XML 28 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

STOCKHOLDERS' EQUITY | 6 Months Ended
--- | ---
Jun. 30, 2020
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stockholders’ Equity The following tables present the changes in stockholders’ equity (in millions):
| Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income |  | Total Intuitive Surgical, Inc. Stockholders’ Equity |  | Noncontrolling Interest in Joint Venture |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | 116.6 |  |  | $ | 0.1 |  |  | $ | 5,926.8 |  |  | $ | 2,570.9 |  |  | $ | 8.9 |  |  | $ | 8,506.7 |  |  | $ | 23.8 |  |  | $ | 8,530.5 |
Issuance of common stock through employee stock plans | 0.4 |  |  | — |  |  | 62.7 |  |  |  |  |  |  | 62.7 |  |  |  |  | 62.7 |
Shares withheld related to net share settlement of equity awards | — |  |  | — |  |  | (0.3) |  |  | (5.9) |  |  |  |  | (6.2) |  |  |  |  | (6.2) |
Share-based compensation expense related to employee stock plans |  |  |  |  | 95.9 |  |  |  |  |  |  | 95.9 |  |  |  |  | 95.9 |
Net income attributable to Intuitive Surgical, Inc. |  |  |  |  |  |  | 68.0 |  |  |  |  | 68.0 |  |  |  |  | 68.0 |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  | 13.4 |  |  | 13.4 |  |  | (0.1) |  |  | 13.3 |
Net income attributable to noncontrolling interest in joint venture |  |  |  |  |  |  |  |  |  |  | — |  |  | 2.2 |  |  | 2.2 |
Ending balance | 117.0 |  |  | $ | 0.1 |  |  | $ | 6,085.1 |  |  | $ | 2,633.0 |  |  | $ | 22.3 |  |  | $ | 8,740.5 |  |  | $ | 25.9 |  |  | $ | 8,766.4 |
| Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Total Intuitive Surgical, Inc. Stockholders’ Equity |  | Noncontrolling Interest in Joint Venture |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | 115.4 |  |  | $ | 0.1 |  |  | $ | 5,328.8 |  |  | $ | 1,696.0 |  |  | $ | (0.7) |  |  | $ | 7,024.2 |  |  | $ | 16.2 |  |  | $ | 7,040.4 |
Issuance of common stock through employee stock plans | 0.2 |  |  | — |  |  | 30.8 |  |  |  |  |  |  | 30.8 |  |  |  |  | 30.8 |
Shares withheld related to net share settlement of equity awards | — |  |  | — |  |  | (0.3) |  |  | (6.1) |  |  |  |  | (6.4) |  |  |  |  | (6.4) |
Share-based compensation expense related to employee stock plans |  |  |  |  | 81.6 |  |  |  |  |  |  | 81.6 |  |  |  |  | 81.6 |
Repurchase and retirement of common stock | (0.4) |  |  | — |  |  | (10.8) |  |  | (189.2) |  |  |  |  | (200.0) |  |  |  |  | (200.0) |
Net income attributable to Intuitive Surgical, Inc. |  |  |  |  |  |  | 318.3 |  |  |  |  | 318.3 |  |  |  |  | 318.3 |
Other comprehensive income |  |  |  |  |  |  |  |  | 16.8 |  |  | 16.8 |  |  |  |  | 16.8 |
Net loss attributable to noncontrolling interest in joint venture |  |  |  |  |  |  |  |  |  |  | — |  |  | (1.9) |  |  | (1.9) |
Ending balance | 115.2 |  |  | $ | 0.1 |  |  | $ | 5,430.1 |  |  | $ | 1,819.0 |  |  | $ | 16.1 |  |  | $ | 7,265.3 |  |  | $ | 14.3 |  |  | $ | 7,279.6 |
| Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income |  | Total Intuitive Surgical, Inc. Stockholders’ Equity |  | Noncontrolling Interest in Joint Venture |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | 116.0 |  |  | $ | 0.1 |  |  | $ | 5,756.8 |  |  | $ | 2,494.5 |  |  | $ | 12.4 |  |  | $ | 8,263.8 |  |  | $ | 20.9 |  |  | $ | 8,284.7 |
Adoption of new accounting standard |  |  |  |  |  |  | (0.1) |  |  |  |  | (0.1) |  |  |  |  | (0.1) |
Issuance of common stock through employee stock plans | 1.5 |  |  | — |  |  | 154.0 |  |  |  |  |  |  | 154.0 |  |  |  |  | 154.0 |
Shares withheld related to net share settlement of equity awards | (0.3) |  |  | — |  |  | (7.0) |  |  | (148.1) |  |  |  |  | (155.1) |  |  |  |  | (155.1) |
Share-based compensation expense related to employee stock plans |  |  |  |  | 186.5 |  |  |  |  |  |  | 186.5 |  |  |  |  | 186.5 |
Repurchase and retirement of common stock | (0.2) |  |  | — |  |  | (5.2) |  |  | (94.8) |  |  |  |  | (100.0) |  |  |  |  | (100.0) |
Net income attributable to Intuitive Surgical, Inc. |  |  |  |  |  |  | 381.5 |  |  |  |  | 381.5 |  |  |  |  | 381.5 |
Other comprehensive income |  |  |  |  |  |  |  |  | 9.9 |  |  | 9.9 |  |  | 0.1 |  |  | 10.0 |
Net income attributable to noncontrolling interest in joint venture |  |  |  |  |  |  |  |  |  |  | — |  |  | 4.9 |  |  | 4.9 |
Ending balance | 117.0 |  |  | $ | 0.1 |  |  | $ | 6,085.1 |  |  | $ | 2,633.0 |  |  | $ | 22.3 |  |  | $ | 8,740.5 |  |  | $ | 25.9 |  |  | $ | 8,766.4 |
| Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  |  |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Total Intuitive Surgical, Inc. Stockholders’ Equity |  | Noncontrolling Interest in Joint Venture |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | 114.5 |  |  | $ | 0.1 |  |  | $ | 5,170.3 |  |  | $ | 1,521.7 |  |  | $ | (13.3) |  |  | $ | 6,678.8 |  |  | $ | 8.7 |  |  | $ | 6,687.5 |
Issuance of common stock through employee stock plans | 1.4 |  |  | — |  |  | 119.6 |  |  |  |  |  |  | 119.6 |  |  |  |  | 119.6 |
Shares withheld related to net share settlement of equity awards | (0.3) |  |  | — |  |  | (6.7) |  |  | (138.3) |  |  |  |  | (145.0) |  |  |  |  | (145.0) |
Share-based compensation expense related to employee stock plans |  |  |  |  | 157.7 |  |  |  |  |  |  | 157.7 |  |  |  |  | 157.7 |
Repurchase and retirement of common stock | (0.4) |  |  | — |  |  | (10.8) |  |  | (189.2) |  |  |  |  | (200.0) |  |  |  |  | (200.0) |
Net income attributable to Intuitive Surgical, Inc. |  |  |  |  |  |  | 624.8 |  |  |  |  | 624.8 |  |  |  |  | 624.8 |
Other comprehensive income |  |  |  |  |  |  |  |  | 29.4 |  |  | 29.4 |  |  |  |  | 29.4 |
Capital contribution from noncontrolling interest |  |  |  |  |  |  |  |  |  |  | — |  |  | 10.0 |  |  | 10.0 |
Net loss attributable to noncontrolling interest in joint venture |  |  |  |  |  |  |  |  |  |  | — |  |  | (4.4) |  |  | (4.4) |
Ending balance | 115.2 |  |  | $ | 0.1 |  |  | $ | 5,430.1 |  |  | $ | 1,819.0 |  |  | $ | 16.1 |  |  | $ | 7,265.3 |  |  | $ | 14.3 |  |  | $ | 7,279.6 |
Stock Repurchase Program The Company’s Board of Directors (the “Board”) has authorized an aggregate of $7.5 billion of funding for the Company’s common stock repurchase program (the “Repurchase Program”) since its establishment in March 2009. The most recent authorization occurred in January 2019 when the Board increased the authorized amount available under the Repurchase Program to $2.0 billion. As of June 30, 2020, the remaining amount of share repurchases authorized by the Board was $1.6 billion. The following table provides share repurchase activities (in millions, except per share amounts):
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Shares repurchased | — |  |  | 0.4 |  |  | 0.2 |  |  | 0.4 |
Average price per share | $ | — |  |  | $ | 477.44 |  |  | $ | 521.83 |  |  | $ | 477.44 |
Value of shares repurchased | $ | — |  |  | $ | 200.0 |  |  | $ | 100.0 |  |  | $ | 200.0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Attributable to Intuitive The components of accumulated other comprehensive income (loss), net of tax, attributable to Intuitive are as follows (in millions):
| Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 1.8 |  |  | $ | 36.2 |  |  | $ | (20.6) |  |  | $ | (8.5) |  |  | $ | 8.9 |
Other comprehensive income (loss) before reclassifications | — |  |  | 11.6 |  |  | 6.8 |  |  | — |  |  | 18.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1.4) |  |  | (3.7) |  |  | — |  |  | 0.1 |  |  | (5.0) |
Net current-period other comprehensive income (loss) | (1.4) |  |  | 7.9 |  |  | 6.8 |  |  | 0.1 |  |  | 13.4 |
Ending balance | $ | 0.4 |  |  | $ | 44.1 |  |  | $ | (13.8) |  |  | $ | (8.4) |  |  | $ | 22.3 |
| Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 1.6 |  |  | $ | 1.8 |  |  | $ | (0.7) |  |  | $ | (3.4) |  |  | $ | (0.7) |
Other comprehensive income (loss) before reclassifications | (0.2) |  |  | 18.0 |  |  | (0.1) |  |  | — |  |  | 17.7 |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.9) |  |  | (0.1) |  |  | — |  |  | 0.1 |  |  | (0.9) |
Net current-period other comprehensive income (loss) | (1.1) |  |  | 17.9 |  |  | (0.1) |  |  | 0.1 |  |  | 16.8 |
Ending balance | $ | 0.5 |  |  | $ | 19.7 |  |  | $ | (0.8) |  |  | $ | (3.3) |  |  | $ | 16.1 |
| Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 0.7 |  |  | $ | 20.4 |  |  | $ | — |  |  | $ | (8.7) |  |  | $ | 12.4 |
Other comprehensive income (loss) before reclassifications | 2.8 |  |  | 28.4 |  |  | (13.8) |  |  | — |  |  | 17.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3.1) |  |  | (4.7) |  |  | — |  |  | 0.3 |  |  | (7.5) |
Net current-period other comprehensive income (loss) | (0.3) |  |  | 23.7 |  |  | (13.8) |  |  | 0.3 |  |  | 9.9 |
Ending balance | $ | 0.4 |  |  | $ | 44.1 |  |  | $ | (13.8) |  |  | $ | (8.4) |  |  | $ | 22.3 |
| Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 0.2 |  |  | $ | (9.8) |  |  | $ | (0.3) |  |  | $ | (3.4) |  |  | $ | (13.3) |
Other comprehensive income (loss) before reclassifications | 3.3 |  |  | 29.6 |  |  | (0.5) |  |  | (0.1) |  |  | 32.3 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3.0) |  |  | (0.1) |  |  | — |  |  | 0.2 |  |  | (2.9) |
Net current-period other comprehensive income (loss) | 0.3 |  |  | 29.5 |  |  | (0.5) |  |  | 0.1 |  |  | 29.4 |
Ending balance | $ | 0.5 |  |  | $ | 19.7 |  |  | $ | (0.8) |  |  | $ | (3.3) |  |  | $ | 16.1 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration