Edwards Lifesciences (EW) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-15525
Entity Registrant Name	EDWARDS LIFESCIENCES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4316614
Entity Address, Address Line One	One Edwards Way
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Zip Code	92614
City Area Code	949
Local Phone Number	250-2500
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	EW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		621,751,736
Entity Central Index Key	0001099800
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 1,030.9	$ 862.8
Short-term investments (Note 3)	465	604
Accounts receivable, net of allowances of $8.7 and $9.3, respectively	636.3	582.2
Other receivables	49.9	82.7
Inventories (Note 2)	730.6	726.7
Prepaid expenses	94.1	85.2
Other current assets	234.5	237.1
Total current assets	3,241.3	3,180.7
Long-term investments (Note 3)	1,623.7	1,834.2
Property, plant, and equipment, net	1,552.2	1,546.6
Operating lease right-of-use assets	90.1	92.1
Goodwill	1,166.3	1,167.9
Other intangible assets, net	322	323.6
Deferred income taxes	294.9	246.7
Other assets	129.4	110.8
Total assets	8,419.9	8,502.6
Current liabilities
Accounts payable	158.8	204.5
Accrued and other liabilities (Note 2)	767.2	802.3
Operating lease liabilities	23.9	25.5
Total current liabilities	949.9	1,032.3
Long-term debt	595.9	595.7
Contingent consideration liabilities (Note 4)	59.1	62
Taxes payable	190	190
Operating lease liabilities	68.4	69.1
Uncertain tax positions	270.7	259
Litigation settlement accrual	181.3	191.3
Other liabilities	259.7	267.3
Total liabilities	2,575	2,666.7
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.01 par value, authorized 50.0 shares, no shares outstanding	0	0
Common stock, $1.00 par value, 1,050.0 shares authorized, 642.9 and 642.0 shares issued, and 621.4 and 624.1 shares outstanding, respectively	642.9	642
Additional paid-in capital	1,769.4	1,700.4
Retained earnings	6,441.7	6,068.1
Accumulated other comprehensive loss (Note 9)	(186.6)	(157.7)
Treasury stock, at cost, 21.5 and 17.9 shares, respectively	(2,822.5)	(2,416.9)
Total stockholders' equity	5,844.9	5,835.9
Total liabilities and stockholders' equity	$ 8,419.9	$ 8,502.6

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 8.7	$ 9.3
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,050,000,000	1,050,000,000
Common stock, shares issued (in shares)	642,900,000	642,000,000
Common stock, shares outstanding (in shares)	621,400,000	624,100,000
Treasury stock (in shares)	21,500,000	17,900,000

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,341.2	$ 1,216.6
Cost of sales	299.3	293.4
Gross profit	1,041.9	923.2
Selling, general, and administrative expenses	370.3	330.8
Research and development expenses	228.6	207
Intellectual property litigation expenses, net	7.1	6.4
Change in fair value of contingent consideration liabilities (Note 4)	(2.9)	(4.5)
Operating income	438.8	383.5
Interest income, net	(0.6)	(0.3)
Other expense (income), net	3.3	(5.5)
Income before provision for income taxes	436.1	389.3
Provision for income taxes	62.5	51.1
Net income	$ 373.6	$ 338.2
Earnings per share:
Basic (in dollars per share)	$ 0.60	$ 0.54
Diluted (in dollars per share)	$ 0.59	$ 0.54
Weighted-average number of common shares outstanding:
Basic (in shares)	622.1	623.2
Diluted (in shares)	629.4	631.3

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 373.6	$ 338.2
Other comprehensive (loss) income, net of tax (Note 9):
Foreign currency translation adjustments	(10)	(32.2)
Unrealized gain on hedges	13.4	24.5
Unrealized pension credits	0	0.3
Unrealized loss on available-for-sale investments	(37.1)	(4.8)
Reclassification of net realized investment loss to earnings	4.8	0.9
Other comprehensive (loss)	(28.9)	(11.3)
Comprehensive income	$ 344.7	$ 326.9

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 373.6	$ 338.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	34.7	32.4
Non-cash operating lease cost	7.1	7.3
Stock-based compensation (Note 6)	32.4	28.2
Change in fair value of contingent consideration liabilities (Note 4)	(2.9)	(4.5)
Deferred income taxes	(42.6)	10.8
Other	20.4	(2.7)
Changes in operating assets and liabilities:
Accounts and other receivables, net	(57.8)	(89.5)
Inventories	(24)	2.5
Accounts payable and accrued liabilities	(109.2)	(9.3)
Income taxes	82.9	14.1
Prepaid expenses and other current assets	1.7	(5.4)
Litigation settlement accrual	(10)	1.6
Other	(13)	(23.2)
Net cash provided by operating activities	293.3	300.5
Cash flows from investing activities
Capital expenditures	(72.7)	(106)
Purchases of held-to-maturity investments (Note 3)	(128)	0
Proceeds from held-to-maturity investments (Note 3)	130	50
Purchases of available-for-sale investments (Note 3)	(74.1)	(77.4)
Proceeds from available-for-sale investments (Note 3)	372	86.8
Issuances of notes receivable	(10.5)	(3.6)
Collections of notes receivable	18	0
Other	(5.2)	0.5
Net cash provided by (used in) investing activities	229.5	(49.7)
Cash flows from financing activities
Proceeds from issuance of debt	0	4.5
Payments on debt and finance lease obligations	0	(4.9)
Purchases of treasury stock	(405.6)	(302.6)
Proceeds from stock plans	37.5	31.6
Other	0	(2.9)
Net cash used in financing activities	(368.1)	(274.3)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	13.2	14.2
Net increase (decrease) in cash, cash equivalents, and restricted cash	167.9	(9.3)
Cash, cash equivalents, and restricted cash at beginning of period	867.4	1,200.2
Cash, cash equivalents, and restricted cash at end of period	$ 1,035.3	$ 1,190.9

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, 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 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, 2021		642	17.9
Beginning balance at Dec. 31, 2021	5,835.9	$ 642	$ (2,416.9)	1,700.4	6,068.1	(157.7)
Increase (Decrease) in Stockholders' Equity
Net income	373.6				373.6
Other comprehensive loss, net of tax	(28.9)					(28.9)
Common stock issued under stock plans (in shares)		0.9
Common stock issued under stock plans	37.5	$ 0.9		36.6
Stock-based compensation expense	32.4			32.4
Purchases of treasury stock (in shares)			3.6
Purchases of treasury stock	(405.6)		$ (405.6)
Ending balance (in shares) at Mar. 31, 2022		642.9	21.5
Ending balance at Mar. 31, 2022	$ 5,844.9	$ 642.9	$ (2,822.5)	$ 1,769.4	$ 6,441.7	$ (186.6)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
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, 2021. 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 the Company's business and markets, including its workforce and the operations of its 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, and the associated impact on economic and operating conditions. 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. 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, 2021. Recently Adopted Accounting Standards In November 2021, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on government assistance. The guidance requires certain disclosures about transactions with a government that are accounted for by applying a grant or contribution model. The guidance was effective for annual periods beginning after December 15, 2021. The adoption of this guidance was applied prospectively and did not have a material impact on the Company's consolidated financial statements.

OTHER CONSOLIDATED FINANCIAL ST

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 Inventories Raw materials $ 137.4 $ 132.8 Work in process 150.6 164.3 Finished products 442.6 429.6 $ 730.6 $ 726.7 At March 31, 2022 and December 31, 2021, $116.2 million and $125.8 million, respectively, of the Company's finished products inventories were held on consignment. March 31, 2022 December 31, 2021 Accrued and other liabilities Employee compensation and withholdings $ 221.7 $ 319.7 Taxes payable 93.1 30.6 Property, payroll, and other taxes 69.2 68.9 Research and development accruals 56.5 58.2 Accrued rebates 78.4 77.0 Fair value of derivatives 3.8 3.9 Accrued marketing expenses 16.8 20.1 Legal and insurance (a) 78.3 79.1 Accrued relocation costs 27.6 26.2 Accrued professional services 14.2 11.9 Accrued realignment reserves 19.4 19.1 Other accrued liabilities 88.2 87.6 $ 767.2 $ 802.3 _______________________________________ (a) On July 12, 2020, the Company reached an agreement with Abbott Laboratories and its direct and indirect subsidiaries to, among other things, settle all outstanding patent disputes between the companies in cases related to transcatheter mitral and tricuspid repair products. As of March 31, 2022, $50.0 million was accrued in " Accrued and other liabilities " and $181.3 million was accrued in " Litigation settlement accrual " on the consolidated condensed balance sheet. Supplemental Cash Flow Information (in millions) Three Months Ended 2022 2021 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7.6 $ 7.7 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 6.4 $ 3.5 Capital expenditures accruals $ 23.8 $ 36.4 Cash, Cash Equivalents, and Restricted Cash (in millions) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 1,030.9 $ 862.8 Restricted cash included in other current assets 1.3 1.5 Restricted cash included in other assets 3.1 3.1 Total cash, cash equivalents, and restricted cash $ 1,035.3 $ 867.4 Amounts included in restricted cash primarily represent funds placed in escrow related to litigation.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Debt Securities Investments in debt securities at the end of each period were as follows (in millions): March 31, 2022 December 31, 2021 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 $ 160.0 $ — $ — $ 160.0 $ 162.0 $ — $ — $ 162.0 Available-for-sale Bank time deposits $ 4.5 $ — $ — $ 4.5 $ 2.5 $ — $ — $ 2.5 Commercial paper 23.1 — — 23.1 127.7 — — 127.7 United States government and agency securities 142.5 — (4.0) 138.5 147.4 0.6 (0.7) 147.3 Asset-backed securities 451.0 — (10.8) 440.2 515.2 0.3 (2.9) 512.6 Corporate debt securities 1,264.5 0.2 (37.0) 1,227.7 1,397.1 2.0 (8.3) 1,390.8 Municipal securities 2.8 — (0.2) 2.6 2.8 — — 2.8 Total $ 1,888.4 $ 0.2 $ (52.0) $ 1,836.6 $ 2,192.7 $ 2.9 $ (11.9) $ 2,183.7 The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2022, 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 $ 160.0 $ 160.0 $ 305.9 $ 305.0 Due after 1 year through 5 years — — 1,070.8 1,033.4 Due after 5 years through 10 years — — 8.1 7.8 Instruments not due at a single maturity date (a) — — 503.6 490.4 $ 160.0 $ 160.0 $ 1,888.4 $ 1,836.6 _______________________________________ (a) Consists primarily of asset-backed securities. Actual maturities may differ from the contractual maturities due to call or prepayment rights. The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): March 31, 2022 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses United States government and agency securities $ 101.8 $ (3.6) $ 9.4 $ (0.4) $ 111.2 $ (4.0) Asset-backed securities 396.5 (10.5) 15.8 (0.3) 412.3 (10.8) Corporate debt securities 1,110.1 (34.5) 33.6 (2.5) 1,143.7 (37.0) Municipal securities 3.1 (0.2) — — 3.1 (0.2) $ 1,611.5 $ (48.8) $ 58.8 $ (3.2) $ 1,670.3 $ (52.0) December 31, 2021 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses United States government and agency securities $ 85.1 $ (0.7) $ — $ — $ 85.1 $ (0.7) Asset-backed securities 433.3 (2.9) — — 433.3 (2.9) Corporate debt securities 1,114.1 (8.3) — — 1,114.1 (8.3) $ 1,632.5 $ (11.9) $ — $ — $ 1,632.5 $ (11.9) The unrealized losses were largely due to changes in interest rates and were considered temporary. Investments in Unconsolidated Entities The Company has a number of equity investments in unconsolidated entities. These investments are recorded in " Long-term Investments " on the consolidated condensed balance sheets, and are as follows: March 31, December 31, (in millions) Equity method investments Carrying value of equity method investments $ 7.7 $ 8.4 Equity securities Carrying value of non-marketable equity securities 84.4 84.1 Total investments in unconsolidated entities $ 92.1 $ 92.5 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. As of March 31, 2022, the Company had recorded cumulative upward adjustments of $8.0 million based on observable price changes, and cumulative downward adjustments of $2.6 million due to impairments and observable price changes.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
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. The carrying value of these financial instruments generally approximates fair value due to their short-term nature. Financial instruments also include notes payable. As of March 31, 2022, the fair value of the notes payable, based on Level 2 inputs, was $626.6 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): March 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 16.9 $ 152.5 $ — $ 169.4 Available-for-sale investments: Bank time deposits — 4.5 — 4.5 Corporate debt securities — 1,227.7 — 1,227.7 Asset-backed securities — 440.2 — 440.2 United States government and agency securities 29.9 108.6 — 138.5 Commercial paper — 23.1 — 23.1 Municipal securities — 2.6 — 2.6 Investments held for deferred compensation plans 120.6 — — 120.6 Derivatives — 67.1 — 67.1 $ 167.4 $ 2,026.3 $ — $ 2,193.7 Liabilities Derivatives $ — $ 3.8 $ — $ 3.8 Deferred compensation plans 121.1 — — 121.1 Contingent consideration liabilities — — 59.1 59.1 Other liability — — 14.0 14.0 $ 121.1 $ 3.8 $ 73.1 $ 198.0 December 31, 2021 Assets Cash equivalents $ 15.2 $ 30.7 $ — $ 45.9 Available-for-sale investments: Bank time deposits — 2.5 — 2.5 Corporate debt securities — 1,390.8 — 1,390.8 Asset-backed securities — 512.6 — 512.6 United States government and agency securities 28.4 118.9 — 147.3 Commercial paper — 127.7 — 127.7 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 130.7 — — 130.7 Derivatives — 55.3 — 55.3 $ 174.3 $ 2,241.3 $ — $ 2,415.6 Liabilities Derivatives $ — $ 3.9 $ — $ 3.9 Deferred compensation plans 130.9 — — 130.9 Contingent consideration liabilities — — 62.0 62.0 Other liability — — 14.0 14.0 $ 130.9 $ 3.9 $ 76.0 $ 210.8 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, 2021 $ 62.0 $ 14.0 $ 76.0 Changes in fair value (2.9) — (2.9) Balance at March 31, 2022 $ 59.1 $ 14.0 $ 73.1 Contingent Consideration Other liability Total Balance at December 31, 2020 $ 186.1 $ — $ 186.1 Changes in fair value (4.5) — (4.5) Balance at March 31, 2021 $ 181.6 $ — $ 181.6 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, United States 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, bond and money market 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, cross currency swap basis 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 as of March 31, 2022 include (1) the discount rate used to present value the projected cash flows (ranging from 0.2% to 10.3%; weighted average of 5.3%), (2) the probability of milestone achievement (ranging from 0% to 91.5%; weighted average of 57.9%), (3) the projected payment dates (ranging from 2026 to 2027; weighted average of 2026), and (4) the volatility of future sales (45.0%). The weighted average of each of the above inputs was determined based on the relative fair value of each obligation. The use of different assumptions could have a material effect on the estimated fair value amounts.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes. Notional Amount March 31, 2022 December 31, 2021 (in millions) Foreign currency forward exchange contracts $ 1,578.6 $ 1,498.8 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 March 31, 2022 December 31, 2021 Assets Foreign currency contracts Other current assets $ 44.1 $ 36.2 Cross currency swap contracts Other assets $ 23.0 $ 19.1 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 3.8 $ 3.9 The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions): Gross Amounts Gross Amounts Net Amounts March 31, 2022 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 44.1 $ — $ 44.1 $ (3.7) $ — $ 40.4 Cross currency swap contracts $ 23.0 $ — $ 23.0 $ — $ — $ 23.0 Derivative liabilities Foreign currency contracts $ 3.8 $ — $ 3.8 $ (3.7) $ — $ 0.1 December 31, 2021 Derivative assets Foreign currency contracts $ 36.2 $ — $ 36.2 $ (2.8) $ — $ 33.4 Cross currency swap contracts $ 19.1 $ — $ 19.1 $ — $ — $ 19.1 Derivative liabilities Foreign currency contracts $ 3.9 $ — $ 3.9 $ (2.8) $ — $ 1.1 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 2022 2021 2022 2021 Cash flow hedges Foreign currency contracts $ 24.7 $ 28.2 Cost of sales $ 7.3 $ (5.5) Selling, general, and administrative expenses $ — $ 0.1 Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2022 2021 2022 2021 Net investment hedges Cross currency swap contracts $ 3.9 $ 1.8 Interest income, net $ 1.6 $ 1.6 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) 2022 2021 Fair value hedges Foreign currency contracts Other expense (income), net $ — $ 6.3 Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2022 2021 Derivatives not designated as hedging instruments Foreign currency contracts Other expense (income), net $ 15.5 $ 15.2 The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other Expense (Income), net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (299.3) $ (370.3) $ (3.3) The effects of fair value and cash flow hedging: Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 7.3 $ — $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other Expense (Income), net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (293.4) $ (330.8) $ 5.5 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ (5.5) Derivatives designated as hedging instruments $ — $ — $ 5.5 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ (5.5) $ 0.1 $ — The Company expects that during the next twelve months it will reclassify to earnings a $17.2 million gain currently recorded in " Accumulated Other Comprehensive Loss ."

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three months ended March 31, 2022 and 2021 was as follows (in millions): Three Months Ended 2022 2021 Cost of sales $ 6.2 $ 5.5 Selling, general, and administrative expenses 18.7 16.5 Research and development expenses 7.5 6.2 Total stock-based compensation expense 32.4 28.2 Income tax benefit (4.4) (3.9) Total stock-based compensation expense, net of tax $ 28.0 $ 24.3 At March 31, 2022, 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 $149.7 million, which will be amortized on a straight-line basis over the weighted-average remaining requisite service period of 28 months. Fair Value Disclosures The following table includes the weighted-average grant-date fair values of stock options granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model: Option Awards Three Months Ended 2022 2021 Average risk-free interest rate 1.9 % 0.6 % Expected dividend yield None None Expected volatility 33.5 % 33.4 % Expected term (years) 5.3 5.2 Fair value, per option $ 35.66 $ 26.28 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 2022 2021 Average risk-free interest rate 0.2 % 0.1 % Expected dividend yield None None Expected volatility 32.2 % 37.5 % Expected term (years) 0.6 0.6 Fair value, per share $ 29.52 $ 22.14

ACCELERATED SHARE REPURCHASE

ACCELERATED SHARE REPURCHASE	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
ACCELERATED SHARE REPURCHASE	ACCELERATED SHARE REPURCHASE During 2022 and 2021, the Company entered into accelerated share repurchase ("ASR") agreements 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 agreements (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 January 2022 $ 250.0 1.9 $ 104.87 80 % February 2022 2.3 $ 110.31 The ASR agreements were each 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 contracts indexed to the Company's common stock met all the applicable criteria for equity classification and, therefore, were not accounted for as a derivative instrument.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The 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 voluntarily notified the SEC and the United States Department of Justice ("DOJ") during 2021 that it has engaged outside counsel to conduct this review and investigation. The Company has provided status updates to the SEC and DOJ since that time. 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 intends to vigorously defend itself in this litigation. The Company is or may be a party to, or may otherwise be responsible for, pending or threatened lawsuits including those related to products and services currently or formerly manufactured or performed, as applicable, by the Company, workplace and employment matters, matters involving real estate, Company operations or health care regulations, or governmental investigations (the "Lawsuits"). The Lawsuits raise difficult and complex factual and legal issues and are subject to many uncertainties, including, but not limited to, the facts and circumstances of each particular case or claim, the jurisdiction in which each suit is brought, and differences in applicable law. Management does not believe that any loss relating to the Lawsuits would have a material adverse effect on the Company's overall financial condition, results of operations or cash flows. However, the resolution of one or more of the Lawsuits in any reporting period, could have a material adverse impact on the Company's financial results for that period. The Company is not able to estimate the amount or range of any loss for legal contingencies related to the Lawsuits for which there is no reserve or additional loss for matters already reserved. The Company is subject to various environmental laws and regulations both within and outside of the United States. The Company's operations, like those of other medical device companies, involve the use of substances regulated under environmental laws, primarily in manufacturing and sterilization processes. While it is difficult to quantify the potential impact of continuing compliance with environmental protection laws, management believes that such compliance will not have a material impact on the Company's financial results. The Company's threshold of disclosing material environmental legal proceedings involving a governmental authority where potential monetary exposure is involved is $1 million.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2022
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 Gain on Hedges Unrealized Loss on Available-for-sale Investments Unrealized Total December 31, 2021 $ (172.5) $ 29.7 $ (6.9) $ (8.0) $ (157.7) Other comprehensive (loss) gain before reclassifications (7.4) 24.7 (47.6) — (30.3) Amounts reclassified from accumulated other comprehensive loss (1.6) (7.3) 4.8 — (4.1) Deferred income tax (expense) benefit (1.0) (4.0) 10.5 — 5.5 March 31, 2022 $ (182.5) $ 43.1 $ (39.2) $ (8.0) $ (186.6) Foreign Unrealized Loss on Hedges Unrealized Gain on Available-for-sale Investments Unrealized Total December 31, 2020 $ (122.4) $ (27.7) $ 8.6 $ (19.6) $ (161.1) Other comprehensive (loss) gain before reclassifications (30.2) 34.8 (6.1) 0.3 (1.2) Amounts reclassified from accumulated other comprehensive loss (1.6) (0.9) 0.9 — (1.6) Deferred income tax (expense) benefit (0.4) (9.4) 1.3 — (8.5) March 31, 2021 $ (154.6) $ (3.2) $ 4.7 $ (19.3) $ (172.4) The following table provides information about amounts reclassified from " Accumulated Other Comprehensive Loss " (in millions): Three Months Ended Affected Line on Consolidated Condensed Details about Accumulated Other Comprehensive Loss Components 2022 2021 Foreign currency translation adjustments $ 1.6 $ 1.6 Other expense (income), net (0.4) (0.4) Provision for income taxes $ 1.2 $ 1.2 Net of tax Gain (loss) on hedges $ 7.3 $ (5.5) Cost of sales — 0.1 Selling, general, and administrative expenses — 6.3 Other expense (income), net 7.3 0.9 Total before tax (2.1) 0.7 Provision for income taxes $ 5.2 $ 1.6 Net of tax (Loss) gain on available-for-sale investments $ (4.8) $ (0.9) Other expense (income), net 1.2 0.2 Provision for income taxes $ (3.6) $ (0.7) Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the 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 2022 2021 Basic: Net income $ 373.6 $ 338.2 Weighted-average shares outstanding 622.1 623.2 Basic earnings per share $ 0.60 $ 0.54 Diluted: Net income $ 373.6 $ 338.2 Weighted-average shares outstanding 622.1 623.2 Dilutive effect of stock plans 7.3 8.1 Dilutive weighted-average shares outstanding 629.4 631.3 Diluted earnings per share $ 0.59 $ 0.54

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective income tax rates were 14.3% and 13.1% for the three months ended March 31, 2022 and 2021, respectively. The increase in the effective rate between the three months ended March 31, 2022 and 2021 is primarily due to the estimated impact of U.S. foreign tax credit regulations published by the U.S. Treasury on January 4, 2022. These regulations limit the amount of foreign taxes that are creditable against U.S. income taxes. In addition, the effective rates for the three months ended March 31, 2022 and 2021 were lower than the federal statutory rate of 21% primarily due to (1) foreign earnings taxed at lower rates, (2) Federal and California research and development credits, and (3) the tax benefit from employee share-based compensation. The effective rates include a tax benefit from employee share- based compensation of $13.4 million and $11.5 million for the three months ended March 31, 2022 and 2021, 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 final outcome with a tax authority may result in a tax liability that is more or less than that reflected in the consolidated condensed financial statements. Furthermore, the Company may later decide to challenge any assessments, if made, and may exercise its right to appeal. The uncertain tax positions are reviewed quarterly and adjusted as events occur that affect potential liabilities for additional taxes, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, negotiations between tax authorities, identification of new issues, and issuance of new legislation, regulations, or case law. As of March 31, 2022 and December 31, 2021, the gross liability recorded for income taxes associated with uncertain tax positions was $379.9 million and $358.4 million, respectively. The Company estimates that these liabilities would be reduced by $147.7 million and $135.1 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 $232.2 million and $223.3 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 all of the APAs which cover transactions with Japan for the years 2020 and forward. The execution of some or all of these APA renewals depends on many variables outside of the Company's control. As of March 31, 2022, all material state, local, and foreign income tax matters have been concluded for years through 2015. While not material, the Company continues to address matters in India for years from 2010. The audits of the Company’s United States federal income tax returns through 2014 have been closed. 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. The IRS began its examination of the 2018, 2019, and 2020 tax years during the first quarter of 2022. During 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 United States and Switzerland subsidiaries. The NOPA proposes an increase to the Company's United States 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 has formally disagreed with the NOPA and submitted a formal protest on the matter to the IRS Independent Office of Appeals during the fourth quarter of 2021. The Company also has received the final Revenue Agent's Report for these tax years. 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2022
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. 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. There were no customers that represented 10% or more of the Company's total net sales. 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 2022 2021 Segment Net Sales United States $ 749.5 $ 674.7 Europe 300.1 255.4 Japan 140.9 127.7 Rest of World 142.3 124.5 Total segment net sales $ 1,332.8 $ 1,182.3 Segment Operating Income United States $ 511.5 $ 466.1 Europe 166.6 133.3 Japan 99.5 87.6 Rest of World 59.7 47.3 Total segment operating income $ 837.3 $ 734.3 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 2022 2021 Net Sales Reconciliation Segment net sales $ 1,332.8 $ 1,182.3 Foreign currency 8.4 34.3 Consolidated net sales $ 1,341.2 $ 1,216.6 Pre-tax Income Reconciliation Segment operating income $ 837.3 $ 734.3 Unallocated amounts: Corporate items (419.4) (357.7) Intellectual property litigation expenses, net (7.1) (6.4) Change in fair value of contingent consideration liabilities 2.9 4.5 Foreign currency 25.1 8.8 Consolidated operating income 438.8 383.5 Non-operating (expense) income (2.7) 5.8 Consolidated pre-tax income $ 436.1 $ 389.3 Enterprise-wide Information (in millions) The following enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated condensed financial statements. Three Months Ended 2022 2021 Net Sales by Geographic Area United States $ 749.5 $ 674.7 Europe 311.1 280.0 Japan 135.5 132.3 Rest of World 145.1 129.6 $ 1,341.2 $ 1,216.6 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 881.3 $ 791.7 Transcatheter Mitral and Tricuspid Therapies 27.0 16.3 Surgical Structural Heart 220.8 213.0 Critical Care 212.1 195.6 $ 1,341.2 $ 1,216.6

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021. 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 the Company's business and markets, including its workforce and the operations of its 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, and the associated impact on economic and operating conditions. 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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In November 2021, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on government assistance. The guidance requires certain disclosures about transactions with a government that are accounted for by applying a grant or contribution model. The guidance was effective for annual periods beginning after December 15, 2021. The adoption of this guidance was applied prospectively and did not have a material impact on the Company's consolidated financial statements.

OTHER CONSOLIDATED FINANCIAL _2

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 Inventories Raw materials $ 137.4 $ 132.8 Work in process 150.6 164.3 Finished products 442.6 429.6 $ 730.6 $ 726.7
Schedule of Accounts Payable and Accrued Liabilities	March 31, 2022 December 31, 2021 Accrued and other liabilities Employee compensation and withholdings $ 221.7 $ 319.7 Taxes payable 93.1 30.6 Property, payroll, and other taxes 69.2 68.9 Research and development accruals 56.5 58.2 Accrued rebates 78.4 77.0 Fair value of derivatives 3.8 3.9 Accrued marketing expenses 16.8 20.1 Legal and insurance (a) 78.3 79.1 Accrued relocation costs 27.6 26.2 Accrued professional services 14.2 11.9 Accrued realignment reserves 19.4 19.1 Other accrued liabilities 88.2 87.6 $ 767.2 $ 802.3 _______________________________________ (a) On July 12, 2020, the Company reached an agreement with Abbott Laboratories and its direct and indirect subsidiaries to, among other things, settle all outstanding patent disputes between the companies in cases related to transcatheter mitral and tricuspid repair products. As of March 31, 2022, $50.0 million was accrued in " Accrued and other liabilities " and $181.3 million was accrued in " Litigation settlement accrual
Schedule of Cash Flow, Supplemental Disclosures	Supplemental Cash Flow Information (in millions) Three Months Ended 2022 2021 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7.6 $ 7.7 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 6.4 $ 3.5 Capital expenditures accruals $ 23.8 $ 36.4
Schedule of Cash and Cash Equivalents	Cash, Cash Equivalents, and Restricted Cash (in millions) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 1,030.9 $ 862.8 Restricted cash included in other current assets 1.3 1.5 Restricted cash included in other assets 3.1 3.1 Total cash, cash equivalents, and restricted cash $ 1,035.3 $ 867.4
Schedule of Restricted Cash	Cash, Cash Equivalents, and Restricted Cash (in millions) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 1,030.9 $ 862.8 Restricted cash included in other current assets 1.3 1.5 Restricted cash included in other assets 3.1 3.1 Total cash, cash equivalents, and restricted cash $ 1,035.3 $ 867.4

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments in Debt Securities	Investments in debt securities at the end of each period were as follows (in millions): March 31, 2022 December 31, 2021 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 $ 160.0 $ — $ — $ 160.0 $ 162.0 $ — $ — $ 162.0 Available-for-sale Bank time deposits $ 4.5 $ — $ — $ 4.5 $ 2.5 $ — $ — $ 2.5 Commercial paper 23.1 — — 23.1 127.7 — — 127.7 United States government and agency securities 142.5 — (4.0) 138.5 147.4 0.6 (0.7) 147.3 Asset-backed securities 451.0 — (10.8) 440.2 515.2 0.3 (2.9) 512.6 Corporate debt securities 1,264.5 0.2 (37.0) 1,227.7 1,397.1 2.0 (8.3) 1,390.8 Municipal securities 2.8 — (0.2) 2.6 2.8 — — 2.8 Total $ 1,888.4 $ 0.2 $ (52.0) $ 1,836.6 $ 2,192.7 $ 2.9 $ (11.9) $ 2,183.7
Schedule of Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity	The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2022, 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 $ 160.0 $ 160.0 $ 305.9 $ 305.0 Due after 1 year through 5 years — — 1,070.8 1,033.4 Due after 5 years through 10 years — — 8.1 7.8 Instruments not due at a single maturity date (a) — — 503.6 490.4 $ 160.0 $ 160.0 $ 1,888.4 $ 1,836.6 _______________________________________ (a) Consists primarily of asset-backed securities.
Schedule of Gross Unrealized Losses and Fair Values for Investments in Unrealized Loss Position	The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): March 31, 2022 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses United States government and agency securities $ 101.8 $ (3.6) $ 9.4 $ (0.4) $ 111.2 $ (4.0) Asset-backed securities 396.5 (10.5) 15.8 (0.3) 412.3 (10.8) Corporate debt securities 1,110.1 (34.5) 33.6 (2.5) 1,143.7 (37.0) Municipal securities 3.1 (0.2) — — 3.1 (0.2) $ 1,611.5 $ (48.8) $ 58.8 $ (3.2) $ 1,670.3 $ (52.0) December 31, 2021 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses United States government and agency securities $ 85.1 $ (0.7) $ — $ — $ 85.1 $ (0.7) Asset-backed securities 433.3 (2.9) — — 433.3 (2.9) Corporate debt securities 1,114.1 (8.3) — — 1,114.1 (8.3) $ 1,632.5 $ (11.9) $ — $ — $ 1,632.5 $ (11.9)
Schedule of Investments in Unconsolidated Affiliates	These investments are recorded in " Long-term Investments " on the consolidated condensed balance sheets, and are as follows: March 31, December 31, (in millions) Equity method investments Carrying value of equity method investments $ 7.7 $ 8.4 Equity securities Carrying value of non-marketable equity securities 84.4 84.1 Total investments in unconsolidated entities $ 92.1 $ 92.5

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis (in millions): March 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 16.9 $ 152.5 $ — $ 169.4 Available-for-sale investments: Bank time deposits — 4.5 — 4.5 Corporate debt securities — 1,227.7 — 1,227.7 Asset-backed securities — 440.2 — 440.2 United States government and agency securities 29.9 108.6 — 138.5 Commercial paper — 23.1 — 23.1 Municipal securities — 2.6 — 2.6 Investments held for deferred compensation plans 120.6 — — 120.6 Derivatives — 67.1 — 67.1 $ 167.4 $ 2,026.3 $ — $ 2,193.7 Liabilities Derivatives $ — $ 3.8 $ — $ 3.8 Deferred compensation plans 121.1 — — 121.1 Contingent consideration liabilities — — 59.1 59.1 Other liability — — 14.0 14.0 $ 121.1 $ 3.8 $ 73.1 $ 198.0 December 31, 2021 Assets Cash equivalents $ 15.2 $ 30.7 $ — $ 45.9 Available-for-sale investments: Bank time deposits — 2.5 — 2.5 Corporate debt securities — 1,390.8 — 1,390.8 Asset-backed securities — 512.6 — 512.6 United States government and agency securities 28.4 118.9 — 147.3 Commercial paper — 127.7 — 127.7 Municipal securities — 2.8 — 2.8 Investments held for deferred compensation plans 130.7 — — 130.7 Derivatives — 55.3 — 55.3 $ 174.3 $ 2,241.3 $ — $ 2,415.6 Liabilities Derivatives $ — $ 3.9 $ — $ 3.9 Deferred compensation plans 130.9 — — 130.9 Contingent consideration liabilities — — 62.0 62.0 Other liability — — 14.0 14.0 $ 130.9 $ 3.9 $ 76.0 $ 210.8
Schedule 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, 2021 $ 62.0 $ 14.0 $ 76.0 Changes in fair value (2.9) — (2.9) Balance at March 31, 2022 $ 59.1 $ 14.0 $ 73.1 Contingent Consideration Other liability Total Balance at December 31, 2020 $ 186.1 $ — $ 186.1 Changes in fair value (4.5) — (4.5) Balance at March 31, 2021 $ 181.6 $ — $ 181.6

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk	The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes. Notional Amount March 31, 2022 December 31, 2021 (in millions) Foreign currency forward exchange contracts $ 1,578.6 $ 1,498.8 Cross currency swap contracts 300.0 300.0
Schedule of Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets	The following table presents the location and fair value amounts of derivative instruments reported in the consolidated condensed balance sheets (in millions): Fair Value Derivatives designated as hedging instruments Balance Sheet March 31, 2022 December 31, 2021 Assets Foreign currency contracts Other current assets $ 44.1 $ 36.2 Cross currency swap contracts Other assets $ 23.0 $ 19.1 Liabilities Foreign currency contracts Accounts payable and accrued liabilities $ 3.8 $ 3.9
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets	The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions): Gross Amounts Gross Amounts Net Amounts March 31, 2022 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 44.1 $ — $ 44.1 $ (3.7) $ — $ 40.4 Cross currency swap contracts $ 23.0 $ — $ 23.0 $ — $ — $ 23.0 Derivative liabilities Foreign currency contracts $ 3.8 $ — $ 3.8 $ (3.7) $ — $ 0.1 December 31, 2021 Derivative assets Foreign currency contracts $ 36.2 $ — $ 36.2 $ (2.8) $ — $ 33.4 Cross currency swap contracts $ 19.1 $ — $ 19.1 $ — $ — $ 19.1 Derivative liabilities Foreign currency contracts $ 3.9 $ — $ 3.9 $ (2.8) $ — $ 1.1
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Liabilities	The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions): Gross Amounts Gross Amounts Net Amounts March 31, 2022 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 44.1 $ — $ 44.1 $ (3.7) $ — $ 40.4 Cross currency swap contracts $ 23.0 $ — $ 23.0 $ — $ — $ 23.0 Derivative liabilities Foreign currency contracts $ 3.8 $ — $ 3.8 $ (3.7) $ — $ 0.1 December 31, 2021 Derivative assets Foreign currency contracts $ 36.2 $ — $ 36.2 $ (2.8) $ — $ 33.4 Cross currency swap contracts $ 19.1 $ — $ 19.1 $ — $ — $ 19.1 Derivative liabilities Foreign currency contracts $ 3.9 $ — $ 3.9 $ (2.8) $ — $ 1.1
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 2022 2021 2022 2021 Cash flow hedges Foreign currency contracts $ 24.7 $ 28.2 Cost of sales $ 7.3 $ (5.5) Selling, general, and administrative expenses $ — $ 0.1 Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2022 2021 2022 2021 Net investment hedges Cross currency swap contracts $ 3.9 $ 1.8 Interest income, net $ 1.6 $ 1.6 Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2022 2021 Fair value hedges Foreign currency contracts Other expense (income), net $ — $ 6.3 Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2022 2021 Derivatives not designated as hedging instruments Foreign currency contracts Other expense (income), net $ 15.5 $ 15.2
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other Expense (Income), net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (299.3) $ (370.3) $ (3.3) The effects of fair value and cash flow hedging: Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 7.3 $ — $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other Expense (Income), net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (293.4) $ (330.8) $ 5.5 The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ (5.5) Derivatives designated as hedging instruments $ — $ — $ 5.5 Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 0.8 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ (5.5) $ 0.1 $ —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three months ended March 31, 2022 and 2021 was as follows (in millions): Three Months Ended 2022 2021 Cost of sales $ 6.2 $ 5.5 Selling, general, and administrative expenses 18.7 16.5 Research and development expenses 7.5 6.2 Total stock-based compensation expense 32.4 28.2 Income tax benefit (4.4) (3.9) Total stock-based compensation expense, net of tax $ 28.0 $ 24.3
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 2022 2021 Average risk-free interest rate 1.9 % 0.6 % Expected dividend yield None None Expected volatility 33.5 % 33.4 % Expected term (years) 5.3 5.2 Fair value, per option $ 35.66 $ 26.28
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 2022 2021 Average risk-free interest rate 0.2 % 0.1 % Expected dividend yield None None Expected volatility 32.2 % 37.5 % Expected term (years) 0.6 0.6 Fair value, per share $ 29.52 $ 22.14

ACCELERATED SHARE REPURCHASE (T

ACCELERATED SHARE REPURCHASE (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Accelerated Share Repurchases	The following table summarizes the terms of the ASR agreements (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 January 2022 $ 250.0 1.9 $ 104.87 80 % February 2022 2.3 $ 110.31

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule 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 Gain on Hedges Unrealized Loss on Available-for-sale Investments Unrealized Total December 31, 2021 $ (172.5) $ 29.7 $ (6.9) $ (8.0) $ (157.7) Other comprehensive (loss) gain before reclassifications (7.4) 24.7 (47.6) — (30.3) Amounts reclassified from accumulated other comprehensive loss (1.6) (7.3) 4.8 — (4.1) Deferred income tax (expense) benefit (1.0) (4.0) 10.5 — 5.5 March 31, 2022 $ (182.5) $ 43.1 $ (39.2) $ (8.0) $ (186.6) Foreign Unrealized Loss on Hedges Unrealized Gain on Available-for-sale Investments Unrealized Total December 31, 2020 $ (122.4) $ (27.7) $ 8.6 $ (19.6) $ (161.1) Other comprehensive (loss) gain before reclassifications (30.2) 34.8 (6.1) 0.3 (1.2) Amounts reclassified from accumulated other comprehensive loss (1.6) (0.9) 0.9 — (1.6) Deferred income tax (expense) benefit (0.4) (9.4) 1.3 — (8.5) March 31, 2021 $ (154.6) $ (3.2) $ 4.7 $ (19.3) $ (172.4)
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss	The following table provides information about amounts reclassified from " Accumulated Other Comprehensive Loss " (in millions): Three Months Ended Affected Line on Consolidated Condensed Details about Accumulated Other Comprehensive Loss Components 2022 2021 Foreign currency translation adjustments $ 1.6 $ 1.6 Other expense (income), net (0.4) (0.4) Provision for income taxes $ 1.2 $ 1.2 Net of tax Gain (loss) on hedges $ 7.3 $ (5.5) Cost of sales — 0.1 Selling, general, and administrative expenses — 6.3 Other expense (income), net 7.3 0.9 Total before tax (2.1) 0.7 Provision for income taxes $ 5.2 $ 1.6 Net of tax (Loss) gain on available-for-sale investments $ (4.8) $ (0.9) Other expense (income), net 1.2 0.2 Provision for income taxes $ (3.6) $ (0.7) Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Basic: Net income $ 373.6 $ 338.2 Weighted-average shares outstanding 622.1 623.2 Basic earnings per share $ 0.60 $ 0.54 Diluted: Net income $ 373.6 $ 338.2 Weighted-average shares outstanding 622.1 623.2 Dilutive effect of stock plans 7.3 8.1 Dilutive weighted-average shares outstanding 629.4 631.3 Diluted earnings per share $ 0.59 $ 0.54

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Information about Reportable Segments and Reconciliation of Segment Net Sales and Pre-Tax Income	The table below presents information about Edwards Lifesciences' reportable segments (in millions): Three Months Ended 2022 2021 Segment Net Sales United States $ 749.5 $ 674.7 Europe 300.1 255.4 Japan 140.9 127.7 Rest of World 142.3 124.5 Total segment net sales $ 1,332.8 $ 1,182.3 Segment Operating Income United States $ 511.5 $ 466.1 Europe 166.6 133.3 Japan 99.5 87.6 Rest of World 59.7 47.3 Total segment operating income $ 837.3 $ 734.3 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 2022 2021 Net Sales Reconciliation Segment net sales $ 1,332.8 $ 1,182.3 Foreign currency 8.4 34.3 Consolidated net sales $ 1,341.2 $ 1,216.6 Pre-tax Income Reconciliation Segment operating income $ 837.3 $ 734.3 Unallocated amounts: Corporate items (419.4) (357.7) Intellectual property litigation expenses, net (7.1) (6.4) Change in fair value of contingent consideration liabilities 2.9 4.5 Foreign currency 25.1 8.8 Consolidated operating income 438.8 383.5 Non-operating (expense) income (2.7) 5.8 Consolidated pre-tax income $ 436.1 $ 389.3
Schedule of 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 2022 2021 Net Sales by Geographic Area United States $ 749.5 $ 674.7 Europe 311.1 280.0 Japan 135.5 132.3 Rest of World 145.1 129.6 $ 1,341.2 $ 1,216.6 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 881.3 $ 791.7 Transcatheter Mitral and Tricuspid Therapies 27.0 16.3 Surgical Structural Heart 220.8 213.0 Critical Care 212.1 195.6 $ 1,341.2 $ 1,216.6

OTHER CONSOLIDATED FINANCIAL _3

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventories
Raw materials	$ 137.4	$ 132.8
Work in process	150.6	164.3
Finished products	442.6	429.6
Total inventories	730.6	726.7
Finished products inventories held on consignment	$ 116.2	$ 125.8

OTHER CONSOLIDATED FINANCIAL _4

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Accrued Liabilities and Long Term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accrued and other liabilities
Employee compensation and withholdings	$ 221.7	$ 319.7
Taxes payable	93.1	30.6
Property, payroll, and other taxes	69.2	68.9
Research and development accruals	56.5	58.2
Accrued rebates	78.4	77
Fair value of derivatives	3.8	3.9
Accrued marketing expenses	16.8	20.1
Legal and insurance (a)	78.3	79.1
Accrued relocation costs	27.6	26.2
Accrued professional services	14.2	11.9
Accrued realignment reserves	19.4	19.1
Other accrued liabilities	88.2	87.6
Total accrued and other liabilities	767.2	802.3
Litigation settlement accrual, current	50
Litigation settlement accrual, noncurrent	$ 181.3	$ 191.3

OTHER CONSOLIDATED FINANCIAL _5

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid during the year for:
Operating cash flows from operating leases	$ 7.6	$ 7.7
Non-cash investing and financing transactions:
Right-of-use assets obtained in exchange for new lease liabilities	6.4	3.5
Capital expenditures accruals	$ 23.8	$ 36.4

OTHER CONSOLIDATED FINANCIAL _6

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 1,030.9	$ 862.8
Restricted cash included in other current assets	1.3	1.5
Restricted cash included in other assets	3.1	3.1
Total cash, cash equivalents, and restricted cash	$ 1,035.3	$ 867.4	$ 1,190.9	$ 1,200.2

INVESTMENTS - Investments in De

INVESTMENTS - Investments in Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Held-to-maturity
Fair Value	$ 160
Available-for-sale
Amortized Cost	1,888.4	$ 2,192.7
Gross Unrealized Gains	0.2	2.9
Gross Unrealized Losses	(52)	(11.9)
Fair Value	1,836.6	2,183.7
Bank time deposits
Held-to-maturity
Amortized Cost	160	162
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	160	162
Available-for-sale
Amortized Cost	4.5	2.5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	4.5	2.5
Commercial paper
Available-for-sale
Amortized Cost	23.1	127.7
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	23.1	127.7
United States government and agency securities
Available-for-sale
Amortized Cost	142.5	147.4
Gross Unrealized Gains	0	0.6
Gross Unrealized Losses	(4)	(0.7)
Fair Value	138.5	147.3
Asset-backed securities
Available-for-sale
Amortized Cost	451	515.2
Gross Unrealized Gains	0	0.3
Gross Unrealized Losses	(10.8)	(2.9)
Fair Value	440.2	512.6
Corporate debt securities
Available-for-sale
Amortized Cost	1,264.5	1,397.1
Gross Unrealized Gains	0.2	2
Gross Unrealized Losses	(37)	(8.3)
Fair Value	1,227.7	1,390.8
Municipal securities
Available-for-sale
Amortized Cost	2.8	2.8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.2)	0
Fair Value	$ 2.6	$ 2.8

INVESTMENTS - Cost and Fair Val

INVESTMENTS - Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Due in 1 year or less	$ 160
Due after 1 year through 5 years	0
Due after 5 years through 10 years	0
Instruments not due at a single maturity date (a)	0
Amortized Cost	160
Fair Value
Due in 1 year or less	160
Due after 1 year through 5 years	0
Due after 5 years through 10 years	0
Instruments not due at a single maturity date (a)	0
Fair Value	160
Amortized Cost
Due in 1 year or less	305.9
Due after 1 year through 5 years	1,070.8
Due after 5 years through 10 years	8.1
Instruments not due at a single maturity date (a)	503.6
Amortized Cost	1,888.4	$ 2,192.7
Fair Value
Due in 1 year or less	305
Due after 1 year through 5 years	1,033.4
Due after 5 years through 10 years	7.8
Instruments not due at a single maturity date (a)	490.4
Fair Value	$ 1,836.6	$ 2,183.7

INVESTMENTS - Investments in Co

INVESTMENTS - Investments in Continuous Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	$ 1,611.5	$ 1,632.5
Gross unrealized losses, less than twelve months	(48.8)	(11.9)
Fair value, twelve months or greater	58.8	0
Gross unrealized losses, twelve months or greater	(3.2)	0
Fair value, total	1,670.3	1,632.5
Gross unrealized losses, total	(52)	(11.9)
United States government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	101.8	85.1
Gross unrealized losses, less than twelve months	(3.6)	(0.7)
Fair value, twelve months or greater	9.4	0
Gross unrealized losses, twelve months or greater	(0.4)	0
Fair value, total	111.2	85.1
Gross unrealized losses, total	(4)	(0.7)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	396.5	433.3
Gross unrealized losses, less than twelve months	(10.5)	(2.9)
Fair value, twelve months or greater	15.8	0
Gross unrealized losses, twelve months or greater	(0.3)	0
Fair value, total	412.3	433.3
Gross unrealized losses, total	(10.8)	(2.9)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	1,110.1	1,114.1
Gross unrealized losses, less than twelve months	(34.5)	(8.3)
Fair value, twelve months or greater	33.6	0
Gross unrealized losses, twelve months or greater	(2.5)	0
Fair value, total	1,143.7	1,114.1
Gross unrealized losses, total	(37)	$ (8.3)
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	3.1
Gross unrealized losses, less than twelve months	(0.2)
Fair value, twelve months or greater	0
Gross unrealized losses, twelve months or greater	0
Fair value, total	3.1
Gross unrealized losses, total	$ (0.2)

INVESTMENTS - Investments in Un

INVESTMENTS - Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Equity method investments
Carrying value of equity method investments	$ 7.7	$ 8.4
Equity securities
Carrying value of non-marketable equity securities	84.4	84.1
Total investments in unconsolidated entities	$ 92.1	$ 92.5

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - Other expense (income), net $ in Millions	Mar. 31, 2022USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Increase in non-marketable equity securities due to observable price changes	$ 8
Decrease in non-marketable equity securities due to observable price changes	$ 2.6

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Mar. 31, 2022USD ($)
Level 2
Financial instruments
Notes payable fair value disclosure	$ 626.6
Level 3 | Discount Rate | Minimum
Financial instruments
Contingent consideration liability measurement input	0.002
Level 3 | Discount Rate | Maximum
Financial instruments
Contingent consideration liability measurement input	0.103
Level 3 | Discount Rate | Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.053
Level 3 | Probability of Milestone Achievement | Minimum
Financial instruments
Contingent consideration liability measurement input	0
Level 3 | Probability of Milestone Achievement | Maximum
Financial instruments
Contingent consideration liability measurement input	0.915
Level 3 | Probability of Milestone Achievement | Weighted Average
Financial instruments
Contingent consideration liability measurement input	0.579
Level 3 | Volatility of Future Revenue
Financial instruments
Contingent consideration liability measurement input	0.450

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Available-for-sale investments	$ 1,836.6	$ 2,183.7
Bank time deposits
Assets
Available-for-sale investments	4.5	2.5
Corporate debt securities
Assets
Available-for-sale investments	1,227.7	1,390.8
Asset-backed securities
Assets
Available-for-sale investments	440.2	512.6
United States government and agency securities
Assets
Available-for-sale investments	138.5	147.3
Commercial paper
Assets
Available-for-sale investments	23.1	127.7
Municipal securities
Assets
Available-for-sale investments	2.6	2.8
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis
Assets
Cash equivalents	169.4	45.9
Investments held for deferred compensation plans	120.6	130.7
Derivatives	67.1	55.3
Assets	2,193.7	2,415.6
Liabilities
Derivatives	3.8	3.9
Deferred compensation plans	121.1	130.9
Contingent consideration liabilities	59.1	62
Other liability	14	14
Liabilities	198	210.8
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Bank time deposits
Assets
Available-for-sale investments	4.5	2.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Corporate debt securities
Assets
Available-for-sale investments	1,227.7	1,390.8
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Asset-backed securities
Assets
Available-for-sale investments	440.2	512.6
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | United States government and agency securities
Assets
Available-for-sale investments	138.5	147.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Commercial paper
Assets
Available-for-sale investments	23.1	127.7
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Municipal securities
Assets
Available-for-sale investments	2.6	2.8
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1
Assets
Cash equivalents	16.9	15.2
Investments held for deferred compensation plans	120.6	130.7
Derivatives	0	0
Assets	167.4	174.3
Liabilities
Derivatives	0	0
Deferred compensation plans	121.1	130.9
Contingent consideration liabilities	0	0
Other liability	0	0
Liabilities	121.1	130.9
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 | United States government and agency securities
Assets
Available-for-sale investments	29.9	28.4
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1 | Commercial paper
Assets
Available-for-sale investments	0	0
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 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	152.5	30.7
Investments held for deferred compensation plans	0	0
Derivatives	67.1	55.3
Assets	2,026.3	2,241.3
Liabilities
Derivatives	3.8	3.9
Deferred compensation plans	0	0
Contingent consideration liabilities	0	0
Other liability	0	0
Liabilities	3.8	3.9
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Bank time deposits
Assets
Available-for-sale investments	4.5	2.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Corporate debt securities
Assets
Available-for-sale investments	1,227.7	1,390.8
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Asset-backed securities
Assets
Available-for-sale investments	440.2	512.6
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | United States government and agency securities
Assets
Available-for-sale investments	108.6	118.9
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Commercial paper
Assets
Available-for-sale investments	23.1	127.7
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Municipal securities
Assets
Available-for-sale investments	2.6	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	59.1	62
Other liability	14	14
Liabilities	73.1	76
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 | United States 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	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 - Chang

FAIR VALUE MEASUREMENTS - Changes in Fair Value of Contingent Consideration Obligation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 76	$ 186.1
Changes in fair value	(2.9)	(4.5)
Ending balance	73.1	181.6
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	62	186.1
Changes in fair value	(2.9)	(4.5)
Ending balance	59.1	181.6
Other liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	14	0
Changes in fair value	0	0
Ending balance	$ 14	$ 0

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Financial Instruments Used to Manage Currency Exchange Rate Risk and Interest Rate Risk (Details) - Derivatives designated as hedging instruments - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Foreign currency forward exchange contracts
Derivative Financial Instruments
Derivative notional amount	$ 1,578.6	$ 1,498.8
Cross currency swap contracts
Derivative Financial Instruments
Derivative notional amount	$ 300	$ 300

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2022EUR (€)	Dec. 31, 2021USD ($)
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
Cash flow gain to be reclassified in the next twelve months	$ 17.2
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 - Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Foreign currency contracts
Assets
Fair value of derivative assets	$ 44.1	$ 36.2
Liabilities
Fair value of derivative liabilities	3.8	3.9
Cross currency swap contracts
Assets
Fair value of derivative assets	23	19.1
Derivatives designated as hedging instruments | Foreign currency contracts | Other current assets
Assets
Fair value of derivative assets	44.1	36.2
Derivatives designated as hedging instruments | Foreign currency contracts | Accounts payable and accrued liabilities
Liabilities
Fair value of derivative liabilities	3.8	3.9
Derivatives designated as hedging instruments | Cross currency swap contracts | Other assets
Assets
Fair value of derivative assets	$ 23	$ 19.1

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Master-Netting Agreements and Rights of Offset, Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Foreign currency contracts
Derivative assets
Gross Amounts	$ 44.1	$ 36.2
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	44.1	36.2
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(3.7)	(2.8)
Cash Collateral Received	0	0
Net Amount	40.4	33.4
Derivative liabilities
Gross Amounts	3.8	3.9
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	3.8	3.9
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts Not Offset in the Consolidated Balance Sheet	(3.7)	(2.8)
Cash Collateral Received	0	0
Net Amount	0.1	1.1
Cross currency swap contracts
Derivative assets
Gross Amounts	23	19.1
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	23	19.1
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 23	$ 19.1

DERIVATIVE INSTRUMENTS AND HE_7

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign currency contracts | Derivatives not designated as hedging instruments | Other expense (income), net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 15.5	$ 15.2
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 (Effective Portion)	24.7	28.2
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 (Effective Portion)	7.3	(5.5)
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 (Effective Portion)	0	0.1
Net investment hedges | Cross currency swap contracts | Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	3.9	1.8
Net investment hedges | Cross currency swap contracts | Derivatives designated as hedging instruments | Interest income, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	1.6	1.6
Fair value hedges | Foreign currency contracts | Derivatives designated as hedging instruments | Other expense (income), net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 0	$ 6.3

DERIVATIVE INSTRUMENTS AND HE_8

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Cash Flow Hedge Effects on Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss)
Cost of sales	$ (299.3)	$ (293.4)
Selling, general, and administrative expenses	(370.3)	(330.8)
Other Income, net	(3.3)	5.5
Foreign currency contracts | Cost of sales
Gain (loss) on fair value hedging relationships:
Hedged items		0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach		0
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	7.3	(5.5)
Foreign currency contracts | Cost of sales | Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments		0
Foreign currency contracts | Selling, general, and administrative expenses
Gain (loss) on fair value hedging relationships:
Hedged items		0
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach		0
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	0	0.1
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
Foreign currency contracts | Other Income, net
Gain (loss) on fair value hedging relationships:
Hedged items		(5.5)
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach		0.8
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	$ 0	0
Foreign currency contracts | Other Income, net | Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments		$ 5.5

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 32.4	$ 28.2
Income tax benefit	(4.4)	(3.9)
Total stock-based compensation expense, net of tax	28	24.3
Cost of sales
Allocation of stock-based compensation expense
Total stock-based compensation expense	6.2	5.5
Selling, general, and administrative expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	18.7	16.5
Research and development expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 7.5	$ 6.2

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Share-based Payment Arrangement [Abstract]
Total remaining unrecognized compensation cost	$ 149.7
Unrecognized compensation cost, recognition period	28 months

STOCK-BASED COMPENSATION - Weig

STOCK-BASED COMPENSATION - Weighted-Average Assumptions for Options and ESPP Subscriptions Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	1.90%	0.60%
Expected dividend yield	0.00%	0.00%
Expected volatility (as a percent)	33.50%	33.40%
Expected term (years)	5 years 3 months 18 days	5 years 2 months 12 days
Fair value, per option (in dollars per share)	$ 35.66	$ 26.28
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.20%	0.10%
Expected dividend yield	0.00%	0.00%
Expected volatility (as a percent)	32.20%	37.50%
Expected term (years)	7 months 6 days	7 months 6 days
Fair value, per option (in dollars per share)	$ 29.52	$ 22.14

ACCELERATED SHARE REPURCHASE (D

ACCELERATED SHARE REPURCHASE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Feb. 28, 2022	Jan. 31, 2022	Mar. 31, 2021	Feb. 28, 2021
Initial Delivery of Shares Settled February2021
Class of Stock [Line Items]
Authorized amount for share repurchase				$ 250
Shares repurchased (in shares)				2.4
Initial delivery, price per share (in dollars per share)				$ 83.86
Value of Shares as % of Contract Value				80.00%
February 2021 Stock Repurchase Program Shares Sold in March 2021
Class of Stock [Line Items]
Shares repurchased (in shares)			3
Final settlement per share price (in dollars per share)			$ 84.51
Initial Delivery of Shares Settled January 2022
Class of Stock [Line Items]
Authorized amount for share repurchase		$ 250
Shares repurchased (in shares)		1.9
Initial delivery, price per share (in dollars per share)		$ 104.87
Value of Shares as % of Contract Value		80.00%
January 2022 Stock Repurchase Program Shares Sold in February 2022
Class of Stock [Line Items]
Shares repurchased (in shares)	2.3
Final settlement per share price (in dollars per share)	$ 110.31

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits that if settled could have a material adverse impact on net income or cash flows | lawsuit	1
Threshold for disclosing material environmental legal proceedings | $	$ 1

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Activity for Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 5,835.9	$ 4,574.3
Other comprehensive gain (loss) before reclassifications	(30.3)	(1.2)
Amounts reclassified from accumulated other comprehensive loss	(4.1)	(1.6)
Deferred income tax (expense) benefit	5.5	(8.5)
Ending balance	5,844.9	4,658.4
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(172.5)	(122.4)
Other comprehensive gain (loss) before reclassifications	(7.4)	(30.2)
Amounts reclassified from accumulated other comprehensive loss	(1.6)	(1.6)
Deferred income tax (expense) benefit	(1)	(0.4)
Ending balance	(182.5)	(154.6)
Unrealized Gain on Hedges
AOCI Attributable to Parent, Net of Tax
Beginning balance	29.7	(27.7)
Other comprehensive gain (loss) before reclassifications	24.7	34.8
Amounts reclassified from accumulated other comprehensive loss	(7.3)	(0.9)
Deferred income tax (expense) benefit	(4)	(9.4)
Ending balance	43.1	(3.2)
Unrealized Loss on Available-for-sale Investments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(6.9)	8.6
Other comprehensive gain (loss) before reclassifications	(47.6)	(6.1)
Amounts reclassified from accumulated other comprehensive loss	4.8	0.9
Deferred income tax (expense) benefit	10.5	1.3
Ending balance	(39.2)	4.7
Unrealized Pension Costs
AOCI Attributable to Parent, Net of Tax
Beginning balance	(8)	(19.6)
Other comprehensive gain (loss) before reclassifications	0	0.3
Amounts reclassified from accumulated other comprehensive loss	0	0
Deferred income tax (expense) benefit	0	0
Ending balance	(8)	(19.3)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(157.7)	(161.1)
Ending balance	$ (186.6)	$ (172.4)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Affected Line on Consolidated Condensed Statements of Operations
Other expense (income), net	$ (3.3)	$ 5.5
Provision for income taxes	(62.5)	(51.1)
Net income	373.6	338.2
Cost of sales	(299.3)	(293.4)
Selling, general, and administrative expenses	(370.3)	(330.8)
Amount Reclassified from Accumulated Other Comprehensive Loss | Foreign currency translation adjustments
Affected Line on Consolidated Condensed Statements of Operations
Other expense (income), net	1.6	1.6
Provision for income taxes	(0.4)	(0.4)
Net income	1.2	1.2
Amount Reclassified from Accumulated Other Comprehensive Loss | Gain (loss) on hedges
Affected Line on Consolidated Condensed Statements of Operations
Provision for income taxes	(2.1)	0.7
Net income	5.2	1.6
Cost of sales	7.3	(5.5)
Selling, general, and administrative expenses	0	0.1
Other expense (income), net	0	6.3
Total before tax	7.3	0.9
Amount Reclassified from Accumulated Other Comprehensive Loss | (Loss) gain on available-for-sale investments
Affected Line on Consolidated Condensed Statements of Operations
Other expense (income), net	(4.8)	(0.9)
Provision for income taxes	1.2	0.2
Net income	$ (3.6)	$ (0.7)

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic:
Net income	$ 373.6	$ 338.2
Weighted-average shares outstanding (in shares)	622.1	623.2
Basic earnings per share (in dollars per share)	$ 0.60	$ 0.54
Diluted:
Net income	$ 373.6	$ 338.2
Weighted-average shares outstanding (in shares)	622.1	623.2
Dilutive effect of stock plans (in shares)	7.3	8.1
Dilutive weighted-average shares outstanding (in shares)	629.4	631.3
Diluted earnings per share (in dollars per share)	$ 0.59	$ 0.54

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock compensation plan
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of earnings per share (in shares)	1.7	1.9

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	14.30%		13.10%
Tax benefit from employee share-based compensation	$ 13.4		$ 11.5
Liability for income taxes associated with uncertain tax positions	379.9			$ 358.4
Decrease in unrecognized tax benefits is reasonably possible	147.7			135.1
Net amounts that would favorably affect effective tax rate	$ 232.2			$ 223.3
Additional federal tax		$ 180

SEGMENT INFORMATION - Informati

SEGMENT INFORMATION - Information about Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Net Sales
Net sales	$ 1,341.2	$ 1,216.6
Operating segments
Segment Net Sales
Net sales	1,332.8	1,182.3
Segment Operating Income
Segment operating income	837.3	734.3
United States | Operating segments
Segment Net Sales
Net sales	749.5	674.7
Segment Operating Income
Segment operating income	511.5	466.1
Europe | Operating segments
Segment Net Sales
Net sales	300.1	255.4
Segment Operating Income
Segment operating income	166.6	133.3
Japan | Operating segments
Segment Net Sales
Net sales	140.9	127.7
Segment Operating Income
Segment operating income	99.5	87.6
Rest of World | Operating segments
Segment Net Sales
Net sales	142.3	124.5
Segment Operating Income
Segment operating income	$ 59.7	$ 47.3

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliations of Segment Net Sales to Consolidated Net Sales and Segment Pre-Tax Income to Consolidated Pre-Tax Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Sales Reconciliation
Net sales	$ 1,341.2	$ 1,216.6
Pre-tax Income Reconciliation
Consolidated operating income	438.8	383.5
Unallocated amounts:
Change in fair value of contingent consideration liabilities	2.9	4.5
Income before provision for income taxes	436.1	389.3
Operating segments
Net Sales Reconciliation
Net sales	1,332.8	1,182.3
Pre-tax Income Reconciliation
Consolidated operating income	837.3	734.3
Corporate items
Unallocated amounts:
Corporate items	(419.4)	(357.7)
Reconciling items
Net Sales Reconciliation
Net sales	8.4	34.3
Unallocated amounts:
Intellectual property litigation expenses, net	(7.1)	(6.4)
Foreign currency	25.1	8.8
Non-operating (expense) income	$ (2.7)	$ 5.8

SEGMENT INFORMATION - Enterpris

SEGMENT INFORMATION - Enterprise-Wide Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Enterprise-Wide Information
Net sales	$ 1,341.2	$ 1,216.6
Transcatheter Aortic Valve Replacement
Enterprise-Wide Information
Net sales	881.3	791.7
Transcatheter Mitral and Tricuspid Therapies
Enterprise-Wide Information
Net sales	27	16.3
Surgical Structural Heart
Enterprise-Wide Information
Net sales	220.8	213
Critical Care
Enterprise-Wide Information
Net sales	212.1	195.6
United States
Enterprise-Wide Information
Net sales	749.5	674.7
Europe
Enterprise-Wide Information
Net sales	311.1	280
Japan
Enterprise-Wide Information
Net sales	135.5	132.3
Rest of World
Enterprise-Wide Information
Net sales	$ 145.1	$ 129.6