Edwards Lifesciences (EW) 10-Q 29 Oct 21 2021 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		624,334,496
Entity Central Index Key	0001099800
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 1,506.9	$ 1,183.2
Short-term investments (Note 4)	287.8	219.4
Accounts receivable, net of allowances of $9.5 and $9.6, respectively	600.6	514.6
Other receivables	63.6	88.2
Inventories (Note 2)	737.8	802.3
Prepaid expenses	76.9	75.1
Other current assets	241.9	208.2
Total current assets	3,515.5	3,091
Long-term investments (Note 4)	1,282	801.6
Property, plant, and equipment, net	1,464.6	1,395.2
Operating lease right-of-use assets	84.8	94.2
Goodwill	1,170.4	1,173.2
Other intangible assets, net	325.3	331.4
Deferred income taxes	184	230.9
Other assets	133.7	119.6
Total assets	8,160.3	7,237.1
Accounts payable	139.5	196.5
Current liabilities
Accounts payable	139.5	196.5
Accrued and other liabilities (Note 2)	802.8	670.2
Operating lease liabilities	24.2	27.2
Total current liabilities	966.5	893.9
Long-term debt	595.5	595
Contingent consideration liabilities (Note 5)	80.1	186.1
Taxes payable	190.2	215.3
Operating lease liabilities	64.4	72.7
Uncertain tax positions	245.4	214.4
Litigation settlement accrual	201.4	233
Other liabilities	275.5	252.4
Total liabilities	2,619	2,662.8
Commitments and contingencies (Note 9)
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, 641.2 and 636.4 shares issued, and 624.2 and 624.3 shares outstanding, respectively	641.2	636.4
Additional paid-in capital	1,643.1	1,438.1
Retained earnings	5,732.8	4,565
Accumulated other comprehensive loss (Note 10)	(155.4)	(161.1)
Treasury stock, at cost, 17.0 and 12.1 shares, respectively	(2,320.4)	(1,904.1)
Total stockholders' equity	5,541.3	4,574.3
Total liabilities and stockholders' equity	$ 8,160.3	$ 7,237.1

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9.5	$ 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)	641.2	636.4
Common stock, shares outstanding (in shares)	624.2	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales	$ 1,310.2	$ 1,140.9	$ 3,902.8	$ 3,194.6
Cost of sales	311.7	281	939.4	784.3
Gross profit	998.5	859.9	2,963.4	2,410.3
Selling, general, and administrative expenses	364.4	307.2	1,069.7	889.9
Research and development expenses	238	195.5	670.3	565
Intellectual property litigation expenses, net (Note 3)	4.7	8.4	13.5	400.8
Change in fair value of contingent consideration liabilities (Note 5)	1.1	(9)	(106)	8.4
Operating income	390.3	357.8	1,315.9	546.2
Interest expense (income), net	0.8	(0.8)	1.5	(7.1)
Other income, net	(1.4)	(5.7)	(11.3)	(7.3)
Income before provision for income taxes	390.9	364.3	1,325.7	560.6
Provision for income taxes	50.8	39.1	157.9	46.7
Net income	$ 340.1	$ 325.2	$ 1,167.8	$ 513.9
Earnings per share:
Basic (in dollars per share)	$ 0.55	$ 0.52	$ 1.87	$ 0.83
Diluted (in dollars per share)	$ 0.54	$ 0.52	$ 1.85	$ 0.82
Weighted-average number of common shares outstanding:
Basic (in shares)	623.6	622.1	623	622.3
Diluted (in shares)	631.7	631	631	628.8

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 340.1	$ 325.2	$ 1,167.8	$ 513.9
Other comprehensive income (loss), net of tax (Note 10):
Foreign currency translation adjustments	(12.2)	10.6	(33.9)	14.6
Unrealized gain (loss) on hedges	18.3	(22.2)	45.2	(22.9)
Unrealized pension costs	(0.1)	0.1	0	(0.1)
Unrealized (loss) gain on available-for-sale investments	(3.9)	(0.4)	(9.7)	6.3
Reclassification of net realized investment loss to earnings	2.1	0.1	4.1	0.2
Other comprehensive income (loss)	4.2	(11.8)	5.7	(1.9)
Comprehensive income	$ 344.3	$ 313.4	$ 1,173.5	$ 512

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 1,167.8	$ 513.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101.8	74.6
Non-cash operating lease cost	21.4	20.7
Stock-based compensation (Note 7)	85.1	71.7
Change in fair value of contingent consideration liabilities (Note 5)	(106)	8.4
Deferred income taxes	20.1	(37.8)
Other	(16.3)	0.6
Changes in operating assets and liabilities:
Accounts and other receivables, net	(97.9)	(9.2)
Inventories	25.6	(118.2)
Accounts payable and accrued liabilities	164.1	(66.4)
Income taxes	29	(65.6)
Prepaid expenses and other current assets	1.5	(18.5)
Litigation settlement accrual	(19.1)	269.2
Other	(18.6)	11.1
Net cash provided by operating activities	1,358.5	654.5
Cash flows from investing activities
Capital expenditures	(236)	(293.8)
Purchases of held-to-maturity investments (Note 4)	(103)	(112)
Proceeds from held-to-maturity investments (Note 4)	70	212.2
Purchases of available-for-sale investments (Note 4)	(722)	(394.3)
Proceeds from available-for-sale investments (Note 4)	262.1	358.3
Payment for acquisition option (Note 4)	(5.7)	(10)
Issuances of notes receivable	(3.6)	(26.5)
Collections of notes receivable	10	0
Other	(28.4)	(5.1)
Net cash used in investing activities	(756.6)	(271.2)
Cash flows from financing activities
Proceeds from issuance of debt	5.2	12.3
Payments on debt and finance lease obligations	(6.9)	(14)
Purchases of treasury stock	(416.3)	(625.2)
Proceeds from stock plans	124.7	103.5
Other	(1)	(4.9)
Net cash used in financing activities	(294.3)	(528.3)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	12.1	(9.9)
Net increase (decrease) in cash, cash equivalents, and restricted cash	319.7	(154.9)
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	$ 1,519.9	$ 1,029.5

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2019		218.1	9
Beginning balance at Dec. 31, 2019	$ 4,148.3	$ 218.1	$ (1,278.7)	$ 1,623.3	$ 3,741.6	$ (156)
Increase (Decrease) in Stockholders' Equity
Net income	310.6				310.6
Other comprehensive income (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	513.9
Other comprehensive income (loss), net of tax	(1.9)
Ending balance (in shares) at Sep. 30, 2020		635	12.1
Ending balance at Sep. 30, 2020	4,210.3	$ 635	$ (1,903.9)	1,381.6	4,255.5	(157.9)
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	(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)
Increase (Decrease) in Stockholders' Equity
Net income	325.2				325.2
Other comprehensive income (loss), net of tax	(11.8)					(11.8)
Common stock issued under stock plans (in shares)		1.5
Common stock issued under stock plans	36.2	$ 1.5		34.7
Stock-based compensation expense	23			23
Purchases of treasury stock	(1.4)		$ (1.4)
Ending balance (in shares) at Sep. 30, 2020		635	12.1
Ending balance at Sep. 30, 2020	4,210.3	$ 635	$ (1,903.9)	1,381.6	4,255.5	(157.9)
Beginning balance (in shares) at Dec. 31, 2020		636.4	12.1
Beginning balance at Dec. 31, 2020	4,574.3	$ 636.4	$ (1,904.1)	1,438.1	4,565	(161.1)
Increase (Decrease) in Stockholders' Equity
Net income	338.2				338.2
Other comprehensive income (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	1,167.8
Other comprehensive income (loss), net of tax	5.7
Ending balance (in shares) at Sep. 30, 2021		641.2	17
Ending balance at Sep. 30, 2021	5,541.3	$ 641.2	$ (2,320.4)	1,643.1	5,732.8	(155.4)
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	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)
Increase (Decrease) in Stockholders' Equity
Net income	340.1				340.1
Other comprehensive income (loss), net of tax	4.2					4.2
Common stock issued under stock plans (in shares)		1.1
Common stock issued under stock plans	38.9	$ 1.1		37.8
Stock-based compensation expense	26.6			26.6
Purchases of treasury stock	(1.8)		$ (1.8)
Ending balance (in shares) at Sep. 30, 2021		641.2	17
Ending balance at Sep. 30, 2021	$ 5,541.3	$ 641.2	$ (2,320.4)	$ 1,643.1	$ 5,732.8	$ (155.4)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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. There have been no material changes to the Company's significant accounting policies from those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

OTHER CONSOLIDATED FINANCIAL ST

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS	9 Months Ended
	Sep. 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: September 30, 2021 December 31, 2020 Inventories Raw materials $ 129.1 $ 136.7 Work in process 159.5 140.0 Finished products 449.2 525.6 $ 737.8 $ 802.3 At September 30, 2021 and December 31, 2020, $123.0 million and $130.0 million, respectively, of the Company's finished products inventories were held on consignment. September 30, 2021 December 31, 2020 Accrued and other liabilities Employee compensation and withholdings $ 325 $ 236.7 Taxes payable 24.4 18.6 Property, payroll, and other taxes 66.6 49.7 Research and development accruals 64.8 52.3 Accrued rebates 82.6 67.2 Fair value of derivatives 3.5 39.3 Accrued marketing expenses 17.1 14.3 Legal and insurance 77.4 60.8 Accrued relocation costs 24.1 21.0 Accrued professional services 8.6 7.6 Accrued realignment reserves 20.4 14.5 Other accrued liabilities 88.3 88.2 $ 802.8 $ 670.2 Supplemental Cash Flow Information (in millions) Nine Months Ended 2021 2020 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24.1 $ 21.7 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 13.5 $ 30.7 Capital expenditures accruals $ 20.1 $ 39.7 Conversion of notes receivable to equity investment $ 21.5 $ 4.5 Cash, Cash Equivalents, and Restricted Cash (in millions) September 30, 2021 December 31, 2020 Cash and cash equivalents $ 1,506.9 $ 1,183.2 Restricted cash included in other current assets 9.8 16.6 Restricted cash included in other assets 3.2 0.4 Total cash, cash equivalents, and restricted cash $ 1,519.9 $ 1,200.2 Amounts included in restricted cash primarily represent funds placed in escrow related to litigation and real estate purchases.

INTELLECTUAL PROPERTY LITIGATIO

INTELLECTUAL PROPERTY LITIGATION EXPENSES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
INTELLECTUAL PROPERTY LITIGATION EXPENSES	INTELLECTUAL PROPERTY LITIGATION EXPENSES On July 12, 2020, the Company reached an agreement with Abbott Laboratories and its direct and indirect subsidiaries ("Abbott") to, among other things, settle all outstanding patent disputes between the companies (the “Settlement Agreement”) in cases related to transcatheter mitral and tricuspid repair products. The Settlement Agreement resulted in the Company recording an estimated $367.9 million pre-tax charge and related liability in June 2020 related to past damages. In addition, the Company will incur royalty expenses through May 2024 totaling an estimated $100 million. The Company made a one-time $100.0 million payment to Abbott in July 2020, and is making quarterly payments in subsequent years.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 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): September 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 $ 83.0 $ — $ — $ 83.0 $ 50.0 $ — $ — $ 50.0 Available-for-sale Bank time deposits $ 3.0 $ — $ — $ 3.0 $ 24.1 $ — $ — $ 24.1 Commercial paper 2.9 — — 2.9 — — — — U.S. government and agency securities 145.8 1.1 (0.1) 146.8 147.0 2.2 — 149.2 Asset-backed securities 300.2 0.7 (0.8) 300.1 149.6 1.9 — 151.5 Corporate debt securities 946.0 4.4 (1.2) 949.2 600.8 7.5 — 608.3 Municipal securities 2.8 — — 2.8 2.8 — — 2.8 Total $ 1,400.7 $ 6.2 $ (2.1) $ 1,404.8 $ 924.3 $ 11.6 $ — $ 935.9 The cost and fair value of investments in debt securities, by contractual maturity, as of September 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 $ 83.0 $ 83.0 $ 203.6 $ 204.8 Due after 1 year through 5 years — — 839.0 841.5 Due after 5 years through 10 years — — 4.9 4.9 Instruments not due at a single maturity date — — 353.2 353.6 $ 83.0 $ 83.0 $ 1,400.7 $ 1,404.8 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 September 30, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): September 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 $ 57.0 $ (0.1) $ — $ — $ 57.0 $ (0.1) Asset-backed securities 190.4 (0.8) — — 190.4 (0.8) Corporate debt securities 335.3 (1.2) — — 335.3 (1.2) $ 582.7 $ (2.1) $ — $ — $ 582.7 $ (2.1) The unrealized losses were largely due to changes in interest rates. 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: September 30, December 31, (in millions) Equity method investments Carrying value of equity method investments $ 8.4 $ 5.7 Equity securities Carrying value of non-marketable equity securities 73.6 29.4 Total investments in unconsolidated entities $ 82.0 $ 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 nine months ended September 30, 2021 based on observable price changes. As of September 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 September 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	9 Months Ended
	Sep. 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 September 30, 2021, the fair value of the notes payable, based on Level 2 inputs, was $688.3 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): September 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 18.9 $ 20.5 $ — $ 39.4 Available-for-sale investments: Bank time deposits — 3.0 — 3.0 Corporate debt securities — 949.2 — 949.2 Asset-backed securities — 300.1 — 300.1 U.S. government and agency securities 38.9 107.9 — 146.8 Commercial paper — 2.9 — 2.9 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 123.4 — — 123.4 Derivatives — 48.2 — 48.2 $ 181.2 $ 1,434.6 $ — $ 1,615.8 Liabilities Derivatives $ — $ 3.5 $ — $ 3.5 Deferred compensation plans 123.0 — — 123.0 Contingent consideration liabilities — — 80.1 80.1 Other liability — — 14.0 14.0 $ 123.0 $ 3.5 $ 94.1 $ 220.6 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 (106.0) — (106.0) Balance at September 30, 2021 $ 80.1 $ 14.0 $ 94.1 Contingent Consideration Other liability Total Balance at December 31, 2019 $ 172.5 $ — $ 172.5 Changes in fair value 8.4 — 8.4 Balance at September 30, 2020 $ 180.9 $ — $ 180.9 The contingent consideration liabilities related to certain of the Company's previous business acquisitions was reduced in the three months ended June 30, 2021 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 sales levels or obtaining regulatory approvals. These contingent consideration liabilities are measured at estimated fair value using either a probability weighted discounted cash flow analysis or a Monte Carlo simulation model, both of which consider significant unobservable inputs. These inputs include (1) the discount rate used to present value the projected cash flows (ranging from 0.04% to 9.0%; weighted average of 4.7%), (2) the probability of milestone achievement (ranging from 0% to

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 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 September 30, 2021 December 31, 2020 (in millions) Foreign currency forward exchange contracts $ 1,518.7 $ 1,525.5 Cross currency swap contracts 300.0 300.0 Derivative financial instruments involve credit risk in the event the counterparty should default. It is the Company's policy to execute such instruments with global financial institutions that the Company believes to be creditworthy. The Company diversifies its derivative financial instruments among counterparties to minimize exposure to any one of these entities. The Company also uses International Swap Dealers Association master-netting agreements. The master-netting agreements provide for the net settlement of all contracts through a single payment in a single currency in the event of default, as defined by the agreements. The Company uses foreign currency forward exchange contracts and cross currency swap contracts to manage its exposure to changes in currency exchange rates from (a) future cash flows associated with intercompany transactions and certain local currency expenses expected to occur within the next 13 months (designated as cash flow hedges), (b) its net investment in certain foreign subsidiaries (designated as net investment hedges) and (c) foreign currency denominated assets or liabilities (designated as fair value hedges). The Company also uses foreign currency forward exchange contracts that are not designated as hedging instruments to offset the transaction gains and losses associated with 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 September 30, 2021 December 31, 2020 Assets Foreign currency contracts Other current assets $ 35.6 $ 7.3 Cross currency swap contracts Other assets $ 12.6 $ 0.8 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 3.5 $ 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 September 30, 2021 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 35.6 $ — $ 35.6 $ (2.7) $ — $ 32.9 Cross currency swap contracts $ 12.6 $ — $ 12.6 $ — $ — $ 12.6 Derivative liabilities Foreign currency contracts $ 3.5 $ — $ 3.5 $ (2.7) $ — $ 0.8 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 (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 $ 14.2 $ (22.3) Cost of sales $ (10.8) $ 5.9 Selling, general, and administrative expenses $ (0.3) $ 0.3 Amount of Gain or (Loss) Amount of Gain or (Loss) Nine Months Ended Location of Gain or Nine Months Ended 2021 2020 2021 2020 Cash flow hedges Foreign currency contracts $ 38.5 $ (9.7) Cost of sales $ (24.6) $ 19.7 Selling, general, and administrative expenses $ (0.6) $ 2.0 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 $ 6.5 $ (16.6) Interest expense (income), net $ 1.6 $ 1.6 Amount of Gain or (Loss) Amount of Gain or (Loss) Nine Months Ended Location of Gain or Nine Months Ended 2021 2020 2021 2020 Net investment hedges Cross currency swap contracts $ 11.9 $ 5.7 Interest expense (income), net $ 4.7 $ 4.9 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, net $ 1.0 $ (0.7) Amount of Gain or (Loss) Nine Months Ended Location of Gain or (Loss) 2021 2020 Fair value hedges Foreign currency contracts Other income, net $ 8.8 $ (0.4) Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2021 2020 Derivatives not designated as hedging instruments Foreign currency contracts Other income, net $ 5.7 $ (1.7) Amount of Gain or (Loss) Nine Months Ended Location of Gain or (Loss) 2021 2020 Derivatives not designated as hedging instruments Foreign currency contracts Other income, net $ 16.6 $ — The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Nine Months Ended Cost of sales Selling, general, and administrative expenses Other Income, net Cost of sales Selling, general, and administrative expenses Other Income, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (311.7) $ (364.4) $ 1.4 $ (939.4) $ (1,069.7) $ 11.3 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ (0.2) $ — $ — $ (6.4) Derivatives designated as hedging instruments $ — $ — $ 0.2 $ — $ — $ 6.4 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 $ — $ — $ 2.4 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ (10.8) $ (0.3) $ — $ (24.6) $ (0.6) $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Nine Months Ended Cost of sales Selling, general, and administrative expenses Other Income, net Cost of sales Selling, general, and administrative expenses Other Income, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (281.0) $ (307.2) $ 5.7 $ (784.3) $ (889.9) $ 7.3 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ 1.5 $ — $ — $ 3.0 Derivatives designated as hedging instruments $ — $ — $ (1.5) $ — $ — $ (3.0) Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 $ — $ — $ 2.6 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 5.9 $ 0.3 $ — $ 19.7 $ 2.0 $ — The Company expects that during the next twelve months it will reclassify to earnings a $0.6 million loss currently recorded in " Accumulated Other Comprehensive Loss ."

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020 was as follows (in millions): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Cost of sales $ 4.9 $ 4.3 $ 16.1 $ 13.6 Selling, general, and administrative expenses 15.9 13.8 50.7 43.5 Research and development expenses 5.8 4.9 18.3 14.6 Total stock-based compensation expense 26.6 23.0 85.1 71.7 Income tax benefit (4.7) (3.9) (13.5) (11.5) Total stock-based compensation expense, net of tax $ 21.9 $ 19.1 $ 71.6 $ 60.2 At September 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 $184.4 million, which will be amortized on a straight-line basis over the weighted-average remaining requisite service period of 32 months. During the nine months ended September 30, 2021, the Company granted 1.6 million stock options at a weighted-average exercise price of $93.74, and 0.6 million restricted stock units at a weighted-average grant-date fair value of $94.85. During the nine months ended September 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 nine months ended September 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 Nine Months Ended 2021 2020 2021 2020 Average risk-free interest rate 0.9 % 0.3 % 0.8 % 0.3 % Expected dividend yield None None None None Expected volatility 33.5 % 33.4 % 33.5 % 34.2 % Expected term (years) 5.3 5.2 5.0 5.1 Fair value, per option $ 34.38 $ 22.24 $ 28.78 $ 22.19 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 Nine Months Ended 2021 2020 2021 2020 Average risk-free interest rate 0.1 % 0.1 % 0.1 % 1.3 % Expected dividend yield None None None None Expected volatility 33.7 % 37.5 % 36.6 % 33.1 % Expected term (years) 0.7 0.7 0.6 0.6 Fair value, per share $ 29.85 $ 21.79 $ 23.07 $ 16.61

ACCELERATED SHARE REPURCHASE

ACCELERATED SHARE REPURCHASE	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe Company is reviewing and investigating whether business activities in Japan and other markets violate certain provisions of the Foreign Corrupt Practices Act ("FCPA"). The Company has voluntarily notified the SEC and the U.S. Department of Justice that it has engaged outside counsel to conduct this review and investigation. Any determination that the Company’s operations or activities are not in compliance with existing laws, including the FCPA, could result in the imposition of fines, penalties, and equitable remedies. The Company cannot currently predict the outcome of the review and investigation or the potential impact on its financial statements. On September 28, 2021, Aortic Innovations LLC, a non-practicing entity, filed a lawsuit against Edwards Lifesciences Corporation and certain of its subsidiaries (“Edwards”) in the United States District Court for the District of Delaware alleging that Edwards’ SAPIEN 3 Ultra product infringes certain of its patents. The Company is unable to predict the ultimate outcome of this matter or estimate a range of possible exposure; therefore, no amounts have been accrued. The Company believes the claims to be without merit and will vigorously defend itself in this litigation.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 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) Gain 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 (0.9) (1.4) — — (2.3) June 30, 2021 $ (144.1) $ (0.8) $ 4.8 $ (19.5) $ (159.6) Other comprehensive (loss) gain before reclassifications (9.0) 14.5 (4.5) (0.1) 0.9 Amounts reclassified from accumulated other comprehensive loss (1.6) 10.1 2.1 — 10.6 Deferred income tax (expense) benefit (1.6) (6.3) 0.6 — (7.3) September 30, 2021 $ (156.3) $ 17.5 $ 3.0 $ (19.6) $ (155.4) Foreign Unrealized Gain (Loss) 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) Other comprehensive gain (loss) before reclassifications 8.1 (24.3) (0.6) 0.1 (16.7) Amounts reclassified from accumulated other comprehensive loss (1.6) (5.5) 0.1 — (7.0) Deferred income tax benefit 4.1 7.6 0.2 — 11.9 September 30, 2020 $ (140.2) $ (10.4) $ 8.2 $ (15.5) $ (157.9) The following table provides information about amounts reclassified from " Accumulated Other Comprehensive Loss " (in millions): Three Months Ended Nine Months Ended Affected Line on Consolidated Condensed Details about Accumulated Other Comprehensive Loss Components 2021 2020 2021 2020 Foreign currency translation adjustments $ 1.6 $ 1.6 $ 4.7 $ 4.9 Other income, net (0.4) (0.4) (1.2) (1.2) Provision for income taxes $ 1.2 $ 1.2 $ 3.5 $ 3.7 Net of tax (Loss) gain on hedges $ (10.8) $ 5.9 $ (24.6) $ 19.7 Cost of sales (0.3) 0.3 (0.6) 2.0 Selling, general, and administrative expenses 1.0 (0.7) 8.8 (0.4) Other income, net (10.1) 5.5 (16.4) 21.3 Total before tax 2.5 (1.4) 5.1 (5.4) Provision for income taxes $ (7.6) $ 4.1 $ (11.3) $ 15.9 Net of tax Gain (loss) on available-for-sale investments $ (2.1) $ (0.1) $ (4.1) $ (0.2) Other income, net 0.5 — 1.0 (0.3) Provision for income taxes $ (1.6) $ (0.1) $ (3.1) $ (0.5) Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHAREBasic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during a period. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, nonvested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive. The table below presents the computation of basic and diluted earnings per share (in millions, except for per share information): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Basic: Net income $ 340.1 $ 325.2 $ 1,167.8 $ 513.9 Weighted-average shares outstanding 623.6 622.1 623.0 622.3 Basic earnings per share $ 0.55 $ 0.52 $ 1.87 $ 0.83 Diluted: Net income $ 340.1 $ 325.2 $ 1,167.8 $ 513.9 Weighted-average shares outstanding 623.6 622.1 623.0 622.3 Dilutive effect of stock plans 8.1 8.9 8.0 6.5 Dilutive weighted-average shares outstanding 631.7 631.0 631.0 628.8 Diluted earnings per share $ 0.54 $ 0.52 $ 1.85 $ 0.82

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective income tax rates were 13.0% and 10.7% for the three months ended September 30, 2021 and 2020, respectively, and 11.9% and 8.3% for the nine months ended September 30, 2021 and 2020, respectively. The fluctuation in the effective rates between the nine months ended September 30, 2021 and 2020 is primarily due to the impact of the litigation settlement agreement reached in 2020 with Abbott Laboratories to settle all outstanding patent disputes. In addition, the effective rates for the nine months ended September 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 $12.9 million and $16.4 million for the three months ended September 30, 2021 and 2020, respectively, and $50.7 million and $47.0 million for the nine months ended September 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 September 30, 2021 and December 31, 2020, the gross liability recorded for income taxes associated with uncertain tax positions was $340.8 million and $281.8 million, respectively. The Company estimates that these liabilities would be reduced by $128.5 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 $212.3 million and $186.7 million, respectively, if not required, would favorably affect the Company's effective tax rate. The Company executed an Advance Pricing Agreement ("APA") in 2018 between the United States and Switzerland governments for tax years 2009 through 2020 covering various, but not all, transfer pricing matters. The unagreed transfer pricing matters, namely Surgical Structural Heart and Transcatheter Aortic Valve Replacement (collectively “Surgical/TAVR”) intercompany royalty transactions, then reverted to IRS Examination for further consideration as part of the respective years' regular tax audits. In addition, the Company executed other bilateral APAs as follows: during 2017, an APA between the United States and Japan covering tax years 2015 through 2019; and during 2018, APAs between Japan and Singapore and between Switzerland and Japan covering tax years 2015 through 2019. The Company has filed to renew 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 September 30, 2021, all material state, local, and foreign income tax matters have been concluded for years through 2015. During the second quarter of 2021, 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. During the third quarter of 2021, the Company completed its review of the NOPA and provided comments to the IRS and the IRS subsequently revised the NOPA. The revised NOPA proposes an increase to the Company's U.S. taxable income which could result in additional tax expense for this period of approximately $180 million and represents a significant change to previously agreed upon transfer pricing methodologies for these types of transactions. The Company also has received the final Revenue Agent's Report for these tax years. The Company has formally disagreed with the NOPA and has submitted 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 September 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	9 Months Ended
	Sep. 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 Nine Months Ended 2021 2020 2021 2020 Segment Net Sales United States $ 753.3 $ 662.0 $ 2,223.7 $ 1,845.6 Europe 268.9 241.5 806.1 695.9 Japan 126.2 109.9 384.6 325.0 Rest of World 136.1 115.2 393.6 323.4 Total segment net sales $ 1,284.5 $ 1,128.6 $ 3,808.0 $ 3,189.9 Segment Operating Income United States $ 527.4 $ 453.8 $ 1,544.1 $ 1,264.0 Europe 140.6 124.2 426.5 356.2 Japan 83.7 69.2 258.3 209.9 Rest of World 49.5 35.6 145.2 105.2 Total segment operating income $ 801.2 $ 682.8 $ 2,374.1 $ 1,935.3 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 Nine Months Ended 2021 2020 2021 2020 Net Sales Reconciliation Segment net sales $ 1,284.5 $ 1,128.6 $ 3,808.0 $ 3,189.9 Foreign currency 25.7 12.3 94.8 4.7 Consolidated net sales $ 1,310.2 $ 1,140.9 $ 3,902.8 $ 3,194.6 Pre-tax Income Reconciliation Segment operating income $ 801.2 $ 682.8 $ 2,374.1 $ 1,935.3 Unallocated amounts: Corporate items (413.6) (331.9) (1,178.7) (1,005.6) Intellectual property litigation expenses, net (4.7) (8.4) (13.5) (400.8) Change in fair value of contingent consideration liabilities (1.1) 9.0 106.0 (8.4) Foreign currency 8.5 6.3 28.0 25.7 Consolidated operating income 390.3 357.8 1,315.9 546.2 Non-operating income 0.6 6.5 9.8 14.4 Consolidated pre-tax income $ 390.9 $ 364.3 $ 1,325.7 $ 560.6 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 Nine Months Ended 2021 2020 2021 2020 Net Sales by Geographic Area United States $ 753.2 $ 662.0 $ 2,223.6 $ 1,845.6 Europe 291.1 253.8 880.9 707.8 Japan 125.9 113.9 390.0 330.7 Rest of World 140.0 111.2 408.3 310.5 $ 1,310.2 $ 1,140.9 $ 3,902.8 $ 3,194.6 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 857.8 $ 744.6 $ 2,551.0 $ 2,081.1 Transcatheter Mitral and Tricuspid Therapies 22.3 12.1 60.7 28.7 Surgical Structural Heart 217.4 203.3 667.8 557.6 Critical Care 212.7 180.9 623.3 527.2 $ 1,310.2 $ 1,140.9 $ 3,902.8 $ 3,194.6 September 30, 2021 December 31, 2020 Long-lived Tangible Assets by Geographic Area United States $ 1,132.9 $ 1,084.3 Europe 203.8 192.7 Japan 14.6 20.4 Rest of World 330.9 311.0 $ 1,682.2 $ 1,608.4

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 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. There have been no material changes to the Company's significant accounting policies from those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

OTHER CONSOLIDATED FINANCIAL _2

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)	9 Months Ended
	Sep. 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: September 30, 2021 December 31, 2020 Inventories Raw materials $ 129.1 $ 136.7 Work in process 159.5 140.0 Finished products 449.2 525.6 $ 737.8 $ 802.3
Schedule of Accounts Payable and Accrued Liabilities	September 30, 2021 December 31, 2020 Accrued and other liabilities Employee compensation and withholdings $ 325 $ 236.7 Taxes payable 24.4 18.6 Property, payroll, and other taxes 66.6 49.7 Research and development accruals 64.8 52.3 Accrued rebates 82.6 67.2 Fair value of derivatives 3.5 39.3 Accrued marketing expenses 17.1 14.3 Legal and insurance 77.4 60.8 Accrued relocation costs 24.1 21.0 Accrued professional services 8.6 7.6 Accrued realignment reserves 20.4 14.5 Other accrued liabilities 88.3 88.2 $ 802.8 $ 670.2
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow Information (in millions) Nine Months Ended 2021 2020 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24.1 $ 21.7 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 13.5 $ 30.7 Capital expenditures accruals $ 20.1 $ 39.7 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) September 30, 2021 December 31, 2020 Cash and cash equivalents $ 1,506.9 $ 1,183.2 Restricted cash included in other current assets 9.8 16.6 Restricted cash included in other assets 3.2 0.4 Total cash, cash equivalents, and restricted cash $ 1,519.9 $ 1,200.2
Schedule of Restricted Cash	Cash, Cash Equivalents, and Restricted Cash (in millions) September 30, 2021 December 31, 2020 Cash and cash equivalents $ 1,506.9 $ 1,183.2 Restricted cash included in other current assets 9.8 16.6 Restricted cash included in other assets 3.2 0.4 Total cash, cash equivalents, and restricted cash $ 1,519.9 $ 1,200.2

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 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): September 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 $ 83.0 $ — $ — $ 83.0 $ 50.0 $ — $ — $ 50.0 Available-for-sale Bank time deposits $ 3.0 $ — $ — $ 3.0 $ 24.1 $ — $ — $ 24.1 Commercial paper 2.9 — — 2.9 — — — — U.S. government and agency securities 145.8 1.1 (0.1) 146.8 147.0 2.2 — 149.2 Asset-backed securities 300.2 0.7 (0.8) 300.1 149.6 1.9 — 151.5 Corporate debt securities 946.0 4.4 (1.2) 949.2 600.8 7.5 — 608.3 Municipal securities 2.8 — — 2.8 2.8 — — 2.8 Total $ 1,400.7 $ 6.2 $ (2.1) $ 1,404.8 $ 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 September 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 $ 83.0 $ 83.0 $ 203.6 $ 204.8 Due after 1 year through 5 years — — 839.0 841.5 Due after 5 years through 10 years — — 4.9 4.9 Instruments not due at a single maturity date — — 353.2 353.6 $ 83.0 $ 83.0 $ 1,400.7 $ 1,404.8
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 September 30, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): September 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 $ 57.0 $ (0.1) $ — $ — $ 57.0 $ (0.1) Asset-backed securities 190.4 (0.8) — — 190.4 (0.8) Corporate debt securities 335.3 (1.2) — — 335.3 (1.2) $ 582.7 $ (2.1) $ — $ — $ 582.7 $ (2.1)
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: September 30, December 31, (in millions) Equity method investments Carrying value of equity method investments $ 8.4 $ 5.7 Equity securities Carrying value of non-marketable equity securities 73.6 29.4 Total investments in unconsolidated entities $ 82.0 $ 35.1

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 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): September 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 18.9 $ 20.5 $ — $ 39.4 Available-for-sale investments: Bank time deposits — 3.0 — 3.0 Corporate debt securities — 949.2 — 949.2 Asset-backed securities — 300.1 — 300.1 U.S. government and agency securities 38.9 107.9 — 146.8 Commercial paper — 2.9 — 2.9 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 123.4 — — 123.4 Derivatives — 48.2 — 48.2 $ 181.2 $ 1,434.6 $ — $ 1,615.8 Liabilities Derivatives $ — $ 3.5 $ — $ 3.5 Deferred compensation plans 123.0 — — 123.0 Contingent consideration liabilities — — 80.1 80.1 Other liability — — 14.0 14.0 $ 123.0 $ 3.5 $ 94.1 $ 220.6 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 (106.0) — (106.0) Balance at September 30, 2021 $ 80.1 $ 14.0 $ 94.1 Contingent Consideration Other liability Total Balance at December 31, 2019 $ 172.5 $ — $ 172.5 Changes in fair value 8.4 — 8.4 Balance at September 30, 2020 $ 180.9 $ — $ 180.9

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 December 31, 2020 (in millions) Foreign currency forward exchange contracts $ 1,518.7 $ 1,525.5 Cross currency swap contracts 300.0 300.0
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets	The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions): Fair Value Derivatives designated as hedging instruments Balance Sheet September 30, 2021 December 31, 2020 Assets Foreign currency contracts Other current assets $ 35.6 $ 7.3 Cross currency swap contracts Other assets $ 12.6 $ 0.8 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 3.5 $ 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 September 30, 2021 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 35.6 $ — $ 35.6 $ (2.7) $ — $ 32.9 Cross currency swap contracts $ 12.6 $ — $ 12.6 $ — $ — $ 12.6 Derivative liabilities Foreign currency contracts $ 3.5 $ — $ 3.5 $ (2.7) $ — $ 0.8 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 September 30, 2021 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 35.6 $ — $ 35.6 $ (2.7) $ — $ 32.9 Cross currency swap contracts $ 12.6 $ — $ 12.6 $ — $ — $ 12.6 Derivative liabilities Foreign currency contracts $ 3.5 $ — $ 3.5 $ (2.7) $ — $ 0.8 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 (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 $ 14.2 $ (22.3) Cost of sales $ (10.8) $ 5.9 Selling, general, and administrative expenses $ (0.3) $ 0.3 Amount of Gain or (Loss) Amount of Gain or (Loss) Nine Months Ended Location of Gain or Nine Months Ended 2021 2020 2021 2020 Cash flow hedges Foreign currency contracts $ 38.5 $ (9.7) Cost of sales $ (24.6) $ 19.7 Selling, general, and administrative expenses $ (0.6) $ 2.0 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 $ 6.5 $ (16.6) Interest expense (income), net $ 1.6 $ 1.6 Amount of Gain or (Loss) Amount of Gain or (Loss) Nine Months Ended Location of Gain or Nine Months Ended 2021 2020 2021 2020 Net investment hedges Cross currency swap contracts $ 11.9 $ 5.7 Interest expense (income), net $ 4.7 $ 4.9 Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2021 2020 Fair value hedges Foreign currency contracts Other income, net $ 1.0 $ (0.7) Amount of Gain or (Loss) Nine Months Ended Location of Gain or (Loss) 2021 2020 Fair value hedges Foreign currency contracts Other income, net $ 8.8 $ (0.4) Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2021 2020 Derivatives not designated as hedging instruments Foreign currency contracts Other income, net $ 5.7 $ (1.7) Amount of Gain or (Loss) Nine Months Ended Location of Gain or (Loss) 2021 2020 Derivatives not designated as hedging instruments Foreign currency contracts Other income, net $ 16.6 $ —
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Nine Months Ended Cost of sales Selling, general, and administrative expenses Other Income, net Cost of sales Selling, general, and administrative expenses Other Income, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (311.7) $ (364.4) $ 1.4 $ (939.4) $ (1,069.7) $ 11.3 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ (0.2) $ — $ — $ (6.4) Derivatives designated as hedging instruments $ — $ — $ 0.2 $ — $ — $ 6.4 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 $ — $ — $ 2.4 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ (10.8) $ (0.3) $ — $ (24.6) $ (0.6) $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Nine Months Ended Cost of sales Selling, general, and administrative expenses Other Income, net Cost of sales Selling, general, and administrative expenses Other Income, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (281.0) $ (307.2) $ 5.7 $ (784.3) $ (889.9) $ 7.3 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ 1.5 $ — $ — $ 3.0 Derivatives designated as hedging instruments $ — $ — $ (1.5) $ — $ — $ (3.0) Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 $ — $ — $ 2.6 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 5.9 $ 0.3 $ — $ 19.7 $ 2.0 $ —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020 was as follows (in millions): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Cost of sales $ 4.9 $ 4.3 $ 16.1 $ 13.6 Selling, general, and administrative expenses 15.9 13.8 50.7 43.5 Research and development expenses 5.8 4.9 18.3 14.6 Total stock-based compensation expense 26.6 23.0 85.1 71.7 Income tax benefit (4.7) (3.9) (13.5) (11.5) Total stock-based compensation expense, net of tax $ 21.9 $ 19.1 $ 71.6 $ 60.2
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 Nine Months Ended 2021 2020 2021 2020 Average risk-free interest rate 0.9 % 0.3 % 0.8 % 0.3 % Expected dividend yield None None None None Expected volatility 33.5 % 33.4 % 33.5 % 34.2 % Expected term (years) 5.3 5.2 5.0 5.1 Fair value, per option $ 34.38 $ 22.24 $ 28.78 $ 22.19
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 Nine Months Ended 2021 2020 2021 2020 Average risk-free interest rate 0.1 % 0.1 % 0.1 % 1.3 % Expected dividend yield None None None None Expected volatility 33.7 % 37.5 % 36.6 % 33.1 % Expected term (years) 0.7 0.7 0.6 0.6 Fair value, per share $ 29.85 $ 21.79 $ 23.07 $ 16.61

ACCELERATED SHARE REPURCHASE (T

ACCELERATED SHARE REPURCHASE (Tables)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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) Gain 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 (0.9) (1.4) — — (2.3) June 30, 2021 $ (144.1) $ (0.8) $ 4.8 $ (19.5) $ (159.6) Other comprehensive (loss) gain before reclassifications (9.0) 14.5 (4.5) (0.1) 0.9 Amounts reclassified from accumulated other comprehensive loss (1.6) 10.1 2.1 — 10.6 Deferred income tax (expense) benefit (1.6) (6.3) 0.6 — (7.3) September 30, 2021 $ (156.3) $ 17.5 $ 3.0 $ (19.6) $ (155.4) Foreign Unrealized Gain (Loss) 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) Other comprehensive gain (loss) before reclassifications 8.1 (24.3) (0.6) 0.1 (16.7) Amounts reclassified from accumulated other comprehensive loss (1.6) (5.5) 0.1 — (7.0) Deferred income tax benefit 4.1 7.6 0.2 — 11.9 September 30, 2020 $ (140.2) $ (10.4) $ 8.2 $ (15.5) $ (157.9)
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 Nine Months Ended Affected Line on Consolidated Condensed Details about Accumulated Other Comprehensive Loss Components 2021 2020 2021 2020 Foreign currency translation adjustments $ 1.6 $ 1.6 $ 4.7 $ 4.9 Other income, net (0.4) (0.4) (1.2) (1.2) Provision for income taxes $ 1.2 $ 1.2 $ 3.5 $ 3.7 Net of tax (Loss) gain on hedges $ (10.8) $ 5.9 $ (24.6) $ 19.7 Cost of sales (0.3) 0.3 (0.6) 2.0 Selling, general, and administrative expenses 1.0 (0.7) 8.8 (0.4) Other income, net (10.1) 5.5 (16.4) 21.3 Total before tax 2.5 (1.4) 5.1 (5.4) Provision for income taxes $ (7.6) $ 4.1 $ (11.3) $ 15.9 Net of tax Gain (loss) on available-for-sale investments $ (2.1) $ (0.1) $ (4.1) $ (0.2) Other income, net 0.5 — 1.0 (0.3) Provision for income taxes $ (1.6) $ (0.1) $ (3.1) $ (0.5) Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2021 2020 2021 2020 Basic: Net income $ 340.1 $ 325.2 $ 1,167.8 $ 513.9 Weighted-average shares outstanding 623.6 622.1 623.0 622.3 Basic earnings per share $ 0.55 $ 0.52 $ 1.87 $ 0.83 Diluted: Net income $ 340.1 $ 325.2 $ 1,167.8 $ 513.9 Weighted-average shares outstanding 623.6 622.1 623.0 622.3 Dilutive effect of stock plans 8.1 8.9 8.0 6.5 Dilutive weighted-average shares outstanding 631.7 631.0 631.0 628.8 Diluted earnings per share $ 0.54 $ 0.52 $ 1.85 $ 0.82

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2021 2020 2021 2020 Segment Net Sales United States $ 753.3 $ 662.0 $ 2,223.7 $ 1,845.6 Europe 268.9 241.5 806.1 695.9 Japan 126.2 109.9 384.6 325.0 Rest of World 136.1 115.2 393.6 323.4 Total segment net sales $ 1,284.5 $ 1,128.6 $ 3,808.0 $ 3,189.9 Segment Operating Income United States $ 527.4 $ 453.8 $ 1,544.1 $ 1,264.0 Europe 140.6 124.2 426.5 356.2 Japan 83.7 69.2 258.3 209.9 Rest of World 49.5 35.6 145.2 105.2 Total segment operating income $ 801.2 $ 682.8 $ 2,374.1 $ 1,935.3 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 Nine Months Ended 2021 2020 2021 2020 Net Sales Reconciliation Segment net sales $ 1,284.5 $ 1,128.6 $ 3,808.0 $ 3,189.9 Foreign currency 25.7 12.3 94.8 4.7 Consolidated net sales $ 1,310.2 $ 1,140.9 $ 3,902.8 $ 3,194.6 Pre-tax Income Reconciliation Segment operating income $ 801.2 $ 682.8 $ 2,374.1 $ 1,935.3 Unallocated amounts: Corporate items (413.6) (331.9) (1,178.7) (1,005.6) Intellectual property litigation expenses, net (4.7) (8.4) (13.5) (400.8) Change in fair value of contingent consideration liabilities (1.1) 9.0 106.0 (8.4) Foreign currency 8.5 6.3 28.0 25.7 Consolidated operating income 390.3 357.8 1,315.9 546.2 Non-operating income 0.6 6.5 9.8 14.4 Consolidated pre-tax income $ 390.9 $ 364.3 $ 1,325.7 $ 560.6
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 Nine Months Ended 2021 2020 2021 2020 Net Sales by Geographic Area United States $ 753.2 $ 662.0 $ 2,223.6 $ 1,845.6 Europe 291.1 253.8 880.9 707.8 Japan 125.9 113.9 390.0 330.7 Rest of World 140.0 111.2 408.3 310.5 $ 1,310.2 $ 1,140.9 $ 3,902.8 $ 3,194.6 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 857.8 $ 744.6 $ 2,551.0 $ 2,081.1 Transcatheter Mitral and Tricuspid Therapies 22.3 12.1 60.7 28.7 Surgical Structural Heart 217.4 203.3 667.8 557.6 Critical Care 212.7 180.9 623.3 527.2 $ 1,310.2 $ 1,140.9 $ 3,902.8 $ 3,194.6 September 30, 2021 December 31, 2020 Long-lived Tangible Assets by Geographic Area United States $ 1,132.9 $ 1,084.3 Europe 203.8 192.7 Japan 14.6 20.4 Rest of World 330.9 311.0 $ 1,682.2 $ 1,608.4

OTHER CONSOLIDATED FINANCIAL _3

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventories
Raw materials	$ 129.1	$ 136.7
Work in process	159.5	140
Finished products	449.2	525.6
Total inventories	737.8	802.3
Finished products inventories held on consignment	$ 123	$ 130

OTHER CONSOLIDATED FINANCIAL _4

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Accrued Liabilities and Long Term Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accrued and other liabilities
Employee compensation and withholdings	$ 325	$ 236.7
Taxes payable	24.4	18.6
Property, payroll, and other taxes	66.6	49.7
Research and development accruals	64.8	52.3
Accrued rebates	82.6	67.2
Fair value of derivatives	3.5	39.3
Accrued marketing expenses	17.1	14.3
Legal and insurance	77.4	60.8
Accrued relocation costs	24.1	21
Accrued professional services	8.6	7.6
Accrued realignment reserves	20.4	14.5
Other accrued liabilities	88.3	88.2
Total accrued and other liabilities	$ 802.8	$ 670.2

OTHER CONSOLIDATED FINANCIAL _5

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid during the year for:
Operating cash flows from operating leases	$ 24.1	$ 21.7
Non-cash investing and financing transactions:
Right-of-use assets obtained in exchange for new lease liabilities	13.5	30.7
Capital expenditures accruals	20.1	39.7
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	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Cash and cash equivalents	$ 1,506.9	$ 1,183.2
Restricted cash included in other current assets	9.8	16.6
Restricted cash included in other assets	3.2	0.4
Total cash, cash equivalents, and restricted cash	$ 1,519.9	$ 1,200.2	$ 1,029.5	$ 1,184.4

INTELLECTUAL PROPERTY LITIGAT_2

INTELLECTUAL PROPERTY LITIGATION EXPENSES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	May 31, 2024	Jul. 31, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Loss Contingencies [Line Items]
Intellectual property litigation expense				$ 4.7	$ 8.4	$ 13.5	$ 400.8
Abbott Laboratories
Loss Contingencies [Line Items]
Intellectual property litigation expense			$ 367.9
Payments for legal settlements		$ 100
Forecast | Subsequent Event | Abbott Laboratories
Loss Contingencies [Line Items]
Royalty expense	$ 100

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments in Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Held-to-maturity
Fair Value	$ 83
Available-for-sale
Amortized Cost	1,400.7	$ 924.3
Gross Unrealized Gains	6.2	11.6
Gross Unrealized Losses	(2.1)	0
Fair Value	1,404.8	935.9
Bank time deposits
Held-to-maturity
Amortized Cost	83	50
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	83	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	2.9	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	2.9	0
U.S. government and agency securities
Available-for-sale
Amortized Cost	145.8	147
Gross Unrealized Gains	1.1	2.2
Gross Unrealized Losses	(0.1)	0
Fair Value	146.8	149.2
Asset-backed securities
Available-for-sale
Amortized Cost	300.2	149.6
Gross Unrealized Gains	0.7	1.9
Gross Unrealized Losses	(0.8)	0
Fair Value	300.1	151.5
Corporate debt securities
Available-for-sale
Amortized Cost	946	600.8
Gross Unrealized Gains	4.4	7.5
Gross Unrealized Losses	(1.2)	0
Fair Value	949.2	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	Sep. 30, 2021	Dec. 31, 2020
Amortized Cost
Due in 1 year or less	$ 83
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	83
Fair Value
Due in 1 year or less	83
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	83
Amortized Cost
Due in 1 year or less	203.6
Due after 1 year through 5 years	839
Due after 5 years through 10 years	4.9
Instruments not due at a single maturity date	353.2
Amortized Cost	1,400.7	$ 924.3
Fair Value
Due in 1 year or less	204.8
Due after 1 year through 5 years	841.5
Due after 5 years through 10 years	4.9
Instruments not due at a single maturity date	353.6
Fair Value	$ 1,404.8	$ 935.9

INVESTMENTS - Schedule of Inv_2

INVESTMENTS - Schedule of Investments in Continuous Loss Position (Details) $ in Millions	Sep. 30, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	$ 582.7
Gross unrealized losses, less than twelve months	(2.1)
Fair value, twelve months or greater	0
Gross unrealized losses, twelve months or greater	0
Fair value, total	582.7
Gross unrealized losses, total	(2.1)
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	57
Gross unrealized losses, less than twelve months	(0.1)
Fair value, twelve months or greater	0
Gross unrealized losses, twelve months or greater	0
Fair value, total	57
Gross unrealized losses, total	(0.1)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	190.4
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	190.4
Gross unrealized losses, total	(0.8)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	335.3
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	335.3
Gross unrealized losses, total	$ (1.2)

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 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, 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	Sep. 30, 2021	Dec. 31, 2020
Equity method investments
Carrying value of equity method investments	$ 8.4	$ 5.7
Equity securities
Carrying value of non-marketable equity securities	73.6	29.4
Total investments in unconsolidated entities	$ 82	$ 35.1

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Financial instruments
Change in fair value of contingent consideration liabilities	$ (1.1)		$ 9	$ 106	$ (8.4)
Previous Acquisitions
Financial instruments
Change in fair value of contingent consideration liabilities		$ 105.2
Level 2
Financial instruments
Notes payable fair value disclosure	$ 688.3			$ 688.3
Discount Rate | Level 3 | Minimum
Financial instruments
Contingent consideration liability measurement input	0.0004			0.0004
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	0.047			0.047
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	0.983			0.983
Probability of Milestone Achievement | Level 3 | Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.648			0.648
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	Sep. 30, 2021	Dec. 31, 2020
Assets
Available-for-sale investments	$ 1,404.8	$ 935.9
Bank time deposits
Assets
Available-for-sale investments	3	24.1
Corporate debt securities
Assets
Available-for-sale investments	949.2	608.3
Asset-backed securities
Assets
Available-for-sale investments	300.1	151.5
U.S. government and agency securities
Assets
Available-for-sale investments	146.8	149.2
Commercial paper
Assets
Available-for-sale investments	2.9	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	39.4	16.2
Investments held for deferred compensation plans	123.4	111.2
Derivatives	48.2	8.1
Assets	1,615.8	1,071.3
Liabilities
Derivatives	3.5	39.3
Deferred compensation plans	123	111.6
Contingent consideration liabilities	80.1	186.1
Other liability	14
Liabilities	220.6	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	949.2	608.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Asset-backed securities
Assets
Available-for-sale investments	300.1	151.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | U.S. government and agency securities
Assets
Available-for-sale investments	146.8	149.1
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Commercial paper
Assets
Available-for-sale investments	2.9
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	18.9	16.2
Investments held for deferred compensation plans	123.4	111.2
Derivatives	0	0
Assets	181.2	184.3
Liabilities
Derivatives	0	0
Deferred compensation plans	123	111.6
Contingent consideration liabilities	0	0
Other liability	0
Liabilities	123	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	38.9	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	20.5	0
Investments held for deferred compensation plans	0	0
Derivatives	48.2	8.1
Assets	1,434.6	887
Liabilities
Derivatives	3.5	39.3
Deferred compensation plans	0	0
Contingent consideration liabilities	0	0
Other liability	0
Liabilities	3.5	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	949.2	608.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Asset-backed securities
Assets
Available-for-sale investments	300.1	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	107.9	92.2
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Commercial paper
Assets
Available-for-sale investments	2.9
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	80.1	186.1
Other liability	14
Liabilities	94.1	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	9 Months Ended
	Sep. 30, 2021	Sep. 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	(106)	8.4
Ending balance	94.1	180.9
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	(106)	8.4
Ending balance	80.1	180.9
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	Sep. 30, 2021	Dec. 31, 2020
Foreign currency forward exchange contracts
Derivative Financial Instruments
Derivative notional amount	$ 1,518.7	$ 1,525.5
Cross currency swap contracts
Derivative Financial Instruments
Derivative notional amount	$ 300	$ 300

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) € in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021EUR (€)	Dec. 31, 2020USD ($)
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	$ 0.6
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	Sep. 30, 2021	Dec. 31, 2020
Foreign currency contracts
Assets
Fair value of derivative assets	$ 35.6	$ 7.3
Liabilities
Fair value of derivative liabilities	3.5	39.3
Cross currency swap contracts
Assets
Fair value of derivative assets	12.6	0.8
Derivatives designated as hedging instruments | Foreign currency contracts | Other current assets
Assets
Fair value of derivative assets	35.6	7.3
Derivatives designated as hedging instruments | Foreign currency contracts | Accounts payable and accrued liabilities
Liabilities
Fair value of derivative liabilities	3.5	39.3
Derivatives designated as hedging instruments | Cross currency swap contracts | Other assets
Assets
Fair value of derivative assets	$ 12.6	$ 0.8

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Foreign currency contracts
Derivative assets
Gross Amounts	$ 35.6	$ 7.3
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	35.6	7.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(2.7)	(6.1)
Cash Collateral Received	0	0
Net Amount	32.9	1.2
Derivative liabilities
Gross Amounts	3.5	39.3
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	3.5	39.3
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts Not Offset in the Consolidated Balance Sheet	(2.7)	(6.1)
Cash Collateral Received	0	0
Net Amount	0.8	33.2
Cross currency swap contracts
Derivative assets
Gross Amounts	12.6	0.8
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	12.6	0.8
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 12.6	$ 0.8

DERIVATIVE INSTRUMENTS AND HE_7

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Foreign currency contracts | Derivatives not designated as hedging instruments | Other income, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 5.7	$ (1.7)	$ 16.6	$ 0
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	14.2	(22.3)	38.5	(9.7)
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	(10.8)	5.9	(24.6)	19.7
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	(0.3)	0.3	(0.6)	2
Net investment hedges | Cross currency swap contracts | Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	6.5	(16.6)	11.9	5.7
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)	1.6	1.6	4.7	4.9
Fair value hedges | Foreign currency contracts | Derivatives designated as hedging instruments | Other income, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 1	$ (0.7)	$ 8.8	$ (0.4)

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss)
Cost of sales	$ (311.7)	$ (281)	$ (939.4)	$ (784.3)
Selling, general, and administrative expenses	(364.4)	(307.2)	(1,069.7)	(889.9)
Interest expense (income), net	(0.8)	0.8	(1.5)	7.1
Other Income, net	1.4	5.7	11.3	7.3
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	(10.8)	5.9	(24.6)	19.7
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	(0.3)	0.3	(0.6)	2
Foreign currency contracts | Selling, general, and administrative expenses | Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	0	0	0	0
Foreign currency contracts | Other Income, net
Gain (loss) on fair value hedging relationships:
Hedged items	(0.2)	1.5	(6.4)	3
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	0.8	0.8	2.4	2.6
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	0	0	0	0
Foreign currency contracts | Other Income, net | Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	$ 0.2	$ (1.5)	$ 6.4	$ (3)

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 26.6	$ 23	$ 85.1	$ 71.7
Income tax benefit	(4.7)	(3.9)	(13.5)	(11.5)
Total stock-based compensation expense, net of tax	21.9	19.1	71.6	60.2
Cost of sales
Allocation of stock-based compensation expense
Total stock-based compensation expense	4.9	4.3	16.1	13.6
Selling, general, and administrative expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	15.9	13.8	50.7	43.5
Research and development expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 5.8	$ 4.9	$ 18.3	$ 14.6

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total remaining unrecognized compensation cost	$ 184.4
Unrecognized compensation cost, recognition period	32 months
Options granted (in shares)	1.6
Weighted average exercise price of options granted (in dollars per share)	$ 93.74
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)	$ 94.85
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.90%	0.30%	0.80%	0.30%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility (as a percent)	33.50%	33.40%	33.50%	34.20%
Expected term	5 years 3 months 18 days	5 years 2 months 12 days	5 years	5 years 1 month 6 days
Fair value, per option (in dollars per share)	$ 34.38	$ 22.24	$ 28.78	$ 22.19
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.10%	0.10%	0.10%	1.30%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility (as a percent)	33.70%	37.50%	36.60%	33.10%
Expected term	8 months 12 days	8 months 12 days	7 months 6 days	7 months 6 days
Fair value, per option (in dollars per share)	$ 29.85	$ 21.79	$ 23.07	$ 16.61

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)	9 Months Ended
	Sep. 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
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 5,133.3	$ 4,658.4	$ 4,574.3	$ 3,839.1	$ 3,901.1	$ 4,148.3
Other comprehensive gain (loss) before reclassifications	0.9	8.3	(1.2)	(16.7)	12.3	24.1
Amounts reclassified from accumulated other comprehensive loss	10.6	6.8	(1.6)	(7)	(8.6)	(10.4)
Deferred income tax (expense) benefit	(7.3)	(2.3)	(8.5)	11.9	2.2	(9.7)
Ending balance	5,541.3	5,133.3	4,658.4	4,210.3	3,839.1	3,901.1
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(144.1)	(154.6)	(122.4)	(150.8)	(152.5)	(154.8)
Other comprehensive gain (loss) before reclassifications	(9)	12.9	(30.2)	8.1	1.2	11.6
Amounts reclassified from accumulated other comprehensive loss	(1.6)	(1.5)	(1.6)	(1.6)	(1.6)	(1.7)
Deferred income tax (expense) benefit	(1.6)	(0.9)	(0.4)	4.1	2.1	(7.6)
Ending balance	(156.3)	(144.1)	(154.6)	(140.2)	(150.8)	(152.5)
Unrealized (Loss) Gain on Hedges
AOCI Attributable to Parent, Net of Tax
Beginning balance	(0.8)	(3.2)	(27.7)	11.8	19.1	12.5
Other comprehensive gain (loss) before reclassifications	14.5	(3.4)	34.8	(24.3)	(3.7)	19
Amounts reclassified from accumulated other comprehensive loss	10.1	7.2	(0.9)	(5.5)	(7.2)	(8.6)
Deferred income tax (expense) benefit	(6.3)	(1.4)	(9.4)	7.6	3.6	(3.8)
Ending balance	17.5	(0.8)	(3.2)	(10.4)	11.8	19.1
Unrealized Gain on Available-for-sale Investments
AOCI Attributable to Parent, Net of Tax
Beginning balance	4.8	4.7	8.6	8.5	(3)	1.7
Other comprehensive gain (loss) before reclassifications	(4.5)	(1)	(6.1)	(0.6)	14.8	(6.3)
Amounts reclassified from accumulated other comprehensive loss	2.1	1.1	0.9	0.1	0.2	(0.1)
Deferred income tax (expense) benefit	0.6	0	1.3	0.2	(3.5)	1.7
Ending balance	3	4.8	4.7	8.2	8.5	(3)
Unrealized Pension Costs
AOCI Attributable to Parent, Net of Tax
Beginning balance	(19.5)	(19.3)	(19.6)	(15.6)	(15.6)	(15.4)
Other comprehensive gain (loss) before reclassifications	(0.1)	(0.2)	0.3	0.1	0	(0.2)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0	0	0
Deferred income tax (expense) benefit	0	0	0	0	0	0
Ending balance	(19.6)	(19.5)	(19.3)	(15.5)	(15.6)	(15.6)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(159.6)	(172.4)	(161.1)	(146.1)	(152)	(156)
Ending balance	$ (155.4)	$ (159.6)	$ (172.4)	$ (157.9)	$ (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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Affected Line on Consolidated Condensed Statements of Operations
Other income, net	$ 1.4			$ 5.7			$ 11.3	$ 7.3
Provision for income taxes	(50.8)			(39.1)			(157.9)	(46.7)
Net income	340.1	$ 489.5	$ 338.2	325.2	$ (121.9)	$ 310.6	1,167.8	513.9
Cost of sales	(311.7)			(281)			(939.4)	(784.3)
Selling, general, and administrative expenses	(364.4)			(307.2)			(1,069.7)	(889.9)
Amount Reclassified from Accumulated Other Comprehensive Loss | Foreign Currency Translation Adjustments
Affected Line on Consolidated Condensed Statements of Operations
Other income, net	1.6			1.6			4.7	4.9
Provision for income taxes	(0.4)			(0.4)			(1.2)	(1.2)
Net income	1.2			1.2			3.5	3.7
Amount Reclassified from Accumulated Other Comprehensive Loss | Unrealized (Loss) Gain on Hedges
Affected Line on Consolidated Condensed Statements of Operations
Provision for income taxes	2.5			(1.4)			5.1	(5.4)
Net income	(7.6)			4.1			(11.3)	15.9
Cost of sales	(10.8)			5.9			(24.6)	19.7
Selling, general, and administrative expenses	(0.3)			0.3			(0.6)	2
Other income, net	1			(0.7)			8.8	(0.4)
Total before tax	(10.1)			5.5			(16.4)	21.3
Amount Reclassified from Accumulated Other Comprehensive Loss | Gain (loss) on available-for-sale investments
Affected Line on Consolidated Condensed Statements of Operations
Other income, net	(2.1)			(0.1)			(4.1)	(0.2)
Provision for income taxes	0.5			0			1	(0.3)
Net income	$ (1.6)			$ (0.1)			$ (3.1)	$ (0.5)

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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic:
Net income	$ 340.1	$ 489.5	$ 338.2	$ 325.2	$ (121.9)	$ 310.6	$ 1,167.8	$ 513.9
Weighted-average shares outstanding (in shares)	623.6			622.1			623	622.3
Basic earnings per share (in dollars per share)	$ 0.55			$ 0.52			$ 1.87	$ 0.83
Diluted:
Net income	$ 340.1	$ 489.5	$ 338.2	$ 325.2	$ (121.9)	$ 310.6	$ 1,167.8	$ 513.9
Weighted-average shares outstanding (in shares)	623.6			622.1			623	622.3
Dilutive effect of stock plans (in shares)	8.1			8.9			8	6.5
Dilutive weighted-average shares outstanding (in shares)	631.7			631			631	628.8
Diluted earnings per share (in dollars per share)	$ 0.54			$ 0.52			$ 1.85	$ 0.82

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock compensation plan
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of earnings per share (in shares)	1.7	2	2	5.8

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	13.00%		10.70%	11.90%	8.30%
Tax benefit from employee share-based compensation	$ 12.9		$ 16.4	$ 50.7	$ 47
Liability for income taxes associated with uncertain tax positions	340.8			340.8		$ 281.8
Decrease in unrecognized tax benefits is reasonably possible	128.5			128.5		95.1
Net amounts that would favorably affect effective tax rate	$ 212.3			212.3		$ 186.7
Income tax benefit		$ 2
Additional federal tax				$ 180

SEGMENT INFORMATION - Informati

SEGMENT INFORMATION - Information About Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Net Sales
Net sales	$ 1,310.2	$ 1,140.9	$ 3,902.8	$ 3,194.6
Operating segments
Segment Net Sales
Net sales	1,284.5	1,128.6	3,808	3,189.9
Segment Operating Income
Segment operating income	801.2	682.8	2,374.1	1,935.3
United States | Operating segments
Segment Net Sales
Net sales	753.3	662	2,223.7	1,845.6
Segment Operating Income
Segment operating income	527.4	453.8	1,544.1	1,264
Europe | Operating segments
Segment Net Sales
Net sales	268.9	241.5	806.1	695.9
Segment Operating Income
Segment operating income	140.6	124.2	426.5	356.2
Japan | Operating segments
Segment Net Sales
Net sales	126.2	109.9	384.6	325
Segment Operating Income
Segment operating income	83.7	69.2	258.3	209.9
Rest of World | Operating segments
Segment Net Sales
Net sales	136.1	115.2	393.6	323.4
Segment Operating Income
Segment operating income	$ 49.5	$ 35.6	$ 145.2	$ 105.2

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Sales Reconciliation
Net sales	$ 1,310.2	$ 1,140.9	$ 3,902.8	$ 3,194.6
Pre-tax Income Reconciliation
Consolidated operating income	390.3	357.8	1,315.9	546.2
Unallocated amounts:
Change in fair value of contingent consideration liabilities	(1.1)	9	106	(8.4)
Income before provision for income taxes	390.9	364.3	1,325.7	560.6
Operating segments
Net Sales Reconciliation
Net sales	1,284.5	1,128.6	3,808	3,189.9
Pre-tax Income Reconciliation
Consolidated operating income	801.2	682.8	2,374.1	1,935.3
Corporate items
Unallocated amounts:
Corporate items	(413.6)	(331.9)	(1,178.7)	(1,005.6)
Reconciling items
Net Sales Reconciliation
Net sales	25.7	12.3	94.8	4.7
Unallocated amounts:
Intellectual property litigation expenses, net	(4.7)	(8.4)	(13.5)	(400.8)
Foreign currency	8.5	6.3	28	25.7
Non-operating income	$ 0.6	$ 6.5	$ 9.8	$ 14.4

SEGMENT INFORMATION - Enterpris

SEGMENT INFORMATION - Enterprise-Wide Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Enterprise-Wide Information
Net sales	$ 1,310.2	$ 1,140.9	$ 3,902.8	$ 3,194.6
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	1,682.2		1,682.2		$ 1,608.4
Transcatheter Aortic Valve Replacement
Enterprise-Wide Information
Net sales	857.8	744.6	2,551	2,081.1
Transcatheter Mitral and Tricuspid Therapies
Enterprise-Wide Information
Net sales	22.3	12.1	60.7	28.7
Surgical Structural Heart
Enterprise-Wide Information
Net sales	217.4	203.3	667.8	557.6
Critical Care
Enterprise-Wide Information
Net sales	212.7	180.9	623.3	527.2
United States
Enterprise-Wide Information
Net sales	753.2	662	2,223.6	1,845.6
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	1,132.9		1,132.9		1,084.3
Europe
Enterprise-Wide Information
Net sales	291.1	253.8	880.9	707.8
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	203.8		203.8		192.7
Japan
Enterprise-Wide Information
Net sales	125.9	113.9	390	330.7
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	14.6		14.6		20.4
Rest of World
Enterprise-Wide Information
Net sales	140	$ 111.2	408.3	$ 310.5
Long-lived Tangible Assets by Geographic Area
Long-lived tangible assets	$ 330.9		$ 330.9		$ 311