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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stockholders’ Equity The following tables present the changes in stockholders’ equity (in millions):
| Three Months Ended September 30, 2022
| 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 | 357.1 |  |  | $ | 0.4 |  |  | $ | 7,484.0 |  |  | $ | 4,682.8 |  |  | $ | (144.2) |  |  | $ | 12,023.0 |  |  | $ | 59.4 |  |  | $ | 12,082.4 |
Issuance of common stock through employee stock plans | 0.9 |  |  | — |  |  | 82.0 |  |  | — |  |  | — |  |  | 82.0 |  |  | — |  |  | 82.0 |
Shares withheld related to net share settlement of equity awards | (0.1) |  |  | — |  |  | (0.4) |  |  | (7.9) |  |  | — |  |  | (8.3) |  |  | — |  |  | (8.3) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 138.1 |  |  | — |  |  | — |  |  | 138.1 |  |  | — |  |  | 138.1 |
Repurchase and retirement of common stock | (4.6) |  |  | — |  |  | (18.9) |  |  | (981.1) |  |  | — |  |  | (1,000.0) |  |  | — |  |  | (1,000.0) |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 324.0 |  |  | — |  |  | 324.0 |  |  | — |  |  | 324.0 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (43.4) |  |  | (43.4) |  |  | (1.5) |  |  | (44.9) |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.7 |  |  | 0.7 |
Ending balance | 353.3 |  |  | $ | 0.4 |  |  | $ | 7,684.8 |  |  | $ | 4,017.8 |  |  | $ | (187.6) |  |  | $ | 11,515.4 |  |  | $ | 58.6 |  |  | $ | 11,574.0 |
| Three Months Ended September 30, 2021
| 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 | 356.2 |  |  | $ | 0.4 |  |  | $ | 6,804.1 |  |  | $ | 4,022.7 |  |  | $ | 10.3 |  |  | $ | 10,837.5 |  |  | $ | 42.0 |  |  | $ | 10,879.5 |
Issuance of common stock through employee stock plans | 1.1 |  |  | — |  |  | 91.1 |  |  | — |  |  | — |  |  | 91.1 |  |  | — |  |  | 91.1 |
Shares withheld related to net share settlement of equity awards | (0.1) |  |  | — |  |  | (0.2) |  |  | (13.1) |  |  | — |  |  | (13.3) |  |  | — |  |  | (13.3) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 120.1 |  |  | — |  |  | — |  |  | 120.1 |  |  | — |  |  | 120.1 |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 380.5 |  |  | — |  |  | 380.5 |  |  | — |  |  | 380.5 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (5.0) |  |  | (5.0) |  |  | (0.1) |  |  | (5.1) |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6.7 |  |  | 6.7 |
Ending balance | 357.2 |  |  | $ | 0.4 |  |  | $ | 7,015.1 |  |  | $ | 4,390.1 |  |  | $ | 5.3 |  |  | $ | 11,410.9 |  |  | $ | 48.6 |  |  | $ | 11,459.5 |
| Nine Months Ended September 30, 2022
| 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 | 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 plans | 3.5 |  |  | — |  |  | 188.6 |  |  | — |  |  | — |  |  | 188.6 |  |  | — |  |  | 188.6 |
Shares withheld related to net share settlement of equity awards | (0.7) |  |  | — |  |  | (7.1) |  |  | (180.2) |  |  | — |  |  | (187.3) |  |  | — |  |  | (187.3) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 385.6 |  |  | — |  |  | — |  |  | 385.6 |  |  | — |  |  | 385.6 |
Repurchase and retirement of common stock | (7.2) |  |  | — |  |  | (46.3) |  |  | (1,560.3) |  |  | — |  |  | (1,606.6) |  |  | — |  |  | (1,606.6) |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 997.4 |  |  | — |  |  | 997.4 |  |  | — |  |  | 997.4 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (163.4) |  |  | (163.4) |  |  | (2.1) |  |  | (165.5) |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10.3 |  |  | 10.3 |
Ending balance | 353.3 |  |  | $ | 0.4 |  |  | $ | 7,684.8 |  |  | $ | 4,017.8 |  |  | $ | (187.6) |  |  | $ | 11,515.4 |  |  | $ | 58.6 |  |  | $ | 11,574.0 |
| Nine Months Ended September 30, 2021
| 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 | 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 plans | 4.9 |  |  | — |  |  | 244.8 |  |  | — |  |  | — |  |  | 244.8 |  |  | — |  |  | 244.8 |
Shares withheld related to net share settlement of equity awards | (0.8) |  |  | — |  |  | (6.0) |  |  | (195.2) |  |  | — |  |  | (201.2) |  |  | — |  |  | (201.2) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 331.4 |  |  | — |  |  | — |  |  | 331.4 |  |  | — |  |  | 331.4 |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 1,324.0 |  |  | — |  |  | 1,324.0 |  |  | — |  |  | 1,324.0 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (19.6) |  |  | (19.6) |  |  | (0.4) |  |  | (20.0) |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21.4 |  |  | 21.4 |
Ending balance | 357.2 |  |  | $ | 0.4 |  |  | $ | 7,015.1 |  |  | $ | 4,390.1 |  |  | $ | 5.3 |  |  | $ | 11,410.9 |  |  | $ | 48.6 |  |  | $ | 11,459.5 |
Stock Repurchase Program The Company’s Board of Directors (the “Board”) has authorized an aggregate of $10.0 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 July 2022, when the Board increased the authorized amount available under the Repurchase Program to $3.5 billion, including amounts remaining under previous authorization. As of September 30, 2022, the remaining amount of share repurchases authorized by the Board was $2.5 billion. In August 2022, the Company entered into an accelerated share repurchase program (the “ASR Program”) with Goldman, Sachs & Co. (“Goldman”) to repurchase $1.0 billion of the Company’s common stock. The Company made a payment of $1.0 billion to Goldman and received an initial delivery of approximately 3.5 million shares of the Company’s common stock, which were subsequently retired. In September 2022, the ASR Program was completed, and an additional 1.1 million shares of common stock were received and retired. In total, 4.6 million shares were repurchased at an average price per share of $217.52. The total cost of the ASR Program was reflected as a reduction to equity in the Condensed Consolidated Balance Sheets. The following table provides share repurchase activities (in millions, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Shares repurchased | 4.6 |  |  | — |  |  | 7.2 |  |  | — |
Average price per share | $ | 217.5 |  |  | $ | — |  |  | $ | 222.4 |  |  | $ | — |
Value of shares repurchased | $ | 1,000.0 |  |  | $ | — |  |  | $ | 1,606.6 |  |  | $ | — |
Accumulated Other Comprehensive Loss, Net of Tax, Attributable to Intuitive Surgical, Inc. The components of accumulated other comprehensive loss, net of tax, attributable to Intuitive Surgical, Inc. are as follows (in millions):
| Three Months Ended September 30, 2022
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 9.9 |  |  | $ | (140.1) |  |  | $ | (9.3) |  |  | $ | (4.7) |  |  | $ | (144.2) |
Other comprehensive income (loss) before reclassifications | (5.7) |  |  | (37.3) |  |  | (8.5) |  |  | — |  |  | (51.5) |
Amounts reclassified from accumulated other comprehensive income (loss) | 8.0 |  |  | — |  |  | — |  |  | 0.1 |  |  | 8.1 |
Net current-period other comprehensive income (loss) | 2.3 |  |  | (37.3) |  |  | (8.5) |  |  | 0.1 |  |  | (43.4) |
Ending balance | $ | 12.2 |  |  | $ | (177.4) |  |  | $ | (17.8) |  |  | $ | (4.6) |  |  | $ | (187.6) |
| Three Months Ended September 30, 2021
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 3.1 |  |  | $ | 13.5 |  |  | $ | (0.1) |  |  | $ | (6.2) |  |  | $ | 10.3 |
Other comprehensive income (loss) before reclassifications | 4.2 |  |  | (3.4) |  |  | (2.7) |  |  | — |  |  | (1.9) |
Amounts reclassified from accumulated other comprehensive income (loss) | (2.2) |  |  | (1.1) |  |  | — |  |  | 0.2 |  |  | (3.1) |
Net current-period other comprehensive income (loss) | 2.0 |  |  | (4.5) |  |  | (2.7) |  |  | 0.2 |  |  | (5.0) |
Ending balance | $ | 5.1 |  |  | $ | 9.0 |  |  | $ | (2.8) |  |  | $ | (6.0) |  |  | $ | 5.3 |
| Nine Months Ended September 30, 2022
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 4.5 |  |  | $ | (16.0) |  |  | $ | (7.9) |  |  | $ | (4.8) |  |  | $ | (24.2) |
Other comprehensive income (loss) before reclassifications | (11.0) |  |  | (161.4) |  |  | (9.9) |  |  | — |  |  | (182.3) |
Amounts reclassified from accumulated other comprehensive income (loss) | 18.7 |  |  | — |  |  | — |  |  | 0.2 |  |  | 18.9 |
Net current-period other comprehensive income (loss) | 7.7 |  |  | (161.4) |  |  | (9.9) |  |  | 0.2 |  |  | (163.4) |
Ending balance | $ | 12.2 |  |  | $ | (177.4) |  |  | $ | (17.8) |  |  | $ | (4.6) |  |  | $ | (187.6) |
| Nine Months Ended September 30, 2021
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | (2.9) |  |  | $ | 29.5 |  |  | $ | 4.7 |  |  | $ | (6.4) |  |  | $ | 24.9 |
Other comprehensive income (loss) before reclassifications | 9.3 |  |  | (19.4) |  |  | (7.5) |  |  | — |  |  | (17.6) |
Amounts reclassified from accumulated other comprehensive income (loss) | (1.3) |  |  | (1.1) |  |  | — |  |  | 0.4 |  |  | (2.0) |
Net current-period other comprehensive income (loss) | 8.0 |  |  | (20.5) |  |  | (7.5) |  |  | 0.4 |  |  | (19.6) |
Ending balance | $ | 5.1 |  |  | $ | 9.0 |  |  | $ | (2.8) |  |  | $ | (6.0) |  |  | $ | 5.3 |

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