10-Q 1 ew-20220331.htm 10-Q ew-20220331
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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 March 31, 2022
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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 April 25, 2022 was 621,751,736.



EDWARDS LIFESCIENCES CORPORATION
FORM 10-Q
For the quarterly period ended March 31, 2022

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. 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)
 March 31,
2022
December 31,
2021
ASSETS  
Current assets  
Cash and cash equivalents$1,030.9 $862.8 
Short-term investments (Note 3)465.0 604.0 
Accounts receivable, net of allowances of $8.7 and $9.3, respectively
636.3 582.2 
Other receivables49.9 82.7 
Inventories (Note 2)730.6 726.7 
Prepaid expenses94.1 85.2 
Other current assets234.5 237.1 
Total current assets3,241.3 3,180.7 
Long-term investments (Note 3)1,623.7 1,834.2 
Property, plant, and equipment, net1,552.2 1,546.6 
Operating lease right-of-use assets 90.1 92.1 
Goodwill 1,166.3 1,167.9 
Other intangible assets, net 322.0 323.6 
Deferred income taxes294.9 246.7 
Other assets129.4 110.8 
Total assets$8,419.9 $8,502.6 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities  
Accounts payable$158.8 $204.5 
Accrued and other liabilities (Note 2)767.2 802.3 
Operating lease liabilities23.9 25.5 
Total current liabilities
949.9 1,032.3 
Long-term debt 595.9 595.7 
Contingent consideration liabilities (Note 4)59.1 62.0 
Taxes payable190.0 190.0 
Operating lease liabilities 68.4 69.1 
Uncertain tax positions270.7 259.0 
Litigation settlement accrual181.3 191.3 
Other liabilities259.7 267.3 
Total liabilities2,575.0 2,666.7 
Commitments and contingencies (Note 8)
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, 642.9 and 642.0 shares issued, and 621.4 and 624.1 shares outstanding, respectively
642.9 642.0 
Additional paid-in capital1,769.4 1,700.4 
Retained earnings6,441.7 6,068.1 
Accumulated other comprehensive loss (Note 9)(186.6)(157.7)
Treasury stock, at cost, 21.5 and 17.9 shares, respectively
(2,822.5)(2,416.9)
Total stockholders' equity5,844.9 5,835.9 
Total liabilities and stockholders' equity$8,419.9 $8,502.6 
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
March 31,
 20222021
Net sales$1,341.2 $1,216.6 
Cost of sales299.3 293.4 
Gross profit1,041.9 923.2 
Selling, general, and administrative expenses370.3 330.8 
Research and development expenses228.6 207.0 
Intellectual property litigation expenses, net7.1 6.4 
Change in fair value of contingent consideration liabilities (Note 4)(2.9)(4.5)
Operating income438.8 383.5 
Interest income, net(0.6)(0.3)
Other expense (income), net3.3 (5.5)
Income before provision for income taxes436.1 389.3 
Provision for income taxes62.5 51.1 
Net income$373.6 $338.2 
Share information (Note 10)
  
Earnings per share:  
Basic$0.60 $0.54 
Diluted$0.59 $0.54 
Weighted-average number of common shares outstanding:  
Basic622.1 623.2 
Diluted629.4 631.3 
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
March 31,
 20222021
Net income$373.6 $338.2 
Other comprehensive (loss) income, net of tax (Note 9):
Foreign currency translation adjustments(10.0)(32.2)
Unrealized gain on hedges13.4 24.5 
Unrealized pension credits 0.3 
Unrealized loss on available-for-sale investments(37.1)(4.8)
Reclassification of net realized investment loss to earnings4.8 0.9 
Other comprehensive (loss)(28.9)(11.3)
Comprehensive income$344.7 $326.9 
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)
 Three Months Ended
March 31,
 20222021
Cash flows from operating activities  
Net income$373.6 $338.2 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization34.7 32.4 
Non-cash operating lease cost7.1 7.3 
Stock-based compensation (Note 6)32.4 28.2 
Change in fair value of contingent consideration liabilities (Note 4)(2.9)(4.5)
Deferred income taxes(42.6)10.8 
Other20.4 (2.7)
Changes in operating assets and liabilities:  
Accounts and other receivables, net(57.8)(89.5)
Inventories(24.0)2.5 
Accounts payable and accrued liabilities(109.2)(9.3)
Income taxes82.9 14.1 
Prepaid expenses and other current assets1.7 (5.4)
Litigation settlement accrual(10.0)1.6 
Other(13.0)(23.2)
Net cash provided by operating activities293.3 300.5 
Cash flows from investing activities  
Capital expenditures(72.7)(106.0)
Purchases of held-to-maturity investments (Note 3)(128.0) 
Proceeds from held-to-maturity investments (Note 3)130.0 50.0 
Purchases of available-for-sale investments (Note 3)(74.1)(77.4)
Proceeds from available-for-sale investments (Note 3)372.0 86.8 
Issuances of notes receivable(10.5)(3.6)
Collections of notes receivable18.0  
Other(5.2)0.5 
Net cash provided by (used in) investing activities229.5 (49.7)
Cash flows from financing activities  
Proceeds from issuance of debt 4.5 
Payments on debt and finance lease obligations (4.9)
Purchases of treasury stock(405.6)(302.6)
Proceeds from stock plans37.5 31.6 
Other (2.9)
Net cash used in financing activities(368.1)(274.3)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash13.2 14.2 
Net increase (decrease) in cash, cash equivalents, and restricted cash167.9 (9.3)
Cash, cash equivalents, and restricted cash at beginning of period867.4 1,200.2 
Cash, cash equivalents, and restricted cash at end of period$1,035.3 $1,190.9 
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 Stockholders' Equity
Balance at December 31, 2021642.0 $642.0 17.9 $(2,416.9)$1,700.4 $6,068.1 $(157.7)$5,835.9 
Net income     373.6  373.6 
Other comprehensive loss, net of tax      (28.9)(28.9)
Common stock issued under stock plans0.9 0.9   36.6   37.5 
Stock-based compensation expense    32.4   32.4 
Purchases of treasury stock  3.6 (405.6)  (405.6)
Balance at March 31, 2022
642.9 $642.9 21.5 $(2,822.5)$1,769.4 $6,441.7 $(186.6)$5,844.9 
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 Stockholders' Equity
Balance at December 31, 2020636.4 $636.4 12.1 $(1,904.1)$1,438.1 $4,565.0 $(161.1)$4,574.3 
Net income     338.2  338.2 
Other comprehensive loss, net of tax      (11.3)(11.3)
Common stock issued under stock plans1.1 1.1   30.5   31.6 
Stock-based compensation expense    28.2   28.2 
Purchases of treasury stock  3.6 (302.6)  (302.6)
Balance at March 31, 2021
637.5 $637.5 15.7 $(2,206.7)$1,496.8 $4,903.2 $(172.4)$4,658.4 
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, 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

In November 2021, the Financial Accounting Standards Board ("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.     OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

Composition of Certain Financial Statement Captions
(in millions)

Components of selected captions in the consolidated condensed balance sheets consisted of the following:
March 31, 2022December 31, 2021
Inventories
Raw materials$137.4 $132.8 
Work in process150.6 164.3 
Finished products442.6 429.6 
$730.6 $726.7 

At March 31, 2022 and December 31, 2021, $116.2 million and $125.8 million, respectively, of the Company's finished products inventories were held on consignment.

7

March 31, 2022December 31, 2021
Accrued and other liabilities 
Employee compensation and withholdings$221.7 $319.7 
Taxes payable93.1 30.6 
Property, payroll, and other taxes69.2 68.9 
Research and development accruals56.5 58.2 
Accrued rebates78.4 77.0 
Fair value of derivatives3.8 3.9 
Accrued marketing expenses16.8 20.1 
Legal and insurance (a)
78.3 79.1 
Accrued relocation costs27.6 26.2 
Accrued professional services14.2 11.9 
Accrued realignment reserves19.4 19.1 
Other accrued liabilities88.2 87.6 
$767.2 $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 March 31, 2022, $50.0 million was accrued in "Accrued and other liabilities" and $181.3 million was accrued in "Litigation settlement accrual" on the consolidated condensed balance sheet.

Supplemental Cash Flow Information
(in millions)
Three Months Ended
March 31,
20222021
Cash paid during the year for:
Amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$7.6 $7.7 
Non-cash investing and financing transactions:  
Right-of-use assets obtained in exchange for new lease liabilities$6.4 $3.5 
Capital expenditures accruals$23.8 $36.4 

Cash, Cash Equivalents, and Restricted Cash
(in millions)
March 31, 2022December 31, 2021
Cash and cash equivalents$1,030.9 $862.8 
Restricted cash included in other current assets1.3 1.5 
Restricted cash included in other assets3.1 3.1 
Total cash, cash equivalents, and restricted cash$1,035.3 $867.4 

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

8

3.     INVESTMENTS

Debt Securities

Investments in debt securities at the end of each period were as follows (in millions):
 March 31, 2022December 31, 2021
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Bank time deposits$160.0 $ $ $160.0 $162.0 $ $ $162.0 
Available-for-sale
Bank time deposits$4.5 $ $ $4.5 $2.5 $ $ $2.5 
Commercial paper23.1   23.1 127.7   127.7 
United States government and agency securities142.5  (4.0)138.5 147.4 0.6 (0.7)147.3 
Asset-backed securities451.0  (10.8)440.2 515.2 0.3 (2.9)512.6 
Corporate debt securities1,264.5 0.2 (37.0)1,227.7 1,397.1 2.0 (8.3)1,390.8 
Municipal securities2.8  (0.2)2.6 2.8   2.8 
Total$1,888.4 $0.2 $(52.0)$1,836.6 $2,192.7 $2.9 $(11.9)$2,183.7 
The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2022, were as follows:
Held-to-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
 (in millions)
Due in 1 year or less$160.0 $160.0 $305.9 $305.0 
Due after 1 year through 5 years  1,070.8 1,033.4 
Due after 5 years through 10 years  8.1 7.8 
Instruments not due at a single maturity date (a)
  503.6 490.4 
$160.0 $160.0 $1,888.4 $1,836.6 
_______________________________________
(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 March 31, 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):

March 31, 2022
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
United States government and agency securities$101.8 $(3.6)$9.4 $(0.4)$111.2 $(4.0)
Asset-backed securities396.5 (10.5)15.8 (0.3)412.3 (10.8)
Corporate debt securities1,110.1 (34.5)33.6 (2.5)1,143.7 (37.0)
Municipal securities3.1 (0.2)  3.1 (0.2)
$1,611.5 $(48.8)$58.8 $(3.2)$1,670.3 $(52.0)
9

December 31, 2021
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
United States government and agency securities$85.1 $(0.7)$ $ $85.1 $(0.7)
Asset-backed securities433.3 (2.9)  433.3 (2.9)
Corporate debt securities1,114.1 (8.3)  1,114.1 (8.3)
$1,632.5 $(11.9)$ $ $1,632.5 $(11.9)

The unrealized losses were largely due to changes in interest rates and were considered temporary.

Investments in Unconsolidated Entities

The Company has a number of equity investments in unconsolidated entities. These investments are recorded in "Long-term Investments" on the consolidated condensed balance sheets, and are as follows:
 March 31,
2022
December 31,
2021
 (in millions)
Equity method investments  
Carrying value of equity method investments$7.7 $8.4 
Equity securities  
Carrying value of non-marketable equity securities84.4 84.1 
Total investments in unconsolidated entities$92.1 $92.5 

Non-marketable equity securities consist of investments in privately held companies without readily determinable fair values, and are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. As of March 31, 2022, the Company had recorded cumulative upward adjustments of $8.0 million based on observable price changes, and cumulative downward adjustments of $2.6 million due to impairments and observable price changes.

During the three months ended March 31, 2022, the gross realized gains or losses from sales of available-for-sale investments were not material.

4.     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.
10


Financial instruments also include notes payable. As of March 31, 2022, the fair value of the notes payable, based on Level 2 inputs, was $626.6 million.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis (in millions):
March 31, 2022Level 1Level 2Level 3Total
Assets    
Cash equivalents$16.9 $152.5 $ $169.4 
Available-for-sale investments:
Bank time deposits
 4.5  4.5 
Corporate debt securities
 1,227.7  1,227.7 
Asset-backed securities
 440.2  440.2 
United States government and agency securities29.9 108.6  138.5 
Commercial paper
 23.1  23.1 
Municipal securities
 2.6  2.6 
Investments held for deferred compensation plans120.6   120.6 
Derivatives 67.1  67.1 
$167.4 $2,026.3 $ $2,193.7 
Liabilities    
Derivatives$ $3.8 $ $3.8 
Deferred compensation plans121.1   121.1 
Contingent consideration liabilities  59.1 59.1 
Other liability  14.0 14.0 
$121.1 $3.8 $73.1 $198.0 
December 31, 2021    
Assets    
Cash equivalents$15.2 $30.7 $ $45.9 
Available-for-sale investments:
Bank time deposits
 2.5  2.5 
Corporate debt securities
 1,390.8  1,390.8 
Asset-backed securities
 512.6  512.6 
United States government and agency securities28.4 118.9  147.3 
Commercial paper
 127.7  127.7 
Municipal securities
 2.8  2.8 
Investments held for deferred compensation plans130.7   130.7 
Derivatives 55.3  55.3 
$174.3 $2,241.3 $ $2,415.6 
Liabilities    
Derivatives$ $3.9 $ $3.9 
Deferred compensation plans130.9   130.9 
Contingent consideration liabilities  62.0 62.0 
Other liability  14.0 14.0