of Fair Value Measurement    
Assets    
Cash equivalents 1,613.1 1,394.4
Investments held for deferred compensation plans 154.5 146.6
Derivatives 0.0 0.0
Assets 1,772.7 1,546.5
Liabilities    
Derivatives 0.0 0.0
Contingent consideration liabilities 0.0 0.0
Other 0.0 0.0
Liabilities 0.0 0.0
Fair Value on a Recurring Basis | Level 1 | Bank time deposits | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments:   0.0
Fair Value on a Recurring Basis | Level 1 | Corporate debt securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 0.0 0.0
Fair Value on a Recurring Basis | Level 1 | Asset-backed securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 0.0 0.0
Fair Value on a Recurring Basis | Level 1 | U.S. government and agency securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 0.0 0.0
Fair Value on a Recurring Basis | Level 1 | Commercial paper | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 0.0 0.0
Fair Value on a Recurring Basis | Level 1 | Municipal securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments:   0.0
Fair Value on a Recurring Basis | Level 1 | Equity investments in unconsolidated entities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 5.1 5.5
Fair Value on a Recurring Basis | Level 2 | Estimate of Fair Value Measurement    
Assets    
Cash equivalents 1,197.1 985.5
Investments held for deferred compensation plans 0.0 0.0
Derivatives 11.3 82.1
Assets 2,045.1 2,088.9
Liabilities    
Derivatives 59.6 8.2
Contingent consideration liabilities 0.0 0.0
Other 0.0 0.0
Liabilities 59.6 8.2
Fair Value on a Recurring Basis | Level 2 | Bank time deposits | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments:   13.9
Fair Value on a Recurring Basis | Level 2 | Corporate debt securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 120.6 462.3
Fair Value on a Recurring Basis | Level 2 | Asset-backed securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 51.1 68.8
Fair Value on a Recurring Basis | Level 2 | U.S. government and agency securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 248.6 237.1
Fair Value on a Recurring Basis | Level 2 | Commercial paper | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 416.4 236.5
Fair Value on a Recurring Basis | Level 2 | Municipal securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments:   2.7
Fair Value on a Recurring Basis | Level 2 | Equity investments in unconsolidated entities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 0.0 0.0
Fair Value on a Recurring Basis | Level 3 | Estimate of Fair Value Measurement    
Assets    
Cash equivalents 0.0 0.0
Investments held for deferred compensation plans 0.0 0.0
Derivatives 0.0 0.0
Assets 0.0 0.0
Liabilities    
Derivatives 0.0 0.0
Contingent consideration liabilities 16.5 16.5
Other 6.1 5.0
Liabilities 22.6 21.5
Fair Value on a Recurring Basis | Level 3 | Bank time deposits | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments:   0.0
Fair Value on a Recurring Basis | Level 3 | Corporate debt securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 0.0 0.0
Fair Value on a Recurring Basis | Level 3 | Asset-backed securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 0.0 0.0
Fair Value on a Recurring Basis | Level 3 | U.S. government and agency securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 0.0 0.0
Fair Value on a Recurring Basis | Level 3 | Commercial paper | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: 0.0 0.0
Fair Value on a Recurring Basis | Level 3 | Municipal securities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments:   0.0
Fair Value on a Recurring Basis | Level 3 | Equity investments in unconsolidated entities | Estimate of Fair Value Measurement    
Assets    
Available-for-sale investments: $ 0.0 $ 0.0
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Changes in Fair Value of Contingent Consideration and Other Liability (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value beginning balance $ 21.5 $ 10.3
Changes in fair value 1.1 (5.3)
Fair value ending balance 22.6 5.0
Contingent Consideration    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value beginning balance 16.5 0.0
Changes in fair value 0.0 0.0
Fair value ending balance 16.5 0.0
Other    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value beginning balance 5.0 10.3
Changes in fair value 1.1 (5.3)
Fair value ending balance $ 6.1 $ 5.0
v3.25.2
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
Jun. 30, 2025
Dec. 31, 2024
Foreign currency forward exchange contracts    
Derivative Financial Instruments    
Notional Amount $ 2,076.9 $ 1,926.9
Cross-currency swap contracts    
Derivative Financial Instruments    
Notional Amount $ 300.0 $ 300.0
v3.25.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details)
€ in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Derivative Financial Instruments      
Changes due to currency rate movements and expenses expected to occur, minimum term 1 year    
Changes due to currency rate movements and expenses expected to occur, maximum term 1 year 6 months    
Cash flow loss to be reclassified in the next twelve months $ 8.5    
Derivatives designated as hedging instruments | Cross-currency swap contracts      
Derivative Financial Instruments      
Derivative liability, fair value 300.0   $ 300.0
Net investment hedges | Derivatives designated as hedging instruments | Cross-currency swap contracts      
Derivative Financial Instruments      
Derivative liability, fair value $ 300.0 € 257.2  
v3.25.2
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
Jun. 30, 2025
Dec. 31, 2024
Assets    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets, Other assets (Note 2) Other current assets, Other assets (Note 2)
Liabilities    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued and other liabilities (Note 2) Accrued and other liabilities (Note 2)
Foreign currency contracts    
Assets    
Fair value of derivative assets $ 9.2 $ 47.4
Liabilities    
Fair value of derivative liabilities 59.6 8.2
Cross-currency swap contracts    
Assets    
Fair value of derivative assets 2.1 34.7
Derivatives designated as hedging instruments | Foreign currency contracts | Other current assets    
Assets    
Fair value of derivative assets 8.2 47.4
Derivatives designated as hedging instruments | Foreign currency contracts | Other assets    
Assets    
Fair value of derivative assets 1.0 0.0
Derivatives designated as hedging instruments | Foreign currency contracts | Accrued and other liabilities    
Liabilities    
Fair value of derivative liabilities 54.2 6.4
Derivatives designated as hedging instruments | Foreign currency contracts | Other liabilities    
Liabilities    
Fair value of derivative liabilities 5.4 0.0
Derivatives designated as hedging instruments | Cross-currency swap contracts    
Assets    
Fair value of derivative assets 2.1 34.7
Derivatives not designated as hedging instruments | Foreign currency contracts    
Liabilities    
Fair value of derivative liabilities $ 0.0 $ 1.8
v3.25.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Foreign currency contracts    
Derivative assets    
Gross Amounts $ 9.2 $ 47.4
Gross Amounts Offset in the Consolidated Balance Sheet 0.0 0.0
Net Amounts Presented in the Consolidated Balance Sheet 9.2 47.4
Gross Amounts Not Offset in the Consolidated Balance Sheet    
Financial Instruments (8.2) (5.4)
Cash Collateral Received 0.0 0.0
Net Amount 1.0 42.0
Derivative liabilities    
Gross Amounts 59.6 8.2
Gross Amounts Offset in the Consolidated Balance Sheet 0.0 0.0
Net Amounts Presented in the Consolidated Balance Sheet 59.6 8.2
Gross Amounts Not Offset in the Consolidated Balance Sheet    
Financial Instruments (8.2) (5.4)
Cash Collateral Received 0.0 0.0
Net Amount 51.4 2.8
Cross-currency swap contracts    
Derivative assets    
Gross Amounts 2.1 34.7
Gross Amounts Offset in the Consolidated Balance Sheet 0.0 0.0
Net Amounts Presented in the Consolidated Balance Sheet 2.1 34.7
Gross Amounts Not Offset in the Consolidated Balance Sheet    
Financial Instruments 0.0 0.0
Cash Collateral Received 0.0 0.0
Net Amount $ 2.1 $ 34.7
v3.25.2
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) - Derivatives designated as hedging instruments - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flow hedges | Foreign currency contracts        
Derivative Instruments, Gain (Loss)        
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) $ (61.8) $ 21.7 $ (89.4) $ 57.9
Net investment hedges | Cross-currency swap contracts        
Derivative Instruments, Gain (Loss)        
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) $ (24.5) $ 2.7 $ (32.6) $ 7.1
v3.25.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effects of Hedge (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss)        
Cost of sales $ (344.4) $ (275.5) $ (646.0) $ (562.4)
Interest income, net 37.4 15.5 73.9 32.0
Other non-operating expense (income), net (1.3) 2.0 1.3 7.7
Foreign currency contracts | Cost of sales        
Derivative Instruments, Gain (Loss)        
Hedged items   0.0   0.0
Amount excluded from effectiveness testing (amortized)   0.0   0.0
Foreign currency contracts | Cost of sales | Derivatives designated as hedging instruments        
Derivative Instruments, Gain (Loss)        
Derivatives designated as hedging instruments   0.0   0.0
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income 10.9 12.5 21.1 14.9
Foreign currency contracts | Cost of sales | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss)        
Foreign currency contracts 0.0 0.0 0.0 0.0
Foreign currency contracts | Interest income, net        
Derivative Instruments, Gain (Loss)        
Hedged items   0.0   0.0
Amount excluded from effectiveness testing (amortized)   0.0   0.0
Foreign currency contracts | Interest income, net | Derivatives designated as hedging instruments        
Derivative Instruments, Gain (Loss)        
Derivatives designated as hedging instruments   0.0   0.0
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income 0.0 0.0 0.0 0.0
Foreign currency contracts | Interest income, net | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss)        
Foreign currency contracts 0.0 0.0 0.0 0.0
Foreign currency contracts | Other non-operating expense (income), net        
Derivative Instruments, Gain (Loss)        
Hedged items   0.0   (4.0)
Amount excluded from effectiveness testing (amortized)   0.0   0.8
Foreign currency contracts | Other non-operating expense (income), net | Derivatives designated as hedging instruments        
Derivative Instruments, Gain (Loss)        
Derivatives designated as hedging instruments   0.0   4.0
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income 0.0 0.0 0.0 0.0
Foreign currency contracts | Other non-operating expense (income), net | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss)        
Foreign currency contracts 6.8 20.9 (4.5) 33.3
Cross-currency swap contracts | Cost of sales | Net investment hedges | Derivatives designated as hedging instruments        
Derivative Instruments, Gain (Loss)        
Amount excluded from effectiveness testing 0.0 0.0 0.0 0.0
Cross-currency swap contracts | Interest income, net | Net investment hedges | Derivatives designated as hedging instruments        
Derivative Instruments, Gain (Loss)        
Amount excluded from effectiveness testing 1.5 1.8 3.2 3.5
Cross-currency swap contracts | Other non-operating expense (income), net | Net investment hedges | Derivatives designated as hedging instruments        
Derivative Instruments, Gain (Loss)        
Amount excluded from effectiveness testing $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.25.2
STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Allocation of stock-based compensation expense        
Total stock-based compensation expense $ 37.5 $ 37.3 $ 77.6 $ 76.3
Income tax benefit (6.1) (6.0) (12.6) (11.5)
Total stock-based compensation expense, net of tax 31.4 31.3 65.0 64.8
Cost of sales        
Allocation of stock-based compensation expense        
Total stock-based compensation expense 7.5 7.5 14.8 14.7
Selling, general, and administrative expenses        
Allocation of stock-based compensation expense        
Total stock-based compensation expense 19.6 20.2 42.4 42.0
Research and development expenses        
Allocation of stock-based compensation expense        
Total stock-based compensation expense $ 10.4 $ 9.6 $ 20.4 $ 19.6
v3.25.2
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total remaining unrecognized compensation cost $ 346.1  
Unrecognized compensation cost, recognition period 33 months  
Options granted (in shares) 1.7  
Weighted average exercise price of options granted (in dollars per share) $ 74.64  
Performance period (years) 3 years  
Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units granted (in shares) 1.4  
Weighted average grant date fair value (in dollars per share) $ 74.67  
Market Based Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units granted (in shares) 0.1  
Weighted average grant date fair value (in dollars per share) $ 89.94  
Risk-free interest rate 3.80% 4.50%
Expected volatility 37.90% 32.40%
Market Based Restricted Stock Units | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares expected to be granted as percentage of target (as a percent) 0.00%  
Market Based Restricted Stock Units | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares expected to be granted as percentage of target (as a percent) 175.00%  
v3.25.2
STOCK-BASED COMPENSATION - Schedule of Weighted-Average Assumptions for Options and ESPP Subscriptions Granted (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
 Option Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Risk-free interest rate 4.00% 4.50% 4.00% 4.50%
Expected dividend yield 0.00% 0.00% 0.00% 0.00%
Expected volatility 34.10% 30.90% 34.10% 30.90%
Expected term (years) 5 years 2 months 12 days 5 years 2 months 12 days 5 years 2 months 12 days 5 years 2 months 12 days
Fair value, per option/share (in dollars per share) $ 28.17 $ 31.24 $ 28.17 $ 31.26
 ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Risk-free interest rate 4.20% 5.20% 4.30% 5.20%
Expected dividend yield 0.00% 0.00% 0.00% 0.00%
Expected volatility 34.30% 29.30% 30.80% 33.50%
Expected term (years) 8 months 12 days 8 months 12 days 7 months 6 days 7 months 6 days
Fair value, per option/share (in dollars per share) $ 21.05 $ 23.37 $ 18.81 $ 25.01
v3.25.2
ACCELERATED SHARE REPURCHASE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended
Jul. 31, 2025
Feb. 28, 2025
Dec. 31, 2024
Aug. 31, 2024
May 31, 2024
Apr. 30, 2024
Initial Delivery of Shares Settled April 2024            
Class of Stock [Line Items]            
Amount Paid           $ 150.0
Shares Received (in shares)           1.4
Initial delivery, price per share (in dollars per share)           $ 85.95
Value of Shares as % of Contract Value           80.00%
April 2024 Stock Repurchase Program Shares Sold in May 2024            
Class of Stock [Line Items]            
Shares Received (in shares)         1.7  
Final settlement per share price (in dollars per share)         $ 86.72  
Initial Delivery Of Shares Settled August 2024            
Class of Stock [Line Items]            
Amount Paid       $ 500.0    
Shares Received (in shares)       5.8    
Initial delivery, price per share (in dollars per share)       $ 68.93    
Value of Shares as % of Contract Value       80.00%    
August 2024 Stock Repurchase Program, Shares Sold In December 2024            
Class of Stock [Line Items]            
Shares Received (in shares)     7.5      
Final settlement per share price (in dollars per share)     $ 66.60      
Initial Delivery Of Shares Settled February 2025            
Class of Stock [Line Items]            
Amount Paid   $ 250.0        
Shares Received (in shares)   2.6        
Initial delivery, price per share (in dollars per share)   $ 76.00        
Value of Shares as % of Contract Value   80.00%        
Initial Delivery Of Shares Settled July 2025 | Subsequent Event            
Class of Stock [Line Items]            
Shares Received (in shares) 3.5          
Final settlement per share price (in dollars per share) $ 71.06          
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
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
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Activity for Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax        
Beginning balance $ 10,191.6 $ 10,062.9 $ 7,186.4 $ 6,719.4
Other comprehensive income (loss) before reclassifications (2.7) 6.9 29.3 27.5
Amounts reclassified from accumulated other comprehensive loss (31.4) (28.9) (13.3) (6.4)
Deferred income tax benefit (expense) 24.5 12.0 (2.9) (11.6)
Ending balance 10,606.5 10,191.6 7,504.6 7,186.4
Accumulated Other Comprehensive Loss        
AOCI Attributable to Parent, Net of Tax        
Beginning balance (254.5) (244.5) (233.3) (242.8)
Ending balance (264.1) (254.5) (220.2) (233.3)
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax        
Beginning balance (257.7) (274.1) (240.6) (214.5)
Other comprehensive income (loss) before reclassifications 39.1 16.1 3.4 (23.3)
Amounts reclassified from accumulated other comprehensive loss (1.5) (1.7) (1.8) (1.7)
Deferred income tax benefit (expense) 6.0 2.0 (0.6) (1.1)
Ending balance (214.1) (257.7) (239.6) (240.6)
Unrealized Gain (Loss) on Hedges        
AOCI Attributable to Parent, Net of Tax        
Beginning balance 10.1 37.7 27.6 0.7
Other comprehensive income (loss) before reclassifications (61.8) (27.6) 21.8 43.4
Amounts reclassified from accumulated other comprehensive loss (10.9) (10.2) (12.5) (7.2)
Deferred income tax benefit (expense) 18.8 10.2 (2.4) (9.3)
Ending balance (43.8) 10.1 34.5 27.6
Unrealized Loss on Available-for-sale Investments        
AOCI Attributable to Parent, Net of Tax        
Beginning balance (2.9) (4.0) (16.4) (24.8)
Other comprehensive income (loss) before reclassifications 20.1 18.3 4.2 7.0
Amounts reclassified from accumulated other comprehensive loss (19.0) (17.0) 1.0 2.5
Deferred income tax benefit (expense) (0.3) (0.2) 0.1 (1.1)
Ending balance (2.1) (2.9) (11.1) (16.4)
Unrealized Pension Costs        
AOCI Attributable to Parent, Net of Tax        
Beginning balance (4.0) (4.1) (3.9) (4.2)
Other comprehensive income (loss) before reclassifications (0.1) 0.1 (0.1) 0.4
Amounts reclassified from accumulated other comprehensive loss 0.0 0.0 0.0 0.0
Deferred income tax benefit (expense) 0.0 0.0 0.0 (0.1)
Ending balance $ (4.1) $ (4.0) $ (4.0) $ (3.9)
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Affected Line on Consolidated Condensed Statements of Operations            
Other non-operating expense (income), net $ (1.3)   $ 2.0   $ 1.3 $ 7.7
Cost of sales (344.4)   (275.5)   (646.0) (562.4)
Interest income, net 37.4   15.5   73.9 32.0
Provision for income taxes (64.3)   (20.0)   (134.6) (66.3)
Net income 331.5 $ 356.4 365.0 $ 351.0 687.9 716.0
Amount Reclassified from Accumulated Other Comprehensive Loss | Foreign currency translation adjustments            
Affected Line on Consolidated Condensed Statements of Operations            
Other non-operating expense (income), net 1.5   1.8   3.2 3.5
Provision for income taxes (0.4)   (0.4)   (0.8) (0.8)
Net income 1.1   1.4   2.4 2.7
Amount Reclassified from Accumulated Other Comprehensive Loss | Gain on hedges            
Affected Line on Consolidated Condensed Statements of Operations            
Other non-operating expense (income), net 0.0   0.0   0.0 4.8
Cost of sales 10.9   12.5   21.1 14.9
Total before tax 10.9   12.5   21.1 19.7
Provision for income taxes (2.8)   (3.2)   (5.5) (4.7)
Net income 8.1   9.3   15.6 15.0
Amount Reclassified from Accumulated Other Comprehensive Loss | Gain (loss) on available-for-sale investments            
Affected Line on Consolidated Condensed Statements of Operations            
Interest income, net 19.0   (1.0)   36.0 (3.5)
Provision for income taxes (4.6)   0.3   (8.8) 0.9
Net income $ 14.4   $ (0.7)   $ 27.2 $ (2.6)
v3.25.2
EARNINGS PER SHARE - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net Income for Earnings Per Share Calculations:        
Income from continuing operations, net of tax $ 335.9 $ 364.0 $ 699.5 $ 688.9
Net loss attributable to noncontrolling interest (1.7) (1.3) (3.3) (2.2)
Income from continuing operations attributable to Edwards Lifesciences Corporation 337.6 365.3 702.8 691.1
(Loss) income from discontinued operations (4.4) 1.0 (11.6) 27.1
Net income attributable to Edwards Lifesciences Corporation $ 333.2 $ 366.3 $ 691.2 $ 718.2
Weighted Average Shares:        
Basic weighted-average shares outstanding (in shares) 587.0 602.1 586.9 601.8
Dilutive effect of stock plans (in shares) 0.9 2.2 1.0 2.4
Dilutive weighted-average shares outstanding (in shares) 587.9 604.3 587.9 604.2
Basic:        
Continuing operations (in dollars per share) $ 0.58 $ 0.61 $ 1.20 $ 1.15
Discontinued operations (in dollars per share) (0.01) 0 (0.02) 0.04
Basic earnings per share (in dollars per share) 0.57 0.61 1.18 1.19
Diluted:        
Continuing operations (in dollars per share) 0.57 0.61 1.20 1.15
Discontinued operations (in dollars per share) (0.01) 0 (0.02) 0.04
Diluted earnings per share (in dollars per share) $ 0.56 $ 0.61 $ 1.18 $ 1.19
v3.25.2
EARNINGS PER SHARE - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock Compensation Plan        
Anti-dilutive securities        
Anti-dilutive securities excluded from the computation of earnings per share (in shares) 9.6 7.7 8.8 6.5
Treasury Stock        
Anti-dilutive securities        
Anti-dilutive securities excluded from the computation of earnings per share (in shares)     0.9  
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2024
Nov. 30, 2022
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2021
Dec. 31, 2023
Income Tax Contingency [Line Items]                      
Effective income tax rate (as a percent)     16.10%   5.20%   16.10% 8.80%      
Tax benefit (shortfall) from employee share-based compensation     $ (0.3)   $ 3.8   $ 1.0 $ 9.5      
Liability for income taxes associated with uncertain tax positions     722.1 $ 678.8     722.1        
Decrease in unrecognized tax benefits is reasonably possible     346.6 319.9     346.6        
Net amounts that would favorably affect effective tax rate     $ 375.5 358.9     $ 375.5        
Additional tax expense                   $ 250.0  
Additional tax sought in excess of filing position                     $ 269.3
Additional deposit $ 305.1 $ 75.0                  
Forecast                      
Income Tax Contingency [Line Items]                      
Expected tax expense from Pillar Two provisions                 $ 50.0    
Israel Tax Authority                      
Income Tax Contingency [Line Items]                      
Estimate of additional tax owed       $ 16.0   $ 110.0          
v3.25.2
SEGMENT INFORMATION - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
Reportable_segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.25.2
SEGMENT INFORMATION - Schedule of Information about Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Net Sales        
Total segment net sales $ 1,532.2 $ 1,369.4 $ 2,944.9 $ 2,699.3
Cost of Sales        
Total segment cost of sales 344.4 275.5 646.0 562.4
Selling, general, and administrative expenses        
Total segment selling, general, and administrative expenses 502.0 447.5 967.7 875.9
Operating segments        
Segment Net Sales        
Total segment net sales 1,532.2 1,369.4 2,944.9 2,699.3
Cost of Sales        
Total segment cost of sales 309.8 273.7 590.1 537.2
Selling, general, and administrative expenses        
Total segment selling, general, and administrative expenses 276.7 254.9 541.8 508.9
Other Segment Items        
Total other segment items 7.7 (5.1) (13.8) (0.7)
Segment Operating Income        
Total segment operating income 938.0 845.9 1,826.8 1,653.9
Operating segments | United States        
Segment Net Sales        
Total segment net sales 889.7 806.4 1,728.6 1,588.5
Cost of Sales        
Total segment cost of sales 167.5 146.4 313.5 286.1
Selling, general, and administrative expenses        
Total segment selling, general, and administrative expenses 135.7 117.8 268.9 233.0
Other Segment Items        
Total other segment items 0.6 0.7 1.2 1.4
Segment Operating Income        
Total segment operating income 585.9 541.5 1,145.0 1,068.0
Operating segments | Europe        
Segment Net Sales        
Total segment net sales 378.2 332.2 720.0 658.2
Cost of Sales        
Total segment cost of sales 84.8 74.4 167.0 148.0
Selling, general, and administrative expenses        
Total segment selling, general, and administrative expenses 74.2 70.9 147.6 142.3
Other Segment Items        
Total other segment items 15.2 0.8 6.9 4.9
Segment Operating Income        
Total segment operating income 204.0 186.1 398.5 363.0
Operating segments | Japan        
Segment Net Sales        
Total segment net sales 95.3 86.5 177.1 172.5
Cost of Sales        
Total segment cost of sales 13.6 12.6 25.9 24.4
Selling, general, and administrative expenses        
Total segment selling, general, and administrative expenses 18.5 19.6 34.9 45.6
Other Segment Items        
Total other segment items (0.2) (3.6) (4.8) (2.9)
Segment Operating Income        
Total segment operating income 63.4 57.9 121.1 105.4
Operating segments | Rest of World        
Segment Net Sales        
Total segment net sales 169.0 144.3 319.2 280.1
Cost of Sales        
Total segment cost of sales 43.9 40.3 83.7 78.7
Selling, general, and administrative expenses        
Total segment selling, general, and administrative expenses 48.3 46.6 90.4 88.0
Other Segment Items        
Total other segment items (7.9) (3.0) (17.1) (4.1)
Segment Operating Income        
Total segment operating income $ 84.7 $ 60.4 $ 162.2 $ 117.5
v3.25.2
SEGMENT INFORMATION - Schedule of Reconciliation of Segment Net Sales and Pre-Tax Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pre-tax Income Reconciliation        
Operating income $ 411.2 $ 366.5 $ 806.0 $ 715.5
Unallocated amounts:        
Separation costs (Note 3) (4.2) 0.0 (8.4) 0.0
Certain litigation expenses (15.5) (8.1) (26.4) (17.0)
Non-operating income (11.0) 17.5 28.1 39.7
Income from continuing operations before provision for income taxes 400.2 384.0 834.1 755.2
Operating segments        
Pre-tax Income Reconciliation        
Operating income 938.0 845.9 1,826.8 1,653.9
Corporate items        
Unallocated amounts:        
Corporate items (505.2) (480.8) (991.4) (927.8)
Reconciling items        
Unallocated amounts:        
Separation costs (Note 3) (4.2) 0.0 (8.4) 0.0
Certain litigation expenses (15.5) (8.1) (26.4) (17.0)
Foreign currency $ (1.9) $ 9.5 $ 5.4 $ 6.4
v3.25.2
SEGMENT INFORMATION - Schedule of Enterprise-Wide Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net Sales by Major Product Group        
Net sales $ 1,532.2 $ 1,369.4 $ 2,944.9 $ 2,699.3
Transcatheter Aortic Valve Replacement        
Net Sales by Major Product Group        
Net sales 1,130.9 1,038.6 2,177.5 2,046.5
Transcatheter Mitral and Tricuspid Therapies        
Net Sales by Major Product Group        
Net sales 134.5 83.0 249.7 155.9
Surgical Structural Heart        
Net Sales by Major Product Group        
Net sales $ 266.8 $ 247.8 $ 517.7 $ 496.9