Edwards Lifesciences (EW) 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		623,327,843
Entity Central Index Key	0001099800
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 1,312.8	$ 1,183.2
Short-term investments (Note 3)	248.4	219.4
Accounts receivable, net of allowances of $9.0 and $9.6, respectively	640.5	514.6
Other receivables	59.8	88.2
Inventories (Note 2)	759.5	802.3
Prepaid expenses	68.6	75.1
Other current assets	233.3	208.2
Total current assets	3,322.9	3,091
Long-term investments (Note 3)	1,014.2	801.6
Property, plant, and equipment, net	1,445.8	1,395.2
Operating lease right-of-use assets	84.6	94.2
Goodwill	1,171.8	1,173.2
Other intangible assets, net	327	331.4
Deferred income taxes	190.5	230.9
Other assets	105.3	119.6
Total assets	7,662.1	7,237.1
Current liabilities
Accounts payable and accrued liabilities (Note 2)	861.1	866.7
Operating lease liabilities	25.1	27.2
Total current liabilities	886.2	893.9
Long-term debt	595.4	595
Contingent consideration liabilities (Note 4)	79	186.1
Taxes payable	190.2	215.3
Operating lease liabilities	63.7	72.7
Uncertain tax positions	234.2	214.4
Litigation settlement accrual	211.7	233
Other liabilities	268.4	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, 640.1 and 636.4 shares issued, and 623.1 and 624.3 shares outstanding, respectively	640.1	636.4
Additional paid-in capital	1,578.7	1,438.1
Retained earnings	5,392.7	4,565
Accumulated other comprehensive loss (Note 9)	(159.6)	(161.1)
Treasury stock, at cost, 17.0 and 12.1 shares, respectively	(2,318.6)	(1,904.1)
Total stockholders' equity	5,133.3	4,574.3
Total liabilities and stockholders' equity	$ 7,662.1	$ 7,237.1

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9	$ 9.6
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50	50
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	1,050
Common stock, shares issued (in shares)	640.1	636.4
Common stock, shares outstanding (in shares)	623.1	624.3
Treasury stock (in shares)	17	12.1

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 1,376	$ 925	$ 2,592.6	$ 2,053.7
Cost of sales	334.3	238.2	627.7	503.3
Gross profit	1,041.7	686.8	1,964.9	1,550.4
Selling, general, and administrative expenses	374.5	274.9	705.3	582.7
Research and development expenses	225.3	182.1	432.3	369.5
Intellectual property litigation expenses, net	2.4	379.9	8.8	392.4
Change in fair value of contingent consideration liabilities (Note 4)	(102.6)	19.6	(107.1)	17.4
Operating income (loss)	542.1	(169.7)	925.6	188.4
Interest expense (income), net	1	(1.8)	0.7	(6.3)
Other (income) expense, net	(4.4)	0.3	(9.9)	(1.6)
Income (loss) before provision for income taxes	545.5	(168.2)	934.8	196.3
Provision for (benefit from) income taxes	56	(46.3)	107.1	7.6
Net income (loss)	$ 489.5	$ (121.9)	$ 827.7	$ 188.7
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.79	$ (0.20)	$ 1.33	$ 0.30
Diluted (in dollars per share)	$ 0.78	$ (0.20)	$ 1.31	$ 0.30
Weighted-average number of common shares outstanding:
Basic (in shares)	622.3	620.3	622.7	622.5
Diluted (in shares)	629.9	620.3	630.6	627.7

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 489.5	$ (121.9)	$ 827.7	$ 188.7
Other comprehensive income, net of tax (Note 9):
Foreign currency translation adjustments	10.5	1.7	(21.7)	4
Unrealized gain (loss) on hedges	2.4	(7.3)	26.9	(0.7)
Defined benefit pension plans	(0.2)	0	0.1	(0.2)
Unrealized (loss) gain on available-for-sale investments	(1)	11.3	(5.8)	6.7
Reclassification of net realized investment loss to earnings	1.1	0.2	2	0.1
Other comprehensive income	12.8	5.9	1.5	9.9
Comprehensive income (loss)	$ 502.3	$ (116)	$ 829.2	$ 198.6

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 827.7	$ 188.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	68.2	49
Non-cash operating lease cost	14.3	13.3
Stock-based compensation (Note 6)	58.5	48.7
Change in fair value of contingent consideration liabilities (Note 4)	(107.1)	17.4
Deferred income taxes	16.2	(39.2)
Other	(13.2)	4.8
Changes in operating assets and liabilities:
Accounts and other receivables, net	(135.9)	21.5
Inventories	17.5	(99.2)
Accounts payable and accrued liabilities	84.8	(135.3)
Income taxes	23.2	9.1
Prepaid expenses and other current assets	0.4	0
Litigation settlement accrual	3.7	367.9
Other	(31.7)	(8.3)
Net cash provided by operating activities	826.6	438.4
Cash flows from investing activities
Capital expenditures	(175.3)	(190.5)
Purchases of held-to-maturity investments (Note 3)	(35)	(112)
Proceeds from held-to-maturity investments (Note 3)	50	212.2
Purchases of available-for-sale investments (Note 3)	(376.5)	(275.7)
Proceeds from available-for-sale investments (Note 3)	168.5	255
Payment for acquisition option (Note 3)	(5.7)	(10)
Issuances of notes receivable	(3.6)	(21.9)
Collections of notes receivable	10	0
Other	(11.6)	(2)
Net cash used in investing activities	(379.2)	(144.9)
Cash flows from financing activities
Proceeds from issuance of debt	14	10.6
Payments on debt and finance lease obligations	(15.6)	(11.8)
Purchases of treasury stock	(414.5)	(623.8)
Proceeds from stock plans	85.8	67.3
Other	(3)	(4.6)
Net cash used in financing activities	(333.3)	(562.3)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	11.6	(6.6)
Net increase (decrease) in cash, cash equivalents, and restricted cash	125.7	(275.4)
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	$ 1,325.9	$ 909

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 (loss)	310.6				310.6
Other comprehensive income (loss), 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, 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 (loss)	188.7
Other comprehensive income (loss), net of tax	9.9
Ending balance (in shares) at Jun. 30, 2020		633.5	12.1
Ending balance at Jun. 30, 2020	3,839.1	$ 633.5	$ (1,902.5)	1,323.9	3,930.3	(146.1)
Beginning balance (in shares) at Mar. 31, 2020		218.5	12
Beginning balance at Mar. 31, 2020	3,901.1	$ 218.5	$ (1,893.5)	1,675.9	4,052.2	(152)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(121.9)				(121.9)
Other comprehensive income (loss), net of tax	5.9					5.9
Common stock issued under stock plans (in shares)		1.2
Common stock issued under stock plans	38.2	$ 1.2		37
Stock-based compensation expense	24.8			24.8
Purchases of treasury stock (in shares)			0.1
Purchases of treasury stock	(9)		$ (9)
Stock issued to effect stock split (in shares)		413.8
Stock issued to effect stock split	0	$ 413.8		(413.8)
Ending balance (in shares) at Jun. 30, 2020		633.5	12.1
Ending balance at Jun. 30, 2020	3,839.1	$ 633.5	$ (1,902.5)	1,323.9	3,930.3	(146.1)
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 (loss)	338.2				338.2
Other comprehensive income (loss), 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)
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 (loss)	827.7
Other comprehensive income (loss), net of tax	1.5
Ending balance (in shares) at Jun. 30, 2021		640.1	17
Ending balance at Jun. 30, 2021	5,133.3	$ 640.1	$ (2,318.6)	1,578.7	5,392.7	(159.6)
Beginning balance (in shares) at Mar. 31, 2021		637.5	15.7
Beginning balance at Mar. 31, 2021	4,658.4	$ 637.5	$ (2,206.7)	1,496.8	4,903.2	(172.4)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	489.5				489.5
Other comprehensive income (loss), net of tax	12.8					12.8
Common stock issued under stock plans (in shares)		2.6
Common stock issued under stock plans	54.2	$ 2.6		51.6
Stock-based compensation expense	30.3			30.3
Purchases of treasury stock (in shares)			1.3
Purchases of treasury stock	(111.9)		$ (111.9)
Ending balance (in shares) at Jun. 30, 2021		640.1	17
Ending balance at Jun. 30, 2021	$ 5,133.3	$ 640.1	$ (2,318.6)	$ 1,578.7	$ 5,392.7	$ (159.6)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 and more contagious variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, public acceptance and efficacy of vaccines and other treatments, 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.

OTHER CONSOLIDATED FINANCIAL ST

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS	6 Months Ended
	Jun. 30, 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 (in millions) Components of selected captions in the consolidated condensed balance sheets consisted of the following: June 30, 2021 December 31, 2020 Inventories Raw materials $ 131.4 $ 136.7 Work in process 151.0 140.0 Finished products 477.1 525.6 $ 759.5 $ 802.3 At June 30, 2021 and December 31, 2020, $127.0 million and $130.0 million, respectively, of the Company's finished products inventories were held on consignment. June 30, 2021 December 31, 2020 Accounts payable and accrued liabilities Accounts payable $ 144.6 $ 196.5 Employee compensation and withholdings 262.2 236.7 Taxes payable 23.2 18.6 Property, payroll, and other taxes 62.8 49.7 Research and development accruals 62.0 52.3 Accrued rebates 74.0 67.2 Fair value of derivatives 7.9 39.3 Accrued marketing expenses 16.2 14.3 Legal and insurance 75.8 60.8 Accrued relocation costs 24.6 21.0 Accrued professional services 7.6 7.6 Accrued realignment reserves 17.8 14.5 Other accrued liabilities 82.4 88.2 $ 861.1 $ 866.7 Supplemental Cash Flow Information (in millions) Six Months Ended 2021 2020 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16.3 $ 14.1 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 5.4 $ 19.5 Capital expenditures accruals $ 25.1 $ 41.7 Conversion of notes receivable to equity investment $ 21.5 $ 4.5 Cash, Cash Equivalents, and Restricted Cash (in millions) June 30, 2021 December 31, 2020 Cash and cash equivalents $ 1,312.8 $ 1,183.2 Restricted cash included in other current assets 12.8 16.6 Restricted cash included in other assets 0.3 0.4 Total cash, cash equivalents, and restricted cash $ 1,325.9 $ 1,200.2 Amounts included in restricted cash primarily represent funds placed in escrow related to litigation and real estate purchases.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 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): June 30, 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 $ 35.0 $ — $ — $ 35.0 $ 50.0 $ — $ — $ 50.0 Available-for-sale Bank time deposits $ 3.0 $ — $ — $ 3.0 $ 24.1 $ — $ — $ 24.1 Commercial paper 13.2 — — 13.2 — — — — U.S. government and agency securities 141.7 1.4 (0.2) 142.9 147.0 2.2 — 149.2 Asset-backed securities 211.5 1.2 (0.2) 212.5 149.6 1.9 — 151.5 Corporate debt securities 767.4 5.0 (0.8) 771.6 600.8 7.5 — 608.3 Municipal securities 2.8 — — 2.8 2.8 — — 2.8 Total $ 1,139.6 $ 7.6 $ (1.2) $ 1,146.0 $ 924.3 $ 11.6 $ — $ 935.9 The cost and fair value of investments in debt securities, by contractual maturity, as of June 30, 2021, were as follows: Held-to-Maturity Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value (in millions) Due in 1 year or less $ 35.0 $ 35.0 $ 212.1 $ 213.4 Due after 1 year through 5 years — — 663.6 667.1 Due after 5 years through 10 years — — 10.2 10.4 Instruments not due at a single maturity date — — 253.7 255.1 $ 35.0 $ 35.0 $ 1,139.6 $ 1,146.0 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 June 30, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): June 30, 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 $ 38.1 $ (0.2) $ — $ — $ 38.1 $ (0.2) Asset-backed securities 83.4 (0.2) — — 83.4 (0.2) Corporate debt securities 260.5 (0.8) — — 260.5 (0.8) $ 382.0 $ (1.2) $ — $ — $ 382.0 $ (1.2) There were no investments that were in an unrealized loss position as of December 31, 2020. Investments in Unconsolidated Entities The Company has a number of equity investments in privately and publicly held companies. Investments in these unconsolidated entities are recorded in " Long-term Investments " on the consolidated condensed balance sheets, and are as follows: June 30, December 31, (in millions) Equity method investments Carrying value of equity method investments $ 8.0 $ 5.7 Equity securities Carrying value of non-marketable equity securities 73.6 29.4 Total investments in unconsolidated entities $ 81.6 $ 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 $2.6 million during the six months ended June 30, 2021 based on observable price changes. As of June 30, 2021, the Company had recorded accumulated upward adjustments of $6.4 million based on observable price changes, and accumulated downward adjustments of $2.6 million due to impairments and observable price changes. In April 2021, the Company recorded $35.9 million related to its investment in a privately-held medical device company (the "investee"), including an initial cash investment in the investee's preferred equity securities and other consideration. Edwards also paid $5.7 million, included in " Other Assets, " for an exclusive contingent option to acquire the investee. Edwards may be required to invest up to an additional $9.9 million in the investee's preferred equity securities and up to an additional $21.8 million for the option to acquire the investee, depending on the achievement of certain milestones. Edwards also agreed to loan the investee up to $45 million under a secured promissory note. As of June 30, 2021, there had been no borrowings under this secured promissory note. The investee is a variable interest entity ("VIE"); however, Edwards has determined that it is not the primary beneficiary of the VIE since Edwards does not have the power to direct the activities of the investee that most significantly impact the investee's economic performance. Edwards accounts for this investment as a non-marketable equity security under the measurement alternative.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Company prioritizes the inputs used to determine fair values in one of the following three categories: Level 1—Quoted market prices in active markets for identical assets or liabilities. Level 2—Inputs, other than quoted prices in active markets, that are observable, either directly or indirectly. Level 3—Unobservable inputs that are not corroborated by market data. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The consolidated condensed financial statements include financial instruments for which the fair market value of such instruments may differ from amounts reflected on a historical cost basis. Financial instruments of the Company consist of cash deposits, accounts and other receivables, investments, accounts payable, certain accrued liabilities, and borrowings under a revolving credit agreement. 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 June 30, 2021, the fair value of the notes payable, based on Level 2 inputs, was $696.0 million. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis (in millions): June 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 77.8 $ 22.1 $ — $ 99.9 Available-for-sale investments: Bank time deposits — 3.0 — 3.0 Corporate debt securities — 771.6 — 771.6 Asset-backed securities — 212.5 — 212.5 U.S. government and agency securities 48.2 94.7 — 142.9 Commercial paper — 13.2 — 13.2 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 121.5 — — 121.5 Derivatives — 32.1 — 32.1 $ 247.5 $ 1,152.0 $ — $ 1,399.5 Liabilities Derivatives $ — $ 7.9 $ — $ 7.9 Deferred compensation plans 121.8 — — 121.8 Contingent consideration liabilities — — 79.0 79.0 Other liability — — 14.0 14.0 $ 121.8 $ 7.9 $ 93.0 $ 222.7 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 tables summarize the changes in fair value of the contingent consideration and the other liability (in millions): Contingent Consideration Other liability Total Balance at December 31, 2020 $ 186.1 $ — $ 186.1 Additions — 14.0 14.0 Changes in fair value (107.1) — (107.1) Balance at June 30, 2021 $ 79.0 $ 14.0 $ 93.0 Contingent Consideration Other liability Total Balance at December 31, 2019 $ 172.5 $ — $ 172.5 Changes in fair value 17.4 — 17.4 Balance at June 30, 2020 $ 189.9 $ — $ 189.9 During the three months ended June 30, 2021, the contingent consideration liabilities related to certain of the Company's previous business acquisitions was reduced by $105.2 million due to changes in the projected probabilities and timing of milestone achievements and the projected timing of cash inflows. Cash Equivalents and Available-for-sale Investments The Company estimates the fair values of its money market funds based on quoted prices in active markets for identical assets. The Company estimates the fair values of its time deposits, commercial paper, 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 0.1% to 9.0%; weighted average of 4.6%), (2) the probability of milestone achievement (ranging from 0% to

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 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 June 30, 2021 December 31, 2020 (in millions) Foreign currency forward exchange contracts $ 1,498.8 $ 1,525.5 Cross currency swap contracts 300.0 300.0 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 revaluation of certain assets and liabilities denominated in currencies other than their functional currencies (resulting principally from intercompany and local currency transactions). All derivative financial instruments are recognized at fair value in the consolidated condensed balance sheets. For each derivative instrument that is designated as a fair value hedge, the gain or loss on the derivative included in the assessment of hedge effectiveness is recognized immediately to earnings, and offsets the loss or gain on the underlying hedged item. The Company reports in " Accumulated Other Comprehensive Loss " the gain or loss on derivative financial instruments that are designated, and that qualify, as cash flow hedges. The Company reclassifies these gains and losses into earnings in the same line item and in the same period in which the underlying hedged transactions affect earnings. Changes in the fair value of net investment hedges are reported in " Accumulated Other Comprehensive Loss " as a part of the cumulative translation adjustment and would be reclassified into earnings if the underlying net investment is sold or substantially liquidated. The portion of the change in fair value related to components excluded from the hedge effectiveness assessment are amortized into earnings over the life of the derivative. The gains and losses on derivative financial instruments for which the Company does not elect hedge accounting treatment are recognized in the consolidated statements of operations in each period based upon the change in the fair value of the derivative financial instrument. Cash flows from net investment hedges are reported as investing activities in the consolidated statements of cash flows, and cash flows from all other derivative financial instruments are reported as operating activities. The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions): Fair Value Derivatives designated as hedging instruments Balance Sheet June 30, 2021 December 31, 2020 Assets Foreign currency contracts Other current assets $ 25.9 $ 7.3 Cross currency swap contracts Other assets $ 6.2 $ 0.8 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 7.9 $ 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 June 30, 2021 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 25.9 $ — $ 25.9 $ (5.0) $ — $ 20.9 Cross currency swap contracts $ 6.2 $ — $ 6.2 $ — $ — $ 6.2 Derivative liabilities Foreign currency contracts $ 7.9 $ — $ 7.9 $ (5.0) $ — $ 2.9 Cross currency swap contracts $ — $ — $ — $ — $ — $ — 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 $ (3.9) $ (4.9) Cost of sales $ (8.3) $ 7.7 Selling, general, and administrative expenses $ (0.4) $ 0.9 Amount of Gain or (Loss) Amount of Gain or (Loss) Six Months Ended Location of Gain or Six Months Ended 2021 2020 2021 2020 Cash flow hedges Foreign currency contracts $ 24.3 $ 12.6 Cost of sales $ (13.8) $ 13.8 Selling, general, and administrative expenses $ (0.3) $ 1.7 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 $ 3.6 $ (9.0) Interest expense (income), net $ 1.5 $ 1.6 Amount of Gain or (Loss) Amount of Gain or (Loss) Six Months Ended Location of Gain or Six Months Ended 2021 2020 2021 2020 Net investment hedges Cross currency swap contracts $ 5.4 $ 22.3 Interest expense (income), net $ 3.1 $ 3.3 The cross currency swap contracts have an expiration date of June 15, 2028. At maturity of the cross currency swap contracts, the Company will deliver the notional amount of €257.2 million and will receive $300.0 million from the counterparties. The Company will receive semi-annual interest payments from the counterparties based on a fixed interest rate until maturity of the agreements. Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2021 2020 Fair value hedges Foreign currency contracts Other (income) expense, net $ 1.5 $ (1.4) Amount of Gain or (Loss) Six Months Ended Location of Gain or (Loss) 2021 2020 Fair value hedges Foreign currency contracts Other (income) expense, net $ 7.8 $ 0.3 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) expense, net $ (4.3) $ (6.9) Amount of Gain or (Loss) Six Months Ended Location of Gain or (Loss) 2021 2020 Derivatives not designated as hedging instruments Foreign currency contracts Other (income) expense, net $ 10.9 $ 1.7 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 Six Months Ended Cost of sales Selling, general, and administrative expenses Other (Income) Expense, net Cost of sales Selling, general, and administrative expenses Other (Income) Expense, 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 $ (334.3) $ (374.5) $ 4.4 $ (627.7) $ (705.3) $ 9.9 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ (0.7) $ — $ — $ (6.2) Derivatives designated as hedging instruments $ — $ — $ 0.7 $ — $ — $ 6.2 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 $ — $ — $ 1.6 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ (8.3) $ (0.4) $ — $ (13.8) $ (0.3) $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Six Months Ended Cost of sales Selling, general, and administrative expenses Other Expense (Income), net 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 $ (238.2) $ (274.9) $ (0.3) $ (503.3) $ (582.7) $ 1.6 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ 2.2 $ — $ — $ 1.5 Derivatives designated as hedging instruments $ — $ — $ (2.2) $ — $ — $ (1.5) Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 $ — $ — $ 1.8 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 7.7 $ 0.9 $ — $ 13.8 $ 1.7 $ — The Company expects that during the next twelve months it will reclassify to earnings a $11.7 million loss currently recorded in " Accumulated Other Comprehensive Loss ."

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020 was as follows (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Cost of sales $ 5.7 $ 4.7 $ 11.2 $ 9.3 Selling, general, and administrative expenses 18.3 15.3 34.8 29.7 Research and development expenses 6.3 4.8 12.5 9.7 Total stock-based compensation expense 30.3 24.8 58.5 48.7 Income tax benefit (4.9) (4.1) (8.8) (7.6) Total stock-based compensation expense, net of tax $ 25.4 $ 20.7 $ 49.7 $ 41.1 At June 30, 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 $200.7 million, which will be amortized on a straight-line basis over the weighted-average remaining requisite service period of 33 months. During the six months ended June 30, 2021, the Company granted 1.5 million stock options at a weighted-average exercise price of $85.24, and 0.6 million restricted stock units at a weighted-average grant-date fair value of $92.77. During the six months ended June 30, 2021, the Company also granted 0.1 million market-based restricted stock units at a weighted-average grant-date fair value of $120.56 and issued an additional 0.1 million shares of common stock related to a previous year's grant of market-based restricted stock units since the payout percentage achieved at the end of the performance period was in excess of the targeted shares. The market-based restricted stock units vest based on a combination of certain service and market conditions. The actual number of shares issued will be determined based on the Company's total shareholder return relative to a selected industry peer group over a three-year performance period and may range from 0% to 175% of the targeted number of shares granted. Fair Value Disclosures The fair value of the market-based restricted stock units was determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements. The weighted-average assumptions used to determine the fair value of the market-based restricted stock units granted during the six months ended June 30, 2021 and 2020 included a risk-free interest rate of 0.4% and 0.2%, respectively, and an expected volatility rate of 34.4% and 32.7%, respectively. The following table includes the weighted-average grant-date fair values of stock options granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model: Option Awards Three Months Ended Six Months Ended 2021 2020 2021 2020 Average risk-free interest rate 0.8 % 0.3 % 0.8 % 0.3 % Expected dividend yield None None None None Expected volatility 33.5 % 33.5 % 33.5 % 33.4 % Expected term (years) 5.0 5.0 5.0 5.0 Fair value, per option $ 28.60 $ 21.58 $ 28.54 $ 21.61 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 Six Months Ended 2021 2020 2021 2020 Average risk-free interest rate 0.0 % 0.1 % 0.1 % 1.4 % Expected dividend yield None None None None Expected volatility 32.3 % 37.5 % 36.8 % 32.6 % Expected term (years) 0.6 0.6 0.6 0.6 Fair value, per share $ 26.03 $ 18.42 $ 22.65 $ 16.06

ACCELERATED SHARE REPURCHASE

ACCELERATED SHARE REPURCHASE	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe Company is investigating whether the allocation of certain grants and other payments initiated by certain employees of the Company in Japan violate certain provisions of the Foreign Corrupt Practices Act ("FCPA"). The Company has voluntarily notified the SEC and the U.S. Department of Justice ("DOJ") that it has engaged outside counsel to conduct this investigation. Any determination that the Company’s operations or activities are not in compliance with existing laws, including the FCPA, could result in the imposition of fines, penalties, and equitable remedies. The Company cannot currently predict the outcome of the investigation or the potential impact on its financial statements.The Company is or may be a party to, or may otherwise be responsible for, pending or threatened lawsuits including those related to products and services currently or formerly manufactured or performed, as applicable, by the Company, workplace and employment matters, matters involving real estate, Company operations or health care regulations, or governmental investigations (the "Lawsuits"). The Lawsuits raise difficult and complex factual and legal issues and are subject to many uncertainties, including, but not limited to, the facts and circumstances of each particular case or claim, the jurisdiction in which each suit is brought, and differences in applicable law. Management does not believe that any loss relating to the Lawsuits would have a material adverse effect on the Company's overall financial condition, results of operations or cash flows. However, the resolution of one or more of the Lawsuits in any reporting period, could have a material adverse impact on the Company's financial results for that period. The Company is not able to estimate the amount or range of any loss for legal contingencies related to the Lawsuits for which there is no reserve or additional loss for matters already reserved.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 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) Other comprehensive gain (loss) before reclassifications 12.9 (3.4) (1.0) (0.2) 8.3 Amounts reclassified from accumulated other comprehensive loss (1.5) 7.2 1.1 — 6.8 Deferred income tax (expense) benefit (0.9) (1.4) — — (2.3) June 30, 2021 $ (144.1) $ (0.8) $ 4.8 $ (19.5) $ (159.6) 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) Other comprehensive gain (loss) before reclassifications 1.2 (3.7) 14.8 — 12.3 Amounts reclassified from accumulated other comprehensive loss (1.6) (7.2) 0.2 — (8.6) Deferred income tax benefit (expense) 2.1 3.6 (3.5) — 2.2 June 30, 2020 $ (150.8) $ 11.8 $ 8.5 $ (15.6) $ (146.1) The following table provides information about amounts reclassified from " Accumulated Other Comprehensive Loss " (in millions): Three Months Ended Six Months Ended Affected Line on Consolidated Condensed Details about Accumulated Other Comprehensive Loss Components 2021 2020 2021 2020 Foreign currency translation adjustments $ 1.5 $ 1.6 $ 3.1 $ 3.3 Other (income) expense, net (0.4) (0.4) (0.8) (0.8) Provision for income taxes $ 1.1 $ 1.2 $ 2.3 $ 2.5 Net of tax (Loss) gain on hedges $ (8.3) $ 7.7 $ (13.8) $ 13.8 Cost of sales (0.4) 0.9 (0.3) 1.7 Selling, general, and administrative expenses 1.5 (1.4) 7.8 0.3 Other (income) expense, net (7.2) 7.2 (6.3) 15.8 Total before tax 1.9 (2.1) 2.6 (4.0) Provision for income taxes $ (5.3) $ 5.1 $ (3.7) $ 11.8 Net of tax Gain (loss) on available-for-sale investments $ (1.1) $ (0.2) $ (2.0) $ (0.1) Other (income) expense, net 0.3 (0.1) 0.5 (0.3) Provision for income taxes $ (0.8) $ (0.3) $ (1.5) $ (0.4) Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss) 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 Six Months Ended 2021 2020 2021 2020 Basic: Net income (loss) $ 489.5 $ (121.9) $ 827.7 $ 188.7 Weighted-average shares outstanding 622.3 620.3 622.7 622.5 Basic earnings (loss) per share $ 0.79 $ (0.20) $ 1.33 $ 0.30 Diluted: Net income (loss) $ 489.5 $ (121.9) $ 827.7 $ 188.7 Weighted-average shares outstanding 622.3 620.3 622.7 622.5 Dilutive effect of stock plans 7.6 — 7.9 5.2 Dilutive weighted-average shares outstanding 629.9 620.3 630.6 627.7 Diluted earnings (loss) per share $ 0.78 $ (0.20) $ 1.31 $ 0.30

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective income tax rates were 10.3% and 27.5% for the three months ended June 30, 2021 and 2020, respectively, and 11.5% and 3.9% for the six months ended June 30, 2021 and 2020, respectively. The fluctuation in the effective rates between the three and six months ended June 30, 2021 and the three and six months ended June 30, 2020 is primarily due to the impact of the litigation settlement agreement reached in 2020 with Abbott Laboratories and its direct and indirect subsidiaries to settle all outstanding patent disputes. In addition, the effective rates for the six months ended June 30, 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 $26.3 million and $20.2 million for the three months ended June 30, 2021 and 2020, respectively, and $37.8 million and $30.6 million for the six months ended June 30, 2021 and 2020, respectively. In the normal course of business, the Internal Revenue Service (“IRS”) and other taxing authorities are in different stages of examining various years of the Company's tax filings. During these audits the Company may receive proposed audit adjustments that could be material. Therefore, there is a possibility that an adverse outcome in these audits could have a material effect on the Company's results of operations and financial condition. The Company strives to resolve open matters with each tax authority at the examination level and could reach agreement with a tax authority at any time. While the Company has accrued for matters it believes are more likely than not to require settlement, the 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 June 30, 2021 and December 31, 2020, the gross liability for income taxes associated with uncertain tax positions was $318.7 million and $281.8 million, respectively. The Company estimates that these liabilities would be reduced by $115.3 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 $203.4 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 audits. In addition, the Company executed other bilateral APAs as follows: during 2017, an APA between the United States and Japan covering tax years 2015 through 2019; and during 2018, APAs between Japan and Singapore and between Switzerland and Japan covering tax years 2015 through 2019. The Company has filed to renew 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 June 30, 2021, all material state, local, and foreign income tax matters have been concluded for years through 2015. During the quarter, the Company completed a Wisconsin state income tax audit for tax years 2010 through 2016 which resulted in a tax benefit of approximately $2.0 million. While not material, the Company continues to address matters in India for years from 2010. The Company’s U.S. federal income tax returns through 2014 have been audited. The IRS began its examination of the 2015 and 2016 tax years during the fourth quarter of 2018 and later added the 2017 tax year to this audit cycle during the first quarter of 2019. The IRS audit field work for the 2015-2017 tax years was substantially completed during the fourth quarter of 2020, except for transfer pricing and related matters. During the second quarter of 2021, the Company received a Notice of Proposed Adjustment (“NOPA”) from the IRS for the 2015-2017 tax years relating to transfer pricing involving certain Surgical/TAVR intercompany royalty transactions between the Company's U.S. and Switzerland subsidiaries. The 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 has formally disagreed with the NOPA. The Company's analysis of the NOPA is ongoing as it represents a significant change to previously agreed upon transfer pricing methodologies for these types of transactions. The Company anticipates receiving the Revenue Agent’s Report prior to the end of the third quarter of 2021 and plans to submit a formal protest on the matter to the IRS Independent Office of Appeals. The Company continues to evaluate all possible remedies available to it, which could take several years to resolve. No payment of any amount related to the NOPA is required to be made, if at all, until all applicable proceedings have been completed. The Company believes the amounts previously accrued related to this uncertain tax position are sufficient and, accordingly, has not accrued any additional amount based on the NOPA received. Certain Surgical/TAVR intercompany royalty transactions covering tax years 2015 through 2021 that were not resolved under the APA program remain subject to IRS examination, and those transactions and related tax positions remain uncertain as of June 30, 2021. The Company has considered this information, as well as information regarding the NOPA described above, in its evaluation of its uncertain tax positions. These unresolved transfer pricing matters, net of any correlative repatriation tax adjustment, may be significant to the Company’s consolidated financial statements. Based on the information currently available and numerous possible outcomes, the Company cannot reasonably estimate what, if any, changes in its existing uncertain tax positions may occur in the next 12 months and, therefore, has continued to record the gross uncertain tax positions as a long-term liability.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 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 Six Months Ended 2021 2020 2021 2020 Segment Net Sales United States $ 795.7 $ 516.2 $ 1,470.4 $ 1,183.6 Europe 281.8 206.9 537.2 454.4 Japan 130.7 105.3 258.4 215.1 Rest of World 133.0 103.8 257.5 208.2 Total segment net sales $ 1,341.2 $ 932.2 $ 2,523.5 $ 2,061.3 Segment Operating Income United States $ 550.6 $ 345.4 $ 1,016.7 $ 810.2 Europe 152.6 104.0 285.9 232.0 Japan 87.0 69.0 174.6 140.7 Rest of World 48.4 34.7 95.7 69.6 Total segment operating income $ 838.6 $ 553.1 $ 1,572.9 $ 1,252.5 The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net Sales Reconciliation Segment net sales $ 1,341.2 $ 932.2 $ 2,523.5 $ 2,061.3 Foreign currency 34.8 (7.2) 69.1 (7.6) Consolidated net sales $ 1,376.0 $ 925.0 $ 2,592.6 $ 2,053.7 Pre-tax Income Reconciliation Segment operating income $ 838.6 $ 553.1 $ 1,572.9 $ 1,252.5 Unallocated amounts: Corporate items (407.4) (333.0) (765.1) (673.7) Intellectual property litigation expenses, net (2.4) (379.9) (8.8) (392.4) Change in fair value of contingent consideration liabilities 102.6 (19.6) 107.1 (17.4) Foreign currency 10.7 9.7 19.5 19.4 Consolidated operating income (loss) 542.1 (169.7) 925.6 188.4 Non-operating income 3.4 1.5 9.2 7.9 Consolidated pre-tax income (loss) $ 545.5 $ (168.2) $ 934.8 $ 196.3 Enterprise-wide Information (in millions) The following enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated condensed financial statements. Three Months Ended Six Months Ended 2021 2020 2021 2020 Net Sales by Geographic Area United States $ 795.7 $ 516.2 $ 1,470.4 $ 1,183.6 Europe 309.8 204.7 589.8 454.0 Japan 131.8 106.8 264.1 216.8 Rest of World 138.7 97.3 268.3 199.3 $ 1,376.0 $ 925.0 $ 2,592.6 $ 2,053.7 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 901.5 $ 594.3 $ 1,693.2 $ 1,336.5 Transcatheter Mitral and Tricuspid Therapies 22.1 6.1 38.4 16.6 Surgical Structural Heart 237.4 160.9 450.4 354.3 Critical Care 215.0 163.7 410.6 346.3 $ 1,376.0 $ 925.0 $ 2,592.6 $ 2,053.7 June 30, 2021 December 31, 2020 Long-lived Tangible Assets by Geographic Area United States $ 1,092.3 $ 1,084.3 Europe 209.5 192.7 Japan 15.8 20.4 Rest of World 316.6 311.0 $ 1,634.2 $ 1,608.4

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 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 and more contagious variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, public acceptance and efficacy of vaccines and other treatments, 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)	6 Months Ended
	Jun. 30, 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: June 30, 2021 December 31, 2020 Inventories Raw materials $ 131.4 $ 136.7 Work in process 151.0 140.0 Finished products 477.1 525.6 $ 759.5 $ 802.3
Schedule of Accounts Payable and Accrued Liabilities	June 30, 2021 December 31, 2020 Accounts payable and accrued liabilities Accounts payable $ 144.6 $ 196.5 Employee compensation and withholdings 262.2 236.7 Taxes payable 23.2 18.6 Property, payroll, and other taxes 62.8 49.7 Research and development accruals 62.0 52.3 Accrued rebates 74.0 67.2 Fair value of derivatives 7.9 39.3 Accrued marketing expenses 16.2 14.3 Legal and insurance 75.8 60.8 Accrued relocation costs 24.6 21.0 Accrued professional services 7.6 7.6 Accrued realignment reserves 17.8 14.5 Other accrued liabilities 82.4 88.2 $ 861.1 $ 866.7
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow Information (in millions) Six Months Ended 2021 2020 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16.3 $ 14.1 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 5.4 $ 19.5 Capital expenditures accruals $ 25.1 $ 41.7 Conversion of notes receivable to equity investment $ 21.5 $ 4.5
Schedule of Cash and Cash Equivalents	Cash, Cash Equivalents, and Restricted Cash (in millions) June 30, 2021 December 31, 2020 Cash and cash equivalents $ 1,312.8 $ 1,183.2 Restricted cash included in other current assets 12.8 16.6 Restricted cash included in other assets 0.3 0.4 Total cash, cash equivalents, and restricted cash $ 1,325.9 $ 1,200.2
Schedule of Restricted Cash	Cash, Cash Equivalents, and Restricted Cash (in millions) June 30, 2021 December 31, 2020 Cash and cash equivalents $ 1,312.8 $ 1,183.2 Restricted cash included in other current assets 12.8 16.6 Restricted cash included in other assets 0.3 0.4 Total cash, cash equivalents, and restricted cash $ 1,325.9 $ 1,200.2

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 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 $ 35.0 $ — $ — $ 35.0 $ 50.0 $ — $ — $ 50.0 Available-for-sale Bank time deposits $ 3.0 $ — $ — $ 3.0 $ 24.1 $ — $ — $ 24.1 Commercial paper 13.2 — — 13.2 — — — — U.S. government and agency securities 141.7 1.4 (0.2) 142.9 147.0 2.2 — 149.2 Asset-backed securities 211.5 1.2 (0.2) 212.5 149.6 1.9 — 151.5 Corporate debt securities 767.4 5.0 (0.8) 771.6 600.8 7.5 — 608.3 Municipal securities 2.8 — — 2.8 2.8 — — 2.8 Total $ 1,139.6 $ 7.6 $ (1.2) $ 1,146.0 $ 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 June 30, 2021, were as follows: Held-to-Maturity Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value (in millions) Due in 1 year or less $ 35.0 $ 35.0 $ 212.1 $ 213.4 Due after 1 year through 5 years — — 663.6 667.1 Due after 5 years through 10 years — — 10.2 10.4 Instruments not due at a single maturity date — — 253.7 255.1 $ 35.0 $ 35.0 $ 1,139.6 $ 1,146.0
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 June 30, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): June 30, 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 $ 38.1 $ (0.2) $ — $ — $ 38.1 $ (0.2) Asset-backed securities 83.4 (0.2) — — 83.4 (0.2) Corporate debt securities 260.5 (0.8) — — 260.5 (0.8) $ 382.0 $ (1.2) $ — $ — $ 382.0 $ (1.2)
Schedule of Investments in Unconsolidated Affiliates	Investments in these unconsolidated entities are recorded in " Long-term Investments " on the consolidated condensed balance sheets, and are as follows: June 30, December 31, (in millions) Equity method investments Carrying value of equity method investments $ 8.0 $ 5.7 Equity securities Carrying value of non-marketable equity securities 73.6 29.4 Total investments in unconsolidated entities $ 81.6 $ 35.1

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 77.8 $ 22.1 $ — $ 99.9 Available-for-sale investments: Bank time deposits — 3.0 — 3.0 Corporate debt securities — 771.6 — 771.6 Asset-backed securities — 212.5 — 212.5 U.S. government and agency securities 48.2 94.7 — 142.9 Commercial paper — 13.2 — 13.2 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 121.5 — — 121.5 Derivatives — 32.1 — 32.1 $ 247.5 $ 1,152.0 $ — $ 1,399.5 Liabilities Derivatives $ — $ 7.9 $ — $ 7.9 Deferred compensation plans 121.8 — — 121.8 Contingent consideration liabilities — — 79.0 79.0 Other liability — — 14.0 14.0 $ 121.8 $ 7.9 $ 93.0 $ 222.7 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 tables summarize the changes in fair value of the contingent consideration and the other liability (in millions): Contingent Consideration Other liability Total Balance at December 31, 2020 $ 186.1 $ — $ 186.1 Additions — 14.0 14.0 Changes in fair value (107.1) — (107.1) Balance at June 30, 2021 $ 79.0 $ 14.0 $ 93.0 Contingent Consideration Other liability Total Balance at December 31, 2019 $ 172.5 $ — $ 172.5 Changes in fair value 17.4 — 17.4 Balance at June 30, 2020 $ 189.9 $ — $ 189.9

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 December 31, 2020 (in millions) Foreign currency forward exchange contracts $ 1,498.8 $ 1,525.5 Cross currency swap contracts 300.0 300.0
Schedule of Location and Fair Value Amounts of Derivative Instruments 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 June 30, 2021 December 31, 2020 Assets Foreign currency contracts Other current assets $ 25.9 $ 7.3 Cross currency swap contracts Other assets $ 6.2 $ 0.8 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 7.9 $ 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 June 30, 2021 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 25.9 $ — $ 25.9 $ (5.0) $ — $ 20.9 Cross currency swap contracts $ 6.2 $ — $ 6.2 $ — $ — $ 6.2 Derivative liabilities Foreign currency contracts $ 7.9 $ — $ 7.9 $ (5.0) $ — $ 2.9 Cross currency swap contracts $ — $ — $ — $ — $ — $ — 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 June 30, 2021 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 25.9 $ — $ 25.9 $ (5.0) $ — $ 20.9 Cross currency swap contracts $ 6.2 $ — $ 6.2 $ — $ — $ 6.2 Derivative liabilities Foreign currency contracts $ 7.9 $ — $ 7.9 $ (5.0) $ — $ 2.9 Cross currency swap contracts $ — $ — $ — $ — $ — $ — 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 $ (3.9) $ (4.9) Cost of sales $ (8.3) $ 7.7 Selling, general, and administrative expenses $ (0.4) $ 0.9 Amount of Gain or (Loss) Amount of Gain or (Loss) Six Months Ended Location of Gain or Six Months Ended 2021 2020 2021 2020 Cash flow hedges Foreign currency contracts $ 24.3 $ 12.6 Cost of sales $ (13.8) $ 13.8 Selling, general, and administrative expenses $ (0.3) $ 1.7 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 $ 3.6 $ (9.0) Interest expense (income), net $ 1.5 $ 1.6 Amount of Gain or (Loss) Amount of Gain or (Loss) Six Months Ended Location of Gain or Six Months Ended 2021 2020 2021 2020 Net investment hedges Cross currency swap contracts $ 5.4 $ 22.3 Interest expense (income), net $ 3.1 $ 3.3 Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2021 2020 Fair value hedges Foreign currency contracts Other (income) expense, net $ 1.5 $ (1.4) Amount of Gain or (Loss) Six Months Ended Location of Gain or (Loss) 2021 2020 Fair value hedges Foreign currency contracts Other (income) expense, net $ 7.8 $ 0.3 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) expense, net $ (4.3) $ (6.9) Amount of Gain or (Loss) Six Months Ended Location of Gain or (Loss) 2021 2020 Derivatives not designated as hedging instruments Foreign currency contracts Other (income) expense, net $ 10.9 $ 1.7
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 Six Months Ended Cost of sales Selling, general, and administrative expenses Other (Income) Expense, net Cost of sales Selling, general, and administrative expenses Other (Income) Expense, 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 $ (334.3) $ (374.5) $ 4.4 $ (627.7) $ (705.3) $ 9.9 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ (0.7) $ — $ — $ (6.2) Derivatives designated as hedging instruments $ — $ — $ 0.7 $ — $ — $ 6.2 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 $ — $ — $ 1.6 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ (8.3) $ (0.4) $ — $ (13.8) $ (0.3) $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Six Months Ended Cost of sales Selling, general, and administrative expenses Other Expense (Income), net 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 $ (238.2) $ (274.9) $ (0.3) $ (503.3) $ (582.7) $ 1.6 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ 2.2 $ — $ — $ 1.5 Derivatives designated as hedging instruments $ — $ — $ (2.2) $ — $ — $ (1.5) Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 $ — $ — $ 1.8 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 7.7 $ 0.9 $ — $ 13.8 $ 1.7 $ —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020 was as follows (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Cost of sales $ 5.7 $ 4.7 $ 11.2 $ 9.3 Selling, general, and administrative expenses 18.3 15.3 34.8 29.7 Research and development expenses 6.3 4.8 12.5 9.7 Total stock-based compensation expense 30.3 24.8 58.5 48.7 Income tax benefit (4.9) (4.1) (8.8) (7.6) Total stock-based compensation expense, net of tax $ 25.4 $ 20.7 $ 49.7 $ 41.1
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 Six Months Ended 2021 2020 2021 2020 Average risk-free interest rate 0.8 % 0.3 % 0.8 % 0.3 % Expected dividend yield None None None None Expected volatility 33.5 % 33.5 % 33.5 % 33.4 % Expected term (years) 5.0 5.0 5.0 5.0 Fair value, per option $ 28.60 $ 21.58 $ 28.54 $ 21.61
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 Six Months Ended 2021 2020 2021 2020 Average risk-free interest rate 0.0 % 0.1 % 0.1 % 1.4 % Expected dividend yield None None None None Expected volatility 32.3 % 37.5 % 36.8 % 32.6 % Expected term (years) 0.6 0.6 0.6 0.6 Fair value, per share $ 26.03 $ 18.42 $ 22.65 $ 16.06

ACCELERATED SHARE REPURCHASE (T

ACCELERATED SHARE REPURCHASE (Tables)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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) Other comprehensive gain (loss) before reclassifications 12.9 (3.4) (1.0) (0.2) 8.3 Amounts reclassified from accumulated other comprehensive loss (1.5) 7.2 1.1 — 6.8 Deferred income tax (expense) benefit (0.9) (1.4) — — (2.3) June 30, 2021 $ (144.1) $ (0.8) $ 4.8 $ (19.5) $ (159.6) 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) Other comprehensive gain (loss) before reclassifications 1.2 (3.7) 14.8 — 12.3 Amounts reclassified from accumulated other comprehensive loss (1.6) (7.2) 0.2 — (8.6) Deferred income tax benefit (expense) 2.1 3.6 (3.5) — 2.2 June 30, 2020 $ (150.8) $ 11.8 $ 8.5 $ (15.6) $ (146.1)
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss	The following table provides information about amounts reclassified from " Accumulated Other Comprehensive Loss " (in millions): Three Months Ended Six Months Ended Affected Line on Consolidated Condensed Details about Accumulated Other Comprehensive Loss Components 2021 2020 2021 2020 Foreign currency translation adjustments $ 1.5 $ 1.6 $ 3.1 $ 3.3 Other (income) expense, net (0.4) (0.4) (0.8) (0.8) Provision for income taxes $ 1.1 $ 1.2 $ 2.3 $ 2.5 Net of tax (Loss) gain on hedges $ (8.3) $ 7.7 $ (13.8) $ 13.8 Cost of sales (0.4) 0.9 (0.3) 1.7 Selling, general, and administrative expenses 1.5 (1.4) 7.8 0.3 Other (income) expense, net (7.2) 7.2 (6.3) 15.8 Total before tax 1.9 (2.1) 2.6 (4.0) Provision for income taxes $ (5.3) $ 5.1 $ (3.7) $ 11.8 Net of tax Gain (loss) on available-for-sale investments $ (1.1) $ (0.2) $ (2.0) $ (0.1) Other (income) expense, net 0.3 (0.1) 0.5 (0.3) Provision for income taxes $ (0.8) $ (0.3) $ (1.5) $ (0.4) Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2021 2020 2021 2020 Basic: Net income (loss) $ 489.5 $ (121.9) $ 827.7 $ 188.7 Weighted-average shares outstanding 622.3 620.3 622.7 622.5 Basic earnings (loss) per share $ 0.79 $ (0.20) $ 1.33 $ 0.30 Diluted: Net income (loss) $ 489.5 $ (121.9) $ 827.7 $ 188.7 Weighted-average shares outstanding 622.3 620.3 622.7 622.5 Dilutive effect of stock plans 7.6 — 7.9 5.2 Dilutive weighted-average shares outstanding 629.9 620.3 630.6 627.7 Diluted earnings (loss) per share $ 0.78 $ (0.20) $ 1.31 $ 0.30

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2021 2020 2021 2020 Segment Net Sales United States $ 795.7 $ 516.2 $ 1,470.4 $ 1,183.6 Europe 281.8 206.9 537.2 454.4 Japan 130.7 105.3 258.4 215.1 Rest of World 133.0 103.8 257.5 208.2 Total segment net sales $ 1,341.2 $ 932.2 $ 2,523.5 $ 2,061.3 Segment Operating Income United States $ 550.6 $ 345.4 $ 1,016.7 $ 810.2 Europe 152.6 104.0 285.9 232.0 Japan 87.0 69.0 174.6 140.7 Rest of World 48.4 34.7 95.7 69.6 Total segment operating income $ 838.6 $ 553.1 $ 1,572.9 $ 1,252.5 The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net Sales Reconciliation Segment net sales $ 1,341.2 $ 932.2 $ 2,523.5 $ 2,061.3 Foreign currency 34.8 (7.2) 69.1 (7.6) Consolidated net sales $ 1,376.0 $ 925.0 $ 2,592.6 $ 2,053.7 Pre-tax Income Reconciliation Segment operating income $ 838.6 $ 553.1 $ 1,572.9 $ 1,252.5 Unallocated amounts: Corporate items (407.4) (333.0) (765.1) (673.7) Intellectual property litigation expenses, net (2.4) (379.9) (8.8) (392.4) Change in fair value of contingent consideration liabilities 102.6 (19.6) 107.1 (17.4) Foreign currency 10.7 9.7 19.5 19.4 Consolidated operating income (loss) 542.1 (169.7) 925.6 188.4 Non-operating income 3.4 1.5 9.2 7.9 Consolidated pre-tax income (loss) $ 545.5 $ (168.2) $ 934.8 $ 196.3
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 Six Months Ended 2021 2020 2021 2020 Net Sales by Geographic Area United States $ 795.7 $ 516.2 $ 1,470.4 $ 1,183.6 Europe 309.8 204.7 589.8 454.0 Japan 131.8 106.8 264.1 216.8 Rest of World 138.7 97.3 268.3 199.3 $ 1,376.0 $ 925.0 $ 2,592.6 $ 2,053.7 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 901.5 $ 594.3 $ 1,693.2 $ 1,336.5 Transcatheter Mitral and Tricuspid Therapies 22.1 6.1 38.4 16.6 Surgical Structural Heart 237.4 160.9 450.4 354.3 Critical Care 215.0 163.7 410.6 346.3 $ 1,376.0 $ 925.0 $ 2,592.6 $ 2,053.7 June 30, 2021 December 31, 2020 Long-lived Tangible Assets by Geographic Area United States $ 1,092.3 $ 1,084.3 Europe 209.5 192.7 Japan 15.8 20.4 Rest of World 316.6 311.0 $ 1,634.2 $ 1,608.4

OTHER CONSOLIDATED FINANCIAL _3

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventories
Raw materials	$ 131.4	$ 136.7
Work in process	151	140
Finished products	477.1	525.6
Total inventories	759.5	802.3
Finished products inventories held on consignment	$ 127	$ 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	Jun. 30, 2021	Dec. 31, 2020
Accounts payable and accrued liabilities
Accounts payable	$ 144.6	$ 196.5
Employee compensation and withholdings	262.2	236.7
Taxes payable	23.2	18.6
Property, payroll, and other taxes	62.8	49.7
Research and development accruals	62	52.3
Accrued rebates	74	67.2
Fair value of derivatives	7.9	39.3
Accrued marketing expenses	16.2	14.3
Legal and insurance	75.8	60.8
Accrued relocation costs	24.6	21
Accrued professional services	7.6	7.6
Accrued realignment reserves	17.8	14.5
Other accrued liabilities	82.4	88.2
Total accounts payable and accrued liabilities	$ 861.1	$ 866.7

OTHER CONSOLIDATED FINANCIAL _5

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash paid during the year for:
Operating cash flows from operating leases	$ 16.3	$ 14.1
Non-cash investing and financing transactions:
Right-of-use assets obtained in exchange for new lease liabilities	5.4	19.5
Capital expenditures accruals	25.1	41.7
Conversion of notes receivable to equity investment	$ 21.5	$ 4.5

OTHER CONSOLIDATED FINANCIAL _6

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Cash and cash equivalents	$ 1,312.8	$ 1,183.2
Restricted cash included in other current assets	12.8	16.6
Restricted cash included in other assets	0.3	0.4
Total cash, cash equivalents, and restricted cash	$ 1,325.9	$ 1,200.2	$ 909	$ 1,184.4

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments in Debt Securities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Held-to-maturity
Fair Value	$ 35
Available-for-sale
Amortized Cost	1,139.6	$ 924.3
Gross Unrealized Gains	7.6	11.6
Gross Unrealized Losses	(1.2)	0
Fair Value	1,146	935.9
Bank time deposits
Held-to-maturity
Amortized Cost	35	50
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	35	50
Available-for-sale
Amortized Cost	3	24.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	3	24.1
Commercial paper
Available-for-sale
Amortized Cost	13.2	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	13.2	0
U.S. government and agency securities
Available-for-sale
Amortized Cost	141.7	147
Gross Unrealized Gains	1.4	2.2
Gross Unrealized Losses	(0.2)	0
Fair Value	142.9	149.2
Asset-backed securities
Available-for-sale
Amortized Cost	211.5	149.6
Gross Unrealized Gains	1.2	1.9
Gross Unrealized Losses	(0.2)	0
Fair Value	212.5	151.5
Corporate debt securities
Available-for-sale
Amortized Cost	767.4	600.8
Gross Unrealized Gains	5	7.5
Gross Unrealized Losses	(0.8)	0
Fair Value	771.6	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	Jun. 30, 2021	Dec. 31, 2020
Amortized Cost
Due in 1 year or less	$ 35
Due after 1 year through 5 years	0
Due after 5 years through 10 years	0
Instruments not due at a single maturity date	0
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss	35
Fair Value
Due in 1 year or less	35
Due after 1 year through 5 years	0
Due after 5 years through 10 years	0
Instruments not due at a single maturity date	0
Fair Value	35
Amortized Cost
Due in 1 year or less	212.1
Due after 1 year through 5 years	663.6
Due after 5 years through 10 years	10.2
Instruments not due at a single maturity date	253.7
Amortized Cost	1,139.6	$ 924.3
Fair Value
Due in 1 year or less	213.4
Due after 1 year through 5 years	667.1
Due after 5 years through 10 years	10.4
Instruments not due at a single maturity date	255.1
Fair Value	$ 1,146	$ 935.9

INVESTMENTS - Schedule of Inv_2

INVESTMENTS - Schedule of Investments in Continuous Loss Position (Details) $ in Millions	Jun. 30, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	$ 382
Gross unrealized losses, less than twelve months	(1.2)
Fair value, twelve months or greater	0
Gross unrealized losses, twelve months or greater	0
Fair value, total	382
Gross unrealized losses, total	(1.2)
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	38.1
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	38.1
Gross unrealized losses, total	(0.2)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	83.4
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	83.4
Gross unrealized losses, total	(0.2)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	260.5
Gross unrealized losses, less than twelve months	(0.8)
Fair value, twelve months or greater	0
Gross unrealized losses, twelve months or greater	0
Fair value, total	260.5
Gross unrealized losses, total	$ (0.8)

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2020USD ($)investment
Debt and Equity Securities, FV-NI [Line Items]
Number of investments | investment			0
Upward price adjustments	$ 2.6
Investment	73.6		$ 29.4
Kardion, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Investment		$ 35.9
Investment option to acquire		5.7
Maximum additional option to acquire investment		21.8
Maximum secured promissory note		45
Secured promissory note	0
Equity Securities | Kardion, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Maximum additional required investment		$ 9.9
Other (income) expense, net
Debt and Equity Securities, FV-NI [Line Items]
Increase in non-marketable equity securities due to observable price changes	6.4
Decrease in non-marketable equity securities due to observable price changes	$ 2.6

INVESTMENTS - Schedule of Inv_3

INVESTMENTS - Schedule of Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Equity method investments
Carrying value of equity method investments	$ 8	$ 5.7
Equity securities
Carrying value of non-marketable equity securities	73.6	29.4
Total investments in unconsolidated entities	$ 81.6	$ 35.1

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Financial instruments
Change in fair value of contingent consideration liabilities	$ 102.6	$ (19.6)	$ 107.1	$ (17.4)
Previous Acquisitions
Financial instruments
Change in fair value of contingent consideration liabilities	105.2
Level 2
Financial instruments
Notes payable fair value disclosure	$ 696		$ 696
Discount Rate | Level 3 | Minimum
Financial instruments
Contingent consideration liability measurement input	0.001		0.001
Discount Rate | Level 3 | Maximum
Financial instruments
Contingent consideration liability measurement input	0.090		0.090
Discount Rate | Level 3 | Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.046		0.046
Probability of Milestone Achievement | Level 3 | Minimum
Financial instruments
Contingent consideration liability measurement input	0		0
Probability of Milestone Achievement | Level 3 | Maximum
Financial instruments
Contingent consideration liability measurement input	0.982		0.982
Probability of Milestone Achievement | Level 3 | Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.646		0.646
Volatility of Future Revenue | Level 3 | Minimum
Financial instruments
Contingent consideration liability measurement input	0.370		0.370
Volatility of Future Revenue | Level 3 | Maximum
Financial instruments
Contingent consideration liability measurement input	0.400		0.400
Volatility of Future Revenue | Level 3 | Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.381		0.381

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets
Available-for-sale investments	$ 1,146	$ 935.9
Bank time deposits
Assets
Available-for-sale investments	3	24.1
Corporate debt securities
Assets
Available-for-sale investments	771.6	608.3
Asset-backed securities
Assets
Available-for-sale investments	212.5	151.5
U.S. government and agency securities
Assets
Available-for-sale investments	142.9	149.2
Commercial paper
Assets
Available-for-sale investments	13.2	0
Municipal securities
Assets
Available-for-sale investments	2.8	2.8
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis
Assets
Cash equivalents	99.9	16.2
Investments held for deferred compensation plans	121.5	111.2
Derivatives	32.1	8.1
Assets	1,399.5	1,071.3
Liabilities
Derivatives	7.9	39.3
Deferred compensation plans	121.8	111.6
Contingent consideration liabilities	79	186.1
Other liability	14
Liabilities	222.7	337
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Bank time deposits
Assets
Available-for-sale investments	3	24.1
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Corporate debt securities
Assets
Available-for-sale investments	771.6	608.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Asset-backed securities
Assets
Available-for-sale investments	212.5	151.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | U.S. government and agency securities
Assets
Available-for-sale investments	142.9	149.1
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Commercial paper
Assets
Available-for-sale investments	13.2
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	77.8	16.2
Investments held for deferred compensation plans	121.5	111.2
Derivatives	0	0
Assets	247.5	184.3
Liabilities
Derivatives	0	0
Deferred compensation plans	121.8	111.6
Contingent consideration liabilities	0	0
Other liability	0
Liabilities	121.8	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	48.2	56.9
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1 | Commercial paper
Assets
Available-for-sale investments	0
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	22.1	0
Investments held for deferred compensation plans	0	0
Derivatives	32.1	8.1
Assets	1,152	887
Liabilities
Derivatives	7.9	39.3
Deferred compensation plans	0	0
Contingent consideration liabilities	0	0
Other liability	0
Liabilities	7.9	39.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Bank time deposits
Assets
Available-for-sale investments	3	24.1
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Corporate debt securities
Assets
Available-for-sale investments	771.6	608.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Asset-backed securities
Assets
Available-for-sale investments	212.5	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	94.7	92.2
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Commercial paper
Assets
Available-for-sale investments	13.2
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	79	186.1
Other liability	14
Liabilities	93	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 | Commercial paper
Assets
Available-for-sale investments	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	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 186.1	$ 172.5
Additions	14
Changes in fair value	(107.1)	17.4
Ending balance	93	189.9
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	186.1	172.5
Additions	0
Changes in fair value	(107.1)	17.4
Ending balance	79	189.9
Other liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0
Additions	14
Changes in fair value	0	0
Ending balance	$ 14	$ 0

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	Jun. 30, 2021	Dec. 31, 2020
Foreign currency forward exchange contracts
Derivative Financial Instruments
Derivative notional amount	$ 1,498.8	$ 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	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Dec. 31, 2020USD ($)
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	$ 11.7
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	Jun. 30, 2021	Dec. 31, 2020
Foreign currency contracts
Assets
Fair value of derivative assets	$ 25.9	$ 7.3
Liabilities
Fair value of derivative liabilities	7.9	39.3
Cross currency swap contracts
Assets
Fair value of derivative assets	6.2	0.8
Liabilities
Fair value of derivative liabilities	0
Derivatives designated as hedging instruments | Foreign currency contracts | Other current assets
Assets
Fair value of derivative assets	25.9	7.3
Derivatives designated as hedging instruments | Foreign currency contracts | Accounts payable and accrued liabilities
Liabilities
Fair value of derivative liabilities	7.9	39.3
Derivatives designated as hedging instruments | Cross currency swap contracts | Other assets
Assets
Fair value of derivative assets	$ 6.2	$ 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	Jun. 30, 2021	Dec. 31, 2020
Foreign currency contracts
Derivative assets
Gross Amounts	$ 25.9	$ 7.3
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	25.9	7.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(5)	(6.1)
Cash Collateral Received	0	0
Net Amount	20.9	1.2
Derivative liabilities
Gross Amounts	7.9	39.3
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	7.9	39.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts Not Offset in the Consolidated Balance Sheet	(5)	(6.1)
Cash Collateral Received	0	0
Net Amount	2.9	33.2
Cross currency swap contracts
Derivative assets
Gross Amounts	6.2	0.8
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	6.2	0.8
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	6.2	$ 0.8
Derivative liabilities
Gross Amounts	0
Gross Amounts Offset in the Consolidated Balance Sheet	0
Net Amounts Presented in the Consolidated Balance Sheet	0
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts Not Offset in the Consolidated Balance Sheet	0
Cash Collateral Received	0
Net Amount	$ 0

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Foreign currency contracts | Derivatives not designated as hedging instruments | Other (income) expense, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ (4.3)	$ (6.9)	$ 10.9	$ 1.7
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	(3.9)	(4.9)	24.3	12.6
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	(8.3)	7.7	(13.8)	13.8
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	(0.4)	0.9	(0.3)	1.7
Net investment hedges | Cross currency swap contracts | Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	3.6	(9)	5.4	22.3
Net investment hedges | Cross currency swap contracts | Derivatives designated as hedging instruments | Interest expense (income), net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	1.5	1.6	3.1	3.3
Fair value hedges | Foreign currency contracts | Derivatives designated as hedging instruments | Other (income) expense, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 1.5	$ (1.4)	$ 7.8	$ 0.3

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss)
Cost of sales	$ (334.3)	$ (238.2)	$ (627.7)	$ (503.3)
Selling, general, and administrative expenses	(374.5)	(274.9)	(705.3)	(582.7)
Interest expense (income), net	(1)	1.8	(0.7)	6.3
Other (Income) Expense, net	4.4	(0.3)	9.9	1.6
Foreign currency contracts | Cost of sales
Gain (loss) on fair value hedging relationships:
Hedged items	0	0	0	0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0	0	0	0
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	(8.3)	7.7	(13.8)	13.8
Foreign currency contracts | Cost of sales | Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	0	0	0	0
Foreign currency contracts | Selling, general, and administrative expenses
Gain (loss) on fair value hedging relationships:
Hedged items	0	0	0	0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0	0	0	0
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	(0.4)	0.9	(0.3)	1.7
Foreign currency contracts | Selling, general, and administrative expenses | Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	0	0	0	0
Foreign currency contracts | Other (Income) Expense, net
Gain (loss) on fair value hedging relationships:
Hedged items	(0.7)	2.2	(6.2)	1.5
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0.8	0.8	1.6	1.8
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	0	0	0	0
Foreign currency contracts | Other (Income) Expense, net | Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	$ 0.7	$ (2.2)	$ 6.2	$ (1.5)

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 30.3	$ 24.8	$ 58.5	$ 48.7
Income tax benefit	(4.9)	(4.1)	(8.8)	(7.6)
Total stock-based compensation expense, net of tax	25.4	20.7	49.7	41.1
Cost of sales
Allocation of stock-based compensation expense
Total stock-based compensation expense	5.7	4.7	11.2	9.3
Selling, general, and administrative expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	18.3	15.3	34.8	29.7
Research and development expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 6.3	$ 4.8	$ 12.5	$ 9.7

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total remaining unrecognized compensation cost	$ 200.7
Unrecognized compensation cost, recognition period	33 months
Options granted (in shares)	1.5
Weighted average exercise price of options granted (in dollars per share)	$ 85.24
Performance period	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	0.6
Weighted average grant date fair value (in dollars per share)	$ 92.77
Market Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	0.1
Weighted average grant date fair value (in dollars per share)	$ 120.56
Average risk-free interest rate	0.40%	0.20%
Expected volatility (as a percent)	34.40%	32.70%
Market Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares expected to be granted as percentage of target	0.00%
Market Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares expected to be granted as percentage of target	175.00%
Market Based Restricted Stock Units Related To Previous Years Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	0.1

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.80%	0.30%	0.80%	0.30%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility (as a percent)	33.50%	33.50%	33.50%	33.40%
Expected term	5 years	5 years	5 years	5 years
Fair value, per option (in dollars per share)	$ 28.60	$ 21.58	$ 28.54	$ 21.61
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.00%	0.10%	0.10%	1.40%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility (as a percent)	32.30%	37.50%	36.80%	32.60%
Expected term	7 months 6 days	7 months 6 days	7 months 6 days	7 months 6 days
Fair value, per option (in dollars per share)	$ 26.03	$ 18.42	$ 22.65	$ 16.06

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)	6 Months Ended
	Jun. 30, 2021lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits that if settled could have a material adverse impact on net income or cash flows	1

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of Activity for Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 4,658.4	$ 4,574.3	$ 3,901.1	$ 4,148.3
Other comprehensive gain (loss) before reclassifications	8.3		12.3
Amounts reclassified from accumulated other comprehensive loss	6.8		(8.6)
Deferred income tax (expense) benefit	(2.3)		2.2
Ending balance	5,133.3	4,658.4	3,839.1	3,901.1
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(154.6)	(122.4)	(152.5)	(154.8)
Other comprehensive gain (loss) before reclassifications	12.9	(30.2)	1.2	11.6
Amounts reclassified from accumulated other comprehensive loss	(1.5)	(1.6)	(1.6)	(1.7)
Deferred income tax (expense) benefit	(0.9)	(0.4)	2.1	(7.6)
Ending balance	(144.1)	(154.6)	(150.8)	(152.5)
Unrealized Loss on Hedges
AOCI Attributable to Parent, Net of Tax
Beginning balance	(3.2)	(27.7)	19.1	12.5
Other comprehensive gain (loss) before reclassifications	(3.4)	34.8	(3.7)	19
Amounts reclassified from accumulated other comprehensive loss	7.2	(0.9)	(7.2)	(8.6)
Deferred income tax (expense) benefit	(1.4)	(9.4)	3.6	(3.8)
Ending balance	(0.8)	(3.2)	11.8	19.1
Unrealized Gain on Available-for-sale Investments
AOCI Attributable to Parent, Net of Tax
Beginning balance	4.7	8.6	(3)	1.7
Other comprehensive gain (loss) before reclassifications	(1)	(6.1)	14.8	(6.3)
Amounts reclassified from accumulated other comprehensive loss	1.1	0.9	0.2	(0.1)
Deferred income tax (expense) benefit	0	1.3	(3.5)	1.7
Ending balance	4.8	4.7	8.5	(3)
Unrealized Pension Costs
AOCI Attributable to Parent, Net of Tax
Beginning balance	(19.3)	(19.6)	(15.6)	(15.4)
Other comprehensive gain (loss) before reclassifications	(0.2)	0.3	0	(0.2)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Deferred income tax (expense) benefit	0	0	0	0
Ending balance	(19.5)	(19.3)	(15.6)	(15.6)
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(172.4)	(161.1)	(152)	(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 (expense) benefit		(8.5)		(9.7)
Ending balance	$ (159.6)	$ (172.4)	$ (146.1)	$ (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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Affected Line on Consolidated Condensed Statements of Operations
Other (income) expense, net	$ 4.4		$ (0.3)		$ 9.9	$ 1.6
Provision for income taxes	(56)		46.3		(107.1)	(7.6)
Net income (loss)	489.5	$ 338.2	(121.9)	$ 310.6	827.7	188.7
Cost of sales	(334.3)		(238.2)		(627.7)	(503.3)
Selling, general, and administrative expenses	(374.5)		(274.9)		(705.3)	(582.7)
Total before tax	545.5		(168.2)		934.8	196.3
Amount Reclassified from Accumulated Other Comprehensive Loss | Foreign Currency Translation Adjustments
Affected Line on Consolidated Condensed Statements of Operations
Other (income) expense, net	1.5		1.6		3.1	3.3
Provision for income taxes	(0.4)		(0.4)		(0.8)	(0.8)
Net income (loss)	1.1		1.2		2.3	2.5
Amount Reclassified from Accumulated Other Comprehensive Loss | Unrealized Loss on Hedges
Affected Line on Consolidated Condensed Statements of Operations
Provision for income taxes	1.9		(2.1)		2.6	(4)
Net income (loss)	(5.3)		5.1		(3.7)	11.8
Cost of sales	(8.3)		7.7		(13.8)	13.8
Selling, general, and administrative expenses	(0.4)		0.9		(0.3)	1.7
Other (income) expense, net	1.5		(1.4)		7.8	0.3
Total before tax	(7.2)		7.2		(6.3)	15.8
Amount Reclassified from Accumulated Other Comprehensive Loss | Gain (loss) on available-for-sale investments
Affected Line on Consolidated Condensed Statements of Operations
Other (income) expense, net	(1.1)		(0.2)		(2)	(0.1)
Provision for income taxes	0.3		(0.1)		0.5	(0.3)
Net income (loss)	$ (0.8)		$ (0.3)		$ (1.5)	$ (0.4)

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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic:
Net income (loss)	$ 489.5	$ 338.2	$ (121.9)	$ 310.6	$ 827.7	$ 188.7
Weighted-average shares outstanding (in shares)	622.3		620.3		622.7	622.5
Basic earnings per share (in dollars per share)	$ 0.79		$ (0.20)		$ 1.33	$ 0.30
Diluted:
Net income (loss)	$ 489.5	$ 338.2	$ (121.9)	$ 310.6	$ 827.7	$ 188.7
Weighted-average shares outstanding (in shares)	622.3		620.3		622.7	622.5
Dilutive effect of stock plans (in shares)	7.6		0		7.9	5.2
Dilutive weighted-average shares outstanding (in shares)	629.9		620.3		630.6	627.7
Diluted earnings per share (in dollars per share)	$ 0.78		$ (0.20)		$ 1.31	$ 0.30

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock compensation plan
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of earnings per share (in shares)	2.3	13.3	2.1	7.7

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	10.30%	27.50%	11.50%	3.90%
Tax benefit from employee share-based compensation	$ 26.3	$ 20.2	$ 37.8	$ 30.6
Liability for income taxes associated with uncertain tax positions	318.7		318.7		$ 281.8
Decrease in unrecognized tax benefits is reasonably possible	115.3		115.3		95.1
Net amounts that would favorably affect effective tax rate	$ 203.4		203.4		$ 186.7
Income tax benefit			2
Additional federal tax			$ 200

SEGMENT INFORMATION - Informati

SEGMENT INFORMATION - Information About Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Net Sales
Net sales	$ 1,376	$ 925	$ 2,592.6	$ 2,053.7
Segment Operating Income
Segment operating income	545.5	(168.2)	934.8	196.3
Operating segments
Segment Net Sales
Net sales	1,341.2	932.2	2,523.5	2,061.3
Segment Operating Income
Segment operating income	838.6	553.1	1,572.9	1,252.5
United States | Operating segments
Segment Net Sales
Net sales	795.7	516.2	1,470.4	1,183.6
Segment Operating Income
Segment operating income	550.6	345.4	1,016.7	810.2
Europe | Operating segments
Segment Net Sales
Net sales	281.8	206.9	537.2	454.4
Segment Operating Income
Segment operating income	152.6	104	285.9	232
Japan | Operating segments
Segment Net Sales
Net sales	130.7	105.3	258.4	215.1
Segment Operating Income
Segment operating income	87	69	174.6	140.7
Rest of World | Operating segments
Segment Net Sales
Net sales	133	103.8	257.5	208.2
Segment Operating Income
Segment operating income	$ 48.4	$ 34.7	$ 95.7	$ 69.6

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Sales Reconciliation
Net sales	$ 1,376	$ 925	$ 2,592.6	$ 2,053.7
Pre-tax Income Reconciliation
Consolidated operating income (loss)	542.1	(169.7)	925.6	188.4
Unallocated amounts:
Change in fair value of contingent consideration liabilities	102.6	(19.6)	107.1	(17.4)
Income (loss) before provision for income taxes	545.5	(168.2)	934.8	196.3
Operating segments
Net Sales Reconciliation
Net sales	1,341.2	932.2	2,523.5	2,061.3
Pre-tax Income Reconciliation
Consolidated operating income (loss)	838.6	553.1	1,572.9	1,252.5
Unallocated amounts:
Income (loss) before provision for income taxes	838.6	553.1	1,572.9	1,252.5
Corporate items
Unallocated amounts:
Corporate items	(407.4)	(333)	(765.1)	(673.7)
Reconciling items
Net Sales Reconciliation
Net sales	34.8	(7.2)	69.1	(7.6)
Unallocated amounts:
Intellectual property litigation expenses, net	(2.4)	(379.9)	(8.8)	(392.4)
Foreign currency	10.7	9.7	19.5	19.4
Non-operating income	$ 3.4	$ 1.5	$ 9.2	$ 7.9

SEGMENT INFORMATION - Enterpris

SEGMENT INFORMATION - Enterprise-Wide Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Enterprise-Wide Information
Net sales	$ 1,376	$ 925	$ 2,592.6	$ 2,053.7
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	1,634.2		1,634.2		$ 1,608.4
Transcatheter Aortic Valve Replacement
Enterprise-Wide Information
Net sales	901.5	594.3	1,693.2	1,336.5
Transcatheter Mitral and Tricuspid Therapies
Enterprise-Wide Information
Net sales	22.1	6.1	38.4	16.6
Surgical Structural Heart
Enterprise-Wide Information
Net sales	237.4	160.9	450.4	354.3
Critical Care
Enterprise-Wide Information
Net sales	215	163.7	410.6	346.3
United States
Enterprise-Wide Information
Net sales	795.7	516.2	1,470.4	1,183.6
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	1,092.3		1,092.3		1,084.3
Europe
Enterprise-Wide Information
Net sales	309.8	204.7	589.8	454
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	209.5		209.5		192.7
Japan
Enterprise-Wide Information
Net sales	131.8	106.8	264.1	216.8
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	15.8		15.8		20.4
Rest of World
Enterprise-Wide Information
Net sales	138.7	$ 97.3	268.3	$ 199.3
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	$ 316.6		$ 316.6		$ 311