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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
            For the transition period from                                    to            
Commission file number 1-15525
EDWARDS LIFESCIENCES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
36-4316614
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

One Edwards Way
Irvine, California 92614
(Address of principal executive offices and zip code)

(949) 250-2500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareEWNew 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. 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). 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.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
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 ☐    No ☒
The number of shares outstanding of the registrant's common stock, $1.00 par value, as of October 31, 2024 was 589.8 million.



EDWARDS LIFESCIENCES CORPORATION
FORM 10-Q
For the quarterly period ended September 30, 2024

TABLE OF CONTENTS



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. Statements other than statements of historical or current fact in this report or referred to or incorporated by reference into this report are "forward-looking statements" for purposes of these safe harbor provisions. 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 negatives thereof. Statements regarding 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," "potential," "possible," "diligence," "industry-leading," "compliant," "indications," or "early feedback" or other forms of these words or similar words or expressions or the negatives 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: our ability to complete or realize the anticipated benefits of the sale of our critical care product group; our ability to develop new products and avoid manufacturing and quality issues; risks related to our recent pending acquisitions, including our ability to close the transactions in a timely manner or at all; clinical trial or commercial results or new product approvals and therapy adoption; the impact of domestic and global conditions; competition in the markets in which we operate; our reliance on vendors, suppliers, and other third parties; damage, failure or interruption of our information technology systems; the impact of public health crises; consolidation in the healthcare industry; our ability to protect our intellectual property; our compliance with applicable regulations; our exposure to product liability claims; use of our products in unapproved circumstances; changes to reimbursement for our products; the impact of currency exchange rates; unanticipated actions by the United States Food and Drug Administration and other regulatory agencies; changes to tax laws; 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, 2023, as amended in this report, and as such risks and uncertainties may be further amended, supplemented or superseded from time to time by our subsequent reports on Forms 10-Q and 8-K we file with the United States 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)
 September 30, 2024December 31, 2023
ASSETS  
Current assets  
Cash and cash equivalents$3,676.4 $1,132.3 
Short-term investments (Note 6)769.7 500.5 
Accounts receivable, net of allowances of $12.6 and $8.2, respectively
716.0 771.5 
Other receivables95.5 56.6 
Inventories (Note 2)1,104.2 903.5 
Prepaid expenses114.9 128.8 
Other current assets231.0 224.9 
Current assets of discontinued operations (Note 5)20.0 317.6 
Total current assets6,727.7 4,035.7 
Long-term investments (Note 6)319.6 583.9 
Property, plant, and equipment, net1,675.7 1,591.0 
Operating lease right-of-use assets 104.4 84.4 
Goodwill 1,605.3 1,145.1 
Other intangible assets, net956.1 399.4 
Deferred income taxes888.4 749.4 
Other assets (Note 2)683.5 463.2 
Non-current assets of discontinued operations (Note 5)10.5 311.1 
Total assets$12,971.2 $9,363.2 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities  
Accounts payable$172.8 $186.6 
Accrued and other liabilities (Note 2)1,745.3 856.4 
Operating lease liabilities24.2 22.9 
Current liabilities of discontinued operations (Note 5)1.8 129.5 
Total current liabilities1,944.1 1,195.4 
Long-term debt 597.5 597.0 
Taxes payable1.1 80.6 
Operating lease liabilities 85.0 65.2 
Uncertain tax positions345.6 335.0 
Litigation settlement accrual63.9 94.2 
Other liabilities322.6 251.3 
Non-current liabilities of discontinued operations (Note 5)— 25.1 
Total liabilities3,359.8 2,643.8 
Commitments and contingencies (Note 13)
Stockholders' equity  
Preferred stock, $0.01 par value, authorized 50.0 shares, no shares outstanding          
— — 
Common stock, $1.00 par value, 1,050.0 shares authorized, 654.3 and 650.5 shares issued, and 589.8 and 601.1 shares outstanding, respectively
654.3 650.5 
Additional paid-in capital2,452.1 2,274.4 
Retained earnings12,781.4 8,992.4 
Accumulated other comprehensive loss (Note 14)(252.5)(242.8)
Treasury stock, at cost, 64.5 and 49.4 shares, respectively
(6,089.7)(5,024.5)
Total Edwards Lifesciences Corporation stockholders' equity9,545.6 6,650.0 
Noncontrolling interest65.8 69.4 
Total stockholders' equity9,611.4 6,719.4 
Total liabilities and equity$12,971.2 $9,363.2 
The accompanying notes are an integral part of these consolidated condensed financial statements.
1

EDWARDS LIFESCIENCES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in millions, except per share information; unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net sales$1,354.4 $1,243.4 $4,053.7 $3,743.6 
Cost of sales262.9 250.6 825.3 727.4 
Gross profit1,091.5 992.8 3,228.4 3,016.2 
Selling, general, and administrative expenses421.4 381.9 1,297.3 1,165.9 
Research and development expenses253.4 242.8 781.9 720.8 
Intellectual property agreement and certain litigation expenses (Note 3)
10.8 2.2 27.8 193.6 
Change in fair value of contingent consideration liabilities (Note 9)— — — (26.2)
Restructuring expenses (Note 4)32.9 — 32.9 — 
Other operating expenses, net22.4 — 22.4 — 
Operating income, net350.6 365.9 1,066.1 962.1 
Interest income, net(24.3)(15.1)(56.3)(32.8)
Other non-operating income, net(27.9)(6.6)(35.6)(10.3)
Income from continuing operations before provision for income taxes402.8 387.6 1,158.0 1,005.2 
Provision for income taxes40.7 52.7 107.0 118.3 
Net income from continuing operations362.1 334.9 1,051.0 886.9 
Income from discontinued operations, net of tax2,707.3 48.8 2,734.4 142.8 
Net income3,069.4 383.7 3,785.4 1,029.7 
Net loss attributable to noncontrolling interest(1.4)(1.2)(3.6)(2.8)
Net income attributable to Edwards Lifesciences Corporation$3,070.8 $384.9 $3,789.0 $1,032.5 
Share information (Note 15)
    
Earnings per share:    
Basic
Continuing operations$0.61 $0.55 $1.76 $1.47 
Discontinued operations$4.53 $0.08 $4.55 $0.23 
Basic earnings per share$5.14 $0.63 $6.31 $1.70 
Diluted
Continuing operations$0.61 $0.55 $1.75 $1.46 
Discontinued operations$4.52 $0.08 $4.54 $0.23 
Diluted earnings per share$5.13 $0.63 $6.29 $1.69 
Weighted-average number of common shares outstanding:    
Basic597.2 607.0 600.3 607.2 
Diluted598.1 609.5 602.2 610.2 
The accompanying notes are an integral part of these consolidated condensed financial statements.
2

EDWARDS LIFESCIENCES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net income$3,069.4 $383.7 $3,785.4 $1,029.7 
Other comprehensive (loss) income, net of tax (Note 14):
Foreign currency translation adjustments4.3 (23.4)(20.8)(31.1)
Unrealized (loss) gain on hedges
(42.7)18.2 (8.9)6.3 
Unrealized pension credits
— — 0.2 0.1 
Unrealized gain on available-for-sale investments
6.1 10.6 19.8 29.5 
Other comprehensive (loss) income, net of tax
(32.3)5.4 (9.7)4.8 
Comprehensive income3,037.1 389.1 3,775.7 1,034.5 
Comprehensive loss attributable to noncontrolling interest
(1.4)(1.2)(3.6)(2.8)
Comprehensive income attributable to Edwards Lifesciences Corporation$3,038.5 $390.3 $3,779.3 $1,037.3 
The accompanying notes are an integral part of these consolidated condensed financial statements.
3

EDWARDS LIFESCIENCES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
 Nine Months Ended
September 30,
 20242023
Cash flows from operating activities  
Net income$3,785.4 $1,029.7 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization112.6 108.2 
Non-cash operating lease cost21.6 20.7 
Stock-based compensation (Note 11)130.6 108.9 
Gain on sale of business (Note 5)(3,337.4)— 
Change in fair value of contingent consideration liabilities (Note 9)— (26.2)
Deferred income taxes(224.9)(180.7)
Gain on remeasurement of previously held interest upon acquisition (Note 8)(24.6)— 
Other2.7 8.8 
Changes in operating assets and liabilities:  
Accounts and other receivables, net15.3 (123.0)
Inventories(204.9)(189.7)
Accounts payable and accrued liabilities92.6 112.6 
Income taxes301.8 106.3 
Prepaid expenses and other current assets27.4 (63.7)
Intellectual property agreement accrual(24.3)(26.0)
Long-term prepaid royalties (Note 3)6.2 (111.9)
Other(10.3)(14.8)
Net cash provided by operating activities669.8 759.2 
Cash flows from investing activities  
Capital expenditures(202.6)(164.7)
Purchases of held-to-maturity investments (Note 6)(36.3)(23.5)
Proceeds from held-to-maturity investments (Note 6)50.4 91.5 
Purchases of available-for-sale investments (Note 6)(518.8)(8.4)
Proceeds from available-for-sale investments (Note 6)539.1 486.9 
Investments in intangible assets(25.4)(13.3)
Proceeds from sale of business3,927.4 — 
Business combination, net of cash(763.6)(141.2)
Payment for acquisition options (Note 7)(16.2)(15.0)
Issuances of notes receivable(28.0)(47.5)
Other(36.4)(5.1)
Net cash provided by investing activities2,889.6 159.7 
Cash flows from financing activities  
Purchases of treasury stock(1,059.3)(431.2)
Equity forward contract related to accelerated share repurchase agreement (Note 12)(100.0)— 
Proceeds from stock plans150.9 136.7 
Other(3.2)(3.3)
Net cash used in financing activities(1,011.6)(297.8)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash(12.4)20.2 
Net increase in cash, cash equivalents, and restricted cash2,535.4 641.3 
Cash, cash equivalents, and restricted cash at beginning of period1,148.0 772.6 
Cash, cash equivalents, and restricted cash at end of period (Note 2)$3,683.4 $1,413.9 
The accompanying notes are an integral part of these consolidated condensed financial statements.
4

EDWARDS LIFESCIENCES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
(in millions; unaudited)
 Common StockTreasury Stock
 SharesPar ValueSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Edwards Lifesciences Corporation Stockholders' EquityNoncontrolling InterestTotal Stockholders' Equity
Balance at December 31, 2023650.5 $650.5 49.4 $(5,024.5)$2,274.4 $8,992.4 $(242.8)$6,650.0 $69.4 $6,719.4 
Net income     351.9  351.9 (0.9)351.0 
Other comprehensive gain, net of tax      9.5 9.5 9.5 
Common stock issued under stock plans1.3 1.3   60.8   62.1 62.1 
Stock-based compensation expense    44.6   44.6 44.6 
Purchases of treasury stock  — (0.2)  (0.2)(0.2)
Balance at March 31, 2024
651.8 $651.8 49.4 $(5,024.7)$2,379.8 $9,344.3 $(233.3)$7,117.9 $68.5 $7,186.4 
Net income366.3 366.3 (1.3)365.0 
Other comprehensive gain, net of tax13.1 13.1 13.1 
Common stock issued under equity plans
1.7 1.7 52.6 54.3 54.3 
Stock-based compensation expense43.9 43.9 43.9 
Purchases of treasury stock1.8 (158.1)(158.1)(158.1)
Balance at June 30, 2024
653.5 $653.5 51.2 $(5,182.8)$2,476.3 $9,710.6 $(220.2)$7,437.4 $67.2 $7,504.6 
Net income3,070.8 3,070.8 (1.4)3,069.4 
Other comprehensive loss, net of tax(32.3)(32.3)(32.3)
Common stock issued under equity plans
0.8 0.8 33.7 34.5 34.5 
Stock-based compensation expense42.1 42.1 42.1 
Purchases of treasury stock13.3 (906.9)(100.0)(1,006.9)(1,006.9)
Balance at September 30, 2024
654.3 $654.3 64.5 $(6,089.7)$2,452.1 $12,781.4 $(252.5)$9,545.6 $65.8 $9,611.4 
The accompanying notes are an integral part of these consolidated condensed financial statements.

5

EDWARDS LIFESCIENCES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
(in millions; unaudited)
 Common StockTreasury Stock
 SharesPar ValueSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Edwards Lifesciences, Inc. Stockholders' EquityNoncontrolling InterestTotal Stockholders' Equity
Balance at December 31, 2022646.3 $646.3 38.0 $(4,144.0)$1,969.3 $7,590.0 $(254.9)$5,806.7 $— $5,806.7 
Net income     340.5  340.5 — 340.5 
Other comprehensive loss, net of tax      (0.5)(0.5)(0.5)
Common stock issued under stock plans0.8 0.8   41.1   41.9 41.9 
Stock-based compensation expense    38.9   38.9 38.9 
Purchases of treasury stock  3.1 (249.5)  (249.5)(249.5)
Changes to noncontrolling interest84.0 84.0 
Balance at March 31, 2023
647.1 $647.1 41.1 $(4,393.5)$2,049.3 $7,930.5 $(255.4)$5,978.0 $84.0 $6,062.0 
Net income307.1 307.1 (1.6)305.5 
Other comprehensive loss, net of tax(0.1)(0.1)(0.1)
Common stock issued under equity plans
2.0 2.0 58.8 60.8 60.8 
Stock-based compensation expense37.4 37.4 37.4 
Purchases of treasury stock0.1 (7.5)(7.5)(7.5)
Changes to noncontrolling interest(11.6)(11.6)
Balance at June 30, 2023
649.1 $649.1 41.2 $(4,401.0)$2,145.5 $8,237.6 $(255.5)$6,375.7 $70.8 $6,446.5 
Net income384.9 384.9 (1.2)383.7 
Other comprehensive loss, net of tax5.4 5.4 5.4 
Common stock issued under equity plans
0.8 0.8 33.2 34.0 34.0 
Stock-based compensation expense32.6 32.6 32.6 
Purchases of treasury stock2.2 (175.1)(175.1)(175.1)
Balance at September 30, 2023
649.9 $649.9 43.4 $(4,576.1)$2,211.3 $8,622.5 $(250.1)$6,657.5 $69.6 $6,727.1 
The accompanying notes are an integral part of these consolidated condensed financial statements.
6


1.     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, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted.

The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries and variable interest entities for which the Company is the primary beneficiary. The Company attributes the net income or losses of its consolidated variable interest entities to controlling and noncontrolling interests using the hypothetical liquidation at book value method. All intercompany accounts and transactions have been eliminated in consolidation.

On September 3, 2024, the Company sold its Critical Care product group ("Critical Care"). The historical results of Critical Care are reflected as discontinued operations in the Company's consolidated condensed financial statements for all periods presented. In addition, as a next step in the Company's disposal plan to exit businesses that are not focused on implantable medical innovations for structural heart disease, the historical results of a small non-core product group that the Company plans to sell are also included in discontinued operations. Unless otherwise indicated, the information in the notes to the consolidated condensed financial statements refer only to Edwards Lifesciences' continuing operations. For more information, see Note 5.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.

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

There have been no material changes to the Company's significant accounting policies from those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Recently Adopted Accounting Standards

In March 2023, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance on investments in tax credit structures to allow entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company adopted this guidance on January 1, 2024. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

New Accounting Standards Not Yet Adopted

In November 2024, the FASB issued an amendment to the accounting guidance on income statement presentation to require disclosure, in the notes to the financial statements, of disaggregated information about certain costs and expenses, including purchases of inventory, employee compensation, and depreciation and amortization included in each relevant expense caption within continuing operations. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements.

In March 2024, the SEC issued final climate-related disclosure rules that will require disclosure of material climate-related risks and material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and/or material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The new rules will be effective for annual reporting periods beginning in fiscal year 2025, except for the greenhouse gas emissions disclosures which will be effective for annual reporting periods beginning in fiscal year 2026. Subsequent to issuance, the rules became the subject of litigation, and the SEC has issued a stay
7

to allow the legal process to proceed. The Company is currently evaluating the disclosure impact the guidance will have on its consolidated financial statements.

In December 2023, the FASB issued an amendment to the accounting guidance on income taxes which requires entities to provide additional information in the rate reconciliation and additional disaggregated disclosures about income taxes paid. This guidance requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of this guidance to impact its financial statements, but the guidance will impact its income tax disclosures.

In November 2023, the FASB issued an amendment to the accounting guidance on segment reporting. The amendments require disclosure of significant segment expenses and other segment items and requires entities to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The amendment also requires disclosure of the title and position of the chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements.

2.     OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

Composition of Certain Financial Statement Captions
(in millions)

Components of selected captions in the consolidated condensed balance sheets consisted of the following:
September 30,
2024		December 31, 2023
Inventories
Raw materials$248.8 $196.3 
Work in process244.4 195.8 
Finished products611.0 511.4 
$1,104.2 $903.5 

At September 30, 2024 and December 31, 2023, $187.8 million and $164.6 million, respectively, of the Company's finished products inventories were held on consignment.

8

September 30,
2024		December 31, 2023
Other assets
Tax receivable (Note 16)$293.7 $— 
Notes and other receivables132.9 155.1 
Acquisition options117.5 161.3 
Long-term prepaid royalties103.7 109.9 
Fair value of derivatives21.8 23.4 
Other long-term assets13.9 13.5 
$683.5 $463.2 
Accrued and other liabilities 
Employee compensation and withholdings$312.1 $316.4 
Taxes payable (Note 5)715.1 52.7 
Property, payroll, and other taxes83.7 53.8 
Research and development accruals79.0 71.6 
Accrued rebates140.0 123.5 
Fair value of derivatives24.3 15.2 
Accrued marketing expenses14.5 13.7 
Legal and insurance29.5 28.9 
Litigation settlement75.1 69.1 
Accrued relocation costs16.2 16.9 
Accrued professional services62.2 8.5 
Accrued realignment reserves39.6 6.4 
Unfavorable contract liability66.0 — 
Other accrued liabilities88.0 79.7 
$1,745.3 $856.4 

Supplemental Cash Flow Information
(in millions)
Nine Months Ended
September 30,
20242023
Cash paid during the year for:
Income taxes (a) (Note 16)
$633.8 $219.1 
Amounts included in the measurement of operating lease liabilities$21.0 $19.1 
Non-cash investing and financing transactions:  
Right-of-use assets obtained in exchange for new lease liabilities$38.9 $19.9 
Capital expenditures accruals$22.9 $32.5 
______________________________________
(a)     Includes cash paid for income taxes from discontinued operations of $29.7 million and $22.7 million for the nine months ended September 30, 2024 and 2023, respectively.
9


Cash, Cash Equivalents, and Restricted Cash
(in millions)
September 30,
2024		December 31, 2023
Continuing operations
Cash and cash equivalents$3,676.4 $1,132.3 
Restricted cash included in other current assets3.2 3.3 
Restricted cash included in other assets0.9 0.7 
Total$3,680.5 $1,136.3 
Discontinued operations
Cash and cash equivalents$2.9 $11.7 
Total$2.9 $11.7 
Total cash, cash equivalents, and restricted cash$3,683.4 $1,148.0 

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

3.    INTELLECTUAL PROPERTY AGREEMENT AND CERTAIN LITIGATION EXPENSES

On April 12, 2023, Edwards entered into an Intellectual Property Agreement (the "Intellectual Property Agreement") with Medtronic, Inc. ("Medtronic") pursuant to which the parties agreed to a 15-year global covenant not to sue ("CNS") for infringement of certain patents in the structural heart space owned or controlled by each other. In consideration for the global CNS and related mutual access to certain intellectual property rights, Edwards paid to Medtronic a one-time, lump sum payment of $300.0 million and is paying annual royalties tied to net sales of certain Edwards products. Based upon the terms of the Intellectual Property Agreement, the Company identified the relevant elements for accounting purposes and allocated the $300.0 million upfront payment based on their respective fair values. The Company recorded a $37.0 million pre-tax charge in Intellectual Property Agreement and Certain Litigation Expenses in March 2023 related primarily to prior commercial sales incurred through March 31, 2023. The Company recorded a prepaid royalty asset of $124.0 million in April 2023 related to future commercial sales, which will be amortized to expense during the term of the Intellectual Property Agreement. Separately, the Company recorded a $139.0 million pre-tax charge in Intellectual Property Agreement and Certain Litigation Expenses in April 2023 related to products currently in development.

4.    RESTRUCTURING EXPENSES

In September 2024, the Company recorded an expense of $32.9 million related primarily to severance expenses associated with a global workforce realignment impacting approximately 360 employees. As of September 30, 2024, the Company's remaining severance obligations of $30.6 million are expected to be substantially paid within the next 12 months.

5.    DISCONTINUED OPERATIONS

On June 3, 2024, the Company entered into a definitive agreement to sell its Critical Care product group ("Critical Care") to Becton, Dickinson and Company ("BD"). In addition, as a next step in the Company's disposal plan to exit businesses that are not focused on implantable medical innovations for structural heart disease, the Company has committed to a plan to sell a non-core product group, with the sale expected to occur within the next 12 months.

Critical Care and the aforementioned non-core product group (collectively, the "discontinued product groups") were historically reported in each of the Company's segments (United States, Europe, Japan, and Rest of World).

The Company concluded that the Critical Care product group met the criteria to be classified as held-for-sale in June 2024 and that the non-core product group met the criteria to be classified as held-for-sale in September 2024. The Company determined that, when considered together, the conditions for discontinued operations presentation had been met with respect to the discontinued product groups. A component of an entity is reported in discontinued operations after meeting the criteria for held-for-sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. The Company analyzed the quantitative and qualitative factors relevant to the discontinued product groups, including their significance to the Company’s overall net income and total assets, and determined that those
10

conditions for discontinued operations presentation had been met. As such, the historical financial condition and results of the discontinued product groups have been reflected as discontinued operations in the Company's consolidated condensed financial statements. The assets and liabilities associated with discontinued product groups are classified as assets and liabilities of discontinued operations in the Company's consolidated condensed balance sheets. Prior period amounts have been adjusted to reflect the discontinued operations presentation.

On September 3, 2024, Critical Care was sold for $4.2 billion, which is subject to a further working capital adjustment, resulting in a gain of $3.3 billion which was included in Income from Discontinued Operations, net of tax.

In connection with the sale of Critical Care, the Company entered into a Transition Services Agreement ("TSA") to provide certain support services for up to 36 months from the closing date of the sale (with certain extension rights as provided therein). These support services may be in the areas of accounting, information technology, human resources, quality assurance, regulatory affairs, customer support, and global supply chain, among others. In connection with the TSA, the Company recognized an unfavorable contract liability of $115.1 million, which will be recognized over the TSA term.

In addition, Edwards and BD entered into other agreements to provide a framework for the ongoing activities between the Company and BD after the sale and until the end of the TSA including, but not limited to, interim operating model agreements to support the commercial operations until full transfer of all regulatory licenses to BD and completion of services under the TSA agreement, a manufacturing and supply agreement, and a quality agreement. Under these agreements, the Company will continue to provide certain services to BD during the term of these agreements including serving as an undisclosed selling and purchasing agent for the Critical Care business on behalf of BD for a period of up to 36 months.

As of September 30, 2024, the Company had a receivable of approximately $24.6 million from BD related to the services under the agreements. The Company recorded income from the TSA of $7.6 million during the three and nine months ended September 30, 2024, which is recorded in Other Operating Expenses, net on the Company's consolidated condensed statements of operations.

Details of Income from Discontinued Operations are as follows (in millions):

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net sales$177.2 $237.5 $708.4 $727.1 
Cost of sales65.4 99.8 265.1 295.5 
Gross profit111.8 137.7 443.3 431.6 
Selling, general, and administrative expenses40.9 57.7 163.2 178.7 
Research and development expenses21.4 27.5 81.3 81.0 
Separation costs81.5 — 202.5 — 
Operating (loss) income, net(32.0)52.5 (3.7)171.9 
Other non-operating (income) expense, net(3,338.9)0.8 (3,337.5)0.7 
Income from discontinued operations before provision for income taxes3,306.9 51.7 3,333.8 171.2 
Provision for income taxes from discontinued operations599.6 2.9 599.4 28.4 
Net income from discontinued operations2,707.3 48.8 2,734.4 142.8 

Separation costs related primarily to consulting, legal, tax, and other professional advisory services associated with the sale of Critical Care.

11

Details of assets and liabilities of discontinued operations are as follows (in millions):

 September 30,
2024		December 31,
2023
Cash and cash equivalents$2.9 $11.7 
Accounts receivable, net of allowances— 3.6 
Other receivables— 5.2 
Inventories17.1 264.7 
Prepaid expenses— 18.0 
Other current assets— 14.4 
Total current assets of discontinued operations$20.0 $317.6 
Property, plant, and equipment, net3.1 158.4 
Operating lease right-of-use assets — 9.6 
Goodwill 7.4 108.4 
Other intangible assets, net— 29.0 
Deferred income taxes— 5.2 
Other assets— 0.5 
Total non-current assets of discontinued operations$10.5 $311.1 
Accounts payable$— $14.8 
Accrued and other liabilities1.8 112.7 
Operating lease liabilities— 2.0 
Total current liabilities of discontinued operations$1.8 $129.5 
Operating lease liabilities — 7.8 
Uncertain tax positions— 4.3 
Other liabilities— 13.0 
Total non-current liabilities of discontinued operations$— $25.1 

Cash flows attributable to the Company's discontinued operations are included in the Company's consolidated condensed statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following (in millions):

 Nine Months Ended
September 30,
 20242023
Depreciation and amortization12.1 16.2 
Stock-based compensation16.7 11.6 
Inventory write off17.0 13.2 
Capital expenditures16.4 21.0 

12

6.     INVESTMENTS

Debt Securities

Investments in debt securities at the end of each period were as follows (in millions):
 September 30, 2024December 31, 2023
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Bank time deposits$50.5 $— $— $50.5 $64.5 $— $— $64.5 
Available-for-sale
Bank time deposits$17.6 $— $— $17.6 $— $— $— $— 
Commercial paper112.9 — — 112.9 — — — — 
U.S. government and agency securities185.2 0.1 (1.2)184.1 72.7 0.1 (2.8)70.0 
Asset-backed securities80.2 — (1.6)78.6 192.1 — (7.8)184.3 
Corporate debt securities502.2 0.1 (4.0)498.3 658.5 — (16.7)641.8 
Municipal securities2.8 — (0.1)2.7 2.8 — (0.2)2.6 
Total$900.9 $0.2 $(6.9)$894.2 $926.1 $0.1 $(27.5)$898.7 
The cost and fair value of investments in debt securities, by contractual maturity, as of September 30, 2024, were as follows:
Held-to-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
 (in millions)
Due in 1 year or less$50.5 $50.5 $721.1 $719.2 
Due after 1 year through 5 years— —