Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-15525
Entity Registrant Name	EDWARDS LIFESCIENCES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4316614
Entity Address, Address Line One	One Edwards Way
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92614
City Area Code	949
Local Phone Number	250-2500
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	EW
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 64,028,235,982
Entity Common Stock, Shares Outstanding		623,207,437
Documents Incorporated by Reference	Portions of the registrant's proxy statement for the 2022 Annual Meeting of Stockholders (to be filed within 120 days of December 31, 2021) are incorporated by reference into Part III, as indicated herein.
Entity Central Index Key	0001099800
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Irvine, California
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 862.8	$ 1,183.2
Short-term investments (Note 7)	604.0	219.4
Accounts receivable, net of allowances of $9.3 and $9.6, respectively	582.2	514.6
Other receivables	82.7	88.2
Inventories (Note 5)	726.7	802.3
Prepaid expenses	85.2	75.1
Other current assets	237.1	208.2
Total current assets	3,180.7	3,091.0
Long-term investments (Note 7)	1,834.2	801.6
Property, plant, and equipment, net (Note 5)	1,546.6	1,395.2
Operating lease right-of-use assets (Note 6)	92.1	94.2
Goodwill (Note 9)	1,167.9	1,173.2
Other intangible assets, net (Note 9)	323.6	331.4
Deferred income taxes	246.7	230.9
Other assets	110.8	119.6
Total assets	8,502.6	7,237.1
Current liabilities
Accounts payable	204.5	196.5
Accrued and other liabilities (Note 5)	802.3	670.2
Operating lease liabilities (Note 6)	25.5	27.2
Total current liabilities	1,032.3	893.9
Long-term debt (Note 10)	595.7	595.0
Contingent consideration liabilities (Notes 8 and 11)	62.0	186.1
Taxes payable (Note 17)	190.0	215.3
Operating lease liabilities (Note 6)	69.1	72.7
Uncertain tax positions (Note 17)	259.0	214.4
Litigation settlement accrual (Note 3)	191.3	233.0
Other liabilities	267.3	252.4
Total liabilities	2,666.7	2,662.8
Commitments and contingencies (Notes 6, 10, and 18)
Stockholders' equity (Notes 14 and 21)
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, 642.0 and 636.4 shares issued, and 624.1 and 624.3 shares outstanding, respectively	642.0	636.4
Additional paid-in capital	1,700.4	1,438.1
Retained earnings	6,068.1	4,565.0
Accumulated other comprehensive loss	(157.7)	(161.1)
Treasury stock, at cost, 17.9 and 12.1 shares, respectively	(2,416.9)	(1,904.1)
Total stockholders' equity	5,835.9	4,574.3
Total liabilities and stockholders' equity	$ 8,502.6	$ 7,237.1

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9.3	$ 9.6
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	50,000,000.0	50,000,000.0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	1,050,000,000	1,050,000,000
Common stock, shares issued (in shares)	642,000,000.0	636,400,000
Common stock, shares outstanding (in shares)	624,100,000	624,300,000
Treasury stock, shares (in shares)	17,900,000	12,100,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 5,232.5	$ 4,386.3	$ 4,348.0
Cost of sales	1,248.9	1,080.6	1,114.4
Gross profit	3,983.6	3,305.7	3,233.6
Selling, general, and administrative expenses	1,493.7	1,228.4	1,242.2
Research and development expenses	903.1	760.7	752.7
Intellectual property litigation expenses, net (Note 3)	20.6	405.4	33.4
Change in fair value of contingent consideration liabilities, net	(124.1)	13.6	(6.1)
Special charges (Note 4)	0.0	0.0	64.6
Operating income	1,690.3	897.6	1,146.8
Interest expense	18.4	15.8	20.7
Interest income	(17.4)	(23.4)	(32.2)
Other income, net (Note 16)	(12.7)	(11.5)	(8.2)
Income before provision for income taxes	1,702.0	916.7	1,166.5
Provision for income taxes (Note 17)	198.9	93.3	119.6
Net income	$ 1,503.1	$ 823.4	$ 1,046.9
Earnings per share:
Basic (in dollars per share)	$ 2.41	$ 1.32	$ 1.68
Diluted (in dollars per share)	$ 2.38	$ 1.30	$ 1.64
Weighted-average number of common shares outstanding:
Basic (in shares)	623.3	622.6	624.8
Diluted (in shares)	631.2	631.9	636.7

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 1,503.1	$ 823.4	$ 1,046.9
Other comprehensive income (loss), net of tax (Note 15):
Foreign currency translation adjustments	(50.1)	32.4	(11.2)
Unrealized gain (loss) on hedges	57.4	(40.2)	(11.1)
Unrealized pension credits (costs)	11.6	(4.2)	(1.9)
Unrealized (loss) gain on available-for-sale investments	(24.1)	6.6	6.3
Reclassification of net realized investment loss to earnings	8.6	0.3	0.4
Other comprehensive income (loss), net of tax	3.4	(5.1)	(17.5)
Comprehensive income	$ 1,506.5	$ 818.3	$ 1,029.4

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 1,503.1	$ 823.4	$ 1,046.9
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	134.8	107.2	89.3
Non-cash operating lease cost	28.5	28.2	25.3
Stock-based compensation (Notes 2 and 14)	109.3	92.6	81.3
Inventory write off (Note 2)	0.0	0.0	73.1
Impairment charges (Note 4)	0.0	0.0	40.6
Change in fair value of contingent consideration liabilities, net (Note 11)	(124.1)	13.6	(6.1)
Deferred income taxes	(41.4)	(49.4)	12.1
Purchased in-process research and development (Note 4)	0.0	0.0	24.0
Other	(23.4)	(3.5)	(2.8)
Changes in operating assets and liabilities:
Accounts and other receivables, net	(91.1)	41.9	(88.0)
Inventories	19.0	(120.6)	(105.4)
Prepaid expenses and other current assets	7.9	(28.5)	(6.8)
Accounts payable and accrued liabilities	195.2	(84.5)	116.5
Litigation settlement accrual	(29.2)	270.5	(180.0)
Income taxes	62.0	(52.9)	43.2
Other	(18.5)	16.3	19.7
Net cash provided by operating activities	1,732.1	1,054.3	1,182.9
Cash flows from investing activities
Capital expenditures	(325.8)	(407.0)	(254.4)
Purchases of held-to-maturity investments (Note 7)	(250.0)	(162.0)	(130.2)
Proceeds from sales and maturities of held-to-maturity investments (Note 7)	138.0	212.2	50.0
Purchases of available-for-sale investments (Note 7)	(1,629.3)	(689.7)	(437.9)
Proceeds from sales and maturities of available-for-sale investments (Note 7)	391.2	564.8	359.9
Acquisition (Note 8)	0.0	0.0	(100.2)
Payment for acquisition option	(13.1)	(10.0)	(35.0)
Issuances of notes receivable	(5.1)	(27.0)	(12.9)
Collections of notes receivable	20.0	0.0	0.0
Investments in intangible assets and in-process research and development	(4.0)	(0.3)	(24.0)
Other	(44.4)	(12.1)	(11.1)
Net cash used in investing activities	(1,722.5)	(531.1)	(595.8)
Cash flows from financing activities
Proceeds from issuance of debt	5.2	16.2	18.9
Payments on debt and finance lease obligations	(7.0)	(17.0)	(28.9)
Purchases of treasury stock	(512.8)	(625.4)	(263.3)
Proceeds from stock plans	158.6	140.5	160.5
Other	(0.3)	(1.2)	(2.8)
Net cash used in financing activities	(356.3)	(486.9)	(115.6)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	13.9	(20.5)	(3.0)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(332.8)	15.8	468.5
Cash, cash equivalents, and restricted cash at beginning of year	1,200.2	1,184.4	715.9
Cash, cash equivalents, and restricted cash at end of year	$ 867.4	$ 1,200.2	$ 1,184.4

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2018		215.2	7.5
Beginning balance at Dec. 31, 2018	$ 3,140.4	$ 215.2	$ (1,015.4)	$ 1,384.4	$ 2,694.7	$ (138.5)
Increase (Decrease) in Stockholders' Equity
Net income	1,046.9				1,046.9
Other comprehensive income (loss), net of tax	(17.5)					(17.5)
Common stock issued under equity plans (in shares)		2.9
Common stock issued under equity plans	160.5	$ 2.9		157.6
Stock-based compensation expense	81.3			81.3
Purchases of treasury stock (in shares)			1.5
Purchases of treasury stock	(263.3)		$ (263.3)
Ending balance (in shares) at Dec. 31, 2019		218.1	9.0
Ending balance at Dec. 31, 2019	4,148.3	$ 218.1	$ (1,278.7)	1,623.3	3,741.6	(156.0)
Increase (Decrease) in Stockholders' Equity
Net income	823.4				823.4
Other comprehensive income (loss), net of tax	(5.1)					(5.1)
Common stock issued under equity plans (in shares)		4.5
Common stock issued under equity plans	140.5	$ 4.5		136.0
Stock-based compensation expense	92.6			92.6
Purchases of treasury stock (in shares)			3.1
Purchases of treasury stock	(625.4)		$ (625.4)
Stock issued to effect stock split (in shares)		413.8
Stock issued to effect stock split	0.0	$ 413.8		(413.8)
Ending balance (in shares) at Dec. 31, 2020		636.4	12.1
Ending balance at Dec. 31, 2020	4,574.3	$ 636.4	$ (1,904.1)	1,438.1	4,565.0	(161.1)
Increase (Decrease) in Stockholders' Equity
Net income	1,503.1				1,503.1
Other comprehensive income (loss), net of tax	3.4					3.4
Common stock issued under equity plans (in shares)		5.6
Common stock issued under equity plans	158.6	$ 5.6		153.0
Stock-based compensation expense	109.3			109.3
Purchases of treasury stock (in shares)			5.8
Purchases of treasury stock	(512.8)		$ (512.8)
Ending balance (in shares) at Dec. 31, 2021		642.0	17.9
Ending balance at Dec. 31, 2021	$ 5,835.9	$ 642.0	$ (2,416.9)	$ 1,700.4	$ 6,068.1	$ (157.7)

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESSEdwards Lifesciences Corporation ("Edwards Lifesciences" or the "Company") conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. Edwards Lifesciences is focused on technologies that treat structural heart disease and critically ill patients. The products and technologies provided by Edwards Lifesciences are categorized into the following main areas: Transcatheter Aortic Valve Replacement, Transcatheter Mitral and Tricuspid Therapies, Surgical Structural Heart, and Critical Care.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Edwards Lifesciences and its majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company reviews its investments in other entities to determine whether the Company is the primary beneficiary of a variable interest entity ("VIE"). The Company would be the primary beneficiary of the VIE, and would be required to consolidate the VIE, if it has the power to direct the significant activities of the entity and the obligation to absorb losses or receive benefits from the entity that may be significant to the VIE. Based on the Company's analysis, it determined it is not the primary beneficiary of any material VIEs; however, future events may require VIEs to be consolidated if the Company becomes the primary beneficiary.

Stock Split

On May 7, 2020, the Company’s Board of Directors declared a three-for-one stock split of the Company's outstanding shares of common stock effected in the form of a stock dividend, distributed on May 29, 2020 to stockholders of record on May 18, 2020. The Company distributed two newly issued shares of common stock to holders of record of each share of common stock to effect the stock split. All applicable share and per-share amounts in the consolidated financial statements and the notes to consolidated financial statements have been retroactively adjusted to reflect this stock split. The consolidated statement of stockholders' equity for the year ended December 31, 2019 has not been retroactively adjusted to reflect the stock split.

Use of Estimates

The consolidated financial statements of Edwards Lifesciences have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") which have been applied consistently in all material respects. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. In particular, the COVID-19 pandemic has adversely impacted, and may further adversely impact, nearly all aspects of the Company's business and markets, including its workforce and the operations of its customers, suppliers, and business partners. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations, and financial condition, including sales, expenses, manufacturing, clinical trials, research and development costs, reserves and allowances, fair value measurements, asset impairment charges, contingent consideration obligations, and the effectiveness of the Company's hedging instruments, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak (including new and more contagious variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, public acceptance and efficacy of vaccines and other treatments, United States and foreign government actions to respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.

Foreign Currency Translation

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

Revenue Recognition

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

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

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

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

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

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

The Company sells separately priced service contracts, which range from 12 to 36 months, to owners of its hemodynamic monitors. The Company invoices the customer the total amount of consideration at the inception of the contract and recognizes revenue ratably over the term of the contract. As of December 31, 2021 and 2020, $10.2 million and $6.3 million, respectively, of deferred revenue associated with outstanding service contracts was recorded in “Accrued and Other Liabilities” and "Other Long-term Liabilities." During 2021, the Company recognized as revenue $7.3 million that was included in the balance of deferred revenue as of December 31, 2020, and during 2020, the Company recognized as revenue $6.3 million that was included in the balance of deferred revenue as of December 31, 2019.

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

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

Shipping and Handling Costs

Shipping costs, which are costs incurred to physically move product from the Company's premises or third party distribution centers, including storage, to the customer's premises, are included in "Selling, General, and Administrative Expenses." Handling costs, which are costs incurred to store at the Company's premises, move, and prepare products for shipment, are included in "Cost of Sales." For the years ended December 31, 2021, 2020, and 2019, shipping costs of $85.3 million, $74.0 million, and $71.5 million, respectively, were included in "Selling, General, and Administrative Expenses."

Cash Equivalents

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

Investments

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

The Company also has long-term equity investments in companies that are in various stages of development. These investments are reported at fair value or under the equity method of accounting, as appropriate. Equity investments that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Company accounts for investments in limited partnerships and limited liability corporations, whereby the Company owns a minimum of 5% of the investee's outstanding voting stock, under the equity method of accounting. These investments are recorded at the amount of the Company's investment and adjusted each period for the Company's share of the investee's income or loss, and dividends paid.

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

Equity investments without readily determinable fair value are considered impaired when there is an indication that the fair value of the Company's interest is less than the carrying amount. Equity method investments are considered impaired when

there is an indication of an other-than-temporary decline in value below the carrying amount. Impairments of equity investments are recorded in "Other Income, net."

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

Accounts Receivable

The majority of the Company’s accounts receivable arise from direct product sales and sales of products under consignment arrangements, and have payment terms that generally require payment within 30 to 90 days. The Company does not adjust its receivables for the effects of a significant financing component at contract exception if collection of the receivable is expected within one year or less from the time of sale. In countries where the Company has experienced a pattern of payments extending beyond the stated terms and collection of the receivable is expected beyond one year from the time of sale, the Company assesses whether the customer has a significant financing component and discounts the receivable and reduces the related revenues over the period of time that the Company estimates those amounts will be paid using the country’s market-based borrowing rate for such period.

The Company provides reserves against accounts receivable for estimated losses that may result from a customer’s inability to pay based on customer-specific analysis and general matters such as current assessments of past due balances, economic conditions and forecasts, and historical credit loss activity. Amounts determined to be uncollectible are charged or written-off against the reserve.

Inventories

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

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

The Company allocates to inventory general and administrative costs that are related to the production process. These costs include insurance, manufacturing accounting and human resources personnel, and information technology. During the years ended December 31, 2021, 2020, and 2019, the Company allocated $77.9 million, $63.1 million, and $56.6 million, respectively, of general and administrative costs to inventory. General and administrative costs included in inventory at December 31, 2021 and 2020 were $33.7 million and $30.7 million, respectively.

At December 31, 2021 and 2020, $125.8 million and $130.0 million, respectively, of the Company's finished goods inventories were held on consignment.

In 2019, the Company recorded a $73.1 million charge to "Cost of Sales," primarily comprised of the write off of inventory related to strategic decisions regarding its transcatheter aortic valve portfolio, including the decision to discontinue its CENTERA program.

Property, Plant, and Equipment

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

Depreciation expense for property, plant, and equipment was $127.0 million, $101.8 million, and $84.7 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Leases

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

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

The Company accounts for the lease and non-lease components as a single lease component for all of its leases except vehicle leases, for which the lease and non-lease components are accounted for separately.

Operating leases are included in “Operating Lease Right-of-Use Assets” and “Operating Lease Liabilities” on the Company’s consolidated balance sheets. See Note 6 for further information.

Impairment of Goodwill and Long-lived Assets

Goodwill is reviewed for impairment annually in the fourth quarter of each fiscal year, or whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the Company performs a quantitative impairment test. The Company determined, after performing a qualitative review of each reporting unit, that it is more likely than not that the fair value of each of its reporting units substantially exceeds the respective carrying amounts. Accordingly, in 2021, 2020, and 2019, the Company did not record any goodwill impairment loss.

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

loss is recognized when the asset's carrying value exceeds its fair value. In-process research and development projects acquired in an asset acquisition are expensed unless the project has an alternative future use.

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

In 2021 and 2020, the Company did not record any impairment loss related to its in-process research and development assets. In 2019, the Company recorded a $40.6 million charge related to the impairment of certain in-process research and development assets. See Note 4 for further information.

Income Taxes

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

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

Research and Development Costs

Research and development costs are charged to expense when incurred.

Earnings per Share

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

The table below presents the computation of basic and diluted earnings per share (in millions, except for per share information):


	Years Ended December 31,
	2021		2020		2019
Basic:
Net income	$	1,503.1	$	823.4	$	1,046.9
Weighted-average shares outstanding	623.3		622.6		624.8
Basic earnings per share	$	2.41	$	1.32	$	1.68
Diluted:
Net income	$	1,503.1	$	823.4	$	1,046.9
Weighted-average shares outstanding	623.3		622.6		624.8
Dilutive effect of stock plans	7.9		9.3		11.9
Dilutive weighted-average shares outstanding	631.2		631.9		636.7
Diluted earnings per share	$	2.38	$	1.30	$	1.64

Stock options, restricted stock units, and market-based restricted stock units to purchase approximately 1.8 million, 2.0 million, and 1.5 million shares were outstanding for the years ended December 31, 2021, 2020, and 2019, respectively, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.

Stock-based Compensation

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

Total stock-based compensation expense was as follows (in millions):


	Years Ended December 31,
	2021		2020		2019
Cost of sales	$	20.4	$	17.2	$	14.7
Selling, general, and administrative expenses	65.6		56.6		51.2
Research and development expenses	23.3		18.8		15.4
Total stock-based compensation expense	109.3		92.6		81.3
Income tax benefit	(18.9)		(15.4)		(14.8)
Total stock-based compensation expense, net of tax	$	90.4	$	77.2	$	66.5

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

Derivatives

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

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

The Company uses foreign currency forward exchange contracts and cross currency swap contracts to manage its exposure to changes in currency exchange rates from (1) future cash flows associated with intercompany transactions and certain local currency expenses expected to occur within the next 13 months (designated as cash flow hedges), (2) its net investment in certain foreign subsidiaries (designated as net investment hedges) and (3) foreign currency denominated assets or liabilities (designated as fair value hedges). The Company also uses foreign currency forward exchange contracts that are not designated as hedging instruments to offset the transaction gains and losses associated with the revaluation of certain assets and liabilities denominated in currencies other than their functional currencies resulting principally from intercompany and local currency transactions.

All derivative financial instruments are recognized at fair value in the consolidated balance sheets. For each derivative instrument that is designated as a fair value hedge, the gain or loss on the derivative included in the assessment of hedge effectiveness is recognized immediately to earnings, and offsets the loss or gain on the underlying hedged item. The Company reports in "Accumulated Other Comprehensive Loss" the gain or loss on derivative financial instruments that are designated, and that qualify, as cash flow hedges. The Company reclassifies these gains and losses into earnings in the same line item and in the same period in which the underlying hedged transactions affect earnings. Changes in the fair value of net investment hedges are reported in "Accumulated Other Comprehensive Loss" as a part of the cumulative translation adjustment and would be reclassified into earnings if the underlying net investment is sold or substantially liquidated. The portion of the change in fair value related to components excluded from the hedge effectiveness assessment are amortized into earnings over the life of the derivative. The gains and losses on derivative financial instruments for which the Company does not elect hedge accounting treatment are recognized in the consolidated statements of operations in each period based upon the change in the fair value of the derivative financial instrument. Cash flows from net investment hedges are reported as investing activities in the consolidated statements of cash flows, and cash flows from all other derivative financial instruments are reported as operating activities.

New Accounting Standards Not Yet Adopted

In November 2021, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on government assistance. The guidance requires certain disclosures about transactions with a government that are accounted for by applying a grant or contribution model. The guidance is effective for annual periods beginning after December 15, 2021, and should be applied either prospectively or retrospectively. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements.

INTELLECTUAL PROPERTY LITIGATION EXPENSES, NET	12 Months Ended
INTELLECTUAL PROPERTY LITIGATION EXPENSES, NET	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
INTELLECTUAL PROPERTY LITIGATION EXPENSES, NET	INTELLECTUAL PROPERTY LITIGATION EXPENSES, NET The Company incurred intellectual property litigation expenses, including settlements and external legal costs, of $20.6 million, $405.4 million and $33.4 million during 2021, 2020 and 2019, respectively. On July 12, 2020, the Company reached an agreement with Abbott Laboratories and its direct and indirect subsidiaries ("Abbott") to, among other things, settle all outstanding patent disputes between the companies (the “Settlement Agreement”) in cases related to transcatheter mitral and tricuspid repair products. The Settlement Agreement resulted in the Company recording an estimated $367.9 million pre-tax charge and related liability in June 2020 related to past damages. In addition, the Company will incur royalty expenses through May 2024 totaling an estimated $100 million. The Company made a one-time $100.0 million payment to Abbott in July 2020, and is making quarterly payments in subsequent years.

SPECIAL CHARGES	12 Months Ended
SPECIAL CHARGES	Dec. 31, 2021
Other Income and Expenses [Abstract]
SPECIAL CHARGES	SPECIAL CHARGES Impairment of Long-lived Assets In December 2019, the Company recorded a charge of $40.6 million to fully impair certain in-process research and development assets. These assets were acquired as part of the acquisition of Valtech Cardio Ltd. ("Valtech") in 2017. The Company measured the amount of the impairment by calculating the amount by which the carrying values exceeded the estimated fair values, which was based on projected discounted future net cash flows. Based on market and clinical trial developments at the time of the impairment, the Company re-evaluated the clinical development plans for the technologies acquired from Valtech, which resulted in a reduction to the projected near-term discounted future net cash flows related to the acquired mitral and tricuspid technology. The impairment was recorded to the Company’s Rest of World segment. Acquisition of Intellectual Property In March 2019, the Company recorded a $24.0 million charge related to the acquisition of early-stage transcatheter intellectual property and associated clinical and regulatory experience.

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

Composition of Certain Financial Statement Captions

Components of selected captions in the consolidated balance sheets are as follows:


	As of December 31,
	2021		2020
	(in millions)
Inventories
Raw materials	$	132.8	$	136.7
Work in process	164.3		140.0
Finished products	429.6		525.6
	$	726.7	$	802.3
Property, plant, and equipment, net
Land	$	116.5	$	97.6
Buildings and leasehold improvements	1,010.1		881.5
Machinery and equipment	613.4		564.9
Equipment with customers	39.2		42.2
Software	88.2		94.2
Construction in progress	333.8		313.3
	2,201.2		1,993.7
Accumulated depreciation	(654.6)		(598.5)
	$	1,546.6	$	1,395.2

Accrued and other liabilities
Employee compensation and withholdings	$	319.7	$	236.7
Accrued rebates	77.0		67.2
Property, payroll, and other taxes	68.9		49.7
Research and development accruals	58.2		52.3


	As of December 31,
	2021		2020
	(in millions)
Legal and insurance (Notes 3 and 18)	79.1		60.8
Taxes payable	30.6		18.6
Fair value of derivatives	3.9		39.3
Accrued marketing expenses	20.1		14.3
Accrued professional services	11.9		7.6
Accrued realignment reserves	19.1		14.5
Accrued relocation costs	26.2		21.0
Other accrued liabilities	87.6		88.2
	$	802.3	$	670.2

Supplemental Cash Flow Information

(in millions)


	Years Ended December 31,
	2021		2020		2019
Cash paid during the year for:
Interest	$	20.2	$	19.9	$	19.9
Income taxes	$	182.5	$	197.9	$	61.5
Amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	31.9	$	29.7	$	28.6
Non-cash investing and financing transactions:


Right-of-use assets obtained in exchange for new lease liabilities	$	28.7	$	39.7	$	49.6
Capital expenditures accruals	$	54.3	$	80.4	$	50.8

Conversion of notes receivable to equity investment	$	21.5	$	4.5	$	—

Cash, Cash Equivalents, and Restricted Cash

(in millions)


	Years Ended December 31,
	2021		2020		2019
Cash and cash equivalents	$	862.8	$	1,183.2	$	1,179.1
Restricted cash included in other current assets	1.5		16.6		1.6
Restricted cash included in other assets	3.1		0.4		3.7
Total cash, cash equivalents, and restricted cash	$	867.4	$	1,200.2	$	1,184.4

Amounts included in restricted cash primarily represent funds placed in escrow related to litigation and real estate purchases. Restricted cash as of December 31, 2020 also included funds restricted for construction.

LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

LEASESThe Company leases certain office space, manufacturing facilities, land, apartments, warehouses, vehicles, and equipment with remaining lease terms ranging from less than 1 year to 19 years, some of which include options to extend or terminate the leases.

Operating lease costs for the years ended December 31, 2021, 2020, and 2019 were $29.7 million, $30.5 million, and $27.9 million, respectively. Short-term and variable lease costs were not material for the years ended December 31, 2021, 2020, and 2019.

Supplemental balance sheet information related to operating leases was as follows (in millions, except lease term and discount rate):


	As of December 31,
	2021		2020
Operating lease right-of-use assets	$	92.1	$	94.2

Operating lease liabilities, current portion	$	25.5	$	27.2
Operating lease liabilities, long-term portion	69.1		72.7
Total operating lease liabilities	$	94.6	$	99.9

Maturities of operating lease liabilities at December 31, 2021 were as follows (in millions):


2022	$	27.5
2023	23.0
2024	13.6
2025	8.3
2026	7.5
Thereafter	24.6
Total lease payments	104.5
Less: imputed interest	(9.9)
Total lease liabilities	$	94.6

The following table provides information on the lease terms and discount rates:


	Years Ended December 31,
	2021		2020
Weighted-average remaining lease term (in years)	6.2		6.6
Weighted-average discount rate	2.5	%	2.7	%

As of December 31, 2021, the Company had additional operating lease commitments of $2.5 million for office space that have not yet commenced.

INVESTMENTS

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

Debt Securities

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


	December 31, 2021								December 31, 2020
Held-to-maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Bank time deposits	$	162.0	$	—	$	—	$	162.0	$	50.0	$	—	$	—	$	50.0








Available-for-sale
Bank time deposits	$	2.5	$	—	$	—	$	2.5	$	24.1	$	—	$	—	$	24.1
Commercial paper	127.7		—		—		127.7		—		—		—		—
United States government and agency securities	147.4		0.6		(0.7)		147.3		147.0		2.2		—		149.2

Asset-backed securities	515.2		0.3		(2.9)		512.6		149.6		1.9		—		151.5
Corporate debt securities	1,397.1		2.0		(8.3)		1,390.8		600.8		7.5		—		608.3
Municipal securities	2.8		—		—		2.8		2.8		—		—		2.8
	$	2,192.7	$	2.9	$	(11.9)	$	2,183.7	$	924.3	$	11.6	$	—	$	935.9

The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2021 were as follows:


	Held-to-Maturity				Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Due in 1 year or less	$	162.0	$	162.0	$	441.3	$	442.0
Due after 1 year through 5 years	—		—		1,196.7		1,189.6
Due after 5 years through 10 years	—		—		8.7		8.6

Instruments not due at a single maturity date (a)	—		—		546.0		543.5
	$	162.0	$	162.0	$	2,192.7	$	2,183.7

_______________________________________

(a) Consists of mortgage- and asset-backed securities.

Actual maturities may differ from the contractual maturities due to call or prepayment rights.

The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):



	December 31, 2021
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses


United States government and agency securities	$	85.1	$	(0.7)	$	—	$	—	$	85.1	$	(0.7)

Asset-backed securities	433.3		(2.9)		—		—		433.3		(2.9)
Corporate debt securities	1,114.1		(8.3)		—		—		1,114.1		(8.3)

	$	1,632.5	$	(11.9)	$	—	$	—	$	1,632.5	$	(11.9)

The unrealized losses were largely due to changes in interest rates and were considered temporary. There were no investments that were in an unrealized loss position as of December 31, 2020.

Investments in Unconsolidated Entities

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


	December 31,
	2021		2020
	(in millions)
Equity method investments
Carrying value of equity method investments	$	8.4	$	5.7
Equity securities
Carrying value of non-marketable equity securities	84.1		29.4
Total investments in unconsolidated entities	$	92.5	$	35.1

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. The Company recorded an upward adjustment of $4.2 million based on observable price changes during 2021, and an upward adjustment of $1.8 million based on observable price changes and a downward adjustment of $0.7 million due to an impairment during 2020. As of December 31, 2021, the Company had recorded cumulative upward adjustments of $8.0 million based on observable price changes, and cumulative downward adjustments of $2.6 million due to impairment and observable price changes.

In April 2021, the Company recorded $35.9 million related to its investment in a privately-held medical device company (the "Investee"), including an initial cash investment in the Investee's preferred equity securities and other consideration. Also, in April 2021, the Company paid $5.7 million, included in "Other Assets," for an exclusive contingent option to acquire the Investee. Per the agreement, the Company may be required to invest up to an additional $9.9 million in the Investee's preferred equity securities and up to an additional $21.8 million for the option to acquire the Investee, depending on the achievement of certain milestones, of which the Company invested $10.8 million in the fourth quarter of 2021 upon achievement of the first milestone. The Company also agreed to loan the Investee up to $45 million under a secured promissory note. As of December 31, 2021, there had been no borrowings under this secured promissory note.

The Investee is a VIE; however, Edwards has determined that it is not the primary beneficiary of the VIE since Edwards does not have the power to direct the activities of the Investee that most significantly impact the Investee's economic performance. Edwards accounts for this investment as a non-marketable equity security under the measurement alternative.

During 2021, 2020, and 2019, the gross realized gains or losses from sales of available-for-sale investments were not material.

ACQUISITIONS	12 Months Ended
ACQUISITIONS	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS CAS Medical Systems, Inc. On February 11, 2019, the Company entered into an agreement and plan of merger to acquire all the outstanding shares of CAS Medical Systems, Inc. ("CASMED") for an aggregate cash purchase price of $2.45 per share of common stock, or an equity value of approximately $100 million. The transaction closed on April 18, 2019, and the cash purchase price, net of cash acquired, was $100.2 million. The results of operations for CASMED have been included in the accompanying consolidated financial statements from the date of acquisition. Pro forma results have not been presented as the results of CASMED are not material in relation to the consolidated financial statements of Edwards Lifesciences. In-process Research and Development Assets The Company acquired Harpoon Medical, Inc ("Harpoon") on December 1, 2017 and CardiAQ Valve Technologies, Inc. ("CardiAQ") on July 3, 2015. In-process research and development assets acquired as part of these transactions were capitalized at fair value, which was determined using the income approach. This approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return. Completion of successful design developments, bench testing, pre-clinical studies and human clinical studies are required prior to selling any product. The risks and uncertainties associated with completing development within a reasonable period of time include those related to the design, development, and manufacturability of the product, the success of pre-clinical and clinical studies, and the timing of regulatory approvals. The valuation for Harpoon assumed $41.4 million of additional research and development expenditures would be incurred prior to the date of product introduction. In the valuation, net cash inflows were modeled to commence in Europe in 2018, and in the United States and Japan in 2022. The Company does not currently anticipate significant changes to forecasted research and development expenditures, and net cash inflows commenced in Europe in 2020 and are now expected to commence in the United States and Japan in 2023. The valuation for CardiAQ assumed $97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction and that net cash inflows would commence in late 2018. As a result of certain design enhancements to increase the product's commercial life and applicability to a broader group of patients, the Company has incurred incremental research and development expenditures; however, the Company expects an increase in the net cash inflows, commencing in 2023. Upon completion of development, the underlying research and development intangible assets will be amortized over their estimated useful lives. Certain of the Company's business acquisitions involve contingent consideration arrangements. Payment of additional consideration in the future may be required, contingent upon the acquired business reaching certain performance milestones, such as attaining specified revenue levels or obtaining regulatory approvals. See Note 11 for further information.

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETSGoodwill and in-process research and development assets resulting from purchase business combinations are not subject to amortization. Other acquired intangible assets with finite lives are amortized over their expected useful lives on a straight-line basis, or if reliably determinable, based on the pattern in which the economic benefit of the asset is expected to be used. The Company expenses costs incurred to renew or extend the term of acquired intangible assets.

The changes in the carrying amount of goodwill, by segment, during the years ended December 31, 2021 and 2020 were as follows:


	United States		Europe		Rest of World		Total
	(in millions)
Goodwill at December 31, 2019	$	773.7	$	62.8	$	331.2	$	1,167.7

Currency translation adjustment	—		5.5		—		5.5
Goodwill at December 31, 2020	773.7		68.3		331.2		1,173.2

Currency translation adjustment	—		(5.3)		—		(5.3)
Goodwill at December 31, 2021	$	773.7	$	63.0	$	331.2	$	1,167.9

Other intangible assets consist of the following (in millions):


		December 31,
	Weighted-Average Useful Life (in years)	2021						2020
		Cost		Accumulated Amortization		Net Carrying Value		Cost		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets
Patents	7.4	$	185.7	$	(184.2)	$	1.5	$	186.1	$	(183.6)	$	2.5
Developed technology	13.1	153.9		(55.5)		98.4		155.2		(51.0)		104.2
Other	10.0	12.4		(6.8)		5.6		12.6		(6.0)		6.6
	12.6	352.0		(246.5)		105.5		353.9		(240.6)		113.3
Indefinite-lived intangible assets
In-process research and development		218.1		—		218.1		218.1		—		218.1
		$	570.1	$	(246.5)	$	323.6	$	572.0	$	(240.6)	$	331.4

Amortization expense related to other intangible assets for the years ended December 31, 2021, 2020, and 2019 was $7.7 million, $5.4 million, and $4.6 million, respectively. Estimated amortization expense for each of the years ending December 31 is as follows (in millions):


2022	$	6.8
2023	8.4
2024	8.4
2025	10.2
2026	15.9

DEBT AND CREDIT FACILITIES

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

DEBT AND CREDIT FACILITIES

DEBT AND CREDIT FACILITIESIn June 2018, the Company issued $600.0 million of fixed-rate unsecured senior notes (the "Notes") due June 15, 2028. Interest is payable semi-annually in arrears, with payments due in June and December of each year. The Company may redeem the Notes, in whole or in part, at any time and from time to time at specified redemption prices. In addition, upon the occurrence of certain change of control triggering events, the Company may be required to repurchase all or a portion of the Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. The Notes also include covenants that limit the Company's ability to incur secured indebtedness, enter into sale and leaseback transactions, and consolidate, merge, or transfer all or substantially all of its assets.

The following is a summary of the Notes as of December 31, 2021 and 2020:


	December 31,
	2021				2020
	Amount		Effective Interest Rate		Amount		Effective Interest Rate
	(in millions)				(in millions)
Fixed-rate 4.300% 2018 Notes	$	600.0	4.329	%	$	600.0	4.329	%


Unamortized discount	(1.0)				(1.1)
Unamortized debt issuance costs	(3.3)				(3.9)

Total carrying amount	$	595.7			$	595.0

As of December 31, 2021 and 2020, the fair value of the Notes was $675.4 million and $711.2 million, respectively, based on observable market prices in less active markets and categorized as Level 2 (Note 11). The debt issuance costs, as well as the discount, are being amortized to interest expense over the term of the Notes.

The Company has a Five-Year Credit Agreement ("the Credit Agreement") which matures on April 28, 2023. The Credit Agreement provides up to an aggregate of $750.0 million in borrowings in multiple currencies. The Company may increase the amount available under the Credit Agreement, subject to agreement of the lenders, by up to an additional $250.0 million in the aggregate. Borrowings generally bear interest at the London interbank offered rate ("LIBOR"), or a comparable or successor rate, plus a spread ranging from 0.9% to 1.3%, depending on the leverage ratio, as defined in the Credit Agreement. The Company also pays a facility fee ranging from 0.1% to 0.2%, depending on the leverage ratio, on the entire credit commitment available, whether drawn or not. The facility fee is expensed as incurred. During 2021, the spread over LIBOR was 0.9% and the facility fee was 0.1%. Issuance costs of $2.4 million are being amortized to interest expense over the term of the Credit Agreement. As of December 31, 2021 and 2020, there were no borrowings outstanding under the Credit Agreement. Amounts outstanding under the Credit Agreement, if any from time to time, are classified as long-term obligations in accordance with the terms of the Credit Agreement. The Credit Agreement is unsecured and contains various financial and other covenants, including a maximum leverage ratio, as defined in the Credit Agreement. The Company was in compliance with all covenants at December 31, 2021.

The weighted-average interest rate under all debt obligations was 3.4% and 3.5% at December 31, 2021 and 2020, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Company prioritizes the inputs used to determine fair values in one of the following three categories:

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

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

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

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

The consolidated financial statements include financial instruments for which the fair market value of such instruments may differ from amounts reflected on a historical cost basis. Financial instruments of the Company consist of cash deposits, accounts and other receivables, investments, accounts payable, certain accrued liabilities, and borrowings under a revolving credit agreement. The carrying value of these financial instruments generally approximates fair value due to their short-term nature. Financial instruments also include notes payable. See Note 10 for further information on the fair value of the notes payable.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis as of December 31, 2021 and 2020 (in millions):


December 31, 2021	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	15.2	$	30.7	$	—	$	45.9
Available-for-sale investments:
Bank time deposits	—		2.5		—		2.5
Corporate debt securities	—		1,390.8		—		1,390.8
Asset-backed securities	—		512.6		—		512.6
United States government and agency securities	28.4		118.9		—		147.3

Commercial paper	—		127.7		—		127.7
Municipal securities	—		2.8		—		2.8

Investments held for deferred compensation plans	130.7		—		—		130.7
Derivatives	—		55.3		—		55.3
	$	174.3	$	2,241.3	$	—	$	2,415.6
Liabilities
Derivatives	$	—	$	3.9	$	—	$	3.9
Deferred compensation plans	130.9		—		—		130.9
Contingent consideration liabilities	—		—		62.0		62.0
Other liability	—		—		14.0		14.0
	$	130.9	$	3.9	$	76.0	$	210.8

December 31, 2020
Assets
Cash equivalents	$	16.2	$	—	$	—	$	16.2
Available-for-sale investments:
Bank time deposits	—		24.1		—		24.1
Corporate debt securities	—		608.3		—		608.3
Asset-backed securities	—		151.5		—		151.5
United States government and agency securities	56.9		92.2		—		149.1


Municipal securities	—		2.8		—		2.8

Investments held for deferred compensation plans	111.2		—		—		111.2
Derivatives	—		8.1		—		8.1
	$	184.3	$	887.0	$	—	$	1,071.3
Liabilities
Derivatives	$	—	$	39.3	$	—	$	39.3
Deferred compensation plans	111.6		—		—		111.6
Contingent consideration liabilities	—		—		186.1		186.1
	$	111.6	$	39.3	$	186.1	$	337.0

The following table summarizes the changes in fair value of the contingent consideration obligation for the years ended December 31, 2021 and 2020 (in millions):


	Contingent Consideration		Other Liability		Total
Fair value, December 31, 2019	$	172.5	$	—	$	172.5


Changes in fair value	13.6		—		13.6

Fair value, December 31, 2020	$	186.1	$	—	$	186.1
Additions	—		14.0		14.0

Changes in fair value	(124.1)		—		(124.1)

Fair value, December 31, 2021	$	62.0	$	14.0	$	76.0

The change in fair value of the contingent consideration liabilities in 2021 was primarily driven by a $123.2 million reduction to the liability due to changes in the projected probabilities and timing of milestone achievements and the projected timing of cash inflows. The change in fair value of the contingent consideration liabilities in 2020 was primarily driven by the accretion of interest due to the passage of time and adjustments to discount rates, partially offset by a $12.7 million reduction to the liability due to changes in the projected probabilities and timing of milestone achievements and the projected timing of cash inflows.

Cash Equivalents and Available-for-sale Investments

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

Deferred Compensation Plans

The Company holds investments in trading securities 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 and the corresponding liabilities are based on quoted market prices.

Derivative Instruments

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

Contingent Consideration Liabilities

Certain of the Company's acquisitions involve contingent consideration arrangements. Payment of additional consideration is contingent upon the acquired company reaching certain performance milestones, such as attaining specified

sales levels or obtaining regulatory approvals. These contingent consideration liabilities are measured at estimated fair value using either a probability weighted discounted cash flow analysis or a Monte Carlo simulation model, both of which consider significant unobservable inputs. These inputs include (1) the discount rate used to present value the projected cash flows (ranging from 0.06% to 9.26%; weighted average of 4.1%), (2) the probability of milestone achievement (ranging from 0% to 93.7%; weighted average of 59.2%), (3) the projected payment dates (ranging from 2026 to 2027; weighted average of 2026), and (4) the volatility of future sales (40.0%). 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.


	Notional Amount
	December 31, 2021		December 31, 2020
	(in millions)
Foreign currency forward exchange contracts	$	1,498.8	$	1,525.5
Cross currency swap contracts	300.0		300.0

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


		Fair Value
	Balance Sheet Location	December 31, 2021		December 31, 2020
Derivatives designated as hedging instruments
Assets
Foreign currency contracts	Other current assets	$	36.2	$	7.3

Cross currency swap contracts	Other assets	$	19.1	$	0.8

Liabilities
Foreign currency contracts	Accrued and other liabilities	$	3.9	$	39.3

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


							Gross Amounts Not Offset in the Consolidated Balance Sheet
			Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet
December 31, 2021	Gross Amounts						Financial Instruments		Cash Collateral Received		Net Amount
Derivative Assets
Foreign currency contracts	$	36.2	$	—	$	36.2	$	(2.8)	$	—	$	33.4
Cross currency swap contracts	$	19.1	$	—	$	19.1	$	—	$	—	$	19.1
Derivative Liabilities
Foreign currency contracts	$	3.9	$	—	$	3.9	$	(2.8)	$	—	$	1.1

December 31, 2020
Derivative Assets
Foreign currency contracts	$	7.3	$	—	$	7.3	$	(6.1)	$	—	$	1.2
Cross currency swap contracts	$	0.8	$	—	$	0.8	$	—	$	—	$	0.8
Derivative Liabilities
Foreign currency contracts	$	39.3	$	—	$	39.3	(6.1)		$	—	$	33.2

The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated statements of operations and consolidated statements of comprehensive income:


	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income

	2021		2020			2021		2020
	(in millions)					(in millions)
Cash flow hedges
Foreign currency contracts	$	56.7	$	(33.7)	Cost of sales	$	(23.0)	$	18.4
					Selling, general, and administrative expenses	$	(0.6)	$	2.2



	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
	2021		2020			2021		2020
	(in millions)					(in millions)
Net investment hedges
Cross currency swap contracts	$	18.4	$	(12.6)	Interest expense	$	6.4	$	6.4

The cross currency swap contracts have an expiration date of June 15, 2028. At maturity of the cross currency swap contracts, the Company will deliver the notional amount of €257.2 million and will receive $300.0 million from the counterparties. The Company will receive semi-annual interest payments from the counterparties based on a fixed interest rate until maturity of the agreements.


		Amount of Gain or (Loss) Recognized in Income on Derivative
	Location of Gain or (Loss) Recognized in Income on Derivative
		2021		2020		2019
		(in millions)
Fair value hedges
Foreign currency contracts	Other income, net	$	11.6	$	(1.4)	$	1.4


		Amount of Gain or (Loss) Recognized in Income on Derivative
	Location of Gain or (Loss) Recognized in Income on Derivative
		2021		2020		2019
		(in millions)
Derivatives not designated as hedging instruments
Foreign currency contracts	Other income, net	$	27.4	$	(15.1)	$	0.3

The following table presents the effect of fair value and cash flow hedge accounting on the consolidated statements of operations:


	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Twelve Months Ended December 31, 2021
	Cost of sales		Selling, general, and administrative expenses		Other Income, net

Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,248.9)	$	(1,493.7)	$	12.7
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items	—		—		(9.0)
Derivatives designated as hedging instruments	—		—		9.0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	—		—		2.6
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income	(23.0)		(0.6)		—


	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Twelve Months Ended December 31, 2020
	Cost of sales		Selling, general, and administrative expenses		Other Income, net

Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,080.6)	$	(1,228.4)	$	11.5
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items	—		—		4.8
Derivatives designated as hedging instruments	—		—		(4.8)
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	—		—		3.4
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income	18.4		2.2		—

The Company expects that during 2022 it will reclassify to earnings a $7.8 million gain currently recorded in "Accumulated Other Comprehensive Loss." For the years ended December 31, 2021, 2020, and 2019, the Company did not record any gains or losses due to hedge ineffectiveness.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

Defined Benefit Plans

The Company maintains defined benefit pension plans in Japan and certain European countries.


	Years Ended December 31,
	2021		2020
	(in millions)
Change in projected benefit obligation:
Beginning of year	$	126.2	$	105.2
Service cost	6.5		6.3
Interest cost	0.4		0.5
Participant contributions	1.5		1.5
Actuarial loss	(6.1)		2.9
Benefits paid	(2.5)		(0.6)
Plan amendment	(0.5)		—


Currency exchange rate changes and other	(7.6)		10.4
End of year	$	117.9	$	126.2




Change in fair value of plan assets:
Beginning of year	$	73.3	$	63.2
Actual return on plan assets	5.8		0.4
Employer contributions	3.1		2.8
Participant contributions	1.5		1.5

Benefits paid	(2.5)		(0.6)
Currency exchange rate changes and other	(4.3)		6.0
End of year	$	76.9	$	73.3
Funded Status
Projected benefit obligation	$	(117.9)	$	(126.2)
Plan assets at fair value	76.9		73.3
Underfunded status	$	(41.0)	$	(52.9)
Net amounts recognized on the consolidated balance sheet:
Other long-term liabilities	$	41.0	$	52.9
Accumulated other comprehensive loss, net of tax:
Net actuarial loss	$	(16.4)	$	(30.8)
Net prior service cost	6.0		6.6
Deferred income tax benefit	2.4		4.6
Total	$	(8.0)	$	(19.6)

The accumulated benefit obligation ("ABO") for all defined benefit pension plans was $113.3 million and $120.9 million as of December 31, 2021 and 2020, respectively. The projected benefit obligation and ABO were in excess of plan assets for all pension plans as of December 31, 2021 and 2020.

The components of net periodic pension benefit cost are as follows (in millions):


	Years Ended December 31,
	2021		2020		2019
Service cost, net	$	6.5	$	6.3	$	5.2
Interest cost	0.4		0.5		0.9
Expected return on plan assets	(1.1)		(1.0)		(1.4)


Amortization of actuarial loss	1.7		1.6		0.9
Amortization of prior service credit	(0.7)		(0.7)		(0.2)

Net periodic pension benefit cost	$	6.8	$	6.7	$	5.4

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

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

The weighted-average assumptions used to determine the benefit obligations are as follows:


	December 31,
	2021		2020
Discount rate	0.5	%	0.3	%
Rate of compensation increase	2.6	%	2.6	%
Cash balance interest crediting rate	2.5	%	2.5	%
Social securities increase	1.6	%	1.6	%
Pension increase	1.8	%	1.8	%

The weighted-average assumptions used to determine the net periodic pension benefit cost are as follows:


	Years ended December 31,
	2021		2020		2019
Discount rate	0.3	%	0.5	%	0.9	%
Expected return on plan assets	1.5	%	1.5	%	2.3	%
Rate of compensation increase	2.6	%	2.7	%	2.8	%
Cash balance interest crediting rate	2.5	%	1.5	%	1.5	%
Social securities increase	1.6	%	1.6	%	1.8	%
Pension increase	1.8	%	1.8	%	1.8	%

Plan Assets

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

The Administrative and Investment Committee decides on the defined benefit plan provider in each location and that provider decides the target allocation for the Company's defined benefit plan at that location. The target asset allocation selected reflects a risk/return profile the Company feels is appropriate relative to the plans' liability structure and return goals. In certain plans, asset allocations may be governed by local requirements. Target weighted-average asset allocations at December 31, 2021, by asset category, are as follows:


Equity securities	28.3	%
Debt securities	41.7	%
Real estate	9.8	%
Other	20.2	%
Total	100.0	%

The fair values of the Company's defined benefit plan assets at December 31, 2021 and 2020, by asset category, are as follows (in millions):


December 31, 2021	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	5.4	$	—	$	—	$	5.4
Equity securities:
United States equities	1.6		—		—		1.6
International equities	16.3		—		—		16.3
Debt securities:
United States government bonds	6.2		—		—		6.2
International government bonds	26.3		—		—		26.3
Real estate	—		7.6		—		7.6
Mortgages	—		3.5		—		3.5
Insurance contracts	—		—		0.9		0.9
Total plan assets measured at fair value	$	55.8	$	11.1	$	0.9	$	67.8
Alternative investments measured at net asset value (a)							9.1
Total plan assets							$	76.9


December 31, 2020	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	3.0	$	—	$	—	$	3.0
Equity securities:
United States equities	3.3		—		—		3.3
International equities	16.1		—		—		16.1
Debt securities:
United States government bonds	7.4		—		—		7.4
International government bonds	26.0		—		—		26.0
Real estate	—		5.6		—		5.6
Mortgages	—		3.1		—		3.1
Insurance contracts	—		—		1.0		1.0
Total plan assets	$	55.8	$	8.7	$	1.0	$	65.5
Alternative investments measured at net asset value (a)							7.8
Total plan assets							$	73.3

_______________________________________

(a) Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total plan assets.

The following table summarizes the changes in fair value of the Company's defined benefit plan assets that have been classified as Level 3 for the years ended December 31, 2021 and 2020 (in millions):


	Insurance Contracts
Balance at December 31, 2019	$	0.9





Currency exchange rate impact	0.1
Balance at December 31, 2020	1.0





Currency exchange rate impact	(0.1)
Balance at December 31, 2021	$	0.9

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

The following benefit payments, which reflect expected future service, as appropriate, at December 31, 2021, are expected to be paid (in millions):


2022	$	5.4
2023	6.7
2024	5.6
2025	5.2
2026	6.1
2024-2026	36.1

As of December 31, 2021, expected employer contributions for 2022 are $2.2 million.

Defined Contribution Plans

The Company's employees in the United States and Puerto Rico are eligible to participate in a qualified defined contribution plan. In the United States, participants may contribute up to 25% of their eligible compensation (subject to tax code limitation) to the plan. Edwards Lifesciences matches the first 4% of the participant's annual eligible compensation contributed to the plan on a dollar-for-dollar basis. Edwards Lifesciences matches the next 2% of the participant's annual eligible compensation to the plan on a 50% basis. In Puerto Rico, participants may contribute up to 25% of their annual compensation (subject to tax code limitation) to the plan. Edwards Lifesciences matches the first 4% of participant's annual eligible compensation contributed to the plan on a 50% basis. The Company also provides a 2% profit sharing contribution calculated on eligible earnings for each employee. Matching contributions relating to Edwards Lifesciences employees were $38.6 million, $36.6 million, and $31.4 million in 2021, 2020, and 2019, respectively.

The Company also has nonqualified deferred compensation plans for a select group of employees. The plans provide eligible participants the opportunity to defer eligible compensation to future dates specified by the participant with a return based on investment alternatives selected by the participant. The amount accrued under these nonqualified plans was $130.9 million and $111.6 million at December 31, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

COMMON STOCK

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

COMMON STOCK

Treasury Stock

In May 2019, the Board of Directors approved a stock repurchase program authorizing the Company to purchase up to $1.0 billion of the Company's common stock. In May 2021, the Board of Directors approved a new stock repurchase program for an additional $1.0 billion of the Company's common stock. The repurchase programs do not have an expiration date. Stock repurchased under these programs may be used to offset obligations under the Company's employee stock-based benefit programs and stock-based business acquisitions, and will reduce the total shares outstanding.

During 2021, 2020, and 2019, the Company repurchased 5.8 million, 3.1 million, and 1.5 million shares, respectively, at an aggregate cost of $512.8 million, $625.4 million, and $263.3 million, respectively, including shares purchased under the accelerated share repurchase ("ASR") agreements described below and shares acquired to satisfy tax withholding obligations in connection with the vesting of restricted stock units issued to employees. The timing and size of any future stock repurchases are subject to a variety of factors, including expected dilution from stock plans, cash capacity, and the market price of the Company's common stock.

Accelerated Share Repurchase

During 2021 and 2019, the Company entered into ASR agreements providing for the repurchase of the Company's common stock based on the volume-weighted average price ("VWAP") of the Company's common stock during the term of the agreements, less a discount. The following table summarizes the terms of the ASR agreements (dollars and shares in millions, except per share data):


			Initial Delivery					Final Settlement
Agreement Date	Amount Paid		Shares Received	Price per Share (a)		Value of Shares as % of Contract Value		Settlement Date	Total Shares Received	Average Price per Share (a)
May 2019	$	150.0	0.7	$	178.66	80	%	May 2019	0.8	$	178.42
May 2019	$	100.0	0.5	$	170.02	80	%	June 2019	0.6	$	178.46
February 2021	$	250.0	2.4	$	83.86	80	%	March 2021	3.0	$	84.51

_______________________________________________________________________________

(a) The three-for-one stock split distributed on May 29, 2020 excluded treasury shares. The shares and per share prices in the table are reflected at the pre-split amounts and prices at the time of the transaction.

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 recorded in "Additional Paid-in Capital" on the consolidated balance sheets. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The Company determined that the forward contract indexed to the Company's common stock met all the applicable criteria for equity classification and, therefore, was not accounted for as a derivative instrument.

Employee and Director Stock Plans

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

The Company also maintains the Nonemployee Directors Stock Incentive Compensation Program (the "Nonemployee Directors Program"). Under the Nonemployee Directors Program, annually each nonemployee director may receive up to 120,000 stock options or 48,000 restricted stock units of the Company's common stock, or a combination thereof, provided that in no event may the total value of the combined annual award exceed $0.2 million. These grants generally vest over one year from the date of grant. Under the Nonemployee Directors Program, an aggregate of 8.4 million shares of the Company's common stock has been authorized for issuance.

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

by local law. The ESPP for United States employees is qualified under Section 423 of the Internal Revenue Code. The number of shares of common stock authorized for issuance under the ESPP was 50.4 million shares.

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

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

Option Awards


	2021			2020			2019
Average risk-free interest rate	0.8		%	0.3		%	2.3		%
Expected dividend yield	None			None			None
Expected volatility	34		%	33		%	30		%
Expected life (years)	5.0			5.0			5.1
Fair value, per share	$	28.90		$	21.70		$	18.17

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

ESPP


	2021			2020			2019
Average risk-free interest rate	0.1		%	1.3		%	2.4		%
Expected dividend yield	None			None			None
Expected volatility	37		%	33		%	27		%
Expected life (years)	0.6			0.6			0.6
Fair value, per share	$	23.07		$	16.61		$	16.43

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 during the years ended December 31, 2021, 2020, and 2019 included a risk-free interest rate of 0.4%, 0.2%, and 2.2%, respectively, and an expected volatility rate of 34.4%, 32.7%, and 29.4%, respectively.

Stock option activity during the year ended December 31, 2021 under the Program and the Nonemployee Directors Program was as follows (in millions, except years and per-share amounts):


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	14.3	$	41.27
Options granted	1.6	94.04
Options exercised	(3.4)	23.84
Options forfeited	(0.2)	67.89
Outstanding as of December 31, 2021	12.3	52.84		3.5 years	$	943.1
Exercisable as of December 31, 2021	8.2	41.84		2.6 years	$	719.7
Vested and expected to vest as of December 31, 2021	11.7	51.74		3.4 years	$	911.4

The following table summarizes nonvested restricted stock unit activity during the year ended December 31, 2021 under the Program and the Nonemployee Directors Program (in millions, except per-share amounts):


	Shares	Weighted- Average Grant-Date Fair Value
Nonvested as of December 31, 2020	2.6	$	57.59
Granted (a)	0.8	92.95
Vested	(1.0)	48.82
Forfeited	(0.1)	66.54
Nonvested as of December 31, 2021	2.3	73.94

_______________________________________________________________________________

(a) The shares granted include 0.1 million shares of market-based restricted stock units granted during 2021, which represents the target number of shares to be issued, and 0.1 million shares related to a previous year's grant of market-based restricted stock units since the payout percentage achieved at the end of the performance period was in excess of target. As described above, the actual number of shares ultimately issued is determined based on the Company's total stockholder return relative to a selected industry peer group.

The intrinsic value of stock options exercised and restricted stock units vested during the years ended December 31, 2021, 2020, and 2019 were $359.8 million, $323.5 million, and $382.1 million, respectively. The intrinsic value of stock options is calculated as the amount by which the market price of the Company's common stock exceeds the exercise price of the option. During the years ended December 31, 2021, 2020, and 2019, the Company received cash from exercises of stock options of $82.2 million, $79.2 million, and $110.4 million, respectively, and tax benefits from exercises of stock options and vesting of restricted stock units of $76.5 million, $72.1 million, and $85.1 million, respectively. The total grant-date fair value of stock options vested during the years ended December 31, 2021, 2020, and 2019 were $36.2 million, $34.0 million, and $31.2 million, respectively.

As of December 31, 2021, the total remaining unrecognized compensation expense related to nonvested stock options, restricted stock units, and employee stock purchase subscriptions amounted to $162.3 million, which will be amortized over the weighted-average remaining requisite service period of 30 months.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

Presented below is a summary of activity for each component of "Accumulated Other Comprehensive Loss" for the years ended December 31, 2021, 2020, and 2019.


	Foreign Currency Translation Adjustments		Unrealized Gain (Loss) on Hedges		Unrealized (Loss) Gain on Available-for-sale Investments		Unrealized Pension Costs (a)		Total Accumulated Other Comprehensive Loss
	(in millions)
December 31, 2018	$	(143.6)	$	23.6	$	(5.0)	$	(13.5)	$	(138.5)
Other comprehensive (loss) income before reclassifications	(1.5)		27.9		7.9		(3.2)		31.1
Amounts reclassified from accumulated other comprehensive loss	(6.6)		(44.2)		0.4		0.7		(49.7)
Deferred income tax (expense) benefit	(3.1)		5.2		(1.6)		0.6		1.1
December 31, 2019	(154.8)		12.5		1.7		(15.4)		(156.0)
Other comprehensive income (loss) before reclassifications	35.7		(34.8)		8.0		(5.5)		3.4
Amounts reclassified from accumulated other comprehensive loss	(6.4)		(19.2)		0.3		0.9		(24.4)
Deferred income tax benefit (expense)	3.1		13.8		(1.4)		0.4		15.9
December 31, 2020	(122.4)		(27.7)		8.6		(19.6)		(161.1)
Other comprehensive (loss) income before reclassifications	(39.2)		66.3		(29.2)		12.8		10.7
Amounts reclassified from accumulated other comprehensive loss	(6.4)		12.0		8.6		1.0		15.2
Deferred income tax (expense) benefit	(4.5)		(20.9)		5.1		(2.2)		(22.5)
December 31, 2021	$	(172.5)	$	29.7	$	(6.9)	$	(8.0)	$	(157.7)

_______________________________________________________________________________

(a)For the years ended December 31, 2021, 2020, and 2019, the change in unrealized pension costs consisted of the following (in millions):


	Pre-Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
2021
Prior service credit arising during period	$	0.1	$	—	$	0.1
Amortization of prior service credit	(0.7)		0.1		(0.6)
Net prior service cost arising during period	(0.6)		0.1		(0.5)
Net actuarial loss arising during period	14.4		(2.3)		12.1
Unrealized pension costs, net	$	13.8	$	(2.2)	$	11.6
2020
Prior service credit arising during period	$	0.6	$	(0.2)	$	0.4
Amortization of prior service credit	(0.7)		0.1		(0.6)
Net prior service cost arising during period	(0.1)		(0.1)		(0.2)
Net actuarial loss arising during period	(4.5)		0.5		(4.0)
Unrealized pension costs, net	$	(4.6)	$	0.4	$	(4.2)
2019
Prior service credit arising during period	$	4.6	$	(0.6)	$	4.0
Amortization of prior service credit	(0.2)		0.1		(0.1)
Net prior service credit arising during period	4.4		(0.5)		3.9
Net actuarial loss arising during period	(6.9)		1.1		(5.8)
Unrealized pension costs, net	$	(2.5)	$	0.6	$	(1.9)

The following table provides information about amounts reclassified from "Accumulated Other Comprehensive Loss" (in millions):


	Years Ended December 31,
Details about Accumulated Other Comprehensive Loss Components	2021		2020		Affected Line on Consolidated Statements of Operations
Foreign currency translation adjustments	$	6.4	$	6.4	Other income, net
	(1.6)		(1.6)		Provision for income taxes
	$	4.8	$	4.8	Net of tax
Gain (loss) on hedges	$	(23.0)	$	18.4	Cost of sales
	(0.6)		2.2		Selling, general, and administrative expenses
	11.6		(1.4)		Other income, net
	(12.0)		19.2		Total before tax
	4.6		(5.0)		Provision for income taxes
	$	(7.4)	$	14.2	Net of tax
(Loss) gain on available-for-sale investments	$	(8.6)	$	(0.3)	Other income, net
	2.1		(0.6)		Provision for income taxes
	$	(6.5)	$	(0.9)	Net of tax

Amortization of pension adjustments	$	(1.0)	$	(0.9)	Other income, net

	0.1		0.2		Provision for income taxes
	$	(0.9)	$	(0.7)	Net of tax

OTHER INCOME, NET

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

OTHER INCOME, NET


	Years Ended December 31,
	2021		2020		2019
	(in millions)
Foreign exchange gains, net	$	(5.0)	$	(12.3)	$	(5.9)
Gain on investments	(5.8)		(0.6)		(0.5)
Non-service cost components of net periodic pension benefit cost	0.3		0.4		0.2

Other	(2.2)		1.0		(2.0)
Total other income, net	$	(12.7)	$	(11.5)	$	(8.2)

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company's income before provision for income taxes was generated from operations in the United States and outside of the United States as follows (in millions):


	Years Ended December 31,
	2021		2020		2019
United States	$	610.9	$	151.3	$	383.4
Outside of the United States, including Puerto Rico	1,091.1		765.4		783.1
	$	1,702.0	$	916.7	$	1,166.5

The provision for income taxes consists of the following (in millions):


	Years Ended December 31,
	2021		2020		2019
Current
United States:
Federal	$	125.2	$	23.4	$	31.3
State and local	25.1		48.2		48.7
Outside of the United States, including Puerto Rico	92.6		73.9		29.1
Current income tax expense	$	242.9	$	145.5	$	109.1
Deferred
United States:
Federal	$	(9.4)	$	11.0	$	28.3
State and local	(25.4)		(32.9)		(18.3)
Outside of the United States, including Puerto Rico	(9.2)		(30.3)		0.5
Deferred income tax (benefit) expense	(44.0)		(52.2)		10.5
Total income tax provision	$	198.9	$	93.3	$	119.6

The components of deferred tax assets and liabilities are as follows (in millions):


	December 31,
	2021		2020
Deferred tax assets
Compensation and benefits	$	109.8	$	88.6
Benefits from uncertain tax positions	33.9		27.0
Net tax credit carryforwards	142.0		125.5
Net operating loss carryforwards	69.4		64.1
Accrued liabilities	108.0		105.0
Inventories	13.5		16.3
Cash flow and net investment hedges	—		3.3
State income taxes	0.4		0.5
Investments	0.7		1.8
Lease liability obligations	6.6		7.7
Other	1.3		3.6
Total deferred tax assets	485.6		443.4
Deferred tax liabilities
Property, plant, and equipment	(64.1)		(53.4)
Cash flow and net investment hedges	(6.4)		—
Deferred tax on foreign earnings	(26.3)		(29.2)
Right-of-use assets	(6.1)		(7.0)

Other intangible assets	(75.5)		(76.3)
Other	(2.6)		(3.1)
Total deferred tax liabilities	(181.0)		(169.0)
Valuation allowance	(82.5)		(71.6)
Net deferred tax assets	$	222.1	$	202.8

During 2021, net deferred tax assets increased $19.3 million, including items that were recorded to stockholders' equity and which did not impact the Company's income tax provision.

The valuation allowance of $82.5 million as of December 31, 2021 reduces certain deferred tax assets to amounts that are more likely than not to be realized. This allowance primarily relates to the net operating loss carryforwards of certain non-United States subsidiaries and certain non-United States credit carryforwards.

Net operating loss and capital loss carryforwards and the related carryforward periods at December 31, 2021 are summarized as follows (in millions):


	Carryforward Amount		Tax Benefit Amount		Valuation Allowance		Net Tax Benefit		Carryforward Period Ends
United States federal net operating losses	$	17.6	$	3.7	$	—	$	3.7	2030-2037
United States federal net operating losses	11.3		2.4		—		2.4		Indefinite
United States state net operating losses	33.5		1.6		(1.6)		—		2026-2039
United States state net operating losses	1.0		0.1		(0.1)		—		Indefinite
Non-United States net operating losses	5.8		1.5		(1.2)		0.3		2022-2028
Non-United States net operating losses	353.3		60.1		(50.8)		9.3		Indefinite
United States capital losses	34.1		0.2		(0.2)		—		2024
Total	$	456.6	$	69.6	$	(53.9)	$	15.7

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

The gross tax credit carryforwards and the related carryforward periods at December 31, 2021 are summarized as follows (in millions):


	Carryforward Amount		Valuation Allowance		Net Tax Benefit		Carryforward Period Ends
California research expenditure tax credits	$	167.0	$	—	$	167.0	Indefinite
Federal research expenditure tax credits	1.5		—		1.5		2026-2039
Foreign tax credits	2.9		(2.9)		—		2030-2031
Puerto Rico purchases credit	23.4		(23.4)		—		Indefinite
Total	$	194.8	$	(26.3)	$	168.5

The Company has $167.0 million of California research expenditure tax credits it expects to use in future periods. The credits may be carried forward indefinitely. Based upon anticipated future taxable income, the Company expects that it is more likely than not that all California research expenditure tax credits will be utilized, although the utilization of the full benefit is expected to occur over a number of years into the distant future. Accordingly, no valuation allowance has been provided. The Company has $23.4 million of Puerto Rico purchases credit. Throughout its history and into the future, the Puerto Rico operations generate, or are expected to generate, credits each year in excess of its ability to utilize credits in those years. As a result, even though the credits have an indefinite life, the Company continues to record a valuation allowance on the credit carryforwards.

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

The Company asserts that $1.0 billion of its foreign earnings continue to be indefinitely reinvested and it intends to repatriate $392.9 million of its foreign earnings as of December 31, 2021. The estimated net tax liability on the indefinitely reinvested earnings if repatriated is $23.1 million.

The Company has received tax incentives in certain non-United States tax jurisdictions, the primary benefit for which will expire in 2029. The tax reductions as compared to the local statutory rates were $208.0 million ($0.33 per diluted share), $189.2 million ($0.30 per diluted share), and $159.2 million ($0.25 per diluted share) for the years ended December 31, 2021, 2020, and 2019, respectively.

A reconciliation of the United States federal statutory income tax rate to the Company's effective income tax rate is as follows (in millions):


	Years Ended December 31,
	2021		2020		2019
Income tax expense at United States federal statutory rate	$	357.4	$	192.5	$	245.0
Foreign income taxed at different rates	(122.2)		(80.5)		(75.0)
State and local taxes, net of federal tax benefit	11.9		5.0		11.9
Tax credits, federal and state	(48.4)		(43.1)		(42.9)
Build of reserve for prior years' uncertain tax positions	3.6		4.2		5.0

Tax on global intangible low-taxed income	56.5		49.2		32.0
Foreign-derived intangible income deduction	(1.3)		(2.6)		(7.2)
Contingent consideration liabilities	(26.1)		2.9		(1.3)
United States federal deductible employee share-based compensation	(47.8)		(48.3)		(57.6)
Nondeductible employee share-based compensation	5.3		4.2		3.2



Other	10.0		9.8		6.5
Income tax provision	$	198.9	$	93.3	$	119.6

The Company's effective tax rate for 2021 increased in comparison to 2020 primarily due to the tax benefit from the Settlement Agreement with Abbott in 2020 (see Note 3) and the decrease in the excess tax benefit from employee share-based compensation, partially offset by the tax benefit from the change in fair value of contingent consideration liabilities. The Company's effective tax rate for 2020 decreased slightly in comparison to 2019 primarily due to the tax benefit from the Settlement Agreement with Abbott in 2020, partially offset by the increase in the United States tax on global intangible low-taxed income and the decrease in the excess tax benefit from employee share-based compensation.

Uncertain Tax Positions

As of December 31, 2021 and 2020, the gross uncertain tax positions were $358.4 million and $281.8 million, respectively. The Company estimates that these liabilities would be reduced by $135.1 million and $95.1 million, respectively, from offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, state income taxes, and timing adjustments. The net amounts of $223.3 million and $186.7 million, respectively, if not required, would favorably affect the Company's effective tax rate.

A reconciliation of the beginning and ending amount of uncertain tax positions, excluding interest, penalties, and foreign exchange, is as follows (in millions):


	December 31,
	2021		2020		2019
Uncertain gross tax positions, January 1	$	281.8	$	203.1	$	150.7
Current year tax positions	82.1		86.4		55.4
Increase in prior year tax positions	2.3		6.0		0.8
Decrease in prior year tax positions	(4.8)		(10.0)		(3.8)
Settlements	(0.3)		(3.7)		—
Lapse of statutes of limitations	(2.7)		—		—
Uncertain gross tax positions, December 31	$	358.4	$	281.8	$	203.1

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

The Company recognizes interest and penalties, if any, related to uncertain tax positions in the provision for income taxes. As of December 31, 2021, the Company had accrued $19.5 million (net of $8.1 million tax benefit) of interest related to uncertain tax positions, and as of December 31, 2020, the Company had accrued $14.3 million (net of $5.1 million tax benefit) of interest related to uncertain tax positions. During 2021, 2020, and 2019, the Company recognized interest expense, net of tax benefit, of $5.2 million, $5.0 million, and $4.7 million, respectively, in "Provision for Income Taxes" on the consolidated statements of operations.

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 results of operations and financial condition. The Company strives to resolve open matters with each tax authority at the examination level and could reach agreement with a tax authority at any time. While the Company has accrued for matters it believes are more likely than not to require settlement, the final outcome with a tax authority may result in a tax liability that is more or less than that reflected in the consolidated financial statements. Furthermore, the Company may later decide to challenge any assessments, if made, and may exercise its right to appeal. The uncertain tax positions are reviewed quarterly and adjusted as events occur that affect potential liabilities for additional taxes, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, negotiations between tax authorities, identification of new issues, and issuance of new legislation, regulations, or case law. Management believes that adequate amounts of tax and related penalty and interest have been provided in income tax expense for any adjustments that may result from these uncertain tax positions.

At December 31, 2021, all material state, local, and foreign income tax matters have been concluded for years through 2015. While not material, the Company continues to address matters in India for years from 2010.

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

The Company’s United States federal income tax returns through 2014 have been audited. The IRS began its examination of the 2015 and 2016 tax years during the fourth quarter of 2018 and later added the 2017 tax year to this audit cycle during the first quarter of 2019. The IRS audit field work for the 2015-2017 tax years was substantially completed during the fourth quarter of 2020, except for transfer pricing and related matters.

During the second quarter of 2021, the Company received a Notice of Proposed Adjustment (“NOPA”) from the IRS for the 2015-2017 tax years relating to transfer pricing involving certain Surgical/TAVR intercompany royalty transactions between the Company's United States and Switzerland subsidiaries. During the third quarter of 2021, the Company completed its review of the NOPA and provided comments to the IRS and the IRS subsequently revised the NOPA. The revised NOPA proposes an increase to the Company's United States taxable income which could result in additional tax expense for this period of approximately $180 million and represents a significant change to previously agreed upon transfer pricing methodologies for these types of transactions.

The Company has formally disagreed with the NOPA and has submitted a formal protest on the matter to the IRS Independent Office of Appeals during the fourth quarter of 2021. The Company also has received the final Revenue Agent's Report for these tax years. The Company continues to evaluate all possible remedies available to it, which could take several years to resolve. No payment of any amount related to the NOPA is required to be made, if at all, until all applicable proceedings have been completed. The Company believes the amounts previously accrued related to this uncertain tax position are sufficient and, accordingly, has not accrued any additional amount based on the NOPA received.

Certain Surgical/TAVR intercompany royalty transactions covering tax years 2015 - 2021 that were not resolved under the APA program remain subject to IRS examination, and those transactions and related tax positions remain uncertain as of

December 31, 2021. The Company has considered this information, as well as information regarding the NOPA described above, in its evaluation of its uncertain tax positions. The impact of these unresolved transfer pricing matters, net of any correlative repatriation tax adjustment, 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEGAL PROCEEDINGS	12 Months Ended
LEGAL PROCEEDINGS	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS	LEGAL PROCEEDINGS The Company is reviewing and investigating whether business activities in Japan and other markets violate certain provisions of the Foreign Corrupt Practices Act ("FCPA"). The Company has voluntarily notified the SEC and the United States Department of Justice that it has engaged outside counsel to conduct this review and investigation. Any determination that the Company’s operations or activities are not in compliance with existing laws, including the FCPA, could result in the imposition of fines, penalties, and equitable remedies. The Company cannot currently predict the outcome of the review and investigation or the potential impact on its financial statements. On September 28, 2021, Aortic Innovations LLC, a non-practicing entity, filed a lawsuit against Edwards Lifesciences Corporation and certain of its subsidiaries ("Edwards") in the United States District Court for the District of Delaware alleging that Edwards’ SAPIEN 3 Ultra product infringes certain of its patents. The Company is unable to predict the ultimate outcome of this matter or estimate a range of possible exposure; therefore, no amounts have been accrued. The Company intends to vigorously defend itself in this litigation. The Company is or may be a party to, or may otherwise be responsible for, pending or threatened lawsuits including those related to products and services currently or formerly manufactured or performed, as applicable, by the Company, workplace and employment matters, matters involving real estate, Company operations or health care regulations, or governmental investigations (the "Lawsuits"). The Lawsuits raise difficult and complex factual and legal issues and are subject to many uncertainties, including, but not limited to, the facts and circumstances of each particular case or claim, the jurisdiction in which each suit is brought, and differences in applicable law. Management does not believe that any loss relating to the Lawsuits would have a material adverse effect on the Company's overall financial condition, results of operations or cash flows. However, the resolution of one or more of the Lawsuits in any reporting period, could have a material adverse impact on the Company's financial results for that period. The Company is not able to estimate the amount or range of any loss for legal contingencies related to the Lawsuits for which there is no reserve or additional loss for matters already reserved. The Company is subject to various environmental laws and regulations both within and outside of the United States. The Company's operations, like those of other medical device companies, involve the use of substances regulated under environmental laws, primarily in manufacturing and sterilization processes. While it is difficult to quantify the potential impact of continuing compliance with environmental protection laws, management believes that such compliance will not have a material impact on the Company's financial results. The Company's threshold of disclosing material environmental legal proceedings involving a governmental authority where potential monetary exposure is involved is $1 million.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

Edwards Lifesciences conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. All regions sell products that are used to treat advanced cardiovascular disease.

The Company's geographic segments are reported based on the financial information provided to the Chief Operating Decision Maker (the Chief Executive Officer). The Company evaluates the performance of its geographic segments based on net sales and operating income. The accounting policies of the segments are the same as those described in Note 2. Segment net sales and segment operating income are based on internally derived standard foreign exchange rates, which may differ from year to year, 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 net interest income, global marketing expenses, corporate research and development expenses, manufacturing variances, corporate headquarters costs, special gains and charges, stock-based compensation, foreign currency hedging activities, certain litigation costs, changes in the fair value of contingent consideration liabilities, and most of the Company's amortization expense. Although most of the Company's depreciation expense is included in segment operating income, due to the Company's methodology for cost build-up, it is impractical to determine the amount of depreciation expense included in each segment, and, therefore, a portion is maintained at the corporate level. The Company neither discretely allocates assets to its operating segments, nor evaluates the operating segments using discrete asset information.

The table below presents information about Edwards Lifesciences' reportable segments (in millions):


	Years Ended December 31,
	2021		2020		2019
Segment Net Sales
United States	$	2,963.1	$	2,516.8	$	2,532.7
Europe	1,099.6		945.2		926.1
Japan	528.0		448.6		441.4
Rest of World	533.2		451.5		433.3
Total segment net sales	$	5,123.9	$	4,362.1	$	4,333.5
Segment Operating Income
United States	$	2,051.0	$	1,727.3	$	1,742.3
Europe	569.1		479.3		472.0
Japan	348.0		286.4		272.3
Rest of World	185.2		150.1		127.9
Total segment operating income	$	3,153.3	$	2,643.1	$	2,614.5

The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions):


	Years Ended December 31,
	2021		2020		2019
Net Sales Reconciliation
Segment net sales	$	5,123.9	$	4,362.1	$	4,333.5
Foreign currency	108.6		24.2		14.5
Consolidated net sales	$	5,232.5	$	4,386.3	$	4,348.0
Pre-tax Income Reconciliation
Segment operating income	$	3,153.3	$	2,643.1	$	2,614.5
Unallocated amounts:
Corporate items	(1,613.8)		(1,358.0)		(1,439.7)
Special charges	—		—		(64.6)
Intellectual property litigation expenses, net	(20.6)		(405.4)		(33.4)
Change in fair value of contingent consideration liabilities, net	124.1		(13.6)		6.1
Foreign currency	47.3		31.5		63.9
Consolidated operating income	1,690.3		897.6		1,146.8
Non-operating income	11.7		19.1		19.7
Consolidated pre-tax income	$	1,702.0	$	916.7	$	1,166.5

Enterprise-Wide Information

(in millions)

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


	As of or for the Years Ended December 31,
	2021		2020		2019
Net Sales by Geographic Area
United States	$	2,963.1	$	2,516.8	$	2,532.7
Europe	1,190.3		973.6		941.2
Japan	528.9		460.1		444.7
Rest of World	550.2		435.8		429.4
	$	5,232.5	$	4,386.3	$	4,348.0
Net Sales by Major Product Area
Transcatheter Aortic Valve Replacement	$	3,422.5	$	2,857.3	$	2,737.9
Transcatheter Mitral and Tricuspid Therapies	86.0		41.8		28.2
Surgical Structural Heart	889.1		761.8		841.7
Critical Care	834.9		725.4		740.2
	$	5,232.5	$	4,386.3	$	4,348.0
Long-lived Tangible Assets by Geographic Area
United States	$	1,195.8	$	1,084.3	$	849.1
Europe	197.9		192.7		101.5
Japan	19.7		20.4		21.7
Rest of World	335.5		311.0		269.4
	$	1,748.9	$	1,608.4	$	1,241.7

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

VALUATION AND QUALIFYING ACCOUNTS


			Additions
	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions		Balance at End of Period
	(in millions)
Year ended December 31, 2021
Allowance for doubtful accounts (a)	$	16.4	$	1.2	$	0.6	$	(2.5)	$	15.7
Tax valuation allowance (b)	71.6		12.4		—		(1.5)		82.5
Year ended December 31, 2020
Allowance for doubtful accounts (a)	$	14.7	$	3.1	$	—	$	(1.4)	$	16.4
Tax valuation allowance (b)	65.8		6.3		0.6		(1.1)		71.6
Year ended December 31, 2019
Allowance for doubtful accounts (a)	$	13.6	$	4.7	$	0.2	$	(3.8)	$	14.7
Tax valuation allowance (b)	46.7		18.9		0.2		—		65.8

_______________________________________________________________________________

(a) The deductions related to allowances for doubtful accounts represent accounts receivable which are written off.

(b) The tax valuation allowances are provided for other-than-temporary impairments and unrealized losses related to certain investments that may not be recognized due to the uncertainty of the ready marketability of certain impaired investments, and net operating loss and credit carryforwards that may not be recognized due to insufficient taxable income.

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTIn January 2022, the Company entered into an ASR agreement to repurchase $250.0 million of Edwards Lifesciences' common stock based on the volume-weighted average price ("VWAP") of Edwards Lifesciences' common stock during the term of the agreements, less a discount. Upon entering into the agreement, the Company received an initial delivery of approximately 1.9 million shares, representing approximately 80% of the shares to be repurchased. At the termination of the ASR, the Company may receive additional shares or may be required to pay additional cash or shares (at the Company's election). The final settlement is based on the VWAP over the term of the agreement, less a discount. The ASR agreement has a scheduled termination date of February 16, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Edwards Lifesciences and its majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company reviews its investments in other entities to determine whether the Company is the primary beneficiary of a variable interest entity ("VIE"). The Company would be the primary beneficiary of the VIE, and would be required to consolidate the VIE, if it has the power to direct the significant activities of the entity and the obligation to absorb losses or receive benefits from the entity that may be significant to the VIE. Based on the Company's analysis, it determined it is not the primary beneficiary of any material VIEs; however, future events may require VIEs to be consolidated if the Company becomes the primary beneficiary.
Use of Estimates	Use of Estimates The consolidated financial statements of Edwards Lifesciences have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") which have been applied consistently in all material respects. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. In particular, the COVID-19 pandemic has adversely impacted, and may further adversely impact, nearly all aspects of the Company's business and markets, including its workforce and the operations of its customers, suppliers, and business partners. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations, and financial condition, including sales, expenses, manufacturing, clinical trials, research and development costs, reserves and allowances, fair value measurements, asset impairment charges, contingent consideration obligations, and the effectiveness of the Company's hedging instruments, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak (including new and more contagious variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, public acceptance and efficacy of vaccines and other treatments, United States and foreign government actions to respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.
Foreign Currency Translation	Foreign Currency Translation When the local currency of the Company's foreign entities is the functional currency, all assets and liabilities are translated into United States dollars at the rate of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted-average exchange rate prevailing during the period. The effects of foreign currency translation adjustments for these entities are deferred and reported in stockholders' equity as a component of "Accumulated Other Comprehensive Loss." The effects of foreign currency transactions denominated in a currency other than an entity's functional currency are included in "Other Income, net."
Revenue Recognition	Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products or services. The Company generates nearly all of its revenue from direct product sales and sales of products under consignment arrangements. Revenue from direct product sales is recognized at a point in time when the performance obligation is satisfied upon delivery of the product. Revenue from sales of consigned inventory is recognized at a point in time when the performance obligation is satisfied once the product has been implanted or used by the customer. The Company periodically reviews consignment inventories to confirm the accuracy of customer reporting. The Company also generates a small portion of its revenue from service contracts, and recognizes revenue from service contracts ratably over the term of the contracts. Sales taxes and other similar taxes that the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company does not typically have any significant unusual payment terms beyond 90 days in its contracts with customers. In addition, the Company receives royalty payments for the licensing of certain intellectual property and recognizes the royalty when the subsequent sale of product using the intellectual property occurs. The amount of consideration the Company ultimately receives varies depending upon the return terms, sales rebates, discounts, and other incentives that the Company may offer, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely upon an assessment of historical payment experience, historical relationship to revenues, estimated customer inventory levels, and current contract sales terms with direct and indirect customers. The Company's sales adjustment related to distributor rebates given to the Company's United States distributors represents the difference between the Company's sales price to the distributor and the negotiated price to be paid by the end-customer. This distributor rebate is recorded as a reduction to sales and a reduction to the distributor's accounts receivable at the time of sale to a distributor. The Company periodically monitors current pricing trends and distributor inventory levels to ensure the credit for future distributor rebates is fairly stated. The Company offers volume rebates to certain group purchasing organizations ("GPOs") and customers based upon targeted sales levels. Volume rebates offered to GPOs are recorded as a reduction to sales and an obligation to the GPOs, as the Company expects to pay in cash. Volume rebates offered to customers are recorded as a reduction to sales and either a reduction to accounts receivable if the Company expects a net payment from the customer, or as an obligation to the customer if the Company expects to pay in cash. The provision for volume rebates is estimated based upon customers' contracted rebate programs, projected sales levels, and historical experience of rebates paid. The Company periodically monitors its customer rebate programs to ensure that the allowance and liability for accrued rebates is fairly stated. Product returns are typically not significant because returns are generally not allowed unless the product is damaged at time of receipt. In limited circumstances, the Company may allow customers to return previously purchased products, such as for next-generation product offerings. For these transactions, the Company defers recognition of revenue on the sale of the earlier generation product based upon an estimate of the amount of product to be returned when the next-generation products are shipped to the customer. The Company sells separately priced service contracts, which range from 12 to 36 months, to owners of its hemodynamic monitors. The Company invoices the customer the total amount of consideration at the inception of the contract and recognizes revenue ratably over the term of the contract. As of December 31, 2021 and 2020, $10.2 million and $6.3 million, respectively, of deferred revenue associated with outstanding service contracts was recorded in “Accrued and Other Liabilities” and "Other Long-term Liabilities." During 2021, the Company recognized as revenue $7.3 million that was included in the balance of deferred revenue as of December 31, 2020, and during 2020, the Company recognized as revenue $6.3 million that was included in the balance of deferred revenue as of December 31, 2019. A limited number of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the transaction price is allocated to each performance obligation based on its relative standalone selling price charged to other customers. The Company applies the optional exemption of not disclosing the amount of the transaction price allocated to unsatisfied performance obligations for contracts with an original expected duration of one year or less. Shipping and Handling Costs Shipping costs, which are costs incurred to physically move product from the Company's premises or third party distribution centers, including storage, to the customer's premises, are included in "Selling, General, and Administrative Expenses." Handling costs, which are costs incurred to store at the Company's premises, move, and prepare products for shipment, are included in "Cost of Sales."
Cash Equivalents	Cash Equivalents The Company considers highly liquid investments with original maturities of three months or less to be cash equivalents. These investments are valued at cost, which approximates fair value.
Investments	Investments The Company invests its excess cash in debt securities, including time deposits, commercial paper, United States government and agency securities, asset-backed securities, corporate debt securities, and municipal debt securities. Investments with maturities of one year or less are classified as short-term, and investments with maturities greater than one year are classified as long-term. Investments that the Company has the ability and intent to hold until maturity are classified as held-to-maturity and carried at amortized cost. Investments in debt securities that are classified as available-for-sale are carried at fair value with unrealized gains and losses included in "Accumulated Other Comprehensive Loss." The Company determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company also has long-term equity investments in companies that are in various stages of development. These investments are reported at fair value or under the equity method of accounting, as appropriate. Equity investments that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Company accounts for investments in limited partnerships and limited liability corporations, whereby the Company owns a minimum of 5% of the investee's outstanding voting stock, under the equity method of accounting. These investments are recorded at the amount of the Company's investment and adjusted each period for the Company's share of the investee's income or loss, and dividends paid. Realized gains and losses on investments that are sold are determined using the specific identification method, or the first-in, first-out method, depending on the investment type, and recorded to "Other Income, net." Income relating to investments in debt securities is recorded to "Interest Income." Equity investments without readily determinable fair value are considered impaired when there is an indication that the fair value of the Company's interest is less than the carrying amount. Equity method investments are considered impaired when there is an indication of an other-than-temporary decline in value below the carrying amount. Impairments of equity investments are recorded in "Other Income, net." Debt securities in an unrealized loss position are written down to fair value through “Other Income, net” if the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security to the amortized cost basis of the security to determine the allowance amount that should be recorded, if any.
Accounts Receivable	Accounts Receivable The majority of the Company’s accounts receivable arise from direct product sales and sales of products under consignment arrangements, and have payment terms that generally require payment within 30 to 90 days. The Company does not adjust its receivables for the effects of a significant financing component at contract exception if collection of the receivable is expected within one year or less from the time of sale. In countries where the Company has experienced a pattern of payments extending beyond the stated terms and collection of the receivable is expected beyond one year from the time of sale, the Company assesses whether the customer has a significant financing component and discounts the receivable and reduces the related revenues over the period of time that the Company estimates those amounts will be paid using the country’s market-based borrowing rate for such period. The Company provides reserves against accounts receivable for estimated losses that may result from a customer’s inability to pay based on customer-specific analysis and general matters such as current assessments of past due balances, economic conditions and forecasts, and historical credit loss activity. Amounts determined to be uncollectible are charged or written-off against the reserve.
Inventories	Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Market value for raw materials is based on replacement costs, and for other inventory classifications is based on net realizable value. A write-down for excess or slow moving inventory is recorded for inventory which is obsolete, damaged, nearing its expiration date (generally triggered at six months prior to expiration), or slow moving (generally defined as quantities in excess of a two-year supply). The Company allocates to inventory general and administrative costs that are related to the production process. These costs include insurance, manufacturing accounting and human resources personnel, and information technology.
Property, Plant and Equipment	Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Depreciation is principally calculated for financial reporting purposes on the straight-line method over the estimated useful lives of the related assets, which range from 10 to 40 years for buildings and improvements, from 3 to 15 years for machinery and equipment, and from 3 to 5 years for software. Leasehold improvements are amortized over the life of the related facility leases or the asset, whichever is shorter. Straight-line and accelerated methods of depreciation are used for income tax purposes. Construction in progress is not depreciated until the asset is ready for its intended use.
Leases	Leases The Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments. The Company's incremental borrowing rate is determined based on the estimated rate of interest for collateralized borrowing over a similar term as the associated lease. Right-of-use assets also include any lease payments made at or before lease commencement and any initial direct costs incurred, and exclude any lease incentives received. The Company determines the lease term as the noncancellable period of the lease, and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recognized on the balance sheet. Certain of the Company’s leases include variable lease payments that are based on costs incurred or actual usage, or adjusted periodically based on an index or a rate. The Company’s leases do not contain any residual value guarantees. The Company accounts for the lease and non-lease components as a single lease component for all of its leases except vehicle leases, for which the lease and non-lease components are accounted for separately. Operating leases are included in “Operating Lease Right-of-Use Assets” and “Operating Lease Liabilities” on the Company’s consolidated balance sheets. See Note 6 for further information.
Impairment of Goodwill and Long-lived Assets	Impairment of Goodwill and Long-lived Assets Goodwill is reviewed for impairment annually in the fourth quarter of each fiscal year, or whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the Company performs a quantitative impairment test. The Company determined, after performing a qualitative review of each reporting unit, that it is more likely than not that the fair value of each of its reporting units substantially exceeds the respective carrying amounts. Accordingly, in 2021, 2020, and 2019, the Company did not record any goodwill impairment loss. Indefinite-lived intangible assets relate to in-process research and development acquired in business combinations. The estimated fair values of in-process research and development projects acquired in a business combination which have not reached technological feasibility are capitalized and accounted for as indefinite-lived intangible assets subject to impairment testing until completion or abandonment of the projects. Upon successful completion of the project, the capitalized amount is amortized over its estimated useful life. If the project is abandoned, all remaining capitalized amounts are written off immediately. Indefinite-lived intangible assets are reviewed for impairment annually in the fourth quarter of each fiscal year, or whenever an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment loss is recognized when the asset's carrying value exceeds its fair value. In-process research and development projects acquired in an asset acquisition are expensed unless the project has an alternative future use. Management reviews the carrying amounts of other finite-lived intangible assets and long-lived tangible assets whenever events or circumstances indicate that the carrying amounts of an asset may not be recoverable. Impairment indicators include, among other conditions, cash flow deficits, historic or anticipated declines in revenue or operating profit, and adverse legal or regulatory developments. If it is determined that such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization periods, their carrying values are reduced to estimated fair market value. Estimated fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. For the purposes of identifying and measuring impairment, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. In 2021 and 2020, the Company did not record any impairment loss related to its in-process research and development assets. In 2019, the Company recorded a $40.6 million charge related to the impairment of certain in-process research and development assets. See Note 4 for further information.
Income Taxes	Income Taxes The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company recognizes the financial statement benefit of a tax position only after determining that a position would more likely than not be sustained based upon its technical merit if challenged by the relevant taxing authority and taken by management to the court of last resort. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the relevant tax authority. The Company recognizes interest and penalties related to income tax matters in income tax expense. The Company has made an accounting policy election to recognize the United States tax effects of global intangible low-taxed income as a component of income tax expense in the period the tax arises. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. The Company evaluates quarterly the realizability of its deferred tax assets by assessing its valuation allowance and adjusting the amount, if necessary. The factors used to assess the likelihood of realization are both historical experience and the Company's forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in the applicable taxing jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings.
Research and Development Costs	Research and Development Costs Research and development costs are charged to expense when incurred.
Earnings per Share	Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, nonvested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive.
Stock-based Compensation	Stock-based Compensation The Company measures and recognizes compensation expense for all stock-based awards based on estimated fair values. Stock-based awards consist of stock options, restricted stock units (service-based and market-based), and employee stock purchase subscriptions. Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period (vesting period) on a straight-line basis. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Upon exercise of stock options or vesting of restricted stock units, the Company issues common stock. Upon a participant's retirement, all unvested stock options are immediately forfeited. In addition, upon retirement, a participant will immediately vest in 25% of service-based restricted stock units for each full year of employment with the Company measured from the grant date. All remaining unvested service-based restricted stock units are immediately forfeited. For market-based restricted stock units, upon retirement and in certain other specified cases, a participant will receive a pro-rated portion of the shares that would ultimately be issued based on attainment of the performance goals as determined on the vesting date. The pro-rated portion is based on the participant's whole months of service with the Company during the performance period prior to the date of termination.
Derivatives	Derivatives The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk. It is the Company's policy not to enter into derivative financial instruments for speculative purposes. Derivative financial instruments involve credit risk in the event the counterparty should default. It is the Company's policy to execute such instruments with global financial institutions that the Company believes to be creditworthy. The Company diversifies its derivative financial instruments among counterparties to minimize exposure to any one of these entities. The Company also uses International Swap Dealers Association master-netting agreements. The master-netting agreements provide for the net settlement of all contracts through a single payment in a single currency in the event of default, as defined by the agreements. The Company uses foreign currency forward exchange contracts and cross currency swap contracts to manage its exposure to changes in currency exchange rates from (1) future cash flows associated with intercompany transactions and certain local currency expenses expected to occur within the next 13 months (designated as cash flow hedges), (2) its net investment in certain foreign subsidiaries (designated as net investment hedges) and (3) foreign currency denominated assets or liabilities (designated as fair value hedges). The Company also uses foreign currency forward exchange contracts that are not designated as hedging instruments to offset the transaction gains and losses associated with the revaluation of certain assets and liabilities denominated in currencies other than their functional currencies resulting principally from intercompany and local currency transactions. All derivative financial instruments are recognized at fair value in the consolidated balance sheets. For each derivative instrument that is designated as a fair value hedge, the gain or loss on the derivative included in the assessment of hedge effectiveness is recognized immediately to earnings, and offsets the loss or gain on the underlying hedged item. The Company reports in "Accumulated Other Comprehensive Loss" the gain or loss on derivative financial instruments that are designated, and that qualify, as cash flow hedges. The Company reclassifies these gains and losses into earnings in the same line item and in the same period in which the underlying hedged transactions affect earnings. Changes in the fair value of net investment hedges are reported in "Accumulated Other Comprehensive Loss" as a part of the cumulative translation adjustment and would be reclassified into earnings if the underlying net investment is sold or substantially liquidated. The portion of the change in fair value related to components excluded from the hedge effectiveness assessment are amortized into earnings over the life of the derivative. The gains and losses on derivative financial instruments for which the Company does not elect hedge accounting treatment are recognized in the consolidated statements of operations in each period based upon the change in the fair value of the derivative financial instrument. Cash flows from net investment hedges are reported as investing activities in the consolidated statements of cash flows, and cash flows from all other derivative financial instruments are reported as operating activities.
New Accounting Standards Not Yet Adopted	New Accounting Standards Not Yet Adopted In November 2021, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on government assistance. The guidance requires certain disclosures about transactions with a government that are accounted for by applying a grant or contribution model. The guidance is effective for annual periods beginning after December 15, 2021, and should be applied either prospectively or retrospectively. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The table below presents the computation of basic and diluted earnings per share (in millions, except for per share information):


	Years Ended December 31,
	2021		2020		2019
Basic:
Net income	$	1,503.1	$	823.4	$	1,046.9
Weighted-average shares outstanding	623.3		622.6		624.8
Basic earnings per share	$	2.41	$	1.32	$	1.68
Diluted:
Net income	$	1,503.1	$	823.4	$	1,046.9
Weighted-average shares outstanding	623.3		622.6		624.8
Dilutive effect of stock plans	7.9		9.3		11.9
Dilutive weighted-average shares outstanding	631.2		631.9		636.7
Diluted earnings per share	$	2.38	$	1.30	$	1.64

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense was as follows (in millions):


	Years Ended December 31,
	2021		2020		2019
Cost of sales	$	20.4	$	17.2	$	14.7
Selling, general, and administrative expenses	65.6		56.6		51.2
Research and development expenses	23.3		18.8		15.4
Total stock-based compensation expense	109.3		92.6		81.3
Income tax benefit	(18.9)		(15.4)		(14.8)
Total stock-based compensation expense, net of tax	$	90.4	$	77.2	$	66.5

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Components of Selected Captions in the Consolidated Balance Sheets

Components of selected captions in the consolidated balance sheets are as follows:


	As of December 31,
	2021		2020
	(in millions)
Inventories
Raw materials	$	132.8	$	136.7
Work in process	164.3		140.0
Finished products	429.6		525.6
	$	726.7	$	802.3
Property, plant, and equipment, net
Land	$	116.5	$	97.6
Buildings and leasehold improvements	1,010.1		881.5
Machinery and equipment	613.4		564.9
Equipment with customers	39.2		42.2
Software	88.2		94.2
Construction in progress	333.8		313.3
	2,201.2		1,993.7
Accumulated depreciation	(654.6)		(598.5)
	$	1,546.6	$	1,395.2

Accrued and other liabilities
Employee compensation and withholdings	$	319.7	$	236.7
Accrued rebates	77.0		67.2
Property, payroll, and other taxes	68.9		49.7
Research and development accruals	58.2		52.3


	As of December 31,
	2021		2020
	(in millions)
Legal and insurance (Notes 3 and 18)	79.1		60.8
Taxes payable	30.6		18.6
Fair value of derivatives	3.9		39.3
Accrued marketing expenses	20.1		14.3
Accrued professional services	11.9		7.6
Accrued realignment reserves	19.1		14.5
Accrued relocation costs	26.2		21.0
Other accrued liabilities	87.6		88.2
	$	802.3	$	670.2

Schedule of Cash Flow Information

Supplemental Cash Flow Information

(in millions)


	Years Ended December 31,
	2021		2020		2019
Cash paid during the year for:
Interest	$	20.2	$	19.9	$	19.9
Income taxes	$	182.5	$	197.9	$	61.5
Amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	31.9	$	29.7	$	28.6
Non-cash investing and financing transactions:


Right-of-use assets obtained in exchange for new lease liabilities	$	28.7	$	39.7	$	49.6
Capital expenditures accruals	$	54.3	$	80.4	$	50.8

Conversion of notes receivable to equity investment	$	21.5	$	4.5	$	—

Schedule of Cash and Cash Equivalents

Cash, Cash Equivalents, and Restricted Cash

(in millions)


	Years Ended December 31,
	2021		2020		2019
Cash and cash equivalents	$	862.8	$	1,183.2	$	1,179.1
Restricted cash included in other current assets	1.5		16.6		1.6
Restricted cash included in other assets	3.1		0.4		3.7
Total cash, cash equivalents, and restricted cash	$	867.4	$	1,200.2	$	1,184.4

Schedule of Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

(in millions)


	Years Ended December 31,
	2021		2020		2019
Cash and cash equivalents	$	862.8	$	1,183.2	$	1,179.1
Restricted cash included in other current assets	1.5		16.6		1.6
Restricted cash included in other assets	3.1		0.4		3.7
Total cash, cash equivalents, and restricted cash	$	867.4	$	1,200.2	$	1,184.4

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Assets And Liabilities Of Lessee

Supplemental balance sheet information related to operating leases was as follows (in millions, except lease term and discount rate):


	As of December 31,
	2021		2020
Operating lease right-of-use assets	$	92.1	$	94.2

Operating lease liabilities, current portion	$	25.5	$	27.2
Operating lease liabilities, long-term portion	69.1		72.7
Total operating lease liabilities	$	94.6	$	99.9

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of operating lease liabilities at December 31, 2021 were as follows (in millions):


2022	$	27.5
2023	23.0
2024	13.6
2025	8.3
2026	7.5
Thereafter	24.6
Total lease payments	104.5
Less: imputed interest	(9.9)
Total lease liabilities	$	94.6

The following table provides information on the lease terms and discount rates:


	Years Ended December 31,
	2021		2020
Weighted-average remaining lease term (in years)	6.2		6.6
Weighted-average discount rate	2.5	%	2.7	%

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Debt Securities

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


	December 31, 2021								December 31, 2020
Held-to-maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Bank time deposits	$	162.0	$	—	$	—	$	162.0	$	50.0	$	—	$	—	$	50.0








Available-for-sale
Bank time deposits	$	2.5	$	—	$	—	$	2.5	$	24.1	$	—	$	—	$	24.1
Commercial paper	127.7		—		—		127.7		—		—		—		—
United States government and agency securities	147.4		0.6		(0.7)		147.3		147.0		2.2		—		149.2

Asset-backed securities	515.2		0.3		(2.9)		512.6		149.6		1.9		—		151.5
Corporate debt securities	1,397.1		2.0		(8.3)		1,390.8		600.8		7.5		—		608.3
Municipal securities	2.8		—		—		2.8		2.8		—		—		2.8
	$	2,192.7	$	2.9	$	(11.9)	$	2,183.7	$	924.3	$	11.6	$	—	$	935.9

Schedule of Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity

The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2021 were as follows:


	Held-to-Maturity				Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Due in 1 year or less	$	162.0	$	162.0	$	441.3	$	442.0
Due after 1 year through 5 years	—		—		1,196.7		1,189.6
Due after 5 years through 10 years	—		—		8.7		8.6

Instruments not due at a single maturity date (a)	—		—		546.0		543.5
	$	162.0	$	162.0	$	2,192.7	$	2,183.7

_______________________________________

(a) Consists of mortgage- and asset-backed securities.

Schedule of Gross Unrealized Losses and Fair Values for Investments in Unrealized Loss Position

The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):



	December 31, 2021
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses


United States government and agency securities	$	85.1	$	(0.7)	$	—	$	—	$	85.1	$	(0.7)

Asset-backed securities	433.3		(2.9)		—		—		433.3		(2.9)
Corporate debt securities	1,114.1		(8.3)		—		—		1,114.1		(8.3)

	$	1,632.5	$	(11.9)	$	—	$	—	$	1,632.5	$	(11.9)

Schedule of Investments in Unconsolidated Affiliates

in unconsolidated entities. These investments are recorded in "Long-term Investments" on the consolidated balance sheets, and are as follows:


	December 31,
	2021		2020
	(in millions)
Equity method investments
Carrying value of equity method investments	$	8.4	$	5.7
Equity securities
Carrying value of non-marketable equity securities	84.1		29.4
Total investments in unconsolidated entities	$	92.5	$	35.1

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill, by Segment

The changes in the carrying amount of goodwill, by segment, during the years ended December 31, 2021 and 2020 were as follows:


	United States		Europe		Rest of World		Total
	(in millions)
Goodwill at December 31, 2019	$	773.7	$	62.8	$	331.2	$	1,167.7

Currency translation adjustment	—		5.5		—		5.5
Goodwill at December 31, 2020	773.7		68.3		331.2		1,173.2

Currency translation adjustment	—		(5.3)		—		(5.3)
Goodwill at December 31, 2021	$	773.7	$	63.0	$	331.2	$	1,167.9

Schedule of Finite-Lived Other Intangible Assets

Other intangible assets consist of the following (in millions):


		December 31,
	Weighted-Average Useful Life (in years)	2021						2020
		Cost		Accumulated Amortization		Net Carrying Value		Cost		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets
Patents	7.4	$	185.7	$	(184.2)	$	1.5	$	186.1	$	(183.6)	$	2.5
Developed technology	13.1	153.9		(55.5)		98.4		155.2		(51.0)		104.2
Other	10.0	12.4		(6.8)		5.6		12.6		(6.0)		6.6
	12.6	352.0		(246.5)		105.5		353.9		(240.6)		113.3
Indefinite-lived intangible assets
In-process research and development		218.1		—		218.1		218.1		—		218.1
		$	570.1	$	(246.5)	$	323.6	$	572.0	$	(240.6)	$	331.4

Schedule of Indefinite-Lived Other Intangible Assets

Other intangible assets consist of the following (in millions):


		December 31,
	Weighted-Average Useful Life (in years)	2021						2020
		Cost		Accumulated Amortization		Net Carrying Value		Cost		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets
Patents	7.4	$	185.7	$	(184.2)	$	1.5	$	186.1	$	(183.6)	$	2.5
Developed technology	13.1	153.9		(55.5)		98.4		155.2		(51.0)		104.2
Other	10.0	12.4		(6.8)		5.6		12.6		(6.0)		6.6
	12.6	352.0		(246.5)		105.5		353.9		(240.6)		113.3
Indefinite-lived intangible assets
In-process research and development		218.1		—		218.1		218.1		—		218.1
		$	570.1	$	(246.5)	$	323.6	$	572.0	$	(240.6)	$	331.4

Schedule of Estimated Amortization Expense

Estimated amortization expense for each of the years ending December 31 is as follows (in millions):


2022	$	6.8
2023	8.4
2024	8.4
2025	10.2
2026	15.9

DEBT AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of the Notes

The following is a summary of the Notes as of December 31, 2021 and 2020:


	December 31,
	2021				2020
	Amount		Effective Interest Rate		Amount		Effective Interest Rate
	(in millions)				(in millions)
Fixed-rate 4.300% 2018 Notes	$	600.0	4.329	%	$	600.0	4.329	%


Unamortized discount	(1.0)				(1.1)
Unamortized debt issuance costs	(3.3)				(3.9)

Total carrying amount	$	595.7			$	595.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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+ Details

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis as of December 31, 2021 and 2020 (in millions):


December 31, 2021	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	15.2	$	30.7	$	—	$	45.9
Available-for-sale investments:
Bank time deposits	—		2.5		—		2.5
Corporate debt securities	—		1,390.8		—		1,390.8
Asset-backed securities	—		512.6		—		512.6
United States government and agency securities	28.4		118.9		—		147.3

Commercial paper	—		127.7		—		127.7
Municipal securities	—		2.8		—		2.8

Investments held for deferred compensation plans	130.7		—		—		130.7
Derivatives	—		55.3		—		55.3
	$	174.3	$	2,241.3	$	—	$	2,415.6
Liabilities
Derivatives	$	—	$	3.9	$	—	$	3.9
Deferred compensation plans	130.9		—		—		130.9
Contingent consideration liabilities	—		—		62.0		62.0
Other liability	—		—		14.0		14.0
	$	130.9	$	3.9	$	76.0	$	210.8

December 31, 2020
Assets
Cash equivalents	$	16.2	$	—	$	—	$	16.2
Available-for-sale investments:
Bank time deposits	—		24.1		—		24.1
Corporate debt securities	—		608.3		—		608.3
Asset-backed securities	—		151.5		—		151.5
United States government and agency securities	56.9		92.2		—		149.1


Municipal securities	—		2.8		—		2.8

Investments held for deferred compensation plans	111.2		—		—		111.2
Derivatives	—		8.1		—		8.1
	$	184.3	$	887.0	$	—	$	1,071.3
Liabilities
Derivatives	$	—	$	39.3	$	—	$	39.3
Deferred compensation plans	111.6		—		—		111.6
Contingent consideration liabilities	—		—		186.1		186.1
	$	111.6	$	39.3	$	186.1	$	337.0

Schedule of Changes in Fair Value of Contingent Consideration Obligation

The following table summarizes the changes in fair value of the contingent consideration obligation for the years ended December 31, 2021 and 2020 (in millions):


	Contingent Consideration		Other Liability		Total
Fair value, December 31, 2019	$	172.5	$	—	$	172.5


Changes in fair value	13.6		—		13.6

Fair value, December 31, 2020	$	186.1	$	—	$	186.1
Additions	—		14.0		14.0

Changes in fair value	(124.1)		—		(124.1)

Fair value, December 31, 2021	$	62.0	$	14.0	$	76.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Financial Instruments Used to Manage Currency Exchange and Interest Rate Risk

The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.


	Notional Amount
	December 31, 2021		December 31, 2020
	(in millions)
Foreign currency forward exchange contracts	$	1,498.8	$	1,525.5
Cross currency swap contracts	300.0		300.0

Schedule of Location and Fair Value Amounts of Derivative Instruments

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


		Fair Value
	Balance Sheet Location	December 31, 2021		December 31, 2020
Derivatives designated as hedging instruments
Assets
Foreign currency contracts	Other current assets	$	36.2	$	7.3

Cross currency swap contracts	Other assets	$	19.1	$	0.8

Liabilities
Foreign currency contracts	Accrued and other liabilities	$	3.9	$	39.3

Schedule of Effect of Master-Netting Agreements and Rights of Offset, Assets

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


							Gross Amounts Not Offset in the Consolidated Balance Sheet
			Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet
December 31, 2021	Gross Amounts						Financial Instruments		Cash Collateral Received		Net Amount
Derivative Assets
Foreign currency contracts	$	36.2	$	—	$	36.2	$	(2.8)	$	—	$	33.4
Cross currency swap contracts	$	19.1	$	—	$	19.1	$	—	$	—	$	19.1
Derivative Liabilities
Foreign currency contracts	$	3.9	$	—	$	3.9	$	(2.8)	$	—	$	1.1

December 31, 2020
Derivative Assets
Foreign currency contracts	$	7.3	$	—	$	7.3	$	(6.1)	$	—	$	1.2
Cross currency swap contracts	$	0.8	$	—	$	0.8	$	—	$	—	$	0.8
Derivative Liabilities
Foreign currency contracts	$	39.3	$	—	$	39.3	(6.1)		$	—	$	33.2

Schedule of Effect of Master-Netting Agreements and Rights of Offset, Liabilities

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


							Gross Amounts Not Offset in the Consolidated Balance Sheet
			Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet
December 31, 2021	Gross Amounts						Financial Instruments		Cash Collateral Received		Net Amount
Derivative Assets
Foreign currency contracts	$	36.2	$	—	$	36.2	$	(2.8)	$	—	$	33.4
Cross currency swap contracts	$	19.1	$	—	$	19.1	$	—	$	—	$	19.1
Derivative Liabilities
Foreign currency contracts	$	3.9	$	—	$	3.9	$	(2.8)	$	—	$	1.1

December 31, 2020
Derivative Assets
Foreign currency contracts	$	7.3	$	—	$	7.3	$	(6.1)	$	—	$	1.2
Cross currency swap contracts	$	0.8	$	—	$	0.8	$	—	$	—	$	0.8
Derivative Liabilities
Foreign currency contracts	$	39.3	$	—	$	39.3	(6.1)		$	—	$	33.2

Schedule of Effect of Derivative Instruments

The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated statements of operations and consolidated statements of comprehensive income:


	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income

	2021		2020			2021		2020
	(in millions)					(in millions)
Cash flow hedges
Foreign currency contracts	$	56.7	$	(33.7)	Cost of sales	$	(23.0)	$	18.4
					Selling, general, and administrative expenses	$	(0.6)	$	2.2



	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
	2021		2020			2021		2020
	(in millions)					(in millions)
Net investment hedges
Cross currency swap contracts	$	18.4	$	(12.6)	Interest expense	$	6.4	$	6.4

The cross currency swap contracts have an expiration date of June 15, 2028. At maturity of the cross currency swap contracts, the Company will deliver the notional amount of €257.2 million and will receive $300.0 million from the counterparties. The Company will receive semi-annual interest payments from the counterparties based on a fixed interest rate until maturity of the agreements.


		Amount of Gain or (Loss) Recognized in Income on Derivative
	Location of Gain or (Loss) Recognized in Income on Derivative
		2021		2020		2019
		(in millions)
Fair value hedges
Foreign currency contracts	Other income, net	$	11.6	$	(1.4)	$	1.4


		Amount of Gain or (Loss) Recognized in Income on Derivative
	Location of Gain or (Loss) Recognized in Income on Derivative
		2021		2020		2019
		(in millions)
Derivatives not designated as hedging instruments
Foreign currency contracts	Other income, net	$	27.4	$	(15.1)	$	0.3

Schedule of the Effect of Fair Value and Cash Flow Hedge

The following table presents the effect of fair value and cash flow hedge accounting on the consolidated statements of operations:


	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Twelve Months Ended December 31, 2021
	Cost of sales		Selling, general, and administrative expenses		Other Income, net

Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,248.9)	$	(1,493.7)	$	12.7
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items	—		—		(9.0)
Derivatives designated as hedging instruments	—		—		9.0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	—		—		2.6
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income	(23.0)		(0.6)		—


	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Twelve Months Ended December 31, 2020
	Cost of sales		Selling, general, and administrative expenses		Other Income, net

Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,080.6)	$	(1,228.4)	$	11.5
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships:
Foreign currency contracts:
Hedged items	—		—		4.8
Derivatives designated as hedging instruments	—		—		(4.8)
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	—		—		3.4
Gain (loss) on cash flow hedging relationships:
Foreign currency contracts:
Amount of gain (loss) reclassified from accumulated OCI into income	18.4		2.2		—

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Information Regarding Defined Benefit Pension Plans


	Years Ended December 31,
	2021		2020
	(in millions)
Change in projected benefit obligation:
Beginning of year	$	126.2	$	105.2
Service cost	6.5		6.3
Interest cost	0.4		0.5
Participant contributions	1.5		1.5
Actuarial loss	(6.1)		2.9
Benefits paid	(2.5)		(0.6)
Plan amendment	(0.5)		—


Currency exchange rate changes and other	(7.6)		10.4
End of year	$	117.9	$	126.2




Change in fair value of plan assets:
Beginning of year	$	73.3	$	63.2
Actual return on plan assets	5.8		0.4
Employer contributions	3.1		2.8
Participant contributions	1.5		1.5

Benefits paid	(2.5)		(0.6)
Currency exchange rate changes and other	(4.3)		6.0
End of year	$	76.9	$	73.3
Funded Status
Projected benefit obligation	$	(117.9)	$	(126.2)
Plan assets at fair value	76.9		73.3
Underfunded status	$	(41.0)	$	(52.9)
Net amounts recognized on the consolidated balance sheet:
Other long-term liabilities	$	41.0	$	52.9
Accumulated other comprehensive loss, net of tax:
Net actuarial loss	$	(16.4)	$	(30.8)
Net prior service cost	6.0		6.6
Deferred income tax benefit	2.4		4.6
Total	$	(8.0)	$	(19.6)

Schedule of Net Periodic Benefit Cost

The components of net periodic pension benefit cost are as follows (in millions):


	Years Ended December 31,
	2021		2020		2019
Service cost, net	$	6.5	$	6.3	$	5.2
Interest cost	0.4		0.5		0.9
Expected return on plan assets	(1.1)		(1.0)		(1.4)


Amortization of actuarial loss	1.7		1.6		0.9
Amortization of prior service credit	(0.7)		(0.7)		(0.2)

Net periodic pension benefit cost	$	6.8	$	6.7	$	5.4

Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations

The weighted-average assumptions used to determine the benefit obligations are as follows:


	December 31,
	2021		2020
Discount rate	0.5	%	0.3	%
Rate of compensation increase	2.6	%	2.6	%
Cash balance interest crediting rate	2.5	%	2.5	%
Social securities increase	1.6	%	1.6	%
Pension increase	1.8	%	1.8	%

The weighted-average assumptions used to determine the net periodic pension benefit cost are as follows:


	Years ended December 31,
	2021		2020		2019
Discount rate	0.3	%	0.5	%	0.9	%
Expected return on plan assets	1.5	%	1.5	%	2.3	%
Rate of compensation increase	2.6	%	2.7	%	2.8	%
Cash balance interest crediting rate	2.5	%	1.5	%	1.5	%
Social securities increase	1.6	%	1.6	%	1.8	%
Pension increase	1.8	%	1.8	%	1.8	%

Schedule of Target Weighted-Average Asset Allocations and Fair Value

Target weighted-average asset allocations at December 31, 2021, by asset category, are as follows:


Equity securities	28.3	%
Debt securities	41.7	%
Real estate	9.8	%
Other	20.2	%
Total	100.0	%

The fair values of the Company's defined benefit plan assets at December 31, 2021 and 2020, by asset category, are as follows (in millions):


December 31, 2021	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	5.4	$	—	$	—	$	5.4
Equity securities:
United States equities	1.6		—		—		1.6
International equities	16.3		—		—		16.3
Debt securities:
United States government bonds	6.2		—		—		6.2
International government bonds	26.3		—		—		26.3
Real estate	—		7.6		—		7.6
Mortgages	—		3.5		—		3.5
Insurance contracts	—		—		0.9		0.9
Total plan assets measured at fair value	$	55.8	$	11.1	$	0.9	$	67.8
Alternative investments measured at net asset value (a)							9.1
Total plan assets							$	76.9


December 31, 2020	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	3.0	$	—	$	—	$	3.0
Equity securities:
United States equities	3.3		—		—		3.3
International equities	16.1		—		—		16.1
Debt securities:
United States government bonds	7.4		—		—		7.4
International government bonds	26.0		—		—		26.0
Real estate	—		5.6		—		5.6
Mortgages	—		3.1		—		3.1
Insurance contracts	—		—		1.0		1.0
Total plan assets	$	55.8	$	8.7	$	1.0	$	65.5
Alternative investments measured at net asset value (a)							7.8
Total plan assets							$	73.3

_______________________________________

(a) Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total plan assets.

Summary of Changes in Fair Value of Defined Benefit Plan Assets Classified as Level 3

The following table summarizes the changes in fair value of the Company's defined benefit plan assets that have been classified as Level 3 for the years ended December 31, 2021 and 2020 (in millions):


	Insurance Contracts
Balance at December 31, 2019	$	0.9





Currency exchange rate impact	0.1
Balance at December 31, 2020	1.0





Currency exchange rate impact	(0.1)
Balance at December 31, 2021	$	0.9

Schedule of Benefit Payments Which Reflect Expected Future Service

The following benefit payments, which reflect expected future service, as appropriate, at December 31, 2021, are expected to be paid (in millions):


2022	$	5.4
2023	6.7
2024	5.6
2025	5.2
2026	6.1
2024-2026	36.1

COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2021

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 Delivery					Final Settlement
Agreement Date	Amount Paid		Shares Received	Price per Share (a)		Value of Shares as % of Contract Value		Settlement Date	Total Shares Received	Average Price per Share (a)
May 2019	$	150.0	0.7	$	178.66	80	%	May 2019	0.8	$	178.42
May 2019	$	100.0	0.5	$	170.02	80	%	June 2019	0.6	$	178.46
February 2021	$	250.0	2.4	$	83.86	80	%	March 2021	3.0	$	84.51

_______________________________________________________________________________

(a) The three-for-one stock split distributed on May 29, 2020 excluded treasury shares. The shares and per share prices in the table are reflected at the pre-split amounts and prices at the time of the transaction.

Schedule of Weighted-Average Assumptions for Options Granted

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

Option Awards


	2021			2020			2019
Average risk-free interest rate	0.8		%	0.3		%	2.3		%
Expected dividend yield	None			None			None
Expected volatility	34		%	33		%	30		%
Expected life (years)	5.0			5.0			5.1
Fair value, per share	$	28.90		$	21.70		$	18.17

Schedule of Weighted-Average Assumptions for ESPP Subscriptions

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

ESPP


	2021			2020			2019
Average risk-free interest rate	0.1		%	1.3		%	2.4		%
Expected dividend yield	None			None			None
Expected volatility	37		%	33		%	27		%
Expected life (years)	0.6			0.6			0.6
Fair value, per share	$	23.07		$	16.61		$	16.43

Schedule of Stock Option Activity

Stock option activity during the year ended December 31, 2021 under the Program and the Nonemployee Directors Program was as follows (in millions, except years and per-share amounts):


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	14.3	$	41.27
Options granted	1.6	94.04
Options exercised	(3.4)	23.84
Options forfeited	(0.2)	67.89
Outstanding as of December 31, 2021	12.3	52.84		3.5 years	$	943.1
Exercisable as of December 31, 2021	8.2	41.84		2.6 years	$	719.7
Vested and expected to vest as of December 31, 2021	11.7	51.74		3.4 years	$	911.4

Schedule of Restricted Stock Unit Activity

The following table summarizes nonvested restricted stock unit activity during the year ended December 31, 2021 under the Program and the Nonemployee Directors Program (in millions, except per-share amounts):


	Shares	Weighted- Average Grant-Date Fair Value
Nonvested as of December 31, 2020	2.6	$	57.59
Granted (a)	0.8	92.95
Vested	(1.0)	48.82
Forfeited	(0.1)	66.54
Nonvested as of December 31, 2021	2.3	73.94

_______________________________________________________________________________

(a) The shares granted include 0.1 million shares of market-based restricted stock units granted during 2021, which represents the target number of shares to be issued, and 0.1 million shares related to a previous year's grant of market-based restricted stock units since the payout percentage achieved at the end of the performance period was in excess of target. As described above, the actual number of shares ultimately issued is determined based on the Company's total stockholder return relative to a selected industry peer group.

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Activity for Each Component of Accumulated Other Comprehensive Loss

Presented below is a summary of activity for each component of "Accumulated Other Comprehensive Loss" for the years ended December 31, 2021, 2020, and 2019.


	Foreign Currency Translation Adjustments		Unrealized Gain (Loss) on Hedges		Unrealized (Loss) Gain on Available-for-sale Investments		Unrealized Pension Costs (a)		Total Accumulated Other Comprehensive Loss
	(in millions)
December 31, 2018	$	(143.6)	$	23.6	$	(5.0)	$	(13.5)	$	(138.5)
Other comprehensive (loss) income before reclassifications	(1.5)		27.9		7.9		(3.2)		31.1
Amounts reclassified from accumulated other comprehensive loss	(6.6)		(44.2)		0.4		0.7		(49.7)
Deferred income tax (expense) benefit	(3.1)		5.2		(1.6)		0.6		1.1
December 31, 2019	(154.8)		12.5		1.7		(15.4)		(156.0)
Other comprehensive income (loss) before reclassifications	35.7		(34.8)		8.0		(5.5)		3.4
Amounts reclassified from accumulated other comprehensive loss	(6.4)		(19.2)		0.3		0.9		(24.4)
Deferred income tax benefit (expense)	3.1		13.8		(1.4)		0.4		15.9
December 31, 2020	(122.4)		(27.7)		8.6		(19.6)		(161.1)
Other comprehensive (loss) income before reclassifications	(39.2)		66.3		(29.2)		12.8		10.7
Amounts reclassified from accumulated other comprehensive loss	(6.4)		12.0		8.6		1.0		15.2
Deferred income tax (expense) benefit	(4.5)		(20.9)		5.1		(2.2)		(22.5)
December 31, 2021	$	(172.5)	$	29.7	$	(6.9)	$	(8.0)	$	(157.7)

Schedule of Change in Unrealized Pension Costs

For the years ended December 31, 2021, 2020, and 2019, the change in unrealized pension costs consisted of the following (in millions):


	Pre-Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
2021
Prior service credit arising during period	$	0.1	$	—	$	0.1
Amortization of prior service credit	(0.7)		0.1		(0.6)
Net prior service cost arising during period	(0.6)		0.1		(0.5)
Net actuarial loss arising during period	14.4		(2.3)		12.1
Unrealized pension costs, net	$	13.8	$	(2.2)	$	11.6
2020
Prior service credit arising during period	$	0.6	$	(0.2)	$	0.4
Amortization of prior service credit	(0.7)		0.1		(0.6)
Net prior service cost arising during period	(0.1)		(0.1)		(0.2)
Net actuarial loss arising during period	(4.5)		0.5		(4.0)
Unrealized pension costs, net	$	(4.6)	$	0.4	$	(4.2)
2019
Prior service credit arising during period	$	4.6	$	(0.6)	$	4.0
Amortization of prior service credit	(0.2)		0.1		(0.1)
Net prior service credit arising during period	4.4		(0.5)		3.9
Net actuarial loss arising during period	(6.9)		1.1		(5.8)
Unrealized pension costs, net	$	(2.5)	$	0.6	$	(1.9)

Schedule of Information About Amounts Reclassified from Accumulated Other Comprehensive Loss

The following table provides information about amounts reclassified from "Accumulated Other Comprehensive Loss" (in millions):


	Years Ended December 31,
Details about Accumulated Other Comprehensive Loss Components	2021		2020		Affected Line on Consolidated Statements of Operations
Foreign currency translation adjustments	$	6.4	$	6.4	Other income, net
	(1.6)		(1.6)		Provision for income taxes
	$	4.8	$	4.8	Net of tax
Gain (loss) on hedges	$	(23.0)	$	18.4	Cost of sales
	(0.6)		2.2		Selling, general, and administrative expenses
	11.6		(1.4)		Other income, net
	(12.0)		19.2		Total before tax
	4.6		(5.0)		Provision for income taxes
	$	(7.4)	$	14.2	Net of tax
(Loss) gain on available-for-sale investments	$	(8.6)	$	(0.3)	Other income, net
	2.1		(0.6)		Provision for income taxes
	$	(6.5)	$	(0.9)	Net of tax

Amortization of pension adjustments	$	(1.0)	$	(0.9)	Other income, net

	0.1		0.2		Provision for income taxes
	$	(0.9)	$	(0.7)	Net of tax

OTHER INCOME, NET (Tables)

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Schedule of Other Expense, Net


	Years Ended December 31,
	2021		2020		2019
	(in millions)
Foreign exchange gains, net	$	(5.0)	$	(12.3)	$	(5.9)
Gain on investments	(5.8)		(0.6)		(0.5)
Non-service cost components of net periodic pension benefit cost	0.3		0.4		0.2

Other	(2.2)		1.0		(2.0)
Total other income, net	$	(12.7)	$	(11.5)	$	(8.2)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Provisions for Income Taxes

The Company's income before provision for income taxes was generated from operations in the United States and outside of the United States as follows (in millions):


	Years Ended December 31,
	2021		2020		2019
United States	$	610.9	$	151.3	$	383.4
Outside of the United States, including Puerto Rico	1,091.1		765.4		783.1
	$	1,702.0	$	916.7	$	1,166.5

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following (in millions):


	Years Ended December 31,
	2021		2020		2019
Current
United States:
Federal	$	125.2	$	23.4	$	31.3
State and local	25.1		48.2		48.7
Outside of the United States, including Puerto Rico	92.6		73.9		29.1
Current income tax expense	$	242.9	$	145.5	$	109.1
Deferred
United States:
Federal	$	(9.4)	$	11.0	$	28.3
State and local	(25.4)		(32.9)		(18.3)
Outside of the United States, including Puerto Rico	(9.2)		(30.3)		0.5
Deferred income tax (benefit) expense	(44.0)		(52.2)		10.5
Total income tax provision	$	198.9	$	93.3	$	119.6

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows (in millions):


	December 31,
	2021		2020
Deferred tax assets
Compensation and benefits	$	109.8	$	88.6
Benefits from uncertain tax positions	33.9		27.0
Net tax credit carryforwards	142.0		125.5
Net operating loss carryforwards	69.4		64.1
Accrued liabilities	108.0		105.0
Inventories	13.5		16.3
Cash flow and net investment hedges	—		3.3
State income taxes	0.4		0.5
Investments	0.7		1.8
Lease liability obligations	6.6		7.7
Other	1.3		3.6
Total deferred tax assets	485.6		443.4
Deferred tax liabilities
Property, plant, and equipment	(64.1)		(53.4)
Cash flow and net investment hedges	(6.4)		—
Deferred tax on foreign earnings	(26.3)		(29.2)
Right-of-use assets	(6.1)		(7.0)

Other intangible assets	(75.5)		(76.3)
Other	(2.6)		(3.1)
Total deferred tax liabilities	(181.0)		(169.0)
Valuation allowance	(82.5)		(71.6)
Net deferred tax assets	$	222.1	$	202.8

Schedule of Net Operating Loss Carryforwards

Net operating loss and capital loss carryforwards and the related carryforward periods at December 31, 2021 are summarized as follows (in millions):


	Carryforward Amount		Tax Benefit Amount		Valuation Allowance		Net Tax Benefit		Carryforward Period Ends
United States federal net operating losses	$	17.6	$	3.7	$	—	$	3.7	2030-2037
United States federal net operating losses	11.3		2.4		—		2.4		Indefinite
United States state net operating losses	33.5		1.6		(1.6)		—		2026-2039
United States state net operating losses	1.0		0.1		(0.1)		—		Indefinite
Non-United States net operating losses	5.8		1.5		(1.2)		0.3		2022-2028
Non-United States net operating losses	353.3		60.1		(50.8)		9.3		Indefinite
United States capital losses	34.1		0.2		(0.2)		—		2024
Total	$	456.6	$	69.6	$	(53.9)	$	15.7

Schedule of Tax Credit Carryforwards

The gross tax credit carryforwards and the related carryforward periods at December 31, 2021 are summarized as follows (in millions):


	Carryforward Amount		Valuation Allowance		Net Tax Benefit		Carryforward Period Ends
California research expenditure tax credits	$	167.0	$	—	$	167.0	Indefinite
Federal research expenditure tax credits	1.5		—		1.5		2026-2039
Foreign tax credits	2.9		(2.9)		—		2030-2031
Puerto Rico purchases credit	23.4		(23.4)		—		Indefinite
Total	$	194.8	$	(26.3)	$	168.5

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the United States federal statutory income tax rate to the Company's effective income tax rate is as follows (in millions):


	Years Ended December 31,
	2021		2020		2019
Income tax expense at United States federal statutory rate	$	357.4	$	192.5	$	245.0
Foreign income taxed at different rates	(122.2)		(80.5)		(75.0)
State and local taxes, net of federal tax benefit	11.9		5.0		11.9
Tax credits, federal and state	(48.4)		(43.1)		(42.9)
Build of reserve for prior years' uncertain tax positions	3.6		4.2		5.0

Tax on global intangible low-taxed income	56.5		49.2		32.0
Foreign-derived intangible income deduction	(1.3)		(2.6)		(7.2)
Contingent consideration liabilities	(26.1)		2.9		(1.3)
United States federal deductible employee share-based compensation	(47.8)		(48.3)		(57.6)
Nondeductible employee share-based compensation	5.3		4.2		3.2



Other	10.0		9.8		6.5
Income tax provision	$	198.9	$	93.3	$	119.6

Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions

A reconciliation of the beginning and ending amount of uncertain tax positions, excluding interest, penalties, and foreign exchange, is as follows (in millions):


	December 31,
	2021		2020		2019
Uncertain gross tax positions, January 1	$	281.8	$	203.1	$	150.7
Current year tax positions	82.1		86.4		55.4
Increase in prior year tax positions	2.3		6.0		0.8
Decrease in prior year tax positions	(4.8)		(10.0)		(3.8)
Settlements	(0.3)		(3.7)		—
Lapse of statutes of limitations	(2.7)		—		—
Uncertain gross tax positions, December 31	$	358.4	$	281.8	$	203.1

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Information About Reportable Segments and Reconciliation of Segment Net Sales and Pre-Tax Income

The table below presents information about Edwards Lifesciences' reportable segments (in millions):


	Years Ended December 31,
	2021		2020		2019
Segment Net Sales
United States	$	2,963.1	$	2,516.8	$	2,532.7
Europe	1,099.6		945.2		926.1
Japan	528.0		448.6		441.4
Rest of World	533.2		451.5		433.3
Total segment net sales	$	5,123.9	$	4,362.1	$	4,333.5
Segment Operating Income
United States	$	2,051.0	$	1,727.3	$	1,742.3
Europe	569.1		479.3		472.0
Japan	348.0		286.4		272.3
Rest of World	185.2		150.1		127.9
Total segment operating income	$	3,153.3	$	2,643.1	$	2,614.5

The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions):


	Years Ended December 31,
	2021		2020		2019
Net Sales Reconciliation
Segment net sales	$	5,123.9	$	4,362.1	$	4,333.5
Foreign currency	108.6		24.2		14.5
Consolidated net sales	$	5,232.5	$	4,386.3	$	4,348.0
Pre-tax Income Reconciliation
Segment operating income	$	3,153.3	$	2,643.1	$	2,614.5
Unallocated amounts:
Corporate items	(1,613.8)		(1,358.0)		(1,439.7)
Special charges	—		—		(64.6)
Intellectual property litigation expenses, net	(20.6)		(405.4)		(33.4)
Change in fair value of contingent consideration liabilities, net	124.1		(13.6)		6.1
Foreign currency	47.3		31.5		63.9
Consolidated operating income	1,690.3		897.6		1,146.8
Non-operating income	11.7		19.1		19.7
Consolidated pre-tax income	$	1,702.0	$	916.7	$	1,166.5

Schedule of Enterprise-Wide Information

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


	As of or for the Years Ended December 31,
	2021		2020		2019
Net Sales by Geographic Area
United States	$	2,963.1	$	2,516.8	$	2,532.7
Europe	1,190.3		973.6		941.2
Japan	528.9		460.1		444.7
Rest of World	550.2		435.8		429.4
	$	5,232.5	$	4,386.3	$	4,348.0
Net Sales by Major Product Area
Transcatheter Aortic Valve Replacement	$	3,422.5	$	2,857.3	$	2,737.9
Transcatheter Mitral and Tricuspid Therapies	86.0		41.8		28.2
Surgical Structural Heart	889.1		761.8		841.7
Critical Care	834.9		725.4		740.2
	$	5,232.5	$	4,386.3	$	4,348.0
Long-lived Tangible Assets by Geographic Area
United States	$	1,195.8	$	1,084.3	$	849.1
Europe	197.9		192.7		101.5
Japan	19.7		20.4		21.7
Rest of World	335.5		311.0		269.4
	$	1,748.9	$	1,608.4	$	1,241.7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Split (Narrative) (Details)	May 29, 2020	May 07, 2020 shares
Accounting Policies [Abstract]
Stock split, conversion ratio	3	3
Number of newly issued shares of common stock per holder		2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue	$ 10.2	$ 6.3
Revenue recognized that was previously deferred excluding opening balance	$ 7.3
Revenue recognized that was previously deferred		$ 6.3
Hemodynamic Monitors \| Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	12 months
Hemodynamic Monitors \| Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	36 months

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Shipping and Handling Costs (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Information [Line Items]
Cost of sales	$ 1,248.9	$ 1,080.6	$ 1,114.4
Shipping and Handling
Product Information [Line Items]
Cost of sales	$ 85.3	$ 74.0	$ 71.5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments (Narrative) (Details)	Dec. 31, 2021
Minimum
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	5.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, required payment terms (in days)	30 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, required payment terms (in days)	90 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Period prior to expiration date which triggers write-down of inventory (in months)	6 months
Period used to evaluate slow-moving inventory levels (in years)	2 years
General and administrative costs allocated to inventory	$ 77.9	$ 63.1	$ 56.6
General and administrative costs included in inventory	33.7	30.7
Finished goods inventories held on consignment	125.8	130.0
Inventory write off (Note 2)	$ 0.0	$ 0.0	$ 73.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense for property, plant and equipment	$ 127.0	$ 101.8	$ 84.7
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	15 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
In-process research and development
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 0	$ 0	$ 40,600,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic:
Net income	$ 1,503.1	$ 823.4	$ 1,046.9
Weighted-average shares outstanding (in shares)	623.3	622.6	624.8
Basic earnings per share (in dollars per share)	$ 2.41	$ 1.32	$ 1.68
Diluted:
Net income	$ 1,503.1	$ 823.4	$ 1,046.9
Weighted-average shares outstanding (in shares)	623.3	622.6	624.8
Dilutive effect of stock plans (in shares)	7.9	9.3	11.9
Dilutive weighted-average shares outstanding (in shares)	631.2	631.9	636.7
Diluted earnings per share (in dollars per share)	$ 2.38	$ 1.30	$ 1.64

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings per Share (Narrative) (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock compensation plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of earnings per share (in shares)	1.8	2.0	1.5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 109.3	$ 92.6	$ 81.3
Income tax benefit	(18.9)	(15.4)	(14.8)
Total stock-based compensation expense, net of tax	90.4	77.2	66.5
Cost of sales
Allocation of stock-based compensation expense
Total stock-based compensation expense	20.4	17.2	14.7
Selling, general, and administrative expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	65.6	56.6	51.2
Research and development expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 23.3	$ 18.8	$ 15.4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage vesting upon retirement for each full year of employment subsequent to the grant date (as a percent)	25.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivatives (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Period when cash flows associated with future transactions and certain local currency expenses are expected to occur (in months)	13 months

INTELLECTUAL PROPERTY LITIGATION EXPENSES, NET (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	May 31, 2024	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Intellectual property litigation expenses				$ 20.6	$ 405.4	$ 33.4
Abbott Laboratories
Loss Contingencies [Line Items]
Intellectual property litigation expenses			$ 367.9
Payments for legal settlements		$ 100.0
Abbott Laboratories \| Forecast
Loss Contingencies [Line Items]
Royalty expense	$ 100.0

SPECIAL CHARGES - Impairment of Long-lived Assets (Details) $ in Millions	1 Months Ended
	Dec. 31, 2019 USD ($)
Rest of World \| Developed technology \| Valtech
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 40.6

SPECIAL CHARGES - Acquisition of Intellectual Property (Details) $ in Millions	Mar. 31, 2019 USD ($)
Early-stage Transcatheter Intellectual Property
Business Acquisition [Line Items]
Acquisition transaction costs	$ 24.0

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Components of Selected Captions (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventories
Raw materials	$ 132.8	$ 136.7
Work in process	164.3	140.0
Finished products	429.6	525.6
Total inventories	726.7	802.3
Property, plant, and equipment, net
Land	116.5	97.6
Buildings and leasehold improvements	1,010.1	881.5
Machinery and equipment	613.4	564.9
Equipment with customers	39.2	42.2
Software	88.2	94.2
Construction in progress	333.8	313.3
Total property, plant and equipment, gross	2,201.2	1,993.7
Accumulated depreciation	(654.6)	(598.5)
Total property, plant and equipment, net	1,546.6	1,395.2
Accrued and other liabilities
Employee compensation and withholdings	319.7	236.7
Accrued rebates	77.0	67.2
Property, payroll, and other taxes	68.9	49.7
Research and development accruals	58.2	52.3
Legal and insurance (Notes 3 and 18)	79.1	60.8
Taxes payable	30.6	18.6
Fair value of derivatives	3.9	39.3
Accrued marketing expenses	20.1	14.3
Accrued professional services	11.9	7.6
Accrued realignment reserves	19.1	14.5
Accrued relocation costs	26.2	21.0
Other accrued liabilities	87.6	88.2
Total accrued and other liabilities	$ 802.3	$ 670.2

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid during the year for:
Interest	$ 20.2	$ 19.9	$ 19.9
Income taxes	182.5	197.9	61.5
Amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	31.9	29.7	28.6
Non-cash investing and financing transactions:
Right-of-use assets obtained in exchange for new lease liabilities	28.7	39.7	49.6
Capital expenditures accruals	54.3	80.4	50.8
Conversion of notes receivable to equity investment	$ 21.5	$ 4.5	$ 0.0

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 862.8	$ 1,183.2	$ 1,179.1
Restricted cash included in other current assets	1.5	16.6	1.6
Restricted cash included in other assets	3.1	0.4	3.7
Total cash, cash equivalents, and restricted cash	$ 867.4	$ 1,200.2	$ 1,184.4	$ 715.9

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 29.7	$ 30.5	$ 27.9
Lease commitments for leases not yet commenced	$ 2.5
Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term (in years)	19 years

LEASES - Assets and Liabilities of Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 92.1	$ 94.2
Operating lease liabilities, current portion	25.5	27.2
Operating lease liabilities, long-term portion	69.1	72.7
Total operating lease liabilities	$ 94.6	$ 99.9

LEASES - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 27.5
2023	23.0
2024	13.6
2025	8.3
2026	7.5
Thereafter	24.6
Total lease payments	104.5
Less: imputed interest	(9.9)
Total lease liabilities	$ 94.6	$ 99.9
Weighted-average remaining lease term (in years)	6 years 2 months 12 days	6 years 7 months 6 days
Weighted-average discount rate (in years)	2.50%	2.70%

INVESTMENTS - Schedule of Investments in Debt Securities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Held-to-maturity
Amortized Cost	$ 162.0
Fair Value	162.0
Available-for-sale
Amortized Cost	2,192.7	$ 924.3
Gross Unrealized Gains	2.9	11.6
Gross Unrealized Losses	(11.9)	0.0
Fair Value	2,183.7	935.9
Bank time deposits
Held-to-maturity
Amortized Cost	162.0	50.0
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	0.0	0.0
Fair Value	162.0	50.0
Available-for-sale
Amortized Cost	2.5	24.1
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	0.0	0.0
Fair Value	2.5	24.1
Commercial paper
Available-for-sale
Amortized Cost	127.7	0.0
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	0.0	0.0
Fair Value	127.7	0.0
United States government and agency securities
Available-for-sale
Amortized Cost	147.4	147.0
Gross Unrealized Gains	0.6	2.2
Gross Unrealized Losses	(0.7)	0.0
Fair Value	147.3	149.2
Asset-backed securities
Available-for-sale
Amortized Cost	515.2	149.6
Gross Unrealized Gains	0.3	1.9
Gross Unrealized Losses	(2.9)	0.0
Fair Value	512.6	151.5
Corporate debt securities
Available-for-sale
Amortized Cost	1,397.1	600.8
Gross Unrealized Gains	2.0	7.5
Gross Unrealized Losses	(8.3)	0.0
Fair Value	1,390.8	608.3
Municipal securities
Available-for-sale
Amortized Cost	2.8	2.8
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	0.0	0.0
Fair Value	$ 2.8	$ 2.8

INVESTMENTS - Schedule of Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in 1 year or less	$ 162.0
Due after 1 year through 5 years	0.0
Due after 5 years through 10 years	0.0
Instruments not due at a single maturity date (a)	0.0
Amortized Cost	162.0
Fair Value
Due in 1 year or less	162.0
Due after 1 year through 5 years	0.0
Due after 5 years through 10 years	0.0
Instruments not due at a single maturity date (a)	0.0
Fair Value	162.0
Amortized Cost
Due in 1 year or less	441.3
Due after 1 year through 5 years	1,196.7
Due after 5 years through 10 years	8.7
Instruments not due at a single maturity date (a)	546.0
Amortized Cost	2,192.7	$ 924.3
Fair Value
Due in 1 year or less	442.0
Due after 1 year through 5 years	1,189.6
Due after 5 years through 10 years	8.6
Instruments not due at a single maturity date (a)	543.5
Fair Value	$ 2,183.7	$ 935.9

INVESTMENTS - Schedule of Unrealized Losses on Debt Securities (Details) $ in Millions	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	$ 1,632.5
Gross unrealized losses, less than 12 months	(11.9)
Fair value, 12 months or greater	0.0
Gross unrealized losses, 12 months or greater	0.0
Total fair value	1,632.5
Total gross unrealized losses	(11.9)
United States government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	85.1
Gross unrealized losses, less than 12 months	(0.7)
Fair value, 12 months or greater	0.0
Gross unrealized losses, 12 months or greater	0.0
Total fair value	85.1
Total gross unrealized losses	(0.7)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	433.3
Gross unrealized losses, less than 12 months	(2.9)
Fair value, 12 months or greater	0.0
Gross unrealized losses, 12 months or greater	0.0
Total fair value	433.3
Total gross unrealized losses	(2.9)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	1,114.1
Gross unrealized losses, less than 12 months	(8.3)
Fair value, 12 months or greater	0.0
Gross unrealized losses, 12 months or greater	0.0
Total fair value	1,114.1
Total gross unrealized losses	$ (8.3)

INVESTMENTS - Narrative (Details)	3 Months Ended	12 Months Ended
INVESTMENTS - Narrative (Details)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) investment	Apr. 30, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of investments in an unrealized loss position \| investment			0
Debt and Equity Securities, FV-NI [Line Items]
Upward price adjustments		$ 4,200,000	$ 1,800,000
Impairment of equity securities			(700,000)
Investment	$ 84,100,000	84,100,000	$ 29,400,000
Kardion, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Investment				$ 35,900,000
Investment option to acquire				5,700,000
Maximum additional option to acquire investment				21,800,000
Investment after first milestone	10,800,000
Maximum secured promissory note				45,000,000
Secured promissory note	0	0
Kardion, Inc. \| Equity Securities
Debt and Equity Securities, FV-NI [Line Items]
Maximum additional required investment				$ 9,900,000
Other income, net
Debt and Equity Securities, FV-NI [Line Items]
Increase in non-marketable equity securities due to observable price changes	8,000,000	8,000,000
Decrease in non-marketable equity securities due to observable price changes	$ 2,600,000	$ 2,600,000

INVESTMENTS - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Equity method investments
Carrying value of equity method investments	$ 8.4	$ 5.7
Equity securities
Carrying value of non-marketable equity securities	84.1	29.4
Total investments in unconsolidated entities	$ 92.5	$ 35.1

ACQUISITIONS - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 18, 2019	Feb. 11, 2019	Dec. 01, 2017	Jul. 03, 2015
CAS Medical Systems, Inc.
Business Acquisition [Line Items]
Consideration per share to be transferred (in dollars per share)		$ 2.45
Acquisition price, subject uncertain adjustments		$ 100.0
Cash purchase price	$ 100.2
Harpoon Medical
Business Acquisition [Line Items]
Additional research and development expenditures to be incurred prior to product introduction			$ 41.4
CardiAQ
Business Acquisition [Line Items]
Additional research and development expenditures to be incurred prior to product introduction				$ 97.7

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Changes in the Carrying Amount of Goodwill, by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill
Beginning balance	$ 1,173.2	$ 1,167.7
Currency translation adjustment	(5.3)	5.5
Ending balance	1,167.9	1,173.2
United States
Goodwill
Beginning balance	773.7	773.7
Currency translation adjustment	0.0	0.0
Ending balance	773.7	773.7
Europe
Goodwill
Beginning balance	68.3	62.8
Currency translation adjustment	(5.3)	5.5
Ending balance	63.0	68.3
Rest of World
Goodwill
Beginning balance	331.2	331.2
Currency translation adjustment	0.0	0.0
Ending balance	$ 331.2	$ 331.2

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-lived intangible assets
Weighted-Average Useful Life (in years)	12 years 7 months 6 days
Cost	$ 352.0	$ 353.9
Accumulated Amortization	(246.5)	(240.6)
Net Carrying Value	105.5	113.3
Indefinite-lived intangible assets
Cost	570.1	572.0
Net Carrying Value	323.6	331.4
In-process research and development
Indefinite-lived intangible assets
In-process research and development	$ 218.1	218.1
Patents
Finite-lived intangible assets
Weighted-Average Useful Life (in years)	7 years 4 months 24 days
Cost	$ 185.7	186.1
Accumulated Amortization	(184.2)	(183.6)
Net Carrying Value	$ 1.5	2.5
Developed technology
Finite-lived intangible assets
Weighted-Average Useful Life (in years)	13 years 1 month 6 days
Cost	$ 153.9	155.2
Accumulated Amortization	(55.5)	(51.0)
Net Carrying Value	$ 98.4	104.2
Other
Finite-lived intangible assets
Weighted-Average Useful Life (in years)	10 years
Cost	$ 12.4	12.6
Accumulated Amortization	(6.8)	(6.0)
Net Carrying Value	$ 5.6	$ 6.6

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to other intangible assets	$ 7.7	$ 5.4	$ 4.6

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Millions	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 6.8
2023	8.4
2024	8.4
2025	10.2
2026	$ 15.9

DEBT AND CREDIT FACILITIES - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2018	Apr. 30, 2018	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted-average interest rate under all debt obligations (as a percent)			3.40%	3.50%
Senior Notes \| Fixed-rate 4.300% 2018 Notes
Debt Instrument [Line Items]
Fixed-rate unsecured senior notes	$ 600,000,000
2013 Notes
Debt Instrument [Line Items]
Price equal to principal amount, plus accrued and unpaid interest (as a percent)	101.00%
2013 Notes \| Level 2
Debt Instrument [Line Items]
Fair value of the notes, based on Level 2 inputs			$ 675,400,000	$ 711,200,000
Credit Facility \| Credit agreement, maturity July 2019
Debt Instrument [Line Items]
Term of the credit agreement (in years)		5 years
Credit Facility \| Credit Agreement Maturity April 2023
Debt Instrument [Line Items]
Aggregate borrowings in multiple currencies		$ 750,000,000
Facility fee (as a percent)			0.10%
Issuance costs			$ 2,400,000
Borrowings outstanding			$ 0	$ 0
Credit Facility \| Credit Agreement Maturity April 2023 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.90%
Credit Facility \| Credit Agreement Maturity April 2023 \| High
Debt Instrument [Line Items]
Additional amount available, subject to lender approval		$ 250,000,000
Facility fee (as a percent)		0.20%
Credit Facility \| Credit Agreement Maturity April 2023 \| High \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.30%
Credit Facility \| Credit Agreement Maturity April 2023 \| Low
Debt Instrument [Line Items]
Facility fee (as a percent)		0.10%
Credit Facility \| Credit Agreement Maturity April 2023 \| Low \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.90%

DEBT AND CREDIT FACILITIES - Summary of the Notes (Details) - Senior Notes - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unamortized discount	$ (1.0)	$ (1.1)
Unamortized debt issuance costs	(3.3)	(3.9)
Total carrying amount	$ 595.7	595.0
Fixed-rate 4.300% 2018 Notes
Debt Instrument [Line Items]
Fixed interest rate	4.30%
Amount	$ 600.0	$ 600.0
Effective Interest Rate	4.329%	4.329%

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Available-for-sale investments:	$ 2,183.7	$ 935.9
Bank time deposits
Assets
Available-for-sale investments:	2.5	24.1
Corporate debt securities
Assets
Available-for-sale investments:	1,390.8	608.3
Asset-backed securities
Assets
Available-for-sale investments:	512.6	151.5
United States government and agency securities
Assets
Available-for-sale investments:	147.3	149.2
Commercial paper
Assets
Available-for-sale investments:	127.7	0.0
Municipal securities
Assets
Available-for-sale investments:	2.8	2.8
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis
Assets
Cash equivalents	45.9	16.2
Investments held for deferred compensation plans	130.7	111.2
Derivatives	55.3	8.1
Total assets	2,415.6	1,071.3
Liabilities
Derivatives	3.9	39.3
Deferred compensation plans	130.9	111.6
Contingent consideration liabilities	62.0	186.1
Other liability	14.0
Total liabilities	210.8	337.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Bank time deposits
Assets
Available-for-sale investments:	2.5	24.1
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Corporate debt securities
Assets
Available-for-sale investments:	1,390.8	608.3
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Asset-backed securities
Assets
Available-for-sale investments:	512.6	151.5
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| United States government and agency securities
Assets
Available-for-sale investments:	147.3	149.1
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Commercial paper
Assets
Available-for-sale investments:	127.7
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Municipal securities
Assets
Available-for-sale investments:	2.8	2.8
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1
Assets
Cash equivalents	15.2	16.2
Investments held for deferred compensation plans	130.7	111.2
Derivatives	0.0	0.0
Total assets	174.3	184.3
Liabilities
Derivatives	0.0	0.0
Deferred compensation plans	130.9	111.6
Contingent consideration liabilities	0.0	0.0
Other liability	0.0
Total liabilities	130.9	111.6
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| Bank time deposits
Assets
Available-for-sale investments:	0.0	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| Corporate debt securities
Assets
Available-for-sale investments:	0.0	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| Asset-backed securities
Assets
Available-for-sale investments:	0.0	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| United States government and agency securities
Assets
Available-for-sale investments:	28.4	56.9
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| Commercial paper
Assets
Available-for-sale investments:	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| Municipal securities
Assets
Available-for-sale investments:	0.0	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2
Assets
Cash equivalents	30.7	0.0
Investments held for deferred compensation plans	0.0	0.0
Derivatives	55.3	8.1
Total assets	2,241.3	887.0
Liabilities
Derivatives	3.9	39.3
Deferred compensation plans	0.0	0.0
Contingent consideration liabilities	0.0	0.0
Other liability	0.0
Total liabilities	3.9	39.3
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Bank time deposits
Assets
Available-for-sale investments:	2.5	24.1
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Corporate debt securities
Assets
Available-for-sale investments:	1,390.8	608.3
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Asset-backed securities
Assets
Available-for-sale investments:	512.6	151.5
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| United States government and agency securities
Assets
Available-for-sale investments:	118.9	92.2
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Commercial paper
Assets
Available-for-sale investments:	127.7
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Municipal securities
Assets
Available-for-sale investments:	2.8	2.8
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3
Assets
Cash equivalents	0.0	0.0
Investments held for deferred compensation plans	0.0	0.0
Derivatives	0.0	0.0
Total assets	0.0	0.0
Liabilities
Derivatives	0.0	0.0
Deferred compensation plans	0.0	0.0
Contingent consideration liabilities	62.0	186.1
Other liability	14.0
Total liabilities	76.0	186.1
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| Bank time deposits
Assets
Available-for-sale investments:	0.0	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| Corporate debt securities
Assets
Available-for-sale investments:	0.0	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| Asset-backed securities
Assets
Available-for-sale investments:	0.0	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| United States government and agency securities
Assets
Available-for-sale investments:	0.0	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| Commercial paper
Assets
Available-for-sale investments:	0.0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| Municipal securities
Assets
Available-for-sale investments:	$ 0.0	$ 0.0

FAIR VALUE MEASUREMENTS - Summary of Changes in Fair Value of Contingent Consideration Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value beginning balance	$ 186.1	$ 172.5
Additions	14.0
Changes in fair value	(124.1)	13.6
Fair value ending balance	76.0	186.1
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value beginning balance	186.1	172.5
Additions	0.0
Changes in fair value	(124.1)	13.6
Fair value ending balance	62.0	186.1
Other Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value beginning balance	0.0	0.0
Additions	14.0
Changes in fair value	0.0	0.0
Fair value ending balance	$ 14.0	$ 0.0

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	12 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration liabilities, net	$ 124.1	$ (13.6)	$ 6.1
Level 3 \| Obligations \| Measurement Input, Discount Rate \| Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liability measurement input	0.0006
Level 3 \| Obligations \| Measurement Input, Discount Rate \| Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liability measurement input	0.0926
Level 3 \| Obligations \| Measurement Input, Discount Rate \| Weighted Average
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liability measurement input	0.041
Level 3 \| Obligations \| Measurement Input, Probability of Milestone Achievement \| Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liability measurement input	0
Level 3 \| Obligations \| Measurement Input, Probability of Milestone Achievement \| Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liability measurement input	0.937
Level 3 \| Obligations \| Measurement Input, Probability of Milestone Achievement \| Weighted Average
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liability measurement input	0.592
Level 3 \| Obligations \| Measurement Input, Volatility of Future Revenue \| Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liability measurement input	0.400
Previous Acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration liabilities, net	$ 123.2
Two Previous Acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration liabilities, net		$ 12.7

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Derivative Financial Instruments Used to Manage Currency Exchange and Interest Rate Risk (Details) - Derivatives designated as hedging instruments - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Foreign currency forward exchange contracts
Derivative [Line Items]
Notional Amount	$ 1,498.8	$ 1,525.5
Cross currency swap contracts
Derivative [Line Items]
Notional Amount	$ 300.0	$ 300.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Location and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Foreign currency contracts
Assets
Fair Value	$ 36.2	$ 7.3
Liabilities
Fair Value	3.9	39.3
Cross currency swap contracts
Assets
Fair Value	19.1	0.8
Derivatives designated as hedging instruments \| Foreign currency contracts \| Other current assets
Assets
Fair Value	36.2	7.3
Derivatives designated as hedging instruments \| Foreign currency contracts \| Accrued and other liabilities
Liabilities
Fair Value	3.9	39.3
Derivatives designated as hedging instruments \| Cross currency swap contracts \| Other assets
Assets
Fair Value	$ 19.1	$ 0.8

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Master-Netting Agreements and Rights of Offset (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Foreign currency contracts
Derivative Assets
Gross Amounts	$ 36.2	$ 7.3
Gross Amounts Offset in the Consolidated Balance Sheet	0.0	0.0
Net Amounts Presented in the Consolidated Balance Sheet	36.2	7.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(2.8)	(6.1)
Cash Collateral Received	0.0	0.0
Net Amount	33.4	1.2
Derivative Liabilities
Gross Amounts	3.9	39.3
Gross Amounts Offset in the Consolidated Balance Sheet	0.0	0.0
Net Amounts Presented in the Consolidated Balance Sheet	3.9	39.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(2.8)	(6.1)
Cash Collateral Received	0.0	0.0
Net Amount	1.1	33.2
Cross currency swap contracts
Derivative Assets
Gross Amounts	19.1	0.8
Gross Amounts Offset in the Consolidated Balance Sheet	0.0	0.0
Net Amounts Presented in the Consolidated Balance Sheet	19.1	0.8
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	0.0	0.0
Cash Collateral Received	0.0	0.0
Net Amount	$ 19.1	$ 0.8

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Foreign currency contracts \| Other income, net \| Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 27.4	$ (15.1)	$ 0.3
Cash flow hedges \| Foreign currency contracts \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	56.7	(33.7)
Cash flow hedges \| Foreign currency contracts \| Cost of sales \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income	(23.0)	18.4
Cash flow hedges \| Foreign currency contracts \| Selling, general, and administrative expenses \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income	(0.6)	2.2
Net investment hedges \| Cross currency swap contracts \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	18.4	(12.6)
Net investment hedges \| Cross currency swap contracts \| Interest expense \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	6.4	6.4
Fair value hedges \| Foreign currency contracts \| Other income, net \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 11.6	$ (1.4)	$ 1.4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Derivative Instruments, Gain (Loss)
Cash flow hedge loss to be reclassified	$ 7.8
Cross currency swap contracts \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Notional Amount	300.0		$ 300.0
Cross currency swap contracts \| Net investment hedges \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Notional Amount	$ 300.0	€ 257.2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Location of Gain or Loss on Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss)
Cost of sales	$ (1,248.9)	$ (1,080.6)	$ (1,114.4)
Selling, general, and administrative expenses	(1,493.7)	(1,228.4)	(1,242.2)
Other income, net	12.7	11.5	$ 8.2
Foreign currency contracts \| Cost of sales
Gain (loss) on fair value hedging relationships:
Hedged items	0.0	0.0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0.0	0.0
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	(23.0)	18.4
Foreign currency contracts \| Cost of sales \| Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	0.0	0.0
Foreign currency contracts \| Selling, general, and administrative expenses
Gain (loss) on fair value hedging relationships:
Hedged items	0.0	0.0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0.0	0.0
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	(0.6)	2.2
Foreign currency contracts \| Selling, general, and administrative expenses \| Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	0.0	0.0
Foreign currency contracts \| Other income, net
Gain (loss) on fair value hedging relationships:
Hedged items	(9.0)	4.8
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	2.6	3.4
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	0.0	0.0
Foreign currency contracts \| Other income, net \| Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	$ 9.0	$ (4.8)

EMPLOYEE BENEFIT PLANS - Schedule of Information Regarding Defined Benefit Pension Plans (Details) - Defined benefit pension plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in projected benefit obligation:
Beginning of year	$ 126.2	$ 105.2
Service cost	6.5	6.3	$ 5.2
Interest cost	0.4	0.5	0.9
Participant contributions	1.5	1.5
Actuarial loss	(6.1)	2.9
Benefits paid	(2.5)	(0.6)
Plan amendment	(0.5)	0.0
Currency exchange rate changes and other	(7.6)	10.4
End of year	117.9	126.2	105.2
Change in fair value of plan assets:
Beginning of year	73.3	63.2
Actual return on plan assets	5.8	0.4
Employer contributions	3.1	2.8
Participant contributions	1.5	1.5
Benefits paid	(2.5)	(0.6)
Currency exchange rate changes and other	(4.3)	6.0
End of year	76.9	73.3	63.2
Funded Status
Projected benefit obligation	(117.9)	(126.2)	(105.2)
Plan assets at fair value	76.9	73.3	$ 63.2
Underfunded status	(41.0)	(52.9)
Accumulated other comprehensive loss, net of tax:
Net actuarial loss	(16.4)	(30.8)
Net prior service cost	6.0	6.6
Deferred income tax benefit	2.4	4.6
Total	(8.0)	(19.6)
Other long-term liabilities
Net amounts recognized on the consolidated balance sheet:
Other long-term liabilities	$ 41.0	$ 52.9

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plans
Expected employer contributions	$ 2.2
Matching contributions relating to entity's employees	38.6	$ 36.6	$ 31.4
Nonqualified deferred compensation plans
Defined Contribution Plans
Amount accrued under nonqualified plans	$ 130.9	111.6
United States
Defined Contribution Plans
Maximum contributions of a participant's eligible compensation (as a percent)	25.00%
Dollar-for-dollar match of employee's annual eligible compensation (as a percent)	4.00%
Company match of eligible compensation after dollar-for-dollar basis (as a percent)	2.00%
Company match, second level (as a percent)	50.00%
Puerto Rico
Defined Contribution Plans
Maximum contributions of a participant's eligible compensation (as a percent)	25.00%
Dollar-for-dollar match of employee's annual eligible compensation (as a percent)	4.00%
Company match, first level (as a percent)	50.00%
Profit sharing contribution calculated on eligible earnings (as a percent)	2.00%
Defined benefit pension plans
Defined Contribution Plans
Accumulated benefit obligation	$ 113.3	$ 120.9

EMPLOYEE BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - Defined benefit pension plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	$ 6.5	$ 6.3	$ 5.2
Interest cost	0.4	0.5	0.9
Expected return on plan assets	(1.1)	(1.0)	(1.4)
Amortization of actuarial loss	1.7	1.6	0.9
Amortization of prior service credit	(0.7)	(0.7)	(0.2)
Net periodic pension benefit cost	$ 6.8	$ 6.7	$ 5.4

EMPLOYEE BENEFIT PLANS - Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations (Details) - Defined benefit pension plans	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted-average assumptions used to determine the benefit obligations
Discount rate (as a percent)	0.50%	0.30%
Rate of compensation increase (as a percent)	2.60%	2.60%
Cash balance interest crediting rate (as a percent)	2.50%	2.50%
Social securities increase (as a percent)	1.60%	1.60%
Pension increase (as a percent)	1.80%	1.80%
Weighted-average assumptions used to determine the net periodic benefit cost
Discount rate (as a percent)	0.30%	0.50%	0.90%
Expected return on plan assets (as a percent)	1.50%	1.50%	2.30%
Rate of compensation increase (as a percent)	2.60%	2.70%	2.80%
Cash balance interest crediting rate (as a percent)	2.50%	1.50%	1.50%
Social securities increase (as a percent)	1.60%	1.60%	1.80%
Pension increase (as a percent)	1.80%	1.80%	1.80%

EMPLOYEE BENEFIT PLANS - Schedule of Target Weighted-Average Asset Allocations and Fair Value (Details) - Defined benefit pension plans - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (as a percent)	100.00%
Plan assets at fair value	$ 76.9	$ 73.3	$ 63.2
Total plan assets measured at fair value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	67.8	65.5
Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	55.8	55.8
Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	11.1	8.7
Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.9	1.0
Alternative investments measured at net asset value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	9.1	7.8
Cash \| Total plan assets measured at fair value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	5.4	3.0
Cash \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	5.4	3.0
Cash \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
Cash \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 0.0	0.0
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (as a percent)	28.30%
United States equities \| Total plan assets measured at fair value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 1.6	3.3
United States equities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	1.6	3.3
United States equities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
United States equities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
International equities \| Total plan assets measured at fair value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	16.3	16.1
International equities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	16.3	16.1
International equities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
International equities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 0.0	0.0
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (as a percent)	41.70%
United States government bonds \| Total plan assets measured at fair value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 6.2	7.4
United States government bonds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	6.2	7.4
United States government bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
United States government bonds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
Foreign government bonds \| Total plan assets measured at fair value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	26.3	26.0
Foreign government bonds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	26.3	26.0
Foreign government bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
Foreign government bonds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 0.0	0.0
Real estate
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (as a percent)	9.80%
Real estate \| Total plan assets measured at fair value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 7.6	5.6
Real estate \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
Real estate \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	7.6	5.6
Real estate \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
Mortgages \| Total plan assets measured at fair value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	3.5	3.1
Mortgages \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
Mortgages \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	3.5	3.1
Mortgages \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
Insurance contracts \| Total plan assets measured at fair value
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.9	1.0
Insurance contracts \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
Insurance contracts \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0.0	0.0
Insurance contracts \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 0.9	$ 1.0	$ 0.9
Other
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (as a percent)	20.20%

EMPLOYEE BENEFIT PLANS - Summary of Changes in Fair Value of Defined Benefit Plan Assets Classified as Level 3 (Details) - Defined benefit pension plans - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Beginning of year	$ 63.2	$ 73.3	$ 63.2
Currency exchange rate impact		(4.3)	6.0
End of year		76.9	73.3
Level 3
Defined Benefit Plan Disclosure [Line Items]
Beginning of year		1.0
End of year		0.9	1.0
Level 3 \| Insurance Contracts
Defined Benefit Plan Disclosure [Line Items]
Beginning of year	0.9	1.0	0.9
Currency exchange rate impact	$ 0.1	(0.1)
End of year		$ 0.9	$ 1.0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

EMPLOYEE BENEFIT PLANS - Schedule of Benefit Payments Which Reflect Expected Future Service (Details) $ in Millions	Dec. 31, 2021 USD ($)
Retirement Benefits [Abstract]
2022	$ 5.4
2023	6.7
2024	5.6
2025	5.2
2026	6.1
2024-2026	$ 36.1

COMMON STOCK - Treasury Stock (Narrative) (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 31, 2021	May 31, 2019
Treasury Stock
Purchases of treasury stock	$ (512,800,000)	$ (625,400,000)	$ (263,300,000)
Treasury Stock
Treasury Stock
Purchases of treasury stock (in shares)	5.8	3.1	1.5
Purchases of treasury stock	$ (512,800,000)	$ (625,400,000)	$ (263,300,000)
Stock Repurchase Program May 2019
Treasury Stock
Authorized amount for share repurchase					$ 1,000,000,000
Stock Repurchase Program May 2021
Treasury Stock
Authorized amount for share repurchase				$ 1,000,000,000

COMMON STOCK - Accelerated Share Repurchases (Details) $ / shares in Units, shares in Millions			1 Months Ended
	May 29, 2020	May 07, 2020	Mar. 31, 2021 $ / shares shares	Feb. 28, 2021 USD ($) $ / shares shares	Jun. 30, 2019 $ / shares shares	May 31, 2019 USD ($) $ / shares shares
Accelerated Share Repurchase
Stock split, conversion ratio	3	3
Initial Delivery of Shares Settled May 2019
Accelerated Share Repurchase
Amount Paid \| $						$ 150,000,000.0
Shares repurchased (in shares) \| shares						0.7
Initial delivery, price per share (in dollars per share) \| $ / shares						$ 178.66
Value of Shares as % of Contract Value						80.00%
Purchased and sold in May 2019
Accelerated Share Repurchase
Shares repurchased (in shares) \| shares						0.8
Final settlement per share price (in dollars per share) \| $ / shares						$ 178.42
Initial Delivery of Shares Settled June 2019
Accelerated Share Repurchase
Amount Paid \| $						$ 100,000,000.0
Shares repurchased (in shares) \| shares						0.5
Initial delivery, price per share (in dollars per share) \| $ / shares						$ 170.02
Value of Shares as % of Contract Value						80.00%
Purchased in May 2019 and sold in June 2019
Accelerated Share Repurchase
Shares repurchased (in shares) \| shares					0.6
Final settlement per share price (in dollars per share) \| $ / shares					$ 178.46
Initial Delivery of Shares Settled February 2021
Accelerated Share Repurchase
Amount Paid \| $				$ 250,000,000.0
Shares repurchased (in shares) \| shares				2.4
Initial delivery, price per share (in dollars per share) \| $ / shares				$ 83.86
Value of Shares as % of Contract Value				80.00%
Purchased in February 2021 and sold in March 2021
Accelerated Share Repurchase
Shares repurchased (in shares) \| shares			3.0
Final settlement per share price (in dollars per share) \| $ / shares			$ 84.51

COMMON STOCK - Employee and Director Stock Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated annual forfeiture rate (as a percent)	6.40%
Average risk-free interest rate (as a percent)	0.80%	0.30%	2.30%
Expected volatility (as a percent)	34.00%	33.00%	30.00%
MRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate (as a percent)	0.40%	0.20%	2.20%
Expected volatility (as a percent)	34.40%	32.70%	29.40%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate (as a percent)	0.10%	1.30%	2.40%
Expected volatility (as a percent)	37.00%	33.00%	27.00%
The Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)	327,600,000
The Program \| Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date (in years)	7 years
The Program \| Option Awards \| Low
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
The Program \| Option Awards \| High
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
The Program \| Restricted stock units \| High
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
The Program \| MRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
The Program \| Restricted stock or restricted stock units \| High
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)	33,600,000
Nonemployee Directors Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)	8,400,000
Nonemployee Directors Program \| Annual award to nonemployee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Limit on total value of the award	$ 0.2
Nonemployee Directors Program \| Option Awards \| Awards granted in 2012 and later
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Nonemployee Directors Program \| Option Awards \| High \| Annual award to nonemployee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)	120,000
Nonemployee Directors Program \| Restricted stock units \| High \| Annual award to nonemployee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)	48,000
ESPP \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)	50,400,000
Percentage of lower of fair market value of common stock on effective date of subscription or date of purchase (as a percent)	85.00%
Maximum percentage of compensation employees can authorize to be withheld for common stock purchases (as a percent)	15.00%

COMMON STOCK - Schedule of Weighted-Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate (as a percent)	0.80%	0.30%	2.30%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility (as a percent)	34.00%	33.00%	30.00%
Expected life (in years)	5 years	5 years	5 years 1 month 6 days
Fair value, per share (in dollars per share)	$ 28.90	$ 21.70	$ 18.17
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate (as a percent)	0.10%	1.30%	2.40%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility (as a percent)	37.00%	33.00%	27.00%
Expected life (in years)	7 months 6 days	7 months 6 days	7 months 6 days
Fair value, per share (in dollars per share)	$ 23.07	$ 16.61	$ 16.43

COMMON STOCK - Schedule of Stock Option (Details) - Stock option activity $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Shares
Beginning balance (in shares) \| shares	14.3
Options granted (in shares) \| shares	1.6
Options exercised (in shares) \| shares	(3.4)
Options forfeited (in shares) \| shares	(0.2)
Ending balance (in shares) \| shares	12.3
Exercisable as of period end (in shares) \| shares	8.2
Vested and expected to vest as of period end (in shares) \| shares	11.7
Weighted- Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 41.27
Options granted (in dollars per share) \| $ / shares	94.04
Options exercised (in dollars per share) \| $ / shares	23.84
Options forfeited (in dollars per share) \| $ / shares	67.89
Ending balance (in dollars per share) \| $ / shares	52.84
Exercisable as of period end (in dollars per share) \| $ / shares	41.84
Vested and expected to vest as of period end (in dollars per share) \| $ / shares	$ 51.74
Weighted- Average Remaining Contractual Term
Outstanding as of period end	3 years 6 months
Exercisable as of period end	2 years 7 months 6 days
Vested and expected to vest as of period end	3 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding as of period end \| $	$ 943.1
Exercisable as of period end \| $	719.7
Vested and expected to vest as of period end \| $	$ 911.4

COMMON STOCK - Schedule of Restricted Stock Unit Activity (Details) - Nonvested restricted stock unit activity shares in Millions	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Shares
Beginning balance (in shares) \| shares	2.6
Granted (in shares) \| shares	0.8
Vested (in shares) \| shares	(1.0)
Forfeited (in shares) \| shares	(0.1)
Ending balance (in shares) \| shares	2.3
Weighted- Average Grant-Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 57.59
Granted (in dollars per share) \| $ / shares	92.95
Vested (in dollars per share) \| $ / shares	48.82
Forfeited (in dollars per share) \| $ / shares	66.54
Ending balance (in dollars per share) \| $ / shares	$ 73.94

COMMON STOCK - Schedule of Restricted Stock Unit Activity (Narrative) (Details) - MRSUs shares in Millions	12 Months Ended
	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0.1
Shares related to previous year's grant (in shares)	0.1

COMMON STOCK - Additional Information (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Intrinsic value of stock options exercised and restricted stock units vested	$ 359.8	$ 323.5	$ 382.1
Cash from exercises of stock options	82.2	79.2	110.4
Realized tax benefits from exercises of stock options and vesting of restricted stock units	76.5	72.1	85.1
Total grant date fair value of stock options vested	36.2	$ 34.0	$ 31.2
Employee stock purchase subscriptions	$ 162.3
Weighted-average remaining requisite service period (in months)	30 months

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of Activity for Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	$ 4,574.3	$ 4,148.3	$ 3,140.4
Ending balance	5,835.9	4,574.3	4,148.3
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	(122.4)	(154.8)	(143.6)
Other comprehensive (loss) income before reclassifications	(39.2)	35.7	(1.5)
Amounts reclassified from accumulated other comprehensive loss	(6.4)	(6.4)	(6.6)
Deferred income tax (expense) benefit	(4.5)	3.1	(3.1)
Ending balance	(172.5)	(122.4)	(154.8)
Unrealized Gain (Loss) on Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	(27.7)	12.5	23.6
Other comprehensive (loss) income before reclassifications	66.3	(34.8)	27.9
Amounts reclassified from accumulated other comprehensive loss	12.0	(19.2)	(44.2)
Deferred income tax (expense) benefit	(20.9)	13.8	5.2
Ending balance	29.7	(27.7)	12.5
Unrealized (Loss) Gain on Available-for-sale Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	8.6	1.7	(5.0)
Other comprehensive (loss) income before reclassifications	(29.2)	8.0	7.9
Amounts reclassified from accumulated other comprehensive loss	8.6	0.3	0.4
Deferred income tax (expense) benefit	5.1	(1.4)	(1.6)
Ending balance	(6.9)	8.6	1.7
Unrealized Pension Costs
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	(19.6)	(15.4)	(13.5)
Other comprehensive (loss) income before reclassifications	12.8	(5.5)	(3.2)
Amounts reclassified from accumulated other comprehensive loss	1.0	0.9	0.7
Deferred income tax (expense) benefit	(2.2)	0.4	0.6
Ending balance	(8.0)	(19.6)	(15.4)
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning balance	(161.1)	(156.0)	(138.5)
Other comprehensive (loss) income before reclassifications	10.7	3.4	31.1
Amounts reclassified from accumulated other comprehensive loss	15.2	(24.4)	(49.7)
Deferred income tax (expense) benefit	(22.5)	15.9	1.1
Ending balance	$ (157.7)	$ (161.1)	$ (156.0)

ACCUMULATED OTHER COMPREHENSIVE LOSS - Change in Unrealized Pension Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net prior service cost arising during period
Pre-Tax Amount
Prior service credit arising during period	$ 0.1	$ 0.6	$ 4.6
Amortization of prior service credit	(0.7)	(0.7)	(0.2)
Other comprehensive income (loss)	(0.6)	(0.1)	4.4
Tax (Expense) Benefit
Prior service credit arising during period	0.0	(0.2)	(0.6)
Amortization of prior service credit	0.1	0.1	0.1
Other comprehensive income (loss)	0.1	(0.1)	(0.5)
Net of Tax Amount
Prior service credit arising during period	0.1	0.4	4.0
Amortization of prior service credit	(0.6)	(0.6)	(0.1)
Other comprehensive income (loss)	(0.5)	(0.2)	3.9
Net actuarial loss arising during period
Pre-Tax Amount
Other comprehensive income (loss)	14.4	(4.5)	(6.9)
Tax (Expense) Benefit
Other comprehensive income (loss)	(2.3)	0.5	1.1
Net of Tax Amount
Other comprehensive income (loss)	12.1	(4.0)	(5.8)
Unrealized pension costs, net
Pre-Tax Amount
Prior service credit arising during period	12.8	(5.5)	(3.2)
Other comprehensive income (loss)	13.8	(4.6)	(2.5)
Tax (Expense) Benefit
Other comprehensive income (loss)	(2.2)	0.4	0.6
Net of Tax Amount
Other comprehensive income (loss)	$ 11.6	$ (4.2)	$ (1.9)

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Information About Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations
Other income, net	$ 12.7	$ 11.5	$ 8.2
Provision for income taxes	(198.9)	(93.3)	(119.6)
Net income	1,503.1	823.4	1,046.9
Cost of sales	(1,248.9)	(1,080.6)	(1,114.4)
Selling, general, and administrative expenses	(1,493.7)	(1,228.4)	$ (1,242.2)
Amount Reclassified from Accumulated Other Comprehensive Loss \| Foreign currency translation adjustments
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations
Other income, net	6.4	6.4
Provision for income taxes	(1.6)	(1.6)
Net income	4.8	4.8
Amount Reclassified from Accumulated Other Comprehensive Loss \| Gain (loss) on hedges
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations
Provision for income taxes	4.6	(5.0)
Net income	(7.4)	14.2
Cost of sales	(23.0)	18.4
Selling, general, and administrative expenses	(0.6)	2.2
Other income, net	11.6	(1.4)
Income before provision for income taxes	(12.0)	19.2
Amount Reclassified from Accumulated Other Comprehensive Loss \| (Loss) gain on available-for-sale investments
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations
Other income, net	(8.6)	(0.3)
Provision for income taxes	2.1	(0.6)
Net income	(6.5)	(0.9)
Amount Reclassified from Accumulated Other Comprehensive Loss \| Amortization of pension adjustments
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations
Other income, net	(1.0)	(0.9)
Provision for income taxes	0.1	0.2
Net income	$ (0.9)	$ (0.7)

OTHER INCOME, NET (Details) - USD ($) $ in Millions	12 Months Ended
OTHER INCOME, NET (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Foreign exchange gains, net	$ (5.0)	$ (12.3)	$ (5.9)
Gain on investments	(5.8)	(0.6)	(0.5)
Non-service cost components of net periodic pension benefit cost	0.3	0.4	0.2
Other	(2.2)	1.0	(2.0)
Total other income, net	$ (12.7)	$ (11.5)	$ (8.2)

INCOME TAXES - Schedule of Income Before Provisions for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ 610.9	$ 151.3	$ 383.4
Outside of the United States, including Puerto Rico	1,091.1	765.4	783.1
Income before provision for income taxes	$ 1,702.0	$ 916.7	$ 1,166.5

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States:
Federal	$ 125.2	$ 23.4	$ 31.3
State and local	25.1	48.2	48.7
Outside of the United States, including Puerto Rico	92.6	73.9	29.1
Current income tax expense	242.9	145.5	109.1
United States:
Federal	(9.4)	11.0	28.3
State and local	(25.4)	(32.9)	(18.3)
Outside of the United States, including Puerto Rico	(9.2)	(30.3)	0.5
Deferred income tax (benefit) expense	(44.0)	(52.2)	10.5
Total income tax provision	$ 198.9	$ 93.3	$ 119.6

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Compensation and benefits	$ 109.8	$ 88.6
Benefits from uncertain tax positions	33.9	27.0
Net tax credit carryforwards	142.0	125.5
Net operating loss carryforwards	69.4	64.1
Accrued liabilities	108.0	105.0
Inventories	13.5	16.3
Cash flow and net investment hedges	0.0	3.3
State income taxes	0.4	0.5
Investments	0.7	1.8
Lease liability obligations	6.6	7.7
Other	1.3	3.6
Total deferred tax assets	485.6	443.4
Deferred tax liabilities
Property, plant, and equipment	(64.1)	(53.4)
Cash flow and net investment hedges	(6.4)	0.0
Deferred tax on foreign earnings	(26.3)	(29.2)
Right-of-use assets	(6.1)	(7.0)
Other intangible assets	(75.5)	(76.3)
Other	(2.6)	(3.1)
Total deferred tax liabilities	(181.0)	(169.0)
Valuation allowance	(82.5)	(71.6)
Net deferred tax assets	$ 222.1	$ 202.8

INCOME TAXES - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Net deferred tax assets increase	$ 19.3
Valuation allowance that reduces certain deferred tax assets	82.5	$ 71.6
Carryforward amount	194.8
Foreign earnings to be indefinitely reinvested	1,000.0
Foreign earnings to be repatriated	392.9
Estimated net tax liability on permanently reinvested earnings	23.1
Unrecognized tax benefits	358.4	281.8	$ 203.1	$ 150.7
Estimated decrease in unrecognized tax benefits	135.1	95.1
Net amounts favorably affecting tax rate	223.3	186.7
Accrued interest related to unrecognized tax benefits, net of tax benefit	19.5	14.3
Tax benefit of accrued interest	8.1	5.1
Interest expense (benefit), net of tax benefit	5.2	5.0	4.7
Additional federal tax	180.0
Non-U.S.
Operating Loss Carryforwards [Line Items]
Tax reductions compared to local statutory rates	$ 208.0	$ 189.2	$ 159.2
Tax reductions compared to local statutory rates per diluted share (in dollars per share)	$ 0.33	$ 0.30	$ 0.25
Carryforward period indefinite \| California \| State and local jurisdiction \| Research expenditure tax credits
Operating Loss Carryforwards [Line Items]
Carryforward amount	$ 167.0
Carryforward period indefinite \| Puerto Rico \| Non-U.S. \| Puerto Rico purchases credit
Operating Loss Carryforwards [Line Items]
Carryforward amount	$ 23.4

INCOME TAXES - Summary of Net Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2021 USD ($)
Operating Loss Carryforwards [Line Items]
Carryforward Amount	$ 456.6
Tax Benefit Amount	69.6
Valuation Allowance	(53.9)
Net Tax Benefit	15.7
United States federal net operating losses \| United States \| Carryforward Period Ends 2030-2037
Operating Loss Carryforwards [Line Items]
Carryforward Amount	17.6
Tax Benefit Amount	3.7
Valuation Allowance	0.0
Net Tax Benefit	3.7
United States federal net operating losses \| United States \| Carryforward Period Indefinite
Operating Loss Carryforwards [Line Items]
Carryforward Amount	11.3
Tax Benefit Amount	2.4
Valuation Allowance	0.0
Net Tax Benefit	2.4
United States federal net operating losses \| United States \| Carryforward Period Ends 2022
Capital Loss Carryforward [Abstract]
Carryforward Amount	34.1
Tax Benefit Amount	0.2
Valuation Allowance	(0.2)
Net Tax Benefit	0.0
United States state net operating losses \| United States \| Carryforward Period Indefinite
Operating Loss Carryforwards [Line Items]
Carryforward Amount	1.0
Tax Benefit Amount	0.1
Valuation Allowance	(0.1)
Net Tax Benefit	0.0
United States state net operating losses \| United States \| Carryforward Period Ends 2026-2039
Operating Loss Carryforwards [Line Items]
Carryforward Amount	33.5
Tax Benefit Amount	1.6
Valuation Allowance	(1.6)
Net Tax Benefit	0.0
Non-United States net operating losses \| International \| Carryforward Period Indefinite
Operating Loss Carryforwards [Line Items]
Carryforward Amount	353.3
Tax Benefit Amount	60.1
Valuation Allowance	(50.8)
Net Tax Benefit	9.3
Non-United States net operating losses \| International \| Carryforward Period Ends 2020-2027
Operating Loss Carryforwards [Line Items]
Carryforward Amount	5.8
Tax Benefit Amount	1.5
Valuation Allowance	(1.2)
Net Tax Benefit	$ 0.3

INCOME TAXES - Summary of Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2021 USD ($)
Tax credit carryforwards and the related carryforward periods
Carryforward Amount	$ 194.8
Valuation Allowance	(26.3)
Net Tax Benefit	168.5
California research expenditure tax credits \| California \| Research expenditure tax credits \| Carryforward Period Indefinite
Tax credit carryforwards and the related carryforward periods
Carryforward Amount	167.0
Valuation Allowance	0.0
Net Tax Benefit	167.0
Federal research expenditure tax credits \| United States \| Research expenditure tax credits \| Carryforward Period Indefinite
Tax credit carryforwards and the related carryforward periods
Carryforward Amount	1.5
Valuation Allowance	0.0
Net Tax Benefit	1.5
Foreign tax authority \| Foreign \| Foreign tax credits \| Carryforward Period Indefinite
Tax credit carryforwards and the related carryforward periods
Carryforward Amount	2.9
Valuation Allowance	(2.9)
Net Tax Benefit	0.0
Foreign tax authority \| Puerto Rico \| Purchases credit \| Carryforward Period Indefinite
Tax credit carryforwards and the related carryforward periods
Carryforward Amount	23.4
Valuation Allowance	(23.4)
Net Tax Benefit	$ 0.0

INCOME TAXES - Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense at United States federal statutory rate	$ 357.4	$ 192.5	$ 245.0
Foreign income taxed at different rates	(122.2)	(80.5)	(75.0)
State and local taxes, net of federal tax benefit	11.9	5.0	11.9
Tax credits, federal and state	(48.4)	(43.1)	(42.9)
Build of reserve for prior years' uncertain tax positions	3.6	4.2	5.0
Tax on global intangible low-taxed income	56.5	49.2	32.0
Foreign-derived intangible income deduction	(1.3)	(2.6)	(7.2)
Contingent consideration liabilities	(26.1)	2.9	(1.3)
United States federal deductible employee share-based compensation	(47.8)	(48.3)	(57.6)
Nondeductible employee share-based compensation	5.3	4.2	3.2
Other	10.0	9.8	6.5
Total income tax provision	$ 198.9	$ 93.3	$ 119.6

INCOME TAXES - Reconciliation of Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Uncertain gross tax positions, beginning balance	$ 281.8	$ 203.1	$ 150.7
Current year tax positions	82.1	86.4	55.4
Increase in prior year tax positions	2.3	6.0	0.8
Decrease in prior year tax positions	(4.8)	(10.0)	(3.8)
Settlements	(0.3)	(3.7)	0.0
Lapse of statutes of limitations	(2.7)	0.0	0.0
Uncertain gross tax positions, ending balance	$ 358.4	$ 281.8	$ 203.1

LEGAL PROCEEDINGS (Details) $ in Millions	12 Months Ended
LEGAL PROCEEDINGS (Details) $ in Millions	Dec. 31, 2021 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

SEGMENT INFORMATION - Schedule of Information About Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Net Sales
Total segment net sales	$ 5,232.5	$ 4,386.3	$ 4,348.0
Operating segments
Segment Net Sales
Total segment net sales	5,123.9	4,362.1	4,333.5
Segment Operating Income
Total segment operating income	3,153.3	2,643.1	2,614.5
Operating segments \| United States
Segment Net Sales
Total segment net sales	2,963.1	2,516.8	2,532.7
Segment Operating Income
Total segment operating income	2,051.0	1,727.3	1,742.3
Operating segments \| Europe
Segment Net Sales
Total segment net sales	1,099.6	945.2	926.1
Segment Operating Income
Total segment operating income	569.1	479.3	472.0
Operating segments \| Japan
Segment Net Sales
Total segment net sales	528.0	448.6	441.4
Segment Operating Income
Total segment operating income	348.0	286.4	272.3
Operating segments \| Rest of World
Segment Net Sales
Total segment net sales	533.2	451.5	433.3
Segment Operating Income
Total segment operating income	$ 185.2	$ 150.1	$ 127.9

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENT INFORMATION - Reconciliation of Segment Net Sales and Pre-Tax Income to Consolidated Net Sales and Pre-Tax Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Net Sales
Net sales	$ 5,232.5	$ 4,386.3	$ 4,348.0
Segment Operating Income
Operating income	1,690.3	897.6	1,146.8
Unallocated amounts:
Special charges	0.0	0.0	(64.6)
Change in fair value of contingent consideration liabilities, net	124.1	(13.6)	6.1
Foreign currency	5.0	12.3	5.9
Consolidated pre-tax income	1,702.0	916.7	1,166.5
Operating segments
Segment Net Sales
Net sales	5,123.9	4,362.1	4,333.5
Segment Operating Income
Operating income	3,153.3	2,643.1	2,614.5
Segment reconciling items
Segment Net Sales
Net sales	108.6	24.2	14.5
Unallocated amounts:
Special charges	0.0	0.0
Intellectual property litigation expenses, net	(20.6)	(405.4)	(33.4)
Foreign currency	47.3	31.5	63.9
Non-operating income	11.7	19.1	19.7
Corporate items
Unallocated amounts:
Corporate items	$ (1,613.8)	$ (1,358.0)	$ (1,439.7)

SEGMENT INFORMATION - Schedule of Enterprise-Wide Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Sales by Geographic Area and by Major Product Area
Net sales	$ 5,232.5	$ 4,386.3	$ 4,348.0
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	1,748.9	1,608.4	1,241.7
Transcatheter Aortic Valve Replacement
Net Sales by Geographic Area and by Major Product Area
Net sales	3,422.5	2,857.3	2,737.9
Transcatheter Mitral and Tricuspid Therapies
Net Sales by Geographic Area and by Major Product Area
Net sales	86.0	41.8	28.2
Surgical Structural Heart
Net Sales by Geographic Area and by Major Product Area
Net sales	889.1	761.8	841.7
Critical Care
Net Sales by Geographic Area and by Major Product Area
Net sales	834.9	725.4	740.2
United States
Net Sales by Geographic Area and by Major Product Area
Net sales	2,963.1	2,516.8	2,532.7
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	1,195.8	1,084.3	849.1
Europe
Net Sales by Geographic Area and by Major Product Area
Net sales	1,190.3	973.6	941.2
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	197.9	192.7	101.5
Japan
Net Sales by Geographic Area and by Major Product Area
Net sales	528.9	460.1	444.7
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	19.7	20.4	21.7
Rest of World
Net Sales by Geographic Area and by Major Product Area
Net sales	550.2	435.8	429.4
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	$ 335.5	$ 311.0	$ 269.4

VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts
Movement in Valuation Allowances and Reserves
Balance at Beginning of Period	$ 16.4	$ 14.7	$ 13.6
Charged to Costs and Expenses	1.2	3.1	4.7
Charged to Other Accounts	0.6	0.0	0.2
Deductions	(2.5)	(1.4)	(3.8)
Balance at End of Period	15.7	16.4	14.7
Tax valuation allowance
Movement in Valuation Allowances and Reserves
Balance at Beginning of Period	71.6	65.8	46.7
Charged to Costs and Expenses	12.4	6.3	18.9
Charged to Other Accounts	0.0	0.6	0.2
Deductions	(1.5)	(1.1)	0.0
Balance at End of Period	$ 82.5	$ 71.6	$ 65.8

SUBSEQUENT EVENT (Details) - Subsequent Event - January 2022 Stock Repurchase Program shares in Millions, $ in Millions	1 Months Ended
	Jan. 31, 2022 USD ($) shares
Subsequent Event [Line Items]
Authorized amount for share repurchase \| $	$ 250.0
Shares repurchased (in shares) \| shares	1.9
Percentage of shares repurchased	80.00%