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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Edwards Lifesciences Corp | NYSE:EW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.46 | -1.70% | 84.49 | 86.5308 | 84.49 | 85.35 | 3,097,565 | 01:00:00 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
|
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36-4316614
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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One Edwards Way, Irvine, California
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92614
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(Address of principal executive offices)
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(Zip Code)
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(949) 250-2500
(Registrant's telephone number, including area code)
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller
reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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Page
Number
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June 30,
2017 |
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December 31,
2016 |
||||
ASSETS
|
|
|
|
|
|
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Current assets
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
508.2
|
|
|
$
|
930.1
|
|
Short-term investments (Note 5)
|
623.6
|
|
|
341.0
|
|
||
Accounts and other receivables, net of allowances of $8.5 and $9.0, respectively
|
510.7
|
|
|
414.6
|
|
||
Inventories (Note 2)
|
491.6
|
|
|
396.6
|
|
||
Prepaid expenses
|
54.1
|
|
|
45.9
|
|
||
Other current assets
|
95.2
|
|
|
111.8
|
|
||
Total current assets
|
2,283.4
|
|
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2,240.0
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|
||
Long-term investments (Note 5)
|
551.5
|
|
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532.1
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|
||
Property, plant, and equipment, net
|
627.9
|
|
|
580.0
|
|
||
Goodwill (Note 4)
|
965.1
|
|
|
626.1
|
|
||
Other intangible assets, net (Note 4)
|
408.6
|
|
|
204.8
|
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Deferred income taxes
|
185.2
|
|
|
203.8
|
|
||
Other assets
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116.8
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|
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123.2
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|
||
Total assets
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$
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5,138.5
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$
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4,510.0
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LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
||
Accounts payable and accrued liabilities (Note 2)
|
$
|
562.5
|
|
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$
|
532.5
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Long-term debt
|
1,016.8
|
|
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822.3
|
|
||
Contingent consideration liabilities (Notes 4 and 6)
|
198.7
|
|
|
31.6
|
|
||
Other long-term liabilities
|
420.9
|
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504.6
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Commitments and contingencies (Note 9)
|
|
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Stockholders' equity
|
|
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Preferred stock, $.01 par value, authorized 50.0 shares, no shares outstanding
|
—
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|
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—
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Common stock, $1.00 par value, 350.0 shares authorized, 244.7 and 242.6 shares issued, and 211.1 and 211.6 shares outstanding, respectively
|
244.7
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242.6
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Additional paid-in capital
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1,267.0
|
|
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1,167.8
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|
||
Retained earnings
|
4,331.9
|
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3,906.3
|
|
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Accumulated other comprehensive loss
|
(157.8
|
)
|
|
(198.4
|
)
|
||
Treasury stock, at cost, 33.6 and 31.0 shares, respectively
|
(2,746.2
|
)
|
|
(2,499.3
|
)
|
||
Total stockholders' equity
|
2,939.6
|
|
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2,619.0
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|
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Total liabilities and stockholders' equity
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$
|
5,138.5
|
|
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$
|
4,510.0
|
|
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
||||||||||||
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2017
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|
2016
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2017
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2016
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||||||||
Net sales
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$
|
841.8
|
|
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$
|
759.3
|
|
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$
|
1,725.3
|
|
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$
|
1,456.6
|
|
Cost of sales
|
211.1
|
|
|
202.5
|
|
|
426.7
|
|
|
382.8
|
|
||||
Gross profit
|
630.7
|
|
|
556.8
|
|
|
1,298.6
|
|
|
1,073.8
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|
||||
Selling, general, and administrative expenses
|
243.8
|
|
|
228.8
|
|
|
473.4
|
|
|
441.5
|
|
||||
Research and development expenses
|
134.4
|
|
|
112.5
|
|
|
263.1
|
|
|
214.3
|
|
||||
Intellectual property litigation expenses
|
7.7
|
|
|
9.1
|
|
|
17.9
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|
|
21.3
|
|
||||
Change in fair value of contingent consideration liabilities (Note 4)
|
3.1
|
|
|
0.4
|
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|
4.2
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|
|
1.0
|
|
||||
Special charges (Note 3)
|
31.2
|
|
|
34.5
|
|
|
31.2
|
|
|
34.5
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|
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Interest expense, net
|
1.4
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|
|
2.4
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|
|
3.8
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|
4.8
|
|
||||
Other expenses, net
|
3.5
|
|
|
0.1
|
|
|
5.8
|
|
|
4.1
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|
||||
Income before provision for income taxes
|
205.6
|
|
|
169.0
|
|
|
499.2
|
|
|
352.3
|
|
||||
Provision for income taxes
|
19.5
|
|
|
42.4
|
|
|
82.9
|
|
|
82.7
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|
||||
Net income
|
$
|
186.1
|
|
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$
|
126.6
|
|
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$
|
416.3
|
|
|
$
|
269.6
|
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Share information
(Note 11)
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|
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||||
Earnings per share:
|
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||||
Basic
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$
|
0.88
|
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$
|
0.60
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$
|
1.97
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$
|
1.27
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Diluted
|
$
|
0.86
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|
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$
|
0.58
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$
|
1.93
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$
|
1.24
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Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
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|
||||
Basic
|
210.5
|
|
|
212.2
|
|
|
210.8
|
|
|
212.6
|
|
||||
Diluted
|
215.7
|
|
|
217.3
|
|
|
216.1
|
|
|
217.6
|
|
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
186.1
|
|
|
$
|
126.6
|
|
|
$
|
416.3
|
|
|
$
|
269.6
|
|
Other comprehensive income (loss), net of tax (Note 10):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
37.2
|
|
|
(6.7
|
)
|
|
60.9
|
|
|
20.9
|
|
||||
Unrealized loss on cash flow hedges
|
(12.3
|
)
|
|
(1.2
|
)
|
|
(18.6
|
)
|
|
(20.8
|
)
|
||||
Defined benefit pension plans
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
Unrealized (loss) gain on available-for-sale investments
|
(1.6
|
)
|
|
1.5
|
|
|
(2.6
|
)
|
|
3.2
|
|
||||
Reclassification of net realized investment loss to earnings
|
0.3
|
|
|
0.3
|
|
|
0.8
|
|
|
0.6
|
|
||||
Other comprehensive income (loss)
|
23.7
|
|
|
(6.1
|
)
|
|
40.6
|
|
|
3.9
|
|
||||
Comprehensive income
|
$
|
209.8
|
|
|
$
|
120.5
|
|
|
$
|
456.9
|
|
|
$
|
273.5
|
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income
|
$
|
416.3
|
|
|
$
|
269.6
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
40.0
|
|
|
33.9
|
|
||
Stock-based compensation (Note 8)
|
30.5
|
|
|
28.6
|
|
||
Excess tax benefit from stock plans (Note 1)
|
—
|
|
|
(37.2
|
)
|
||
Impairment and other charges (Note 3)
|
31.0
|
|
|
—
|
|
||
Gain on investments, net
|
(3.7
|
)
|
|
(1.0
|
)
|
||
Deferred income taxes
|
43.7
|
|
|
0.2
|
|
||
Purchased in-process research and development
|
5.7
|
|
|
34.5
|
|
||
Other
|
6.9
|
|
|
3.8
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts and other receivables, net
|
(70.5
|
)
|
|
(64.7
|
)
|
||
Inventories
|
(72.2
|
)
|
|
(14.7
|
)
|
||
Accounts payable and accrued liabilities
|
(63.8
|
)
|
|
(12.9
|
)
|
||
Income taxes
|
(46.0
|
)
|
|
60.9
|
|
||
Prepaid expenses and other current assets
|
1.3
|
|
|
(14.0
|
)
|
||
Other
|
6.8
|
|
|
10.4
|
|
||
Net cash provided by operating activities
|
326.0
|
|
|
297.4
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Capital expenditures
|
(73.9
|
)
|
|
(64.8
|
)
|
||
Purchases of held-to-maturity investments (Note 5)
|
(505.6
|
)
|
|
(454.5
|
)
|
||
Proceeds from held-to-maturity investments (Note 5)
|
232.0
|
|
|
347.3
|
|
||
Purchases of available-for sale investments (Note 5)
|
(332.3
|
)
|
|
(174.8
|
)
|
||
Proceeds from available-for-sale investments (Note 5)
|
289.4
|
|
|
94.8
|
|
||
Investments in intangible assets and in-process research and development
|
(6.4
|
)
|
|
(41.1
|
)
|
||
Investments in trading securities, net
|
(5.8
|
)
|
|
(5.2
|
)
|
||
Investments in unconsolidated affiliates, net (Note 5)
|
0.3
|
|
|
(2.0
|
)
|
||
Acquisition of business, net of cash acquired (Note 4)
|
(84.8
|
)
|
|
—
|
|
||
Other
|
0.1
|
|
|
4.5
|
|
||
Net cash used in investing activities
|
(487.0
|
)
|
|
(295.8
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Proceeds from issuance of debt
|
985.4
|
|
|
15.9
|
|
||
Payments on debt and capital lease obligations
|
(808.2
|
)
|
|
(19.3
|
)
|
||
Purchases of treasury stock
|
(511.2
|
)
|
|
(380.7
|
)
|
||
Equity forward contract related to accelerated share repurchase agreement
|
—
|
|
|
(35.0
|
)
|
||
Excess tax benefit from stock plans (Note 1)
|
—
|
|
|
37.2
|
|
||
Proceeds from stock plans
|
68.7
|
|
|
44.6
|
|
||
Other
|
0.8
|
|
|
(0.1
|
)
|
||
Net cash used in financing activities
|
(264.5
|
)
|
|
(337.4
|
)
|
||
Effect of currency exchange rate changes on cash and cash equivalents
|
3.6
|
|
|
(12.7
|
)
|
||
Net decrease in cash and cash equivalents
|
(421.9
|
)
|
|
(348.5
|
)
|
||
Cash and cash equivalents at beginning of period
|
930.1
|
|
|
718.4
|
|
||
Cash and cash equivalents at end of period
|
$
|
508.2
|
|
|
$
|
369.9
|
|
Supplemental disclosures:
|
|
|
|
|
|
||
Non-cash investing and financing transactions:
|
|
|
|
|
|
||
Fair value of shares issued in connection with business combinations (Note 4)
|
$
|
266.5
|
|
|
$
|
—
|
|
Capital expenditures accruals
|
$
|
16.2
|
|
|
$
|
17.2
|
|
•
|
the Company recorded excess tax benefits of
$39.5 million
as a benefit to the "
Provision for Income Taxes
" for the
six months ended June 30, 2017
. Previously, this amount would have been recorded to "
Additional Paid-in Capital
";
|
•
|
the new standard eliminates the requirement that excess tax benefits be realized through a reduction in income taxes payable before a company can recognize them. As a result, on January 1, 2017, the Company recorded, on a modified-retrospective basis, a cumulative-effect adjustment of
$9.3 million
in retained earnings for excess tax benefits not previously recognized;
|
•
|
in the diluted earnings per share calculation, when applying the treasury stock method for shares that could be repurchased, the assumed proceeds no longer include the amount of excess tax benefit. This did not have a material impact on the Company's diluted net earnings per share calculation;
|
•
|
the new standard requires that excess tax benefits be reported as operating activities in the consolidated statements of cash flows. Previously, these cash flows were included in financing activities. The Company elected to apply this change on a prospective basis;
|
•
|
the new standard requires that employee taxes paid when an employer withholds shares for tax-withholding purposes be reported as financing activities in the consolidated statements of cash flows. This had no impact since the Company has historically presented these amounts as a financing activity; and
|
•
|
the Company elected not to change its policy on accounting for forfeitures, and continued to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized each period.
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Inventories
|
|
|
|
||||
Raw materials
|
$
|
79.2
|
|
|
$
|
60.6
|
|
Work in process
|
122.4
|
|
|
102.4
|
|
||
Finished products
|
290.0
|
|
|
233.6
|
|
||
|
$
|
491.6
|
|
|
$
|
396.6
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Accounts payable and accrued liabilities
|
|
|
|
|
|
||
Accounts payable
|
$
|
104.6
|
|
|
$
|
97.1
|
|
Employee compensation and withholdings
|
162.6
|
|
|
216.1
|
|
||
Property, payroll, and other taxes
|
35.8
|
|
|
35.3
|
|
||
Research and development accruals
|
37.3
|
|
|
40.0
|
|
||
Accrued rebates
|
39.6
|
|
|
36.1
|
|
||
Fair value of derivatives
|
15.4
|
|
|
3.3
|
|
||
Accrued marketing expenses
|
12.7
|
|
|
12.6
|
|
||
Taxes payable (Note 12)
|
65.4
|
|
|
5.9
|
|
||
Litigation reserves
|
8.3
|
|
|
7.8
|
|
||
Other accrued liabilities
|
80.8
|
|
|
78.3
|
|
||
|
$
|
562.5
|
|
|
$
|
532.5
|
|
Current assets
|
|
$
|
22.7
|
|
|
Property and equipment, net
|
|
1.2
|
|
|
|
Goodwill
|
|
316.4
|
|
|
|
Developed technology
|
|
109.2
|
|
|
|
In-process research and development ("IPR&D")
|
|
87.9
|
|
|
|
Other assets
|
|
0.8
|
|
|
|
Current liabilities assumed
|
|
(5.1
|
)
|
|
|
Deferred income taxes
|
|
(17.6
|
)
|
|
|
Total purchase price
|
|
515.5
|
|
|
|
Less: cash acquired
|
|
(4.3
|
)
|
|
|
Total purchase price, net of cash acquired
|
|
$
|
511.2
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
Held-to-maturity
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||||||
Bank time deposits
|
$
|
505.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
505.3
|
|
|
$
|
217.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
217.0
|
|
Commercial paper
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
U.S. government and agency securities
|
5.2
|
|
|
—
|
|
|
(0.1
|
)
|
|
5.1
|
|
|
16.1
|
|
|
—
|
|
|
(0.1
|
)
|
|
16.0
|
|
||||||||
Asset-backed securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||||||
Corporate debt securities
|
0.9
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
||||||||
Municipal securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
||||||||
Total
|
$
|
511.8
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
511.7
|
|
|
$
|
238.3
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
238.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Bank time deposits
|
$
|
2.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial paper
|
35.8
|
|
|
—
|
|
|
—
|
|
|
35.8
|
|
|
35.4
|
|
|
—
|
|
|
—
|
|
|
35.4
|
|
||||||||
U.S. government and agency securities
|
87.4
|
|
|
—
|
|
|
(0.5
|
)
|
|
86.9
|
|
|
143.4
|
|
|
—
|
|
|
(0.7
|
)
|
|
142.7
|
|
||||||||
Foreign government bonds
|
11.8
|
|
|
0.1
|
|
|
—
|
|
|
11.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Asset-backed securities
|
104.4
|
|
|
0.1
|
|
|
(0.2
|
)
|
|
104.3
|
|
|
86.0
|
|
|
—
|
|
|
(0.2
|
)
|
|
85.8
|
|
||||||||
Corporate debt securities
|
400.6
|
|
|
0.8
|
|
|
(0.7
|
)
|
|
400.7
|
|
|
333.6
|
|
|
0.4
|
|
|
(1.5
|
)
|
|
332.5
|
|
||||||||
Municipal securities
|
4.5
|
|
|
—
|
|
|
—
|
|
|
4.5
|
|
|
4.6
|
|
|
—
|
|
|
(0.1
|
)
|
|
4.5
|
|
||||||||
Total
|
$
|
647.0
|
|
|
$
|
1.0
|
|
|
$
|
(1.4
|
)
|
|
$
|
646.6
|
|
|
$
|
603.0
|
|
|
$
|
0.4
|
|
|
$
|
(2.5
|
)
|
|
$
|
600.9
|
|
|
Held-to-Maturity
|
|
Available-for-Sale
|
||||||||||||
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
(in millions)
|
||||||||||||||
Due in 1 year or less
|
$
|
506.6
|
|
|
$
|
506.5
|
|
|
$
|
117.1
|
|
|
$
|
117.0
|
|
Due after 1 year through 5 years
|
—
|
|
|
—
|
|
|
425.5
|
|
|
425.2
|
|
||||
Instruments not due at a single maturity date
|
5.2
|
|
|
5.2
|
|
|
104.4
|
|
|
104.4
|
|
||||
|
$
|
511.8
|
|
|
$
|
511.7
|
|
|
$
|
647.0
|
|
|
$
|
646.6
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(in millions)
|
||||||
Available-for-sale investments
|
|
|
|
|
|
||
Cost
|
$
|
—
|
|
|
$
|
—
|
|
Unrealized gains
|
0.1
|
|
|
0.1
|
|
||
Fair value of available-for-sale investments
|
0.1
|
|
|
0.1
|
|
||
Equity method investments
|
|
|
|
|
|
||
Cost
|
9.2
|
|
|
9.5
|
|
||
Equity in losses
|
(4.8
|
)
|
|
(3.9
|
)
|
||
Carrying value of equity method investments
|
4.4
|
|
|
5.6
|
|
||
Cost method investments
|
|
|
|
|
|
||
Carrying value of cost method investments
|
12.2
|
|
|
28.2
|
|
||
Total investments in unconsolidated affiliates
|
$
|
16.7
|
|
|
$
|
33.9
|
|
June 30, 2017
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents
|
$
|
53.2
|
|
|
$
|
26.6
|
|
|
$
|
—
|
|
|
$
|
79.8
|
|
Available-for-sale investments:
|
|
|
|
|
|
|
|
|
|||||||
Bank time deposits
|
—
|
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
||||
Corporate debt securities
|
—
|
|
|
400.7
|
|
|
—
|
|
|
400.7
|
|
||||
Asset-backed securities
|
—
|
|
|
104.3
|
|
|
—
|
|
|
104.3
|
|
||||
U.S. government and agency securities
|
51.0
|
|
|
35.9
|
|
|
—
|
|
|
86.9
|
|
||||
Foreign government bonds
|
—
|
|
|
11.9
|
|
|
—
|
|
|
11.9
|
|
||||
Commercial paper
|
—
|
|
|
35.8
|
|
|
—
|
|
|
35.8
|
|
||||
Municipal securities
|
—
|
|
|
4.5
|
|
|
—
|
|
|
4.5
|
|
||||
Equity investments in unconsolidated affiliates
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Investments held for deferred compensation plans
|
55.3
|
|
|
—
|
|
|
—
|
|
|
55.3
|
|
||||
Derivatives
|
—
|
|
|
9.7
|
|
|
—
|
|
|
9.7
|
|
||||
|
$
|
159.6
|
|
|
$
|
631.9
|
|
|
$
|
—
|
|
|
$
|
791.5
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
15.4
|
|
|
$
|
—
|
|
|
$
|
15.4
|
|
Deferred compensation plans
|
55.9
|
|
|
—
|
|
|
—
|
|
|
55.9
|
|
||||
Contingent consideration liabilities
|
—
|
|
|
—
|
|
|
198.7
|
|
|
198.7
|
|
||||
|
$
|
55.9
|
|
|
$
|
15.4
|
|
|
$
|
198.7
|
|
|
$
|
270.0
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
44.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
44.1
|
|
Available-for-sale investments:
|
|
|
|
|
|
|
|
||||||||
Corporate debt securities
|
—
|
|
|
332.5
|
|
|
—
|
|
|
332.5
|
|
||||
Asset-backed securities
|
—
|
|
|
85.8
|
|
|
—
|
|
|
85.8
|
|
||||
U.S. government and agency securities
|
100.7
|
|
|
42.0
|
|
|
—
|
|
|
142.7
|
|
||||
Commercial paper
|
—
|
|
|
35.4
|
|
|
—
|
|
|
35.4
|
|
||||
Municipal securities
|
—
|
|
|
4.5
|
|
|
—
|
|
|
4.5
|
|
||||
Equity investments in unconsolidated affiliates
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Investments held for deferred compensation plans
|
46.0
|
|
|
—
|
|
|
—
|
|
|
46.0
|
|
||||
Derivatives
|
—
|
|
|
35.2
|
|
|
—
|
|
|
35.2
|
|
||||
|
$
|
190.9
|
|
|
$
|
535.4
|
|
|
$
|
—
|
|
|
$
|
726.3
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
3.3
|
|
Deferred compensation plans
|
46.7
|
|
|
—
|
|
|
—
|
|
|
46.7
|
|
||||
Contingent consideration liabilities
|
—
|
|
|
—
|
|
|
31.6
|
|
|
31.6
|
|
||||
|
$
|
46.7
|
|
|
$
|
3.3
|
|
|
$
|
31.6
|
|
|
$
|
81.6
|
|
Balance at December 31, 2016
|
|
$
|
31.6
|
|
Additions
|
|
162.9
|
|
|
Changes in fair value
|
|
4.2
|
|
|
Balance at June 30, 2017
|
|
$
|
198.7
|
|
|
Notional Amount
|
||||||
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(in millions)
|
||||||
Foreign currency forward exchange contracts
|
$
|
1,037.7
|
|
|
$
|
949.7
|
|
Interest rate swap agreements
|
300.0
|
|
|
300.0
|
|
|
|
|
|
Fair Value
|
||||||
Derivatives designated as hedging instruments
|
|
Balance Sheet
Location
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Other current assets
|
|
$
|
9.1
|
|
|
$
|
28.6
|
|
Interest rate swap agreements
|
|
Other assets
|
|
$
|
0.6
|
|
|
$
|
0.4
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Accrued and other liabilities
|
|
$
|
15.4
|
|
|
$
|
3.3
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
||
Assets
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Other current assets
|
|
$
|
—
|
|
|
$
|
6.2
|
|
|
|
|
|
|
|
|
Gross Amounts
Not Offset in
the Consolidated
Balance Sheet
|
|
|
||||||||||||||
|
|
|
Gross Amounts
Offset in the
Consolidated
Balance Sheet
|
|
|
|
|
||||||||||||||||
|
|
|
Net Amounts
Presented in the
Consolidated
Balance Sheet
|
|
|
||||||||||||||||||
June 30, 2017
|
Gross
Amounts
|
|
Financial
Instruments
|
|
Cash
Collateral
Received
|
|
Net
Amount
|
||||||||||||||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
9.1
|
|
|
$
|
—
|
|
|
$
|
9.1
|
|
|
$
|
(7.3
|
)
|
|
$
|
—
|
|
|
$
|
1.8
|
|
Interest rate swap agreements
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
15.4
|
|
|
$
|
—
|
|
|
$
|
15.4
|
|
|
$
|
(7.3
|
)
|
|
$
|
—
|
|
|
$
|
8.1
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
34.8
|
|
|
$
|
—
|
|
|
$
|
34.8
|
|
|
$
|
(3.3
|
)
|
|
$
|
—
|
|
|
$
|
31.5
|
|
Interest rate swap agreements
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.4
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
3.3
|
|
|
$
|
(3.3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)
|
|
|
|
Amount of Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
|
||||||||||||
|
|
Three Months Ended
June 30, |
|
|
|
Three Months Ended
June 30, |
||||||||||||
|
|
Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
|
|
|||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
(17.6
|
)
|
|
$
|
0.5
|
|
|
Cost of sales
|
|
$
|
2.2
|
|
|
$
|
3.2
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
0.1
|
|
|
$
|
(0.3
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net investment hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
—
|
|
|
$
|
8.5
|
|
|
|
|
|
|
|
|
|
||
Foreign currency denominated debt
|
|
$
|
(15.6
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)
|
|
|
|
Amount of Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
|
||||||||||||
|
|
Six Months Ended
June 30, |
|
|
|
Six Months Ended
June 30, |
||||||||||||
|
|
Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
|
|
|||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
(26.1
|
)
|
|
$
|
(20.5
|
)
|
|
Cost of sales
|
|
$
|
4.7
|
|
|
$
|
14.6
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
0.2
|
|
|
$
|
(0.3
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net investment hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
—
|
|
|
$
|
(3.8
|
)
|
|
|
|
|
|
|
|
|
||
Foreign currency denominated debt
|
|
$
|
(15.6
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Amount of Gain or (Loss)
Recognized in Income on
Derivative
|
||||||
|
|
|
|
Three Months Ended
June 30, |
||||||
|
|
Location of Gain or (Loss)
Recognized in Income on
Derivative
|
|
|||||||
Fair value hedges
|
|
2017
|
|
2016
|
||||||
Interest rate swap agreements
|
|
Interest expense, net
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of sales
|
$
|
2.3
|
|
|
$
|
2.1
|
|
|
$
|
4.6
|
|
|
$
|
4.1
|
|
Selling, general, and administrative expenses
|
10.0
|
|
|
9.4
|
|
|
20.2
|
|
|
19.1
|
|
||||
Research and development expenses
|
3.0
|
|
|
2.8
|
|
|
5.7
|
|
|
5.4
|
|
||||
Total stock-based compensation expense
|
$
|
15.3
|
|
|
$
|
14.3
|
|
|
$
|
30.5
|
|
|
$
|
28.6
|
|
Option Awards
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Average risk-free interest rate
|
1.8
|
%
|
|
1.2
|
%
|
|
1.8
|
%
|
|
1.2
|
%
|
||||
Expected dividend yield
|
None
|
|
|
None
|
|
|
None
|
|
|
None
|
|
||||
Expected volatility
|
33.0
|
%
|
|
33.1
|
%
|
|
33.0
|
%
|
|
33.1
|
%
|
||||
Expected term (years)
|
4.5
|
|
|
4.5
|
|
|
4.5
|
|
|
4.5
|
|
||||
Fair value, per option
|
$
|
33.64
|
|
|
$
|
31.08
|
|
|
$
|
33.54
|
|
|
$
|
30.99
|
|
ESPP
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Average risk-free interest rate
|
0.5
|
%
|
|
0.3
|
%
|
|
0.4
|
%
|
|
0.3
|
%
|
||||
Expected dividend yield
|
None
|
|
|
None
|
|
|
None
|
|
|
None
|
|
||||
Expected volatility
|
32.8
|
%
|
|
32.8
|
%
|
|
32.9
|
%
|
|
29.0
|
%
|
||||
Expected term (years)
|
0.6
|
|
|
0.6
|
|
|
0.6
|
|
|
0.6
|
|
||||
Fair value, per share
|
$
|
29.89
|
|
|
$
|
24.92
|
|
|
$
|
25.19
|
|
|
$
|
20.85
|
|
|
Foreign
Currency
Translation
Adjustments
|
|
Unrealized Gain (Loss) on Cash Flow Hedges
|
|
Unrealized Gain (Loss) on Available-for-sale Investments
|
|
Unrealized
Pension
Costs
|
|
Total
Accumulated
Other
Comprehensive
Loss
|
||||||||||
December 31, 2016
|
$
|
(197.6
|
)
|
|
$
|
16.7
|
|
|
$
|
0.1
|
|
|
$
|
(17.6
|
)
|
|
$
|
(198.4
|
)
|
Other comprehensive gain (loss) before reclassifications
|
55.0
|
|
|
(26.1
|
)
|
|
(3.0
|
)
|
|
0.1
|
|
|
26.0
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
(4.9
|
)
|
|
0.8
|
|
|
—
|
|
|
(4.1
|
)
|
|||||
Deferred income tax benefit
|
5.9
|
|
|
12.4
|
|
|
0.4
|
|
|
—
|
|
|
18.7
|
|
|||||
June 30, 2017
|
$
|
(136.7
|
)
|
|
$
|
(1.9
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
(17.5
|
)
|
|
$
|
(157.8
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
|
||||||||||||
|
Affected Line on Consolidated Condensed
Statements of Operations
|
||||||||||||||||
Details about Accumulated Other
Comprehensive Loss Components
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|||||||||
Gain (loss) on cash flow hedges
|
$
|
2.3
|
|
|
$
|
2.9
|
|
|
$
|
4.9
|
|
|
$
|
14.3
|
|
|
Cost of sales
|
|
(0.8
|
)
|
|
(1.3
|
)
|
|
(1.8
|
)
|
|
(5.7
|
)
|
|
Provision for income taxes
|
||||
|
$
|
1.5
|
|
|
$
|
1.6
|
|
|
$
|
3.1
|
|
|
$
|
8.6
|
|
|
Net of tax
|
Gain (loss) on available-for-sale investments
|
$
|
(0.3
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
(0.6
|
)
|
|
Other expenses, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Provision for income taxes
|
||||
|
$
|
(0.3
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
(0.6
|
)
|
|
Net of tax
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
186.1
|
|
|
$
|
126.6
|
|
|
$
|
416.3
|
|
|
$
|
269.6
|
|
Weighted-average shares outstanding
|
210.5
|
|
|
212.2
|
|
|
210.8
|
|
|
212.6
|
|
||||
Basic earnings per share
|
$
|
0.88
|
|
|
$
|
0.60
|
|
|
$
|
1.97
|
|
|
$
|
1.27
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
186.1
|
|
|
$
|
126.6
|
|
|
$
|
416.3
|
|
|
$
|
269.6
|
|
Weighted-average shares outstanding
|
210.5
|
|
|
212.2
|
|
|
210.8
|
|
|
212.6
|
|
||||
Dilutive effect of stock plans
|
5.2
|
|
|
5.1
|
|
|
5.3
|
|
|
5.0
|
|
||||
Dilutive weighted-average shares outstanding
|
215.7
|
|
|
217.3
|
|
|
216.1
|
|
|
217.6
|
|
||||
Diluted earnings per share
|
$
|
0.86
|
|
|
$
|
0.58
|
|
|
$
|
1.93
|
|
|
$
|
1.24
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Segment Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
478.9
|
|
|
$
|
401.5
|
|
|
$
|
943.5
|
|
|
$
|
777.1
|
|
Europe
|
181.2
|
|
|
198.0
|
|
|
446.5
|
|
|
385.1
|
|
||||
Japan
|
91.3
|
|
|
71.9
|
|
|
173.1
|
|
|
135.7
|
|
||||
Rest of World
|
92.5
|
|
|
77.0
|
|
|
174.3
|
|
|
148.5
|
|
||||
Total segment net sales
|
$
|
843.9
|
|
|
$
|
748.4
|
|
|
$
|
1,737.4
|
|
|
$
|
1,446.4
|
|
Segment Pre-tax Income
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
314.7
|
|
|
$
|
260.2
|
|
|
$
|
618.2
|
|
|
$
|
501.8
|
|
Europe
|
79.5
|
|
|
98.2
|
|
|
231.6
|
|
|
192.9
|
|
||||
Japan
|
52.8
|
|
|
38.6
|
|
|
98.8
|
|
|
68.1
|
|
||||
Rest of World
|
27.3
|
|
|
19.1
|
|
|
52.7
|
|
|
37.0
|
|
||||
Total segment pre-tax income
|
$
|
474.3
|
|
|
$
|
416.1
|
|
|
$
|
1,001.3
|
|
|
$
|
799.8
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Sales Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment net sales
|
$
|
843.9
|
|
|
$
|
748.4
|
|
|
$
|
1,737.4
|
|
|
$
|
1,446.4
|
|
Foreign currency
|
(2.1
|
)
|
|
10.9
|
|
|
(12.1
|
)
|
|
10.2
|
|
||||
Consolidated net sales
|
$
|
841.8
|
|
|
$
|
759.3
|
|
|
$
|
1,725.3
|
|
|
$
|
1,456.6
|
|
Pre-tax Income Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment pre-tax income
|
$
|
474.3
|
|
|
$
|
416.1
|
|
|
$
|
1,001.3
|
|
|
$
|
799.8
|
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate items
|
(223.7
|
)
|
|
(206.3
|
)
|
|
(443.3
|
)
|
|
(401.5
|
)
|
||||
Special charges (Note 3)
|
(31.2
|
)
|
|
(34.5
|
)
|
|
(31.2
|
)
|
|
(34.5
|
)
|
||||
Intellectual property litigation expenses
|
(7.7
|
)
|
|
(9.1
|
)
|
|
(17.9
|
)
|
|
(21.3
|
)
|
||||
Interest expense, net
|
(1.4
|
)
|
|
(2.4
|
)
|
|
(3.8
|
)
|
|
(4.8
|
)
|
||||
Foreign currency
|
(4.7
|
)
|
|
5.2
|
|
|
(5.9
|
)
|
|
14.6
|
|
||||
Consolidated pre-tax income
|
$
|
205.6
|
|
|
$
|
169.0
|
|
|
$
|
499.2
|
|
|
$
|
352.3
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
|
|
|
|
||||||||||
Net Sales by Geographic Area
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
478.9
|
|
|
$
|
401.5
|
|
|
$
|
943.5
|
|
|
$
|
777.1
|
|
Europe
|
183.7
|
|
|
203.6
|
|
|
444.7
|
|
|
392.1
|
|
||||
Japan
|
90.5
|
|
|
79.9
|
|
|
169.8
|
|
|
146.5
|
|
||||
Rest of World
|
88.7
|
|
|
74.3
|
|
|
167.3
|
|
|
140.9
|
|
||||
|
$
|
841.8
|
|
|
$
|
759.3
|
|
|
$
|
1,725.3
|
|
|
$
|
1,456.6
|
|
Net Sales by Major Product and Service Area
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transcatheter Heart Valve Therapy
|
$
|
487.5
|
|
|
$
|
418.6
|
|
|
$
|
1,026.7
|
|
|
$
|
786.4
|
|
Surgical Heart Valve Therapy
|
207.1
|
|
|
198.7
|
|
|
406.6
|
|
|
394.6
|
|
||||
Critical Care
|
147.2
|
|
|
142.0
|
|
|
292.0
|
|
|
275.6
|
|
||||
|
$
|
841.8
|
|
|
$
|
759.3
|
|
|
$
|
1,725.3
|
|
|
$
|
1,456.6
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(in millions)
|
||||||
Long-lived Tangible Assets by Geographic Area
|
|
|
|
|
|
||
United States
|
$
|
589.7
|
|
|
$
|
555.5
|
|
Europe
|
30.4
|
|
|
27.9
|
|
||
Japan
|
7.7
|
|
|
8.0
|
|
||
Rest of World
|
113.2
|
|
|
108.6
|
|
||
|
$
|
741.0
|
|
|
$
|
700.0
|
|
|
Three Months Ended
June 30, |
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
|
||||||||||||||||||
|
|
|
Percent Change
|
|
|
|
Percent Change
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
|
|||||||||||||||||
United States
|
$
|
478.9
|
|
|
$
|
401.5
|
|
|
$
|
77.4
|
|
|
19.3
|
%
|
|
$
|
943.5
|
|
|
$
|
777.1
|
|
|
$
|
166.4
|
|
|
21.4
|
%
|
International
|
362.9
|
|
|
357.8
|
|
|
5.1
|
|
|
1.5
|
%
|
|
781.8
|
|
|
679.5
|
|
|
102.3
|
|
|
15.1
|
%
|
||||||
Total net sales
|
$
|
841.8
|
|
|
$
|
759.3
|
|
|
$
|
82.5
|
|
|
10.9
|
%
|
|
$
|
1,725.3
|
|
|
$
|
1,456.6
|
|
|
$
|
268.7
|
|
|
18.4
|
%
|
|
Three Months Ended
June 30, |
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
|
||||||||||||||||||
|
|
|
Percent Change
|
|
|
|
Percent Change
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
|
|||||||||||||||||
Transcatheter Heart Valve Therapy
|
$
|
487.5
|
|
|
$
|
418.6
|
|
|
$
|
68.9
|
|
|
16.5
|
%
|
|
$
|
1,026.7
|
|
|
$
|
786.4
|
|
|
$
|
240.3
|
|
|
30.6
|
%
|
Surgical Heart Valve Therapy
|
207.1
|
|
|
198.7
|
|
|
8.4
|
|
|
4.2
|
%
|
|
406.6
|
|
|
394.6
|
|
|
12.0
|
|
|
3.0
|
%
|
||||||
Critical Care
|
147.2
|
|
|
142.0
|
|
|
5.2
|
|
|
3.7
|
%
|
|
292.0
|
|
|
275.6
|
|
|
16.4
|
|
|
6.0
|
%
|
||||||
Total net sales
|
$
|
841.8
|
|
|
$
|
759.3
|
|
|
$
|
82.5
|
|
|
10.9
|
%
|
|
$
|
1,725.3
|
|
|
$
|
1,456.6
|
|
|
$
|
268.7
|
|
|
18.4
|
%
|
•
|
the
Edwards SAPIEN 3
valve, driven by strong therapy adoption;
|
•
|
the
Edwards SAPIEN 3
valve, primarily increased sales in (1) Japan, driven by its launch in March 2016, and (2) Europe, for the year-to-date period, notably in Germany as customers elected to purchase additional inventory during the first quarter of 2017 in anticipation of a potential supply interruption resulting from recent intellectual property litigation in that country. In the second quarter, customers consumed part, but not all, of this inventory;
|
•
|
lower sales of the
Edwards SAPIEN XT
valve in Japan as customers converted to
Edwards SAPIEN 3
.
|
•
|
mitral tissue valves, primarily in the United States and Rest of World, due to the recovery from the supply interruption we experienced in mid-2016; and
|
•
|
the
EDWARDS INTUITY Elite Valve System
, primarily in the United States;
|
•
|
surgical aortic tissue valves, primarily in the United States, as customers converted to transcatheter aortic valves
.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Foreign exchange losses, net
|
$
|
2.7
|
|
|
$
|
0.8
|
|
|
$
|
4.0
|
|
|
$
|
0.4
|
|
Loss (gain) on investments
|
0.7
|
|
|
(0.7
|
)
|
|
1.6
|
|
|
(1.4
|
)
|
||||
Charitable foundation contribution
|
—
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
||||
Other
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
||||
Other expenses, net
|
$
|
3.5
|
|
|
$
|
0.1
|
|
|
$
|
5.8
|
|
|
$
|
4.1
|
|
Period
|
|
|
|
Total Number
of Shares
(or Units)
Purchased (a)
|
|
Average
Price Paid
per Share
(or Unit)
|
|
Total Number of
Shares (or Units)
Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number
(or Approximate
Dollar Value) of
Shares that
May Yet Be
Purchased
Under the Plans
or Programs
(in millions) (b)
|
|
||||||
April 1, 2017 through April 30, 2017
|
|
693,486
|
|
|
$
|
93.87
|
|
|
692,398
|
|
|
$
|
530.1
|
|
|
||
May 1, 2017 through May 31, 2017
|
|
78,701
|
|
|
110.58
|
|
|
—
|
|
|
530.1
|
|
|
||||
June 1, 2017 through June 30, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
530.1
|
|
|
||||
Total
|
|
772,187
|
|
|
95.57
|
|
|
692,398
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The difference between the total number of shares (or units) purchased and the total number of shares (or units) purchased as part of publicly announced plans or programs is due to shares withheld by us to satisfy tax withholding obligations in connection with the vesting of restricted stock units issued to employees.
|
(b)
|
On November 10, 2016, the Board of Directors approved a stock repurchase program authorizing us to purchase on the open market, including pursuant to a Rule 10b5-1 plan and in privately negotiated transactions, up to $1.0 billion of our common stock.
|
|
|
EDWARDS LIFESCIENCES CORPORATION
|
|
|
|
(Registrant)
|
|
Date:
|
July 28, 2017
|
By:
|
/s/ SCOTT B. ULLEM
|
|
|
|
Scott B. Ullem
Chief Financial Officer
(Principal Financial Officer)
|
Date:
|
July 28, 2017
|
By:
|
/s/ ROBERT W.A. SELLERS
|
|
|
|
Robert W.A. Sellers
Corporate Controller
(Principal Accounting Officer)
|
Exhibit No.
|
|
Description
|
|
|
10.1
|
|
|
Amendment No. 1, dated May 5, 2017, to the Five-Year Credit Agreement among Edwards Lifesciences Corporation and certain of its subsidiaries, as Borrowers; the lenders signatory thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and Issuing Bank; JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents; and Deutsche Bank Securities Inc., HSBC Bank USA, National Association, PNC Bank, National Association, The Bank of Tokyo-Mitsubishi UFJ, Ltd., and U.S. Bank National Association, as Co-Documentation Agents
|
|
10.2
|
|
|
Amendment No. 1 to the Edwards Lifesciences Corporation Severance Pay Plan, dated April 26, 2017
|
|
31.1
|
|
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
31.2
|
|
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
32
|
|
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101
|
|
|
The following financial statements from Edwards Lifesciences' Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Condensed Balance Sheets, (ii) the Consolidated Condensed Statements of Operations, (iii) the Consolidated Condensed Statements of Comprehensive Income, (iv) the Consolidated Condensed Statements of Cash Flows, and (v) Notes to Consolidated Condensed Financial Statements
|
1 Year Edwards Lifesciences Chart |
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