Edwards Lifesciences (EW) 10-Q28 Apr 202020 Q1 Quarterly reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2020	Apr. 22, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-15525
Entity Registrant Name	EDWARDS LIFESCIENCES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4316614
Entity Address, Address Line One	One Edwards Way
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Zip Code	92614
City Area Code	949
Local Phone Number	250-2500
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	EW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		206,554,751
Entity Central Index Key	0001099800
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 662.9	$ 1,179.1
Short-term investments (Note 4)	368.2	337.8
Accounts and other receivables, net of allowances of $9.0 and $8.7, respectively	585.1	599.1
Inventories (Note 2)	662.2	640.9
Prepaid expenses	65.8	59.1
Other current assets	163.7	168
Total current assets	2,507.9	2,984
Long-term investments (Note 4)	587.8	585.5
Property, plant, and equipment, net	1,100.6	1,060.3
Operating lease right-of-use assets	75.5	80.1
Goodwill	1,166.2	1,167.7
Other intangible assets, net	334.8	336.5
Deferred income taxes	158	172.2
Other assets	145.3	101.8
Total assets	6,076.1	6,488.1
Current liabilities
Accounts payable and accrued liabilities (Note 2)	722	876.9
Operating lease liabilities	24.9	25.5
Total current liabilities	746.9	902.4
Long-term debt	594.6	594.4
Contingent consideration liabilities (Note 5)	170.3	172.5
Taxes payable	239.3	236.6
Operating lease liabilities	55.7	58.9
Uncertain tax positions	175.9	171.7
Other long-term liabilities	192.3	203.3
Commitments and contingencies (Note 8)
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, 218.5 and 218.1 shares issued, and 206.5 and 209.1 shares outstanding, respectively	218.5	218.1
Additional paid-in capital	1,675.9	1,623.3
Retained earnings	4,052.2	3,741.6
Accumulated other comprehensive loss (Note 9)	(152)	(156)
Treasury stock, at cost, 12.0 and 9.0 shares, respectively	(1,893.5)	(1,278.7)
Total stockholders' equity	3,901.1	4,148.3
Total liabilities and stockholders' equity	$ 6,076.1	$ 6,488.1

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9	$ 8.7
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	218,500,000	218,100,000
Common stock, shares outstanding (in shares)	206,500,000	209,100,000
Treasury stock (in shares)	12,000,000	9,000,000

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 1,128.7	$ 993
Cost of sales	265.1	231.8
Gross profit	863.6	761.2
Selling, general, and administrative expenses	307.8	280.3
Research and development expenses	187.4	171.4
Intellectual property litigation expenses	12.5	4.6
Change in fair value of contingent consideration liabilities, net (Note 5)	(2.2)	6.7
Special charge (Note 3)	0	24
Operating income	358.1	274.2
Interest income, net	(4.5)	(2)
Other income, net	(1.9)	(1.8)
Consolidated pre-tax income	364.5	278
Provision for income taxes	53.9	28.3
Net income	$ 310.6	$ 249.7
Earnings per share:
Basic (in dollars per share)	$ 1.49	$ 1.20
Diluted (in dollars per share)	$ 1.47	$ 1.18
Weighted-average number of common shares outstanding:
Basic (in shares)	208.2	207.9
Diluted (in shares)	211.7	212.2

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 310.6	$ 249.7
Other comprehensive income (loss), net of tax (Note 9):
Foreign currency translation adjustments	2.3	(13.1)
Unrealized gain on hedges	6.6	7.2
Defined benefit pension plans	(0.2)	(0.1)
Unrealized (loss) gain on available-for-sale investments	(4.6)	3.3
Reclassification of net realized investment loss to earnings	(0.1)
Other comprehensive income (loss)	4	(2.7)
Comprehensive income	$ 314.6	$ 247

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 310.6	$ 249.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24.5	20.6
Non-cash operating lease cost	6.7	5.7
Stock-based compensation (Note 7)	23.9	20.8
Change in fair value of contingent consideration liabilities, net (Note 5)	(2.2)	6.7
Deferred income taxes	3.6	5.8
Purchase of intellectual property (Note 3)	0	24
Other	14.7	(7)
Changes in operating assets and liabilities:
Accounts and other receivables, net	(4.2)	(45.8)
Inventories	(35.2)	(29.4)
Accounts payable and accrued liabilities	(144.4)	(242.2)
Income taxes	32.2	(16.3)
Prepaid expenses and other current assets	(5.7)	2.8
Other	(17.5)	6.1
Net cash provided by operating activities	207	1.5
Cash flows from investing activities
Capital expenditures	(82.2)	(42.2)
Purchases of held-to-maturity investments (Note 4)	(112)	(30)
Proceeds from held-to-maturity investments (Note 4)	100.2	20
Purchases of available-for sale investments (Note 4)	(150.9)	0
Proceeds from available-for-sale investments (Note 4)	127.8	56.1
Investments in intangible assets (Note 3)	0	(16.8)
Investments in trading securities, net	0.3
Investments in trading securities, net		(1.9)
Investments in unconsolidated affiliates, net (Note 4)	(1.4)	(1.3)
Payment for acquisition option	0	(35)
Issuances of notes receivable	(16.6)	(0.7)
Other	0.1	2.3
Net cash used in investing activities	(134.7)	(49.5)
Operating cash flows from operating leases	7.1	6.1
Cash flows from financing activities
Proceeds from issuance of debt, net	7.9	3.7
Payments on debt and finance lease obligations	(8.2)	(4)
Purchases of treasury stock	(614.8)	(5.7)
Proceeds from stock plans	29.1	45
Other	(0.4)	5.4
Net cash (used in) provided by financing activities	(586.4)	44.4
Effect of currency exchange rate changes on cash and cash equivalents	(2.1)	(1.3)
Net decrease in cash and cash equivalents	(516.2)	(4.9)
Cash and cash equivalents at beginning of period	1,179.1	714.1
Cash and cash equivalents at end of period	$ 662.9	$ 709.2

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Total 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	249.7				249.7
Other comprehensive income, net of tax	(2.7)					(2.7)
Common stock issued under equity plans (in shares)		0.8
Common stock issued under equity plans	45	$ 0.8		44.2
Stock-based compensation expense	20.8			20.8
Purchases of treasury stock (in shares)			0.1
Purchases of treasury stock	(5.7)		$ (5.7)
Ending balance (in shares) at Mar. 31, 2019		216	7.6
Ending balance at Mar. 31, 2019	3,447.5	$ 216	$ (1,021.1)	1,449.4	2,944.4	(141.2)
Beginning balance (in shares) at Dec. 31, 2019		218.1	9
Beginning balance at Dec. 31, 2019	4,148.3	$ 218.1	$ (1,278.7)	1,623.3	3,741.6	(156)
Increase (Decrease) in Stockholders' Equity
Net income	310.6				310.6
Other comprehensive income, net of tax	4					4
Common stock issued under equity plans (in shares)		0.4
Common stock issued under equity plans	29.1	$ 0.4		28.7
Stock-based compensation expense	23.9			23.9
Purchases of treasury stock (in shares)			3
Purchases of treasury stock	(614.8)		$ (614.8)
Ending balance (in shares) at Mar. 31, 2020		218.5	12
Ending balance at Mar. 31, 2020	$ 3,901.1	$ 218.5	$ (1,893.5)	$ 1,675.9	$ 4,052.2	$ (152)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2020
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, 2019 . Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted. The 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 may differ from these estimates. In particular, the Coronavirus disease 2019 pandemic has adversely impacted and is likely to further adversely impact nearly all aspects of our business and markets, including our workforce and operations and the operations of our 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, its severity, the actions to contain the virus or address its impact, U.S. 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. In the opinion of management, 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. Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on cloud computing service arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The guidance was effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued an amendment to the accounting guidance on fair value measurements. The guidance modifies the disclosure requirements on fair value measurements, including the removal of disclosures of the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. The guidance also adds certain disclosure requirements related to Level 3 fair value measurements. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued an amendment to the guidance on the measurement of credit losses on financial instruments. The amendment updates the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the “incurred loss” model with an “expected loss” model. Accordingly, these financial assets will be presented at the net amount expected to be collected. The amendment also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than reducing the carrying amount under the current, other-than-temporary-impairment model. The guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company's consolidated financial statements.

OTHER CONSOLIDATED FINANCIAL ST

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS	3 Months Ended
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS	OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS Composition of Certain Financial Statement Captions Components of selected captions in the consolidated condensed balance sheets consisted of the following (in millions): March 31, 2020 December 31, 2019 Inventories Raw materials $ 120.2 $ 118.0 Work in process 133.2 121.7 Finished products 408.8 401.2 $ 662.2 $ 640.9 At March 31, 2020 and December 31, 2019 , $112.7 million and $128.7 million , respectively, of the Company's finished products inventories were held on consignment. March 31, 2020 December 31, 2019 (in millions) Accounts payable and accrued liabilities Accounts payable $ 151.5 $ 180.4 Employee compensation and withholdings 166.3 295.8 Taxes payable (Note 11) 67.8 52.9 Property, payroll, and other taxes 52.4 51.4 Research and development accruals 51.0 51.4 Accrued rebates 51.6 67.1 Fair value of derivatives 6.6 6.4 Accrued marketing expenses 14.0 17.5 Litigation and insurance reserves 21.2 20.0 Accrued relocation costs 18.1 17.4 Accrued professional services 10.7 10.1 Accrued realignment reserves 13.9 16.7 Other accrued liabilities 96.9 89.8 $ 722.0 $ 876.9 Supplemental Cash Flow Information (in millions) Three Months Ended 2020 2019 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7.1 $ 6.1 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 4.5 $ 16.3 Capital expenditures accruals $ 33.9 $ 15.7

SPECIAL CHARGE

SPECIAL CHARGE	3 Months Ended
SPECIAL CHARGE	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
SPECIAL CHARGE	SPECIAL CHARGE 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.

INVESTMENTS

INVESTMENTS	3 Months Ended
INVESTMENTS	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Debt Securities Investments in debt securities at the end of each period were as follows (in millions): March 31, 2020 December 31, 2019 Held-to-maturity Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Bank time deposits $ 112.0 $ — $ — $ 112.0 $ 100.2 $ — $ — $ 100.2 Available-for-sale Bank time deposits $ 13.1 $ — $ — $ 13.1 $ 13.1 $ — $ — $ 13.1 Commercial paper 49.8 — — 49.8 34.3 — — 34.3 U.S. government and agency securities 112.9 2.9 — 115.8 113.2 0.6 — 113.8 Foreign government bonds 1.7 — — 1.7 1.7 — — 1.7 Asset-backed securities 157.2 0.2 (1.5 ) 155.9 141.2 0.6 (0.1 ) 141.7 Corporate debt securities 479.2 1.0 (5.8 ) 474.4 487.0 2.3 (0.1 ) 489.2 Total $ 813.9 $ 4.1 $ (7.3 ) $ 810.7 $ 790.5 $ 3.5 $ (0.2 ) $ 793.8 The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2020 , were as follows: Available-for-Sale Cost Fair Value (in millions) Due in 1 year or less $ 256.7 $ 256.2 Due after 1 year through 5 years 395.1 393.0 Due after 5 years through 10 years 3.0 3.1 Instruments not due at a single maturity date 159.1 158.4 $ 813.9 $ 810.7 Actual maturities may differ from the contractual maturities due to call or prepayment rights. The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019 , aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): March 31, 2020 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Asset-backed securities $ 116.3 $ (1.5 ) $ — $ — $ 116.3 $ (1.5 ) Corporate debt securities 331.0 (5.8 ) — — 331.0 (5.8 ) $ 447.3 $ (7.3 ) $ — $ — $ 447.3 $ (7.3 ) December 31, 2019 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Asset-backed securities $ 73.4 $ (0.1 ) $ — $ — $ 73.4 $ (0.1 ) Corporate debt securities 81.4 (0.1 ) — — 81.4 (0.1 ) $ 154.8 $ (0.2 ) $ — $ — $ 154.8 $ (0.2 ) 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: March 31, December 31, (in millions) Equity method investments Cost $ 11.5 $ 10.7 Equity in losses (5.8 ) (4.5 ) Carrying value of equity method investments 5.7 6.2 Equity securities Carrying value of non-marketable equity securities 27.6 23.1 Total investments in unconsolidated affiliates $ 33.3 $ 29.3 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 a downward adjustment of $0.7 million during the three months ended March 31, 2020 due to impairment. As of March 31, 2020 , the Company had recorded accumulated upward adjustments of $2.0 million based on observable price changes, and accumulated downward adjustments of $2.6 million due to impairment and observable price changes. During the three months ended March 31, 2020

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2020
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. These financial instruments are held at cost, which generally approximates fair value due to their short-term nature. Financial instruments also include notes payable. As of March 31, 2020 , the fair value of the notes payable, based on Level 2 inputs, was $665.5 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): March 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 1.1 $ 14.5 $ — $ 15.6 Available-for-sale investments: Bank time deposits — 13.1 — 13.1 Corporate debt securities — 474.4 — 474.4 Asset-backed securities — 155.9 — 155.9 U.S. government and agency securities 59.6 56.2 — 115.8 Foreign government bonds — 1.7 — 1.7 Commercial paper — 49.8 — 49.8 Investments held for deferred compensation plans 76.5 — — 76.5 Derivatives — 70.7 — 70.7 $ 137.2 $ 836.3 $ — $ 973.5 Liabilities Derivatives $ — $ 6.6 $ — $ 6.6 Deferred compensation plans 76.5 — — 76.5 Contingent consideration liabilities — — 170.3 170.3 $ 76.5 $ 6.6 $ 170.3 $ 253.4 December 31, 2019 Assets Cash equivalents $ 0.7 $ 31.7 $ — $ 32.4 Available-for-sale investments: Bank time deposits — 13.1 — 13.1 Corporate debt securities — 489.2 — 489.2 Asset-backed securities — 141.7 — 141.7 U.S. government and agency securities 76.1 37.7 — 113.8 Foreign government bonds — 1.7 — 1.7 Commercial paper — 34.3 — 34.3 Investments held for deferred compensation plans 88.9 — — 88.9 Derivatives — 30.7 — 30.7 $ 165.7 $ 780.1 $ — $ 945.8 Liabilities Derivatives $ — $ 6.4 $ — $ 6.4 Deferred compensation plans 88.7 — — 88.7 Contingent consideration liabilities — — 172.5 172.5 $ 88.7 $ 6.4 $ 172.5 $ 267.6 The following table summarizes the changes in fair value of the contingent consideration liabilities (in millions): Three Months Ended 2020 2019 Balance at December 31 $ 172.5 $ 178.6 Changes in fair value (2.2 ) 6.7 Balance at March 31 $ 170.3 $ 185.3 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 time deposits, commercial paper, U.S. 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 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 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 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 revenue 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 0.0% to 9.4% ; weighted average of 3.2% ), (2) the probability of milestone achievement (ranging from 1.3% to 99.6% ; weighted average of 72.9% ), (3) the projected payment dates (ranging from 2022 to 2026; weighted average of 2025 ), and (4) the volatility of future revenue (ranging from 37.0% to 40.0% ; weighted average of 38.9% ). 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.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	Mar. 31, 2020
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 interest rate and foreign currency risks, as summarized below. It is the Company's policy not to enter into derivative financial instruments for speculative purposes. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. Notional Amount March 31, 2020 December 31, 2019 (in millions) Foreign currency forward exchange contracts $ 1,410.4 $ 1,336.5 Cross currency swap contracts 300.0 300.0 Derivative financial instruments involve credit risk in the event the counterparty should default. It is the Company's policy to execute such instruments with global financial institutions that the Company believes to be creditworthy. The Company diversifies its derivative financial instruments among counterparties to minimize exposure to any one of these entities. The Company also uses International Swap Dealers Association master-netting agreements. The master-netting agreements provide for the net settlement of all contracts through a single payment in a single currency in the event of default, as defined by the agreements. The Company uses foreign currency forward exchange contracts and cross currency swap contracts to manage its exposure to changes in currency exchange rates from (a) future cash flows associated with intercompany transactions and certain local currency expenses expected to occur within the next 13 months (designated as cash flow hedges), (b) its net investment in certain foreign subsidiaries (designated as net investment hedges) and (c) foreign currency denominated assets or liabilities (designated as fair value hedges). The Company also uses foreign currency forward exchange contracts that are not designated as hedging instruments to offset the transaction gains and losses associated with certain assets and liabilities denominated in currencies other than their functional currencies (resulting principally from intercompany and local currency transactions). All derivative financial instruments are recognized at fair value in the consolidated condensed balance sheets. For each derivative instrument that is designated as a fair value hedge, the gain or loss on the derivative included in the assessment of hedge effectiveness is recognized immediately to earnings, and offsets the loss or gain on the underlying hedged item. The Company reports in " Accumulated Other Comprehensive Loss " the gain or loss on derivative financial instruments that are designated, and that qualify, as cash flow hedges. The Company reclassifies these gains and losses into earnings in the same line item and in the same period in which the underlying hedged transactions affect earnings. Changes in the fair value of net investment hedges are reported in " Accumulated Other Comprehensive Loss " as a part of the cumulative translation adjustment and would be reclassified into earnings if the underlying net investment is sold or substantially liquidated. The portion of the change in fair value related to components excluded from the hedge effectiveness assessment are amortized into earnings over the life of the derivative. The gains and losses on derivative financial instruments for which the Company does not elect hedge accounting treatment are recognized in the consolidated statements of operations in each period based upon the change in the fair value of the derivative financial instrument. Cash flows from net investment hedges are reported as investing activities in the consolidated statements of cash flows, and cash flows from all other derivative financial instruments are reported as operating activities. The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions): Fair Value Derivatives designated as hedging instruments Balance Sheet Location March 31, 2020 December 31, 2019 Assets Foreign currency contracts Other current assets $ 22.2 $ 14.2 Foreign currency contracts Other assets $ 3.9 $ 3.2 Cross currency swap contracts Other assets $ 44.6 $ 13.3 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 6.6 $ 6.4 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 March 31, 2020 Gross Amounts Financial Instruments Cash Collateral Received Net Amount Derivative assets Foreign currency contracts $ 26.1 $ — $ 26.1 $ (6.6 ) $ — $ 19.5 Cross currency swap contracts $ 44.6 $ — $ 44.6 $ — $ — $ 44.6 Derivative liabilities Foreign currency contracts $ 6.6 $ — $ 6.6 $ (6.6 ) $ — $ — December 31, 2019 Derivative assets Foreign currency contracts $ 17.4 $ — $ 17.4 $ (5.7 ) $ — $ 11.7 Cross currency swap contracts $ 13.3 $ — $ 13.3 $ — $ — $ 13.3 Derivative liabilities Foreign currency contracts $ 6.4 $ — $ 6.4 $ (5.7 ) $ — $ 0.7 The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions): Amount of Gain or (Loss) Recognized in OCI on Derivative Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Three Months Ended Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Three Months Ended 2020 2019 2020 2019 Cash flow hedges Foreign currency contracts $ 17.5 $ 12.9 Cost of sales $ 6.1 $ 7.6 Selling, general, and administrative expenses $ 0.8 $ 0.3 Amount of Gain or (Loss) Recognized in OCI on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Three Months Ended Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Three Months Ended 2020 2019 2020 2019 Net investment hedges Cross currency swap contracts $ 31.3 $ 5.3 Interest income, net $ 1.7 $ 1.6 The cross currency swaps 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 Three Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Fair value hedges 2020 2019 Foreign currency contracts Other income, net $ 1.7 $ (0.9 ) 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 2020 2019 Foreign currency contracts Other income, net $ 8.6 $ (1.5 ) The following tables present the effect of cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Interest expense (income), net Other Income, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (265.1 ) $ (307.8 ) $ 4.5 $ 1.9 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items — — — (0.7 ) Derivatives designated as hedging instruments — — — 0.7 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach — — — 1.0 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 6.1 $ 0.8 $ — $ — Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended March 31, 2019 Cost of sales Selling, general, and administrative expenses Other Income, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (231.8 ) $ (280.3 ) $ 1.8 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items — — 1.8 Derivatives designated as hedging instruments — — (1.8 ) Amount excluded from effectiveness testing recognized in earnings based on an amortization approach — — 0.9 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 7.6 $ 0.3 $ — The Company expects that during the next twelve months it will reclassify to earnings a $8.9 million gain currently recorded in " Accumulated Other Comprehensive Loss ."

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2020
Share-based Payment Arrangement [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 months ended March 31, 2020 and 2019 was as follows (in millions): Three Months Ended 2020 2019 Cost of sales $ 4.6 $ 4.0 Selling, general, and administrative expenses 14.4 12.7 Research and development expenses 4.9 4.1 Total stock-based compensation expense $ 23.9 $ 20.8 At March 31, 2020 , the total remaining compensation cost related to nonvested stock options, restricted stock units, market-based restricted stock units, performance-based restricted stock units, and employee stock purchase plan ("ESPP") subscription awards amounted to $119.1 million , which will be amortized on a straight-line basis over the weighted-average remaining requisite service period of 28 months . Fair Value Disclosures The following table includes the weighted-average grant-date fair values of stock options granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model: Option Awards Three Months Ended 2020 2019 Average risk-free interest rate 1.4 % 2.5 % Expected dividend yield None None Expected volatility 29.7 % 29.2 % Expected term (years) 5.2 5.2 Fair value, per option $ 68.36 $ 54.03 The following table includes the weighted-average grant-date fair values for ESPP subscriptions granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model: ESPP Three Months Ended 2020 2019 Average risk-free interest rate 1.6 % 2.4 % Expected dividend yield None None Expected volatility 31.9 % 25.3 % Expected term (years) 0.6 0.6 Fair value, per share $ 47.14 $ 48.83

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES On January 28, 2019, Abbott Cardiovascular Systems, Inc. and Evalve, Inc., both subsidiaries of Abbott Laboratories (collectively "Abbott"), filed a lawsuit against Edwards Lifesciences Corporation and Edwards Lifesciences, LLC, (“Edwards”) in the Federal District Court in the District of Delaware alleging that the Edwards PASCAL heart valve repair system infringes certain claims of Abbott’s U.S. Patent Nos. 7,288,097, 6,752,813, 7,563,267, 7,736,388, and 8,057,493, and seeking unspecified monetary damages and preliminary and permanent injunctive relief. Thereafter, Abbott sought a preliminary injunction and a temporary restraining order and the court denied these requests. Subsequently, Abbott dropped the 8,057,493 patent from the lawsuit. Trial was scheduled for May 6, 2020, but that date has been continued to a future date to be determined by the court. On January 28, 2019, Abbott and its Abbott Medical UK Limited subsidiary (inclusively and collectively also "Abbott”) filed a lawsuit in the United Kingdom in the High Court of Justice, Chancery Division, Patents Court, against Edwards Lifesciences Limited, alleging that the Edwards PASCAL heart valve repair system infringes certain claims of Abbott’s UK national patents arising from EP 1 624 810 B1 (the " ‘810 patent") and EP 1 408 850 B1 (the “ ‘850 patent”). Abbott requested a preliminary injunction and the High Court denied this request. On March 12, 2020, the High Court ruled in favor of Abbott and Edwards will appeal. On January 28, 2019, Abbott Medical GmbH (inclusively and collectively also "Abbott”) filed a lawsuit in the District Court in Düsseldorf, Germany against Edwards Lifesciences Corporation and its German subsidiary, Edwards Lifesciences Services GmbH, alleging that the Edwards PASCAL heart valve repair system infringes certain claims of Abbott’s German national patents arising from the ‘810 and ‘850 European patents. The District Court has rescheduled the trial for the '810 patent from March 19, 2020 to July 14, 2020, which is the same trial date as that for the '850 patent. On March 15, 2019, Edwards filed a lawsuit in the German Patent Court in Munich, Germany, alleging that Abbott’s ‘850 patent is invalid. The Abbott ‘810 patent is subject to opposition proceedings at the European Patent Office, where a first instance opposition panel determined that the '810 patent was valid with amendment. Edwards has appealed. On January 28, 2019, Abbott and Abbott Medical AG (inclusively and collectively also "Abbott”) filed a lawsuit in the Federal Patent Court in St. Gallen, Switzerland against Edwards Lifesciences AG, Edwards Lifesciences Technology Sàrl, Edwards Lifesciences IPRM AG, and Mitral Valve Technologies Sàrl, alleging that the Edwards PASCAL heart valve repair system infringes Abbott’s Swiss national patents arising from the same European patents. The court subsequently denied Abbott’s request on the ‘810 patent and granted Abbott's request for a preliminary injunction on the '850 patent, which Edwards appealed. The appellate court declined to reverse the preliminary injunction grant. The Federal Patent Court has scheduled the trial on the merits for April 2021. On January 28, 2019, Abbott Cardiovascular System Inc., Abbott Medical Italia S.p.A and Evalve Inc. (inclusively and collectively also "Abbott”) filed a lawsuit in the Civil Court of Milan, Italy against Edwards Lifesciences Corporation, Edwards Lifesciences LLC, and Edwards Lifesciences Italia SpA, alleging that the Edwards PASCAL heart valve repair system infringes Abbott’s Italian national patent arising from its ‘850 European patent. The lawsuit seeks a preliminary injunction. The Company intends to defend itself vigorously in all of the above matters with Abbott. On February 22, 2019, Edwards Lifesciences Corporation and Edwards Lifesciences, LLC filed a lawsuit against Abbott Cardiovascular Systems, Inc. in the Federal District Court in the Central District of California alleging that Abbott's MITRACLIP device infringes Edwards’ U.S. Patent Nos. 6,719,767, 7,011,669, and 8,062,313 related to heart implant technology and seeking unspecified monetary damages. A trial date has not yet been scheduled. On February 14, 2020, Abbott and its Abbott Medical Ireland Limited subsidiary (inclusively and collectively also "Abbott”) filed a lawsuit in The Commercial High Court of Dublin, Ireland, against Edwards and Edwards Lifesciences Ireland Limited alleging that the Edwards PASCAL heart valve repair system infringes certain claims of Abbott’s Irish national patent arising from the ‘810 patent. A trial date has been scheduled for January 12, 2021. The Company intends to defend itself vigorously in this matter. Because the ultimate outcome of the above matters involve judgments, estimates, and inherent uncertainties, charges related to such matters could have a material adverse impact on the Company's consolidated financial results. The Company records accruals for loss contingencies to the extent it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. Where a loss is reasonably possible (including potential losses in excess of the amounts accrued by the Company), the Company will disclose a reasonable estimate of the amount of loss or range of possible losses with respect to the loss contingency (including potential losses in excess of the amounts accrued by the Company), unless the Company is not able to reasonably estimate the amount or range of reasonably possible losses. With respect to the matters above, the Company is not able to estimate the amount or range of any loss for these matters. In addition, 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 or governmental investigations (the "Other Lawsuits"). The Other 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 Other 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 Other 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 Other 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.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Mar. 31, 2020
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table is a summary of activity for each component of " Accumulated Other Comprehensive Loss " for the three months ended March 31, 2020 (in millions): Foreign Currency Translation Adjustments Unrealized Gain on Hedges Unrealized Gain (Loss) on Available-for-sale Investments Unrealized Pension Costs Total Accumulated Other Comprehensive Loss December 31, 2019 $ (154.8 ) $ 12.5 $ 1.7 $ (15.4 ) $ (156.0 ) Other comprehensive gain (loss) before reclassifications 11.6 19.0 (6.3 ) (0.2 ) 24.1 Amounts reclassified from accumulated other comprehensive loss (1.7 ) (8.6 ) (0.1 ) — (10.4 ) Deferred income tax (expense) benefit (7.6 ) (3.8 ) 1.7 — (9.7 ) March 31, 2020 $ (152.5 ) $ 19.1 $ (3.0 ) $ (15.6 ) $ (152.0 ) The following table provides information about amounts reclassified from " Accumulated Other Comprehensive Loss " (in millions): Three Months Ended Affected Line on Consolidated Condensed Statements of Operations Details about Accumulated Other Comprehensive Loss Components 2020 2019 Foreign currency translation adjustments $ 1.7 $ 1.6 Other income, net (0.4 ) (0.4 ) Provision for income taxes $ 1.3 $ 1.2 Net of tax Gain on hedges $ 6.1 $ 7.6 Cost of sales 0.8 0.3 Selling, general, and administrative expenses 1.7 (0.9 ) Other income, net 8.6 7.0 Total before tax (1.9 ) (2.0 ) Provision for income taxes $ 6.7 $ 5.0 Net of tax Gain (loss) on available-for-sale investments $ 0.1 $ — Other income, net (0.2 ) — Provision for income taxes $ (0.1 ) $ — Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2020
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. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, nonvested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive. The table below presents the computation of basic and diluted earnings per share (in millions, except for per share information): Three Months Ended 2020 2019 Basic: Net income $ 310.6 $ 249.7 Weighted-average shares outstanding 208.2 207.9 Basic earnings per share $ 1.49 $ 1.20 Diluted: Net income $ 310.6 $ 249.7 Weighted-average shares outstanding 208.2 207.9 Dilutive effect of stock plans 3.5 4.3 Dilutive weighted-average shares outstanding 211.7 212.2 Diluted earnings per share $ 1.47 $ 1.18 Stock options, restricted stock units, and market-based restricted stock units to purchase 0.7 million and 0.2 million shares for the three months ended March 31, 2020 and 2019

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective income tax rates were 14.8% and 10.2% for the three months ended March 31, 2020 and 2019 , respectively. The effective rates for the three months ended March 31, 2020 and 2019 were lower than the federal statutory rate of 21% primarily due to (1) the tax benefit from employee share-based compensation, (2) foreign earnings taxed at lower rates, and (3) Federal and California research and development credits. The effective rates include a tax benefit from employee share-based compensation of $10.3 million and $19.0 million for the three months ended March 31, 2020 and 2019 , respectively. 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 March 31, 2020 and December 31, 2019 , the gross liability for income taxes associated with uncertain tax positions was $211.9 million and $203.1 million , respectively. The Company estimates that these liabilities would be reduced by $57.0 million and $50.1 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 $154.9 million and $153.0 million , respectively, if not required, would favorably affect the Company's effective tax rate. The Internal Revenue Service began its examination of the 2015 and 2016 tax years during the fourth quarter of 2018 and its examination of the 2017 tax year during the first quarter of 2019. As of March 31, 2020 , all material state, local, and foreign income tax matters have been concluded for years through 2010. During 2018, the Company executed an Advance Pricing Agreement ("APA") between the United States and Switzerland governments for tax years 2009 through 2020 covering various transfer pricing matters. Certain intercompany transactions covering tax years 2015 through 2020 were not resolved and those related tax positions remain uncertain. These transfer pricing matters may be significant to the Company's consolidated condensed financial statements. Based upon 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 recorded the gross uncertain tax positions as a long-term liability. In addition, the Company executed other 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 or intends to file to renew these APAs for the years 2020 and forward. The execution of some or all of these APAs depends on a number of variables outside of the Company's control.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
SEGMENT INFORMATION	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Edwards Lifesciences conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. All regions sell products that are used to treat advanced cardiovascular disease. The Company's geographic segments are reported based on the financial information provided to the Chief Operating Decision Maker (the Chief Executive Officer). The Company evaluates the performance of its geographic segments based on net sales and 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, 2019 . 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 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. 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, 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 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 2020 2019 Segment Net Sales United States $ 667.4 $ 562.8 Europe 247.5 227.3 Japan 109.8 99.2 Rest of World 104.4 96.8 Total segment net sales $ 1,129.1 $ 986.1 Segment Operating Income United States $ 464.8 $ 383.3 Europe 128.0 119.4 Japan 71.7 61.0 Rest of World 34.9 30.8 Total segment operating income $ 699.4 $ 594.5 The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions): Three Months Ended 2020 2019 Net Sales Reconciliation Segment net sales $ 1,129.1 $ 986.1 Foreign currency (0.4 ) 6.9 Consolidated net sales $ 1,128.7 $ 993.0 Pre-tax Income Reconciliation Segment operating income $ 699.4 $ 594.5 Unallocated amounts: Corporate items (340.7 ) (299.8 ) Special charge (Note 3) — (24.0 ) Intellectual property litigation expenses (12.5 ) (4.6 ) Change in fair value of contingent consideration liabilities, net 2.2 (6.7 ) Foreign currency 9.7 14.8 Consolidated operating income 358.1 274.2 Non-operating income 6.4 3.8 Consolidated pre-tax income $ 364.5 $ 278.0 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 2020 2019 (in millions) Net Sales by Geographic Area United States $ 667.4 $ 562.8 Europe 249.3 234.7 Japan 110.0 98.4 Rest of World 102.0 97.1 $ 1,128.7 $ 993.0 Net Sales by Major Product and Service Area Transcatheter Aortic Valve Replacement $ 742.2 $ 597.7 Transcatheter Mitral and Tricuspid Therapies 10.5 4.3 Surgical Structural Heart 193.4 214.7 Critical Care 182.6 176.3 $ 1,128.7 $ 993.0 March 31, 2020 December 31, 2019 (in millions) Long-lived Tangible Assets by Geographic Area United States $ 919.6 $ 849.1 Europe 117.0 101.5 Japan 21.0 21.7 Rest of World 263.8 269.4 $ 1,321.4 $ 1,241.7

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	The accompanying interim consolidated condensed financial statements and related disclosures have been prepared pursuant to the rules and regulations of the 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, 2019 . Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted. The 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 may differ from these estimates. In particular, the Coronavirus disease 2019 pandemic has adversely impacted and is likely to further adversely impact nearly all aspects of our business and markets, including our workforce and operations and the operations of our 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, its severity, the actions to contain the virus or address its impact, U.S. 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. In the opinion of management, 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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on cloud computing service arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The guidance was effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued an amendment to the accounting guidance on fair value measurements. The guidance modifies the disclosure requirements on fair value measurements, including the removal of disclosures of the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. The guidance also adds certain disclosure requirements related to Level 3 fair value measurements. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued an amendment to the guidance on the measurement of credit losses on financial instruments. The amendment updates the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the “incurred loss” model with an “expected loss” model. Accordingly, these financial assets will be presented at the net amount expected to be collected. The amendment also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than reducing the carrying amount under the current, other-than-temporary-impairment model. The guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company's consolidated financial statements.

OTHER CONSOLIDATED FINANCIAL _2

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)	3 Months Ended
OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Components of selected captions in the consolidated condensed balance sheets consisted of the following (in millions): March 31, 2020 December 31, 2019 Inventories Raw materials $ 120.2 $ 118.0 Work in process 133.2 121.7 Finished products 408.8 401.2 $ 662.2 $ 640.9
Schedule of Accounts Payable and Accrued Liabilities	March 31, 2020 December 31, 2019 (in millions) Accounts payable and accrued liabilities Accounts payable $ 151.5 $ 180.4 Employee compensation and withholdings 166.3 295.8 Taxes payable (Note 11) 67.8 52.9 Property, payroll, and other taxes 52.4 51.4 Research and development accruals 51.0 51.4 Accrued rebates 51.6 67.1 Fair value of derivatives 6.6 6.4 Accrued marketing expenses 14.0 17.5 Litigation and insurance reserves 21.2 20.0 Accrued relocation costs 18.1 17.4 Accrued professional services 10.7 10.1 Accrued realignment reserves 13.9 16.7 Other accrued liabilities 96.9 89.8 $ 722.0 $ 876.9
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow Information (in millions) Three Months Ended 2020 2019 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7.1 $ 6.1 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 4.5 $ 16.3 Capital expenditures accruals $ 33.9 $ 15.7

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
INVESTMENTS (Tables)	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Held-to-maturity Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Bank time deposits $ 112.0 $ — $ — $ 112.0 $ 100.2 $ — $ — $ 100.2 Available-for-sale Bank time deposits $ 13.1 $ — $ — $ 13.1 $ 13.1 $ — $ — $ 13.1 Commercial paper 49.8 — — 49.8 34.3 — — 34.3 U.S. government and agency securities 112.9 2.9 — 115.8 113.2 0.6 — 113.8 Foreign government bonds 1.7 — — 1.7 1.7 — — 1.7 Asset-backed securities 157.2 0.2 (1.5 ) 155.9 141.2 0.6 (0.1 ) 141.7 Corporate debt securities 479.2 1.0 (5.8 ) 474.4 487.0 2.3 (0.1 ) 489.2 Total $ 813.9 $ 4.1 $ (7.3 ) $ 810.7 $ 790.5 $ 3.5 $ (0.2 ) $ 793.8
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 March 31, 2020 , were as follows: Available-for-Sale Cost Fair Value (in millions) Due in 1 year or less $ 256.7 $ 256.2 Due after 1 year through 5 years 395.1 393.0 Due after 5 years through 10 years 3.0 3.1 Instruments not due at a single maturity date 159.1 158.4 $ 813.9 $ 810.7
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019 , aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): March 31, 2020 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Asset-backed securities $ 116.3 $ (1.5 ) $ — $ — $ 116.3 $ (1.5 ) Corporate debt securities 331.0 (5.8 ) — — 331.0 (5.8 ) $ 447.3 $ (7.3 ) $ — $ — $ 447.3 $ (7.3 ) December 31, 2019 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Asset-backed securities $ 73.4 $ (0.1 ) $ — $ — $ 73.4 $ (0.1 ) Corporate debt securities 81.4 (0.1 ) — — 81.4 (0.1 ) $ 154.8 $ (0.2 ) $ — $ — $ 154.8 $ (0.2 )
Schedule of Investments in Unconsolidated Affiliates	Investments in these unconsolidated affiliates are recorded in " Long-term Investments " on the consolidated condensed balance sheets, and are as follows: March 31, December 31, (in millions) Equity method investments Cost $ 11.5 $ 10.7 Equity in losses (5.8 ) (4.5 ) Carrying value of equity method investments 5.7 6.2 Equity securities Carrying value of non-marketable equity securities 27.6 23.1 Total investments in unconsolidated affiliates $ 33.3 $ 29.3

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2020
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): March 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 1.1 $ 14.5 $ — $ 15.6 Available-for-sale investments: Bank time deposits — 13.1 — 13.1 Corporate debt securities — 474.4 — 474.4 Asset-backed securities — 155.9 — 155.9 U.S. government and agency securities 59.6 56.2 — 115.8 Foreign government bonds — 1.7 — 1.7 Commercial paper — 49.8 — 49.8 Investments held for deferred compensation plans 76.5 — — 76.5 Derivatives — 70.7 — 70.7 $ 137.2 $ 836.3 $ — $ 973.5 Liabilities Derivatives $ — $ 6.6 $ — $ 6.6 Deferred compensation plans 76.5 — — 76.5 Contingent consideration liabilities — — 170.3 170.3 $ 76.5 $ 6.6 $ 170.3 $ 253.4 December 31, 2019 Assets Cash equivalents $ 0.7 $ 31.7 $ — $ 32.4 Available-for-sale investments: Bank time deposits — 13.1 — 13.1 Corporate debt securities — 489.2 — 489.2 Asset-backed securities — 141.7 — 141.7 U.S. government and agency securities 76.1 37.7 — 113.8 Foreign government bonds — 1.7 — 1.7 Commercial paper — 34.3 — 34.3 Investments held for deferred compensation plans 88.9 — — 88.9 Derivatives — 30.7 — 30.7 $ 165.7 $ 780.1 $ — $ 945.8 Liabilities Derivatives $ — $ 6.4 $ — $ 6.4 Deferred compensation plans 88.7 — — 88.7 Contingent consideration liabilities — — 172.5 172.5 $ 88.7 $ 6.4 $ 172.5 $ 267.6
Summary of Changes in Fair Value of Contingent Consideration Obligation	The following table summarizes the changes in fair value of the contingent consideration liabilities (in millions): Three Months Ended 2020 2019 Balance at December 31 $ 172.5 $ 178.6 Changes in fair value (2.2 ) 6.7 Balance at March 31 $ 170.3 $ 185.3

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	Mar. 31, 2020
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 interest rate and foreign currency risks, as summarized below. It is the Company's policy not to enter into derivative financial instruments for speculative purposes. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. Notional Amount March 31, 2020 December 31, 2019 (in millions) Foreign currency forward exchange contracts $ 1,410.4 $ 1,336.5 Cross currency swap contracts 300.0 300.0
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets	The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions): Fair Value Derivatives designated as hedging instruments Balance Sheet Location March 31, 2020 December 31, 2019 Assets Foreign currency contracts Other current assets $ 22.2 $ 14.2 Foreign currency contracts Other assets $ 3.9 $ 3.2 Cross currency swap contracts Other assets $ 44.6 $ 13.3 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 6.6 $ 6.4
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets	The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions): Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet March 31, 2020 Gross Amounts Financial Instruments Cash Collateral Received Net Amount Derivative assets Foreign currency contracts $ 26.1 $ — $ 26.1 $ (6.6 ) $ — $ 19.5 Cross currency swap contracts $ 44.6 $ — $ 44.6 $ — $ — $ 44.6 Derivative liabilities Foreign currency contracts $ 6.6 $ — $ 6.6 $ (6.6 ) $ — $ — December 31, 2019 Derivative assets Foreign currency contracts $ 17.4 $ — $ 17.4 $ (5.7 ) $ — $ 11.7 Cross currency swap contracts $ 13.3 $ — $ 13.3 $ — $ — $ 13.3 Derivative liabilities Foreign currency contracts $ 6.4 $ — $ 6.4 $ (5.7 ) $ — $ 0.7
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Liabilities	The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions): Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet March 31, 2020 Gross Amounts Financial Instruments Cash Collateral Received Net Amount Derivative assets Foreign currency contracts $ 26.1 $ — $ 26.1 $ (6.6 ) $ — $ 19.5 Cross currency swap contracts $ 44.6 $ — $ 44.6 $ — $ — $ 44.6 Derivative liabilities Foreign currency contracts $ 6.6 $ — $ 6.6 $ (6.6 ) $ — $ — December 31, 2019 Derivative assets Foreign currency contracts $ 17.4 $ — $ 17.4 $ (5.7 ) $ — $ 11.7 Cross currency swap contracts $ 13.3 $ — $ 13.3 $ — $ — $ 13.3 Derivative liabilities Foreign currency contracts $ 6.4 $ — $ 6.4 $ (5.7 ) $ — $ 0.7
Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income	Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended Location of Gain or (Loss) Recognized in Income on Derivative Fair value hedges 2020 2019 Foreign currency contracts Other income, net $ 1.7 $ (0.9 ) 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 2020 2019 Foreign currency contracts Other income, net $ 8.6 $ (1.5 ) The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions): Amount of Gain or (Loss) Recognized in OCI on Derivative Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Three Months Ended Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Three Months Ended 2020 2019 2020 2019 Cash flow hedges Foreign currency contracts $ 17.5 $ 12.9 Cost of sales $ 6.1 $ 7.6 Selling, general, and administrative expenses $ 0.8 $ 0.3 Amount of Gain or (Loss) Recognized in OCI on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Three Months Ended Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Three Months Ended 2020 2019 2020 2019 Net investment hedges Cross currency swap contracts $ 31.3 $ 5.3 Interest income, net $ 1.7 $ 1.6
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following tables present the effect of cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Interest expense (income), net Other Income, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (265.1 ) $ (307.8 ) $ 4.5 $ 1.9 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items — — — (0.7 ) Derivatives designated as hedging instruments — — — 0.7 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach — — — 1.0 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 6.1 $ 0.8 $ — $ — Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended March 31, 2019 Cost of sales Selling, general, and administrative expenses Other Income, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (231.8 ) $ (280.3 ) $ 1.8 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items — — 1.8 Derivatives designated as hedging instruments — — (1.8 ) Amount excluded from effectiveness testing recognized in earnings based on an amortization approach — — 0.9 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 7.6 $ 0.3 $ —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three months ended March 31, 2020 and 2019 was as follows (in millions): Three Months Ended 2020 2019 Cost of sales $ 4.6 $ 4.0 Selling, general, and administrative expenses 14.4 12.7 Research and development expenses 4.9 4.1 Total stock-based compensation expense $ 23.9 $ 20.8
Schedule of Weighted-Average Assumptions for Options Granted	The following table includes the weighted-average grant-date fair values of stock options granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model: Option Awards Three Months Ended 2020 2019 Average risk-free interest rate 1.4 % 2.5 % Expected dividend yield None None Expected volatility 29.7 % 29.2 % Expected term (years) 5.2 5.2 Fair value, per option $ 68.36 $ 54.03
Schedule of Weighted-Average Assumptions for ESPP Subscriptions Granted	The following table includes the weighted-average grant-date fair values for ESPP subscriptions granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model: ESPP Three Months Ended 2020 2019 Average risk-free interest rate 1.6 % 2.4 % Expected dividend yield None None Expected volatility 31.9 % 25.3 % Expected term (years) 0.6 0.6 Fair value, per share $ 47.14 $ 48.83

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Mar. 31, 2020
Equity [Abstract]
Summary of Activity for Each Component of Accumulated Other Comprehensive Loss	The following table is a summary of activity for each component of " Accumulated Other Comprehensive Loss " for the three months ended March 31, 2020 (in millions): Foreign Currency Translation Adjustments Unrealized Gain on Hedges Unrealized Gain (Loss) on Available-for-sale Investments Unrealized Pension Costs Total Accumulated Other Comprehensive Loss December 31, 2019 $ (154.8 ) $ 12.5 $ 1.7 $ (15.4 ) $ (156.0 ) Other comprehensive gain (loss) before reclassifications 11.6 19.0 (6.3 ) (0.2 ) 24.1 Amounts reclassified from accumulated other comprehensive loss (1.7 ) (8.6 ) (0.1 ) — (10.4 ) Deferred income tax (expense) benefit (7.6 ) (3.8 ) 1.7 — (9.7 ) March 31, 2020 $ (152.5 ) $ 19.1 $ (3.0 ) $ (15.6 ) $ (152.0 )
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 Affected Line on Consolidated Condensed Statements of Operations Details about Accumulated Other Comprehensive Loss Components 2020 2019 Foreign currency translation adjustments $ 1.7 $ 1.6 Other income, net (0.4 ) (0.4 ) Provision for income taxes $ 1.3 $ 1.2 Net of tax Gain on hedges $ 6.1 $ 7.6 Cost of sales 0.8 0.3 Selling, general, and administrative expenses 1.7 (0.9 ) Other income, net 8.6 7.0 Total before tax (1.9 ) (2.0 ) Provision for income taxes $ 6.7 $ 5.0 Net of tax Gain (loss) on available-for-sale investments $ 0.1 $ — Other income, net (0.2 ) — Provision for income taxes $ (0.1 ) $ — Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2020
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 2020 2019 Basic: Net income $ 310.6 $ 249.7 Weighted-average shares outstanding 208.2 207.9 Basic earnings per share $ 1.49 $ 1.20 Diluted: Net income $ 310.6 $ 249.7 Weighted-average shares outstanding 208.2 207.9 Dilutive effect of stock plans 3.5 4.3 Dilutive weighted-average shares outstanding 211.7 212.2 Diluted earnings per share $ 1.47 $ 1.18

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
SEGMENT INFORMATION (Tables)	Mar. 31, 2020
Segment Reporting [Abstract]
Information About Reportable Segments and Reconciliation of Segment Net Sales to Consolidated Net Sales and Segment Pre-Tax Income to Consolidated Pre-Tax Income	The table below presents information about Edwards Lifesciences' reportable segments (in millions): Three Months Ended 2020 2019 Segment Net Sales United States $ 667.4 $ 562.8 Europe 247.5 227.3 Japan 109.8 99.2 Rest of World 104.4 96.8 Total segment net sales $ 1,129.1 $ 986.1 Segment Operating Income United States $ 464.8 $ 383.3 Europe 128.0 119.4 Japan 71.7 61.0 Rest of World 34.9 30.8 Total segment operating income $ 699.4 $ 594.5 The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions): Three Months Ended 2020 2019 Net Sales Reconciliation Segment net sales $ 1,129.1 $ 986.1 Foreign currency (0.4 ) 6.9 Consolidated net sales $ 1,128.7 $ 993.0 Pre-tax Income Reconciliation Segment operating income $ 699.4 $ 594.5 Unallocated amounts: Corporate items (340.7 ) (299.8 ) Special charge (Note 3) — (24.0 ) Intellectual property litigation expenses (12.5 ) (4.6 ) Change in fair value of contingent consideration liabilities, net 2.2 (6.7 ) Foreign currency 9.7 14.8 Consolidated operating income 358.1 274.2 Non-operating income 6.4 3.8 Consolidated pre-tax income $ 364.5 $ 278.0
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 2020 2019 (in millions) Net Sales by Geographic Area United States $ 667.4 $ 562.8 Europe 249.3 234.7 Japan 110.0 98.4 Rest of World 102.0 97.1 $ 1,128.7 $ 993.0 Net Sales by Major Product and Service Area Transcatheter Aortic Valve Replacement $ 742.2 $ 597.7 Transcatheter Mitral and Tricuspid Therapies 10.5 4.3 Surgical Structural Heart 193.4 214.7 Critical Care 182.6 176.3 $ 1,128.7 $ 993.0 March 31, 2020 December 31, 2019 (in millions) Long-lived Tangible Assets by Geographic Area United States $ 919.6 $ 849.1 Europe 117.0 101.5 Japan 21.0 21.7 Rest of World 263.8 269.4 $ 1,321.4 $ 1,241.7

OTHER CONSOLIDATED FINANCIAL _3

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventories
Raw materials	$ 120.2	$ 118
Work in process	133.2	121.7
Finished products	408.8	401.2
Total inventories	662.2	640.9
Finished products inventories held on consignment	$ 112.7	$ 128.7

OTHER CONSOLIDATED FINANCIAL _4

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounts payable and accrued liabilities
Accounts payable	$ 151.5	$ 180.4
Employee compensation and withholdings	166.3	295.8
Taxes payable (Note 11)	67.8	52.9
Property, payroll, and other taxes	52.4	51.4
Research and development accruals	51	51.4
Accrued rebates	51.6	67.1
Fair value of derivatives	6.6	6.4
Accrued marketing expenses	14	17.5
Litigation and insurance reserves	21.2	20
Accrued relocation costs	18.1	17.4
Accrued professional services	10.7	10.1
Accrued realignment reserves	13.9	16.7
Other accrued liabilities	96.9	89.8
Total accounts payable and accrued liabilities	$ 722	$ 876.9

OTHER CONSOLIDATED FINANCIAL _5

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash paid during the year for:
Operating cash flows from operating leases	$ 7.1	$ 6.1
Non-cash investing and financing transactions:
Right-of-use assets obtained in exchange for new lease liabilities	4.5	16.3
Capital expenditures accruals	$ 33.9	$ 15.7

SPECIAL CHARGE Narrative (Detai

SPECIAL CHARGE Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
SPECIAL CHARGE Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Purchase of intellectual property (Note 3)	$ 24	$ 0	$ 24

INVESTMENTS - Schedule of Inve

INVESTMENTS - Schedule of Investments in Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Available-for-sale
Cost	$ 813.9	$ 790.5
Gross Unrealized Gains	4.1	3.5
Gross Unrealized Losses	(7.3)	(0.2)
Fair Value	810.7	793.8
Bank time deposits
Available-for-sale
Cost	13.1	13.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value		13.1	$ 13.1
Held-to-maturity
Cost	112	100.2
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	112	100.2
Commercial paper
Available-for-sale
Cost	49.8	34.3
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	49.8	34.3
U.S. government and agency securities
Available-for-sale
Cost	112.9	113.2
Gross Unrealized Gains	2.9	0.6
Gross Unrealized Losses	0	0
Fair Value	115.8	113.8
International government bonds
Available-for-sale
Cost	1.7	1.7
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1.7	1.7
Asset-backed securities
Available-for-sale
Cost	157.2	141.2
Gross Unrealized Gains	0.2	0.6
Gross Unrealized Losses	(1.5)	(0.1)
Fair Value	155.9	141.7
Corporate debt securities
Available-for-sale
Cost	479.2	487
Gross Unrealized Gains	1	2.3
Gross Unrealized Losses	(5.8)	(0.1)
Fair Value	$ 474.4	$ 489.2

INVESTMENTS - Schedule of Cost

INVESTMENTS - Schedule of Cost and Fair Value of Investments in Debt Securities, By Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Cost
Due in 1 year or less	$ 256.7
Due after 1 year through 5 years	395.1
Due after 5 years through 10 years	3
Instruments not due at a single maturity date	159.1
Cost	813.9	$ 790.5
Fair Value
Due in 1 year or less	256.2
Due after 1 year through 5 years	393
Due after 5 years through 10 years	3.1
Instruments not due at a single maturity date	158.4
Fair Value	$ 810.7	$ 793.8

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments in Continuous Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	$ 447.3	$ 154.8
Gross unrealized losses, less than twelve months	(7.3)	(0.2)
Fair value, twelve months or greater	0	0
Gross unrealized losses, twelve months or greater	0	0
Fair value, total	447.3	154.8
Gross unrealized losses, total	(7.3)	(0.2)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	116.3	73.4
Gross unrealized losses, less than twelve months	(1.5)	(0.1)
Fair value, twelve months or greater	0	0
Gross unrealized losses, twelve months or greater	0	0
Fair value, total	116.3	73.4
Gross unrealized losses, total	(1.5)	(0.1)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	331	81.4
Gross unrealized losses, less than twelve months	(5.8)	(0.1)
Fair value, twelve months or greater	0	0
Gross unrealized losses, twelve months or greater	0	0
Fair value, total	331	81.4
Gross unrealized losses, total	$ (5.8)	$ (0.1)

INVESTMENTS - Schedule of Inv_2

INVESTMENTS - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Equity method investments
Cost	$ 11.5	$ 10.7
Equity in losses	(5.8)	(4.5)
Carrying value of equity method investments	5.7	6.2
Equity securities
Carrying value of non-marketable equity securities	27.6	23.1
Total investments in unconsolidated affiliates	$ 33.3	$ 29.3

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Millions	3 Months Ended
INVESTMENTS - Narrative (Details) $ in Millions	Mar. 31, 2020USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Impairment of equity securities	$ (0.7)
Other income, net
Debt and Equity Securities, FV-NI [Line Items]
Increase in non-marketable equity securities due to observable price changes	2
Decrease in non-marketable equity securities due to observable price changes	$ 2.6

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Mar. 31, 2020USD ($)
Level 2
Financial instruments
Notes payable fair value disclosure	$ 665.5
Discount Rate \| Level 3 \| Obligations \| Minimum
Financial instruments
Contingent consideration liability measurement input	0
Discount Rate \| Level 3 \| Obligations \| Maximum
Financial instruments
Contingent consideration liability measurement input	0.094
Discount Rate \| Level 3 \| Obligations \| Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.032
Probability of Milestone Achievement \| Level 3 \| Obligations \| Minimum
Financial instruments
Contingent consideration liability measurement input	0.013
Probability of Milestone Achievement \| Level 3 \| Obligations \| Maximum
Financial instruments
Contingent consideration liability measurement input	0.996
Probability of Milestone Achievement \| Level 3 \| Obligations \| Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.729
Volatility of Future Revenue \| Level 3 \| Obligations \| Minimum
Financial instruments
Contingent consideration liability measurement input	0.370
Volatility of Future Revenue \| Level 3 \| Obligations \| Maximum
Financial instruments
Contingent consideration liability measurement input	0.400
Volatility of Future Revenue \| Level 3 \| Obligations \| Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.389

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Assets
Available-for-sale investments	$ 810.7	$ 793.8
Bank time deposits
Assets
Available-for-sale investments		13.1	$ 13.1
Corporate debt securities
Assets
Available-for-sale investments	474.4	489.2
Asset-backed securities
Assets
Available-for-sale investments	155.9	141.7
U.S. government and agency securities
Assets
Available-for-sale investments	115.8	113.8
Foreign government bonds
Assets
Available-for-sale investments	1.7	1.7
Commercial paper
Assets
Available-for-sale investments	49.8	34.3
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis
Assets
Cash equivalents	15.6	32.4
Investments held for deferred compensation plans	76.5	88.9
Derivatives	70.7	30.7
Assets	973.5	945.8
Liabilities
Derivatives	6.6	6.4
Deferred compensation plans	76.5	88.7
Contingent consideration liabilities	170.3	172.5
Liabilities	253.4	267.6
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Bank time deposits
Assets
Available-for-sale investments		13.1	13.1
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Corporate debt securities
Assets
Available-for-sale investments	474.4	489.2
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Asset-backed securities
Assets
Available-for-sale investments	155.9	141.7
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| U.S. government and agency securities
Assets
Available-for-sale investments	115.8	113.8
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Foreign government bonds
Assets
Available-for-sale investments	1.7	1.7
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Commercial paper
Assets
Available-for-sale investments	49.8	34.3
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1
Assets
Cash equivalents	1.1	0.7
Investments held for deferred compensation plans	76.5	88.9
Derivatives	0	0
Assets	137.2	165.7
Liabilities
Derivatives	0	0
Deferred compensation plans	76.5	88.7
Contingent consideration liabilities	0	0
Liabilities	76.5	88.7
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| Bank time deposits
Assets
Available-for-sale investments		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
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| Asset-backed securities
Assets
Available-for-sale investments	0	0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| U.S. government and agency securities
Assets
Available-for-sale investments	59.6	76.1
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 1 \| Foreign government bonds
Assets
Available-for-sale investments	0	0
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 2
Assets
Cash equivalents	14.5	31.7
Investments held for deferred compensation plans	0	0
Derivatives	70.7	30.7
Assets	836.3	780.1
Liabilities
Derivatives	6.6	6.4
Deferred compensation plans	0	0
Contingent consideration liabilities	0	0
Liabilities	6.6	6.4
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Bank time deposits
Assets
Available-for-sale investments		13.1	13.1
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Corporate debt securities
Assets
Available-for-sale investments	474.4	489.2
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Asset-backed securities
Assets
Available-for-sale investments	155.9	141.7
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| U.S. government and agency securities
Assets
Available-for-sale investments	56.2	37.7
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Foreign government bonds
Assets
Available-for-sale investments	1.7	1.7
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 2 \| Commercial paper
Assets
Available-for-sale investments	49.8	34.3
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3
Assets
Cash equivalents	0	0
Investments held for deferred compensation plans	0	0
Derivatives	0	0
Assets	0	0
Liabilities
Derivatives	0	0
Deferred compensation plans	0	0
Contingent consideration liabilities	170.3	172.5
Liabilities	170.3	172.5
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| Bank time deposits
Assets
Available-for-sale investments		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
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| Asset-backed securities
Assets
Available-for-sale investments	0	0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| U.S. government and agency securities
Assets
Available-for-sale investments	0	0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| Foreign government bonds
Assets
Available-for-sale investments	0	0
Estimate of Fair Value Measurement \| Fair Value on a Recurring Basis \| Level 3 \| Commercial paper
Assets
Available-for-sale investments	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Sum_2

FAIR VALUE MEASUREMENTS - Summary of Changes in Fair Value of Contingent Consideration Obligation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	$ 172.5	$ 178.6
Changes in fair value	(2.2)	6.7
Ending balance	$ 170.3	$ 185.3

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk (Details) - Derivatives designated as hedging instruments - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Foreign currency forward exchange contracts
Derivative Financial Instruments
Derivative notional amount	$ 1,410.4	$ 1,336.5
Cross currency swap contracts
Derivative Financial Instruments
Derivative notional amount	$ 300	$ 300

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2020EUR (€)	Dec. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Changes due to currency rate movements and expenses expected to occur, maximum term	13 months
Derivative Financial Instruments
Gain expected to be reclassified as earnings	$ 8.9
Derivatives designated as hedging instruments \| Cross currency swap contracts
Derivative Financial Instruments
Derivative liability, fair value	300		$ 300
Net investment hedges \| Derivatives designated as hedging instruments \| Cross currency swap contracts
Derivative Financial Instruments
Derivative liability, fair value	$ 300	€ 257.2

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Foreign currency contracts
Assets
Fair value of derivative assets	$ 26.1	$ 17.4
Liabilities
Fair value of derivative liabilities	6.6	6.4
Cross currency swap contracts
Assets
Fair value of derivative assets	44.6	13.3
Derivatives designated as hedging instruments \| Foreign currency contracts \| Other current assets
Assets
Fair value of derivative assets	22.2	14.2
Derivatives designated as hedging instruments \| Foreign currency contracts \| Other assets
Assets
Fair value of derivative assets	3.9	3.2
Derivatives designated as hedging instruments \| Foreign currency contracts \| Accounts payable and accrued liabilities
Liabilities
Fair value of derivative liabilities	6.6	6.4
Derivatives designated as hedging instruments \| Cross currency swap contracts \| Other assets
Assets
Fair value of derivative assets	$ 44.6	$ 13.3

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Foreign currency contracts
Derivative assets
Gross Amounts	$ 26.1	$ 17.4
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	26.1	17.4
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(6.6)	(5.7)
Cash Collateral Received	0	0
Net Amount	19.5	11.7
Derivative liabilities
Gross Amounts	6.6	6.4
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	6.6	6.4
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts Not Offset in the Consolidated Balance Sheet	(6.6)	(5.7)
Cash Collateral Received	0	0
Net Amount	0	0.7
Cross currency swap contracts
Derivative assets
Gross Amounts	44.6	13.3
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	44.6	13.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 44.6	$ 13.3

DERIVATIVE INSTRUMENTS AND HE_7

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Foreign currency contracts \| Derivatives not designated as hedging instruments \| Other income, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 8.6	$ (1.5)
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	17.5	12.9
Cash flow hedges \| Foreign currency contracts \| Derivatives designated as hedging instruments \| Cost of sales
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income	6.1	7.6
Cash flow hedges \| Foreign currency contracts \| Derivatives designated as hedging instruments \| Selling, general, and administrative expenses
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income	0.8	0.3
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	31.3	5.3
Net investment hedges \| Cross currency swap contracts \| Derivatives designated as hedging instruments \| Interest income, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	1.7	1.6
Fair value hedges \| Foreign currency contracts \| Derivatives designated as hedging instruments \| Other income, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 1.7	$ (0.9)

DERIVATIVE INSTRUMENTS AND HE_8

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Cash Flow Hedge Effects on Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss)
Cost of sales	$ (265.1)	$ (231.8)
Selling, general, and administrative expenses	(307.8)	(280.3)
Interest Income (Expense), Net	4.5	2
Other income (expense), net	1.9	1.8
Foreign currency contracts \| Cost of sales
Gain (loss) on fair value hedging relationships:
Hedged items	0	0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0	0
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	6.1	7.6
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
Foreign currency contracts \| Selling, general, and administrative expenses
Gain (loss) on fair value hedging relationships:
Hedged items	0	0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0	0
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	0.8	0.3
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
Foreign currency contracts \| Interest expense (income), net
Gain (loss) on fair value hedging relationships:
Hedged items	0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	0
Foreign currency contracts \| Interest expense (income), net \| Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	0
Foreign currency contracts \| Other Income (Expense), net
Gain (loss) on fair value hedging relationships:
Hedged items	(0.7)	1.8
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	1	0.9
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	0	0
Foreign currency contracts \| Other Income (Expense), net \| Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	$ 0.7	$ (1.8)

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 23.9	$ 20.8
Cost of sales
Allocation of stock-based compensation expense
Total stock-based compensation expense	4.6	4
Selling, general, and administrative expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	14.4	12.7
Research and development expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 4.9	$ 4.1

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Share-based Payment Arrangement [Abstract]
Total remaining unrecognized compensation cost	$ 119.1
Unrecognized compensation cost, recognition period	28 months

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Weighted-Average Assumptions for Options and ESPP Subscriptions Granted Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	1.40%	2.50%
Expected dividend yield	0.00%	0.00%
Expected volatility (as a percent)	29.70%	29.20%
Expected term	5 years 2 months 12 days	5 years 2 months 12 days
Fair value, per option (in dollars per share)	$ 68.36	$ 54.03
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	1.60%	2.40%
Expected dividend yield	0.00%	0.00%
Expected volatility (as a percent)	31.90%	25.30%
Expected term	7 months 6 days	7 months 6 days
Fair value, per option (in dollars per share)	$ 47.14	$ 48.83

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2020lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits that if settled could have a material adverse impact on net income or cash flows	1

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of Activity for Each Component of Accumulated Other Comprehensive Loss (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 4,148.3
Other comprehensive gain (loss) before reclassifications	24.1
Amounts reclassified from accumulated other comprehensive loss	(10.4)
Deferred income tax (expense) benefit	(9.7)
Ending balance	3,901.1
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(154.8)
Other comprehensive gain (loss) before reclassifications	11.6
Amounts reclassified from accumulated other comprehensive loss	(1.7)
Deferred income tax (expense) benefit	(7.6)
Ending balance	(152.5)
Unrealized Gain on Hedges
AOCI Attributable to Parent, Net of Tax
Beginning balance	12.5
Other comprehensive gain (loss) before reclassifications	19
Amounts reclassified from accumulated other comprehensive loss	(8.6)
Deferred income tax (expense) benefit	(3.8)
Ending balance	19.1
Unrealized Gain (Loss) on Available-for-sale Investments
AOCI Attributable to Parent, Net of Tax
Beginning balance	1.7
Other comprehensive gain (loss) before reclassifications	(6.3)
Amounts reclassified from accumulated other comprehensive loss	(0.1)
Deferred income tax (expense) benefit	1.7
Ending balance	(3)
Unrealized Pension Costs
AOCI Attributable to Parent, Net of Tax
Beginning balance	(15.4)
Other comprehensive gain (loss) before reclassifications	(0.2)
Amounts reclassified from accumulated other comprehensive loss	0
Deferred income tax (expense) benefit	0
Ending balance	(15.6)
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(156)
Ending balance	$ (152)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Affected Line on Consolidated Condensed Statements of Operations
Cost of sales	$ (265.1)	$ (231.8)
Selling, general, and administrative expenses	(307.8)	(280.3)
Total before tax	364.5	278
Provision for income taxes	(53.9)	(28.3)
Other income, net	1.9	1.8
Net income	310.6	249.7
Amount Reclassified from Accumulated Other Comprehensive Loss \| Foreign Currency Translation Adjustments
Affected Line on Consolidated Condensed Statements of Operations
Provision for income taxes	(0.4)	(0.4)
Other income, net	1.7	1.6
Net income	1.3	1.2
Amount Reclassified from Accumulated Other Comprehensive Loss \| Unrealized Gain on Hedges
Affected Line on Consolidated Condensed Statements of Operations
Cost of sales	6.1	7.6
Selling, general, and administrative expenses	0.8	0.3
Other income, net	1.7	(0.9)
Total before tax	8.6	7
Provision for income taxes	(1.9)	(2)
Net income	6.7	5
Amount Reclassified from Accumulated Other Comprehensive Loss \| Gain (loss) on available-for-sale investments
Affected Line on Consolidated Condensed Statements of Operations
Provision for income taxes	(0.2)	0
Other income, net	0.1	0
Net income	$ (0.1)	$ 0

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic:
Net income	$ 310.6	$ 249.7
Weighted-average shares outstanding (in shares)	208.2	207.9
Basic earnings per share (in dollars per share)	$ 1.49	$ 1.20
Diluted:
Net income	$ 310.6	$ 249.7
Weighted-average shares outstanding (in shares)	208.2	207.9
Dilutive effect of stock plans (in shares)	3.5	4.3
Dilutive weighted-average shares outstanding (in shares)	211.7	212.2
Diluted earnings per share (in dollars per share)	$ 1.47	$ 1.18

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock compensation plan
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of earnings per share (in shares)	0.7	0.2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	14.80%	10.20%
Tax expense (benefit) from employee share-based compensation	$ (10.3)	$ (19)
Liability for income taxes associated with uncertain tax positions	211.9		$ 203.1
Decrease in unrecognized tax benefits is reasonably possible	57		50.1
Net amounts that would favorably affect effective tax rate	$ 154.9		$ 153

SEGMENT INFORMATION - Informati

SEGMENT INFORMATION - Information About Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Net Sales
Net sales	$ 1,128.7	$ 993
Segment Operating Income
Consolidated pre-tax income	364.5	278
Operating segments
Segment Net Sales
Net sales	1,129.1	986.1
Segment Operating Income
Consolidated pre-tax income	699.4	594.5
Operating segments \| United States
Segment Net Sales
Net sales	667.4	562.8
Segment Operating Income
Consolidated pre-tax income	464.8	383.3
Operating segments \| Europe
Segment Net Sales
Net sales	247.5	227.3
Segment Operating Income
Consolidated pre-tax income	128	119.4
Operating segments \| Japan
Segment Net Sales
Net sales	109.8	99.2
Segment Operating Income
Consolidated pre-tax income	71.7	61
Operating segments \| Rest of World
Segment Net Sales
Net sales	104.4	96.8
Segment Operating Income
Consolidated pre-tax income	$ 34.9	$ 30.8

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliations of Segment Net Sales to Consolidated Net Sales and Segment Pre-Tax Income to Consolidated Pre-Tax Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Sales Reconciliation
Net sales	$ 1,128.7	$ 993
Pre-tax Income Reconciliation
Operating income	358.1	274.2
Unallocated amounts:
Special charge (Note 3)	0	(24)
Change in fair value of contingent consideration liabilities, net	2.2	(6.7)
Consolidated pre-tax income	364.5	278
Operating segments
Net Sales Reconciliation
Net sales	1,129.1	986.1
Pre-tax Income Reconciliation
Operating income	699.4	594.5
Unallocated amounts:
Consolidated pre-tax income	699.4	594.5
Corporate items
Unallocated amounts:
Corporate items	(340.7)	(299.8)
Reconciling items
Net Sales Reconciliation
Net sales	(0.4)	6.9
Unallocated amounts:
Special charge (Note 3)	0	(24)
Intellectual property litigation expenses	(12.5)	(4.6)
Foreign currency	9.7	14.8
Non-operating income	$ 6.4	$ 3.8

SEGMENT INFORMATION - Enterpris

SEGMENT INFORMATION - Enterprise-Wide Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Enterprise-Wide Information
Net sales	$ 1,128.7	$ 993
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	1,321.4		$ 1,241.7
Transcatheter Aortic Valve Replacement
Enterprise-Wide Information
Net sales	742.2	597.7
Transcatheter Mitral and Tricuspid Therapies
Enterprise-Wide Information
Net sales	10.5	4.3
Surgical Structural Heart
Enterprise-Wide Information
Net sales	193.4	214.7
Critical Care
Enterprise-Wide Information
Net sales	182.6	176.3
United States
Enterprise-Wide Information
Net sales	667.4	562.8
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	919.6		849.1
Europe
Enterprise-Wide Information
Net sales	249.3	234.7
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	117		101.5
Japan
Enterprise-Wide Information
Net sales	110	98.4
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	21		21.7
Rest of World
Enterprise-Wide Information
Net sales	102	$ 97.1
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	$ 263.8		$ 269.4