Edwards Lifesciences (EW) 10-Q 29 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 23, 2015
Document and Entity Information
Entity Registrant Name	Edwards Lifesciences Corp
Entity Central Index Key	1,099,800
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		107,515,661

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 597.6	$ 653.8
Short-term investments (Note 5)	811.4	785
Accounts and other receivables, net of allowances of $8.1 and $5.1, respectively	351	325
Inventories (Note 4)	313.3	296.8
Deferred income taxes	65.2	63.5
Prepaid expenses	46.1	48.8
Other current assets	112.4	121.7
Total current assets	2,297	2,294.6
Long-term accounts receivable, net of allowances of $5.5 and $6.2, respectively	6.6	5.8
Long-term investments (Note 5)	324.6	240.9
Property, plant, and equipment, net	450.6	442.9
Goodwill	370.9	376
Other intangible assets, net	18.9	23.4
Deferred income taxes	82	91.5
Other assets	57.7	49.2
Total assets	3,608.3	3,524.3
Current liabilities
Accounts payable and accrued liabilities (Note 4)	445.2	434.4
Long-term debt	600.3	598.1
Other long-term liabilities	$ 274.2	$ 300.4
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, $.01 par value, authorized 50.0 shares, no shares outstanding	$ 0	$ 0
Common stock, $1.00 par value, 350.0 shares authorized, 129.9 and 128.9 shares issued, and 107.4 and 107.8 shares outstanding, respectively	129.9	128.9
Additional paid-in capital	964.1	878.4
Retained earnings	3,078	2,841.9
Accumulated other comprehensive loss	(146.6)	(100.9)
Treasury stock, at cost, 22.5 and 21.1 shares, respectively	(1,736.8)	(1,556.9)
Total stockholders' equity	2,288.6	2,191.4
Total liabilities and stockholders' equity	$ 3,608.3	$ 3,524.3

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts and other receivables, allowances	$ 8.1	$ 5.1
Long-term accounts receivable, allowances	$ 5.5	$ 6.2
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	129,900,000	128,900,000
Common stock, shares outstanding	107,400,000	107,800,000
Treasury stock, shares	22,500,000	21,100,000

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 616.8	$ 575.1	$ 1,207.1	$ 1,097.5
Cost of sales	158.6	151.2	294.6	297.1
Gross profit	458.2	423.9	912.5	800.4
Selling, general, and administrative expenses	213.9	215.5	416.4	412.7
Research and development expenses	97.5	89.1	183.9	174.9
Intellectual property litigation expenses (income), net	1	(747.4)	1.3	(741.9)
Special charges (Note 3)	0	50	0	57.5
Interest expense, net	1.8	3.1	4.2	6.6
Other expense, net	1.8	0.4	2	0.1
Income before provision for income taxes	142.2	813.2	304.7	890.5
Provision for income taxes	29.5	266.2	68.6	283.2
Net income	$ 112.7	$ 547	$ 236.1	$ 607.3
Earnings per share:
Basic	$ 1.05	$ 5.18	$ 2.19	$ 5.72
Diluted	$ 1.02	$ 5.09	$ 2.14	$ 5.63
Weighted-average number of common shares outstanding:
Basic	107.6	105.6	107.7	106.1
Diluted	110	107.4	110.1	107.9

CONSOLIDATED CONDENSED STATEME5

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 112.7	$ 547	$ 236.1	$ 607.3
Other comprehensive income (loss), net of tax (Note 10)
Foreign currency translation adjustments	18.4	(5.4)	(46.3)	(6.2)
Unrealized (loss) gain on cash flow hedges	(16.5)	(3.4)	0.7	(7.4)
Unrealized loss on available-for-sale investments	(0.8)	(0.2)	(0.5)	(0.2)
Reclassification of net realized investment loss to earnings	0.2	0.3	0.4	0.3
Other comprehensive income (loss)	1.3	(8.7)	(45.7)	(13.5)
Comprehensive income	$ 114	$ 538.3	$ 190.4	$ 593.8

CONSOLIDATED CONDENSED STATEME6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income	$ 236.1	$ 607.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32.8	32.3
Stock-based compensation (Note 8)	24.4	23.9
Excess tax benefit from stock plans	(19.7)	(21.3)
(Gain) loss on investments	(1.4)	0.9
Deferred income taxes	2.2	0.5
Other	0.7	0.4
Changes in operating assets and liabilities:
Accounts and other receivables, net	(39.5)	(0.2)
Inventories	(32.3)	(11.5)
Accounts payable and accrued liabilities	(19.3)	37.4
Income taxes	44.9	250.9
Prepaid expenses and other current assets	9.6	(7.4)
Other	4.9	3.7
Net cash provided by operating activities	243.4	916.9
Cash flows from investing activities
Capital expenditures	(39.2)	(30.3)
Purchases of held-to-maturity investments (Note 5)	(553.4)	(1,146.5)
Proceeds from held-to-maturity investments (Note 5)	562.6	594.9
Purchases of available-for sale investments (Note 5)	(206.6)	0
Proceeds from available-for-sale investments (Note 5)	78	0
Investments in trading securities, net	(4.8)	(10.9)
Proceeds from unconsolidated affiliates, net (Note 5)	0.7	1.3
Other	(5.1)	1.3
Net cash used in investing activities	(167.8)	(590.2)
Cash flows from financing activities
Proceeds from issuance of debt	13.3	214.1
Payments on debt and capital lease obligations	(14.7)	(212.9)
Purchases of treasury stock	(179.9)	(300.6)
Excess tax benefit from stock plans	19.7	21.3
Proceeds from stock plans	42.5	32.9
Other	(3.4)	(2.4)
Net cash used in financing activities	(122.5)	(247.6)
Effect of currency exchange rate changes on cash and cash equivalents	(9.3)	(0.9)
Net (decrease) increase in cash and cash equivalents	(56.2)	78.2
Cash and cash equivalents at beginning of period	653.8	420.4
Cash and cash equivalents at end of period	597.6	498.6
Non-cash investing and financing transactions:
Capital expenditures accruals	$ 8.8	$ 8.2

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying interim consolidated condensed financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the consolidated financial statements and notes included in Edwards Lifesciences Corporation's Annual Report on Form 10-K for the year ended December 31, 2014 . Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted. In the opinion of management of Edwards Lifesciences Corporation ("Edwards Lifesciences" or the "Company"), the interim consolidated condensed financial statements reflect all adjustments considered necessary for a fair statement of the interim periods. All such adjustments are of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. Certain reclassifications related to the presentation of income taxes and special charges have been made in the prior year's consolidated condensed statement of cash flows to conform to the current year presentation. These reclassifications had no impact on the cash flows from operating, investing, or financing activities. New Accounting Standards Not Yet Adopted In April 2015, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on the presentation of debt issuance costs. The guidance requires an entity to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt, consistent with debt discounts. The guidance is effective for annual reporting periods beginning after December 31, 2015 and interim periods within those periods, and must be applied retrospectively to each prior reporting period presented. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements. In May 2014, the FASB issued an update to the accounting guidance on revenue recognition. The new guidance provides a comprehensive, principles-based approach to revenue recognition, and supersedes most previous revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires improved disclosures on the nature, amount, timing, and uncertainty of revenue that is recognized. In July 2015, the FASB voted to defer the effective date by one year, such that the new standard will be effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. The new guidance can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application. The Company is currently assessing the impact this guidance will have on its consolidated financial statements, and has not yet selected a transition method. In July 2015, the FASB issued an update to the accounting guidance on inventory. The new guidance requires an entity to measure inventory within the scope of the amendment at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently assessing the impact this guidance will have on its consolidated financial statements.

INTELLECTUAL PROPERTY LITIGATIO

INTELLECTUAL PROPERTY LITIGATION EXPENSES (INCOME), NET	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
INTELLECTUAL PROPERTY LITIGATION EXPENSES (INCOME), NET	INTELLECTUAL PROPERTY LITIGATION EXPENSES (INCOME), NET In May 2014, the Company entered into an agreement with Medtronic, Inc. and its affiliates (“Medtronic”) to settle all outstanding patent litigation between the companies, including all cases related to transcatheter heart valves. In the second quarter of 2014, under the terms of a patent cross-license that was part of the agreement, Medtronic made a one-time, upfront payment to the Company in the amount of $750.0 million .

SPECIAL CHARGES

SPECIAL CHARGES	6 Months Ended
	Jun. 30, 2015
Nonoperating Income (Expense) [Abstract]
SPECIAL CHARGES	SPECIAL CHARGES Charitable Foundation Contribution In June 2014, the Company contributed $50.0 million to the Edwards Lifesciences Foundation, a related-party not-for-profit organization intended to provide philanthropic support to health- and community-focused charitable organizations. The contribution was irrevocable and was recorded as an expense at the time of payment. Settlement In March 2014, the Company recorded a $7.5 million charge to settle past and future obligations related to one of its intellectual property agreements.

COMPOSITION OF CERTAIN FINANCIA

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS	6 Months Ended
	Jun. 30, 2015
Balance Sheet Related Disclosures [Abstract]
COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS	COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS Components of selected captions in the consolidated condensed balance sheets consisted of the following (in millions): June 30, 2015 December 31, 2014 Inventories Raw materials $ 69.3 $ 67.4 Work in process 78.5 59.3 Finished products 165.5 170.1 $ 313.3 $ 296.8 At June 30, 2015 and December 31, 2014 , approximately $52.5 million and $46.2 million , respectively, of the Company's finished products inventories were held on consignment. June 30, 2015 December 31, 2014 Accounts payable and accrued liabilities Accounts payable $ 66.2 $ 58.2 Employee compensation and withholdings 145.0 190.5 Uncertain tax positions 39.2 — Research and development accruals 38.2 39.9 Property, payroll, and other taxes 32.9 32.7 Accrued rebates 11.1 11.7 Deferred income taxes 10.5 8.3 Taxes payable 8.1 9.1 Litigation reserves 5.8 4.4 Fair value of derivatives 5.1 2.6 Realignment reserves 1.9 7.7 Other accrued liabilities 81.2 69.3 $ 445.2 $ 434.4

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
INVESTMENTS	INVESTMENTS Debt Securities Investments in debt securities at the end of each period were as follows (in millions): June 30, 2015 December 31, 2014 Held-to-maturity Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Bank time deposits $ 638.2 $ — $ — $ 638.2 $ 661.5 $ — $ — $ 661.5 Commercial paper 100.1 — — 100.1 80.0 — — 80.0 U.S. government and agency securities 51.7 0.1 (0.1 ) 51.7 58.9 0.1 (0.1 ) 58.9 Asset-backed securities 2.9 — — 2.9 8.2 — — 8.2 Corporate debt securities 22.6 — — 22.6 24.7 — — 24.7 Municipal securities 5.2 — — 5.2 6.1 — — 6.1 Total $ 820.7 $ 0.1 $ (0.1 ) $ 820.7 $ 839.4 $ 0.1 $ (0.1 ) $ 839.4 Available-for-sale Commercial paper 13.2 — — 13.2 13.0 — — 13.0 U.S. government and agency securities 13.0 — — 13.0 1.0 — — 1.0 Asset-backed securities 64.6 — — 64.6 42.9 — — 42.9 Corporate debt securities 200.2 0.1 (0.5 ) 199.8 103.6 — (0.4 ) 103.2 Total $ 291.0 $ 0.1 $ (0.5 ) $ 290.6 $ 160.5 $ — $ (0.4 ) $ 160.1 The cost and fair value of investments in debt securities, by contractual maturity, as of June 30, 2015 were as follows: Held-to-Maturity Available-for-Sale Cost Fair Value Cost Fair Value (in millions) Due in 1 year or less $ 767.3 $ 767.4 $ 44.1 $ 44.1 Due after 1 year through 5 years 36.9 36.9 183.4 183.1 Instruments not due at a single maturity date 16.5 16.4 63.5 63.4 $ 820.7 $ 820.7 $ 291.0 $ 290.6 Actual maturities may differ from the contractual maturities due to call or prepayment rights. Investments in Unconsolidated Affiliates The Company has a number of equity investments in privately and publicly held companies. Investments in these unconsolidated affiliates are recorded in " Long-term Investments " on the consolidated condensed balance sheets, and are as follows: June 30, December 31, (in millions) Available-for-sale investments Cost $ — $ — Unrealized gains 0.3 0.4 Fair value of available-for-sale investments 0.3 0.4 Equity method investments Cost 12.1 12.8 Equity in losses (5.0 ) (3.5 ) Carrying value of equity method investments 7.1 9.3 Cost method investments Carrying value of cost method investments 17.3 16.7 Total investments in unconsolidated affiliates $ 24.7 $ 26.4 During the three and six months ended June 30, 2015 , the gross realized gains or losses from sales of available-for-sale investments were not material. In March 2014, the Company recorded an other-than-temporary impairment charge of $3.5 million related to one of its cost method investments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The consolidated condensed financial statements include financial instruments for which the fair market value of such instruments may differ from amounts reflected on a historical cost basis. Financial instruments of the Company consist of cash deposits, accounts and other receivables, investments, accounts payable, certain accrued liabilities, and borrowings under a revolving credit agreement. The carrying value of these financial instruments generally approximates fair value due to their short-term nature. Financial instruments also include notes payable. As of June 30, 2015 , the fair value of the notes payable, based on Level 2 inputs, was $615.4 million . 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. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis (in millions): June 30, 2015 Level 1 Level 2 Total Assets Cash equivalents $ 0.3 $ 9.8 $ 10.1 Available-for-sale investments: Corporate debt securities — 199.8 199.8 Asset-backed securities — 64.7 64.7 U.S. government and agency securities — 12.9 12.9 Commercial paper — 13.2 13.2 Equity investments in unconsolidated affiliates 0.3 — 0.3 Investments held for deferred compensation plans 33.6 — 33.6 Derivatives — 46.8 46.8 $ 34.2 $ 347.2 $ 381.4 Liabilities Derivatives $ — $ 5.1 $ 5.1 Deferred compensation plans 33.6 — 33.6 $ 33.6 $ 5.1 $ 38.7 December 31, 2014 Assets Cash equivalents $ 32.6 $ 12.0 $ 44.6 Available-for-sale investments: Corporate debt securities — 103.2 103.2 Asset-backed securities — 42.9 42.9 U.S. government and agency securities — 1.0 1.0 Commercial paper — 13.0 13.0 Equity investments in unconsolidated affiliates 0.4 — 0.4 Investments held for deferred compensation plans 28.2 — 28.2 Derivatives — 50.7 50.7 $ 61.2 $ 222.8 $ 284.0 Liabilities Derivatives $ — $ 2.6 $ 2.6 Deferred compensation plans 28.7 — 28.7 $ 28.7 $ 2.6 $ 31.3 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 commercial paper, U.S. government and agency 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. Investments in unconsolidated affiliates are long-term equity investments in companies that are in various stages of development. Certain of the Company’s investments in unconsolidated affiliates are designated as available-for-sale. These investments are carried at fair market value based on quoted market prices. Deferred Compensation Plans The Company holds investments in trading securities related to its deferred compensation plans. The investments are in a variety of stock and bond 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 foreign currency option contracts to manage foreign currency exposures, and interest rate swap agreements to manage its interest rate exposures. All derivatives contracts are recognized on the balance sheet at their fair value. The fair value of foreign currency derivative financial instruments was estimated based on quoted market foreign exchange rates and market discount rates. The fair value of the interest rate swap agreements was determined based on a discounted cash flow analysis reflecting the contractual terms of the agreements and the 6-month LIBOR forward interest rate curve. 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.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk, as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. Notional Amount June 30, 2015 December 31, 2014 (in millions) Foreign currency forward exchange contracts $ 753.1 $ 761.2 Interest rate swap agreements 300.0 300.0 Foreign currency option contracts 18.2 9.2 The Company uses derivative financial instruments to manage interest rate and foreign currency risks. It is the Company's policy not to enter into derivative financial instruments for speculative purposes. The Company uses interest rate swaps to convert a portion of its fixed-rate debt into variable-rate debt. These interest rate swaps are designated as fair value hedges and meet the shortcut method requirements under the accounting standards for derivatives and hedging. Accordingly, changes in the fair values of the interest rate swaps are considered to exactly offset changes in the fair value of the underlying long-term debt. The Company uses foreign currency forward exchange contracts to offset the changes due to currency rate movements in the amount of future cash flows associated with intercompany transactions and certain local currency expenses expected to occur within the next 13 months . These foreign currency forward exchange contracts are designated as cash flow hedges. Certain of the Company's locations have assets and liabilities denominated in currencies other than their functional currencies resulting principally from intercompany and local currency transactions. The Company uses foreign currency forward exchange contracts and foreign currency option contracts that are not designated as hedging instruments to offset the transaction gains and losses associated with certain of these assets and liabilities. All foreign currency forward exchange contracts and foreign currency option contracts are denominated in currencies of major industrial countries, principally the Euro and the Japanese yen. All derivative financial instruments are recognized at fair value in the consolidated condensed balance sheets. For each derivative instrument that is designated and effective as a fair value hedge, the gain or loss on the derivative is recognized immediately to earnings, and offsets the loss or gain on the underlying hedged item. The gain or loss on fair value hedges is classified in net interest expense, as they hedge the interest rate risk associated with the Company's fixed-rate debt. The Company reports in " Accumulated Other Comprehensive Loss " the effective portion of 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 period in which the underlying hedged transactions affect earnings. Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current period earnings. For the six months ended June 30, 2015 and 2014 , the Company did not record any gains or losses due to hedge ineffectiveness. The gains and losses on derivative financial instruments for which the Company does not elect hedge accounting treatment are recognized in the consolidated condensed statements of operations in each period based upon the change in the fair value of the derivative financial instrument. Cash flows from derivative financial instruments are reported as operating activities in the consolidated condensed statements of cash flows. 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 following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions): Fair Value Derivatives designated as hedging instruments Balance Sheet Location June 30, 2015 December 31, 2014 Assets Foreign currency contracts Other current assets $ 37.2 $ 45.2 Interest rate swap agreements Other assets $ 2.3 $ 0.4 Liabilities Foreign currency contracts Accrued and other liabilities $ 5.1 $ 2.6 Derivatives not designated as hedging instruments Assets Foreign currency contracts Other assets $ 7.3 $ 5.1 The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions): Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet June 30, 2015 Gross Amounts Financial Instruments Cash Collateral Received Net Amount Derivative Assets Foreign currency contracts $ 44.5 $ — $ 44.5 $ (5.1 ) $ — $ 39.4 Interest rate swap agreements $ 2.3 $ — $ 2.3 $ — $ — $ 2.3 Derivative Liabilities Foreign currency contracts $ 5.1 $ — $ 5.1 $ (5.1 ) $ — $ — December 31, 2014 Derivative Assets Foreign currency contracts $ 50.3 $ — $ 50.3 $ (2.6 ) $ — $ 47.7 Interest rate swap agreements $ 0.4 $ — $ 0.4 $ — $ — $ 0.4 Derivative Liabilities Foreign currency contracts $ 2.6 $ — $ 2.6 $ (2.6 ) $ — $ — The following tables present the effect of derivative instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions): Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Three Months Ended Three Months Ended Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Derivatives in cash flow hedging relationships 2015 2014 2015 2014 Foreign currency contracts $ (7.4 ) $ (2.7 ) Cost of sales $ 19.0 $ 3.0 Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Six Months Ended Six Months Ended Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Derivatives in cash flow hedging relationships 2015 2014 2015 2014 Foreign currency contracts $ 28.9 $ (4.4 ) Cost of sales $ 29.5 $ 8.0 Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Derivatives in fair value hedging relationships 2015 2014 Interest rate swap agreements Interest expense, net $ (2.6 ) $ 2.6 Amount of Gain or (Loss) Recognized in Income on Derivative Six Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Derivatives in fair value hedging relationships 2015 2014 Interest rate swap agreements Interest expense, net $ 1.9 $ 4.7 The gains on the interest rate swap agreements are fully offset by the changes in the fair value of the fixed-rate debt being hedged. Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Derivatives not designated as hedging instruments 2015 2014 Foreign currency contracts Other expense, net $ 1.9 $ (2.5 ) Amount of Gain or (Loss) Recognized in Income on Derivative Six Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Derivatives not designated as hedging instruments 2015 2014 Foreign currency contracts Other expense, net $ 6.8 $ (3.2 ) The Company expects that during the next twelve months it will reclassify to earnings a $19.7 million gain currently recorded in " Accumulated Other Comprehensive Loss ."

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and six months ended June 30, 2015 and 2014 was as follows (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Cost of sales $ 1.6 $ 1.5 $ 3.4 $ 3.0 Selling, general, and administrative expenses 7.1 8.6 16.7 17.4 Research and development expenses 2.1 1.8 4.3 3.5 Total stock-based compensation expense $ 10.8 $ 11.9 $ 24.4 $ 23.9 At June 30, 2015 , the total remaining compensation cost related to nonvested stock options, restricted stock units, market-based restricted stock units, and employee stock purchase plan ("ESPP") subscription awards amounted to $108.1 million , which will be amortized on a straight-line basis over the weighted-average remaining requisite service period of 33 months . During the six months ended June 30, 2015 , the Company granted 0.8 million stock options at a weighted-average exercise price of $130.89 and 0.2 million shares of restricted stock units at a weighted-average grant-date fair value of $131.23 . The Company also granted 34,000 shares of market-based restricted stock units at a weighted-average grant-date fair value of $138.66 . The market-based restricted stock units vest based on a combination of certain service and market conditions. The actual number of shares issued will be determined based on the Company’s total shareholder return relative to a selected industry peer group over a three -year performance period, and may range from 0% to 175% of the targeted number of shares granted. Fair Value Disclosures The fair value of the market-based restricted stock units was determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements. The weighted-average assumptions used to determine the fair value of the market-based restricted stock units granted during the six months ended June 30, 2015 and 2014 included a risk-free interest rate of 1.0% and 0.9% , respectively, and an expected volatility rate of 31.0% and 31.7% , respectively. The Black-Scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods: Option Awards Three Months Ended Six Months Ended 2015 2014 2015 2014 Average risk-free interest rate 1.4 % 1.4 % 1.4 % 1.4 % Expected dividend yield None None None None Expected volatility 29.7 % 30.7 % 29.8 % 30.7 % Expected term (years) 4.5 4.5 4.5 4.6 Fair value, per share $ 35.40 $ 23.58 $ 35.64 $ 23.21 The Black-Scholes option pricing model was used with the following weighted-average assumptions for ESPP subscriptions granted during the following periods: ESPP Three Months Ended Six Months Ended 2015 2014 2015 2014 Average risk-free interest rate 0.2 % 0.1 % 0.2 % 0.1 % Expected dividend yield None None None None Expected volatility 26.5 % 29.2 % 27.6 % 31.3 % Expected term (years) 0.6 0.7 0.6 0.7 Fair value, per share $ 33.01 $ 18.33 $ 30.86 $ 16.96

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Edwards Lifesciences is or may be a party to, or may otherwise be responsible for, pending or threatened lawsuits related primarily to products and services currently or formerly manufactured or performed, as applicable, by Edwards Lifesciences. Such cases and claims 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. Upon resolution of any such legal matter or other claim, Edwards Lifesciences may incur charges in excess of established reserves. The Company is not able to estimate the amount or range of any loss for legal contingencies for which there is no reserve or additional loss for matters already reserved. While any such charge related to these matters could have a material adverse impact on Edwards Lifesciences’ net income or cash flows in the period in which it is recorded or paid, management does not believe that any such charge relating to any currently pending lawsuit would have a material adverse effect on Edwards Lifesciences’ financial position, results of operations, or liquidity. Edwards Lifesciences is subject to various environmental laws and regulations both within and outside of the United States. The operations of Edwards Lifesciences, 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 cost of a program to comply with environmental protection laws, management believes that such cost will not have a material impact on Edwards Lifesciences’ financial position, results of operations, or liquidity.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Presented below is a summary of activity for each component of " Accumulated Other Comprehensive Loss " for the six months ended June 30, 2015 . Foreign Currency Translation Adjustments Unrealized Gain on Cash Flow Hedges Unrealized Loss on Available-for- sale Investments Unrealized Pension Costs Total Accumulated Other Comprehensive Loss (in millions) December 31, 2014 $ (116.4 ) $ 32.3 $ — $ (16.8 ) $ (100.9 ) Other comprehensive (loss) gain before reclassifications (46.3 ) 28.9 (0.5 ) — (17.9 ) Amounts reclassified from accumulated other comprehensive loss — (29.5 ) 0.4 — (29.1 ) Deferred income tax benefit — 1.3 — — 1.3 June 30, 2015 $ (162.7 ) $ 33.0 $ (0.1 ) $ (16.8 ) $ (146.6 ) The following table provides information about amounts reclassified from " Accumulated Other Comprehensive Loss " (in millions): Three Months Ended Six Months Ended Affected Line on Consolidated Condensed Statements of Operations Details about Accumulated Other Comprehensive Loss Components 2015 2014 2015 2014 Gain on cash flow hedges $ 19.0 $ 3.0 $ 29.5 $ 8.0 Cost of sales (6.9 ) (1.1 ) (10.7 ) (3.0 ) Provision for income taxes $ 12.1 $ 1.9 $ 18.8 $ 5.0 Net of tax Loss on available-for-sale investments $ (0.2 ) $ (0.3 ) $ (0.4 ) $ (0.3 ) Other expense, net — — — — Provision for income taxes $ (0.2 ) $ (0.3 ) $ (0.4 ) $ (0.3 ) Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during a period. Employee equity share options, nonvested shares, and similar equity instruments granted by the Company are treated as potential common shares in computing diluted earnings per share. Diluted shares outstanding include the dilutive effect of restricted stock units, market-based restricted stock units, and in-the-money options. The dilutive impact of the restricted stock units, market-based restricted stock units, and in-the-money options is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount that the employee must pay for exercising stock options, the amount of compensation expense for future service that the Company has not yet recognized, and the amount of tax benefits that would be recorded in " Additional Paid-in Capital " when the award becomes deductible are assumed to be used to repurchase shares. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive. The table below presents the computation of basic and diluted earnings per share (in millions, except for per share information): Three Months Ended Six Months Ended 2015 2014 2015 2014 Basic: Net income $ 112.7 $ 547.0 $ 236.1 $ 607.3 Weighted-average shares outstanding 107.6 105.6 107.7 106.1 Basic earnings per share $ 1.05 $ 5.18 $ 2.19 $ 5.72 Diluted: Net income $ 112.7 $ 547.0 $ 236.1 $ 607.3 Weighted-average shares outstanding 107.6 105.6 107.7 106.1 Dilutive effect of stock plans 2.4 1.8 2.4 1.8 Dilutive weighted-average shares outstanding 110.0 107.4 110.1 107.9 Diluted earnings per share $ 1.02 $ 5.09 $ 2.14 $ 5.63 Stock options, restricted stock units, and market-based restricted stock units to purchase 1.0 million and 4.4 million shares for the three months ended June 30, 2015 and 2014 , respectively, and 0.6 million and 4.0 million shares for the six months ended June 30, 2015 and 2014 , respectively, were outstanding, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective income tax rates were 20.7% and 32.7% for the three months ended June 30, 2015 and 2014 , respectively, and 22.5% and 31.8% for the six months ended June 30, 2015 and 2014 , respectively. The effective tax rate for the three and six months ended June 30, 2014 included (1) $262.1 million of tax expense associated with a $750.0 million litigation settlement payment received from Medtronic in May 2014 (see Note 2) and (2) $6.2 million of tax benefits from the remeasurement of uncertain tax positions. The federal research credit expired on December 31, 2014 and had not been reinstated as of June 30, 2015 . Therefore, the effective income tax rate for the three and six months ended June 30, 2015 was calculated without an assumed benefit from the federal research credit. 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 condensed 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. As of June 30, 2015 and December 31, 2014 , the liability for income taxes associated with uncertain tax positions was $201.6 million and $192.3 million , respectively. The Company estimates that these liabilities would be reduced by $35.1 million and $34.3 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 $166.5 million and $158.0 million , respectively, if not required, would favorably affect the Company's effective tax rate. At June 30, 2015 , all material state, local, and foreign income tax matters have been concluded for years through 2008. During the third quarter of 2013, the Internal Revenue Service ("IRS") completed its fieldwork for the 2009 and 2010 tax years. The case is currently in suspense pending finalization of an Advance Pricing Agreement ("APA") and Joint Committee of Taxation approval. The IRS began its examination of the 2011 and 2012 tax years during the fourth quarter of 2013. The Company has also entered into an APA process between the Switzerland and United States governments for the years 2009 through 2015 covering transfer pricing matters. The transfer pricing matters are significant to the Company's consolidated condensed financial statements, and the final outcome and timing of the negotiations between the two governments is uncertain. During 2014, the Company also filed with the IRS a request for a pre-filing agreement associated with a tax return filing position on a portion of the litigation settlement payment received from Medtronic, Inc. in May 2014. During the first quarter of 2015, the IRS accepted the pre-filing agreement into the pre-filing agreement program. The finalization of the pre-filing agreement could result in a significant change in our uncertain tax positions within the next 12 months.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Edwards Lifesciences conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. All regions sell products that are used to treat advanced cardiovascular disease and critically ill patients. 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 income before provision for income taxes ("pre-tax income"). The accounting policies of the segments are substantially the same as those described in Note 2 of the Company's consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2014. Segment net sales and segment pre-tax 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 pre-tax income 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. Certain items are maintained at the corporate level and are not allocated to the segments. The non-allocated items include net interest expense, 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, and most of the Company's amortization expense. Although most of the Company's depreciation expense is included in segment pre-tax 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): Three Months Ended Six Months Ended 2015 2014 2015 2014 Segment Net Sales United States $ 302.7 $ 242.0 $ 586.2 $ 464.4 Europe 213.9 188.3 430.4 363.9 Japan 75.2 68.2 143.9 128.4 Rest of World 80.4 75.1 151.7 138.8 Total segment net sales $ 672.2 $ 573.6 $ 1,312.2 $ 1,095.5 Segment Pre-tax Income United States $ 166.4 $ 131.2 $ 333.8 $ 249.6 Europe 103.2 87.7 211.1 167.9 Japan 36.6 31.9 68.0 59.5 Rest of World 21.5 23.7 38.3 40.0 Total segment pre-tax income $ 327.7 $ 274.5 $ 651.2 $ 517.0 The table below presents reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Net Sales Reconciliation Segment net sales $ 672.2 $ 573.6 $ 1,312.2 $ 1,095.5 Foreign currency (55.4 ) 1.5 (105.1 ) 2.0 Consolidated net sales $ 616.8 $ 575.1 $ 1,207.1 $ 1,097.5 Pre-tax Income Reconciliation Segment pre-tax income $ 327.7 $ 274.5 $ 651.2 $ 517.0 Unallocated amounts: Corporate items (178.8 ) (158.1 ) (335.6 ) (312.7 ) Special charges (Note 3) — (50.0 ) — (57.5 ) Intellectual property litigation (expenses) income, net (1.0 ) 747.4 (1.3 ) 741.9 Interest expense, net (1.8 ) (3.1 ) (4.2 ) (6.6 ) Foreign currency (3.9 ) 2.5 (5.4 ) 8.4 Consolidated pre-tax income $ 142.2 $ 813.2 $ 304.7 $ 890.5 Enterprise-wide Information Enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated condensed financial statements. Three Months Ended Six Months Ended 2015 2014 2015 2014 (in millions) Net Sales by Geographic Area United States $ 302.7 $ 242.0 $ 586.2 $ 464.4 Europe 181.9 193.8 367.2 374.1 Japan 62.3 66.7 120.4 125.4 Rest of World 69.9 72.6 133.3 133.6 $ 616.8 $ 575.1 $ 1,207.1 $ 1,097.5 Net Sales by Major Product and Service Area Transcatheter Heart Valve Therapy $ 281.4 $ 219.7 $ 549.9 $ 408.9 Surgical Heart Valve Therapy 204.0 214.0 400.9 416.6 Critical Care 131.4 141.4 256.3 272.0 $ 616.8 $ 575.1 $ 1,207.1 $ 1,097.5 June 30, 2015 December 31, 2014 (in millions) Long-lived Tangible Assets by Geographic Area United States $ 367.5 $ 347.6 Europe 39.9 42.1 Japan 8.2 8.5 Rest of World 92.7 93.9 $ 508.3 $ 492.1

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On July 3, 2015, the Company entered into an agreement and plan of merger to acquire CardiAQ Valve Technologies, Inc. ("CardiAQ") for an aggregate cash purchase price of $350.0 million , subject to certain adjustments. In addition, the Company agreed to pay an additional $50.0 million if a certain European regulatory approval is obtained within 48 months of the acquisition closing date. CardiAQ is a developer of a transcatheter mitral valve replacement system. The Company plans to integrate the acquired technology platform into its mitral heart valve program. The acquisition will be accounted for as a business combination, and is expected to consist primarily of goodwill and in-process research and development. The Company is in the process of evaluating the potential impact of the business combination on its consolidated financial statements.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
New Accounting Standards Not Yet Adopted	New Accounting Standards Not Yet Adopted In April 2015, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on the presentation of debt issuance costs. The guidance requires an entity to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt, consistent with debt discounts. The guidance is effective for annual reporting periods beginning after December 31, 2015 and interim periods within those periods, and must be applied retrospectively to each prior reporting period presented. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements.

COMPOSITION OF CERTAIN FINANC22

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Balance Sheet Related Disclosures [Abstract]
Schedule of inventories	Components of selected captions in the consolidated condensed balance sheets consisted of the following (in millions): June 30, 2015 December 31, 2014 Inventories Raw materials $ 69.3 $ 67.4 Work in process 78.5 59.3 Finished products 165.5 170.1 $ 313.3 $ 296.8
Schedule of accounts payable and accrued liabilities	June 30, 2015 December 31, 2014 Accounts payable and accrued liabilities Accounts payable $ 66.2 $ 58.2 Employee compensation and withholdings 145.0 190.5 Uncertain tax positions 39.2 — Research and development accruals 38.2 39.9 Property, payroll, and other taxes 32.9 32.7 Accrued rebates 11.1 11.7 Deferred income taxes 10.5 8.3 Taxes payable 8.1 9.1 Litigation reserves 5.8 4.4 Fair value of derivatives 5.1 2.6 Realignment reserves 1.9 7.7 Other accrued liabilities 81.2 69.3 $ 445.2 $ 434.4

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Schedule of investments in debt securities	Investments in debt securities at the end of each period were as follows (in millions): June 30, 2015 December 31, 2014 Held-to-maturity Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Bank time deposits $ 638.2 $ — $ — $ 638.2 $ 661.5 $ — $ — $ 661.5 Commercial paper 100.1 — — 100.1 80.0 — — 80.0 U.S. government and agency securities 51.7 0.1 (0.1 ) 51.7 58.9 0.1 (0.1 ) 58.9 Asset-backed securities 2.9 — — 2.9 8.2 — — 8.2 Corporate debt securities 22.6 — — 22.6 24.7 — — 24.7 Municipal securities 5.2 — — 5.2 6.1 — — 6.1 Total $ 820.7 $ 0.1 $ (0.1 ) $ 820.7 $ 839.4 $ 0.1 $ (0.1 ) $ 839.4 Available-for-sale Commercial paper 13.2 — — 13.2 13.0 — — 13.0 U.S. government and agency securities 13.0 — — 13.0 1.0 — — 1.0 Asset-backed securities 64.6 — — 64.6 42.9 — — 42.9 Corporate debt securities 200.2 0.1 (0.5 ) 199.8 103.6 — (0.4 ) 103.2 Total $ 291.0 $ 0.1 $ (0.5 ) $ 290.6 $ 160.5 $ — $ (0.4 ) $ 160.1
Schedule of cost and fair value of investments in debt securities, by contractual maturity	The cost and fair value of investments in debt securities, by contractual maturity, as of June 30, 2015 were as follows: Held-to-Maturity Available-for-Sale Cost Fair Value Cost Fair Value (in millions) Due in 1 year or less $ 767.3 $ 767.4 $ 44.1 $ 44.1 Due after 1 year through 5 years 36.9 36.9 183.4 183.1 Instruments not due at a single maturity date 16.5 16.4 63.5 63.4 $ 820.7 $ 820.7 $ 291.0 $ 290.6
Schedule of investments in unconsolidated affiliates	The Company has a number of equity investments in privately and publicly held companies. Investments in these unconsolidated affiliates are recorded in " Long-term Investments " on the consolidated condensed balance sheets, and are as follows: June 30, December 31, (in millions) Available-for-sale investments Cost $ — $ — Unrealized gains 0.3 0.4 Fair value of available-for-sale investments 0.3 0.4 Equity method investments Cost 12.1 12.8 Equity in losses (5.0 ) (3.5 ) Carrying value of equity method investments 7.1 9.3 Cost method investments Carrying value of cost method investments 17.3 16.7 Total investments in unconsolidated affiliates $ 24.7 $ 26.4

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Summary of financial instruments measured at fair value on a recurring basis	The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis (in millions): June 30, 2015 Level 1 Level 2 Total Assets Cash equivalents $ 0.3 $ 9.8 $ 10.1 Available-for-sale investments: Corporate debt securities — 199.8 199.8 Asset-backed securities — 64.7 64.7 U.S. government and agency securities — 12.9 12.9 Commercial paper — 13.2 13.2 Equity investments in unconsolidated affiliates 0.3 — 0.3 Investments held for deferred compensation plans 33.6 — 33.6 Derivatives — 46.8 46.8 $ 34.2 $ 347.2 $ 381.4 Liabilities Derivatives $ — $ 5.1 $ 5.1 Deferred compensation plans 33.6 — 33.6 $ 33.6 $ 5.1 $ 38.7 December 31, 2014 Assets Cash equivalents $ 32.6 $ 12.0 $ 44.6 Available-for-sale investments: Corporate debt securities — 103.2 103.2 Asset-backed securities — 42.9 42.9 U.S. government and agency securities — 1.0 1.0 Commercial paper — 13.0 13.0 Equity investments in unconsolidated affiliates 0.4 — 0.4 Investments held for deferred compensation plans 28.2 — 28.2 Derivatives — 50.7 50.7 $ 61.2 $ 222.8 $ 284.0 Liabilities Derivatives $ — $ 2.6 $ 2.6 Deferred compensation plans 28.7 — 28.7 $ 28.7 $ 2.6 $ 31.3

DERIVATIVE INSTRUMENTS AND HE25

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of derivative financial instruments used to manage currency exchange rate risk and interest rate risk	The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk, as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. Notional Amount June 30, 2015 December 31, 2014 (in millions) Foreign currency forward exchange contracts $ 753.1 $ 761.2 Interest rate swap agreements 300.0 300.0 Foreign currency option contracts 18.2 9.2
Schedule of location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets	The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions): Fair Value Derivatives designated as hedging instruments Balance Sheet Location June 30, 2015 December 31, 2014 Assets Foreign currency contracts Other current assets $ 37.2 $ 45.2 Interest rate swap agreements Other assets $ 2.3 $ 0.4 Liabilities Foreign currency contracts Accrued and other liabilities $ 5.1 $ 2.6 Derivatives not designated as hedging instruments Assets Foreign currency contracts Other assets $ 7.3 $ 5.1
Schedule of effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets	The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions): Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet June 30, 2015 Gross Amounts Financial Instruments Cash Collateral Received Net Amount Derivative Assets Foreign currency contracts $ 44.5 $ — $ 44.5 $ (5.1 ) $ — $ 39.4 Interest rate swap agreements $ 2.3 $ — $ 2.3 $ — $ — $ 2.3 Derivative Liabilities Foreign currency contracts $ 5.1 $ — $ 5.1 $ (5.1 ) $ — $ — December 31, 2014 Derivative Assets Foreign currency contracts $ 50.3 $ — $ 50.3 $ (2.6 ) $ — $ 47.7 Interest rate swap agreements $ 0.4 $ — $ 0.4 $ — $ — $ 0.4 Derivative Liabilities Foreign currency contracts $ 2.6 $ — $ 2.6 $ (2.6 ) $ — $ —
Schedule of effect of derivative instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income	The following tables present the effect of derivative instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions): Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Three Months Ended Three Months Ended Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Derivatives in cash flow hedging relationships 2015 2014 2015 2014 Foreign currency contracts $ (7.4 ) $ (2.7 ) Cost of sales $ 19.0 $ 3.0 Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Six Months Ended Six Months Ended Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Derivatives in cash flow hedging relationships 2015 2014 2015 2014 Foreign currency contracts $ 28.9 $ (4.4 ) Cost of sales $ 29.5 $ 8.0 Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Derivatives in fair value hedging relationships 2015 2014 Interest rate swap agreements Interest expense, net $ (2.6 ) $ 2.6 Amount of Gain or (Loss) Recognized in Income on Derivative Six Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Derivatives in fair value hedging relationships 2015 2014 Interest rate swap agreements Interest expense, net $ 1.9 $ 4.7 The gains on the interest rate swap agreements are fully offset by the changes in the fair value of the fixed-rate debt being hedged. Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Derivatives not designated as hedging instruments 2015 2014 Foreign currency contracts Other expense, net $ 1.9 $ (2.5 ) Amount of Gain or (Loss) Recognized in Income on Derivative Six Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Derivatives not designated as hedging instruments 2015 2014 Foreign currency contracts Other expense, net $ 6.8 $ (3.2 )

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock-based compensation expense	Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and six months ended June 30, 2015 and 2014 was as follows (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Cost of sales $ 1.6 $ 1.5 $ 3.4 $ 3.0 Selling, general, and administrative expenses 7.1 8.6 16.7 17.4 Research and development expenses 2.1 1.8 4.3 3.5 Total stock-based compensation expense $ 10.8 $ 11.9 $ 24.4 $ 23.9
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 Three Months Ended Six Months Ended 2015 2014 2015 2014 Average risk-free interest rate 1.4 % 1.4 % 1.4 % 1.4 % Expected dividend yield None None None None Expected volatility 29.7 % 30.7 % 29.8 % 30.7 % Expected term (years) 4.5 4.5 4.5 4.6 Fair value, per share $ 35.40 $ 23.58 $ 35.64 $ 23.21
Schedule of weighted-average assumptions for ESPP subscriptions granted	The Black-Scholes option pricing model was used with the following weighted-average assumptions for ESPP subscriptions granted during the following periods: ESPP Three Months Ended Six Months Ended 2015 2014 2015 2014 Average risk-free interest rate 0.2 % 0.1 % 0.2 % 0.1 % Expected dividend yield None None None None Expected volatility 26.5 % 29.2 % 27.6 % 31.3 % Expected term (years) 0.6 0.7 0.6 0.7 Fair value, per share $ 33.01 $ 18.33 $ 30.86 $ 16.96

ACCUMULATED OTHER COMPREHENSI27

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary 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 six months ended June 30, 2015 . Foreign Currency Translation Adjustments Unrealized Gain on Cash Flow Hedges Unrealized Loss on Available-for- sale Investments Unrealized Pension Costs Total Accumulated Other Comprehensive Loss (in millions) December 31, 2014 $ (116.4 ) $ 32.3 $ — $ (16.8 ) $ (100.9 ) Other comprehensive (loss) gain before reclassifications (46.3 ) 28.9 (0.5 ) — (17.9 ) Amounts reclassified from accumulated other comprehensive loss — (29.5 ) 0.4 — (29.1 ) Deferred income tax benefit — 1.3 — — 1.3 June 30, 2015 $ (162.7 ) $ 33.0 $ (0.1 ) $ (16.8 ) $ (146.6 )
Schedule of amounts reclassified from Accumulated Other Comprehensive Loss	The following table provides information about amounts reclassified from " Accumulated Other Comprehensive Loss " (in millions): Three Months Ended Six Months Ended Affected Line on Consolidated Condensed Statements of Operations Details about Accumulated Other Comprehensive Loss Components 2015 2014 2015 2014 Gain on cash flow hedges $ 19.0 $ 3.0 $ 29.5 $ 8.0 Cost of sales (6.9 ) (1.1 ) (10.7 ) (3.0 ) Provision for income taxes $ 12.1 $ 1.9 $ 18.8 $ 5.0 Net of tax Loss on available-for-sale investments $ (0.2 ) $ (0.3 ) $ (0.4 ) $ (0.3 ) Other expense, net — — — — Provision for income taxes $ (0.2 ) $ (0.3 ) $ (0.4 ) $ (0.3 ) Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	The table below presents the computation of basic and diluted earnings per share (in millions, except for per share information): Three Months Ended Six Months Ended 2015 2014 2015 2014 Basic: Net income $ 112.7 $ 547.0 $ 236.1 $ 607.3 Weighted-average shares outstanding 107.6 105.6 107.7 106.1 Basic earnings per share $ 1.05 $ 5.18 $ 2.19 $ 5.72 Diluted: Net income $ 112.7 $ 547.0 $ 236.1 $ 607.3 Weighted-average shares outstanding 107.6 105.6 107.7 106.1 Dilutive effect of stock plans 2.4 1.8 2.4 1.8 Dilutive weighted-average shares outstanding 110.0 107.4 110.1 107.9 Diluted earnings per share $ 1.02 $ 5.09 $ 2.14 $ 5.63

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Information about reportable segments	The table below presents information about Edwards Lifesciences' reportable segments (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Segment Net Sales United States $ 302.7 $ 242.0 $ 586.2 $ 464.4 Europe 213.9 188.3 430.4 363.9 Japan 75.2 68.2 143.9 128.4 Rest of World 80.4 75.1 151.7 138.8 Total segment net sales $ 672.2 $ 573.6 $ 1,312.2 $ 1,095.5 Segment Pre-tax Income United States $ 166.4 $ 131.2 $ 333.8 $ 249.6 Europe 103.2 87.7 211.1 167.9 Japan 36.6 31.9 68.0 59.5 Rest of World 21.5 23.7 38.3 40.0 Total segment pre-tax income $ 327.7 $ 274.5 $ 651.2 $ 517.0
Reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income	The table below presents reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Net Sales Reconciliation Segment net sales $ 672.2 $ 573.6 $ 1,312.2 $ 1,095.5 Foreign currency (55.4 ) 1.5 (105.1 ) 2.0 Consolidated net sales $ 616.8 $ 575.1 $ 1,207.1 $ 1,097.5 Pre-tax Income Reconciliation Segment pre-tax income $ 327.7 $ 274.5 $ 651.2 $ 517.0 Unallocated amounts: Corporate items (178.8 ) (158.1 ) (335.6 ) (312.7 ) Special charges (Note 3) — (50.0 ) — (57.5 ) Intellectual property litigation (expenses) income, net (1.0 ) 747.4 (1.3 ) 741.9 Interest expense, net (1.8 ) (3.1 ) (4.2 ) (6.6 ) Foreign currency (3.9 ) 2.5 (5.4 ) 8.4 Consolidated pre-tax income $ 142.2 $ 813.2 $ 304.7 $ 890.5
Enterprise-wide information	Enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated condensed financial statements. Three Months Ended Six Months Ended 2015 2014 2015 2014 (in millions) Net Sales by Geographic Area United States $ 302.7 $ 242.0 $ 586.2 $ 464.4 Europe 181.9 193.8 367.2 374.1 Japan 62.3 66.7 120.4 125.4 Rest of World 69.9 72.6 133.3 133.6 $ 616.8 $ 575.1 $ 1,207.1 $ 1,097.5 Net Sales by Major Product and Service Area Transcatheter Heart Valve Therapy $ 281.4 $ 219.7 $ 549.9 $ 408.9 Surgical Heart Valve Therapy 204.0 214.0 400.9 416.6 Critical Care 131.4 141.4 256.3 272.0 $ 616.8 $ 575.1 $ 1,207.1 $ 1,097.5 June 30, 2015 December 31, 2014 (in millions) Long-lived Tangible Assets by Geographic Area United States $ 367.5 $ 347.6 Europe 39.9 42.1 Japan 8.2 8.5 Rest of World 92.7 93.9 $ 508.3 $ 492.1

INTELLECTUAL PROPERTY LITIGAT30

INTELLECTUAL PROPERTY LITIGATION EXPENSES (INCOME), NET (Details) $ in Millions	3 Months Ended
	Jun. 30, 2014USD ($)
Medtronic litigation settlement
Loss Contingencies [Line Items]
Amount of upfront payment received	$ 750

SPECIAL CHARGES - Charitable Fo

SPECIAL CHARGES - Charitable Foundation Contribution (Details) $ in Millions	1 Months Ended
	Jun. 30, 2014USD ($)
Edwards Lifesciences Foundation | Charitable foundation contribution
Related party transaction
Related party expense	$ 50

SPECIAL CHARGES - Settlement (D

SPECIAL CHARGES - Settlement (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Licensing of intellectual property
Special charges		$ 0	$ 50	$ 0	$ 57.5
Intellectual property agreement
Licensing of intellectual property
Special charges	$ 7.5

COMPOSITION OF CERTAIN FINANC33

COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventories
Raw materials	$ 69.3	$ 67.4
Work in process	78.5	59.3
Finished products	165.5	170.1
Total inventories	313.3	296.8
Finished products inventories held on consignment	52.5	46.2
Accounts payable and accrued liabilities
Accounts payable	66.2	58.2
Employee compensation and withholdings	145	190.5
Uncertain tax positions	39.2	0
Research and development accruals	38.2	39.9
Property, payroll, and other taxes	32.9	32.7
Accrued rebates	11.1	11.7
Deferred income taxes	10.5	8.3
Taxes payable	8.1	9.1
Litigation reserves	5.8	4.4
Fair value of derivatives	5.1	2.6
Realignment reserves	1.9	7.7
Other accrued liabilities	81.2	69.3
Total accounts payable and accrued liabilities	$ 445.2	$ 434.4

INVESTMENTS - Investments in He

INVESTMENTS - Investments in Held-to-maturity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Held-to-maturity
Cost	$ 820.7	$ 839.4
Gross Unrealized Gains	0.1	0.1
Gross Unrealized Losses	(0.1)	(0.1)
Fair Value	820.7	839.4
Bank time deposits
Held-to-maturity
Cost	638.2	661.5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	638.2	661.5
Commercial paper
Held-to-maturity
Cost	100.1	80
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	100.1	80
U.S. government and agency securities
Held-to-maturity
Cost	51.7	58.9
Gross Unrealized Gains	0.1	0.1
Gross Unrealized Losses	(0.1)	(0.1)
Fair Value	51.7	58.9
Asset-backed securities
Held-to-maturity
Cost	2.9	8.2
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	2.9	8.2
Corporate debt securities
Held-to-maturity
Cost	22.6	24.7
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	22.6	24.7
Municipal securities
Held-to-maturity
Cost	5.2	6.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 5.2	$ 6.1

INVESTMENTS - Investments in Av

INVESTMENTS - Investments in Available-for-sale Securities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale
Cost	$ 291	$ 160.5
Gross Unrealized Gains	0.1	0
Gross Unrealized Losses	(0.5)	(0.4)
Fair Value	290.6	160.1
Commercial paper
Available-for-sale
Cost	13.2	13
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	13.2	13
U.S. government and agency securities
Available-for-sale
Cost	13	1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	13	1
Asset-backed securities
Available-for-sale
Cost	64.6	42.9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	64.6	42.9
Corporate debt securities
Available-for-sale
Cost	200.2	103.6
Gross Unrealized Gains	0.1	0
Gross Unrealized Losses	(0.5)	(0.4)
Fair Value	$ 199.8	$ 103.2

INVESTMENTS - Cost and Fair Val

INVESTMENTS - Cost and Fair Value of Investments in Debt Securities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Cost
Due in 1 year or less	$ 767.3
Due after 1 year through 5 years	36.9
Instruments not due at a single maturity date	16.5
Cost	820.7	$ 839.4
Fair Value
Due in 1 year or less	767.4
Due after 1 year through 5 years	36.9
Instruments not due at a single maturity date	16.4
Fair Value	820.7	839.4
Cost
Due in 1 year or less	44.1
Due after 1 year through 5 years	183.4
Instruments not due at a single maturity date	63.5
Cost	291	160.5
Fair Value
Due in 1 year or less	44.1
Due after 1 year through 5 years	183.1
Instruments not due at a single maturity date	63.4
Fair Value	$ 290.6	$ 160.1

INVESTMENTS - Investments in Un

INVESTMENTS - Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale investments
Cost		$ 0	$ 0
Unrealized gains		0.3	0.4
Fair value of available-for-sale investments		0.3	0.4
Equity method investments
Cost		12.1	12.8
Equity in losses		(5)	(3.5)
Carrying value of equity method investments		7.1	9.3
Cost method investments
Carrying value of cost method investments		17.3	16.7
Total investments in unconsolidated affiliates		$ 24.7	$ 26.4
Other-than-temporary impairment charge	$ 3.5

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Jun. 30, 2015USD ($)
Estimate of Fair Value Measurement | Level 2
Financial instruments
Fair value of notes payable	$ 615.4

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Estimate of Fair Value Measurement - Fair Value on a Recurring Basis - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash equivalents	$ 10.1	$ 44.6
Investments held for deferred compensation plans	33.6	28.2
Derivatives	46.8	50.7
Total assets	381.4	284
Liabilities
Derivatives	5.1	2.6
Deferred compensation plans	33.6	28.7
Total liabilities	38.7	31.3
Corporate debt securities
Assets
Available-for-sale investments	199.8	103.2
Asset-backed securities
Assets
Available-for-sale investments	64.7	42.9
U.S. government and agency securities
Assets
Available-for-sale investments	12.9	1
Commercial paper
Assets
Available-for-sale investments	13.2	13
Equity investments in unconsolidated affiliates
Assets
Available-for-sale investments	0.3	0.4
Level 1
Assets
Cash equivalents	0.3	32.6
Investments held for deferred compensation plans	33.6	28.2
Derivatives	0	0
Total assets	34.2	61.2
Liabilities
Derivatives	0	0
Deferred compensation plans	33.6	28.7
Total liabilities	33.6	28.7
Level 1 | Corporate debt securities
Assets
Available-for-sale investments	0	0
Level 1 | Asset-backed securities
Assets
Available-for-sale investments	0	0
Level 1 | U.S. government and agency securities
Assets
Available-for-sale investments	0	0
Level 1 | Commercial paper
Assets
Available-for-sale investments	0	0
Level 1 | Equity investments in unconsolidated affiliates
Assets
Available-for-sale investments	0.3	0.4
Level 2
Assets
Cash equivalents	9.8	12
Investments held for deferred compensation plans	0	0
Derivatives	46.8	50.7
Total assets	347.2	222.8
Liabilities
Derivatives	5.1	2.6
Deferred compensation plans	0	0
Total liabilities	5.1	2.6
Level 2 | Corporate debt securities
Assets
Available-for-sale investments	199.8	103.2
Level 2 | Asset-backed securities
Assets
Available-for-sale investments	64.7	42.9
Level 2 | U.S. government and agency securities
Assets
Available-for-sale investments	12.9	1
Level 2 | Commercial paper
Assets
Available-for-sale investments	13.2	13
Level 2 | Equity investments in unconsolidated affiliates
Assets
Available-for-sale investments	$ 0	$ 0

DERIVATIVE INSTRUMENTS AND HE40

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts of Derivatives (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Derivative Financial Instruments
Maximum period of time currency rate movements in future cash flows associated with intercompany transactions and certain third-party expenses are hedged	13 months
Foreign currency forward exchange contracts
Derivative Financial Instruments
Notional Amount	$ 753.1	$ 761.2
Interest rate swap agreements
Derivative Financial Instruments
Notional Amount	300	300
Foreign currency option contracts
Derivative Financial Instruments
Notional Amount	$ 18.2	$ 9.2

DERIVATIVE INSTRUMENTS AND HE41

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair Value Amounts of Derivative Instruments, Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Derivatives designated as hedging instruments | Foreign currency contracts | Other current assets
Derivatives designated as hedging instruments
Fair value of derivative assets	$ 37.2	$ 45.2
Derivatives designated as hedging instruments | Foreign currency contracts | Accrued and other liabilities
Derivatives designated as hedging instruments
Fair value of derivative liabilities	5.1	2.6
Derivatives designated as hedging instruments | Interest rate swap agreements | Other assets
Derivatives designated as hedging instruments
Fair value of derivative assets	2.3	0.4
Derivatives not designated as hedging instruments | Foreign currency contracts | Other assets
Derivatives designated as hedging instruments
Fair value of derivative assets	$ 7.3	$ 5.1

DERIVATIVE INSTRUMENTS AND HE42

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Master-netting Agreements and Rights of Offset (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Foreign currency contracts
Derivative Assets
Gross Amounts	$ 44.5	$ 50.3
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	44.5	50.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(5.1)	(2.6)
Cash Collateral Received	0	0
Net Amount	39.4	47.7
Derivative Liabilities
Gross Amounts	5.1	2.6
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	5.1	2.6
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(5.1)	(2.6)
Cash Collateral Received	0	0
Net Amount	0	0
Interest rate swap agreements
Derivative Assets
Gross Amounts	2.3	0.4
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	2.3	0.4
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 2.3	$ 0.4

DERIVATIVE INSTRUMENTS AND HE43

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss)
Expected reclassification of gain recorded in accumulated other comprehensive loss into earnings during next twelve months			$ 19.7
Derivatives not designated as hedging instruments | Foreign currency contracts | Other expense, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 1.9	$ (2.5)	6.8	$ (3.2)
Derivatives in cash flow hedging relationships | Foreign currency contracts
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	(7.4)	(2.7)	28.9	(4.4)
Derivatives in cash flow hedging relationships | Foreign currency contracts | Cost of sales
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income	19	3	29.5	8
Derivatives in fair value hedging relationships | Interest rate swap agreements | Interest expense, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ (2.6)	$ 2.6	$ 1.9	$ 4.7

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Allocation of stock-based compensation expense
Stock-based compensation expense	$ 10.8	$ 11.9	$ 24.4	$ 23.9
Cost of sales
Allocation of stock-based compensation expense
Stock-based compensation expense	1.6	1.5	3.4	3
Selling, general, and administrative expenses
Allocation of stock-based compensation expense
Stock-based compensation expense	7.1	8.6	16.7	17.4
Research and development expenses
Allocation of stock-based compensation expense
Stock-based compensation expense	$ 2.1	$ 1.8	$ 4.3	$ 3.5

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to nonvested stock options, restricted stock units, market-based restricted stock units and employee stock purchase subscriptions	$ 108.1
Period over which unrecognized compensation expense is expected to be recognized	33 months
Stock options granted in period (in shares)	800
Stock options granted in period, weighted average exercise price	$ 130.89
Performance period (in years)	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	175.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted in period (in shares)	200
Restricted stock units granted in period, weighted average grant date fair value	$ 131.23
Market-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted in period (in shares)	34
Restricted stock units granted in period, weighted average grant date fair value	$ 138.66
Risk-free interest rate (as a percent)	1.00%	0.90%
Expected volatility (as a percent)	31.00%	31.70%

STOCK-BASED COMPENSATION - Weig

STOCK-BASED COMPENSATION - Weighted-average Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Option Awards
Employee and Director Stock Plans
Average risk-free interest rate (as a percent)	1.40%	1.40%	1.40%	1.40%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%	0.00%
Expected volatility (as a percent)	29.70%	30.70%	29.80%	30.70%
Expected term, period	4 years 6 months	4 years 6 months	4 years 6 months	4 years 7 months 6 days
Fair value, per share	$ 35.40	$ 23.58	$ 35.64	$ 23.21
ESPP
Employee and Director Stock Plans
Average risk-free interest rate (as a percent)	0.20%	0.10%	0.20%	0.10%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%	0.00%
Expected volatility (as a percent)	26.50%	29.20%	27.60%	31.30%
Expected term, period	7 months 6 days	8 months 12 days	7 months 6 days	8 months 12 days
Fair value, per share	$ 33.01	$ 18.33	$ 30.86	$ 16.96

ACCUMULATED OTHER COMPREHENSI47

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of Changes in Accumulated Other Comprehensive Loss by Component (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Changes in accumulated other comprehensive loss components
Balance at the beginning of the period	$ (100.9)
Other comprehensive (loss) gain before reclassifications	(17.9)
Amounts reclassified from accumulated other comprehensive loss	(29.1)
Deferred income tax benefit	1.3
Balance at the end of the period	(146.6)
Foreign Currency Translation Adjustments
Changes in accumulated other comprehensive loss components
Balance at the beginning of the period	(116.4)
Other comprehensive (loss) gain before reclassifications	(46.3)
Amounts reclassified from accumulated other comprehensive loss	0
Deferred income tax benefit	0
Balance at the end of the period	(162.7)
Unrealized Gain on Cash Flow Hedges
Changes in accumulated other comprehensive loss components
Balance at the beginning of the period	32.3
Other comprehensive (loss) gain before reclassifications	28.9
Amounts reclassified from accumulated other comprehensive loss	(29.5)
Deferred income tax benefit	1.3
Balance at the end of the period	33
Unrealized Loss on Available-for- sale Investments
Changes in accumulated other comprehensive loss components
Balance at the beginning of the period	0
Other comprehensive (loss) gain before reclassifications	(0.5)
Amounts reclassified from accumulated other comprehensive loss	0.4
Deferred income tax benefit	0
Balance at the end of the period	(0.1)
Unrealized Pension Costs
Changes in accumulated other comprehensive loss components
Balance at the beginning of the period	(16.8)
Other comprehensive (loss) gain before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	0
Deferred income tax benefit	0
Balance at the end of the period	$ (16.8)

ACCUMULATED OTHER COMPREHENSI48

ACCUMULATED OTHER COMPREHENSIVE LOSS - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations
Cost of sales	$ (158.6)	$ (151.2)	$ (294.6)	$ (297.1)
Provision for income taxes	(29.5)	(266.2)	(68.6)	(283.2)
Net income	112.7	547	236.1	607.3
Other expense, net	(1.8)	(0.4)	(2)	(0.1)
Gain on cash flow hedges | Amount Reclassified from Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations
Cost of sales	19	3	29.5	8
Provision for income taxes	(6.9)	(1.1)	(10.7)	(3)
Net income	12.1	1.9	18.8	5
Loss on available-for-sale investments | Amount Reclassified from Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss to affected line on Consolidated Statements of Operations
Provision for income taxes	0	0
Net income	(0.2)	(0.3)	(0.4)	(0.3)
Other expense, net	$ (0.2)	$ (0.3)	$ (0.4)	$ (0.3)

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic:
Net income	$ 112.7	$ 547	$ 236.1	$ 607.3
Weighted-average shares outstanding (in shares)	107.6	105.6	107.7	106.1
Basic earnings per share (in dollars per share)	$ 1.05	$ 5.18	$ 2.19	$ 5.72
Diluted:
Net income	$ 112.7	$ 547	$ 236.1	$ 607.3
Weighted-average shares outstanding (in shares)	107.6	105.6	107.7	106.1
Dilutive effect of stock plans (in shares)	2.4	1.8	2.4	1.8
Dilutive weighted-average shares outstanding (in shares)	110	107.4	110.1	107.9
Diluted earnings per share (in dollars per share)	$ 1.02	$ 5.09	$ 2.14	$ 5.63

EARNINGS PER SHARE - Earnings p

EARNINGS PER SHARE - Earnings per Share Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock compensation plan
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of earnings per share (in shares)	1	4.4	0.6	4

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Loss Contingencies [Line Items]
Effective income tax rate (as a percent)	20.70%	32.70%	22.50%	31.80%
Tax expense	$ 29.5	$ 266.2	$ 68.6	$ 283.2
Tax benefit from the remeasurement of uncertain tax positions			6.2
Liability for income taxes associated with uncertain tax positions	201.6		201.6		$ 192.3
Offsetting tax benefits associated with correlative effects of potential transfer pricing adjustments, state income taxes and timing adjustments	35.1		35.1		34.3
Net liability for income taxes associated with uncertain tax positions	$ 166.5		$ 166.5		$ 158
Medtronic litigation settlement
Loss Contingencies [Line Items]
Tax expense		262.1		$ 262.1
Litigation settlement payment received		$ 750

SEGMENT INFORMATION - Informati

SEGMENT INFORMATION - Information about Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	$ 616.8	$ 575.1	$ 1,207.1	$ 1,097.5
Pre-tax income	142.2	813.2	304.7	890.5
Unallocated amounts:
Special charges (Note 3)	0	(50)	0	(57.5)
Intellectual property litigation (expenses) income, net	(1)	747.4	(1.3)	741.9
Interest expense, net	(1.8)	(3.1)	(4.2)	(6.6)
United States
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	302.7	242	586.2	464.4
Europe
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	181.9	193.8	367.2	374.1
Japan
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	62.3	66.7	120.4	125.4
Rest of World
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	69.9	72.6	133.3	133.6
Operating segments
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	672.2	573.6	1,312.2	1,095.5
Pre-tax income	327.7	274.5	651.2	517
Operating segments | United States
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	302.7	242	586.2	464.4
Pre-tax income	166.4	131.2	333.8	249.6
Operating segments | Europe
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	213.9	188.3	430.4	363.9
Pre-tax income	103.2	87.7	211.1	167.9
Operating segments | Japan
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	75.2	68.2	143.9	128.4
Pre-tax income	36.6	31.9	68	59.5
Operating segments | Rest of World
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	80.4	75.1	151.7	138.8
Pre-tax income	21.5	23.7	38.3	40
Reconciling items
Information about reportable segments and reconciliations of segment net sales to consolidated net sales and segment pre-tax income to consolidated pre-tax income
Net sales	(55.4)	1.5	(105.1)	2
Unallocated amounts:
Special charges (Note 3)	0	(50)	0	(57.5)
Intellectual property litigation (expenses) income, net	(1)	747.4	(1.3)	741.9
Interest expense, net	(1.8)	(3.1)	(4.2)	(6.6)
Foreign currency	(3.9)	2.5	(5.4)	8.4
Corporate items
Unallocated amounts:
Corporate items	$ (178.8)	$ (158.1)	$ (335.6)	$ (312.7)

SEGMENT INFORMATION - Enterpris

SEGMENT INFORMATION - Enterprise-wide Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Net Sales by Geographic Area and by Major Product and Service Area
Net sales	$ 616.8	$ 575.1	$ 1,207.1	$ 1,097.5
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	508.3		508.3		$ 492.1
Transcatheter Heart Valve Therapy
Net Sales by Geographic Area and by Major Product and Service Area
Net sales	281.4	219.7	549.9	408.9
Surgical Heart Valve Therapy
Net Sales by Geographic Area and by Major Product and Service Area
Net sales	204	214	400.9	416.6
Critical Care
Net Sales by Geographic Area and by Major Product and Service Area
Net sales	131.4	141.4	256.3	272
United States
Net Sales by Geographic Area and by Major Product and Service Area
Net sales	302.7	242	586.2	464.4
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	367.5		367.5		347.6
Europe
Net Sales by Geographic Area and by Major Product and Service Area
Net sales	181.9	193.8	367.2	374.1
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	39.9		39.9		42.1
Japan
Net Sales by Geographic Area and by Major Product and Service Area
Net sales	62.3	66.7	120.4	125.4
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	8.2		8.2		8.5
Rest of World
Net Sales by Geographic Area and by Major Product and Service Area
Net sales	69.9	$ 72.6	133.3	$ 133.6
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	$ 92.7		$ 92.7		$ 93.9

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Jul. 03, 2015 - Subsequent Event - CardiAQ - USD ($) $ in Millions	Total
Subsequent Event [Line Items]
Aggregate cash purchase price	$ 350
Additional payment upon certain European regulatory approval	$ 50
Approval period of acquired technology	48 months