Edwards Lifesciences (EW) 10-Q 28 Apr 21 2021 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		621,636,777
Entity Central Index Key	0001099800
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 1,174.2	$ 1,183.2
Short-term investments (Note 3)	156.4	219.4
Accounts receivable, net of allowances of $8.5 and $9.6, respectively	586.6	514.6
Other receivables	77.7	88.2
Inventories (Note 2)	767.9	802.3
Prepaid expenses	77.3	75.1
Other current assets	229.1	208.2
Total current assets	3,069.2	3,091
Long-term investments (Note 3)	802.2	801.6
Property, plant, and equipment, net	1,417.9	1,395.2
Operating lease right-of-use assets	88.5	94.2
Goodwill	1,170.8	1,173.2
Other intangible assets, net	330.3	331.4
Deferred income taxes	209.3	230.9
Other assets	125.5	119.6
Total assets	7,213.7	7,237.1
Current liabilities
Accounts payable and accrued liabilities (Note 2)	772.5	866.7
Operating lease liabilities	26.5	27.2
Total current liabilities	799	893.9
Long-term debt	595.2	595
Contingent consideration liabilities (Note 4)	181.6	186.1
Taxes payable	215.3	215.3
Operating lease liabilities	67.1	72.7
Uncertain tax positions	224.2	214.4
Litigation settlement accrual	222.1	233
Other liabilities	250.8	252.4
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.01 par value, authorized 50.0 shares, no shares outstanding	0	0
Common stock, $1.00 par value, 1,050.0 shares authorized, 637.5 and 636.4 shares issued, and 621.8 and 624.3 shares outstanding, respectively	637.5	636.4
Additional paid-in capital	1,496.8	1,438.1
Retained earnings	4,903.2	4,565
Accumulated other comprehensive loss (Note 9)	(172.4)	(161.1)
Treasury stock, at cost, 15.7 and 12.1 shares, respectively	(2,206.7)	(1,904.1)
Total stockholders' equity	4,658.4	4,574.3
Total liabilities and stockholders' equity	$ 7,213.7	$ 7,237.1

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 8.5	$ 9.6
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)	1,050,000,000	1,050,000,000
Common stock, shares issued (in shares)	637,500,000	636,400,000
Common stock, shares outstanding (in shares)	621,800,000	624,300,000
Treasury stock (in shares)	15,700,000	12,100,000

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 1,216.6	$ 1,128.7
Cost of sales	293.4	265.1
Gross profit	923.2	863.6
Selling, general, and administrative expenses	330.8	307.8
Research and development expenses	207	187.4
Intellectual property litigation expenses	6.4	12.5
Change in fair value of contingent consideration liabilities (Note 4)	(4.5)	(2.2)
Operating income	383.5	358.1
Interest income, net	(0.3)	(4.5)
Other income, net	(5.5)	(1.9)
Income before provision for income taxes	389.3	364.5
Provision for income taxes	51.1	53.9
Net income	$ 338.2	$ 310.6
Earnings per share:
Basic (in dollars per share)	$ 0.54	$ 0.50
Diluted (in dollars per share)	$ 0.54	$ 0.49
Weighted-average number of common shares outstanding:
Basic (in shares)	623.2	624.6
Diluted (in shares)	631.3	635.1

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 338.2	$ 310.6
Other comprehensive (loss) income, net of tax (Note 9):
Foreign currency translation adjustments	(32.2)	2.3
Unrealized gain on hedges	24.5	6.6
Defined benefit pension plans	0.3	(0.2)
Unrealized loss on available-for-sale investments	(4.8)	(4.6)
Reclassification of net realized investment loss (gain) to earnings	0.9	(0.1)
Other comprehensive (loss) income	(11.3)	4
Comprehensive income	$ 326.9	$ 314.6

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 338.2	$ 310.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32.4	24.5
Non-cash operating lease cost	7.3	6.7
Stock-based compensation (Note 6)	28.2	23.9
Change in fair value of contingent consideration liabilities (Note 4)	(4.5)	(2.2)
Deferred income taxes	10.8	3.6
Other	(2.7)	14.7
Changes in operating assets and liabilities:
Accounts and other receivables, net	(89.5)	(4.2)
Inventories	2.5	(35.2)
Accounts payable and accrued liabilities	(9.3)	(144.4)
Income taxes	14.1	32.2
Prepaid expenses and other current assets	(5.4)	(5.5)
Litigation settlement accrual	1.6	0
Other	(23.2)	(17.6)
Net cash provided by operating activities	300.5	207.1
Cash flows from investing activities
Capital expenditures	(106)	(82.2)
Purchases of held-to-maturity investments (Note 3)	0	(112)
Proceeds from held-to-maturity investments (Note 3)	50	100.2
Purchases of available-for-sale investments (Note 3)	(77.4)	(150.9)
Proceeds from available-for-sale investments (Note 3)	86.8	127.8
Issuances of notes receivable	(3.6)	(16.6)
Other	0.5	(1)
Net cash used in investing activities	(49.7)	(134.7)
Cash flows from financing activities
Proceeds from issuance of debt	4.5	7.9
Payments on debt and finance lease obligations	(4.9)	(8.2)
Purchases of treasury stock	(302.6)	(614.8)
Proceeds from stock plans	31.6	29.1
Other	(2.9)	(0.4)
Net cash used in financing activities	(274.3)	(586.4)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	14.2	(2.1)
Net decrease in cash, cash equivalents, and restricted cash	(9.3)	(516.1)
Cash, cash equivalents, and restricted cash at beginning of period	1,200.2	1,184.4
Cash, cash equivalents, and restricted cash at end of period	$ 1,190.9	$ 668.3

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	Accumulated Other Comprehensive Loss
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 stock plans (in shares)		0.4
Common stock issued under stock 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)
Beginning balance (in shares) at Dec. 31, 2020		636.4	12.1
Beginning balance at Dec. 31, 2020	4,574.3	$ 636.4	$ (1,904.1)	1,438.1	4,565	(161.1)
Increase (Decrease) in Stockholders' Equity
Net income	338.2				338.2
Other comprehensive income, net of tax	(11.3)					(11.3)
Common stock issued under stock plans (in shares)		1.1
Common stock issued under stock plans	31.6	$ 1.1		30.5
Stock-based compensation expense	28.2			28.2
Purchases of treasury stock (in shares)			3.6
Purchases of treasury stock	(302.6)		$ (302.6)
Ending balance (in shares) at Mar. 31, 2021		637.5	15.7
Ending balance at Mar. 31, 2021	$ 4,658.4	$ 637.5	$ (2,206.7)	$ 1,496.8	$ 4,903.2	$ (172.4)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
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' Annual Report on Form 10-K for the year ended December 31, 2020. 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 could differ from those estimates. In particular, the COVID-19 pandemic has adversely impacted, and may further adversely impact, nearly all aspects of our business and markets, including our workforce 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 (including new variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, public acceptance and efficacy of vaccines and other treatments, 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 necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. Certain reclassifications have been made to the prior year's consolidated condensed financial statements to conform to the current year presentation. Stock Split On May 7, 2020, the Company’s Board of Directors declared a three-for-one stock split of the Company's outstanding shares of common stock effected in the form of a stock dividend, distributed on May 29, 2020 to stockholders of record on May 18, 2020. The Company distributed two newly issued shares of common stock to holders of record of each share of common stock to effect the stock split. All applicable share and per-share amounts in the consolidated condensed financial statements and the notes to consolidated condensed financial statements have been retroactively adjusted to reflect this stock split. The consolidated condensed statement of stockholders’ equity for the three months ended March 31, 2020 has not been retroactively adjusted to reflect the stock split.

OTHER CONSOLIDATED FINANCIAL ST

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Inventories Raw materials $ 132.2 $ 136.7 Work in process 152.8 140.0 Finished products 482.9 525.6 $ 767.9 $ 802.3 At March 31, 2021 and December 31, 2020, $123.0 million and $130.0 million, respectively, of the Company's finished products inventories were held on consignment. March 31, 2021 December 31, 2020 (in millions) Accounts payable and accrued liabilities Accounts payable $ 150.4 $ 196.5 Employee compensation and withholdings 197.5 236.7 Taxes payable (Note 11) 10.7 18.6 Property, payroll, and other taxes 61.0 49.7 Research and development accruals 55.8 52.3 Accrued rebates 60.3 67.2 Fair value of derivatives 16.1 39.3 Accrued marketing expenses 15.9 14.3 Litigation settlement 50.0 37.5 Litigation and insurance 24.9 23.3 Accrued relocation costs 21.4 21.0 Accrued professional services 6.7 7.6 Accrued realignment reserves 14.8 14.5 Other accrued liabilities 87.0 88.2 $ 772.5 $ 866.7 Supplemental Cash Flow Information (in millions) Three Months Ended 2021 2020 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7.7 $ 7.1 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 3.5 $ 4.5 Capital expenditures accruals $ 36.4 $ 33.9 Cash, Cash Equivalents, and Restricted Cash (in millions) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 1,174.2 $ 1,183.2 Restricted cash included in other current assets 16.4 16.6 Restricted cash included in other assets 0.3 0.4 Total cash, cash equivalents, and restricted cash $ 1,190.9 $ 1,200.2 Amounts included in restricted cash primarily represent funds placed in escrow related to litigation and real estate purchases, and funds restricted for construction.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Held-to-maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Bank time deposits $ — $ — $ — $ — $ 50.0 $ — $ — $ 50.0 Available-for-sale Bank time deposits $ 14.1 $ — $ — $ 14.1 $ 24.1 $ — $ — $ 24.1 U.S. government and agency securities 136.4 1.8 (0.1) 138.1 147.0 2.2 — 149.2 Foreign government bonds — — — — — — — — Asset-backed securities 161.1 1.3 (0.2) 162.2 149.6 1.9 — 151.5 Corporate debt securities 600.3 5.0 (1.5) 603.8 600.8 7.5 — 608.3 Municipal securities 2.8 — — 2.8 2.8 — — 2.8 Total $ 914.7 $ 8.1 $ (1.8) $ 921.0 $ 924.3 $ 11.6 $ — $ 935.9 The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2021, were as follows: Available-for-Sale Amortized Cost Fair Value (in millions) Due in 1 year or less $ 155.5 $ 156.4 Due after 1 year through 5 years 569.7 573.3 Instruments not due at a single maturity date 189.5 191.3 $ 914.7 $ 921.0 Actual maturities may differ from the contractual maturities due to call or prepayment rights. The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): March 31, 2021 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. government and agency securities $ 23.1 $ (0.1) $ — $ — $ 23.1 $ (0.1) Asset-backed securities 58.6 (0.2) — — 58.6 (0.2) Corporate debt securities 214.4 (1.5) — — 214.4 (1.5) $ 296.1 $ (1.8) $ — $ — $ 296.1 $ (1.8) There were no investments that were in an unrealized loss position as of December 31, 2020. 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 Carrying value of equity method investments $ 7.1 $ 5.7 Equity securities Carrying value of non-marketable equity securities 30.5 29.4 Total investments in unconsolidated affiliates $ 37.6 $ 35.1 Non-marketable equity securities consist of investments in privately held companies without readily determinable fair values, and are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Company recorded an upward adjustment of $1.0 million during the three months ended March 31, 2021 based on observable price changes. As of March 31, 2021, the Company had recorded accumulated upward adjustments of $4.8 million based on observable price changes, and accumulated downward adjustments of $2.6 million due to impairments and observable price changes.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
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, 2021, the fair value of the notes payable, based on Level 2 inputs, was $676.6 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, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 10.9 $ 15.0 $ — $ 25.9 Available-for-sale investments: Bank time deposits — 14.1 — 14.1 Corporate debt securities — 603.8 — 603.8 Asset-backed securities — 162.2 — 162.2 U.S. government and agency securities 55.8 82.3 — 138.1 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 113.4 — — 113.4 Derivatives — 28.8 — 28.8 $ 180.1 $ 909.0 $ — $ 1,089.1 Liabilities Derivatives $ — $ 16.1 $ — $ 16.1 Deferred compensation plans 113.0 — — 113.0 Contingent consideration liabilities — — 181.6 181.6 $ 113.0 $ 16.1 $ 181.6 $ 310.7 December 31, 2020 Assets Cash equivalents $ 16.2 $ — $ — $ 16.2 Available-for-sale investments: Bank time deposits — 24.1 — 24.1 Corporate debt securities — 608.3 — 608.3 Asset-backed securities — 151.5 — 151.5 U.S. government and agency securities 56.9 92.2 — 149.1 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 111.2 — — 111.2 Derivatives — 8.1 — 8.1 $ 184.3 $ 887.0 $ — $ 1,071.3 Liabilities Derivatives $ — $ 39.3 $ — $ 39.3 Deferred compensation plans 111.6 — — 111.6 Contingent consideration liabilities — — 186.1 186.1 $ 111.6 $ 39.3 $ 186.1 $ 337.0 The following table summarizes the changes in fair value of the contingent consideration liabilities (in millions): Three Months Ended 2021 2020 Balance at December 31 $ 186.1 $ 172.5 Changes in fair value (4.5) (2.2) Balance at March 31 $ 181.6 $ 170.3 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 9.2%; weighted average of 3.7%), (2) the probability of milestone achievement (ranging from 0.3% to 99.7%; weighted average of 70.9%), (3) the projected payment dates (ranging from 2023 to 2027; weighted average of 2026), and (4) the volatility of future revenue (ranging from 37.0% to 40.0%; weighted average of 38.8%). 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
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes. Notional Amount March 31, 2021 December 31, 2020 (in millions) Foreign currency forward exchange contracts $ 1,509.7 $ 1,525.5 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 March 31, 2021 December 31, 2020 Assets Foreign currency contracts Other current assets $ 26.2 $ 7.3 Cross currency swap contracts Other assets $ 2.6 $ 0.8 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 16.1 $ 39.3 The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions): Gross Amounts Gross Amounts Net Amounts March 31, 2021 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 26.2 $ — $ 26.2 $ (9.5) $ — $ 16.7 Cross currency swap contracts $ 2.6 $ — $ 2.6 $ — $ — $ 2.6 Derivative liabilities Foreign currency contracts $ 16.1 $ — $ 16.1 $ (9.5) $ — $ 6.6 December 31, 2020 Derivative assets Foreign currency contracts $ 7.3 $ — $ 7.3 $ (6.1) $ — $ 1.2 Cross currency swap contracts $ 0.8 $ — $ 0.8 $ — $ — $ 0.8 Derivative liabilities Foreign currency contracts $ 39.3 $ — $ 39.3 $ (6.1) $ — $ 33.2 The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (loss) (in millions): Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2021 2020 2021 2020 Cash flow hedges Foreign currency contracts $ 28.2 $ 17.5 Cost of sales $ (5.5) $ 6.1 Selling, general, and administrative expenses $ 0.1 $ 0.8 Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2021 2020 2021 2020 Net investment hedges Cross currency swap contracts $ 1.8 $ 31.3 Interest income, net $ 1.6 $ 1.7 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) Three Months Ended Location of Gain or (Loss) 2021 2020 Fair value hedges Foreign currency contracts Other income, net $ 6.3 $ 1.7 Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2021 2020 Derivatives not designated as hedging instruments Foreign currency contracts Other income, net $ 15.2 $ 8.6 The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended 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 $ (293.4) $ (330.8) $ 5.5 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ (5.5) Derivatives designated as hedging instruments $ — $ — $ 5.5 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ (5.5) $ 0.1 $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other Expense (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) $ 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 $ — The Company expects that during the next twelve months it will reclassify to earnings a $9.0 million loss currently recorded in " Accumulated Other Comprehensive Loss ."

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020 was as follows (in millions): Three Months Ended 2021 2020 Cost of sales $ 5.5 $ 4.6 Selling, general, and administrative expenses 16.5 14.4 Research and development expenses 6.2 4.9 Total stock-based compensation expense 28.2 23.9 Income tax benefit (3.9) (3.5) Total stock-based compensation expense, net of tax $ 24.3 $ 20.4 At March 31, 2021, the total remaining compensation cost related to nonvested stock options, restricted stock units, market-based restricted stock units, and employee stock purchase plan ("ESPP") subscription awards amounted to $135.0 million, which will be amortized on a straight-line basis over the weighted-average remaining requisite service period of 27 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 2021 2020 Average risk-free interest rate 0.6 % 1.4 % Expected dividend yield None None Expected volatility 33.4 % 29.7 % Expected term (years) 5.2 5.2 Fair value, per option $ 26.28 $ 22.79 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 2021 2020 Average risk-free interest rate 0.1 % 1.6 % Expected dividend yield None None Expected volatility 37.5 % 31.9 % Expected term (years) 0.6 0.6 Fair value, per share $ 22.14 $ 15.71

ACCELERATED SHARE REPURCHASE

ACCELERATED SHARE REPURCHASE	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
ACCELERATED SHARE REPURCHASE	ACCELERATED SHARE REPURCHASE During 2021, the Company entered into an accelerated share repurchase ("ASR") agreement providing for the repurchase of the Company's common stock based on the volume-weighted average price ("VWAP") of the Company's common stock during the term of the agreement, less a discount. The following table summarizes the terms of the ASR agreement (dollars and shares in millions, except per share data): Initial Delivery Final Settlement Agreement Date Amount Shares Price per Value of Settlement Total Shares Average Price February 2021 $ 250.0 2.4 $ 83.86 80 % March 2021 3.0 $ 84.51 The ASR agreement was accounted for as two separate transactions: (1) the value of the initial delivery of shares was recorded as shares of common stock acquired in a treasury stock transaction on the acquisition date and (2) the remaining amount of the purchase price paid was recorded as a forward contract indexed to the Company's own common stock and was recorded in " Additional Paid-in Capital " on the consolidated balance sheets. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The Company determined that the forward contract indexed to the Company's common stock met all the applicable criteria for equity classification and, therefore, was not accounted for as a derivative instrument.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe Company is or may be a party to, or may otherwise be responsible for, pending or threatened lawsuits including those related to products and services currently or formerly manufactured or performed, as applicable, by the Company, workplace and employment matters, matters involving real estate, Company operations or health care regulations, or governmental investigations (the "Lawsuits"). The Lawsuits raise difficult and complex factual and legal issues and are subject to many uncertainties, including, but not limited to, the facts and circumstances of each particular case or claim, the jurisdiction in which each suit is brought, and differences in applicable law. Management does not believe that any loss relating to the Lawsuits would have a material adverse effect on the Company's overall financial condition, results of operations or cash flows. However, the resolution of one or more of the Lawsuits in any reporting period, could have a material adverse impact on the Company's financial results for that period. The Company is not able to estimate the amount or range of any loss for legal contingencies related to the Lawsuits for which there is no reserve or additional loss for matters already reserved. The Company is subject to various environmental laws and regulations both within and outside of the United States. The Company's operations, like those of other medical device companies, involve the use of substances regulated under environmental laws, primarily in manufacturing and sterilization processes. While it is difficult to quantify the potential impact of continuing compliance with environmental protection laws, management believes that such compliance will not have a material impact on the Company's financial results. The Company's threshold for disclosing material environmental legal proceedings involving a governmental authority where potential monetary exposure is involved is $1 million.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables summarize the activity for each component of " Accumulated Other Comprehensive Loss " (in millions): Foreign Unrealized Loss on Hedges Unrealized Gain on Available-for-sale Investments Unrealized Total December 31, 2020 $ (122.4) $ (27.7) $ 8.6 $ (19.6) $ (161.1) Other comprehensive (loss) gain before reclassifications (30.2) 34.8 (6.1) 0.3 (1.2) Amounts reclassified from accumulated other comprehensive loss (1.6) (0.9) 0.9 — (1.6) Deferred income tax (expense) benefit (0.4) (9.4) 1.3 — (8.5) March 31, 2021 $ (154.6) $ (3.2) $ 4.7 $ (19.3) $ (172.4) Foreign Unrealized Gain on Hedges Unrealized Gain (Loss) on Available-for-sale Investments Unrealized Total 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 Details about Accumulated Other Comprehensive Loss Components 2021 2020 Foreign currency translation adjustments $ 1.6 $ 1.7 Other income, net (0.4) (0.4) Provision for income taxes $ 1.2 $ 1.3 Net of tax Gain (loss) on hedges $ (5.5) $ 6.1 Cost of sales 0.1 0.8 Selling, general, and administrative expenses 6.3 1.7 Other income, net 0.9 8.6 Total before tax 0.7 (1.9) Provision for income taxes $ 1.6 $ 6.7 Net of tax Gain (loss) on available-for-sale investments $ (0.9) $ 0.1 Other income, net 0.2 (0.2) Provision for income taxes $ (0.7) $ (0.1) Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
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 2021 2020 Basic: Net income $ 338.2 $ 310.6 Weighted-average shares outstanding 623.2 624.6 Basic earnings per share $ 0.54 $ 0.50 Diluted: Net income $ 338.2 $ 310.6 Weighted-average shares outstanding 623.2 624.6 Dilutive effect of stock plans 8.1 10.5 Dilutive weighted-average shares outstanding 631.3 635.1 Diluted earnings per share $ 0.54 $ 0.49

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective income tax rates were 13.1% and 14.8% for the three months ended March 31, 2021 and 2020, respectively. The effective rates for the three months ended March 31, 2021 and 2020 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 $11.5 million and $10.3 million for the three months ended March 31, 2021 and 2020, respectively. The Company is under continuous tax audits by the Internal Revenue Service (“IRS”) and other taxing authorities. During these audits the Company may receive proposed audit adjustments that could be material. Therefore, there is a possibility that an adverse outcome in these audits could have a material effect on the Company's results of operations and financial condition. The Company strives to resolve open matters with each tax authority at the examination level and could reach agreement with a tax authority at any time. While the Company has accrued for matters it believes are more likely than not to require settlement, the eventual 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, 2021 and December 31, 2020, the gross liability for income taxes associated with uncertain tax positions was $300.5 million and $281.8 million, respectively. The Company estimates that these liabilities would be reduced by $104.7 million and $95.1 million, respectively, from offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, state income taxes, and timing adjustments. The net amounts of $195.8 million and $186.7 million, respectively, if not required, would favorably affect the Company's effective tax rate. The Company previously executed an Advance Pricing Agreement ("APA") in 2018 between the United States and Switzerland governments for tax years 2009 through 2020 covering various, but not all, transfer pricing matters. The unagreed transfer pricing matters, namely Surgical Structural Heart and Transcatheter Aortic Valve Replacement (collectively “Surgical/TAVR”) intercompany royalty transactions, then reverted to IRS Examination for further consideration as part of the respective years' regular tax audit. In addition, the Company executed other bilateral APAs as follows: during 2017, an APA between the United States and Japan covering tax years 2015 through 2019; and during 2018, APAs between Japan and Singapore and between Switzerland and Japan covering tax years 2015 through 2019. The Company has filed to renew these APAs related to Japan for the years 2020 and forward. The execution of some or all of these APA renewals depends on many variables outside of the Company's control. As of March 31, 2021, all material state, local, and foreign income tax matters have been concluded for years through 2015. While not material, the Company continues to address matters in Wisconsin and India for years from 2010. The Company’s U.S. federal income tax returns have all been audited through 2014. The IRS began its examination of the 2015 and 2016 tax years during the fourth quarter of 2018 and later added the 2017 tax year to this audit cycle during the first quarter of 2019. The IRS audit field work for the 2015-2017 tax years was substantially completed during the fourth quarter of 2020, except for transfer pricing matters. During the first quarter of 2021, the Company received a draft Notice of Proposed Adjustment (“Draft NOPA”) from the IRS for the 2015-2017 tax years relating to transfer pricing involving certain Surgical/TAVR intercompany royalty transactions between the Company's U.S. and Switzerland affiliated companies. The Draft NOPA proposes an increase to the Company's U.S. taxable income which could result in additional tax expense for this period of approximately $200 million. The Company's analysis of the Draft NOPA is ongoing, and it continues to work with the IRS on how the facts are described and analyzed in the Draft NOPA. The Draft NOPA also represents a significant change to previously agreed upon transfer pricing methodologies for these transactions. The Company plans to continue its dialogue with the IRS on this matter and, as a result, the final NOPA and any adjustments asserted by the IRS may differ materially. The Company anticipates receiving the final NOPA and Revenue Agent’s Report prior to the end of the third quarter of 2021. Should the Company not come to an agreement with the IRS at the examination level, the Company will evaluate all possible remedies available to it, which could likely take several years to resolve. No payment of any amount related to the Draft NOPA is required to be made, if at all, until all applicable proceedings have been completed. However, the Company has the option to deposit all or a portion of any proposed assessment at any time. The Company believes the amounts previously accrued related to this uncertain tax position are sufficient and, accordingly, has not recorded any additional amount based on the Draft NOPA received.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Edwards Lifesciences conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. All regions sell products that are used to treat advanced cardiovascular disease. The Company's geographic segments are reported based on the financial information provided to the Chief Operating Decision Maker (the Chief Executive Officer). The Company evaluates the performance of its geographic segments based on net sales and operating income. The accounting policies of the segments are 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, 2020. Segment net sales and segment operating income are based on internally derived standard foreign exchange rates, which may differ from year to year, and do not include inter-segment profits. Because of the interdependence of the reportable segments, the operating profit as presented may not be representative of the geographical distribution that would occur if the segments were not interdependent. Net sales by geographic area are based on the location of the customer. Certain items are maintained at the corporate level and are not allocated to the segments. The non-allocated items include net interest income, global marketing expenses, corporate research and development expenses, manufacturing variances, corporate headquarters costs, special gains and charges, stock-based compensation, foreign currency hedging activities, certain litigation costs, changes in the fair value of contingent consideration liabilities, and most of the Company's amortization expense. Although most of the Company's depreciation expense is included in segment operating income, due to the Company's methodology for cost build-up, it is impractical to determine the amount of depreciation expense included in each segment and, therefore, a portion is maintained at the corporate level. The Company neither discretely allocates assets to its operating segments, nor evaluates the operating segments using discrete asset information. The table below presents information about Edwards Lifesciences' reportable segments (in millions): Three Months Ended 2021 2020 Segment Net Sales United States $ 674.7 $ 667.4 Europe 255.4 247.5 Japan 127.7 109.8 Rest of World 124.5 104.4 Total segment net sales $ 1,182.3 $ 1,129.1 Segment Operating Income United States $ 466.1 $ 464.8 Europe 133.3 128.0 Japan 87.6 71.7 Rest of World 47.3 34.9 Total segment operating income $ 734.3 $ 699.4 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 2021 2020 Net Sales Reconciliation Segment net sales $ 1,182.3 $ 1,129.1 Foreign currency 34.3 (0.4) Consolidated net sales $ 1,216.6 $ 1,128.7 Pre-tax Income Reconciliation Segment operating income $ 734.3 $ 699.4 Unallocated amounts: Corporate items (357.7) (340.7) Intellectual property litigation expenses (6.4) (12.5) Change in fair value of contingent consideration liabilities 4.5 2.2 Foreign currency 8.8 9.7 Consolidated operating income 383.5 358.1 Non-operating income 5.8 6.4 Consolidated pre-tax income $ 389.3 $ 364.5 Enterprise-wide Information The following enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated condensed financial statements. Three Months Ended 2021 2020 (in millions) Net Sales by Geographic Area United States $ 674.7 $ 667.4 Europe 280.0 249.3 Japan 132.3 110.0 Rest of World 129.6 102.0 $ 1,216.6 $ 1,128.7 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 791.7 $ 742.2 Transcatheter Mitral and Tricuspid Therapies 16.3 10.5 Surgical Structural Heart 213.0 193.4 Critical Care 195.6 182.6 $ 1,216.6 $ 1,128.7 March 31, 2021 December 31, 2020 (in millions) Long-lived Tangible Assets by Geographic Area United States $ 1,101.0 $ 1,084.3 Europe 201.4 192.7 Japan 18.0 20.4 Rest of World 310.3 311.0 $ 1,630.7 $ 1,608.4

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2021
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' Annual Report on Form 10-K for the year ended December 31, 2020. 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 could differ from those estimates. In particular, the COVID-19 pandemic has adversely impacted, and may further adversely impact, nearly all aspects of our business and markets, including our workforce 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 (including new variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, public acceptance and efficacy of vaccines and other treatments, 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 necessary for a fair statement of the results for the interim periods presented. 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.
Reclassification	Certain reclassifications have been made to the prior year's consolidated condensed financial statements to conform to the current year presentation.

OTHER CONSOLIDATED FINANCIAL _2

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Inventories Raw materials $ 132.2 $ 136.7 Work in process 152.8 140.0 Finished products 482.9 525.6 $ 767.9 $ 802.3
Schedule of Accounts Payable and Accrued Liabilities	March 31, 2021 December 31, 2020 (in millions) Accounts payable and accrued liabilities Accounts payable $ 150.4 $ 196.5 Employee compensation and withholdings 197.5 236.7 Taxes payable (Note 11) 10.7 18.6 Property, payroll, and other taxes 61.0 49.7 Research and development accruals 55.8 52.3 Accrued rebates 60.3 67.2 Fair value of derivatives 16.1 39.3 Accrued marketing expenses 15.9 14.3 Litigation settlement 50.0 37.5 Litigation and insurance 24.9 23.3 Accrued relocation costs 21.4 21.0 Accrued professional services 6.7 7.6 Accrued realignment reserves 14.8 14.5 Other accrued liabilities 87.0 88.2 $ 772.5 $ 866.7
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow Information (in millions) Three Months Ended 2021 2020 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7.7 $ 7.1 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 3.5 $ 4.5 Capital expenditures accruals $ 36.4 $ 33.9
Schedule of Cash and Cash Equivalents	Cash, Cash Equivalents, and Restricted Cash (in millions) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 1,174.2 $ 1,183.2 Restricted cash included in other current assets 16.4 16.6 Restricted cash included in other assets 0.3 0.4 Total cash, cash equivalents, and restricted cash $ 1,190.9 $ 1,200.2
Schedule of Restricted Cash	Cash, Cash Equivalents, and Restricted Cash (in millions) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 1,174.2 $ 1,183.2 Restricted cash included in other current assets 16.4 16.6 Restricted cash included in other assets 0.3 0.4 Total cash, cash equivalents, and restricted cash $ 1,190.9 $ 1,200.2

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments in Debt Securities	Investments in debt securities at the end of each period were as follows (in millions): March 31, 2021 December 31, 2020 Held-to-maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Bank time deposits $ — $ — $ — $ — $ 50.0 $ — $ — $ 50.0 Available-for-sale Bank time deposits $ 14.1 $ — $ — $ 14.1 $ 24.1 $ — $ — $ 24.1 U.S. government and agency securities 136.4 1.8 (0.1) 138.1 147.0 2.2 — 149.2 Foreign government bonds — — — — — — — — Asset-backed securities 161.1 1.3 (0.2) 162.2 149.6 1.9 — 151.5 Corporate debt securities 600.3 5.0 (1.5) 603.8 600.8 7.5 — 608.3 Municipal securities 2.8 — — 2.8 2.8 — — 2.8 Total $ 914.7 $ 8.1 $ (1.8) $ 921.0 $ 924.3 $ 11.6 $ — $ 935.9
Schedule of Cost and Fair Value of Investments in Debt Securities, By Contractual Maturity	The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2021, were as follows: Available-for-Sale Amortized Cost Fair Value (in millions) Due in 1 year or less $ 155.5 $ 156.4 Due after 1 year through 5 years 569.7 573.3 Instruments not due at a single maturity date 189.5 191.3 $ 914.7 $ 921.0
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): March 31, 2021 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. government and agency securities $ 23.1 $ (0.1) $ — $ — $ 23.1 $ (0.1) Asset-backed securities 58.6 (0.2) — — 58.6 (0.2) Corporate debt securities 214.4 (1.5) — — 214.4 (1.5) $ 296.1 $ (1.8) $ — $ — $ 296.1 $ (1.8)
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 Carrying value of equity method investments $ 7.1 $ 5.7 Equity securities Carrying value of non-marketable equity securities 30.5 29.4 Total investments in unconsolidated affiliates $ 37.6 $ 35.1

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 10.9 $ 15.0 $ — $ 25.9 Available-for-sale investments: Bank time deposits — 14.1 — 14.1 Corporate debt securities — 603.8 — 603.8 Asset-backed securities — 162.2 — 162.2 U.S. government and agency securities 55.8 82.3 — 138.1 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 113.4 — — 113.4 Derivatives — 28.8 — 28.8 $ 180.1 $ 909.0 $ — $ 1,089.1 Liabilities Derivatives $ — $ 16.1 $ — $ 16.1 Deferred compensation plans 113.0 — — 113.0 Contingent consideration liabilities — — 181.6 181.6 $ 113.0 $ 16.1 $ 181.6 $ 310.7 December 31, 2020 Assets Cash equivalents $ 16.2 $ — $ — $ 16.2 Available-for-sale investments: Bank time deposits — 24.1 — 24.1 Corporate debt securities — 608.3 — 608.3 Asset-backed securities — 151.5 — 151.5 U.S. government and agency securities 56.9 92.2 — 149.1 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 111.2 — — 111.2 Derivatives — 8.1 — 8.1 $ 184.3 $ 887.0 $ — $ 1,071.3 Liabilities Derivatives $ — $ 39.3 $ — $ 39.3 Deferred compensation plans 111.6 — — 111.6 Contingent consideration liabilities — — 186.1 186.1 $ 111.6 $ 39.3 $ 186.1 $ 337.0
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 2021 2020 Balance at December 31 $ 186.1 $ 172.5 Changes in fair value (4.5) (2.2) Balance at March 31 $ 181.6 $ 170.3

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk	Notional Amount March 31, 2021 December 31, 2020 (in millions) Foreign currency forward exchange contracts $ 1,509.7 $ 1,525.5 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 March 31, 2021 December 31, 2020 Assets Foreign currency contracts Other current assets $ 26.2 $ 7.3 Cross currency swap contracts Other assets $ 2.6 $ 0.8 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 16.1 $ 39.3
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 Gross Amounts Net Amounts March 31, 2021 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 26.2 $ — $ 26.2 $ (9.5) $ — $ 16.7 Cross currency swap contracts $ 2.6 $ — $ 2.6 $ — $ — $ 2.6 Derivative liabilities Foreign currency contracts $ 16.1 $ — $ 16.1 $ (9.5) $ — $ 6.6 December 31, 2020 Derivative assets Foreign currency contracts $ 7.3 $ — $ 7.3 $ (6.1) $ — $ 1.2 Cross currency swap contracts $ 0.8 $ — $ 0.8 $ — $ — $ 0.8 Derivative liabilities Foreign currency contracts $ 39.3 $ — $ 39.3 $ (6.1) $ — $ 33.2
Schedule of Effect of Master-Netting Agreements and Rights of Offset, 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 Gross Amounts Net Amounts March 31, 2021 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 26.2 $ — $ 26.2 $ (9.5) $ — $ 16.7 Cross currency swap contracts $ 2.6 $ — $ 2.6 $ — $ — $ 2.6 Derivative liabilities Foreign currency contracts $ 16.1 $ — $ 16.1 $ (9.5) $ — $ 6.6 December 31, 2020 Derivative assets Foreign currency contracts $ 7.3 $ — $ 7.3 $ (6.1) $ — $ 1.2 Cross currency swap contracts $ 0.8 $ — $ 0.8 $ — $ — $ 0.8 Derivative liabilities Foreign currency contracts $ 39.3 $ — $ 39.3 $ (6.1) $ — $ 33.2
Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income	The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (loss) (in millions): Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2021 2020 2021 2020 Cash flow hedges Foreign currency contracts $ 28.2 $ 17.5 Cost of sales $ (5.5) $ 6.1 Selling, general, and administrative expenses $ 0.1 $ 0.8 Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2021 2020 2021 2020 Net investment hedges Cross currency swap contracts $ 1.8 $ 31.3 Interest income, net $ 1.6 $ 1.7 Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2021 2020 Fair value hedges Foreign currency contracts Other income, net $ 6.3 $ 1.7 Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2021 2020 Derivatives not designated as hedging instruments Foreign currency contracts Other income, net $ 15.2 $ 8.6
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended 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 $ (293.4) $ (330.8) $ 5.5 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ (5.5) Derivatives designated as hedging instruments $ — $ — $ 5.5 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ (5.5) $ 0.1 $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other Expense (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) $ 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 $ —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020 was as follows (in millions): Three Months Ended 2021 2020 Cost of sales $ 5.5 $ 4.6 Selling, general, and administrative expenses 16.5 14.4 Research and development expenses 6.2 4.9 Total stock-based compensation expense 28.2 23.9 Income tax benefit (3.9) (3.5) Total stock-based compensation expense, net of tax $ 24.3 $ 20.4
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 2021 2020 Average risk-free interest rate 0.6 % 1.4 % Expected dividend yield None None Expected volatility 33.4 % 29.7 % Expected term (years) 5.2 5.2 Fair value, per option $ 26.28 $ 22.79
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 2021 2020 Average risk-free interest rate 0.1 % 1.6 % Expected dividend yield None None Expected volatility 37.5 % 31.9 % Expected term (years) 0.6 0.6 Fair value, per share $ 22.14 $ 15.71

ACCELERATED SHARE REPURCHASE (T

ACCELERATED SHARE REPURCHASE (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accelerated Share Repurchases	The following table summarizes the terms of the ASR agreement (dollars and shares in millions, except per share data): Initial Delivery Final Settlement Agreement Date Amount Shares Price per Value of Settlement Total Shares Average Price February 2021 $ 250.0 2.4 $ 83.86 80 % March 2021 3.0 $ 84.51

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Summary of Activity for Each Component of Accumulated Other Comprehensive Loss	The following tables summarize the activity for each component of " Accumulated Other Comprehensive Loss " (in millions): Foreign Unrealized Loss on Hedges Unrealized Gain on Available-for-sale Investments Unrealized Total December 31, 2020 $ (122.4) $ (27.7) $ 8.6 $ (19.6) $ (161.1) Other comprehensive (loss) gain before reclassifications (30.2) 34.8 (6.1) 0.3 (1.2) Amounts reclassified from accumulated other comprehensive loss (1.6) (0.9) 0.9 — (1.6) Deferred income tax (expense) benefit (0.4) (9.4) 1.3 — (8.5) March 31, 2021 $ (154.6) $ (3.2) $ 4.7 $ (19.3) $ (172.4) Foreign Unrealized Gain on Hedges Unrealized Gain (Loss) on Available-for-sale Investments Unrealized Total 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 Details about Accumulated Other Comprehensive Loss Components 2021 2020 Foreign currency translation adjustments $ 1.6 $ 1.7 Other income, net (0.4) (0.4) Provision for income taxes $ 1.2 $ 1.3 Net of tax Gain (loss) on hedges $ (5.5) $ 6.1 Cost of sales 0.1 0.8 Selling, general, and administrative expenses 6.3 1.7 Other income, net 0.9 8.6 Total before tax 0.7 (1.9) Provision for income taxes $ 1.6 $ 6.7 Net of tax Gain (loss) on available-for-sale investments $ (0.9) $ 0.1 Other income, net 0.2 (0.2) Provision for income taxes $ (0.7) $ (0.1) Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 Basic: Net income $ 338.2 $ 310.6 Weighted-average shares outstanding 623.2 624.6 Basic earnings per share $ 0.54 $ 0.50 Diluted: Net income $ 338.2 $ 310.6 Weighted-average shares outstanding 623.2 624.6 Dilutive effect of stock plans 8.1 10.5 Dilutive weighted-average shares outstanding 631.3 635.1 Diluted earnings per share $ 0.54 $ 0.49

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 Segment Net Sales United States $ 674.7 $ 667.4 Europe 255.4 247.5 Japan 127.7 109.8 Rest of World 124.5 104.4 Total segment net sales $ 1,182.3 $ 1,129.1 Segment Operating Income United States $ 466.1 $ 464.8 Europe 133.3 128.0 Japan 87.6 71.7 Rest of World 47.3 34.9 Total segment operating income $ 734.3 $ 699.4 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 2021 2020 Net Sales Reconciliation Segment net sales $ 1,182.3 $ 1,129.1 Foreign currency 34.3 (0.4) Consolidated net sales $ 1,216.6 $ 1,128.7 Pre-tax Income Reconciliation Segment operating income $ 734.3 $ 699.4 Unallocated amounts: Corporate items (357.7) (340.7) Intellectual property litigation expenses (6.4) (12.5) Change in fair value of contingent consideration liabilities 4.5 2.2 Foreign currency 8.8 9.7 Consolidated operating income 383.5 358.1 Non-operating income 5.8 6.4 Consolidated pre-tax income $ 389.3 $ 364.5
Enterprise-Wide Information	The following enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated condensed financial statements. Three Months Ended 2021 2020 (in millions) Net Sales by Geographic Area United States $ 674.7 $ 667.4 Europe 280.0 249.3 Japan 132.3 110.0 Rest of World 129.6 102.0 $ 1,216.6 $ 1,128.7 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 791.7 $ 742.2 Transcatheter Mitral and Tricuspid Therapies 16.3 10.5 Surgical Structural Heart 213.0 193.4 Critical Care 195.6 182.6 $ 1,216.6 $ 1,128.7 March 31, 2021 December 31, 2020 (in millions) Long-lived Tangible Assets by Geographic Area United States $ 1,101.0 $ 1,084.3 Europe 201.4 192.7 Japan 18.0 20.4 Rest of World 310.3 311.0 $ 1,630.7 $ 1,608.4

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details)	May 07, 2020Rate
Accounting Policies [Abstract]
Stock split ratio	300.00%

OTHER CONSOLIDATED FINANCIAL _3

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventories
Raw materials	$ 132.2	$ 136.7
Work in process	152.8	140
Finished products	482.9	525.6
Total inventories	767.9	802.3
Finished products inventories held on consignment	$ 123	$ 130

OTHER CONSOLIDATED FINANCIAL _4

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Accounts Payable and Accrued Liabilities and Long Term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts payable and accrued liabilities
Accounts payable	$ 150.4	$ 196.5
Employee compensation and withholdings	197.5	236.7
Taxes payable (Note 11)	10.7	18.6
Property, payroll, and other taxes	61	49.7
Research and development accruals	55.8	52.3
Accrued rebates	60.3	67.2
Fair value of derivatives	16.1	39.3
Accrued marketing expenses	15.9	14.3
Litigation settlement	50	37.5
Litigation and insurance	24.9	23.3
Accrued relocation costs	21.4	21
Accrued professional services	6.7	7.6
Accrued realignment reserves	14.8	14.5
Other accrued liabilities	87	88.2
Total accounts payable and accrued liabilities	$ 772.5	$ 866.7

OTHER CONSOLIDATED FINANCIAL _5

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid during the year for:
Operating cash flows from operating leases	$ 7.7	$ 7.1
Non-cash investing and financing transactions:
Right-of-use assets obtained in exchange for new lease liabilities	3.5	4.5
Capital expenditures accruals	$ 36.4	$ 33.9

OTHER CONSOLIDATED FINANCIAL _6

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Cash and cash equivalents	$ 1,174.2	$ 1,183.2
Restricted cash included in other current assets	16.4	16.6
Restricted cash included in other assets	0.3	0.4
Total cash, cash equivalents, and restricted cash	$ 1,190.9	$ 1,200.2	$ 668.3	$ 1,184.4

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments in Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale
Amortized Cost	$ 914.7	$ 924.3
Gross Unrealized Gains	8.1	11.6
Gross Unrealized Losses	(1.8)	0
Fair Value	921	935.9
Bank time deposits
Held-to-maturity
Amortized Cost	0	50
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	0	50
Available-for-sale
Amortized Cost	14.1	24.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	14.1	24.1
U.S. government and agency securities
Available-for-sale
Amortized Cost	136.4	147
Gross Unrealized Gains	1.8	2.2
Gross Unrealized Losses	(0.1)	0
Fair Value	138.1	149.2
Foreign government bonds
Available-for-sale
Amortized Cost	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	0	0
Asset-backed securities
Available-for-sale
Amortized Cost	161.1	149.6
Gross Unrealized Gains	1.3	1.9
Gross Unrealized Losses	(0.2)	0
Fair Value	162.2	151.5
Corporate debt securities
Available-for-sale
Amortized Cost	600.3	600.8
Gross Unrealized Gains	5	7.5
Gross Unrealized Losses	(1.5)	0
Fair Value	603.8	608.3
Municipal securities
Available-for-sale
Amortized Cost	2.8	2.8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 2.8	$ 2.8

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, 2021	Dec. 31, 2020
Amortized Cost
Due in 1 year or less	$ 155.5
Due after 1 year through 5 years	569.7
Instruments not due at a single maturity date	189.5
Amortized Cost	914.7	$ 924.3
Fair Value
Due in 1 year or less	156.4
Due after 1 year through 5 years	573.3
Instruments not due at a single maturity date	191.3
Fair Value	$ 921	$ 935.9

INVESTMENTS - Schedule of Inv_2

INVESTMENTS - Schedule of Investments in Continuous Loss Position (Details) $ in Millions	Mar. 31, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	$ 296.1
Gross unrealized losses, less than twelve months	(1.8)
Fair value, twelve months or greater	0
Gross unrealized losses, twelve months or greater	0
Fair value, total	296.1
Gross unrealized losses, total	(1.8)
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	23.1
Gross unrealized losses, less than twelve months	(0.1)
Fair value, twelve months or greater	0
Gross unrealized losses, twelve months or greater	0
Fair value, total	23.1
Gross unrealized losses, total	(0.1)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	58.6
Gross unrealized losses, less than twelve months	(0.2)
Fair value, twelve months or greater	0
Gross unrealized losses, twelve months or greater	0
Fair value, total	58.6
Gross unrealized losses, total	(0.2)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	214.4
Gross unrealized losses, less than twelve months	(1.5)
Fair value, twelve months or greater	0
Gross unrealized losses, twelve months or greater	0
Fair value, total	214.4
Gross unrealized losses, total	$ (1.5)

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020investment
Debt and Equity Securities, FV-NI [Line Items]
Number of investments | investment		0
Upward price adjustments	$ 1
Other income, net
Debt and Equity Securities, FV-NI [Line Items]
Increase in non-marketable equity securities due to observable price changes	4.8
Decrease in non-marketable equity securities due to observable price changes	$ 2.6

INVESTMENTS - Schedule of Inv_3

INVESTMENTS - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Equity method investments
Carrying value of equity method investments	$ 7.1	$ 5.7
Equity securities
Carrying value of non-marketable equity securities	30.5	29.4
Total investments in unconsolidated affiliates	$ 37.6	$ 35.1

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Mar. 31, 2021USD ($)
Level 2
Financial instruments
Notes payable fair value disclosure	$ 676.6
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	0.092
Discount Rate | Level 3 | Obligations | Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.037
Probability of Milestone Achievement | Level 3 | Obligations | Minimum
Financial instruments
Contingent consideration liability measurement input	0.003
Probability of Milestone Achievement | Level 3 | Obligations | Maximum
Financial instruments
Contingent consideration liability measurement input	0.997
Probability of Milestone Achievement | Level 3 | Obligations | Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.709
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	0.388

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, 2021	Dec. 31, 2020
Assets
Available-for-sale investments	$ 921	$ 935.9
Bank time deposits
Assets
Available-for-sale investments	14.1	24.1
Corporate debt securities
Assets
Available-for-sale investments	603.8	608.3
Asset-backed securities
Assets
Available-for-sale investments	162.2	151.5
U.S. government and agency securities
Assets
Available-for-sale investments	138.1	149.2
Municipal securities
Assets
Available-for-sale investments	2.8	2.8
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis
Assets
Cash equivalents	25.9	16.2
Investments held for deferred compensation plans	113.4	111.2
Derivatives	28.8	8.1
Assets	1,089.1	1,071.3
Liabilities
Derivatives	16.1	39.3
Deferred compensation plans	113	111.6
Contingent consideration liabilities	181.6	186.1
Liabilities	310.7	337
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Bank time deposits
Assets
Available-for-sale investments	14.1	24.1
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Corporate debt securities
Assets
Available-for-sale investments	603.8	608.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Asset-backed securities
Assets
Available-for-sale investments	162.2	151.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | U.S. government and agency securities
Assets
Available-for-sale investments	138.1	149.1
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Municipal securities
Assets
Available-for-sale investments	2.8	2.8
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1
Assets
Cash equivalents	10.9	16.2
Investments held for deferred compensation plans	113.4	111.2
Derivatives	0	0
Assets	180.1	184.3
Liabilities
Derivatives	0	0
Deferred compensation plans	113	111.6
Contingent consideration liabilities	0	0
Liabilities	113	111.6
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1 | Bank time deposits
Assets
Available-for-sale investments	0	0
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	55.8	56.9
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1 | Municipal securities
Assets
Available-for-sale investments	0	0
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2
Assets
Cash equivalents	15	0
Investments held for deferred compensation plans	0	0
Derivatives	28.8	8.1
Assets	909	887
Liabilities
Derivatives	16.1	39.3
Deferred compensation plans	0	0
Contingent consideration liabilities	0	0
Liabilities	16.1	39.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Bank time deposits
Assets
Available-for-sale investments	14.1	24.1
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Corporate debt securities
Assets
Available-for-sale investments	603.8	608.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Asset-backed securities
Assets
Available-for-sale investments	162.2	151.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | U.S. government and agency securities
Assets
Available-for-sale investments	82.3	92.2
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Municipal securities
Assets
Available-for-sale investments	2.8	2.8
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 3
Assets
Cash equivalents	0	0
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	181.6	186.1
Liabilities	181.6	186.1
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 3 | Bank time deposits
Assets
Available-for-sale investments	0	0
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 | Municipal securities
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, 2021	Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	$ 186.1	$ 172.5
Changes in fair value	(4.5)	(2.2)
Ending balance	$ 181.6	$ 170.3

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, 2021	Dec. 31, 2020
Foreign currency forward exchange contracts
Derivative Financial Instruments
Derivative notional amount	$ 1,509.7	$ 1,525.5
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, 2021USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
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
Loss expected to be reclassified as earnings	$ 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, 2021	Dec. 31, 2020
Foreign currency contracts
Assets
Fair value of derivative assets	$ 26.2	$ 7.3
Liabilities
Fair value of derivative liabilities	16.1	39.3
Cross currency swap contracts
Assets
Fair value of derivative assets	2.6	0.8
Derivatives designated as hedging instruments | Foreign currency contracts | Other current assets
Assets
Fair value of derivative assets	26.2	7.3
Derivatives designated as hedging instruments | Foreign currency contracts | Accounts payable and accrued liabilities
Liabilities
Fair value of derivative liabilities	16.1	39.3
Derivatives designated as hedging instruments | Cross currency swap contracts | Other assets
Assets
Fair value of derivative assets	$ 2.6	$ 0.8

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, 2021	Dec. 31, 2020
Foreign currency contracts
Derivative assets
Gross Amounts	$ 26.2	$ 7.3
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	26.2	7.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(9.5)	(6.1)
Cash Collateral Received	0	0
Net Amount	16.7	1.2
Derivative liabilities
Gross Amounts	16.1	39.3
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	16.1	39.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts Not Offset in the Consolidated Balance Sheet	(9.5)	(6.1)
Cash Collateral Received	0	0
Net Amount	6.6	33.2
Cross currency swap contracts
Derivative assets
Gross Amounts	2.6	0.8
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	2.6	0.8
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 2.6	$ 0.8

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, 2021	Mar. 31, 2020
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	$ 15.2	$ 8.6
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	28.2	17.5
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	(5.5)	6.1
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	0.1	0.8
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	1.8	31.3
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)	1.6	1.7
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	$ 6.3	$ 1.7

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, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss)
Cost of sales	$ (293.4)	$ (265.1)
Selling, general, and administrative expenses	(330.8)	(307.8)
Other Income, net	5.5	1.9
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	(5.5)	6.1
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	0.1	0.8
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 | Other Income, net
Gain (loss) on fair value hedging relationships:
Hedged items	(5.5)	(0.7)
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0.8	1
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	0	0
Foreign currency contracts | Other Income, net | Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	$ 5.5	$ 0.7

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 28.2	$ 23.9
Income tax benefit	(3.9)	(3.5)
Total stock-based compensation expense, net of tax	24.3	20.4
Cost of sales
Allocation of stock-based compensation expense
Total stock-based compensation expense	5.5	4.6
Selling, general, and administrative expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	16.5	14.4
Research and development expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 6.2	$ 4.9

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Share-based Payment Arrangement [Abstract]
Total remaining unrecognized compensation cost	$ 135
Unrecognized compensation cost, recognition period	27 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, 2021	Mar. 31, 2020
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.60%	1.40%
Expected dividend yield	0.00%	0.00%
Expected volatility (as a percent)	33.40%	29.70%
Expected term	5 years 2 months 12 days	5 years 2 months 12 days
Fair value, per option (in dollars per share)	$ 26.28	$ 22.79
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.10%	1.60%
Expected dividend yield	0.00%	0.00%
Expected volatility (as a percent)	37.50%	31.90%
Expected term	7 months 6 days	7 months 6 days
Fair value, per option (in dollars per share)	$ 22.14	$ 15.71

ACCELERATED SHARE REPURCHASE -

ACCELERATED SHARE REPURCHASE - Schedule of Accelerated Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2021	Feb. 28, 2021
February 2021 Stock Repurchase Program
Class of Stock [Line Items]
Authorized repurchase amount		$ 250
Initial delivery of treasury stock (in shares)		2.4
Average cost per share of shares acquired (in dollars per share)		$ 83.86
Value of shares repurchased as percentage of contract		80.00%
March 2021 Stock Repurchase Program
Class of Stock [Line Items]
Initial delivery of treasury stock (in shares)	3
Final price per share of repurchased shares (in dollars per share)	$ 84.51

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits that if settled could have a material adverse impact on net income or cash flows | lawsuit	1
Threshold for disclosing material environmental legal proceedings with governmental authority | $	$ 1

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of Activity for Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 4,574.3	$ 4,148.3
Ending balance	4,658.4	3,901.1
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(122.4)	(154.8)
Other comprehensive gain (loss) before reclassifications	(30.2)	11.6
Amounts reclassified from accumulated other comprehensive loss	(1.6)	(1.7)
Deferred income tax benefit (expense)	(0.4)	(7.6)
Ending balance	(154.6)	(152.5)
Unrealized Loss on Hedges
AOCI Attributable to Parent, Net of Tax
Beginning balance	(27.7)	12.5
Other comprehensive gain (loss) before reclassifications	34.8	19
Amounts reclassified from accumulated other comprehensive loss	(0.9)	(8.6)
Deferred income tax benefit (expense)	(9.4)	(3.8)
Ending balance	(3.2)	19.1
Unrealized Gain on Available-for-sale Investments
AOCI Attributable to Parent, Net of Tax
Beginning balance	8.6	1.7
Other comprehensive gain (loss) before reclassifications	(6.1)	(6.3)
Amounts reclassified from accumulated other comprehensive loss	0.9	(0.1)
Deferred income tax benefit (expense)	1.3	1.7
Ending balance	4.7	(3)
Unrealized Pension Costs
AOCI Attributable to Parent, Net of Tax
Beginning balance	(19.6)	(15.4)
Other comprehensive gain (loss) before reclassifications	0.3	(0.2)
Amounts reclassified from accumulated other comprehensive loss	0	0
Deferred income tax benefit (expense)	0	0
Ending balance	(19.3)	(15.6)
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(161.1)	(156)
Other comprehensive gain (loss) before reclassifications	(1.2)	24.1
Amounts reclassified from accumulated other comprehensive loss	(1.6)	(10.4)
Deferred income tax benefit (expense)	(8.5)	(9.7)
Ending balance	$ (172.4)	$ (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, 2021	Mar. 31, 2020
Affected Line on Consolidated Condensed Statements of Operations
Other income, net	$ 5.5	$ 1.9
Provision for income taxes	(51.1)	(53.9)
Net income	338.2	310.6
Cost of sales	(293.4)	(265.1)
Selling, general, and administrative expenses	(330.8)	(307.8)
Total before tax	389.3	364.5
Amount Reclassified from Accumulated Other Comprehensive Loss | Foreign Currency Translation Adjustments
Affected Line on Consolidated Condensed Statements of Operations
Other income, net	1.6	1.7
Provision for income taxes	(0.4)	(0.4)
Net income	1.2	1.3
Amount Reclassified from Accumulated Other Comprehensive Loss | Unrealized Loss on Hedges
Affected Line on Consolidated Condensed Statements of Operations
Provision for income taxes	0.7	(1.9)
Net income	1.6	6.7
Cost of sales	(5.5)	6.1
Selling, general, and administrative expenses	0.1	0.8
Other income, net	6.3	1.7
Total before tax	0.9	8.6
Amount Reclassified from Accumulated Other Comprehensive Loss | Gain (loss) on available-for-sale investments
Affected Line on Consolidated Condensed Statements of Operations
Other income, net	(0.9)	0.1
Provision for income taxes	0.2	(0.2)
Net income	$ (0.7)	$ (0.1)

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, 2021	Mar. 31, 2020
Basic:
Net income	$ 338.2	$ 310.6
Weighted-average shares outstanding (in shares)	623.2	624.6
Basic earnings per share (in dollars per share)	$ 0.54	$ 0.50
Diluted:
Net income	$ 338.2	$ 310.6
Weighted-average shares outstanding (in shares)	623.2	624.6
Dilutive effect of stock plans (in shares)	8.1	10.5
Dilutive weighted-average shares outstanding (in shares)	631.3	635.1
Diluted earnings per share (in dollars per share)	$ 0.54	$ 0.49

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock compensation plan
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of earnings per share (in shares)	1.9	2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	13.10%	14.80%
Tax benefit from employee share-based compensation	$ 11.5	$ 10.3
Liability for income taxes associated with uncertain tax positions	300.5		$ 281.8
Decrease in unrecognized tax benefits is reasonably possible	104.7		95.1
Net amounts that would favorably affect effective tax rate	195.8		$ 186.7
Additional federal tax	$ 200

SEGMENT INFORMATION - Informati

SEGMENT INFORMATION - Information About Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Net Sales
Net sales	$ 1,216.6	$ 1,128.7
Segment Operating Income
Segment operating income	389.3	364.5
Operating segments
Segment Net Sales
Net sales	1,182.3	1,129.1
Segment Operating Income
Segment operating income	734.3	699.4
United States | Operating segments
Segment Net Sales
Net sales	674.7	667.4
Segment Operating Income
Segment operating income	466.1	464.8
Europe | Operating segments
Segment Net Sales
Net sales	255.4	247.5
Segment Operating Income
Segment operating income	133.3	128
Japan | Operating segments
Segment Net Sales
Net sales	127.7	109.8
Segment Operating Income
Segment operating income	87.6	71.7
Rest of World | Operating segments
Segment Net Sales
Net sales	124.5	104.4
Segment Operating Income
Segment operating income	$ 47.3	$ 34.9

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, 2021	Mar. 31, 2020
Net Sales Reconciliation
Net sales	$ 1,216.6	$ 1,128.7
Pre-tax Income Reconciliation
Consolidated operating income	383.5	358.1
Unallocated amounts:
Change in fair value of contingent consideration liabilities	4.5	2.2
Income before provision for income taxes	389.3	364.5
Operating segments
Net Sales Reconciliation
Net sales	1,182.3	1,129.1
Pre-tax Income Reconciliation
Consolidated operating income	734.3	699.4
Unallocated amounts:
Income before provision for income taxes	734.3	699.4
Corporate items
Unallocated amounts:
Corporate items	(357.7)	(340.7)
Reconciling items
Net Sales Reconciliation
Net sales	34.3	(0.4)
Unallocated amounts:
Intellectual property litigation expenses	(6.4)	(12.5)
Foreign currency	8.8	9.7
Non-operating income	$ 5.8	$ 6.4

SEGMENT INFORMATION - Enterpris

SEGMENT INFORMATION - Enterprise-Wide Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Enterprise-Wide Information
Net sales	$ 1,216.6	$ 1,128.7
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	1,630.7		$ 1,608.4
Transcatheter Aortic Valve Replacement
Enterprise-Wide Information
Net sales	791.7	742.2
Transcatheter Mitral and Tricuspid Therapies
Enterprise-Wide Information
Net sales	16.3	10.5
Surgical Structural Heart
Enterprise-Wide Information
Net sales	213	193.4
Critical Care
Enterprise-Wide Information
Net sales	195.6	182.6
United States
Enterprise-Wide Information
Net sales	674.7	667.4
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	1,101		1,084.3
Europe
Enterprise-Wide Information
Net sales	280	249.3
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	201.4		192.7
Japan
Enterprise-Wide Information
Net sales	132.3	110
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	18		20.4
Rest of World
Enterprise-Wide Information
Net sales	129.6	$ 102
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	$ 310.3		$ 311