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STOCKHOLDERS' EQUITY
6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Stockholders’ Equity
The following tables present the changes in stockholders’ equity (in millions):
Three Months Ended June 30, 2022
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Intuitive Surgical, Inc. Stockholders’ EquityNoncontrolling Interest in Joint VentureTotal Stockholders’ Equity
SharesAmount
Beginning balance358.9 $0.4 $7,354.6 $4,858.0 $(110.7)$12,102.3 $54.6 $12,156.9 
Issuance of common stock through employee stock plans0.4 — 26.6 — — 26.6 — 26.6 
Shares withheld related to net share settlement of equity awards— — (0.6)(6.2)— (6.8)— (6.8)
Share-based compensation expense related to employee stock plans— — 126.7 — — 126.7 — 126.7 
Repurchase and retirement of common stock(2.2)— (23.3)(476.8)— (500.1)— (500.1)
Net income attributable to Intuitive Surgical, Inc.— — — 307.8 — 307.8 — 307.8 
Other comprehensive income (loss)— — — — (33.5)(33.5)(1.0)(34.5)
Net income attributable to noncontrolling interest in joint venture— — — — — — 5.8 5.8 
Ending balance357.1 $0.4 $7,484.0 $4,682.8 $(144.2)$12,023.0 $59.4 $12,082.4 
Three Months Ended June 30, 2021
Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total Intuitive Surgical, Inc. Stockholders’ EquityNoncontrolling Interest in Joint VentureTotal Stockholders’ Equity
SharesAmount
Beginning balance
355.2 $0.4 $6,627.0 $3,514.7 $11.4 $10,153.5 $36.7 $10,190.2 
Issuance of common stock through employee stock plans1.0 — 69.7 — — 69.7 — 69.7 
Shares withheld related to net share settlement of equity awards— — (0.7)(9.2)— (9.9)— (9.9)
Share-based compensation expense related to employee stock plans— — 108.1 — — 108.1 — 108.1 
Net income attributable to Intuitive Surgical, Inc.— — — 517.2 — 517.2 — 517.2 
Other comprehensive income (loss)
— — — — (1.1)(1.1)(0.5)(1.6)
Net income attributable to noncontrolling interest in joint venture— — — — — — 5.8 5.8 
Ending balance
356.2 $0.4 $6,804.1 $4,022.7 $10.3 $10,837.5 $42.0 $10,879.5 
Six Months Ended June 30, 2022
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Intuitive Surgical, Inc. Stockholders’ EquityNoncontrolling Interest in Joint VentureTotal Stockholders’ Equity
SharesAmount
Beginning balance
357.7 $0.4 $7,164.0 $4,760.9 $(24.2)$11,901.1 $50.4 $11,951.5 
Issuance of common stock through employee stock plans2.6 — 106.6 — — 106.6 — 106.6 
Shares withheld related to net share settlement of equity awards(0.6)— (6.7)(172.3)— (179.0)— (179.0)
Share-based compensation expense related to employee stock plans— — 247.5 — — 247.5 — 247.5 
Repurchase and retirement of common stock(2.6)— (27.4)(579.2)— (606.6)— (606.6)
Net income attributable to Intuitive Surgical, Inc.— — — 673.4 — 673.4 — 673.4 
Other comprehensive income (loss)
— — — — (120.0)(120.0)(0.6)(120.6)
Net income attributable to noncontrolling interest in joint venture— — — — — — 9.6 9.6 
Ending balance
357.1 $0.4 $7,484.0 $4,682.8 $(144.2)$12,023.0 $59.4 $12,082.4 
Six Months Ended June 30, 2021
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Intuitive Surgical, Inc. Stockholders’ EquityNoncontrolling Interest in Joint VentureTotal Stockholders’ Equity
SharesAmount
Beginning balance
353.1 $0.4 $6,444.9 $3,261.3 $24.9 $9,731.5 $27.6 $9,759.1 
Issuance of common stock through employee stock plans3.8 — 153.7 — — 153.7 — 153.7 
Shares withheld related to net share settlement of equity awards(0.7)— (5.8)(182.1)— (187.9)— (187.9)
Share-based compensation expense related to employee stock plans— — 211.3 — — 211.3 — 211.3 
Net income attributable to Intuitive Surgical, Inc.— — — 943.5 — 943.5 — 943.5 
Other comprehensive income (loss)
— — — — (14.6)(14.6)(0.3)(14.9)
Net income attributable to noncontrolling interest in joint venture— — — — — — 14.7 14.7 
Ending balance
356.2 $0.4 $6,804.1 $4,022.7 $10.3 $10,837.5 $42.0 $10,879.5 
Stock Repurchase Program
The Company’s Board of Directors (the “Board”) has previously 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, 2022, the remaining amount of share repurchases authorized by the Board was $1.0 billion. On July 20, 2022, the Board increased the authorized amount available under the Repurchase Program to an aggregate of $3.5 billion, including amounts remaining under previous authorization.
The following table provides share repurchase activities (in millions, except per share amounts):
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Shares repurchased2.2 — 2.6 — 
Average price per share$224.4 $— $231.0 $— 
Value of shares repurchased$500.1 $— $606.6 $— 
Accumulated Other Comprehensive Income (Loss), Net of Tax, Attributable to Intuitive Surgical, Inc.
The components of accumulated other comprehensive income (loss), net of tax, attributable to Intuitive Surgical, Inc. are as follows (in millions):
 Three Months Ended June 30, 2022
 Gains (Losses)
on Hedge
Instruments
Unrealized Gains
(Losses) on Available-for-Sale Securities
Foreign
Currency
Translation
Gains (Losses)
Employee Benefit PlansTotal
Beginning balance$5.5 $(106.7)$(4.8)$(4.7)$(110.7)
Other comprehensive income (loss) before reclassifications(9.0)(33.3)(4.5)— (46.8)
Amounts reclassified from accumulated other comprehensive income (loss)13.4 (0.1)— — 13.3 
Net current-period other comprehensive income (loss)4.4 (33.4)(4.5)— (33.5)
Ending balance$9.9 $(140.1)$(9.3)$(4.7)$(144.2)
 Three Months Ended June 30, 2021
 Gains (Losses)
on Hedge
Instruments
Unrealized Gains
(Losses) on Available-for-Sale Securities
Foreign
Currency
Translation
Gains (Losses)
Employee Benefit PlansTotal
Beginning balance$3.2 $19.5 $(5.0)$(6.3)$11.4 
Other comprehensive income (loss) before reclassifications0.5 (6.0)4.9 — (0.6)
Amounts reclassified from accumulated other comprehensive income (loss)(0.6)— — 0.1 (0.5)
Net current-period other comprehensive income (loss)(0.1)(6.0)4.9 0.1 (1.1)
Ending balance$3.1 $13.5 $(0.1)$(6.2)$10.3 
Six Months Ended June 30, 2022
Gains (Losses) on Hedge InstrumentsUnrealized Gains
(Losses) on Available-for-Sale Securities
Foreign Currency Translation Gains (Losses)Employee Benefit PlansTotal
Beginning balance$4.5 $(16.0)$(7.9)$(4.8)$(24.2)
Other comprehensive income (loss) before reclassifications(5.3)(124.1)(1.4)— (130.8)
Amounts reclassified from accumulated other comprehensive income (loss)10.7 — — 0.1 10.8 
Net current-period other comprehensive income (loss)5.4 (124.1)(1.4)0.1 (120.0)
Ending balance$9.9 $(140.1)$(9.3)$(4.7)$(144.2)
Six Months Ended June 30, 2021
Gains (Losses) on Hedge InstrumentsUnrealized Gains
(Losses) on Available-for-Sale Securities
Foreign Currency Translation Gains (Losses)Employee Benefit PlansTotal
Beginning balance$(2.9)$29.5 $4.7 $(6.4)$24.9 
Other comprehensive income (loss) before reclassifications5.1 (16.0)(4.8)— (15.7)
Amounts reclassified from accumulated other comprehensive income (loss)0.9 — — 0.2 1.1 
Net current-period other comprehensive income (loss)6.0 (16.0)(4.8)0.2 (14.6)
Ending balance$3.1 $13.5 $(0.1)$(6.2)$10.3