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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 | |
---|---|---|---|---|---|---|---|---|
-0.16 | -0.19% | 85.09 | 86.00 | 84.81 | 85.83 | 2,449,674 | 01:00:00 |
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
|
|
36-4316614
|
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $1.00 per share
|
EW
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
Page
Number
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
September 30,
2020 |
|
December 31,
2019 |
||||
ASSETS
|
|
|
|
|
|
||
Current assets
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
1,024.0
|
|
|
$
|
1,179.1
|
|
Short-term investments (Note 5)
|
271.3
|
|
|
337.8
|
|
||
Accounts receivable, net of allowances of $9.9 and $8.7, respectively
|
549.7
|
|
|
543.6
|
|
||
Other receivables
|
122.0
|
|
|
55.5
|
|
||
Inventories (Note 2)
|
773.3
|
|
|
640.9
|
|
||
Prepaid expenses
|
68.6
|
|
|
59.1
|
|
||
Other current assets
|
171.5
|
|
|
168.0
|
|
||
Total current assets
|
2,980.4
|
|
|
2,984.0
|
|
||
Long-term investments (Note 5)
|
599.0
|
|
|
585.5
|
|
||
Property, plant, and equipment, net
|
1,276.3
|
|
|
1,060.3
|
|
||
Operating lease right-of-use assets
|
89.5
|
|
|
80.1
|
|
||
Goodwill
|
1,170.0
|
|
|
1,167.7
|
|
||
Other intangible assets, net
|
332.4
|
|
|
336.5
|
|
||
Deferred income taxes
|
215.2
|
|
|
172.2
|
|
||
Other assets
|
138.0
|
|
|
101.8
|
|
||
Total assets
|
$
|
6,800.8
|
|
|
$
|
6,488.1
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
||
Accounts payable and accrued liabilities (Note 2)
|
$
|
822.1
|
|
|
$
|
876.9
|
|
Operating lease liabilities
|
24.2
|
|
|
25.5
|
|
||
Total current liabilities
|
846.3
|
|
|
902.4
|
|
||
Long-term debt
|
594.9
|
|
|
594.4
|
|
||
Contingent consideration liabilities (Note 6)
|
180.9
|
|
|
172.5
|
|
||
Taxes payable
|
214.2
|
|
|
236.6
|
|
||
Operating lease liabilities
|
71.0
|
|
|
58.9
|
|
||
Uncertain tax positions
|
199.2
|
|
|
171.7
|
|
||
Other liabilities (Note 2)
|
484.0
|
|
|
203.3
|
|
||
Commitments and contingencies (Note 9)
|
|
|
|
|
|
||
Stockholders' equity
|
|
|
|
|
|
||
Preferred stock, $.01 par value, authorized 50.0 shares, no shares outstanding
|
—
|
|
|
—
|
|
||
Common stock, $1.00 par value, 1,050.0 shares authorized, 635.0 and 218.1 shares issued, and 622.9 and 209.1 shares outstanding, respectively (Note 1)
|
635.0
|
|
|
218.1
|
|
||
Additional paid-in capital
|
1,381.6
|
|
|
1,623.3
|
|
||
Retained earnings
|
4,255.5
|
|
|
3,741.6
|
|
||
Accumulated other comprehensive loss (Note 10)
|
(157.9
|
)
|
|
(156.0
|
)
|
||
Treasury stock, at cost, 12.1 and 9.0 shares, respectively
|
(1,903.9
|
)
|
|
(1,278.7
|
)
|
||
Total stockholders' equity
|
4,210.3
|
|
|
4,148.3
|
|
||
Total liabilities and stockholders' equity
|
$
|
6,800.8
|
|
|
$
|
6,488.1
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net sales
|
$
|
1,140.9
|
|
|
$
|
1,094.0
|
|
|
$
|
3,194.6
|
|
|
$
|
3,173.9
|
|
Cost of sales
|
281.0
|
|
|
292.4
|
|
|
784.3
|
|
|
828.2
|
|
||||
Gross profit
|
859.9
|
|
|
801.6
|
|
|
2,410.3
|
|
|
2,345.7
|
|
||||
Selling, general, and administrative expenses
|
307.2
|
|
|
306.2
|
|
|
889.9
|
|
|
895.0
|
|
||||
Research and development expenses
|
195.5
|
|
|
195.5
|
|
|
565.0
|
|
|
558.8
|
|
||||
Intellectual property litigation expenses (Note 3)
|
8.4
|
|
|
7.9
|
|
|
400.8
|
|
|
19.5
|
|
||||
Change in fair value of contingent consideration liabilities, net (Note 6)
|
(9.0
|
)
|
|
(2.3
|
)
|
|
8.4
|
|
|
12.4
|
|
||||
Special charge (Note 4)
|
—
|
|
|
—
|
|
|
—
|
|
|
24.0
|
|
||||
Operating income
|
357.8
|
|
|
294.3
|
|
|
546.2
|
|
|
836.0
|
|
||||
Interest income, net
|
(0.8
|
)
|
|
(2.8
|
)
|
|
(7.1
|
)
|
|
(7.2
|
)
|
||||
Other income, net
|
(5.7
|
)
|
|
(4.6
|
)
|
|
(7.3
|
)
|
|
(7.8
|
)
|
||||
Income before provision for income taxes
|
364.3
|
|
|
301.7
|
|
|
560.6
|
|
|
851.0
|
|
||||
Provision for income taxes
|
39.1
|
|
|
27.0
|
|
|
46.7
|
|
|
84.3
|
|
||||
Net income
|
$
|
325.2
|
|
|
$
|
274.7
|
|
|
$
|
513.9
|
|
|
$
|
766.7
|
|
Share information (Notes 1 and 11)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.52
|
|
|
$
|
0.44
|
|
|
$
|
0.83
|
|
|
$
|
1.23
|
|
Diluted
|
$
|
0.52
|
|
|
$
|
0.43
|
|
|
$
|
0.82
|
|
|
$
|
1.20
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
622.1
|
|
|
624.6
|
|
|
622.3
|
|
|
624.3
|
|
||||
Diluted
|
631.0
|
|
|
636.3
|
|
|
628.8
|
|
|
636.3
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net income
|
$
|
325.2
|
|
|
$
|
274.7
|
|
|
$
|
513.9
|
|
|
$
|
766.7
|
|
Other comprehensive loss, net of tax (Note 10):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
10.6
|
|
|
(23.5
|
)
|
|
14.6
|
|
|
(27.1
|
)
|
||||
Unrealized (loss) gain on hedges
|
(22.2
|
)
|
|
5.6
|
|
|
(22.9
|
)
|
|
3.8
|
|
||||
Defined benefit pension plans
|
0.1
|
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
||||
Unrealized (loss) gain on available-for-sale investments
|
(0.4
|
)
|
|
0.5
|
|
|
6.3
|
|
|
6.0
|
|
||||
Reclassification of net realized investment loss to earnings
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
0.3
|
|
||||
Other comprehensive loss
|
(11.8
|
)
|
|
(17.6
|
)
|
|
(1.9
|
)
|
|
(17.3
|
)
|
||||
Comprehensive income
|
$
|
313.4
|
|
|
$
|
257.1
|
|
|
$
|
512.0
|
|
|
$
|
749.4
|
|
|
Nine Months Ended
September 30, |
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income
|
$
|
513.9
|
|
|
$
|
766.7
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
74.6
|
|
|
65.4
|
|
||
Non-cash operating lease cost
|
20.7
|
|
|
18.7
|
|
||
Stock-based compensation (Note 8)
|
71.7
|
|
|
62.9
|
|
||
Inventory write off
|
—
|
|
|
73.1
|
|
||
Change in fair value of contingent consideration liabilities, net (Note 6)
|
8.4
|
|
|
12.4
|
|
||
Deferred income taxes
|
(37.8
|
)
|
|
9.5
|
|
||
Purchase of intellectual property (Note 4)
|
—
|
|
|
24.0
|
|
||
Other
|
0.6
|
|
|
(4.8
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts and other receivables, net
|
(9.2
|
)
|
|
(70.3
|
)
|
||
Inventories
|
(118.2
|
)
|
|
(83.9
|
)
|
||
Accounts payable and accrued liabilities
|
(53.9
|
)
|
|
70.8
|
|
||
Income taxes
|
(65.6
|
)
|
|
17.0
|
|
||
Prepaid expenses and other current assets
|
(22.1
|
)
|
|
(2.5
|
)
|
||
Litigation settlement accrual (Note 3)
|
269.2
|
|
|
(180.0
|
)
|
||
Other
|
2.0
|
|
|
1.0
|
|
||
Net cash provided by operating activities
|
654.3
|
|
|
780.0
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Capital expenditures
|
(293.8
|
)
|
|
(182.9
|
)
|
||
Purchases of held-to-maturity investments (Note 5)
|
(112.0
|
)
|
|
(30.0
|
)
|
||
Proceeds from held-to-maturity investments (Note 5)
|
212.2
|
|
|
50.0
|
|
||
Purchases of available-for-sale investments (Note 5)
|
(394.3
|
)
|
|
(95.0
|
)
|
||
Proceeds from available-for-sale investments (Note 5)
|
358.3
|
|
|
278.3
|
|
||
Investments in intangible assets (Note 4)
|
—
|
|
|
(24.0
|
)
|
||
Acquisition
|
—
|
|
|
(100.2
|
)
|
||
Payment for acquisition option
|
(10.0
|
)
|
|
(35.0
|
)
|
||
Issuances of notes receivable
|
(26.5
|
)
|
|
(8.4
|
)
|
||
Other
|
(5.1
|
)
|
|
(3.3
|
)
|
||
Net cash used in investing activities
|
(271.2
|
)
|
|
(150.5
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Proceeds from issuance of debt, net
|
12.3
|
|
|
12.0
|
|
||
Payments on debt and finance lease obligations
|
(14.0
|
)
|
|
(23.7
|
)
|
||
Purchases of treasury stock
|
(625.2
|
)
|
|
(263.3
|
)
|
||
Proceeds from stock plans
|
103.5
|
|
|
125.5
|
|
||
Other
|
(4.9
|
)
|
|
(3.1
|
)
|
||
Net cash used in financing activities
|
(528.3
|
)
|
|
(152.6
|
)
|
||
Effect of currency exchange rate changes on cash and cash equivalents
|
(9.9
|
)
|
|
(4.4
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(155.1
|
)
|
|
472.5
|
|
||
Cash and cash equivalents at beginning of period
|
1,179.1
|
|
|
714.1
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,024.0
|
|
|
$
|
1,186.6
|
|
|
Common Stock
|
|
Treasury Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Amount
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Stockholders' Equity
|
||||||||||||||
Balance at December 31, 2019
|
218.1
|
|
|
$
|
218.1
|
|
|
9.0
|
|
|
$
|
(1,278.7
|
)
|
|
$
|
1,623.3
|
|
|
$
|
3,741.6
|
|
|
$
|
(156.0
|
)
|
|
$
|
4,148.3
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
310.6
|
|
|
|
|
|
310.6
|
|
||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.0
|
|
|
4.0
|
|
||||||
Common stock issued under equity plans
|
0.4
|
|
|
0.4
|
|
|
|
|
|
|
|
|
28.7
|
|
|
|
|
|
|
|
|
29.1
|
|
||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
23.9
|
|
|
|
|
|
|
|
|
23.9
|
|
||||||
Purchases of treasury stock
|
|
|
|
|
|
|
3.0
|
|
|
(614.8
|
)
|
|
|
|
|
|
|
|
|
|
|
(614.8
|
)
|
||||||
Balance at March 31, 2020
|
218.5
|
|
|
$
|
218.5
|
|
|
12.0
|
|
|
$
|
(1,893.5
|
)
|
|
$
|
1,675.9
|
|
|
$
|
4,052.2
|
|
|
$
|
(152.0
|
)
|
|
$
|
3,901.1
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(121.9
|
)
|
|
|
|
|
(121.9
|
)
|
||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.9
|
|
|
5.9
|
|
||||||
Common stock issued under equity plans
|
1.2
|
|
|
1.2
|
|
|
|
|
|
|
|
|
37.0
|
|
|
|
|
|
|
|
|
38.2
|
|
||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
24.8
|
|
|
|
|
|
|
|
|
24.8
|
|
||||||
Purchases of treasury stock
|
|
|
|
|
|
|
0.1
|
|
|
(9.0
|
)
|
|
|
|
|
|
|
|
|
|
|
(9.0
|
)
|
||||||
Stock issued to effect stock split (Note 1)
|
413.8
|
|
|
413.8
|
|
|
|
|
|
|
|
|
(413.8
|
)
|
|
|
|
|
|
|
|
—
|
|
||||||
Balance at June 30, 2020
|
633.5
|
|
|
$
|
633.5
|
|
|
12.1
|
|
|
$
|
(1,902.5
|
)
|
|
$
|
1,323.9
|
|
|
$
|
3,930.3
|
|
|
$
|
(146.1
|
)
|
|
$
|
3,839.1
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
325.2
|
|
|
|
|
|
325.2
|
|
||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11.8
|
)
|
|
(11.8
|
)
|
||||||
Common stock issued under equity plans
|
1.5
|
|
|
1.5
|
|
|
|
|
|
|
|
|
34.7
|
|
|
|
|
|
|
|
|
36.2
|
|
||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
23.0
|
|
|
|
|
|
|
|
|
23.0
|
|
||||||
Purchases of treasury stock
|
|
|
|
|
|
|
—
|
|
|
(1.4
|
)
|
|
|
|
|
|
|
|
|
|
|
(1.4
|
)
|
||||||
Balance at September 30, 2020
|
635.0
|
|
|
$
|
635.0
|
|
|
12.1
|
|
|
$
|
(1,903.9
|
)
|
|
$
|
1,381.6
|
|
|
$
|
4,255.5
|
|
|
$
|
(157.9
|
)
|
|
$
|
4,210.3
|
|
|
Common Stock
|
|
Treasury Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Amount
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Stockholders' Equity
|
||||||||||||||
Balance at December 31, 2018
|
215.2
|
|
|
$
|
215.2
|
|
|
7.5
|
|
|
$
|
(1,015.4
|
)
|
|
$
|
1,384.4
|
|
|
$
|
2,694.7
|
|
|
$
|
(138.5
|
)
|
|
$
|
3,140.4
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
249.7
|
|
|
|
|
|
249.7
|
|
||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2.7
|
)
|
|
(2.7
|
)
|
||||||
Common stock issued under equity plans
|
0.8
|
|
|
0.8
|
|
|
|
|
|
|
|
|
44.2
|
|
|
|
|
|
|
|
|
45.0
|
|
||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
20.8
|
|
|
|
|
|
|
|
|
20.8
|
|
||||||
Purchases of treasury stock
|
|
|
|
|
|
|
0.1
|
|
|
(5.7
|
)
|
|
|
|
|
|
|
|
|
|
(5.7
|
)
|
|||||||
Balance at March 31, 2019
|
216.0
|
|
|
$
|
216.0
|
|
|
7.6
|
|
|
$
|
(1,021.1
|
)
|
|
$
|
1,449.4
|
|
|
$
|
2,944.4
|
|
|
$
|
(141.2
|
)
|
|
$
|
3,447.5
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
242.3
|
|
|
|
|
|
242.3
|
|
||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.0
|
|
|
3.0
|
|
||||||
Common stock issued under equity plans
|
0.9
|
|
|
0.9
|
|
|
|
|
|
|
|
|
40.6
|
|
|
|
|
|
|
|
|
41.5
|
|
||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
22.3
|
|
|
|
|
|
|
|
|
22.3
|
|
||||||
Purchases of treasury stock
|
|
|
|
|
|
|
1.4
|
|
|
(256.3
|
)
|
|
—
|
|
|
|
|
|
|
|
|
(256.3
|
)
|
||||||
Balance at June 30, 2019
|
216.9
|
|
|
$
|
216.9
|
|
|
9.0
|
|
|
$
|
(1,277.4
|
)
|
|
$
|
1,512.3
|
|
|
$
|
3,186.7
|
|
|
$
|
(138.2
|
)
|
|
$
|
3,500.3
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
274.7
|
|
|
|
|
|
274.7
|
|
||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17.6
|
)
|
|
(17.6
|
)
|
||||||
Common stock issued under equity plans
|
0.6
|
|
|
0.6
|
|
|
|
|
|
|
|
|
38.3
|
|
|
|
|
|
|
|
|
38.9
|
|
||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
19.8
|
|
|
|
|
|
|
|
|
19.8
|
|
||||||
Purchases of treasury stock
|
|
|
|
|
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|
|
|
|
|
|
|
(1.3
|
)
|
||||||
Balance at September 30, 2019
|
217.5
|
|
|
$
|
217.5
|
|
|
9.0
|
|
|
$
|
(1,278.7
|
)
|
|
$
|
1,570.4
|
|
|
$
|
3,461.4
|
|
|
$
|
(155.8
|
)
|
|
$
|
3,814.8
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||||
Inventories
|
|
|
|
||||
Raw materials
|
$
|
129.3
|
|
|
$
|
118.0
|
|
Work in process
|
148.3
|
|
|
121.7
|
|
||
Finished products
|
495.7
|
|
|
401.2
|
|
||
|
$
|
773.3
|
|
|
$
|
640.9
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||||
|
(in millions)
|
||||||
Accounts payable and accrued liabilities
|
|
|
|
|
|
||
Accounts payable
|
$
|
162.5
|
|
|
$
|
180.4
|
|
Employee compensation and withholdings
|
244.8
|
|
|
295.8
|
|
||
Taxes payable (Note 12)
|
42.3
|
|
|
52.9
|
|
||
Property, payroll, and other taxes
|
45.5
|
|
|
51.4
|
|
||
Research and development accruals
|
53.7
|
|
|
51.4
|
|
||
Accrued rebates
|
59.8
|
|
|
67.1
|
|
||
Fair value of derivatives
|
21.4
|
|
|
6.4
|
|
||
Accrued marketing expenses
|
15.1
|
|
|
17.5
|
|
||
Litigation settlement (Note 3)
|
25.0
|
|
|
—
|
|
||
Litigation and insurance reserves
|
21.3
|
|
|
20.0
|
|
||
Accrued relocation costs
|
19.7
|
|
|
17.4
|
|
||
Accrued professional services
|
6.4
|
|
|
10.1
|
|
||
Accrued realignment reserves
|
14.2
|
|
|
16.7
|
|
||
Other accrued liabilities
|
90.4
|
|
|
89.8
|
|
||
|
$
|
822.1
|
|
|
$
|
876.9
|
|
|
|
|
|
||||
Other liabilities
|
|
|
|
||||
Litigation settlement (Note 3)
|
$
|
244.2
|
|
|
$
|
—
|
|
Deferred compensation
|
97.8
|
|
|
88.7
|
|
||
Pension liabilities
|
47.2
|
|
|
41.6
|
|
||
Deferred tax liabilities
|
36.6
|
|
|
36.9
|
|
||
Payroll taxes
|
17.0
|
|
|
—
|
|
||
Other
|
41.2
|
|
|
36.1
|
|
||
|
$
|
484.0
|
|
|
$
|
203.3
|
|
|
Nine Months Ended
September 30, |
||||||
|
2020
|
|
2019
|
||||
Cash paid during the year for:
|
|
|
|
||||
Amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows from operating leases
|
$
|
21.7
|
|
|
$
|
19.5
|
|
Non-cash investing and financing transactions:
|
|
|
|
|
|
||
Right-of-use assets obtained in exchange for new lease liabilities
|
$
|
30.7
|
|
|
$
|
33.2
|
|
Capital expenditures accruals
|
$
|
39.7
|
|
|
$
|
26.4
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||||||||||||||||||
Held-to-maturity
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||||||
Bank time deposits
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Bank time deposits
|
$
|
33.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33.3
|
|
|
$
|
13.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13.1
|
|
Commercial paper
|
60.1
|
|
|
—
|
|
|
—
|
|
|
60.1
|
|
|
34.3
|
|
|
—
|
|
|
—
|
|
|
34.3
|
|
||||||||
U.S. government and agency securities
|
130.3
|
|
|
2.5
|
|
|
—
|
|
|
132.8
|
|
|
113.2
|
|
|
0.6
|
|
|
—
|
|
|
113.8
|
|
||||||||
Foreign government bonds
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
||||||||
Asset-backed securities
|
135.3
|
|
|
1.9
|
|
|
—
|
|
|
137.2
|
|
|
141.2
|
|
|
0.6
|
|
|
(0.1
|
)
|
|
141.7
|
|
||||||||
Corporate debt securities
|
465.0
|
|
|
7.0
|
|
|
(0.1
|
)
|
|
471.9
|
|
|
487.0
|
|
|
2.3
|
|
|
(0.1
|
)
|
|
489.2
|
|
||||||||
Total
|
$
|
825.7
|
|
|
$
|
11.4
|
|
|
$
|
(0.1
|
)
|
|
$
|
837.0
|
|
|
$
|
790.5
|
|
|
$
|
3.5
|
|
|
$
|
(0.2
|
)
|
|
$
|
793.8
|
|
|
Available-for-Sale
|
||||||
|
Cost
|
|
Fair Value
|
||||
|
(in millions)
|
||||||
Due in 1 year or less
|
$
|
270.2
|
|
|
$
|
271.3
|
|
Due after 1 year through 5 years
|
407.6
|
|
|
415.2
|
|
||
Instruments not due at a single maturity date
|
147.9
|
|
|
150.5
|
|
||
|
$
|
825.7
|
|
|
$
|
837.0
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
||||||||||||
Asset-backed securities
|
$
|
73.4
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
73.4
|
|
|
$
|
(0.1
|
)
|
Corporate debt securities
|
81.4
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
81.4
|
|
|
(0.1
|
)
|
||||||
|
$
|
154.8
|
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
154.8
|
|
|
$
|
(0.2
|
)
|
|
September 30,
2020 |
|
December 31,
2019 |
||||
|
(in millions)
|
||||||
Equity method investments
|
|
|
|
|
|
||
Cost
|
$
|
10.1
|
|
|
$
|
10.7
|
|
Equity in losses
|
(4.6
|
)
|
|
(4.5
|
)
|
||
Carrying value of equity method investments
|
5.5
|
|
|
6.2
|
|
||
Equity securities
|
|
|
|
|
|
||
Carrying value of non-marketable equity securities
|
27.8
|
|
|
23.1
|
|
||
Total investments in unconsolidated affiliates
|
$
|
33.3
|
|
|
$
|
29.3
|
|
September 30, 2020
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents
|
$
|
2.3
|
|
|
$
|
11.1
|
|
|
$
|
—
|
|
|
$
|
13.4
|
|
Available-for-sale investments:
|
|
|
|
|
|
|
|
|
|||||||
Bank time deposits
|
—
|
|
|
33.3
|
|
|
—
|
|
|
33.3
|
|
||||
Corporate debt securities
|
—
|
|
|
471.9
|
|
|
—
|
|
|
471.9
|
|
||||
Asset-backed securities
|
—
|
|
|
137.2
|
|
|
—
|
|
|
137.2
|
|
||||
U.S. government and agency securities
|
57.7
|
|
|
75.1
|
|
|
—
|
|
|
132.8
|
|
||||
Foreign government bonds
|
—
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
||||
Commercial paper
|
—
|
|
|
60.1
|
|
|
—
|
|
|
60.1
|
|
||||
Investments held for deferred compensation plans
|
97.8
|
|
|
—
|
|
|
—
|
|
|
97.8
|
|
||||
Derivatives
|
—
|
|
|
27.5
|
|
|
—
|
|
|
27.5
|
|
||||
|
$
|
157.8
|
|
|
$
|
817.9
|
|
|
$
|
—
|
|
|
$
|
975.7
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
21.4
|
|
|
$
|
—
|
|
|
$
|
21.4
|
|
Deferred compensation plans
|
97.8
|
|
|
—
|
|
|
—
|
|
|
97.8
|
|
||||
Contingent consideration liabilities
|
—
|
|
|
—
|
|
|
180.9
|
|
|
180.9
|
|
||||
|
$
|
97.8
|
|
|
$
|
21.4
|
|
|
$
|
180.9
|
|
|
$
|
300.1
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
0.7
|
|
|
$
|
31.7
|
|
|
$
|
—
|
|
|
$
|
32.4
|
|
Available-for-sale investments:
|
|
|
|
|
|
|
|
||||||||
Bank time deposits
|
—
|
|
|
13.1
|
|
|
—
|
|
|
13.1
|
|
||||
Corporate debt securities
|
—
|
|
|
489.2
|
|
|
—
|
|
|
489.2
|
|
||||
Asset-backed securities
|
—
|
|
|
141.7
|
|
|
—
|
|
|
141.7
|
|
||||
U.S. government and agency securities
|
76.1
|
|
|
37.7
|
|
|
—
|
|
|
113.8
|
|
||||
Foreign government bonds
|
—
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
||||
Commercial paper
|
—
|
|
|
34.3
|
|
|
—
|
|
|
34.3
|
|
||||
Investments held for deferred compensation plans
|
88.9
|
|
|
—
|
|
|
—
|
|
|
88.9
|
|
||||
Derivatives
|
—
|
|
|
30.7
|
|
|
—
|
|
|
30.7
|
|
||||
|
$
|
165.7
|
|
|
$
|
780.1
|
|
|
$
|
—
|
|
|
$
|
945.8
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
6.4
|
|
|
$
|
—
|
|
|
$
|
6.4
|
|
Deferred compensation plans
|
88.7
|
|
|
—
|
|
|
—
|
|
|
88.7
|
|
||||
Contingent consideration liabilities
|
—
|
|
|
—
|
|
|
172.5
|
|
|
172.5
|
|
||||
|
$
|
88.7
|
|
|
$
|
6.4
|
|
|
$
|
172.5
|
|
|
$
|
267.6
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
2020
|
|
2019
|
||||
Balance at December 31
|
|
$
|
172.5
|
|
|
$
|
178.6
|
|
Changes in fair value
|
|
8.4
|
|
|
12.4
|
|
||
Balance at September 30
|
|
$
|
180.9
|
|
|
$
|
191.0
|
|
|
Notional Amount
|
||||||
|
September 30, 2020
|
|
December 31, 2019
|
||||
|
(in millions)
|
||||||
Foreign currency forward exchange contracts
|
$
|
1,484.8
|
|
|
$
|
1,336.5
|
|
Cross currency swap contracts
|
300.0
|
|
|
300.0
|
|
|
|
|
|
Fair Value
|
||||||
Derivatives designated as hedging instruments
|
|
Balance Sheet
Location
|
|
September 30, 2020
|
|
December 31, 2019
|
||||
Assets
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Other current assets
|
|
$
|
5.4
|
|
|
$
|
14.2
|
|
Foreign currency contracts
|
|
Other assets
|
|
$
|
3.1
|
|
|
$
|
3.2
|
|
Cross currency swap contracts
|
|
Other assets
|
|
$
|
19.0
|
|
|
$
|
13.3
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Accounts payable and accrued liabilities
|
|
$
|
21.4
|
|
|
$
|
6.4
|
|
|
|
|
|
|
|
|
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
|
|
|
||||||||||||||||||
September 30, 2020
|
Gross
Amounts
|
|
Financial
Instruments
|
|
Cash
Collateral
Received
|
|
Net
Amount
|
||||||||||||||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
8.5
|
|
|
$
|
—
|
|
|
$
|
8.5
|
|
|
$
|
(5.4
|
)
|
|
$
|
—
|
|
|
$
|
3.1
|
|
Cross currency swap contracts
|
$
|
19.0
|
|
|
$
|
—
|
|
|
$
|
19.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19.0
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
21.4
|
|
|
$
|
—
|
|
|
$
|
21.4
|
|
|
$
|
(5.4
|
)
|
|
$
|
—
|
|
|
$
|
16.0
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
17.4
|
|
|
$
|
—
|
|
|
$
|
17.4
|
|
|
$
|
(5.7
|
)
|
|
$
|
—
|
|
|
$
|
11.7
|
|
Cross currency swap contracts
|
$
|
13.3
|
|
|
$
|
—
|
|
|
$
|
13.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13.3
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
6.4
|
|
|
$
|
—
|
|
|
$
|
6.4
|
|
|
$
|
(5.7
|
)
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
|
|
|
|
Amount of Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
|
||||||||||||
|
|
Three Months Ended
September 30, |
|
Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
|
|
Three Months Ended
September 30, |
||||||||||||
|
|
|
||||||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
(22.3
|
)
|
|
$
|
22.1
|
|
|
Cost of sales
|
|
$
|
5.9
|
|
|
$
|
12.8
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
0.3
|
|
|
$
|
0.6
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
|
|
|
|
Amount of Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
|
||||||||||||
|
|
Nine Months Ended
September 30, |
|
Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
|
|
Nine Months Ended
September 30, |
||||||||||||
|
|
|
||||||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
(9.7
|
)
|
|
$
|
32.9
|
|
|
Cost of sales
|
|
$
|
19.7
|
|
|
$
|
31.7
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
2.0
|
|
|
$
|
1.4
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
|
|
|
|
Amount of Gain or (Loss)
Recognized in Income on Derivative (Amount Excluded from
Effectiveness Testing)
|
||||||||||||
|
|
Three Months Ended
September 30, |
|
Location of Gain or
(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
|
|
Three Months Ended
September 30, |
||||||||||||
|
|
|
||||||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
Net investment hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cross currency swap contracts
|
|
$
|
(16.6
|
)
|
|
$
|
16.3
|
|
|
Interest income, net
|
|
$
|
1.6
|
|
|
$
|
1.7
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)
|
|
|
|
Amount of Gain or (Loss)
Recognized in Income on Derivative (Amount Excluded from
Effectiveness Testing)
|
||||||||||||
|
|
Nine Months Ended
September 30, |
|
Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
|
|
Nine Months Ended
September 30, |
||||||||||||
|
|
|
||||||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
Net investment hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cross currency swap contracts
|
|
$
|
5.7
|
|
|
$
|
18.4
|
|
|
Interest income, net
|
|
$
|
4.9
|
|
|
$
|
5.0
|
|
|
|
|
|
Amount of Gain or (Loss)
Recognized in Income on
Derivative
|
||||||
|
|
|
|
Three Months Ended
September 30, |
||||||
|
|
Location of Gain or (Loss)
Recognized in Income on
Derivative
|
|
|||||||
|
|
2020
|
|
2019
|
||||||
Fair value hedges
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
|
Other income, net
|
|
$
|
(0.7
|
)
|
|
$
|
2.1
|
|
|
|
|
|
Amount of Gain or (Loss)
Recognized in Income on
Derivative
|
||||||
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
Location of Gain or (Loss)
Recognized in Income on
Derivative
|
|
|||||||
|
|
2020
|
|
2019
|
||||||
Fair value hedges
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
|
Other income, net
|
|
$
|
(0.4
|
)
|
|
$
|
(2.1
|
)
|
|
|
|
|
Amount of Gain or (Loss)
Recognized in Income on
Derivative
|
||||||
|
|
|
|
Three Months Ended
September 30, |
||||||
|
|
Location of Gain or (Loss)
Recognized in Income on
Derivative
|
|
|||||||
|
|
2020
|
|
2019
|
||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
|
Other income, net
|
|
$
|
(1.7
|
)
|
|
$
|
3.2
|
|
|
Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships
|
||||||||||||||||||||||
|
Three Months Ended
September 30, 2020 |
|
Nine Months Ended
September 30, 2020 |
||||||||||||||||||||
|
Cost of sales
|
|
Selling, general, and administrative expenses
|
|
Other Income, net
|
|
Cost of sales
|
|
Selling, general, and administrative expenses
|
|
Other Income, net
|
||||||||||||
|
|
|
|
|
|||||||||||||||||||
Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded
|
$
|
(281.0
|
)
|
|
$
|
(307.2
|
)
|
|
$
|
5.7
|
|
|
$
|
(784.3
|
)
|
|
$
|
(889.9
|
)
|
|
$
|
7.3
|
|
The effects of fair value and cash flow hedging:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gain (loss) on fair value hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Hedged items
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.0
|
|
Derivatives designated as hedging instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1.5
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(3.0
|
)
|
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.6
|
|
Gain (loss) on cash flow hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amount of gain (loss) reclassified from accumulated OCI into income
|
$
|
5.9
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
19.7
|
|
|
$
|
2.0
|
|
|
$
|
—
|
|
|
Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships
|
||||||||||||||||||||||
|
Three Months Ended
September 30, 2019 |
|
Nine Months Ended
September 30, 2019 |
||||||||||||||||||||
|
Cost of sales
|
|
Selling, general, and administrative expenses
|
|
Other Expense (Income), net
|
|
Cost of sales
|
|
Selling, general, and administrative expenses
|
|
Other Expense (Income), net
|
||||||||||||
|
|
|
|
|
|||||||||||||||||||
Total amounts of income and expense line items presented in the consolidated condensed statements of operations in which the effects of fair value or cash flow hedges are recorded
|
$
|
(292.4
|
)
|
|
$
|
(306.2
|
)
|
|
$
|
4.6
|
|
|
$
|
(828.2
|
)
|
|
$
|
(895.0
|
)
|
|
$
|
7.8
|
|
The effects of fair value and cash flow hedging:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gain (loss) on fair value hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Hedged items
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1.0
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5.3
|
|
Derivatives designated as hedging instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5.3
|
)
|
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.2
|
|
Gain (loss) on cash flow hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amount of gain (loss) reclassified from accumulated OCI into income
|
$
|
12.8
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
31.7
|
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Cost of sales
|
$
|
4.3
|
|
|
$
|
3.6
|
|
|
$
|
13.6
|
|
|
$
|
11.5
|
|
Selling, general, and administrative expenses
|
13.8
|
|
|
12.4
|
|
|
43.5
|
|
|
39.4
|
|
||||
Research and development expenses
|
4.9
|
|
|
3.8
|
|
|
14.6
|
|
|
12.0
|
|
||||
Total stock-based compensation expense
|
$
|
23.0
|
|
|
$
|
19.8
|
|
|
$
|
71.7
|
|
|
$
|
62.9
|
|
|
Foreign
Currency
Translation
Adjustments
|
|
Unrealized Gain (Loss) on Hedges
|
|
Unrealized Gain (Loss) on Available-for-sale Investments
|
|
Unrealized
Pension
Costs
|
|
Total
Accumulated
Other
Comprehensive
Loss
|
||||||||||
December 31, 2019
|
$
|
(154.8
|
)
|
|
$
|
12.5
|
|
|
$
|
1.7
|
|
|
$
|
(15.4
|
)
|
|
$
|
(156.0
|
)
|
Other comprehensive gain (loss) before reclassifications
|
11.6
|
|
|
19.0
|
|
|
(6.3
|
)
|
|
(0.2
|
)
|
|
24.1
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
(1.7
|
)
|
|
(8.6
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(10.4
|
)
|
|||||
Deferred income tax (expense) benefit
|
(7.6
|
)
|
|
(3.8
|
)
|
|
1.7
|
|
|
—
|
|
|
(9.7
|
)
|
|||||
March 31, 2020
|
(152.5
|
)
|
|
19.1
|
|
|
(3.0
|
)
|
|
(15.6
|
)
|
|
(152.0
|
)
|
|||||
Other comprehensive gain (loss) before reclassifications
|
1.2
|
|
|
(3.7
|
)
|
|
14.8
|
|
|
—
|
|
|
12.3
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
(1.6
|
)
|
|
(7.2
|
)
|
|
0.2
|
|
|
—
|
|
|
(8.6
|
)
|
|||||
Deferred income tax benefit (expense)
|
2.1
|
|
|
3.6
|
|
|
(3.5
|
)
|
|
—
|
|
|
2.2
|
|
|||||
June 30, 2020
|
(150.8
|
)
|
|
11.8
|
|
|
8.5
|
|
|
(15.6
|
)
|
|
(146.1
|
)
|
|||||
Other comprehensive gain (loss) before reclassifications
|
8.1
|
|
|
(24.3
|
)
|
|
(0.6
|
)
|
|
0.1
|
|
|
(16.7
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
(1.6
|
)
|
|
(5.5
|
)
|
|
0.1
|
|
|
—
|
|
|
(7.0
|
)
|
|||||
Deferred income tax benefit
|
4.1
|
|
|
7.6
|
|
|
0.2
|
|
|
—
|
|
|
11.9
|
|
|||||
September 30, 2020
|
$
|
(140.2
|
)
|
|
$
|
(10.4
|
)
|
|
$
|
8.2
|
|
|
$
|
(15.5
|
)
|
|
$
|
(157.9
|
)
|
|
Foreign
Currency
Translation
Adjustments
|
|
Unrealized Gain on Hedges
|
|
Unrealized (Loss) Gain on Available-for-sale Investments
|
|
Unrealized
Pension
Costs
|
|
Total
Accumulated
Other
Comprehensive
Loss
|
||||||||||
December 31, 2018
|
$
|
(143.6
|
)
|
|
$
|
23.6
|
|
|
$
|
(5.0
|
)
|
|
$
|
(13.5
|
)
|
|
$
|
(138.5
|
)
|
Other comprehensive (loss) gain before reclassifications
|
(10.2
|
)
|
|
15.6
|
|
|
4.4
|
|
|
(0.1
|
)
|
|
9.7
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
(1.6
|
)
|
|
(7.0
|
)
|
|
—
|
|
|
—
|
|
|
(8.6
|
)
|
|||||
Deferred income tax expense
|
(1.3
|
)
|
|
(1.4
|
)
|
|
(1.1
|
)
|
|
—
|
|
|
(3.8
|
)
|
|||||
March 31, 2019
|
(156.7
|
)
|
|
30.8
|
|
|
(1.7
|
)
|
|
(13.6
|
)
|
|
(141.2
|
)
|
|||||
Other comprehensive gain (loss) before reclassifications
|
10.4
|
|
|
(4.0
|
)
|
|
2.8
|
|
|
—
|
|
|
9.2
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
(1.7
|
)
|
|
(8.5
|
)
|
|
0.3
|
|
|
—
|
|
|
(9.9
|
)
|
|||||
Deferred income tax benefit (expense)
|
0.8
|
|
|
3.5
|
|
|
(0.6
|
)
|
|
—
|
|
|
3.7
|
|
|||||
June 30, 2019
|
(147.2
|
)
|
|
21.8
|
|
|
0.8
|
|
|
(13.6
|
)
|
|
(138.2
|
)
|
|||||
Other comprehensive (loss) gain before reclassifications
|
(17.8
|
)
|
|
23.5
|
|
|
0.6
|
|
|
(0.2
|
)
|
|
6.1
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
(1.7
|
)
|
|
(15.5
|
)
|
|
—
|
|
|
—
|
|
|
(17.2
|
)
|
|||||
Deferred income tax expense
|
(4.0
|
)
|
|
(2.4
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(6.5
|
)
|
|||||
September 30, 2019
|
$
|
(170.7
|
)
|
|
$
|
27.4
|
|
|
$
|
1.3
|
|
|
$
|
(13.8
|
)
|
|
$
|
(155.8
|
)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
||||||||||||
|
Affected Line on Consolidated Condensed
Statements of Operations
|
||||||||||||||||
Details about Accumulated Other
Comprehensive Loss Components
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|||||||||
Foreign currency translation adjustments
|
$
|
1.6
|
|
|
$
|
1.7
|
|
|
$
|
4.9
|
|
|
$
|
5.0
|
|
|
Other income, net
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(1.2
|
)
|
|
(1.2
|
)
|
|
Provision for income taxes
|
||||
|
$
|
1.2
|
|
|
$
|
1.3
|
|
|
$
|
3.7
|
|
|
$
|
3.8
|
|
|
Net of tax
|
Gain (loss) on hedges
|
$
|
5.9
|
|
|
$
|
12.8
|
|
|
$
|
19.7
|
|
|
$
|
31.7
|
|
|
Cost of sales
|
|
0.3
|
|
|
0.6
|
|
|
2.0
|
|
|
1.4
|
|
|
Selling, general, and administrative expenses
|
||||
|
(0.7
|
)
|
|
2.1
|
|
|
(0.4
|
)
|
|
(2.1
|
)
|
|
Other income, net
|
||||
|
5.5
|
|
|
15.5
|
|
|
21.3
|
|
|
31.0
|
|
|
Total before tax
|
||||
|
(1.4
|
)
|
|
(3.5
|
)
|
|
(5.4
|
)
|
|
(8.3
|
)
|
|
Provision for income taxes
|
||||
|
$
|
4.1
|
|
|
$
|
12.0
|
|
|
$
|
15.9
|
|
|
$
|
22.7
|
|
|
Net of tax
|
Gain (loss) on available-for-sale investments
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.3
|
)
|
|
Other income, net
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
Provision for income taxes
|
||||
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.5
|
)
|
|
$
|
(0.3
|
)
|
|
Net of tax
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
325.2
|
|
|
$
|
274.7
|
|
|
$
|
513.9
|
|
|
$
|
766.7
|
|
Weighted-average shares outstanding
|
622.1
|
|
|
624.6
|
|
|
622.3
|
|
|
624.3
|
|
||||
Basic earnings per share
|
$
|
0.52
|
|
|
$
|
0.44
|
|
|
$
|
0.83
|
|
|
$
|
1.23
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
325.2
|
|
|
$
|
274.7
|
|
|
$
|
513.9
|
|
|
$
|
766.7
|
|
Weighted-average shares outstanding
|
622.1
|
|
|
624.6
|
|
|
622.3
|
|
|
624.3
|
|
||||
Dilutive effect of stock plans
|
8.9
|
|
|
11.7
|
|
|
6.5
|
|
|
12.0
|
|
||||
Dilutive weighted-average shares outstanding
|
631.0
|
|
|
636.3
|
|
|
628.8
|
|
|
636.3
|
|
||||
Diluted earnings per share
|
$
|
0.52
|
|
|
$
|
0.43
|
|
|
$
|
0.82
|
|
|
$
|
1.20
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Segment Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
662.0
|
|
|
$
|
647.8
|
|
|
$
|
1,845.6
|
|
|
$
|
1,835.5
|
|
Europe
|
241.5
|
|
|
219.8
|
|
|
695.9
|
|
|
684.3
|
|
||||
Japan
|
109.9
|
|
|
110.0
|
|
|
325.0
|
|
|
322.9
|
|
||||
Rest of World
|
115.2
|
|
|
112.0
|
|
|
323.4
|
|
|
316.5
|
|
||||
Total segment net sales
|
$
|
1,128.6
|
|
|
$
|
1,089.6
|
|
|
$
|
3,189.9
|
|
|
$
|
3,159.2
|
|
Segment Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
453.8
|
|
|
$
|
447.4
|
|
|
$
|
1,264.0
|
|
|
$
|
1,258.3
|
|
Europe
|
124.2
|
|
|
111.5
|
|
|
356.2
|
|
|
353.2
|
|
||||
Japan
|
69.2
|
|
|
70.7
|
|
|
209.9
|
|
|
202.8
|
|
||||
Rest of World
|
35.6
|
|
|
36.7
|
|
|
105.2
|
|
|
99.8
|
|
||||
Total segment operating income
|
$
|
682.8
|
|
|
$
|
666.3
|
|
|
$
|
1,935.3
|
|
|
$
|
1,914.1
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net Sales Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment net sales
|
$
|
1,128.6
|
|
|
$
|
1,089.6
|
|
|
$
|
3,189.9
|
|
|
$
|
3,159.2
|
|
Foreign currency
|
12.3
|
|
|
4.4
|
|
|
4.7
|
|
|
14.7
|
|
||||
Consolidated net sales
|
$
|
1,140.9
|
|
|
$
|
1,094.0
|
|
|
$
|
3,194.6
|
|
|
$
|
3,173.9
|
|
Pre-tax Income Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment operating income
|
$
|
682.8
|
|
|
$
|
666.3
|
|
|
$
|
1,935.3
|
|
|
$
|
1,914.1
|
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate items
|
(331.9
|
)
|
|
(384.2
|
)
|
|
(1,005.6
|
)
|
|
(1,073.1
|
)
|
||||
Special charge (Note 4)
|
—
|
|
|
—
|
|
|
—
|
|
|
(24.0
|
)
|
||||
Intellectual property litigation expenses
|
(8.4
|
)
|
|
(7.9
|
)
|
|
(400.8
|
)
|
|
(19.5
|
)
|
||||
Change in fair value of contingent consideration liabilities, net
|
9.0
|
|
|
2.3
|
|
|
(8.4
|
)
|
|
(12.4
|
)
|
||||
Foreign currency
|
6.3
|
|
|
17.8
|
|
|
25.7
|
|
|
50.9
|
|
||||
Consolidated operating income
|
357.8
|
|
|
294.3
|
|
|
546.2
|
|
|
836.0
|
|
||||
Non-operating income
|
6.5
|
|
|
7.4
|
|
|
14.4
|
|
|
15.0
|
|
||||
Consolidated pre-tax income
|
$
|
364.3
|
|
|
$
|
301.7
|
|
|
$
|
560.6
|
|
|
$
|
851.0
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
|
(in millions)
|
||||||||||||||
Net Sales by Geographic Area
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
662.0
|
|
|
$
|
647.8
|
|
|
$
|
1,845.6
|
|
|
$
|
1,835.5
|
|
Europe
|
253.8
|
|
|
222.6
|
|
|
707.8
|
|
|
699.0
|
|
||||
Japan
|
113.9
|
|
|
112.9
|
|
|
330.7
|
|
|
324.4
|
|
||||
Rest of World
|
111.2
|
|
|
110.7
|
|
|
310.5
|
|
|
315.0
|
|
||||
|
$
|
1,140.9
|
|
|
$
|
1,094.0
|
|
|
$
|
3,194.6
|
|
|
$
|
3,173.9
|
|
Net Sales by Major Product Group
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transcatheter Aortic Valve Replacement
|
$
|
744.6
|
|
|
$
|
700.0
|
|
|
$
|
2,081.1
|
|
|
$
|
1,975.4
|
|
Transcatheter Mitral and Tricuspid Therapies
|
12.1
|
|
|
9.7
|
|
|
28.7
|
|
|
21.0
|
|
||||
Surgical Structural Heart
|
203.3
|
|
|
204.1
|
|
|
557.6
|
|
|
636.6
|
|
||||
Critical Care
|
180.9
|
|
|
180.2
|
|
|
527.2
|
|
|
540.9
|
|
||||
|
$
|
1,140.9
|
|
|
$
|
1,094.0
|
|
|
$
|
3,194.6
|
|
|
$
|
3,173.9
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||||
|
(in millions)
|
||||||
Long-lived Tangible Assets by Geographic Area
|
|
|
|
|
|
||
United States
|
$
|
1,031.9
|
|
|
$
|
849.1
|
|
Europe
|
159.1
|
|
|
101.5
|
|
||
Japan
|
18.6
|
|
|
21.7
|
|
||
Rest of World
|
293.3
|
|
|
269.4
|
|
||
|
$
|
1,502.9
|
|
|
$
|
1,241.7
|
|
|
Three Months Ended
September 30, |
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
|
|
||||||||||||||||||
|
|
|
Percent Change
|
|
|
|
Percent Change
|
||||||||||||||||||||||
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|
|||||||||||||||||
United States
|
$
|
662.0
|
|
|
$
|
647.8
|
|
|
$
|
14.2
|
|
|
2.2
|
%
|
|
$
|
1,845.6
|
|
|
$
|
1,835.5
|
|
|
$
|
10.1
|
|
|
0.6
|
%
|
Europe
|
253.8
|
|
|
222.6
|
|
|
31.2
|
|
|
13.9
|
%
|
|
707.8
|
|
|
699.0
|
|
|
8.8
|
|
|
1.2
|
%
|
||||||
Japan
|
113.9
|
|
|
112.9
|
|
|
1.0
|
|
|
0.8
|
%
|
|
330.7
|
|
|
324.4
|
|
|
6.3
|
|
|
1.9
|
%
|
||||||
Rest of World
|
111.2
|
|
|
110.7
|
|
|
0.5
|
|
|
0.7
|
%
|
|
310.5
|
|
|
315.0
|
|
|
(4.5
|
)
|
|
(1.4
|
)%
|
||||||
International
|
478.9
|
|
|
446.2
|
|
|
32.7
|
|
|
7.3
|
%
|
|
1,349.0
|
|
|
1,338.4
|
|
|
10.6
|
|
|
0.8
|
%
|
||||||
Total net sales
|
$
|
1,140.9
|
|
|
$
|
1,094.0
|
|
|
$
|
46.9
|
|
|
4.3
|
%
|
|
$
|
3,194.6
|
|
|
$
|
3,173.9
|
|
|
$
|
20.7
|
|
|
0.7
|
%
|
|
Three Months Ended
September 30, |
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
|
|
||||||||||||||||||
|
|
|
Percent Change
|
|
|
|
Percent Change
|
||||||||||||||||||||||
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|
|||||||||||||||||
Transcatheter Aortic Valve Replacement
|
$
|
744.6
|
|
|
$
|
700.0
|
|
|
$
|
44.6
|
|
|
6.4
|
%
|
|
$
|
2,081.1
|
|
|
$
|
1,975.4
|
|
|
$
|
105.7
|
|
|
5.3
|
%
|
Transcatheter Mitral and Tricuspid Therapies
|
12.1
|
|
|
9.7
|
|
|
2.4
|
|
|
23.7
|
%
|
|
28.7
|
|
|
21.0
|
|
|
7.7
|
|
|
36.5
|
%
|
||||||
Surgical Structural Heart
|
203.3
|
|
|
204.1
|
|
|
(0.8
|
)
|
|
(0.3
|
)%
|
|
557.6
|
|
|
636.6
|
|
|
(79.0
|
)
|
|
(12.4
|
)%
|
||||||
Critical Care
|
180.9
|
|
|
180.2
|
|
|
0.7
|
|
|
0.4
|
%
|
|
527.2
|
|
|
540.9
|
|
|
(13.7
|
)
|
|
(2.5
|
)%
|
||||||
Total net sales
|
$
|
1,140.9
|
|
|
$
|
1,094.0
|
|
|
$
|
46.9
|
|
|
4.3
|
%
|
|
$
|
3,194.6
|
|
|
$
|
3,173.9
|
|
|
$
|
20.7
|
|
|
0.7
|
%
|
•
|
a charge in the three and nine months ended September 30, 2019 of $26.9 million and $73.1 million, respectively, related to strategic decisions regarding our TAVR portfolio, including the decision to discontinue our CENTERA program; and
|
•
|
manufacturing efficiencies in the three months ended September 30, 2020;
|
•
|
a 1.4 percentage point and 0.8 percentage point decrease in the three and nine months ended September 30, 2020, respectively, due to the impact of foreign currency exchange rate fluctuations, including the settlement of foreign currency hedging contracts; and
|
•
|
incremental costs associated with COVID-19.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Foreign exchange gains, net
|
$
|
(5.5
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
(9.2
|
)
|
|
$
|
(4.6
|
)
|
Loss (gain) on investments
|
0.2
|
|
|
(1.6
|
)
|
|
0.8
|
|
|
(1.2
|
)
|
||||
CASMED earn-out on sale of assets
|
—
|
|
|
(2.0
|
)
|
|
—
|
|
|
(2.0
|
)
|
||||
Other
|
(0.4
|
)
|
|
—
|
|
|
1.1
|
|
|
—
|
|
||||
Other income, net
|
$
|
(5.7
|
)
|
|
$
|
(4.6
|
)
|
|
$
|
(7.3
|
)
|
|
$
|
(7.8
|
)
|
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)
|
|
||||||
July 1, 2020 through July 31, 2020
|
|
968
|
|
|
$
|
67.34
|
|
|
—
|
|
|
$
|
625.0
|
|
|
||
August 1, 2020 through August 31, 2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
625.0
|
|
|
||||
September 1, 2020 through September 30, 2020
|
|
16,181
|
|
|
81.78
|
|
|
—
|
|
|
625.0
|
|
|
||||
Total
|
|
17,149
|
|
|
80.96
|
|
|
—
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 May 8, 2019, 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. The repurchase program does not have an expiration date.
|
Exhibit No.
|
|
Description
|
|
|
*10.1
|
|
|
||
*10.2
|
|
|
||
31.1
|
|
|
||
31.2
|
|
|
||
32
|
|
|
||
101.INS
|
|
|
XBRL Inline Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
104
|
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
|
|
|
|
|
* Represents management contract or compensatory plan
|
|
|
EDWARDS LIFESCIENCES CORPORATION
|
|
|
|
(Registrant)
|
|
Date:
|
October 23, 2020
|
By:
|
/s/ SCOTT B. ULLEM
|
|
|
|
Scott B. Ullem
Chief Financial Officer
(Principal Financial Officer; Duly Authorized Officer)
|
Date:
|
October 23, 2020
|
By:
|
/s/ ROBERT W.A. SELLERS
|
|
|
|
Robert W.A. Sellers
Corporate Controller
(Principal Accounting Officer)
|
1 Year Edwards Lifesciences Chart |
1 Month Edwards Lifesciences Chart |
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