SEC Info - Edwards Lifesciences Corp. - ‘10-Q’ for 6/30/22

Page	(sequential)		(alphabetic)	↑Top
		Alternative Formats (Word, et al.) Consolidated Condensed Balance Sheets Consolidated Condensed Statements of Cash Flows Consolidated Condensed Statements of Comprehensive Income Consolidated Condensed Statements of Operations Consolidated Condensed Statements of Stockholders' Equity Controls and Procedures Exhibits Financial Information Financial Statements (Unaudited) Item 1 Item 1A Item 2 Item 3 Item 4 Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Notes to Consolidated Condensed Financial Statements Other Information Part I Part II Quantitative and Qualitative Disclosures About Market Risk Risk Factors Signatures Table of Contents Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Part I
"	Financial Information
"	Item 1
"	Financial Statements (Unaudited)
"	Consolidated Condensed Balance Sheets
"	Consolidated Condensed Statements of Operations
"	Consolidated Condensed Statements of Comprehensive Income
"	Consolidated Condensed Statements of Cash Flows
"	Consolidated Condensed Statements of Stockholders' Equity
"	Notes to Consolidated Condensed Financial Statements
"	Item 2
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 3
"	Quantitative and Qualitative Disclosures About Market Risk
"	Item 4
"	Controls and Procedures
"	Part II
"	Other Information
"	Legal Proceedings
"	Item 1A
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Exhibits
"	Signatures

i 0001099800 i 12/31 i 2022 i Q2 i false00010998002022-01-012022-06-3000010998002022-07-26xbrli:shares00010998002022-06-30iso4217:USD00010998002021-12-31iso4217:USDxbrli:shares00010998002022-04-012022-06-3000010998002021-04-012021-06-3000010998002021-01-012021-06-3000010998002020-12-3100010998002021-06-300001099800us-gaap:CommonStockMember2021-12-310001099800us-gaap:TreasuryStockCommonMember2021-12-310001099800us-gaap:AdditionalPaidInCapitalMember2021-12-310001099800us-gaap:RetainedEarningsMember2021-12-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001099800us-gaap:RetainedEarningsMember2022-01-012022-03-3100010998002022-01-012022-03-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001099800us-gaap:CommonStockMember2022-01-012022-03-310001099800us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001099800us-gaap:TreasuryStockCommonMember2022-01-012022-03-310001099800us-gaap:CommonStockMember2022-03-310001099800us-gaap:TreasuryStockCommonMember2022-03-310001099800us-gaap:AdditionalPaidInCapitalMember2022-03-310001099800us-gaap:RetainedEarningsMember2022-03-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-3100010998002022-03-310001099800us-gaap:RetainedEarningsMember2022-04-012022-06-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001099800us-gaap:CommonStockMember2022-04-012022-06-300001099800us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001099800us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001099800us-gaap:CommonStockMember2022-06-300001099800us-gaap:TreasuryStockCommonMember2022-06-300001099800us-gaap:AdditionalPaidInCapitalMember2022-06-300001099800us-gaap:RetainedEarningsMember2022-06-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001099800us-gaap:CommonStockMember2020-12-310001099800us-gaap:TreasuryStockCommonMember2020-12-310001099800us-gaap:AdditionalPaidInCapitalMember2020-12-310001099800us-gaap:RetainedEarningsMember2020-12-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001099800us-gaap:RetainedEarningsMember2021-01-012021-03-3100010998002021-01-012021-03-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001099800us-gaap:CommonStockMember2021-01-012021-03-310001099800us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001099800us-gaap:TreasuryStockCommonMember2021-01-012021-03-310001099800us-gaap:CommonStockMember2021-03-310001099800us-gaap:TreasuryStockCommonMember2021-03-310001099800us-gaap:AdditionalPaidInCapitalMember2021-03-310001099800us-gaap:RetainedEarningsMember2021-03-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100010998002021-03-310001099800us-gaap:RetainedEarningsMember2021-04-012021-06-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001099800us-gaap:CommonStockMember2021-04-012021-06-300001099800us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001099800us-gaap:TreasuryStockCommonMember2021-04-012021-06-300001099800us-gaap:CommonStockMember2021-06-300001099800us-gaap:TreasuryStockCommonMember2021-06-300001099800us-gaap:AdditionalPaidInCapitalMember2021-06-300001099800us-gaap:RetainedEarningsMember2021-06-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001099800us-gaap:BankTimeDepositsMember2022-06-300001099800us-gaap:BankTimeDepositsMember2021-12-310001099800us-gaap:CommercialPaperMember2022-06-300001099800us-gaap:CommercialPaperMember2021-12-310001099800us-gaap:USTreasuryAndGovernmentMember2022-06-300001099800us-gaap:USTreasuryAndGovernmentMember2021-12-310001099800us-gaap:AssetBackedSecuritiesMember2022-06-300001099800us-gaap:AssetBackedSecuritiesMember2021-12-310001099800us-gaap:CorporateDebtSecuritiesMember2022-06-300001099800us-gaap:CorporateDebtSecuritiesMember2021-12-310001099800us-gaap:MunicipalBondsMember2022-06-300001099800us-gaap:MunicipalBondsMember2021-12-310001099800us-gaap:LimitedLiabilityCompanyMember2022-06-30xbrli:pure0001099800us-gaap:LimitedLiabilityCompanyMember2022-01-012022-06-300001099800us-gaap:OtherNonoperatingIncomeExpenseMember2022-06-300001099800us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberew:MedtechCompanyMember2022-04-012022-06-300001099800us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberew:MedtechCompanyMember2021-01-012021-12-310001099800us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberew:MedtechCompanyMember2022-06-300001099800ew:MedicalDeviceCompanyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-04-012022-06-300001099800ew:MedicalDeviceCompanyMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-06-300001099800us-gaap:FairValueInputsLevel2Member2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800us-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001099800ew:ContingentConsiderationLiabilityMember2021-12-310001099800us-gaap:OtherLiabilitiesMember2021-12-310001099800ew:ContingentConsiderationLiabilityMember2022-01-012022-06-300001099800us-gaap:OtherLiabilitiesMember2022-01-012022-06-300001099800ew:ContingentConsiderationLiabilityMember2022-06-300001099800us-gaap:OtherLiabilitiesMember2022-06-300001099800ew:ContingentConsiderationLiabilityMember2020-12-310001099800us-gaap:OtherLiabilitiesMember2020-12-310001099800ew:ContingentConsiderationLiabilityMember2021-01-012021-06-300001099800us-gaap:OtherLiabilitiesMember2021-01-012021-06-300001099800ew:ContingentConsiderationLiabilityMember2021-06-300001099800us-gaap:OtherLiabilitiesMember2021-06-300001099800us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2022-06-300001099800us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2022-06-300001099800us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2022-06-300001099800ew:MeasurementInputProbabilityOfMilestoneAchievementMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2022-06-300001099800ew:MeasurementInputProbabilityOfMilestoneAchievementMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2022-06-300001099800ew:MeasurementInputProbabilityOfMilestoneAchievementMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Member2022-06-300001099800srt:MinimumMemberew:MeasurementInputVolatilityOfFutureRevenueMemberus-gaap:FairValueInputsLevel3Member2022-06-300001099800srt:MaximumMemberew:MeasurementInputVolatilityOfFutureRevenueMemberus-gaap:FairValueInputsLevel3Member2022-06-300001099800srt:WeightedAverageMemberew:MeasurementInputVolatilityOfFutureRevenueMemberus-gaap:FairValueInputsLevel3Member2022-06-300001099800us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001099800us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001099800us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001099800us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001099800us-gaap:OtherNoncurrentAssetsMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001099800us-gaap:OtherNoncurrentAssetsMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001099800us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001099800us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001099800us-gaap:ForeignExchangeContractMember2022-06-300001099800us-gaap:CurrencySwapMember2022-06-300001099800us-gaap:ForeignExchangeContractMember2021-12-310001099800us-gaap:CurrencySwapMember2021-12-310001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2022-04-012022-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2021-04-012021-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2022-01-012022-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2021-01-012021-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001099800us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001099800us-gaap:NetInvestmentHedgingMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001099800us-gaap:NetInvestmentHedgingMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001099800us-gaap:NetInvestmentHedgingMemberus-gaap:InterestIncomeMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001099800us-gaap:NetInvestmentHedgingMemberus-gaap:InterestIncomeMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001099800us-gaap:NetInvestmentHedgingMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001099800us-gaap:NetInvestmentHedgingMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001099800us-gaap:NetInvestmentHedgingMemberus-gaap:InterestIncomeMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001099800us-gaap:NetInvestmentHedgingMemberus-gaap:InterestIncomeMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001099800us-gaap:NetInvestmentHedgingMemberus-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-30iso4217:EUR0001099800us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001099800us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001099800us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001099800us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001099800us-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2022-04-012022-06-300001099800us-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2021-04-012021-06-300001099800us-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001099800us-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2021-01-012021-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2022-04-012022-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-04-012022-06-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2022-04-012022-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2022-01-012022-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-06-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2021-04-012021-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-04-012021-06-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2021-04-012021-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2021-01-012021-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-06-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2021-01-012021-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2021-04-012021-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2021-01-012021-06-300001099800us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001099800us-gaap:CostOfSalesMember2022-04-012022-06-300001099800us-gaap:CostOfSalesMember2021-04-012021-06-300001099800us-gaap:CostOfSalesMember2022-01-012022-06-300001099800us-gaap:CostOfSalesMember2021-01-012021-06-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-04-012022-06-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-04-012021-06-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-06-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-06-300001099800us-gaap:ResearchAndDevelopmentExpenseMember2022-04-012022-06-300001099800us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001099800us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-06-300001099800us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001099800us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001099800ew:MarketBasedRestrictedStockUnitsMember2022-01-012022-06-300001099800ew:MarketBasedRestrictedStockUnitsRelatedToPreviousYearsGrantMember2022-01-012022-06-300001099800ew:MarketBasedRestrictedStockUnitsMembersrt:MinimumMember2022-01-012022-06-300001099800ew:MarketBasedRestrictedStockUnitsMembersrt:MaximumMember2022-01-012022-06-300001099800ew:MarketBasedRestrictedStockUnitsMember2021-01-012021-06-300001099800ew:EmployeeAndNonemployeeStockOptionsMember2022-04-012022-06-300001099800ew:EmployeeAndNonemployeeStockOptionsMember2021-04-012021-06-300001099800ew:EmployeeAndNonemployeeStockOptionsMember2022-01-012022-06-300001099800ew:EmployeeAndNonemployeeStockOptionsMember2021-01-012021-06-300001099800us-gaap:EmployeeStockMember2022-04-012022-06-300001099800us-gaap:EmployeeStockMember2021-04-012021-06-300001099800us-gaap:EmployeeStockMember2022-01-012022-06-300001099800us-gaap:EmployeeStockMember2021-01-012021-06-300001099800ew:InitialDeliveryOfSharesSettledFebruary2021Member2021-02-280001099800ew:InitialDeliveryOfSharesSettledFebruary2021Member2021-02-012021-02-280001099800ew:February2021StockRepurchaseProgramSharesSoldInMarch2021Member2021-03-012021-03-310001099800ew:InitialDeliveryOfSharesSettledJanuary2022Member2022-01-310001099800ew:InitialDeliveryOfSharesSettledJanuary2022Member2022-01-012022-01-310001099800ew:January2022StockRepurchaseProgramSharesSoldInFebruary2022Member2022-02-012022-02-28ew:lawsuit0001099800us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001099800us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-03-310001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310001099800us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310001099800us-gaap:AccumulatedTranslationAdjustmentMember2022-04-012022-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-012022-06-300001099800us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300001099800us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001099800us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-310001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310001099800us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310001099800us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012021-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300001099800us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001099800us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001099800us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001099800us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001099800us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001099800us-gaap:StockCompensationPlanMember2022-04-012022-06-300001099800us-gaap:StockCompensationPlanMember2021-04-012021-06-300001099800us-gaap:StockCompensationPlanMember2022-01-012022-06-300001099800us-gaap:StockCompensationPlanMember2021-01-012021-06-3000010998002021-10-012021-12-310001099800ew:UnitedStatesSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001099800ew:UnitedStatesSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001099800ew:UnitedStatesSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001099800ew:UnitedStatesSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001099800ew:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001099800ew:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001099800ew:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001099800ew:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001099800ew:JapanSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001099800ew:JapanSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001099800ew:JapanSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001099800ew:JapanSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001099800ew:RestOfWorldSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001099800ew:RestOfWorldSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001099800ew:RestOfWorldSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001099800ew:RestOfWorldSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001099800us-gaap:OperatingSegmentsMember2022-04-012022-06-300001099800us-gaap:OperatingSegmentsMember2021-04-012021-06-300001099800us-gaap:OperatingSegmentsMember2022-01-012022-06-300001099800us-gaap:OperatingSegmentsMember2021-01-012021-06-300001099800us-gaap:MaterialReconcilingItemsMember2022-04-012022-06-300001099800us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001099800us-gaap:MaterialReconcilingItemsMember2022-01-012022-06-300001099800us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001099800us-gaap:CorporateNonSegmentMember2022-04-012022-06-300001099800us-gaap:CorporateNonSegmentMember2021-04-012021-06-300001099800us-gaap:CorporateNonSegmentMember2022-01-012022-06-300001099800us-gaap:CorporateNonSegmentMember2021-01-012021-06-300001099800country:US2022-04-012022-06-300001099800country:US2021-04-012021-06-300001099800country:US2022-01-012022-06-300001099800country:US2021-01-012021-06-300001099800srt:EuropeMember2022-04-012022-06-300001099800srt:EuropeMember2021-04-012021-06-300001099800srt:EuropeMember2022-01-012022-06-300001099800srt:EuropeMember2021-01-012021-06-300001099800country:JP2022-04-012022-06-300001099800country:JP2021-04-012021-06-300001099800country:JP2022-01-012022-06-300001099800country:JP2021-01-012021-06-300001099800ew:RestOfWorldMember2022-04-012022-06-300001099800ew:RestOfWorldMember2021-04-012021-06-300001099800ew:RestOfWorldMember2022-01-012022-06-300001099800ew:RestOfWorldMember2021-01-012021-06-300001099800ew:TranscatheterAorticValveReplacementMember2022-04-012022-06-300001099800ew:TranscatheterAorticValveReplacementMember2021-04-012021-06-300001099800ew:TranscatheterAorticValveReplacementMember2022-01-012022-06-300001099800ew:TranscatheterAorticValveReplacementMember2021-01-012021-06-300001099800ew:TranscatheterMitralAndTricuspidTherapiesMember2022-04-012022-06-300001099800ew:TranscatheterMitralAndTricuspidTherapiesMember2021-04-012021-06-300001099800ew:TranscatheterMitralAndTricuspidTherapiesMember2022-01-012022-06-300001099800ew:TranscatheterMitralAndTricuspidTherapiesMember2021-01-012021-06-300001099800ew:SurgicalHeartValveTherapyMember2022-04-012022-06-300001099800ew:SurgicalHeartValveTherapyMember2021-04-012021-06-300001099800ew:SurgicalHeartValveTherapyMember2022-01-012022-06-300001099800ew:SurgicalHeartValveTherapyMember2021-01-012021-06-300001099800ew:CriticalCareMember2022-04-012022-06-300001099800ew:CriticalCareMember2021-04-012021-06-300001099800ew:CriticalCareMember2022-01-012022-06-300001099800ew:CriticalCareMember2021-01-012021-06-300001099800us-gaap:SubsequentEventMemberew:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-07-012022-07-310001099800us-gaap:SubsequentEventMemberew:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-07-310001099800us-gaap:SubsequentEventMemberew:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-07-012022-07-310001099800us-gaap:SubsequentEventMemberew:CreditAgreementMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-07-012022-07-310001099800us-gaap:SubsequentEventMemberew:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2022-07-012022-07-310001099800us-gaap:SubsequentEventMemberew:CreditAgreementMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2022-07-012022-07-310001099800us-gaap:SubsequentEventMemberew:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-07-290001099800us-gaap:SubsequentEventMember2022-07-29


i ☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

i Delaware

i 36-4316614

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
i Common Stock, par value $1.00 per share	i EW	i New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. i Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). i Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

i Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

i ☐

Emerging growth company

i ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes i ☐ No ☒

The number of shares outstanding of the registrant's common stock, $1.00 par value, as of July 26, 2022 was i 619,943,068.

EDWARDS LIFESCIENCES CORPORATION

For the quarterly period ended June 30, 2022

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend the forward-looking statements contained in this report to be covered by the safe harbor provisions of such Acts. Some statements other than statements of historical fact in this report or referred to or incorporated by reference into this report are "forward-looking statements" for purposes of these sections. These statements include, among other things, the expected impact of COVID-19 on our business, any predictions, opinions, expectations, plans, strategies, objectives and any statements of assumptions underlying any of the foregoing relating to the company's current and future business and operations, including, but not limited to, financial matters, development activities, clinical trials and regulatory matters, manufacturing and supply operations, and product sales and demand. These statements can sometimes be identified by the use of the forward-looking words such as "may," "believe," "will," "expect," "project," "estimate," "should," "anticipate," "plan," "goal," "continue," "seek," "pro forma," "forecast," "intend," "guidance," "optimistic," "aspire," "confident," other forms of these words or similar words or expressions or the negative thereof. Statements of past performance, efforts, or results about which inferences or assumptions may be made can also be forward-looking statements and are not indicative of future performance or results; these statements can be identified by the use of words such as "preliminary," "initial," diligence," "industry-leading," "compliant," "indications," or "early feedback" or other forms of these words or similar words or expressions or the negative thereof. These forward-looking statements are subject to substantial risks and uncertainties that could cause our results or future business, financial condition, results of operations or performance to differ materially from our historical results or experiences or those expressed or implied in any forward-looking statements contained in this report. These risks and uncertainties include, but are not limited to: uncertainties regarding the severity and duration of the COVID-19 pandemic and its impact on our business and the economy generally, clinical trial or commercial results or new product approvals and therapy adoption; inability or failure to comply with regulations; unpredictability of product launches; competitive dynamics; changes to reimbursement for the company's products; the company’s success in developing new products and avoiding manufacturing and quality issues; the impact of currency exchange rates; the timing or results of research and development and clinical trials; unanticipated actions by the United States Food and Drug Administration and other regulatory agencies; unexpected impacts or expenses of litigation or internal or government investigations; and other risks detailed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2021, as such risks and uncertainties may be amended, supplemented or superseded from time to time by our subsequent reports on Forms 10-Q and 8-K we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections.

Unless otherwise indicated or otherwise required by the context, the terms "we," "our," "it," "its," "Company," "Edwards," and "Edwards Lifesciences" refer to Edwards Lifesciences Corporation and its subsidiaries.

Part I. Financial Information

Item 1. Financial Statements

EDWARDS LIFESCIENCES CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in millions, except par value; unaudited)

Accounts receivable, net of allowances of $ i 8.6 and $ i 9.3, respectively

Total current liabilities

Preferred stock, $ i i 0.01 / par value, authorized i i 50.0 / shares, i i no / shares outstanding

Common stock, $ i i 1.00 / par value, i i 1,050.0 / shares authorized, i 645.0 and i 642.0 shares issued, and i 619.8 and i 624.1 shares outstanding, respectively

Treasury stock, at cost, i 25.2 and i 17.9 shares, respectively

consolidated condensed financial statements.

EDWARDS LIFESCIENCES CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(in millions, except per share information; unaudited)

Share information (Note 11)

consolidated condensed financial statements.

EDWARDS LIFESCIENCES CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(in millions; unaudited)

consolidated condensed financial statements.

EDWARDS LIFESCIENCES CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(in millions; unaudited)


	Six Months Ended June 30,
	2022		2021
Cash flows from operating activities
Net income	$	i 780.0	$	i 827.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	i 68.8		i 68.2
Non-cash operating lease cost	i 13.9		i 14.3
Stock-based compensation (Note 7)	i 68.6		i 58.5


Change in fair value of contingent consideration liabilities, net (Note 5)	( i 23.8)		( i 107.1)
Loss (gain) on investments, net	i 38.2		( i 16.9)
Deferred income taxes	( i 102.4)		i 16.2

Other	i 4.2		i 3.7
Changes in operating assets and liabilities:
Accounts and other receivables, net	( i 77.7)		( i 135.9)
Inventories	( i 85.8)		i 17.5
Accounts payable and accrued liabilities	( i 81.7)		i 84.8
Income taxes	i 49.7		i 23.2
Prepaid expenses and other current assets	i 25.7		i 0.4
Litigation settlement accrual	( i 19.7)		i 3.7
Other	( i 32.5)		( i 31.7)
Net cash provided by operating activities	i 625.5		i 826.6
Cash flows from investing activities
Capital expenditures	( i 115.8)		( i 175.3)
Purchases of held-to-maturity investments (Note 3)	( i 180.7)		( i 35.0)
Proceeds from held-to-maturity investments (Note 3)	i 277.5		i 50.0
Purchases of available-for-sale investments (Note 3)	( i 114.3)		( i 376.5)
Proceeds from available-for-sale investments (Note 3)	i 584.1		i 168.5





Payment for acquisition options	( i 55.5)		( i 5.7)
Issuances of notes receivable	( i 45.5)		( i 3.6)
Collections of notes receivable	i 18.0		i 10.0
Other	( i 8.7)		( i 11.6)
Net cash provided by (used in) investing activities	i 359.1		( i 379.2)
Cash flows from financing activities
Proceeds from issuance of debt	i —		i 14.0
Payments on debt and finance lease obligations	( i 0.1)		( i 15.6)
Purchases of treasury stock	( i 760.7)		( i 414.5)

Proceeds from stock plans	i 86.5		i 85.8

Other	( i 1.9)		( i 3.0)
Net cash used in financing activities	( i 676.2)		( i 333.3)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	i 27.1		i 11.6
Net increase in cash, cash equivalents, and restricted cash	i 335.5		i 125.7
Cash, cash equivalents, and restricted cash at beginning of period	i 867.4		i 1,200.2
Cash, cash equivalents, and restricted cash at end of period	$	i 1,202.9	$	i 1,325.9

consolidated condensed financial statements.

EDWARDS LIFESCIENCES CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY

(in millions; unaudited)

Common Stock

Treasury Stock

Par Value

Amount

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Loss

Total Stockholders' Equity

Balance at December 31, 2021

i 642.0

i 17.9

( i 2,416.9)

i 1,700.4

i 6,068.1

( i 157.7)

i 5,835.9

Net income

i 373.6

Other comprehensive loss, net of tax

( i 28.9)

Common stock issued under stock plans

i 0.9

i 36.6

i 37.5

Stock-based compensation expense

i 32.4

Purchases of treasury stock

i 3.6

( i 405.6)

Balance at March 31, 2022

i 642.9

i 21.5

( i 2,822.5)

i 1,769.4

i 6,441.7

( i 186.6)

i 5,844.9

Net income

i 406.4

Other comprehensive loss, net of tax

( i 37.8)

Common stock issued under equity plans

i 2.1

i 46.9

i 49.0

Stock-based compensation expense

i 36.2

Purchases of treasury stock

i 3.7

( i 355.1)

Balance at June 30, 2022

i 645.0

i 25.2

( i 3,177.6)

i 1,852.5

i 6,848.1

( i 224.4)

i 5,943.6

consolidated condensed financial statements.

EDWARDS LIFESCIENCES CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY

(in millions; unaudited)

Common Stock

Treasury Stock

Par Value

Amount

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Loss

Total Stockholders' Equity

Balance at December 31, 2020

i 636.4

i 12.1

( i 1,904.1)

i 1,438.1

i 4,565.0

( i 161.1)

i 4,574.3

Net income

i 338.2

Other comprehensive loss, net of tax

( i 11.3)

Common stock issued under stock plans

i 1.1

i 30.5

i 31.6

Stock-based compensation expense

i 28.2

Purchases of treasury stock

i 3.6

( i 302.6)

Balance at March 31, 2021

i 637.5

i 15.7

( i 2,206.7)

i 1,496.8

i 4,903.2

( i 172.4)

i 4,658.4

Net income

i 489.5

Other comprehensive income, net of tax

i 12.8

Common stock issued under equity plans

i 2.6

i 51.6

i 54.2

Stock-based compensation expense

i 30.3

Purchases of treasury stock

i 1.3

( i 111.9)

Balance at June 30, 2021

i 640.1

i 17.0

( i 2,318.6)

i 1,578.7

i 5,392.7

( i 159.6)

i 5,133.3

consolidated condensed financial statements.

1. i BASIS OF PRESENTATION

The accompanying interim consolidated condensed financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the consolidated financial statements and notes included in Edwards Lifesciences' Annual Report on Form 10-K for the year ended December 31, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. In particular, the COVID-19 pandemic has adversely impacted, and may further adversely impact, nearly all aspects of the Company's business and markets, including its workforce and the operations of its customers, suppliers, and business partners. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, manufacturing, clinical trials, research and development costs, reserves and allowances, fair value measurements, asset impairment charges, contingent consideration obligations, and the effectiveness of the Company's hedging instruments, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak (including new and more contagious

variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, public acceptance and efficacy of vaccines and other treatments, and the associated impact on economic and operating conditions.

In the opinion of management, the interim consolidated condensed financial statements reflect all adjustments necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.

There have been no material changes to the Company's significant accounting policies from those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Recently Adopted Accounting Standards

The Company evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB") for applicability to the Company's consolidated condensed financial statements. Unless otherwise discussed below, the Company has not identified any other recently issued standards that are relevant to the Company's condensed consolidated financial statements or disclosures.

In November 2021, the FASB issued an amendment to the accounting guidance on government assistance. The guidance requires certain disclosures about transactions with a government that are accounted for by applying a grant or contribution model. The guidance was effective for annual periods beginning after December 15, 2021. The adoption of this guidance was applied prospectively and did not have a material impact on the Company's consolidated financial statements.

2. i OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

Composition of Certain Financial Statement Captions

Components of selected captions in the consolidated condensed balance sheets consisted of the following:


	June 30, 2022		December 31, 2021
Inventories
Raw materials	$	i 140.9	$	i 132.8
Work in process	i 165.9		i 164.3
Finished products	i 433.2		i 429.6
	$	i 740.0	$	i 726.7

At June 30, 2022 and December 31, 2021, $ i 108.1 million and $ i 125.8 million, respectively, of the Company's finished products inventories were held on consignment.


	June 30, 2022		December 31, 2021
Accrued and other liabilities

Employee compensation and withholdings	$	i 256.0	$	i 319.7
Taxes payable	i 94.1		i 30.6
Property, payroll, and other taxes	i 55.8		i 68.9
Research and development accruals	i 57.0		i 58.2
Accrued rebates	i 89.6		i 77.0
Fair value of derivatives	i 2.0		i 3.9
Accrued marketing expenses	i 16.5		i 20.1
Legal and insurance (a)	i 83.2		i 79.1
Accrued relocation costs	i 26.5		i 26.2
Accrued professional services	i 11.1		i 11.9
Accrued realignment reserves	i 13.2		i 19.1

Other accrued liabilities	i 78.3		i 87.6
	$	i 783.3	$	i 802.3

(a) On July 12, 2020, the Company reached an agreement with Abbott Laboratories and its direct and indirect subsidiaries to, among other things, settle all outstanding patent disputes between the companies in cases related to transcatheter mitral and tricuspid repair products. As of June 30, 2022, $ i 54.4 million was accrued in "Accrued and other liabilities" and $ i 167.2 million was accrued in "Litigation settlement accrual" on the consolidated condensed balance sheet.

Supplemental Cash Flow Information


	Six Months Ended June 30,
	2022		2021
Cash paid during the year for:
Income taxes	$	i 173.0	$	i 66.6
Amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	i 14.5	$	i 16.3
Non-cash investing and financing transactions:



Right-of-use assets obtained in exchange for new lease liabilities	$	i 10.6	$	i 5.4
Capital expenditures accruals	$	i 24.6	$	i 25.1

Conversion of notes receivable to equity investment	$	i —	$	i 21.5

Cash, Cash Equivalents, and Restricted Cash

June 30, 2022

December 31, 2021

Cash and cash equivalents

i 1,198.1

i 862.8

Restricted cash included in other current assets

i 1.8

i 1.5

Restricted cash included in other assets

i 3.0

i 3.1

Total cash, cash equivalents, and restricted cash

i 1,202.9

i 867.4

Amounts included in restricted cash primarily represent funds placed in escrow related to litigation.

Investments in debt securities at the end of each period were as follows (in millions):

The cost and fair value of investments in debt securities, by contractual maturity, as of June 30, 2022, were as follows:

Instruments not due at a single maturity date (a)

_______________________________________

(a) Consists primarily of asset-backed securities.

Actual maturities may differ from the contractual maturities due to call or prepayment rights.

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):

December 31, 2021

Less than 12 Months

12 Months or Greater

Total

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

United States government and agency securities

i 85.1

( i 0.7)

i —

i 85.1

( i 0.7)

Asset-backed securities

i 433.3

( i 2.9)

i —

i 433.3

( i 2.9)

Corporate debt securities

i 1,114.1

( i 8.3)

i —

i 1,114.1

( i 8.3)

i 1,632.5

( i 11.9)

i —

i 1,632.5

( i 11.9)

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 June 30, 2022, 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.

Investments in Unconsolidated Entities

The Company has a number of equity investments in unconsolidated entities. i These investments are recorded in "Long-term Investments" on the consolidated condensed balance sheets, and are as follows:

During the six months ended June 30, 2022, the Company made $ i 6.8 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 i 39% of the qualified investment and is taken over i seven years. These limited liability companies are variable interest entities ("VIEs"). However, 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.

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 June 30, 2022, the Company had recorded cumulative upward adjustments of $ i 8.0 million based on observable price changes, and cumulative downward adjustments of $ i 2.6 million due to impairments and observable price changes.

During the three and six months ended June 30, 2022, the gross realized gains or losses from sales of available-for-sale investments were not material.

4. i INVESTMENTS IN VARIABLE INTEREST ENTITIES

Edwards has relationships with various variable interest entities that it does not consolidate as Edwards lacks the power to direct the activities that significantly impact the economic success of these entities.

In the second quarter of 2022, the Company entered into an option agreement with a medtech company. Under the option agreement, Edwards paid $ i 60.0 million, of which $ i 10 million was paid in 2021 as a deposit, for an option to acquire the medtech company. The $ i 60.0 million option is included in "Other Assets" on the consolidated condensed balance sheet.

In the second quarter of 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 has agreed to loan the medical device company up to $ i 47.5 million, of which $ i 32.5 million has been advanced as of June 30, 2022. In addition, the Company amended its warrant agreement under which the Company had previously paid $ i 35.0 million for an option to acquire the medical device company. The amendment extends the warrant right period. The $ i 35.0 million warrant and the $ i 32.5 million note receivable are included in "Other Assets" on the consolidated condensed balance sheet.

5. i 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 June 30, 2022, the fair value of the notes payable, based on Level 2 inputs, was $ i 586.3 million.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis (in millions):

Corporate debt securities

Asset-backed securities

Municipal securities

Corporate debt securities

Asset-backed securities

Municipal securities

The following tables summarize the changes in fair value of the contingent consideration and the other liability (in millions):

Contingent Consideration

Other liability

Total

Balance at December 31, 2021

i 62.0

i 14.0

i 76.0

Changes in fair value

( i 23.8)

i —

( i 23.8)

Balance at June 30, 2022

i 38.2

i 14.0

i 52.2

Contingent Consideration

Other liability

Total

Balance at December 31, 2020

i 186.1

i —

i 186.1

Additions

i —

i 14.0

Changes in fair value

( i 107.1)

i —

( i 107.1)

Balance at June 30, 2021

i 79.0

i 14.0

i 93.0

The contingent consideration liabilities related to certain of the Company's previous business acquisitions was reduced in the three months ended June 30, 2022 and 2021 by $ i 19.2 million and $ i 105.2 million, respectively, due to changes in the projected probabilities and timing of milestone achievements and the projected timing of cash inflows.

Cash Equivalents and Available-for-sale Investments

The Company estimates the fair values of its money market funds based on quoted prices in active markets for identical assets. The Company estimates the fair values of its time deposits, commercial paper, United States and foreign government and agency securities, municipal securities, asset-backed securities, and corporate debt securities by taking into consideration valuations obtained from third-party pricing services. The pricing services use industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades and broker-dealer quotes on the same or similar securities, benchmark yields, credit spreads, prepayment and default projections based on historical data, and other observable inputs. The Company independently reviews and validates the pricing received from the third-party pricing service by comparing the prices to prices reported by a secondary pricing source. The Company’s validation procedures have not resulted in an adjustment to the pricing received from the pricing service.

Deferred Compensation Plans

The Company holds investments in trading securities related to its deferred compensation plans. The investments are in a variety of stock, bond and money market mutual funds. The fair values of these investments and the corresponding liabilities are based on quoted market prices.

Derivative Instruments

The Company uses derivative financial instruments in the form of foreign currency forward exchange contracts and cross currency swap contracts to manage foreign currency exposures. All derivatives contracts are recognized on the balance sheet at their fair value. The fair value of the derivative financial instruments was estimated based on quoted market foreign exchange rates, cross currency swap basis rates, and market discount rates. Judgment was employed in interpreting market data to develop estimates of fair value; accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions or valuation methodologies could have a material effect on the estimated fair value amounts.

Contingent Consideration Liabilities

Certain of the Company's acquisitions involve contingent consideration arrangements. Payment of additional consideration is contingent upon the acquired company reaching certain performance milestones, such as attaining specified sales levels or obtaining regulatory approvals. These contingent consideration liabilities are measured at estimated fair value using either a probability weighted discounted cash flow analysis or a Monte Carlo simulation model, both of which consider significant unobservable inputs. These inputs as of June 30, 2022 include (1) the discount rate used to present value the projected cash flows (ranging from i 1.3% to i 11.0%; weighted average of i 3.6%), (2) the probability of milestone achievement

(ranging from i 0% to i 70%; weighted average of i 46.1%), (3) the projected payment dates (ranging from 2026 to 2027; weighted average of 2026), and (4) the volatility of future sales (ranging from i 45.0% to i 50.0%; weighted average of i 48.5%). 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.

6. i 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.

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 i 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):

The following table presents the effect of master-netting agreements and rights of offset on the consolidated condensed balance sheets (in millions):

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) Recognized in OCI on Derivative (Effective Portion)					Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
	Three Months Ended June 30,				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Three Months Ended June 30,

	2022		2021			2022		2021
Cash flow hedges
Foreign currency contracts	$	i 57.9	$	( i 3.9)	Cost of sales	$	i 16.3	$	( i 8.3)
					Selling, general, and administrative expenses	$	i —	$	( i 0.4)


	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)
	Three Months Ended June 30,				Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	Three Months Ended June 30,

	2022		2021			2022		2021
Net investment hedges
Cross currency swap contracts	$	i 19.4	$	i 3.6	Interest (income) expense, net	$	i 2.0	$	i 1.5

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 € i 257.2 million and will receive $ i 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)
Recognized in Income on
Derivative

Three Months Ended
June 30,

Location of Gain or (Loss)
Recognized in Income on
Derivative

2022

2021

Fair value hedges

Foreign currency contracts

Other income, net

i —

i 1.5

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

2022

2021

Derivatives not designated as hedging instruments

Foreign currency contracts

Other income, net

i 26.6

( i 4.3)

Amount of Gain or (Loss)
Recognized in Income on
Derivative

Six Months Ended
June 30,

Location of Gain or (Loss)
Recognized in Income on
Derivative

2022

2021

Derivatives not designated as hedging instruments

Foreign currency contracts

Other income, net

i 42.1

i 10.9

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
June 30, 2022

Six Months Ended
June 30, 2022

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

( i 269.4)

( i 409.0)

i 4.3

( i 568.7)

( i 779.3)

i 1.0

The effects of cash flow hedging:

Gain (loss) on cash flow hedging relationships:

Foreign currency contracts:

Amount of gain (loss) reclassified from accumulated OCI into income

i 16.3

i —

i 23.6

i —

Gain (loss) on fair value hedging relationships:

Foreign currency contracts:

Derivatives designated as hedging instruments

Amount excluded from effectiveness testing recognized in earnings based on an amortization approach

Gain (loss) on cash flow hedging relationships:

Foreign currency contracts:

Amount of gain (loss) reclassified from accumulated OCI into income

The Company expects that during the next twelve months it will reclassify to earnings a $ i 28.0 million gain currently recorded in "Accumulated Other Comprehensive Loss."

7. i STOCK-BASED COMPENSATION

Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and six months ended June 30, 2022 and 2021 was as follows (in millions):

At June 30, 2022, the total remaining compensation cost related to nonvested stock options, restricted stock units, market-based restricted stock units, and employee stock purchase plan ("ESPP") subscription awards amounted to $ i 233.8 million, which will be amortized on a straight-line basis over the weighted-average remaining requisite service period of i 33 months.

During the six months ended June 30, 2022, the Company granted i 1.4 million stock options at a weighted-average

exercise price of $ i 106.14, and i 0.6 million restricted stock units at a weighted-average grant-date fair value of $ i 106.12. During the six months ended June 30, 2022, the Company also granted i 0.1 million market-based restricted stock units at a weighted-average grant-date fair value of $ i 125.50 and issued an additional i 0.1 million shares of common stock related to a previous

year's grant of market-based restricted stock units since the payout percentage achieved at the end of the performance period was in excess of the targeted shares. The market-based restricted stock units granted during the six months ended June 30, 2022 vest based on a combination of certain service and market conditions. The actual number of shares issued will be determined based on the Company's total shareholder return relative to a selected industry peer group over a i three-year performance period and may range from i 0% to i 175.0% of the targeted number of shares granted.

Fair Value Disclosures

The weighted-average assumptions used in a Monte Carlo simulation model to determine the fair value of the market-based restricted stock units granted during the six months ended June 30, 2022 and 2021 included a risk-free interest rate of i 2.8% and i 0.4%, respectively, and an expected volatility rate of i 33.8% and i 34.4%, respectively.

The following table includes the weighted-average grant-date fair values of stock options granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model:

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:

8. i ACCELERATED SHARE REPURCHASE

During 2022 and 2021, the Company entered into accelerated share repurchase ("ASR") agreements providing for the repurchase of the Company's common stock based on the volume-weighted average price ("VWAP") of the Company's common stock during the term of the applicable agreement, less a discount. i 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
Paid

Shares
Received

Price per
Share

Value of
Shares as %
of Contract
Value

Settlement
Date

Total Shares
Received

Average Price
per Share

February 2021

i 250.0

i 2.4

i 83.86

i 80

March 2021

i 3.0

i 84.51

January 2022

i 250.0

i 1.9

i 104.87

i 80

February 2022

i 2.3

i 110.31

The ASR agreements were each accounted for as two separate transactions: (1) the value of the initial delivery of shares was recorded as shares of common stock acquired in a treasury stock transaction on the acquisition date, and (2) the remaining amount of the purchase price paid was recorded as a forward contract indexed to the Company's own common stock and was recorded in "Additional Paid-in Capital" on the consolidated balance sheets. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The Company determined that the forward contracts indexed to the Company's common stock met all the applicable criteria for equity classification and, therefore, were not accounted for as a derivative instrument.

9. i COMMITMENTS AND CONTINGENCIES

The Company is reviewing and investigating whether business activities in Japan and other markets violate certain provisions of the Foreign Corrupt Practices Act ("FCPA"). The Company voluntarily notified the SEC and the United States Department of Justice ("DOJ") during 2021 that it has engaged outside counsel to conduct this review and investigation. The Company has provided status updates to the SEC and DOJ since that time. Any determination that the Company’s operations or activities are not in compliance with existing laws, including the FCPA, could result in the imposition of fines, penalties, and equitable remedies. The Company cannot currently predict the outcome of the review and investigation or the potential impact on its financial statements.

On September 28, 2021, Aortic Innovations LLC, a non-practicing entity, filed a lawsuit against Edwards Lifesciences Corporation and certain of its subsidiaries ("Edwards") in the United States District Court for the District of Delaware alleging that Edwards’ SAPIEN 3 Ultra product infringes certain of its patents. The Company is unable to predict the ultimate outcome of this matter or estimate a range of possible exposure; therefore, no amounts have been accrued. The Company intends to vigorously defend itself in this litigation.

The Company is or may be a party to, or may otherwise be responsible for, pending or threatened lawsuits including those related to products and services currently or formerly manufactured or performed, as applicable, by the Company, workplace and employment matters, matters involving real estate, Company operations or health care regulations, or governmental investigations (the "Lawsuits"). The Lawsuits raise difficult and complex factual and legal issues and are subject to many uncertainties, including, but not limited to, the facts and circumstances of each particular case or claim, the jurisdiction in which each suit is brought, and differences in applicable law. Management does not believe that any loss relating to the Lawsuits would have a material adverse effect on the Company's overall financial condition, results of operations or cash flows. However, the resolution of i one or more of the Lawsuits in any reporting period, could have a material adverse impact on the Company's financial results for that period. The Company is not able to estimate the amount or range of any loss for legal contingencies related to the Lawsuits for which there is no reserve or additional loss for matters already reserved.

The Company is subject to various environmental laws and regulations both within and outside of the United States. The Company's operations, like those of other medical device companies, involve the use of substances regulated under environmental laws, primarily in manufacturing and sterilization processes. While it is difficult to quantify the potential impact of continuing compliance with environmental protection laws, management believes that such compliance will not have a material impact on the Company's financial results. The Company's threshold of disclosing material environmental legal proceedings involving a governmental authority where potential monetary exposure is involved is $ i 1 million. On May 26, 2022, the Company received a “show cause” letter from the Environmental Protection Agency ("EPA") for alleged violations of the Resource Conservation and Recovery Act hazardous waste management requirements at the Company's Irvine facility. The Company and the EPA are in discussions. As this matter is in early stages, the Company believes the range of the amount of the possible loss cannot be reasonably estimated in excess of the probable amount recognized at this time, which is not material. However, management expects that this matter will not have a material adverse impact on the Company or its financial results.

10. i ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables summarize the activity for each component of "Accumulated Other Comprehensive Loss" (in millions):

Foreign
Currency
Translation
Adjustments

Unrealized Loss on Hedges

Unrealized Gain on Available-for-sale Investments

Unrealized
Pension
Costs

Total
Accumulated
Other
Comprehensive
Loss

December 31, 2020

( i 122.4)

( i 27.7)

i 8.6

( i 19.6)

( i 161.1)

Other comprehensive (loss) gain before reclassifications

( i 30.2)

i 34.8

( i 6.1)

i 0.3

( i 1.2)

Amounts reclassified from accumulated other comprehensive loss

( i 1.6)

( i 0.9)

i 0.9

i —

( i 1.6)

Deferred income tax (expense) benefit

( i 0.4)

( i 9.4)

i 1.3

i —

( i 8.5)

March 31, 2021

( i 154.6)

( i 3.2)

i 4.7

( i 19.3)

( i 172.4)

Other comprehensive gain (loss) before reclassifications

i 12.9

( i 3.4)

( i 1.0)

( i 0.2)

i 8.3

Amounts reclassified from accumulated other comprehensive loss

( i 1.5)

i 7.2

i 1.1

i —

i 6.8

Deferred income tax expense

( i 0.9)

( i 1.4)

i —

( i 2.3)

June 30, 2021

( i 144.1)

( i 0.8)

i 4.8

( i 19.5)

( i 159.6)

The following table provides information about amounts reclassified from "Accumulated Other Comprehensive Loss" (in millions):

Details about Accumulated Other

Comprehensive Loss Components

11. i 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):

Stock options, restricted stock units, and market-based restricted stock units to purchase an aggregate of i 3.6 million and i 2.3 million common shares for the three months ended June 30, 2022 and 2021, respectively, and i 2.6 million and i 2.1 million shares for the six months ended June 30, 2022 and 2021, respectively, were outstanding, but were not included in the computation of diluted earnings per share for such periods because the effect would have been anti-dilutive.

The Company's effective income tax rates were i 12.5% and i 10.3% for the three months ended June 30, 2022 and 2021, respectively, and i 13.4% and i 11.5% for the six months ended June 30, 2022 and 2021, respectively. The increase in the effective rate between the six months ended June 30, 2022 and 2021 is primarily due to a reduced tax benefit from employee share-based compensation and the estimated impact of U.S. foreign tax credit regulations published by the U.S. Treasury on January 4, 2022. These regulations limit the amount of foreign taxes that are creditable against U.S. income taxes. In addition, the effective rates for the six months ended June 30, 2022 and 2021 were lower than the federal statutory rate of 21% primarily due to (1) foreign earnings taxed at lower rates, (2) Federal and California research and development credits, and (3) the tax benefit from employee share-based compensation. The effective rates include a tax benefit from employee share-based compensation of $ i 19.8 million and $ i 26.3 million for the three months ended June 30, 2022 and 2021, respectively, and $ i 33.2 million and $ i 37.8 million for the six months ended June 30, 2022 and 2021, respectively.

In the normal course of business, the Internal Revenue Service (“IRS”) and other taxing authorities are in different stages of examining various years of the Company's tax filings. During these audits the Company may receive proposed audit adjustments that could be material. Therefore, there is a possibility that an adverse outcome in these audits could have a material effect on the Company's results of operations and financial condition. The Company strives to resolve open matters with each tax authority at the examination level and could reach agreement with a tax authority at any time. While the Company has accrued for matters it believes are more likely than not to require settlement, the final outcome with a tax authority may result in a tax liability that is more or less than that reflected in the consolidated condensed financial statements. Furthermore, the Company may later decide to challenge any assessments, if made, and may exercise its right to appeal. The uncertain tax positions are reviewed quarterly and adjusted as events occur that affect potential liabilities for additional taxes, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, negotiations between tax authorities, identification of new issues, and issuance of new legislation, regulations, or case law.

As of June 30, 2022 and December 31, 2021, the gross liability recorded for income taxes associated with uncertain tax positions was $ i 398.5 million and $ i 358.4 million, respectively. The Company estimates that these liabilities would be reduced by $ i 158.3 million and $ i 135.1 million, respectively, from offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, state income taxes, and timing adjustments. The net amounts of $ i 240.2 million and $ i 223.3 million, respectively, if not required, would favorably affect the Company's effective tax rate.

The Company executed an Advance Pricing Agreement ("APA") in 2018 between the United States and Switzerland governments for tax years 2009 through 2020 covering various, but not all, transfer pricing matters. The unagreed transfer pricing matters, namely Surgical Structural Heart and Transcatheter Aortic Valve Replacement (collectively “Surgical/TAVR”) intercompany royalty transactions, then reverted to IRS Examination for further consideration as part of the respective years' regular tax audits. In addition, the Company executed other bilateral APAs as follows: during 2017, an APA between the United States and Japan covering tax years 2015 through 2019; and during 2018, APAs between Japan and Singapore and between Switzerland and Japan covering tax years 2015 through 2019. The Company has filed to renew all of the APAs which cover transactions with Japan for the years 2020 and forward. The execution of some or all of these APA renewals depends on many variables outside of the Company's control.

As of June 30, 2022, all material state, local, and foreign income tax matters have been concluded for years through 2015. While not material, the Company continues to address matters in India for years from 2010.

The audits of the Company’s United States federal income tax returns through 2014 have been closed. The IRS audit field work for the 2015 through 2017 tax years was substantially completed during the fourth quarter of 2020, except for transfer pricing and related matters. The IRS began its examination of the 2018 through 2020 tax years during the first quarter of 2022.

During 2021, the Company received a Notice of Proposed Adjustment (“NOPA”) from the IRS for the 2015-2017 tax years relating to transfer pricing involving certain Surgical/TAVR intercompany royalty transactions between the Company's United States and Switzerland subsidiaries. The NOPA proposes an increase to the Company's United States taxable income, which could result in additional tax expense for this period of approximately $ i 180 million and represents a significant change to previously agreed upon transfer pricing methodologies for these types of transactions. The Company has formally disagreed with the NOPA and submitted a formal protest on the matter 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. The Company continues to evaluate all possible remedies available to it, which could take several years to resolve. No payment of any amount related to the NOPA is required to be made, if at all, until all applicable proceedings have been completed. The Company believes the amounts previously accrued related to this uncertain tax position are sufficient and, accordingly, has not accrued any additional amount based on the NOPA received.

Certain Surgical/TAVR intercompany royalty transactions covering tax years 2015-2022 that were not resolved under the APA program remain subject to IRS examination, and those transactions and related tax positions remain uncertain as of June 30, 2022. The Company has considered this information, as well as information regarding the NOPA and rebuttal 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.

13. i SEGMENT INFORMATION

Edwards Lifesciences conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. All regions sell products that are used to treat advanced cardiovascular disease.

The Company's geographic segments are reported based on the financial information provided to the Chief Operating Decision Maker (the Chief Executive Officer). The Company evaluates the performance of its geographic segments based on net sales and operating income. Segment net sales and segment operating income are based on internally derived standard foreign exchange rates, which may differ from year to year, and do not include inter-segment profits. Because of the interdependence of the reportable segments, the operating profit as presented may not be representative of the geographical distribution that would occur if the segments were not interdependent. Net sales by geographic area are based on the location of the customer. There were no customers that represented 10% or more of the Company's total net sales.

Certain items are maintained at the corporate level and are not allocated to the segments. The non-allocated items include net interest income, global marketing expenses, corporate research and development expenses, manufacturing variances, corporate headquarters costs, special gains and charges, stock-based compensation, foreign currency hedging activities, certain litigation costs, changes in the fair value of contingent consideration liabilities, and most of the Company's amortization expense. Although most of the Company's depreciation expense is included in segment operating income, due to the Company's methodology for cost build-up, it is impractical to determine the amount of depreciation expense included in each segment and, therefore, a portion is maintained at the corporate level. The Company neither discretely allocates assets to its operating segments, nor evaluates the operating segments using discrete asset information.

The table below presents information about Edwards Lifesciences' reportable segments (in millions):

The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions):

Enterprise-wide Information

The following enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated condensed financial statements.

14. i SUBSEQUENT EVENTS


	June 30, 2022		December 31, 2021
	(in millions)
Equity method investments
Carrying value of equity method investments	$	i 14.6	$	i 8.4
Equity securities
Carrying value of non-marketable equity securities	i 85.3		i 84.1
Total investments in unconsolidated entities	$	i 99.9	$	i 92.5


	Three Months Ended June 30,								Six Months Ended June 30,
							Percent Change								Percent Change
	2022		2021		Change				2022		2021		Change
United States	$	800.8	$	795.7	$	5.1	0.6	%	$	1,550.3	$	1,470.4	$	79.9	5.4	%
Europe	302.8		309.8		(7.0)		(2.2)	%	613.9		589.8		24.1		4.1	%
Japan	122.9		131.8		(8.9)		(6.8)	%	258.4		264.1		(5.7)		(2.2)	%
Rest of World	147.4		138.7		8.7		6.1	%	292.5		268.3		24.2		9.0	%
Outside of the United States	573.1		580.3		(7.2)		(1.2)	%	1,164.8		1,122.2		42.6		3.8	%
Total net sales	$	1,373.9	$	1,376.0	$	(2.1)	(0.1)	%	$	2,715.1	$	2,592.6	$	122.5	4.7	%


	Three Months Ended June 30,								Six Months Ended June 30,
							Percent Change								Percent Change
	2022		2021		Change				2022		2021		Change
Transcatheter Aortic Valve Replacement	$	906.9	$	901.5	$	5.4	0.6	%	$	1,788.2	$	1,693.2	$	95.0	5.6	%
Transcatheter Mitral and Tricuspid Therapies	27.9		22.1		5.8		25.6	%	54.9		38.4		16.5		42.6	%
Surgical Structural Heart	228.5		237.4		(8.9)		(3.7)	%	449.3		450.4		(1.1)		(0.2)	%
Critical Care	210.6		215.0		(4.4)		(2.0)	%	422.7		410.6		12.1		3.0	%
Total net sales	$	1,373.9	$	1,376.0	$	(2.1)	(0.1)	%	$	2,715.1	$	2,592.6	$	122.5	4.7	%


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign exchange losses (gains), net	$	1.8	$	(2.7)	$	4.3	$	(4.4)
Gain on insurance settlement	(3.8)		—		(3.8)		—
(Gain) loss on investments	(0.8)		(1.4)		0.1		(4.1)
Other	(1.5)		(0.3)		(1.6)		(1.4)
Other income, net	$	(4.3)	$	(4.4)	$	(1.0)	$	(9.9)


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	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (b)
April 1, 2022 through April 30, 2022	154,056	$	117.24	153,624	$	703.2
May 1, 2022 through May 31, 2022	2,502,627	96.64		2,363,699	475.2
June 1, 2022 through June 30, 2022	1,019,676	93.27		1,019,676	380.1
Total	3,676,359	96.57		3,536,999

Edwards Lifesciences Corp. – ‘10-Q’ for 6/30/22

On: Friday, 7/29/22, at 4:55pm ET · For: 6/30/22 · Accession #: 1099800-22-20 · File #: 1-15525

Previous ‘10-Q’: ‘10-Q’ on 4/28/22 for 3/31/22 · Next: ‘10-Q’ on 10/28/22 for 9/30/22 · Latest: ‘10-Q’ on 10/27/23 for 9/30/23 · 4 References:

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

4 Previous Filings that this Filing References


i ☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


		Page Number
Part I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Consolidated Condensed Balance Sheets	1
	Consolidated Condensed Statements of Operations	2
	Consolidated Condensed Statements of Comprehensive Income	3
	Consolidated Condensed Statements of Cash Flows	4
	Consolidated Condensed Statements of Stockholders' Equity	5
	Notes to Consolidated Condensed Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 6.	Exhibits	39
Signatures		40


	Notional Amount
	June 30, 2022		December 31, 2021
	(in millions)
Foreign currency forward exchange contracts	$	i 1,546.8	$	i 1,498.8
Cross currency swap contracts	i 300.0		i 300.0


Exhibit No.						Description
3.1						Amended and Restated Certificate of Incorporation of Edwards Lifesciences Corporation, dated May 16, 2013 (incorporated by reference to Exhibit 3.1 in Edwards Lifesciences' report on Form 8-K filed on May 17, 2013)
3.2						Certificate of Amendment of Amended and Restated Certificate of Incorporation of Edwards Lifesciences Corporation, dated May 7, 2020 (incorporated by reference to Exhibit 3.1 in Edwards Lifesciences’ report on Form 8-K filed on May 8, 2020)
3.3						Bylaws of Edwards Lifesciences Corporation, as amended and restated as of July 15, 2021 (incorporated by reference to Exhibit 3.1 in Edwards Lifesciences' report on Form 8-K filed on July 15, 2021)
10.1						Five Year Credit Agreement, dated as of July 15, 2022, among Edwards Lifesciences Corporation and certain of its subsidiaries, as Borrowers, the lenders signatory thereto and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 in Edwards Lifesciences report on Form 8-K filed on July 21, 2022)
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.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)


		EDWARDS LIFESCIENCES CORPORATION
		(Registrant)
Date:	July 29, 2022	By:	/s/ *SCOTT B. ULLEM*
			Scott B. Ullem Chief Financial Officer (Principal Financial Officer; Duly Authorized Officer)
Date:	July 29, 2022	By:	/s/ *ROBERT W.A. SELLERS*
			Robert W.A. Sellers Corporate Controller (Principal Accounting Officer)

This ‘10-Q’ Filing	Date	Other Filings

	6/15/28
	7/15/27
	4/28/23
Filed on:	7/29/22
	7/28/22	8-K
	7/26/22
For Period end:	6/30/22
	6/1/22	4
	5/31/22	4, SD
	5/26/22	4
	5/1/22
	4/30/22
	4/1/22
	3/31/22	10-Q
	1/4/22
	12/31/21	10-K, 11-K, 5, SD
	12/15/21
	9/28/21
	6/30/21	10-Q
	5/4/21	4, 8-K, DEF 14A
	3/31/21	10-Q
	12/31/20	10-K, 11-K, 5, SD
	7/12/20
		List all Filings

Edwards Lifesciences Corp. – ‘10-Q’ for 6/30/22

On: Friday, 7/29/22, at 4:55pm ET · For: 6/30/22 · Accession #: 1099800-22-20 · File #: 1-15525

Quarterly Report — Form 10-QFiling Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

4 Previous Filings that this Filing References

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents