Edwards Lifesciences (EW) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Mar. 31, 2023	Apr. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		606,218,215
Entity Central Index Key	0001099800
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 872.5	$ 769
Short-term investments (Note 4)	381.7	446.3
Accounts receivable, net of allowances of $7.6 and $7.9, respectively	717.7	643
Other receivables	61.6	56.1
Inventories (Note 2)	914.3	875.5
Prepaid expenses	119.1	110
Other current assets	190.3	195.9
Total current assets	3,257.2	3,095.8
Long-term investments (Note 4)	1,066.7	1,239
Property, plant, and equipment, net	1,646	1,632.8
Operating lease right-of-use assets	88.5	92.3
Goodwill	1,308.4	1,164.3
Other intangible assets, net (Note 6)	446.8	285.2
Deferred income taxes	544	484
Other assets (Note 5)	293.6	299.1
Total assets	8,651.2	8,292.5
Current liabilities
Accounts payable	180.8	201.9
Accrued and other liabilities (Note 2)	876.1	795
Operating lease liabilities	25.1	25.5
Total current liabilities	1,082	1,022.4
Long-term debt	596.5	596.3
Contingent consideration liabilities (Note 7)	26.9	26.2
Taxes payable	143.4	143.4
Operating lease liabilities	66.2	69.5
Uncertain tax positions	284	267.5
Litigation agreement accrual (Note 2)	130.1	143
Other liabilities	260.1	217.5
Total liabilities	2,589.2	2,485.8
Commitments and contingencies (Note 11)
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, 647.1 and 646.3 shares issued, and 606.0 and 608.3 shares outstanding, respectively	647.1	646.3
Additional paid-in capital	2,049.3	1,969.3
Retained earnings	7,930.5	7,590
Accumulated other comprehensive loss (Note 12)	(255.4)	(254.9)
Treasury stock, at cost, 41.1 and 38.0 shares, respectively	(4,393.5)	(4,144)
Total Edwards Lifesciences, Inc. stockholders' equity	5,978	5,806.7
Noncontrolling interest	84	0
Total stockholders' equity	6,062	5,806.7
Total liabilities and equity	$ 8,651.2	$ 8,292.5

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 7.6	$ 7.9
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)	647,100,000	646,300,000
Common stock, shares outstanding (in shares)	606,000,000	608,300,000
Treasury stock (in shares)	41,100,000	38,000,000

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 1,459.6	$ 1,341.2
Cost of sales	329.5	299.3
Gross profit	1,130.1	1,041.9
Selling, general, and administrative expenses	436.3	370.3
Research and development expenses	261.2	228.6
Intellectual property agreement and litigation expenses, net (Note 3)	43.5	7.1
Change in fair value of contingent consideration liabilities, net (Note 7)	0.7	(2.9)
Operating income	388.4	438.8
Interest income, net	(8.6)	(0.6)
Other (income) expense, net	(1.6)	3.3
Income before provision for income taxes	398.6	436.1
Provision for income taxes	58.1	62.5
Net income	$ 340.5	$ 373.6
Earnings per share:
Basic (in dollars per share)	$ 0.56	$ 0.60
Diluted (in dollars per share)	$ 0.56	$ 0.59
Weighted-average number of common shares outstanding:
Basic (in shares)	607.5	622.1
Diluted (in shares)	610.9	629.4

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 340.5	$ 373.6
Other comprehensive loss, net of tax (Note 12):
Foreign currency translation adjustments	3.8	(10)
Unrealized (loss) gain on hedges	(17.2)	13.4
Unrealized pension costs	(0.1)	0
Unrealized gain (loss) on available-for-sale investments	9	(37.1)
Reclassification of realized investment losses to earnings	4	4.8
Other comprehensive loss	(0.5)	(28.9)
Comprehensive income	$ 340	$ 344.7

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 340.5	$ 373.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35.2	34.7
Non-cash operating lease cost	6.8	7.1
Stock-based compensation (Note 9)	38.9	32.4
Change in fair value of contingent consideration liabilities, net (Note 7)	0.7	(2.9)
Deferred income taxes	(51.8)	(42.6)
Other	0.4	20.4
Changes in operating assets and liabilities:
Accounts and other receivables, net	(77.5)	(57.8)
Inventories	(32.8)	(24)
Accounts payable and accrued liabilities	(45.2)	(109.2)
Income taxes	87.2	82.9
Prepaid expenses and other current assets	(23.8)	1.7
Intellectual property agreement accrual	29.3	(10)
Other	6.2	(13)
Net cash provided by operating activities	314.1	293.3
Cash flows from investing activities
Capital expenditures	(61.5)	(72.7)
Purchases of held-to-maturity investments (Note 4)	(12.5)	(128)
Proceeds from held-to-maturity investments (Note 4)	80.5	130
Purchases of available-for-sale investments (Note 4)	(3.2)	(74.1)
Proceeds from available-for-sale investments (Note 4)	183.4	372
Business combination, net of cash (Note 6)	(141.2)	0
Payment for acquisition options (Note 5)	(15)	0
Issuances of notes receivable	(15)	(10.5)
Collections of notes receivable	0	18
Other	(15)	(5.2)
Net cash provided by investing activities	0.5	229.5
Cash flows from financing activities
Purchases of treasury stock	(249.3)	(405.6)
Proceeds from stock plans	41.9	37.5
Other	0.8	0
Net cash used in financing activities	(206.6)	(368.1)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	(4.2)	13.2
Net increase in cash, cash equivalents, and restricted cash	103.8	167.9
Cash, cash equivalents, and restricted cash at beginning of period	772.6	867.4
Cash, cash equivalents, and restricted cash at end of period	$ 876.4	$ 1,035.3

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Edwards Lifesciences, Inc. Stockholders' Equity	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Common stock, beginning balance (in shares) at Dec. 31, 2021			642
Beginning balance at Dec. 31, 2021	$ 5,835.9		$ 642	$ (2,416.9)	$ 1,700.4	$ 6,068.1	$ (157.7)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021				17.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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)
Common stock, ending balance (in shares) at Mar. 31, 2022			642.9
Ending balance at Mar. 31, 2022	$ 5,844.9		$ 642.9	$ (2,822.5)	1,769.4	6,441.7	(186.6)
Treasury stock, ending balance (in shares) at Mar. 31, 2022				21.5
Common stock, beginning balance (in shares) at Dec. 31, 2022	608.3		646.3
Beginning balance at Dec. 31, 2022	$ 5,806.7	$ 5,806.7	$ 646.3	$ (4,144)	1,969.3	7,590	(254.9)	$ 0
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	38			38
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 340.5	340.5				340.5
Other comprehensive loss, net of tax	(0.5)	(0.5)					(0.5)
Common stock issued under stock plans (in shares)			0.8
Common stock issued under stock plans	41.9	41.9	$ 0.8		41.1
Stock-based compensation expense	38.9	38.9			38.9
Purchases of treasury stock (in shares)				3.1
Purchases of treasury stock	(249.5)	(249.5)		$ (249.5)
Changes to noncontrolling interest	$ 84							84
Common stock, ending balance (in shares) at Mar. 31, 2023	606		647.1
Ending balance at Mar. 31, 2023	$ 6,062	$ 5,978	$ 647.1	$ (4,393.5)	$ 2,049.3	$ 7,930.5	$ (255.4)	$ 84
Treasury stock, ending balance (in shares) at Mar. 31, 2023	41.1			41.1

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
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, 2022. 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 consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries and variable interest entities for which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. 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 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, unless otherwise noted herein, 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, 2022. New Accounting Standards Not Yet Adopted In March 2023, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on investments in tax credit structures to allow entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial results.

OTHER CONSOLIDATED FINANCIAL ST

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Inventories Raw materials $ 164.6 $ 156.4 Work in process 206.4 177.4 Finished products 543.3 541.7 $ 914.3 $ 875.5 At March 31, 2023 and December 31, 2022, $146.1 million and $128.6 million, respectively, of the Company's finished products inventories were held on consignment. March 31, 2023 December 31, 2022 Accrued and other liabilities Employee compensation and withholdings $ 225.8 $ 268.7 Taxes payable 120.8 50.6 Property, payroll, and other taxes 53.6 45.6 Research and development accruals 67.7 66.9 Accrued rebates 112.3 116.1 Fair value of derivatives 23.4 20.7 Accrued marketing expenses 13.2 17.0 Legal and insurance 29.1 28.1 Intellectual property agreements (a) 95.4 53.3 Accrued relocation costs 26.2 25.2 Accrued professional services 10.6 6.6 Accrued realignment reserves 14.8 15.6 Other accrued liabilities 83.2 80.6 $ 876.1 $ 795.0 _______________________________________ (a) As of March 31, 2023, $95.4 million was accrued in " Accrued and other liabilities " and $130.1 million was accrued in " Litigation agreement accrual " on the consolidated condensed balance sheet related to intellectual property agreements with Abbott Laboratories and its direct and indirect subsidiaries, and Medtronic, Inc. Supplemental Cash Flow Information (in millions) Three Months Ended 2023 2022 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7.1 $ 7.6 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 2.2 $ 6.4 Capital expenditures accruals $ 26.5 $ 23.8 Cash, Cash Equivalents, and Restricted Cash (in millions) March 31, 2023 December 31, 2022 Cash and cash equivalents $ 872.5 $ 769.0 Restricted cash included in other current assets 0.6 0.5 Restricted cash included in other assets 3.3 3.1 Total cash, cash equivalents, and restricted cash $ 876.4 $ 772.6 Amounts included in restricted cash primarily represent funds placed in escrow related to litigation.

INTELLECTUAL PROPERTY AGREEMENT

INTELLECTUAL PROPERTY AGREEMENT AND LITIGATION EXPENSES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
INTELLECTUAL PROPERTY AGREEMENT AND LITIGATION EXPENSES	INTELLECTUAL PROPERTY AGREEMENT AND LITIGATION EXPENSESOn April 12, 2023, Edwards entered into an Intellectual Property Agreement ("Agreement") with Medtronic, Inc. ("Medtronic") pursuant to which the parties agreed to a 15-year global covenant not to sue ("CNS") for infringement of certain patents in the structural heart space owned or controlled by each other. In consideration for the global CNS and related mutual access to certain intellectual property rights, Edwards will pay to Medtronic a one-time, lump sum payment of $300.0 million and annual royalty payments that are tied to net sales of certain Edwards products. Based upon the terms of the Agreement, the Company identified the relevant elements for accounting purposes and allocated the $300.0 million upfront payment based on their fair values. The Company recorded a $37.0 million pre-tax charge in March 2023 related primarily to prior commercial sales incurred through March 31, 2023. The Company recorded a prepaid royalty asset of $124.0 million in April 2023 related to future commercial sales, which will be amortized as expense during the term of the Agreement. Separately, the Company recorded a $139.0 million pre-tax charge in April 2023 related to products currently in development.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 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 $ 28.0 $ — $ — $ 28.0 $ 96.0 $ — $ — $ 96.0 Available-for-sale U.S government and agency securities 108.6 — (4.9) 103.7 137.7 — (6.1) 131.6 Asset-backed securities 304.2 — (11.2) 293.0 380.6 — (14.0) 366.6 Corporate debt securities 948.8 — (38.8) 910.0 1,028.1 — (47.8) 980.3 Municipal securities 2.8 — (0.2) 2.6 2.7 — (0.2) 2.5 Total $ 1,364.4 $ — $ (55.1) $ 1,309.3 $ 1,549.1 $ — $ (68.1) $ 1,481.0 The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2023, 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 $ 23.5 $ 23.5 $ 366.5 $ 358.2 Due after 1 year through 5 years 4.5 4.5 647.3 614.8 Due after 5 years through 10 years — — 5.2 5.1 Instruments not due at a single maturity date (a) — — 345.4 331.2 $ 28.0 $ 28.0 $ 1,364.4 $ 1,309.3 _______________________________________ (a) Consists of mortgage- and 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, 2023 and December 31, 2022, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): March 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. government and agency securities $ 10.6 $ (0.1) $ 92.2 $ (4.8) $ 102.8 $ (4.9) Asset-backed securities 59.1 (0.8) 224.7 (10.4) 283.8 (11.2) Corporate debt securities 30.8 (0.1) 871.7 (38.7) 902.5 (38.8) Municipal securities — — 2.6 (0.2) 2.6 (0.2) $ 100.5 $ (1.0) $ 1,191.2 $ (54.1) $ 1,291.7 $ (55.1) December 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 U.S. government and agency securities $ 61.6 $ (1.5) $ 69.5 $ (4.6) $ 131.1 $ (6.1) Asset-backed securities 103.3 (1.3) 254.6 (12.7) 357.9 (14.0) Corporate debt securities 189.0 (5.3) 784.8 (42.5) 973.8 (47.8) Municipal securities — — 2.5 (0.2) 2.5 (0.2) $ 353.9 $ (8.1) $ 1,111.4 $ (60.0) $ 1,465.3 $ (68.1) The Company reviews its investments in debt securities to determine if there has been an other-than-temporary decline in fair value. Consideration is given to 1) the length of time and the extent to which the security's fair value has been below cost, 2) the financial condition and near term prospects of the issuer, including the credit quality of the security's issuer, 3) the Company's intent to sell the security, and 4) whether it is more likely than not the Company will have to sell the security before recovery of its amortized cost. The decline in fair value of the debt securities was largely due to changes in interest rates, not credit quality, and as of March 31, 2023, the Company did not intend to sell the securities, and it was not more likely than not that it will be required to sell the securities before recovery of the unrealized losses, and, therefore, the unrealized losses are 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 $ 24.2 $ 21.4 Equity securities Carrying value of non-marketable equity securities 86.9 86.9 Total investments in unconsolidated entities $ 111.1 $ 108.3 During the three months ended March 31, 2023, the Company made $1.7 million of equity investments in limited liability companies that invest in qualified community development entities ("CDEs") through the New Markets Tax Credit ("NMTC") program. The NMTC program provides federal tax incentives to investors to make investments in distressed communities and promotes economic improvements through the development of successful businesses in these communities. The NMTC is equal to 39% of the qualified investment and is taken over seven years. These limited liability companies are variable interest entities ("VIEs"). The Company determined that it is not the primary beneficiary of the VIEs because it does not have the power to direct the activities that most significantly impact the economic performance of the VIEs, and therefore the Company does not consolidate these entities. Instead, the NMTC investments are accounted for as equity method investments. 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, 2023, the Company had recorded cumulative upward adjustments of $8.8 million based on observable price changes, and cumulative downward adjustments of $3.1 million due to impairments and observable price changes.

INVESTMENTS IN VARIABLE INTERES

INVESTMENTS IN VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2023
Variable Interest Entities [Abstract]
INVESTMENTS IN VARIABLE INTEREST ENTITIES	INVESTMENTS IN VARIABLE INTEREST ENTITIES The Company reviews its investments in other entities to determine whether the Company is the primary beneficiary of a variable interest entity ("VIE"). The Company would be the primary beneficiary of the VIE, and would be required to consolidate the VIE, if it has the power to direct the significant activities of the entity and the obligation to absorb losses or receive benefits from the entity that may be significant to the VIE. The Company's maximum loss exposure to variable interest entities, prior to the exercise of options to acquire the entities, is limited to its investment in the variable interest entities, which include equity investments, options to acquire, and promissory notes. Consolidated VIEs In February 2023, the Company entered into a preferred stock purchase agreement to acquire a majority equity interest in a medical technology company and an option agreement to acquire the remaining equity interest. Edwards concluded that it is the primary beneficiary and consolidated the VIE. See Note 6 for additional information. Unconsolidated VIEs Edwards has relationships with various VIEs that it does not consolidate as Edwards lacks the power to direct the activities that significantly impact the economic success of these entities. In March 2023, the Company agreed to pay a medical device company up to $45 million as consideration for an option to acquire the medical device company, of which $15.0 million has been paid as of March 31, 2023. Also, in March 2023, Edwards advanced $5 million to the medical device company under a convertible promissory note. The option and the note are included in " Other Assets " on the consolidated condensed balance sheet. In January 2023, the Company loaned a privately-held medical device company (the "Investee") $10 million under a $45 million secured promissory note agreement. Previously, in 2021, the Company invested $39.3 million, included in " Long-term Investments, " in the Investee's preferred equity securities and paid $13.1 million, included in " Other Assets, " for an option to acquire the Investee. Per the agreement, the Company may be required to invest up to an additional $6.5 million in the Investee's preferred equity securities and up to an additional $14.4 million for the option to acquire the Investee. In August 2022, the Company entered into an option agreement with a medical device company. Under the option agreement, Edwards paid $47.1 million for an option to acquire the medical device company. The $47.1 million option is included in " Other Assets " on the consolidated condensed balance sheet. In June 2022, the Company entered into a convertible promissory note and amended its existing warrant agreement with a medical device company. Under the convertible promissory note agreement, the Company agreed to loan the medical device company up to $47.5 million, of which $32.5 million has been advanced as of March 31, 2023. In addition, in 2019 the Company paid $35.0 million for an option to acquire the medical device company. The $35.0 million warrant and the $32.5 million note receivable are included in " Other Assets " on the consolidated condensed balance sheet. In May 2022, the Company entered into an option agreement with a medical technology company. Under the option agreement, Edwards paid $60.0 million for an option to acquire the medical technology company, of which $10 million was paid in 2021. The $60.0 million option is included in " Other Assets " on the consolidated condensed balance sheet. In addition, Edwards has made equity investments through the NMTC program in limited liability companies that are considered VIEs. For more information, see Note 4.

ACQUISITION

ACQUISITION	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITION	BUSINESS COMBINATIONOn February 28, 2023, the Company acquired 61% of the then outstanding shares of a medical technology company in an all cash transaction. The Company determined it was the primary beneficiary of this VIE, and the VIE has been consolidated in the Company's consolidated condensed financial statements. In addition, the Company amended and restated its previous option agreement with the medical technology company. The option agreement gives Edwards the option to acquire the remaining equity interest in the medical technology company. The medical technology company is dedicated to developing technologies for detecting and managing patients with cardiovascular disease. The transaction was accounted for as a business combination. Tangible and intangible assets and liabilities acquired were recorded based on their estimated fair values at the acquisition date. The excess of the purchase price over the fair value of net assets acquired was recorded to goodwill. The Company is in the process of finalizing its purchase price allocation. Therefore, the amounts reflected below are subject to change and will be finalized during 2023. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in millions): Assets $ 7.5 Goodwill 143.0 In-process research and development 150.5 Liabilities assumed (16.1) Deferred tax liabilities (25.1) Fair value of net assets acquired 259.8 Less: Noncontrolling interest (a) (84.0) Total purchase price 175.8 Less: cash acquired (6.8) Total purchase price, net of cash acquired (b) $ 169.0 _______________________________________ (a) Includes the fair value of the noncontrolling interest of $99.0 million offset by the purchase consideration allocated to the option of $15.0 million, which was ascribed to the noncontrolling interest. (b) Includes $22.5 million paid in a previous year under option agreements and $5.3 million for the settlement of a pre-existing note. Goodwill includes expected synergies and other benefits the Company believes will result from the acquisition. Goodwill was assigned to the Company’s Rest of World segment and is not deductible for tax purposes. The results of operations for the medical technology company since the date of acquisition were immaterial. Pro forma results have not been presented as the results of the medical technology company are not material in relation to the consolidated financial statements of Edwards Lifesciences.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
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, 2023, the fair value of the notes payable, based on Level 2 inputs, was $598.5 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, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 9.0 $ — $ — $ 9.0 Available-for-sale investments: Corporate debt securities — 910.0 — 910.0 Asset-backed securities — 293.0 — 293.0 United States government and agency securities 53.1 50.6 — 103.7 Municipal securities — 2.6 — 2.6 Investments held for deferred compensation plans 117.8 — — 117.8 Derivatives — 51.7 — 51.7 $ 179.9 $ 1,307.9 $ — $ 1,487.8 Liabilities Derivatives $ — $ 23.4 $ — $ 23.4 Contingent consideration liabilities — — 26.9 26.9 Other liability — — 14.0 14.0 $ — $ 23.4 $ 40.9 $ 64.3 December 31, 2022 Assets Cash equivalents $ 0.4 $ — $ — $ 0.4 Available-for-sale investments: Corporate debt securities — 980.3 — 980.3 Asset-backed securities — 366.6 — 366.6 United States government and agency securities 37.1 94.5 — 131.6 Municipal securities — 2.5 — 2.5 Investments held for deferred compensation plans 112.1 — — 112.1 Derivatives — 65.5 — 65.5 $ 149.6 $ 1,509.4 $ — $ 1,659.0 Liabilities Derivatives $ — $ 27.2 $ — $ 27.2 Contingent consideration liabilities — — 26.2 26.2 Other liability — — 14.0 14.0 $ — $ 27.2 $ 40.2 $ 67.4 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 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, 2023 include (1) the discount rate used to present value the projected cash flows (ranging from 3.5% to 13.8%; weighted average of 3.7%), (2) the probability of milestone achievement (ranging from 0% to 50%; weighted average of 39.6%), and (3) the projected payment dates (2026). 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. 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, 2022 $ 26.2 $ 14.0 $ 40.2 Changes in fair value 0.7 — 0.7 Balance at March 31, 2023 $ 26.9 $ 14.0 $ 40.9 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

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 (in millions) Foreign currency forward exchange contracts $ 1,712.2 $ 1,678.4 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, 2023 December 31, 2022 Assets Foreign currency contracts Other current assets $ 13.6 $ 24.9 Cross currency swap contracts Other assets $ 38.1 $ 40.6 Liabilities Foreign currency contracts Accrued and other liabilities $ 23.4 $ 20.7 Foreign currency contracts Other liabilities $ — $ 6.5 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, 2023 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 13.6 $ — $ 13.6 $ (6.7) $ — $ 6.9 Cross currency swap contracts $ 38.1 $ — $ 38.1 $ — $ — $ 38.1 Derivative liabilities Foreign currency contracts $ 23.4 $ — $ 23.4 $ (6.7) $ — $ 16.7 December 31, 2022 Derivative assets Foreign currency contracts $ 24.9 $ — $ 24.9 $ (12.0) $ — $ 12.9 Cross currency swap contracts $ 40.6 $ — $ 40.6 $ — $ — $ 40.6 Derivative liabilities Foreign currency contracts $ 27.2 $ — $ 27.2 $ (12.0) $ — $ 15.2 The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions): Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2023 2022 2023 2022 Cash flow hedges Foreign currency contracts $ 3.7 $ 24.7 Cost of sales $ 29.8 $ 7.3 Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2023 2022 2023 2022 Net investment hedges Cross currency swap contracts $ (2.5) $ 3.9 Interest income, net $ 1.7 $ 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) 2023 2022 Derivatives not designated as hedging instruments Foreign currency contracts Other (income) expense, net $ (5.4) $ 15.5 The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other (Income) Expense, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (329.5) $ (436.3) $ 1.6 The effects of cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ 1.2 Derivatives designated as hedging instruments $ — $ — $ (1.2) Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 1.2 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 29.8 $ — $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other (Income) Expense, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (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 $ — $ — The Company expects that during the next twelve months it will reclassify to earnings a $13.6 million gain currently recorded in " Accumulated Other Comprehensive Loss ."

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 was as follows (in millions): Three Months Ended 2023 2022 Cost of sales $ 7.0 $ 6.2 Selling, general, and administrative expenses 22.3 18.7 Research and development expenses 9.6 7.5 Total stock-based compensation expense 38.9 32.4 Income tax benefit (4.7) (4.4) Total stock-based compensation expense, net of tax $ 34.2 $ 28.0 At March 31, 2023, 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 $187.9 million, which will be amortized on a straight-line basis over each award's requisite service period. The weighted-average remaining requisite service period is 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 2023 2022 Risk-free interest rate 4.1 % 1.9 % Expected dividend yield None None Expected volatility 31.3 % 33.5 % Expected term (years) 5.3 5.3 Fair value, per option $ 27.77 $ 35.66 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 2023 2022 Risk-free interest rate 4.6 % 0.2 % Expected dividend yield None None Expected volatility 31.5 % 32.2 % Expected term (years) 0.6 0.6 Fair value, per share $ 21.10 $ 29.52

ACCELERATED SHARE REPURCHASE

ACCELERATED SHARE REPURCHASE	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
ACCELERATED SHARE REPURCHASE	ACCELERATED SHARE REPURCHASE During 2023 and 2022, 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 applicable 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 January 2022 $ 250.0 1.9 $ 104.87 80 % February 2022 2.3 $ 110.31 February 2023 $ 200.0 2.0 $ 80.44 80 % March 2023 2.5 $ 79.28 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 initially recorded in " Additional Paid-in Capital " and subsequently, upon settlement, was transferred to " Treasury Stock " on the consolidated condensed 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, 2023
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.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2023
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, 2022 $ (218.8) $ 23.8 $ (65.6) $ 5.7 $ (254.9) Other comprehensive gain (loss) before reclassifications 4.9 6.7 9.0 (0.1) 20.5 Amounts reclassified from accumulated other comprehensive loss (1.7) (29.8) 4.0 — (27.5) Deferred income tax benefit 0.6 5.9 — — 6.5 March 31, 2023 $ (215.0) $ 6.6 $ (52.6) $ 5.6 $ (255.4) 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) 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 2023 2022 Foreign currency translation adjustments $ 1.7 $ 1.6 Other (income) expense, net (0.4) (0.4) Provision for income taxes $ 1.3 $ 1.2 Net of tax Gain on hedges $ 29.8 $ 7.3 Cost of sales (7.1) (2.1) Provision for income taxes $ 22.7 $ 5.2 Net of tax Loss on available-for-sale investments $ (4.0) $ (4.8) Other (income) expense, net 1.0 1.2 Provision for income taxes $ (3.0) $ (3.6) Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Basic: Net income attributable to Edwards Lifesciences, Inc. $ 340.5 $ 373.6 Weighted-average shares outstanding 607.5 622.1 Basic earnings per share $ 0.56 $ 0.60 Diluted: Net income attributable to Edwards Lifesciences, Inc. $ 340.5 $ 373.6 Weighted-average shares outstanding 607.5 622.1 Dilutive effect of stock plans 3.4 7.3 Dilutive weighted-average shares outstanding 610.9 629.4 Diluted earnings per share $ 0.56 $ 0.59

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective income tax rates were 14.6% and 14.3% for the three months ended March 31, 2023 and 2022, respectively. The increase in the effective rate between the three months ended March 31, 2023 and 2022 is primarily due to a reduced tax benefit from employee share-based compensation. In addition, the effective rates for the three months ended March 31, 2023 and 2022 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 $2.9 million and $13.4 million for the three months ended March 31, 2023 and 2022, 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, 2023 and December 31, 2022, the gross liability recorded for income taxes associated with uncertain tax positions was $496.8 million and $475.3 million, respectively. The Company estimates that these liabilities would be reduced by $194.3 million and $182.1 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 $302.5 million and $293.2 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. An APA between Switzerland and Japan covering tax years 2020 through 2024 was executed in 2021. The execution of some or all of these APA renewals depends on many variables outside of the Company's control. 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 through 2017 tax years was completed during the second quarter of 2021, except for certain transfer pricing and related matters. The IRS began its examination of the 2018 through 2020 tax years during the first quarter of 2022. The audits of the Company's 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 and on. 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 $210 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 during the fourth quarter of 2021. During the second quarter of 2022, the Company received the IRS's rebuttal to its protest and was notified that the case had been transferred to the IRS Independent Office of Appeals ("Appeals"). The opening conference was held with Appeals during the first quarter of 2023 and discussions are ongoing. The Company continues to evaluate all possible remedies available to it. 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 or as a result of the ongoing Appeals. While 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 made an advance payment of tax in November 2022 to prevent the further accrual of interest on that portion of any potential deficiency. Certain Surgical/TAVR intercompany royalty transactions covering tax years 2018-2022 that were not resolved under the APA program remain subject to IRS examination, and those transactions and related tax positions remain uncertain as of March 31, 2023. The Company has considered this information, as well as information regarding the NOPA, the rebuttal and ongoing Appeals described above, in its evaluation of its uncertain tax positions. The impact of these unresolved transfer pricing matters, net of any correlative repatriation tax adjustment, may be significant to the Company’s consolidated condensed financial statements. Based on the information currently available and numerous possible outcomes, the Company cannot reasonably estimate what, if any, changes in its existing uncertain tax positions may occur in the next 12 months and, therefore, has continued to record the uncertain tax positions as a long-term liability.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
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 foreign exchange rates 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 2023 2022 Segment Net Sales United States $ 849.1 $ 749.5 Europe 335.4 300.1 Japan 104.3 140.9 Rest of World 165.6 142.3 Total segment net sales $ 1,454.4 $ 1,332.8 Segment Operating Income United States $ 563.4 $ 511.5 Europe 181.7 166.6 Japan 63.4 99.5 Rest of World 70.5 59.7 Total segment operating income $ 879.0 $ 837.3 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 2023 2022 Net Sales Reconciliation Segment net sales $ 1,454.4 $ 1,332.8 Foreign currency 5.2 8.4 Consolidated net sales $ 1,459.6 $ 1,341.2 Pre-tax Income Reconciliation Segment operating income $ 879.0 $ 837.3 Unallocated amounts: Corporate items (468.9) (419.4) Intellectual property agreement and litigation expenses, net (43.5) (7.1) Change in fair value of contingent consideration liabilities, net (0.7) 2.9 Foreign currency 22.5 25.1 Consolidated operating income 388.4 438.8 Non-operating income (expense) 10.2 (2.7) Consolidated pre-tax income $ 398.6 $ 436.1 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 2023 2022 Net Sales by Geographic Area United States $ 849.1 $ 749.5 Europe 331.1 311.1 Japan 114.1 135.5 Rest of World 165.3 145.1 $ 1,459.6 $ 1,341.2 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 947.9 $ 881.3 Transcatheter Mitral and Tricuspid Therapies 41.6 27.0 Surgical Structural Heart 248.2 220.8 Critical Care 221.9 212.1 $ 1,459.6 $ 1,341.2

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022. 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.
Consolidation	The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries and variable interest entities for which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	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.
New Accounting Standards Not Yet Adopted	New Accounting Standards Not Yet Adopted In March 2023, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on investments in tax credit structures to allow entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial results.

OTHER CONSOLIDATED FINANCIAL _2

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Inventories Raw materials $ 164.6 $ 156.4 Work in process 206.4 177.4 Finished products 543.3 541.7 $ 914.3 $ 875.5
Schedule of Accrued and Other Liabilities	March 31, 2023 December 31, 2022 Accrued and other liabilities Employee compensation and withholdings $ 225.8 $ 268.7 Taxes payable 120.8 50.6 Property, payroll, and other taxes 53.6 45.6 Research and development accruals 67.7 66.9 Accrued rebates 112.3 116.1 Fair value of derivatives 23.4 20.7 Accrued marketing expenses 13.2 17.0 Legal and insurance 29.1 28.1 Intellectual property agreements (a) 95.4 53.3 Accrued relocation costs 26.2 25.2 Accrued professional services 10.6 6.6 Accrued realignment reserves 14.8 15.6 Other accrued liabilities 83.2 80.6 $ 876.1 $ 795.0 _______________________________________ (a) As of March 31, 2023, $95.4 million was accrued in " Accrued and other liabilities " and $130.1 million was accrued in " Litigation agreement accrual " on the consolidated condensed balance sheet related to intellectual property agreements with Abbott Laboratories and its direct and indirect subsidiaries, and Medtronic, Inc.
Schedule of Supplemental Cash Flow Information	Supplemental Cash Flow Information (in millions) Three Months Ended 2023 2022 Cash paid during the year for: Amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7.1 $ 7.6 Non-cash investing and financing transactions: Right-of-use assets obtained in exchange for new lease liabilities $ 2.2 $ 6.4 Capital expenditures accruals $ 26.5 $ 23.8
Schedule of Cash and Cash Equivalents	Cash, Cash Equivalents, and Restricted Cash (in millions) March 31, 2023 December 31, 2022 Cash and cash equivalents $ 872.5 $ 769.0 Restricted cash included in other current assets 0.6 0.5 Restricted cash included in other assets 3.3 3.1 Total cash, cash equivalents, and restricted cash $ 876.4 $ 772.6
Schedule of Restricted Cash	Cash, Cash Equivalents, and Restricted Cash (in millions) March 31, 2023 December 31, 2022 Cash and cash equivalents $ 872.5 $ 769.0 Restricted cash included in other current assets 0.6 0.5 Restricted cash included in other assets 3.3 3.1 Total cash, cash equivalents, and restricted cash $ 876.4 $ 772.6

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 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 $ 28.0 $ — $ — $ 28.0 $ 96.0 $ — $ — $ 96.0 Available-for-sale U.S government and agency securities 108.6 — (4.9) 103.7 137.7 — (6.1) 131.6 Asset-backed securities 304.2 — (11.2) 293.0 380.6 — (14.0) 366.6 Corporate debt securities 948.8 — (38.8) 910.0 1,028.1 — (47.8) 980.3 Municipal securities 2.8 — (0.2) 2.6 2.7 — (0.2) 2.5 Total $ 1,364.4 $ — $ (55.1) $ 1,309.3 $ 1,549.1 $ — $ (68.1) $ 1,481.0
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, 2023, 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 $ 23.5 $ 23.5 $ 366.5 $ 358.2 Due after 1 year through 5 years 4.5 4.5 647.3 614.8 Due after 5 years through 10 years — — 5.2 5.1 Instruments not due at a single maturity date (a) — — 345.4 331.2 $ 28.0 $ 28.0 $ 1,364.4 $ 1,309.3 _______________________________________ (a) Consists of mortgage- and 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, 2023 and December 31, 2022, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions): March 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. government and agency securities $ 10.6 $ (0.1) $ 92.2 $ (4.8) $ 102.8 $ (4.9) Asset-backed securities 59.1 (0.8) 224.7 (10.4) 283.8 (11.2) Corporate debt securities 30.8 (0.1) 871.7 (38.7) 902.5 (38.8) Municipal securities — — 2.6 (0.2) 2.6 (0.2) $ 100.5 $ (1.0) $ 1,191.2 $ (54.1) $ 1,291.7 $ (55.1) December 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 U.S. government and agency securities $ 61.6 $ (1.5) $ 69.5 $ (4.6) $ 131.1 $ (6.1) Asset-backed securities 103.3 (1.3) 254.6 (12.7) 357.9 (14.0) Corporate debt securities 189.0 (5.3) 784.8 (42.5) 973.8 (47.8) Municipal securities — — 2.5 (0.2) 2.5 (0.2) $ 353.9 $ (8.1) $ 1,111.4 $ (60.0) $ 1,465.3 $ (68.1)
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 $ 24.2 $ 21.4 Equity securities Carrying value of non-marketable equity securities 86.9 86.9 Total investments in unconsolidated entities $ 111.1 $ 108.3

ACQUISITION (Tables)

ACQUISITION (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in millions): Assets $ 7.5 Goodwill 143.0 In-process research and development 150.5 Liabilities assumed (16.1) Deferred tax liabilities (25.1) Fair value of net assets acquired 259.8 Less: Noncontrolling interest (a) (84.0) Total purchase price 175.8 Less: cash acquired (6.8) Total purchase price, net of cash acquired (b) $ 169.0 _______________________________________ (a) Includes the fair value of the noncontrolling interest of $99.0 million offset by the purchase consideration allocated to the option of $15.0 million, which was ascribed to the noncontrolling interest. (b) Includes $22.5 million paid in a previous year under option agreements and $5.3 million for the settlement of a pre-existing note.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 9.0 $ — $ — $ 9.0 Available-for-sale investments: Corporate debt securities — 910.0 — 910.0 Asset-backed securities — 293.0 — 293.0 United States government and agency securities 53.1 50.6 — 103.7 Municipal securities — 2.6 — 2.6 Investments held for deferred compensation plans 117.8 — — 117.8 Derivatives — 51.7 — 51.7 $ 179.9 $ 1,307.9 $ — $ 1,487.8 Liabilities Derivatives $ — $ 23.4 $ — $ 23.4 Contingent consideration liabilities — — 26.9 26.9 Other liability — — 14.0 14.0 $ — $ 23.4 $ 40.9 $ 64.3 December 31, 2022 Assets Cash equivalents $ 0.4 $ — $ — $ 0.4 Available-for-sale investments: Corporate debt securities — 980.3 — 980.3 Asset-backed securities — 366.6 — 366.6 United States government and agency securities 37.1 94.5 — 131.6 Municipal securities — 2.5 — 2.5 Investments held for deferred compensation plans 112.1 — — 112.1 Derivatives — 65.5 — 65.5 $ 149.6 $ 1,509.4 $ — $ 1,659.0 Liabilities Derivatives $ — $ 27.2 $ — $ 27.2 Contingent consideration liabilities — — 26.2 26.2 Other liability — — 14.0 14.0 $ — $ 27.2 $ 40.2 $ 67.4
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, 2022 $ 26.2 $ 14.0 $ 40.2 Changes in fair value 0.7 — 0.7 Balance at March 31, 2023 $ 26.9 $ 14.0 $ 40.9 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

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 (in millions) Foreign currency forward exchange contracts $ 1,712.2 $ 1,678.4 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, 2023 December 31, 2022 Assets Foreign currency contracts Other current assets $ 13.6 $ 24.9 Cross currency swap contracts Other assets $ 38.1 $ 40.6 Liabilities Foreign currency contracts Accrued and other liabilities $ 23.4 $ 20.7 Foreign currency contracts Other liabilities $ — $ 6.5
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, 2023 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 13.6 $ — $ 13.6 $ (6.7) $ — $ 6.9 Cross currency swap contracts $ 38.1 $ — $ 38.1 $ — $ — $ 38.1 Derivative liabilities Foreign currency contracts $ 23.4 $ — $ 23.4 $ (6.7) $ — $ 16.7 December 31, 2022 Derivative assets Foreign currency contracts $ 24.9 $ — $ 24.9 $ (12.0) $ — $ 12.9 Cross currency swap contracts $ 40.6 $ — $ 40.6 $ — $ — $ 40.6 Derivative liabilities Foreign currency contracts $ 27.2 $ — $ 27.2 $ (12.0) $ — $ 15.2
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Derivative Liabilities	The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions): Gross Amounts Gross Amounts Net Amounts March 31, 2023 Gross Financial Cash Net Derivative assets Foreign currency contracts $ 13.6 $ — $ 13.6 $ (6.7) $ — $ 6.9 Cross currency swap contracts $ 38.1 $ — $ 38.1 $ — $ — $ 38.1 Derivative liabilities Foreign currency contracts $ 23.4 $ — $ 23.4 $ (6.7) $ — $ 16.7 December 31, 2022 Derivative assets Foreign currency contracts $ 24.9 $ — $ 24.9 $ (12.0) $ — $ 12.9 Cross currency swap contracts $ 40.6 $ — $ 40.6 $ — $ — $ 40.6 Derivative liabilities Foreign currency contracts $ 27.2 $ — $ 27.2 $ (12.0) $ — $ 15.2
Schedule of Effect of Derivative Instruments on Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income	The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated condensed statements of operations and consolidated condensed statements of comprehensive income (in millions): Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2023 2022 2023 2022 Cash flow hedges Foreign currency contracts $ 3.7 $ 24.7 Cost of sales $ 29.8 $ 7.3 Amount of Gain or (Loss) Amount of Gain or (Loss) Three Months Ended Location of Gain or Three Months Ended 2023 2022 2023 2022 Net investment hedges Cross currency swap contracts $ (2.5) $ 3.9 Interest income, net $ 1.7 $ 1.6 Amount of Gain or (Loss) Three Months Ended Location of Gain or (Loss) 2023 2022 Derivatives not designated as hedging instruments Foreign currency contracts Other (income) expense, net $ (5.4) $ 15.5
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following tables present the effect of fair value and cash flow hedge accounting on the consolidated condensed statements of operations (in millions): Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other (Income) Expense, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (329.5) $ (436.3) $ 1.6 The effects of cash flow hedging: Gain (loss) on fair value hedging relationships: Foreign currency contracts: Hedged items $ — $ — $ 1.2 Derivatives designated as hedging instruments $ — $ — $ (1.2) Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ — $ — $ 1.2 Gain (loss) on cash flow hedging relationships: Foreign currency contracts: Amount of gain (loss) reclassified from accumulated OCI into income $ 29.8 $ — $ — Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Cost of sales Selling, general, and administrative expenses Other (Income) Expense, net Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded $ (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 $ — $ —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 was as follows (in millions): Three Months Ended 2023 2022 Cost of sales $ 7.0 $ 6.2 Selling, general, and administrative expenses 22.3 18.7 Research and development expenses 9.6 7.5 Total stock-based compensation expense 38.9 32.4 Income tax benefit (4.7) (4.4) Total stock-based compensation expense, net of tax $ 34.2 $ 28.0
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 2023 2022 Risk-free interest rate 4.1 % 1.9 % Expected dividend yield None None Expected volatility 31.3 % 33.5 % Expected term (years) 5.3 5.3 Fair value, per option $ 27.77 $ 35.66
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 2023 2022 Risk-free interest rate 4.6 % 0.2 % Expected dividend yield None None Expected volatility 31.5 % 32.2 % Expected term (years) 0.6 0.6 Fair value, per share $ 21.10 $ 29.52

ACCELERATED SHARE REPURCHASE (T

ACCELERATED SHARE REPURCHASE (Tables)	3 Months Ended
	Mar. 31, 2023
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 January 2022 $ 250.0 1.9 $ 104.87 80 % February 2022 2.3 $ 110.31 February 2023 $ 200.0 2.0 $ 80.44 80 % March 2023 2.5 $ 79.28

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 $ (218.8) $ 23.8 $ (65.6) $ 5.7 $ (254.9) Other comprehensive gain (loss) before reclassifications 4.9 6.7 9.0 (0.1) 20.5 Amounts reclassified from accumulated other comprehensive loss (1.7) (29.8) 4.0 — (27.5) Deferred income tax benefit 0.6 5.9 — — 6.5 March 31, 2023 $ (215.0) $ 6.6 $ (52.6) $ 5.6 $ (255.4) 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)
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 2023 2022 Foreign currency translation adjustments $ 1.7 $ 1.6 Other (income) expense, net (0.4) (0.4) Provision for income taxes $ 1.3 $ 1.2 Net of tax Gain on hedges $ 29.8 $ 7.3 Cost of sales (7.1) (2.1) Provision for income taxes $ 22.7 $ 5.2 Net of tax Loss on available-for-sale investments $ (4.0) $ (4.8) Other (income) expense, net 1.0 1.2 Provision for income taxes $ (3.0) $ (3.6) Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Basic: Net income attributable to Edwards Lifesciences, Inc. $ 340.5 $ 373.6 Weighted-average shares outstanding 607.5 622.1 Basic earnings per share $ 0.56 $ 0.60 Diluted: Net income attributable to Edwards Lifesciences, Inc. $ 340.5 $ 373.6 Weighted-average shares outstanding 607.5 622.1 Dilutive effect of stock plans 3.4 7.3 Dilutive weighted-average shares outstanding 610.9 629.4 Diluted earnings per share $ 0.56 $ 0.59

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Segment Net Sales United States $ 849.1 $ 749.5 Europe 335.4 300.1 Japan 104.3 140.9 Rest of World 165.6 142.3 Total segment net sales $ 1,454.4 $ 1,332.8 Segment Operating Income United States $ 563.4 $ 511.5 Europe 181.7 166.6 Japan 63.4 99.5 Rest of World 70.5 59.7 Total segment operating income $ 879.0 $ 837.3 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 2023 2022 Net Sales Reconciliation Segment net sales $ 1,454.4 $ 1,332.8 Foreign currency 5.2 8.4 Consolidated net sales $ 1,459.6 $ 1,341.2 Pre-tax Income Reconciliation Segment operating income $ 879.0 $ 837.3 Unallocated amounts: Corporate items (468.9) (419.4) Intellectual property agreement and litigation expenses, net (43.5) (7.1) Change in fair value of contingent consideration liabilities, net (0.7) 2.9 Foreign currency 22.5 25.1 Consolidated operating income 388.4 438.8 Non-operating income (expense) 10.2 (2.7) Consolidated pre-tax income $ 398.6 $ 436.1
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 2023 2022 Net Sales by Geographic Area United States $ 849.1 $ 749.5 Europe 331.1 311.1 Japan 114.1 135.5 Rest of World 165.3 145.1 $ 1,459.6 $ 1,341.2 Net Sales by Major Product Area Transcatheter Aortic Valve Replacement $ 947.9 $ 881.3 Transcatheter Mitral and Tricuspid Therapies 41.6 27.0 Surgical Structural Heart 248.2 220.8 Critical Care 221.9 212.1 $ 1,459.6 $ 1,341.2

OTHER CONSOLIDATED FINANCIAL _3

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventories
Raw materials	$ 164.6	$ 156.4
Work in process	206.4	177.4
Finished products	543.3	541.7
Total inventories	914.3	875.5
Finished products inventories held on consignment	$ 146.1	$ 128.6

OTHER CONSOLIDATED FINANCIAL _4

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Accrued Liabilities and Long Term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accrued and other liabilities
Employee compensation and withholdings	$ 225.8	$ 268.7
Taxes payable	120.8	50.6
Property, payroll, and other taxes	53.6	45.6
Research and development accruals	67.7	66.9
Accrued rebates	112.3	116.1
Fair value of derivatives	23.4	20.7
Accrued marketing expenses	13.2	17
Legal and insurance	29.1	28.1
Intellectual property agreements	95.4	53.3
Accrued relocation costs	26.2	25.2
Accrued professional services	10.6	6.6
Accrued realignment reserves	14.8	15.6
Other accrued liabilities	83.2	80.6
Total accrued and other liabilities	876.1	795
Litigation settlement accrual, current	95.4
Litigation settlement accrual, noncurrent	$ 130.1	$ 143

OTHER CONSOLIDATED FINANCIAL _5

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 7.1	$ 7.6
Non-cash investing and financing transactions:
Right-of-use assets obtained in exchange for new lease liabilities	2.2	6.4
Capital expenditures accruals	$ 26.5	$ 23.8

OTHER CONSOLIDATED FINANCIAL _6

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 872.5	$ 769
Restricted cash included in other current assets	0.6	0.5
Restricted cash included in other assets	3.3	3.1
Total cash, cash equivalents, and restricted cash	$ 876.4	$ 772.6	$ 1,035.3	$ 867.4

INTELLECTUAL PROPERTY AGREEME_2

INTELLECTUAL PROPERTY AGREEMENT AND LITIGATION EXPENSES - Narrative (Details) - USD ($) $ in Millions		1 Months Ended		3 Months Ended
	Apr. 12, 2023	Apr. 28, 2023	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Loss Contingencies [Line Items]
Intellectual property litigation expense				$ 43.5	$ 7.1
Subsequent Event
Loss Contingencies [Line Items]
Intellectual property agreement term	15 years
Medtronic Inc
Loss Contingencies [Line Items]
Intellectual property litigation expense			$ 37
Medtronic Inc | Subsequent Event
Loss Contingencies [Line Items]
Payments for legal settlements	$ 300
Intellectual property litigation expense		$ 139
Prepaid royalty asset		$ 124

INVESTMENTS - Investments in De

INVESTMENTS - Investments in Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Held-to-maturity
Fair Value	$ 28
Available-for-sale
Amortized Cost	1,364.4	$ 1,549.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(55.1)	(68.1)
Fair Value	1,309.3	1,481
Bank time deposits
Held-to-maturity
Amortized Cost	28	96
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	28	96
U.S government and agency securities
Available-for-sale
Amortized Cost	108.6	137.7
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(4.9)	(6.1)
Fair Value	103.7	131.6
Asset-backed securities
Available-for-sale
Amortized Cost	304.2	380.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(11.2)	(14)
Fair Value	293	366.6
Corporate debt securities
Available-for-sale
Amortized Cost	948.8	1,028.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(38.8)	(47.8)
Fair Value	910	980.3
Municipal securities
Available-for-sale
Amortized Cost	2.8	2.7
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.2)	(0.2)
Fair Value	$ 2.6	$ 2.5

INVESTMENTS - Cost and Fair Val

INVESTMENTS - Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in 1 year or less	$ 23.5
Due after 1 year through 5 years	4.5
Due after 5 years through 10 years	0
Instruments not due at a single maturity date	0
Amortized Cost	28
Fair Value
Due in 1 year or less	23.5
Due after 1 year through 5 years	4.5
Due after 5 years through 10 years	0
Instruments not due at a single maturity date	0
Fair Value	28
Amortized Cost
Due in 1 year or less	366.5
Due after 1 year through 5 years	647.3
Due after 5 years through 10 years	5.2
Instruments not due at a single maturity date	345.4
Amortized Cost	1,364.4	$ 1,549.1
Fair Value
Due in 1 year or less	358.2
Due after 1 year through 5 years	614.8
Due after 5 years through 10 years	5.1
Instruments not due at a single maturity date	331.2
Fair Value	$ 1,309.3	$ 1,481

INVESTMENTS - Investments in Co

INVESTMENTS - Investments in Continuous Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	$ 100.5	$ 353.9
Gross unrealized losses, less than twelve months	(1)	(8.1)
Fair value, twelve months or greater	1,191.2	1,111.4
Gross unrealized losses, twelve months or greater	(54.1)	(60)
Fair value, total	1,291.7	1,465.3
Gross unrealized losses, total	(55.1)	(68.1)
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	10.6	61.6
Gross unrealized losses, less than twelve months	(0.1)	(1.5)
Fair value, twelve months or greater	92.2	69.5
Gross unrealized losses, twelve months or greater	(4.8)	(4.6)
Fair value, total	102.8	131.1
Gross unrealized losses, total	(4.9)	(6.1)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	59.1	103.3
Gross unrealized losses, less than twelve months	(0.8)	(1.3)
Fair value, twelve months or greater	224.7	254.6
Gross unrealized losses, twelve months or greater	(10.4)	(12.7)
Fair value, total	283.8	357.9
Gross unrealized losses, total	(11.2)	(14)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	30.8	189
Gross unrealized losses, less than twelve months	(0.1)	(5.3)
Fair value, twelve months or greater	871.7	784.8
Gross unrealized losses, twelve months or greater	(38.7)	(42.5)
Fair value, total	902.5	973.8
Gross unrealized losses, total	(38.8)	(47.8)
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than twelve months	0	0
Gross unrealized losses, less than twelve months	0	0
Fair value, twelve months or greater	2.6	2.5
Gross unrealized losses, twelve months or greater	(0.2)	(0.2)
Fair value, total	2.6	2.5
Gross unrealized losses, total	$ (0.2)	$ (0.2)

INVESTMENTS - Investments in Un

INVESTMENTS - Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Equity method investments
Carrying value of equity method investments	$ 24.2	$ 21.4
Equity securities
Carrying value of non-marketable equity securities	86.9	86.9
Total investments in unconsolidated entities	$ 111.1	$ 108.3

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Carrying value of equity method investments	$ 24.2	$ 21.4
Other (income) expense, net
Debt and Equity Securities, FV-NI [Line Items]
Increase in non-marketable equity securities due to observable price changes	8.8
Decrease in non-marketable equity securities due to observable price changes	$ 3.1
Limited Liability Company
Debt and Equity Securities, FV-NI [Line Items]
Investments taken period	7 years
Limited Liability Company | New Markets Tax Credit
Debt and Equity Securities, FV-NI [Line Items]
Carrying value of equity method investments	$ 1.7
Investment percentage (in percent)	39%

INVESTMENTS IN VARIABLE INTER_2

INVESTMENTS IN VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions		1 Months Ended				3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Aug. 31, 2022	Jun. 30, 2022	May 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Jan. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Payment for option to acquire company						$ 15	$ 0
Carrying value of non-marketable equity securities	$ 86.9	$ 86.9				86.9					$ 86.9
Investee
Variable Interest Entity [Line Items]
Secured promissory note										$ 10
Maximum secured promissory note										$ 45
Carrying value of non-marketable equity securities								$ 39.3
Investment option to acquire								13.1
Maximum additional option to acquire investment								14.4
Investee | Equity Securities
Variable Interest Entity [Line Items]
Maximum additional required investment								6.5
Investee | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Loans receivables, maximum lending amount		45		$ 47.5
Payment for option to acquire company	15		$ 47.1						$ 35
Financing receivable	32.5	32.5				32.5
Option to acquire investment amount	35	35	$ 47.1			35
Investee | Variable Interest Entity, Not Primary Beneficiary | Convertible Promissory Note
Variable Interest Entity [Line Items]
Financing receivable	$ 5	$ 5				$ 5
Medical Technology Company | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Payment for option to acquire company					$ 60			$ 10
Option to acquire investment amount					$ 60

ACQUISITION - Narrative (Detail

ACQUISITION - Narrative (Details)	Feb. 28, 2023
Medical Technology Company | Variable Interest Entity, Primary Beneficiary
Business Acquisition [Line Items]
Percentage of interest acquired	61%

ACQUISITION - Summary of Prelim

ACQUISITION - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		3 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 1,308.4		$ 1,164.3
Payment for option to acquire company		$ 15	$ 0
Medical Technology Company | Variable Interest Entity, Primary Beneficiary
Business Acquisition [Line Items]
Assets	$ 7.5
Goodwill	143
In-process research and development	150.5
Liabilities assumed	(16.1)
Deferred tax liabilities	(25.1)
Fair value of net assets acquired	259.8
Less: Noncontrolling interest (a)	(84)
Total purchase price	175.8
Less: cash acquired	(6.8)
Total purchase price, net of cash acquired	169
Noncontrolling interest, gross	99
Noncontrolling interest, option adjustment	15
Payment for option to acquire company	22.5
Repayments of pre-existing notes	$ 5.3

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Level 2
Financial instruments
Notes payable fair value disclosure	$ 598.5
Level 3 | Discount Rate | Minimum | Contingent Consideration
Financial instruments
Contingent consideration liability measurement input	0.035
Level 3 | Discount Rate | Maximum | Contingent Consideration
Financial instruments
Contingent consideration liability measurement input	0.138
Level 3 | Discount Rate | Weighted Average | Contingent Consideration
Financial instruments
Contingent consideration liability measurement input	0.037
Level 3 | Probability of Milestone Achievement | Minimum | Contingent Consideration
Financial instruments
Contingent consideration liability measurement input	0
Level 3 | Probability of Milestone Achievement | Maximum | Contingent Consideration
Financial instruments
Contingent consideration liability measurement input	0.50
Level 3 | Probability of Milestone Achievement | Weighted Average | Contingent Consideration
Financial instruments
Contingent consideration liability measurement input	0.396

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Available-for-sale investments:	$ 1,309.3	$ 1,481
Corporate debt securities
Assets
Available-for-sale investments:	910	980.3
Asset-backed securities
Assets
Available-for-sale investments:	293	366.6
United States government and agency securities
Assets
Available-for-sale investments:	103.7	131.6
Municipal securities
Assets
Available-for-sale investments:	2.6	2.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis
Assets
Cash equivalents	9	0.4
Investments held for deferred compensation plans	117.8	112.1
Derivatives	51.7	65.5
Assets	1,487.8	1,659
Liabilities
Derivatives	23.4	27.2
Contingent consideration liabilities	26.9	26.2
Other liability	14	14
Liabilities	64.3	67.4
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Corporate debt securities
Assets
Available-for-sale investments:	910	980.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Asset-backed securities
Assets
Available-for-sale investments:	293	366.6
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | United States government and agency securities
Assets
Available-for-sale investments:	103.7	131.6
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Municipal securities
Assets
Available-for-sale investments:	2.6	2.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 1
Assets
Cash equivalents	9	0.4
Investments held for deferred compensation plans	117.8	112.1
Derivatives	0	0
Assets	179.9	149.6
Liabilities
Derivatives	0	0
Contingent consideration liabilities	0	0
Other liability	0	0
Liabilities	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:	53.1	37.1
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	0	0
Investments held for deferred compensation plans	0	0
Derivatives	51.7	65.5
Assets	1,307.9	1,509.4
Liabilities
Derivatives	23.4	27.2
Contingent consideration liabilities	0	0
Other liability	0	0
Liabilities	23.4	27.2
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Corporate debt securities
Assets
Available-for-sale investments:	910	980.3
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Asset-backed securities
Assets
Available-for-sale investments:	293	366.6
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | United States government and agency securities
Assets
Available-for-sale investments:	50.6	94.5
Estimate of Fair Value Measurement | Fair Value on a Recurring Basis | Level 2 | Municipal securities
Assets
Available-for-sale investments:	2.6	2.5
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
Contingent consideration liabilities	26.9	26.2
Other liability	14	14
Liabilities	40.9	40.2
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 | 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, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 40.2	$ 76
Changes in fair value	0.7	(2.9)
Ending balance	40.9	73.1
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	26.2	62
Changes in fair value	0.7	(2.9)
Ending balance	26.9	59.1
Other liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	14	14
Changes in fair value	0	0
Ending balance	$ 14	$ 14

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, 2023	Dec. 31, 2022
Foreign currency forward exchange contracts
Derivative Financial Instruments
Derivative notional amount	$ 1,712.2	$ 1,678.4
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, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Derivative Financial Instruments
Changes due to currency rate movements and expenses expected to occur, maximum term	13 months
Cash flow gain to be reclassified in the next twelve months	$ 13.6
Derivatives designated as hedging instruments | Cross currency swap contracts
Derivative Financial Instruments
Derivative liability, fair value	300		$ 300
Net investment hedges | Derivatives designated as hedging instruments | Cross currency swap contracts
Derivative Financial Instruments
Derivative liability, fair value	$ 300	€ 257.2

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Location and Fair Value Amounts of Derivative Instruments Reported in Consolidated Condensed Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets, Other assets (Note 5)	Other current assets, Other assets (Note 5)
Liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities, Accrued and other liabilities (Note 2)	Other liabilities, Accrued and other liabilities (Note 2)
Foreign currency contracts
Assets
Fair value of derivative assets	$ 13.6	$ 24.9
Liabilities
Fair value of derivative liabilities	23.4	27.2
Cross currency swap contracts
Assets
Fair value of derivative assets	38.1	40.6
Derivatives designated as hedging instruments | Foreign currency contracts
Assets
Fair value of derivative assets	13.6	24.9
Derivatives designated as hedging instruments | Foreign currency contracts | Accrued and other liabilities
Liabilities
Fair value of derivative liabilities	23.4	20.7
Derivatives designated as hedging instruments | Foreign currency contracts | Other liabilities
Liabilities
Fair value of derivative liabilities	0	6.5
Derivatives designated as hedging instruments | Cross currency swap contracts
Assets
Fair value of derivative assets	$ 38.1	$ 40.6

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, 2023	Dec. 31, 2022
Foreign currency contracts
Derivative assets
Gross Amounts	$ 13.6	$ 24.9
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	13.6	24.9
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	(6.7)	(12)
Cash Collateral Received	0	0
Net Amount	6.9	12.9
Derivative liabilities
Gross Amounts	23.4	27.2
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	23.4	27.2
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts Not Offset in the Consolidated Balance Sheet	(6.7)	(12)
Cash Collateral Received	0	0
Net Amount	16.7	15.2
Cross currency swap contracts
Derivative assets
Gross Amounts	38.1	40.6
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts Presented in the Consolidated Balance Sheet	38.1	40.6
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 38.1	$ 40.6

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, 2023	Mar. 31, 2022
Foreign currency contracts | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ (5.4)	$ 15.5
Cash flow hedges | Foreign currency contracts | Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	3.7	24.7
Cash flow hedges | Foreign currency contracts | Derivatives designated as hedging instruments | Cost of sales
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	29.8	7.3
Net investment hedges | Cross currency swap contracts | Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	(2.5)	3.9
Net investment hedges | Cross currency swap contracts | Derivatives designated as hedging instruments | Interest income, net
Derivative Instruments, Gain (Loss)
Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	$ 1.7	$ 1.6

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, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss)
Cost of sales	$ (329.5)	$ (299.3)
Selling, general, and administrative expenses	(436.3)	(370.3)
Other (income) expense, net	1.6	(3.3)
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	29.8	7.3
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
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) Expense, net
Gain (loss) on fair value hedging relationships:
Hedged items	1.2
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	1.2
Gain (loss) on cash flow hedging relationships:
Amount of gain (loss) reclassified from accumulated OCI into income	0	$ 0
Foreign currency contracts | Other (Income) Expense, net | Derivatives designated as hedging instruments
Gain (loss) on fair value hedging relationships:
Derivatives designated as hedging instruments	$ (1.2)

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 38.9	$ 32.4
Income tax benefit	(4.7)	(4.4)
Total stock-based compensation expense, net of tax	34.2	28
Cost of sales
Allocation of stock-based compensation expense
Total stock-based compensation expense	7	6.2
Selling, general, and administrative expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	22.3	18.7
Research and development expenses
Allocation of stock-based compensation expense
Total stock-based compensation expense	$ 9.6	$ 7.5

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
Total remaining unrecognized compensation cost	$ 187.9
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, 2023	Mar. 31, 2022
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.10%	1.90%
Expected dividend yield	0%	0%
Expected volatility	31.30%	33.50%
Expected term (years)	5 years 3 months 18 days	5 years 3 months 18 days
Fair value, per option (in dollars per share)	$ 27.77	$ 35.66
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.60%	0.20%
Expected dividend yield	0%	0%
Expected volatility	31.50%	32.20%
Expected term (years)	7 months 6 days	7 months 6 days
Fair value, per option (in dollars per share)	$ 21.10	$ 29.52

ACCELERATED SHARE REPURCHASE (D

ACCELERATED SHARE REPURCHASE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Feb. 28, 2022	Jan. 31, 2022
Initial Delivery of Shares Settled January 2022
Class of Stock [Line Items]
Amount Paid				$ 250
Shares Received (in shares)				1.9
Initial delivery, price per share (in dollars per share)				$ 104.87
Value of Shares as % of Contract Value				80%
Initial Delivery of Shares Settled February2023
Class of Stock [Line Items]
Amount Paid		$ 200
Shares Received (in shares)		2
Initial delivery, price per share (in dollars per share)		$ 80.44
Value of Shares as % of Contract Value		80%
January 2023 Stock Repurchase Program Shares Sold in February 2023
Class of Stock [Line Items]
Shares Received (in shares)			2.3
Final settlement per share price (in dollars per share)			$ 110.31
February 2021 Stock Repurchase Program Shares Sold in March 2021
Class of Stock [Line Items]
Shares Received (in shares)	2.5
Final settlement per share price (in dollars per share)	$ 79.28

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended
	Mar. 31, 2023 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits that if settled could have a material adverse impact on net income or cash flows	1

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Activity for Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 5,806.7
Other comprehensive gain (loss) before reclassifications	20.5	$ (30.3)
Amounts reclassified from accumulated other comprehensive loss	(27.5)	(4.1)
Deferred income tax benefit	6.5	5.5
Ending balance	5,978
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(254.9)	(157.7)
Ending balance	(255.4)	(186.6)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(218.8)	(172.5)
Other comprehensive gain (loss) before reclassifications	4.9	(7.4)
Amounts reclassified from accumulated other comprehensive loss	(1.7)	(1.6)
Deferred income tax benefit	0.6	(1)
Ending balance	(215)	(182.5)
Unrealized Gain on Hedges
AOCI Attributable to Parent, Net of Tax
Beginning balance	23.8	29.7
Other comprehensive gain (loss) before reclassifications	6.7	24.7
Amounts reclassified from accumulated other comprehensive loss	(29.8)	(7.3)
Deferred income tax benefit	5.9	(4)
Ending balance	6.6	43.1
Unrealized Loss on Available-for-sale Investments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(65.6)	(6.9)
Other comprehensive gain (loss) before reclassifications	9	(47.6)
Amounts reclassified from accumulated other comprehensive loss	4	4.8
Deferred income tax benefit	0	10.5
Ending balance	(52.6)	(39.2)
Unrealized Pension Credits
AOCI Attributable to Parent, Net of Tax
Beginning balance	5.7	(8)
Other comprehensive gain (loss) before reclassifications	(0.1)	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Deferred income tax benefit	0	0
Ending balance	$ 5.6	$ (8)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Affected Line on Consolidated Condensed Statements of Operations
Other (income) expense, net	$ 1.6	$ (3.3)
Provision for income taxes	(58.1)	(62.5)
Net of tax	340.5	373.6
Cost of sales	(329.5)	(299.3)
Amount Reclassified from Accumulated Other Comprehensive Loss | Foreign currency translation adjustments
Affected Line on Consolidated Condensed Statements of Operations
Other (income) expense, net	1.7	1.6
Provision for income taxes	(0.4)	(0.4)
Net of tax	1.3	1.2
Amount Reclassified from Accumulated Other Comprehensive Loss | Gain on hedges
Affected Line on Consolidated Condensed Statements of Operations
Provision for income taxes	(7.1)	(2.1)
Net of tax	22.7	5.2
Cost of sales	29.8	7.3
Amount Reclassified from Accumulated Other Comprehensive Loss | Loss on available-for-sale investments
Affected Line on Consolidated Condensed Statements of Operations
Other (income) expense, net	(4)	(4.8)
Provision for income taxes	1	1.2
Net of tax	$ (3)	$ (3.6)

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, 2023	Mar. 31, 2022
Basic:
Net income attributable to Edwards Lifesciences, Inc.	$ 340.5	$ 373.6
Weighted-average shares outstanding (in shares)	607.5	622.1
Basic earnings per share (in dollars per share)	$ 0.56	$ 0.60
Diluted:
Net income attributable to Edwards Lifesciences, Inc.	$ 340.5	$ 373.6
Weighted-average shares outstanding (in shares)	607.5	622.1
Dilutive effect of stock plans (in shares)	3.4	7.3
Dilutive weighted-average shares outstanding (in shares)	610.9	629.4
Diluted earnings per share (in dollars per share)	$ 0.56	$ 0.59

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock compensation plan
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of earnings per share (in shares)	5.2	1.7

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	14.60%	14.30%
Tax benefit from employee share-based compensation	$ 2.9	$ 13.4
Liability for income taxes associated with uncertain tax positions	496.8			$ 475.3
Decrease in unrecognized tax benefits is reasonably possible	194.3			182.1
Net amounts that would favorably affect effective tax rate	$ 302.5			$ 293.2
Additional federal tax			$ 210

SEGMENT INFORMATION - Informati

SEGMENT INFORMATION - Information about Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Net Sales
Net sales	$ 1,459.6	$ 1,341.2
Operating segments
Segment Net Sales
Net sales	1,454.4	1,332.8
Segment Operating Income
Segment operating income	879	837.3
United States | Operating segments
Segment Net Sales
Net sales	849.1	749.5
Segment Operating Income
Segment operating income	563.4	511.5
Europe | Operating segments
Segment Net Sales
Net sales	335.4	300.1
Segment Operating Income
Segment operating income	181.7	166.6
Japan | Operating segments
Segment Net Sales
Net sales	104.3	140.9
Segment Operating Income
Segment operating income	63.4	99.5
Rest of World | Operating segments
Segment Net Sales
Net sales	165.6	142.3
Segment Operating Income
Segment operating income	$ 70.5	$ 59.7

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, 2023	Mar. 31, 2022
Net Sales Reconciliation
Net sales	$ 1,459.6	$ 1,341.2
Pre-tax Income Reconciliation
Consolidated operating income	388.4	438.8
Unallocated amounts:
Change in fair value of contingent consideration liabilities, net	(0.7)	2.9
Income before provision for income taxes	398.6	436.1
Operating segments
Net Sales Reconciliation
Net sales	1,454.4	1,332.8
Pre-tax Income Reconciliation
Consolidated operating income	879	837.3
Corporate items
Unallocated amounts:
Corporate items	(468.9)	(419.4)
Reconciling items
Net Sales Reconciliation
Net sales	5.2	8.4
Unallocated amounts:
Intellectual property agreement and litigation expenses, net	(43.5)	(7.1)
Foreign currency	22.5	25.1
Non-operating income (expense)	$ 10.2	$ (2.7)

SEGMENT INFORMATION - Enterpris

SEGMENT INFORMATION - Enterprise-Wide Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Enterprise-Wide Information
Net sales	$ 1,459.6	$ 1,341.2
Transcatheter Aortic Valve Replacement
Enterprise-Wide Information
Net sales	947.9	881.3
Transcatheter Mitral and Tricuspid Therapies
Enterprise-Wide Information
Net sales	41.6	27
Surgical Structural Heart
Enterprise-Wide Information
Net sales	248.2	220.8
Critical Care
Enterprise-Wide Information
Net sales	221.9	212.1
United States
Enterprise-Wide Information
Net sales	849.1	749.5
Europe
Enterprise-Wide Information
Net sales	331.1	311.1
Japan
Enterprise-Wide Information
Net sales	114.1	135.5
Rest of World
Enterprise-Wide Information
Net sales	$ 165.3	$ 145.1