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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stockholders’ Equity The following tables present the changes in stockholders’ equity (in millions):
| Three Months Ended September 30, 2024
| 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 | 355.3 |  |  | $ | 0.4 |  |  | $ | 9,149.7 |  |  | $ | 5,581.7 |  |  | $ | (23.5) |  |  | $ | 14,708.3 |  |  | $ | 88.2 |  |  | $ | 14,796.5 |
Issuance of common stock through employee stock plans | 1.0 |  |  | — |  |  | 115.6 |  |  | — |  |  | — |  |  | 115.6 |  |  | — |  |  | 115.6 |
Shares withheld related to net share settlement of equity awards | (0.1) |  |  | — |  |  | (0.4) |  |  | (17.0) |  |  | — |  |  | (17.4) |  |  | — |  |  | (17.4) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 175.3 |  |  | — |  |  | — |  |  | 175.3 |  |  | — |  |  | 175.3 |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 565.1 |  |  | — |  |  | 565.1 |  |  | — |  |  | 565.1 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 36.4 |  |  | 36.4 |  |  | 0.5 |  |  | 36.9 |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.5 |  |  | 5.5 |
Ending balance | 356.2 |  |  | $ | 0.4 |  |  | $ | 9,440.2 |  |  | $ | 6,129.8 |  |  | $ | 12.9 |  |  | $ | 15,583.3 |  |  | $ | 94.2 |  |  | $ | 15,677.5 |
| Three Months Ended September 30, 2023
| 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 | 351.3 |  |  | $ | 0.4 |  |  | $ | 8,150.8 |  |  | $ | 3,807.7 |  |  | $ | (79.8) |  |  | $ | 11,879.1 |  |  | $ | 80.6 |  |  | $ | 11,959.7 |
Issuance of common stock through employee stock plans | 0.7 |  |  | — |  |  | 77.4 |  |  | — |  |  | — |  |  | 77.4 |  |  | — |  |  | 77.4 |
Shares withheld related to net share settlement of equity awards | — |  |  | — |  |  | (0.6) |  |  | (14.2) |  |  | — |  |  | (14.8) |  |  | — |  |  | (14.8) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 158.3 |  |  | — |  |  | — |  |  | 158.3 |  |  | — |  |  | 158.3 |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 415.7 |  |  | — |  |  | 415.7 |  |  | — |  |  | 415.7 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | 23.3 |  |  | 23.3 |  |  | (0.2) |  |  | 23.1 |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.1 |  |  | 4.1 |
Ending balance | 352.0 |  |  | $ | 0.4 |  |  | $ | 8,385.9 |  |  | $ | 4,209.2 |  |  | $ | (56.5) |  |  | $ | 12,539.0 |  |  | $ | 84.5 |  |  | $ | 12,623.5 |
| Nine Months Ended September 30, 2024
| 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 | 352.3 |  |  | $ | 0.4 |  |  | $ | 8,576.4 |  |  | $ | 4,743.0 |  |  | $ | (12.2) |  |  | $ | 13,307.6 |  |  | $ | 89.7 |  |  | $ | 13,397.3 |
Issuance of common stock through employee stock plans | 4.6 |  |  | — |  |  | 367.5 |  |  | — |  |  | — |  |  | 367.5 |  |  | — |  |  | 367.5 |
Shares withheld related to net share settlement of equity awards | (0.7) |  |  | — |  |  | (7.4) |  |  | (250.1) |  |  | — |  |  | (257.5) |  |  | — |  |  | (257.5) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 503.7 |  |  | — |  |  | — |  |  | 503.7 |  |  | — |  |  | 503.7 |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 1,636.9 |  |  | — |  |  | 1,636.9 |  |  | — |  |  | 1,636.9 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | 25.1 |  |  | 25.1 |  |  | (0.1) |  |  | 25.0 |
Cash dividends declared and paid by joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8.0) |  |  | (8.0) |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12.6 |  |  | 12.6 |
Ending balance | 356.2 |  |  | $ | 0.4 |  |  | $ | 9,440.2 |  |  | $ | 6,129.8 |  |  | $ | 12.9 |  |  | $ | 15,583.3 |  |  | $ | 94.2 |  |  | $ | 15,677.5 |
| Nine Months Ended September 30, 2023
| 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 | 350.0 |  |  | $ | 0.4 |  |  | $ | 7,703.9 |  |  | $ | 3,500.1 |  |  | $ | (162.5) |  |  | $ | 11,041.9 |  |  | $ | 70.7 |  |  | $ | 11,112.6 |
Issuance of common stock through employee stock plans | 4.1 |  |  | — |  |  | 252.2 |  |  | — |  |  | — |  |  | 252.2 |  |  | — |  |  | 252.2 |
Shares withheld related to net share settlement of equity awards | (0.6) |  |  | — |  |  | (6.9) |  |  | (148.5) |  |  | — |  |  | (155.4) |  |  | — |  |  | (155.4) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 452.5 |  |  | — |  |  | — |  |  | 452.5 |  |  | — |  |  | 452.5 |
Repurchase and retirement of common stock | (1.5) |  |  | — |  |  | (15.8) |  |  | (334.2) |  |  | — |  |  | (350.0) |  |  | — |  |  | (350.0) |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 1,191.8 |  |  | — |  |  | 1,191.8 |  |  | — |  |  | 1,191.8 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | 106.0 |  |  | 106.0 |  |  | (1.0) |  |  | 105.0 |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14.8 |  |  | 14.8 |
Ending balance | 352.0 |  |  | $ | 0.4 |  |  | $ | 8,385.9 |  |  | $ | 4,209.2 |  |  | $ | (56.5) |  |  | $ | 12,539.0 |  |  | $ | 84.5 |  |  | $ | 12,623.5 |
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, 2024, 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):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Shares repurchased | — |  |  | — |  |  | — |  |  | 1.5 |
Average price per share | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 238.1 |
Value of shares repurchased | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 350.0 |
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 September 30, 2024
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Losses |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 7.9 |  |  | $ | (28.4) |  |  | $ | (3.5) |  |  | $ | 0.5 |  |  | $ | (23.5) |
Other comprehensive income (loss) before reclassifications | (15.7) |  |  | 59.5 |  |  | (7.4) |  |  | — |  |  | 36.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 |  |  | — |  |  | — |  |  | (0.2) |  |  | — |
Net current-period other comprehensive income (loss) | (15.5) |  |  | 59.5 |  |  | (7.4) |  |  | (0.2) |  |  | 36.4 |
Ending balance | $ | (7.6) |  |  | $ | 31.1 |  |  | $ | (10.9) |  |  | $ | 0.3 |  |  | $ | 12.9 |
| Three Months Ended September 30, 2023
| Gains on Hedge Instruments |  | Unrealized Losses on Available-for-Sale Securities |  | Foreign Currency Translation Gains |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 5.6 |  |  | $ | (103.5) |  |  | $ | 16.9 |  |  | $ | 1.2 |  |  | $ | (79.8) |
Other comprehensive income (loss) before reclassifications | 2.0 |  |  | 25.6 |  |  | (6.6) |  |  | — |  |  | 21.0 |
Amounts reclassified from accumulated other comprehensive income | 2.3 |  |  | — |  |  | — |  |  | — |  |  | 2.3 |
Net current-period other comprehensive income (loss) | 4.3 |  |  | 25.6 |  |  | (6.6) |  |  | — |  |  | 23.3 |
Ending balance | $ | 9.9 |  |  | $ | (77.9) |  |  | $ | 10.3 |  |  | $ | 1.2 |  |  | $ | (56.5) |
| Nine Months Ended September 30, 2024
| Losses on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | (2.5) |  |  | $ | (29.7) |  |  | $ | 19.4 |  |  | $ | 0.6 |  |  | $ | (12.2) |
Other comprehensive income (loss) before reclassifications | (10.5) |  |  | 60.6 |  |  | (30.3) |  |  | — |  |  | 19.8 |
Amounts reclassified from accumulated other comprehensive income (loss) | 5.4 |  |  | 0.2 |  |  | — |  |  | (0.3) |  |  | 5.3 |
Net current-period other comprehensive income (loss) | (5.1) |  |  | 60.8 |  |  | (30.3) |  |  | (0.3) |  |  | 25.1 |
Ending balance | $ | (7.6) |  |  | $ | 31.1 |  |  | $ | (10.9) |  |  | $ | 0.3 |  |  | $ | 12.9 |
| Nine Months Ended September 30, 2023
| Gains (Losses) on Hedge Instruments |  | Unrealized 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 before reclassifications | 12.6 |  |  | 76.5 |  |  | 16.9 |  |  | — |  |  | 106.0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 |  |  | (0.2) |  |  | — |  |  | — |  |  | — |
Net current-period other comprehensive income | 12.8 |  |  | 76.3 |  |  | 16.9 |  |  | — |  |  | 106.0 |
Ending balance | $ | 9.9 |  |  | $ | (77.9) |  |  | $ | 10.3 |  |  | $ | 1.2 |  |  | $ | (56.5) |
The tax impacts for amounts recognized in other comprehensive income before reclassifications were as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Available-for-sale securities | 2024 |  | 2023 |  | 2024 |  | 2023
Income tax benefit (expense) for net gains (losses) recorded in other comprehensive income | $ | (17.5) |  |  | $ | (7.4) |  |  | $ | (17.8) |  |  | $ | (22.0) |
The tax impacts for amounts recognized in other comprehensive income before reclassifications for hedge instruments, foreign currency translation gains (losses), and employee benefit plans for the three and nine months ended September 30, 2024, and 2023, were not material to the Company’s Financial Statements. The tax impacts for amounts reclassified from accumulated other comprehensive income (loss) relating to hedge instruments, available-for-sale securities, foreign currency translation gains (losses), and employee benefit plans for the three and nine months ended September 30, 2024, and 2023, were not material to the Company’s Financial Statements.

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