10-Q 1 ew-20210930.htm 10-Q ew-20210930
000109980012/312021Q3false00010998002021-01-012021-09-30xbrli:shares00010998002021-10-25iso4217:USD00010998002021-09-3000010998002020-12-31iso4217:USDxbrli:shares00010998002021-07-012021-09-3000010998002020-07-012020-09-3000010998002020-01-012020-09-3000010998002019-12-3100010998002020-09-300001099800us-gaap:CommonStockMember2020-12-310001099800us-gaap:TreasuryStockMember2020-12-310001099800us-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:TreasuryStockMember2021-01-012021-03-310001099800us-gaap:CommonStockMember2021-03-310001099800us-gaap:TreasuryStockMember2021-03-310001099800us-gaap:AdditionalPaidInCapitalMember2021-03-310001099800us-gaap:RetainedEarningsMember2021-03-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100010998002021-03-310001099800us-gaap:RetainedEarningsMember2021-04-012021-06-3000010998002021-04-012021-06-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001099800us-gaap:CommonStockMember2021-04-012021-06-300001099800us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001099800us-gaap:TreasuryStockMember2021-04-012021-06-300001099800us-gaap:CommonStockMember2021-06-300001099800us-gaap:TreasuryStockMember2021-06-300001099800us-gaap:AdditionalPaidInCapitalMember2021-06-300001099800us-gaap:RetainedEarningsMember2021-06-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-3000010998002021-06-300001099800us-gaap:RetainedEarningsMember2021-07-012021-09-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001099800us-gaap:CommonStockMember2021-07-012021-09-300001099800us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001099800us-gaap:TreasuryStockMember2021-07-012021-09-300001099800us-gaap:CommonStockMember2021-09-300001099800us-gaap:TreasuryStockMember2021-09-300001099800us-gaap:AdditionalPaidInCapitalMember2021-09-300001099800us-gaap:RetainedEarningsMember2021-09-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001099800us-gaap:CommonStockMember2019-12-310001099800us-gaap:TreasuryStockMember2019-12-310001099800us-gaap:AdditionalPaidInCapitalMember2019-12-310001099800us-gaap:RetainedEarningsMember2019-12-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001099800us-gaap:RetainedEarningsMember2020-01-012020-03-3100010998002020-01-012020-03-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001099800us-gaap:CommonStockMember2020-01-012020-03-310001099800us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001099800us-gaap:TreasuryStockMember2020-01-012020-03-310001099800us-gaap:CommonStockMember2020-03-310001099800us-gaap:TreasuryStockMember2020-03-310001099800us-gaap:AdditionalPaidInCapitalMember2020-03-310001099800us-gaap:RetainedEarningsMember2020-03-310001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100010998002020-03-310001099800us-gaap:RetainedEarningsMember2020-04-012020-06-3000010998002020-04-012020-06-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001099800us-gaap:CommonStockMember2020-04-012020-06-300001099800us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001099800us-gaap:TreasuryStockMember2020-04-012020-06-300001099800us-gaap:CommonStockMember2020-06-300001099800us-gaap:TreasuryStockMember2020-06-300001099800us-gaap:AdditionalPaidInCapitalMember2020-06-300001099800us-gaap:RetainedEarningsMember2020-06-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-3000010998002020-06-300001099800us-gaap:RetainedEarningsMember2020-07-012020-09-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001099800us-gaap:CommonStockMember2020-07-012020-09-300001099800us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001099800us-gaap:TreasuryStockMember2020-07-012020-09-300001099800us-gaap:CommonStockMember2020-09-300001099800us-gaap:TreasuryStockMember2020-09-300001099800us-gaap:AdditionalPaidInCapitalMember2020-09-300001099800us-gaap:RetainedEarningsMember2020-09-300001099800us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001099800ew:AbbottLaboratoriesMember2020-06-012020-06-300001099800ew:AbbottLaboratoriesMembersrt:ScenarioForecastMemberus-gaap:SubsequentEventMember2024-05-012024-05-310001099800ew:AbbottLaboratoriesMember2020-07-012020-07-310001099800us-gaap:BankTimeDepositsMember2021-09-300001099800us-gaap:BankTimeDepositsMember2020-12-310001099800us-gaap:CommercialPaperMember2021-09-300001099800us-gaap:CommercialPaperMember2020-12-310001099800us-gaap:USTreasuryAndGovernmentMember2021-09-300001099800us-gaap:USTreasuryAndGovernmentMember2020-12-310001099800us-gaap:AssetBackedSecuritiesMember2021-09-300001099800us-gaap:AssetBackedSecuritiesMember2020-12-310001099800us-gaap:CorporateDebtSecuritiesMember2021-09-300001099800us-gaap:CorporateDebtSecuritiesMember2020-12-310001099800us-gaap:MunicipalBondsMember2021-09-300001099800us-gaap:MunicipalBondsMember2020-12-31ew:investment0001099800us-gaap:OtherNonoperatingIncomeExpenseMember2021-09-300001099800ew:KardionIncMember2021-04-300001099800ew:KardionIncMemberus-gaap:EquitySecuritiesMember2021-04-300001099800ew:KardionIncMember2021-09-300001099800us-gaap:FairValueInputsLevel2Member2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2021-09-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2021-09-300001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001099800ew:ContingentConsiderationLiabilityMember2020-12-310001099800us-gaap:OtherLiabilitiesMember2020-12-310001099800ew:ContingentConsiderationLiabilityMember2021-01-012021-09-300001099800us-gaap:OtherLiabilitiesMember2021-01-012021-09-300001099800ew:ContingentConsiderationLiabilityMember2021-09-300001099800us-gaap:OtherLiabilitiesMember2021-09-300001099800ew:ContingentConsiderationLiabilityMember2019-12-310001099800us-gaap:OtherLiabilitiesMember2019-12-310001099800ew:ContingentConsiderationLiabilityMember2020-01-012020-09-300001099800us-gaap:OtherLiabilitiesMember2020-01-012020-09-300001099800ew:ContingentConsiderationLiabilityMember2020-09-300001099800us-gaap:OtherLiabilitiesMember2020-09-300001099800ew:PreviousAcquisitionsMember2021-04-012021-06-30xbrli:pure0001099800us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2021-09-300001099800us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2021-09-300001099800us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2021-09-300001099800us-gaap:FairValueInputsLevel3Memberew:MeasurementInputProbabilityOfMilestoneAchievementMembersrt:MinimumMember2021-09-300001099800us-gaap:FairValueInputsLevel3Memberew:MeasurementInputProbabilityOfMilestoneAchievementMembersrt:MaximumMember2021-09-300001099800us-gaap:FairValueInputsLevel3Memberew:MeasurementInputProbabilityOfMilestoneAchievementMembersrt:WeightedAverageMember2021-09-300001099800us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberew:MeasurementInputVolatilityOfFutureRevenueMember2021-09-300001099800us-gaap:FairValueInputsLevel3Memberew:MeasurementInputVolatilityOfFutureRevenueMembersrt:MaximumMember2021-09-300001099800us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberew:MeasurementInputVolatilityOfFutureRevenueMember2021-09-300001099800us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300001099800us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001099800us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-09-300001099800us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-12-310001099800us-gaap:CurrencySwapMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-09-300001099800us-gaap:CurrencySwapMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001099800us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-09-300001099800us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-12-310001099800us-gaap:ForeignExchangeContractMember2021-09-300001099800us-gaap:CurrencySwapMember2021-09-300001099800us-gaap:ForeignExchangeContractMember2020-12-310001099800us-gaap:CurrencySwapMember2020-12-310001099800us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-07-012021-09-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-07-012020-09-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestIncomeMember2021-07-012021-09-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestIncomeMember2020-07-012020-09-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-01-012021-09-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-01-012020-09-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestIncomeMember2021-01-012021-09-300001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestIncomeMember2020-01-012020-09-30iso4217:EUR0001099800us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-09-300001099800us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001099800us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001099800us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-07-012020-09-300001099800us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-01-012020-09-300001099800us-gaap:CostOfSalesMember2021-07-012021-09-300001099800us-gaap:CostOfSalesMember2020-07-012020-09-300001099800us-gaap:CostOfSalesMember2021-01-012021-09-300001099800us-gaap:CostOfSalesMember2020-01-012020-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012021-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-07-012020-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300001099800us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-09-300001099800us-gaap:ResearchAndDevelopmentExpenseMember2021-07-012021-09-300001099800us-gaap:ResearchAndDevelopmentExpenseMember2020-07-012020-09-300001099800us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-09-300001099800us-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-09-300001099800us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001099800ew:MarketBasedRestrictedStockUnitsMember2021-01-012021-09-300001099800ew:MarketBasedRestrictedStockUnitsRelatedToPreviousYearsGrantMember2021-01-012021-09-300001099800ew:MarketBasedRestrictedStockUnitsMembersrt:MinimumMember2021-01-012021-09-300001099800ew:MarketBasedRestrictedStockUnitsMembersrt:MaximumMember2021-01-012021-09-300001099800ew:MarketBasedRestrictedStockUnitsMember2020-01-012020-09-300001099800ew:EmployeeAndNonemployeeStockOptionsMember2021-07-012021-09-300001099800ew:EmployeeAndNonemployeeStockOptionsMember2020-07-012020-09-300001099800ew:EmployeeAndNonemployeeStockOptionsMember2021-01-012021-09-300001099800ew:EmployeeAndNonemployeeStockOptionsMember2020-01-012020-09-300001099800us-gaap:EmployeeStockMember2021-07-012021-09-300001099800us-gaap:EmployeeStockMember2020-07-012020-09-300001099800us-gaap:EmployeeStockMember2021-01-012021-09-300001099800us-gaap:EmployeeStockMember2020-01-012020-09-300001099800ew:February2021StockRepurchaseProgramMember2021-02-280001099800ew:February2021StockRepurchaseProgramMember2021-02-012021-02-280001099800ew:March2021StockRepurchaseProgramMember2021-03-012021-03-31ew:lawsuit0001099800us-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:AccumulatedTranslationAdjustmentMember2021-07-012021-09-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-012021-09-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-012021-09-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012021-09-300001099800us-gaap:AccumulatedTranslationAdjustmentMember2021-09-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-09-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-09-300001099800us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001099800us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-03-310001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310001099800us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-03-310001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310001099800us-gaap:AccumulatedTranslationAdjustmentMember2020-04-012020-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-04-012020-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-012020-06-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-012020-06-300001099800us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001099800us-gaap:AccumulatedTranslationAdjustmentMember2020-07-012020-09-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-07-012020-09-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-07-012020-09-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-012020-09-300001099800us-gaap:AccumulatedTranslationAdjustmentMember2020-09-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-09-300001099800us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-09-300001099800us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300001099800us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001099800us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001099800us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001099800us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001099800us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001099800us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-012021-09-300001099800us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-07-012020-09-300001099800us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-09-300001099800us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-09-300001099800us-gaap:StockCompensationPlanMember2021-07-012021-09-300001099800us-gaap:StockCompensationPlanMember2020-07-012020-09-300001099800us-gaap:StockCompensationPlanMember2021-01-012021-09-300001099800us-gaap:StockCompensationPlanMember2020-01-012020-09-300001099800us-gaap:OperatingSegmentsMemberew:UnitedStatesSegmentMember2021-07-012021-09-300001099800us-gaap:OperatingSegmentsMemberew:UnitedStatesSegmentMember2020-07-012020-09-300001099800us-gaap:OperatingSegmentsMemberew:UnitedStatesSegmentMember2021-01-012021-09-300001099800us-gaap:OperatingSegmentsMemberew:UnitedStatesSegmentMember2020-01-012020-09-300001099800ew:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001099800ew:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001099800ew:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001099800ew:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001099800us-gaap:OperatingSegmentsMemberew:JapanSegmentMember2021-07-012021-09-300001099800us-gaap:OperatingSegmentsMemberew:JapanSegmentMember2020-07-012020-09-300001099800us-gaap:OperatingSegmentsMemberew:JapanSegmentMember2021-01-012021-09-300001099800us-gaap:OperatingSegmentsMemberew:JapanSegmentMember2020-01-012020-09-300001099800us-gaap:OperatingSegmentsMemberew:RestOfWorldSegmentMember2021-07-012021-09-300001099800us-gaap:OperatingSegmentsMemberew:RestOfWorldSegmentMember2020-07-012020-09-300001099800us-gaap:OperatingSegmentsMemberew:RestOfWorldSegmentMember2021-01-012021-09-300001099800us-gaap:OperatingSegmentsMemberew:RestOfWorldSegmentMember2020-01-012020-09-300001099800us-gaap:OperatingSegmentsMember2021-07-012021-09-300001099800us-gaap:OperatingSegmentsMember2020-07-012020-09-300001099800us-gaap:OperatingSegmentsMember2021-01-012021-09-300001099800us-gaap:OperatingSegmentsMember2020-01-012020-09-300001099800us-gaap:MaterialReconcilingItemsMember2021-07-012021-09-300001099800us-gaap:MaterialReconcilingItemsMember2020-07-012020-09-300001099800us-gaap:MaterialReconcilingItemsMember2021-01-012021-09-300001099800us-gaap:MaterialReconcilingItemsMember2020-01-012020-09-300001099800us-gaap:CorporateNonSegmentMember2021-07-012021-09-300001099800us-gaap:CorporateNonSegmentMember2020-07-012020-09-300001099800us-gaap:CorporateNonSegmentMember2021-01-012021-09-300001099800us-gaap:CorporateNonSegmentMember2020-01-012020-09-300001099800country:US2021-07-012021-09-300001099800country:US2020-07-012020-09-300001099800country:US2021-01-012021-09-300001099800country:US2020-01-012020-09-300001099800srt:EuropeMember2021-07-012021-09-300001099800srt:EuropeMember2020-07-012020-09-300001099800srt:EuropeMember2021-01-012021-09-300001099800srt:EuropeMember2020-01-012020-09-300001099800country:JP2021-07-012021-09-300001099800country:JP2020-07-012020-09-300001099800country:JP2021-01-012021-09-300001099800country:JP2020-01-012020-09-300001099800ew:RestOfWorldMember2021-07-012021-09-300001099800ew:RestOfWorldMember2020-07-012020-09-300001099800ew:RestOfWorldMember2021-01-012021-09-300001099800ew:RestOfWorldMember2020-01-012020-09-300001099800ew:TranscatheterAorticValveReplacementMember2021-07-012021-09-300001099800ew:TranscatheterAorticValveReplacementMember2020-07-012020-09-300001099800ew:TranscatheterAorticValveReplacementMember2021-01-012021-09-300001099800ew:TranscatheterAorticValveReplacementMember2020-01-012020-09-300001099800ew:TranscatheterMitralAndTricuspidTherapiesMember2021-07-012021-09-300001099800ew:TranscatheterMitralAndTricuspidTherapiesMember2020-07-012020-09-300001099800ew:TranscatheterMitralAndTricuspidTherapiesMember2021-01-012021-09-300001099800ew:TranscatheterMitralAndTricuspidTherapiesMember2020-01-012020-09-300001099800ew:SurgicalHeartValveTherapyMember2021-07-012021-09-300001099800ew:SurgicalHeartValveTherapyMember2020-07-012020-09-300001099800ew:SurgicalHeartValveTherapyMember2021-01-012021-09-300001099800ew:SurgicalHeartValveTherapyMember2020-01-012020-09-300001099800ew:CriticalCareMember2021-07-012021-09-300001099800ew:CriticalCareMember2020-07-012020-09-300001099800ew:CriticalCareMember2021-01-012021-09-300001099800ew:CriticalCareMember2020-01-012020-09-300001099800country:US2021-09-300001099800country:US2020-12-310001099800srt:EuropeMember2021-09-300001099800srt:EuropeMember2020-12-310001099800country:JP2021-09-300001099800country:JP2020-12-310001099800ew:RestOfWorldMember2021-09-300001099800ew:RestOfWorldMember2020-12-31
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, 2021
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 October 25, 2021 was 624,334,496.



EDWARDS LIFESCIENCES CORPORATION
FORM 10-Q
For the quarterly period ended September 30, 2021

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 U.S. 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, 2020, 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)
 September 30,
2021
December 31,
2020
ASSETS  
Current assets  
Cash and cash equivalents$1,506.9 $1,183.2 
Short-term investments (Note 4)287.8 219.4 
Accounts receivable, net of allowances of $9.5 and $9.6, respectively
600.6 514.6 
Other receivables63.6 88.2 
Inventories (Note 2)737.8 802.3 
Prepaid expenses76.9 75.1 
Other current assets241.9 208.2 
Total current assets3,515.5 3,091.0 
Long-term investments (Note 4)1,282.0 801.6 
Property, plant, and equipment, net1,464.6 1,395.2 
Operating lease right-of-use assets 84.8 94.2 
Goodwill 1,170.4 1,173.2 
Other intangible assets, net 325.3 331.4 
Deferred income taxes184.0 230.9 
Other assets133.7 119.6 
Total assets$8,160.3 $7,237.1 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities  
Accounts payable$139.5 $196.5 
Accrued and other liabilities (Note 2)802.8 670.2 
Operating lease liabilities24.2 27.2 
Total current liabilities
966.5 893.9 
Long-term debt 595.5 595.0 
Contingent consideration liabilities (Note 5)80.1 186.1 
Taxes payable190.2 215.3 
Operating lease liabilities 64.4 72.7 
Uncertain tax positions245.4 214.4 
Litigation settlement accrual201.4 233.0 
Other liabilities275.5 252.4 
Total liabilities2,619.0 2,662.8 
Commitments and contingencies (Note 9)
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, 641.2 and 636.4 shares issued, and 624.2 and 624.3 shares outstanding, respectively
641.2 636.4 
Additional paid-in capital1,643.1 1,438.1 
Retained earnings5,732.8 4,565.0 
Accumulated other comprehensive loss (Note 10)(155.4)(161.1)
Treasury stock, at cost, 17.0 and 12.1 shares, respectively
(2,320.4)(1,904.1)
Total stockholders' equity5,541.3 4,574.3 
Total liabilities and stockholders' equity$8,160.3 $7,237.1 
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,
 2021202020212020
Net sales$1,310.2 $1,140.9 $3,902.8 $3,194.6 
Cost of sales311.7 281.0 939.4 784.3 
Gross profit998.5 859.9 2,963.4 2,410.3 
Selling, general, and administrative expenses364.4 307.2 1,069.7 889.9 
Research and development expenses238.0 195.5 670.3 565.0 
Intellectual property litigation expenses, net (Note 3)4.7 8.4 13.5 400.8 
Change in fair value of contingent consideration liabilities (Note 5)1.1 (9.0)(106.0)8.4 
Operating income390.3 357.8 1,315.9 546.2 
Interest expense (income), net0.8 (0.8)1.5 (7.1)
Other income, net(1.4)(5.7)(11.3)(7.3)
Income before provision for income taxes390.9 364.3 1,325.7 560.6 
Provision for income taxes50.8 39.1 157.9 46.7 
Net income$340.1 $325.2 $1,167.8 $513.9 
Share information (Note 11)
    
Earnings per share:    
Basic$0.55 $0.52 $1.87 $0.83 
Diluted$0.54 $0.52 $1.85 $0.82 
Weighted-average number of common shares outstanding:    
Basic623.6 622.1 623.0 622.3 
Diluted631.7 631.0 631.0 628.8 
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,
 2021202020212020
Net income$340.1 $325.2 $1,167.8 $513.9 
Other comprehensive income (loss), net of tax (Note 10):
Foreign currency translation adjustments(12.2)10.6 (33.9)14.6 
Unrealized gain (loss) on hedges18.3 (22.2)45.2 (22.9)
Unrealized pension costs(0.1)0.1  (0.1)
Unrealized (loss) gain on available-for-sale investments(3.9)(0.4)(9.7)6.3 
Reclassification of net realized investment loss to earnings2.1 0.1 4.1 0.2 
Other comprehensive income (loss)4.2 (11.8)5.7 (1.9)
Comprehensive income$344.3 $313.4 $1,173.5 $512.0 
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,
 20212020
Cash flows from operating activities  
Net income$1,167.8 $513.9 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization101.8 74.6 
Non-cash operating lease cost21.4 20.7 
Stock-based compensation (Note 7)85.1 71.7 
Change in fair value of contingent consideration liabilities (Note 5)(106.0)8.4 
Deferred income taxes20.1 (37.8)
Other(16.3)0.6 
Changes in operating assets and liabilities:  
Accounts and other receivables, net(97.9)(9.2)
Inventories25.6 (118.2)
Accounts payable and accrued liabilities164.1 (66.4)
Income taxes29.0 (65.6)
Prepaid expenses and other current assets1.5 (18.5)
Litigation settlement accrual(19.1)269.2 
Other(18.6)11.1 
Net cash provided by operating activities1,358.5 654.5 
Cash flows from investing activities  
Capital expenditures(236.0)(293.8)
Purchases of held-to-maturity investments (Note 4)(103.0)(112.0)
Proceeds from held-to-maturity investments (Note 4)70.0 212.2 
Purchases of available-for-sale investments (Note 4)(722.0)(394.3)
Proceeds from available-for-sale investments (Note 4)262.1 358.3 
Payment for acquisition option (Note 4)(5.7)(10.0)
Issuances of notes receivable(3.6)(26.5)
Collections of notes receivable10.0  
Other(28.4)(5.1)
Net cash used in investing activities(756.6)(271.2)
Cash flows from financing activities  
Proceeds from issuance of debt5.2 12.3 
Payments on debt and finance lease obligations(6.9)(14.0)
Purchases of treasury stock(416.3)(625.2)
Proceeds from stock plans124.7 103.5 
Other(1.0)(4.9)
Net cash used in financing activities(294.3)(528.3)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash12.1 (9.9)
Net increase (decrease) in cash, cash equivalents, and restricted cash319.7 (154.9)
Cash, cash equivalents, and restricted cash at beginning of period1,200.2 1,184.4 
Cash, cash equivalents, and restricted cash at end of period$1,519.9 $1,029.5 
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, 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 
Net income489.5 489.5 
Other comprehensive income, net of tax12.8 12.8 
Common stock issued under equity plans
2.6 2.6 51.6 54.2 
Stock-based compensation expense30.3 30.3 
Purchases of treasury stock1.3 (111.9)(111.9)
Balance at June 30, 2021
640.1 $640.1 17.0 $(2,318.6)$1,578.7 $5,392.7 $(159.6)$5,133.3 
Net income340.1 340.1 
Other comprehensive loss, net of tax4.2 4.2 
Common stock issued under equity plans
1.1 1.1 37.8 38.9 
Stock-based compensation expense26.6 26.6 
Purchases of treasury stock— (1.8)(1.8)
Balance at September 30, 2021
641.2 $641.2 17.0 $(2,320.4)$1,643.1 $5,732.8 $(155.4)$5,541.3 
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, 2019218.1 $218.1 9.0 $(1,278.7)$1,623.3 $3,741.6 $(156.0)$4,148.3 
Net income     310.6  310.6 
Other comprehensive income, net of tax      4.0 4.0 
Common stock issued under stock plans0.4 0.4   28.7   29.1 
Stock-based compensation expense    23.9   23.9 
Purchases of treasury stock  3.0 (614.8)  (614.8)
Balance at March 31, 2020
218.5 $218.5 12.0 $(1,893.5)$1,675.9 $4,052.2 $(152.0)$3,901.1 
Net loss(121.9)(121.9)
Other comprehensive income, net of tax5.9 5.9 
Common stock issued under equity plans
1.2 1.2 37.0 38.2 
Stock-based compensation expense24.8 24.8 
Purchases of treasury stock0.1 (9.0)(9.0)
Stock issued to effect stock split413.8 413.8 (413.8) 
Balance at June 30, 2020
633.5 $633.5 12.1 $(1,902.5)$1,323.9 $3,930.3 $(146.1)$3,839.1 
Net income325.2 325.2 
Other comprehensive loss, net of tax(11.8)(11.8)
Common stock issued under equity plans
1.5 1.5 34.7 36.2 
Stock-based compensation expense23.0 23.0 
Purchases of treasury stock— (1.4)(1.4)
Balance at September 30, 2020
635.0 $635.0 12.1 $(1,903.9)$1,381.6 $4,255.5 $(157.9)$4,210.3 
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, 2020. 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 our business and markets, including our workforce and the operations of our 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, U.S. and foreign government actions to respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.

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.

Certain reclassifications have been made to the prior year's consolidated condensed financial statements to conform to the current year presentation.

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, 2020.

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, 2021December 31, 2020
Inventories
Raw materials$129.1 $136.7 
Work in process159.5 140.0 
Finished products449.2 525.6 
$737.8 $802.3 

At September 30, 2021 and December 31, 2020, $123.0 million and $130.0 million, respectively, of the Company's finished products inventories were held on consignment.

7

September 30, 2021December 31, 2020
Accrued and other liabilities 
Employee compensation and withholdings$325 $236.7 
Taxes payable24.4 18.6 
Property, payroll, and other taxes66.6 49.7 
Research and development accruals64.8 52.3 
Accrued rebates82.6 67.2 
Fair value of derivatives3.5 39.3 
Accrued marketing expenses17.1 14.3 
Legal and insurance77.4 60.8 
Accrued relocation costs24.1 21.0 
Accrued professional services8.6 7.6 
Accrued realignment reserves20.4 14.5 
Other accrued liabilities88.3 88.2 
$802.8 $670.2 

Supplemental Cash Flow Information
(in millions)
Nine Months Ended
September 30,
20212020
Cash paid during the year for:
Amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$24.1 $21.7 
Non-cash investing and financing transactions:  
Right-of-use assets obtained in exchange for new lease liabilities$13.5 $30.7 
Capital expenditures accruals$20.1 $39.7 
Conversion of notes receivable to equity investment$21.5 $4.5 

Cash, Cash Equivalents, and Restricted Cash
(in millions)
September 30, 2021December 31, 2020
Cash and cash equivalents$1,506.9 $1,183.2 
Restricted cash included in other current assets9.8 16.6 
Restricted cash included in other assets3.2 0.4 
Total cash, cash equivalents, and restricted cash$1,519.9 $1,200.2 

Amounts included in restricted cash primarily represent funds placed in escrow related to litigation and real estate purchases.

3.     INTELLECTUAL PROPERTY LITIGATION EXPENSES

On July 12, 2020, the Company reached an agreement with Abbott Laboratories and its direct and indirect subsidiaries
("Abbott") to, among other things, settle all outstanding patent disputes between the companies (the “Settlement Agreement”)
in cases related to transcatheter mitral and tricuspid repair products. The Settlement Agreement resulted in the Company recording an estimated $367.9 million pre-tax charge and related liability in June 2020 related to past damages. In addition, the Company will incur royalty expenses through May 2024 totaling an estimated $100 million. The Company made a one-time $100.0 million payment to Abbott in July 2020, and is making quarterly payments in subsequent years.
8

4.     INVESTMENTS

Debt Securities

Investments in debt securities at the end of each period were as follows (in millions):
 September 30, 2021December 31, 2020
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Bank time deposits$83.0 $ $ $83.0 $50.0 $ $ $50.0 
Available-for-sale
Bank time deposits$3.0 $ $ $3.0 $24.1 $ $ $24.1 
Commercial paper2.9   2.9     
U.S. government and agency securities
145.8 1.1 (0.1)146.8 147.0 2.2  149.2 
Asset-backed securities300.2 0.7 (0.8)300.1 149.6 1.9  151.5 
Corporate debt securities946.0 4.4 (1.2)949.2 600.8 7.5  608.3 
Municipal securities2.8   2.8 2.8   2.8 
Total$1,400.7 $6.2 $(2.1)$1,404.8 $924.3 $11.6 $ $935.9 
The cost and fair value of investments in debt securities, by contractual maturity, as of September 30, 2021, were as follows:
Held-to-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
 (in millions)
Due in 1 year or less$83.0 $83.0 $203.6 $204.8 
Due after 1 year through 5 years  839.0 841.5 
Due after 5 years through 10 years  4.9 4.9 
Instruments not due at a single maturity date  353.2 353.6 
$83.0 $83.0 $1,400.7 $1,404.8 
Actual maturities may differ from the contractual maturities due to call or prepayment rights.
The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):