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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Stock Repurchase Program Through December 31, 2023, the Board has authorized an aggregate of $10.0 billion of funding for the Company’s common stock 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 December 31, 2023, the remaining amount of share repurchases authorized by the Board under the Repurchase Program was approximately $1.1 billion. The following table summarizes stock repurchase activities (in millions, except per share amounts):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Shares repurchased | 1.7 |  |  | 11.2 |  |  | — |
Average price per share | $ | 241.38 |  |  | $ | 233.70 |  |  | $ | — |
Value of shares repurchased | $ | 416.3 |  |  | $ | 2,607.4 |  |  | $ | — |
In August 2022, the Company entered into an accelerated share repurchase program (the “August ASR Program”) with Goldman, Sachs & Co. (“Goldman”) to repurchase $1.0 billion of the Company’s common stock. In September 2022, the August ASR Program was completed, and, in total, 4.6 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 August ASR Program was reflected as a reduction to equity in the Consolidated Balance Sheets. In October 2022, the Company entered into an accelerated share repurchase program (the “October ASR Program”) with Citibank, N.A. (“Citibank”) to repurchase $1.0 billion of the Company’s common stock. In December 2022, the October ASR Program was completed, and, in total, 3.9 million shares were repurchased at an average price per share of $254.48. The total cost of the October ASR Program was reflected as a reduction to equity in the Consolidated Balance Sheets. The Company uses the par value method of accounting for its stock repurchases. As a result of share repurchase activities during the years ended December 31, 2023, 2022, and 2021, the Company reduced common stock and additional paid-in capital by an aggregate of $19 million, $211 million, and zero, respectively, and charged $0.4 billion, $2.4 billion, and zero, respectively, to retained earnings. As a provision of the Inflation Reduction Act enacted in the U.S. during 2022, the Company is subject to an excise tax on corporate stock repurchases, which is assessed as one percent of the fair market value of net stock repurchases after December 31, 2022. As of December 31, 2023, no excise tax was accrued, as the aggregate fair market value of the Company’s stock issuances exceeded the fair market value of stock repurchases. 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):
| Year Ended December 31, 2023
| 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) |  |  | $ | (154.2) |  |  | $ | (6.6) |  |  | $ | 1.2 |  |  | $ | (162.5) |
Other comprehensive income (loss) before reclassifications | (6.6) |  |  | 124.6 |  |  | 26.0 |  |  | (0.6) |  |  | 143.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | 7.0 |  |  | (0.1) |  |  | — |  |  | — |  |  | 6.9 |
Net current-period other comprehensive income (loss) | 0.4 |  |  | 124.5 |  |  | 26.0 |  |  | (0.6) |  |  | 150.3 |
Ending balance | $ | (2.5) |  |  | $ | (29.7) |  |  | $ | 19.4 |  |  | $ | 0.6 |  |  | $ | (12.2) |
| Year Ended December 31, 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 | (35.0) |  |  | (138.2) |  |  | 1.3 |  |  | 5.8 |  |  | (166.1) |
Amounts reclassified from accumulated other comprehensive income (loss) | 27.6 |  |  | — |  |  | — |  |  | 0.2 |  |  | 27.8 |
Net current-period other comprehensive income (loss) | (7.4) |  |  | (138.2) |  |  | 1.3 |  |  | 6.0 |  |  | (138.3) |
Ending balance | $ | (2.9) |  |  | $ | (154.2) |  |  | $ | (6.6) |  |  | $ | 1.2 |  |  | $ | (162.5) |
The tax impacts for amounts recognized in other comprehensive income before reclassifications were as follows (in millions):
| Years Ended December 31, |  |
Available-for-sale securities | 2023 |  | 2022 |  |
Income tax benefit (expense) for net gains (losses) recorded in other comprehensive income (loss) | $ | (35.7) |  |  | $ | 39.1 |  |  |
The tax impacts for amounts recognized in other comprehensive income (loss) before reclassifications for hedge instruments, foreign currency translation gains (losses), and employee benefit plans in 2023 and 2022 were not material to the Company’s Consolidated Financial Statements. The tax impacts for amounts reclassified from accumulated other comprehensive loss relating to hedge instruments, available-for-sale securities, foreign currency translation gains (losses), and employee benefit plans in 2023 and 2022 were not material to the Company’s Consolidated Financial Statements.

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